As filed with the Securities and Exchange File No. 33-41694
Commission on May 30, 1997 File No. 811-6352
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
- --------------------------------------------------------------------------------
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 21
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 30
AETNA SERIES FUND, INC.
-----------------------
151 Farmington Avenue RC4A, Hartford, Connecticut 06156
-------------------------------------------------------
(860) 273-1409
Amy R. Doberman, Counsel
Aetna Life Insurance and Annuity Company
151 Farmington Avenue RC4A, Hartford, Connecticut 06156
-------------------------------------------------------
(Name and Address of Agent for Service)
- --------------------------------------------------------------------------------
It is proposed that this filing will become effective:
X immediately upon filing pursuant to paragraph (b) of Rule 485
---
Aetna Series Fund, Inc. has registered an indefinite number of its securities
under the Securities Act of 1933 pursuant to Rule 24f-2 under the Investment
Company Act of 1940. The Registrant filed its Rule 24f-2 Notice for its fiscal
year ended October 31, 1996 on December 27, 1996.
<PAGE>
Aetna Series Fund, Inc.
Cross-Reference Sheet
<TABLE>
Form N-1A Part A Caption in Prospectus Dated March 3, 1997 and
Item No. as Amended by Supplement dated May 30, 1997
- -------- ---------------------------------------------
<S> <C> <C>
1. Cover Page Cover Page
2. Synopsis Fee Tables; Highlights
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Description of the Fund
Risk Factors and Other Considerations
General Information
5. Management of the Fund Management; Portfolio Management; Performance Data and as
amended
5A. Management's Discussion of Fund Performance Not applicable
6. Capital Stock and Other Securities General Information
Distributions
Taxes
7. Purchase of Securities Being Offered Shareholder Services
Net Asset Value
Fees and Charges (Adviser Class Prospectus only)
Other Features
Cross Investing
8. Redemption or Repurchase Shareholder Services
Fees and Charges (Adviser Class Prospectus only)
9. Pending Legal Proceedings None - Not applicable
Part B Caption in Statement of Additional Information
Dated March 3, 1997 and as Amended by
Supplement dated May 30, 1997
----------------------------------------------
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History General Information and History
13. Investment Objectives and Policies Additional Investment Restrictions and Policies
Investment Techniques
</TABLE>
<PAGE>
<TABLE>
Caption in Statement of Additional Information
Form N-1A Part B Dated March 3, 1997 and as Amended by
Item No. Supplement dated May 30, 1997
- -------- ---------------------------------------------
<S> <C> <C>
14. Management of the Fund Directors and Officers
15. Control Persons and Principal Holders of Control Persons and Principal Shareholders
Securities
16. Investment Advisory and Other Services The Investment Advisory Agreements
The Subadvisory Agreements
The Administrative Services Agreement
Distribution Arrangements
Custodian
Independent Auditors
The License Agreement
17. Brokerage Allocation and Other Practices Brokerage Allocation and Trading Policies
18. Capital Stock and Other Securities Description of Shares
19. Purchase, Redemption and Pricing of Sale and Redemption of Shares
Securities Being Offered Net Asset Value
Distribution Arrangements
20. Tax Status Tax Status
21. Underwriters Principal Underwriter
Distribution Arrangements
22. Calculation of Performance Data Performance Information and as amended
23. Financial Statements Financial Statements
</TABLE>
Part C
Other Information
Information required to be included in Part C is set forth under the appropriate
item, so numbered, in Part C of this Registration Statement.
<PAGE>
Parts A and B
The Prospectus and the Statement of Additional Information are incorporated into
Part A and B of this Post-Effective Amendment 21, respectively, by reference to
Post-Effective Amendment No. 20 to the Registration Statement on Form N-1A (File
No. 33-41694), as filed electronically on February 21, 1997.
<PAGE>
This Supplement dated May 30, 1997 amends the Prospectuses
dated March 3, 1997 as follows:
The following is added on page 43 of the Select Class Prospectus and on page 46
of the Adviser Class Prospectus after the section entitled "Performance Data":
Private Account Performance
Index Plus is recently organized and, therefore, has a relatively short
performance track record. However, Index Plus has an investment objective,
policies and strategies that are substantially similar to those employed by
Aeltus with respect to certain Private Accounts.
The performance information derived from a composite of these Private Accounts,
therefore, is deemed relevant to the investor. The performance of Index Plus may
vary from the Private Account composite performance because the Private Accounts
are not registered under the 1940 Act and, therefore, are not subject to certain
investment restrictions that are imposed by the 1940 Act, which, if imposed,
could have adversely affected the Private Accounts' performance.
The chart below shows historical composite performance of the Private Accounts,
adjusted to reflect the deduction of the fees and expenses paid by Index Plus
(Adviser Class).* The chart also shows actual performance information for the
Index Plus Portfolio (Select Class and Adviser Class) from December 31, 1996,
through March 31, 1997. Please refer to "Fee Tables" for further information
concerning fees and expenses and applicable fee waiver/expense reimbursement
arrangements for the Adviser and Select Classes. Absent the fee waiver/expense
reimbursement by Aetna, the performance figures shown below would be reduced.
Finally, the chart includes comparisons with the S&P 500, an unmanaged index
generally considered to be representative of the stock market.
The Private Account composite performance figures are time-weighted rates of
return that include all income and accrued
*The Adviser Class has higher expenses than the Select Class.
See the Fee Tables for more information.
1
<PAGE>
income and realized and unrealized gains or losses, but do not reflect the
deduction of investment advisory fees actually charged to the Private Accounts.
Investors should not consider the performance data for these Private Accounts as
an indication of the future performance of Index Plus.
Private Account Performance - for the periods ended March 31, 1997:
December 31, 1996-
1 Year 5 Years March 31, 1997
------ ------- ----------------
Private Account Composite 20.03% 15.77% 2.49%
S&P 500 Stock Index 19.82% 16.42% 2.68%
Index Plus - Adviser Class 1.46%**
(adjusted for CDSC)
Index Plus - Adviser Class 2.46%
(without deduction of CDSC)
Index Plus - Select Class 2.63%
The performance for Index Plus Portfolio for the period of inception, December
10, 1996, through March 31, 1997 is as follows: Adviser Class (adjusted for
CDSC) -- .23%; Adviser Class (without deduction of CDSC) - 1.23%; and Select
Class - 1.45%. Performance results for Index Plus are not annualized.
The offering of the Adviser Class shares commenced on February 3, 1997.
Performance for the period before that date reflects the performance of the
Select Class shares adjusted for the expenses of the Adviser Class.
- ----------
**Shares of the Adviser Class are subject to a maximum contingent deferred sales
charge (CDSC) of 1%. See the Fee Tables for more information.
2
<PAGE>
This Supplement dated May 30, 1997 amends the Statement of Additional
Information dated March 3, 1997 as follows:
The following replaces the information currently in the SAI under the heading
"Performance Information" on page 29.
PERFORMANCE INFORMATION
Performance information for each class of shares including the yield and
effective yield of Money Market, the yield of Bond and Government, and the total
return of all Series, may appear in reports or promotional literature to current
or prospective shareholders.
Money Market Fund Yields
Current yield for Money Market will be computed by determining the net
change, exclusive of capital changes, at the beginning of a seven-day period in
the value of a hypothetical investment of one share, subtracting any deductions
from shareholder accounts, and dividing the difference by the value of the
hypothetical investment at the beginning of the base period to obtain the base
period return. This base period return is then multiplied by (365/7) with the
resulting yield figure carried to at least the nearest hundredth of one percent.
Calculation of "effective yield" begins with the same "base period return" used
in the calculation of yield, which is then annualized to reflect weekly
compounding pursuant to the following formula:
Effective Yield = [(Base Period Return + 1)365/7] - 1
The yield and effective yield for Money Market for the seven days ended
March 31, 1997 were 5.26% and 5.40%, respectively.
30-Day Yield for Non-Money Market Funds
Quotations of yield for Bond and Government will be based on all investment
income per share earned during a particular 30-day period, less expenses accrued
during the period (net investment income), and will be computed by dividing net
investment income by the value of a share on the last day of the period,
according to the following formula:
YIELD = 2 [(a - b) + 1) 6 - 1]
cd
Where: a = dividends and interest earned during the period
b = the expenses accrued for the period (net of reimbursements)
c = the average daily number of shares outstanding during the period
d = the maximum offering price per share on the last day of the period
The yield for Bond for the 30-day period ended March 31, 1997 was 6.27% for the
Select Class, and 5.50% for the Adviser Class. The yield for Government for the
30-day period March 31, 1997 was 5.69% for the Select Class, and 4.92% for the
Adviser Class.
Average Annual Total Return for Non-Money Market Funds
Quotations of average annual total return for any Series will be expressed
in terms of the average annual compounded rate of return of a hypothetical
investment in a Series over a period of one, five and ten years (or, if the
Series has not been in existence for the full period, from the date of the
Series' inception) calculated pursuant to the formula:
P(1 + T)n = ERV
Where: P = a hypothetical initial payment of $1,000
T = an average annual total return
n = the number of years
ERV = the ending redeemable value of a hypothetical $1,000 payment made at
the beginning of the 1, 5, or 10 year period at the end of the
1, 5, or 10 year period (or fractional portion thereof)
The Fund may also from time to time include in such advertising a total return
figure for the Adviser Class that is not calculated according to the formula set
forth above. Specifically, the Fund may include performance for the Adviser
Class that does not take into account payment of the applicable contingent
deferred sales charge (CDSC).
All the following figures are based on actual investment performance.
Performance figures for the Adviser Class shares are presented both with and
without the deduction of the CDSC, assuming shares were redeemed at the end of
the period.
The offering of shares of the Adviser Class for all Series, except Index Plus,
commenced on April 15, 1994. The offering of shares of the Adviser Class for
Index Plus commenced on February 3, 1997. For periods prior to the inception
dates, Adviser Class performance is calculated by using the performance of the
Select Class and deducting from such performance the fees and expenses of the
Adviser Class.
<PAGE>
Total Return Quotations as of March 31, 1997:
Select Class
<TABLE>
<CAPTION>
Since Inception
1 Year (%) 5 Years (%) Inception (%) Date
---------- ----------- ------------- ---------
<S> <C> <C> <C> <C>
Aetna International Growth Fund 22.75 11.56 9.50 01/03/92
Aetna Government Fund 3.64 4.64 01/04/94
Aetna Money Market Fund 5.37 4.65 4.64 01/03/92
Aetna Growth Fund 13.32 17.93 01/04/94
Aetna Growth & Income Fund 22.79 14.43 13.60 01/03/92
Aetna Small Company Fund 2.98 17.20 01/04/94
The Aetna Fund 11.82 10.70 10.23 01/03/92
Aetna Bond Fund 5.01 6.92 6.38 01/03/92
Aetna Index Plus Fund 1.45* 12/10/96
Aetna Ascent 19.75 20.91 01/04/95
Aetna Crossroads 15.91 17.74 01/04/95
Aetna Legacy 12.30 14.71 01/04/95
</TABLE>
Adviser Class (assuming payment of the CDSC)
<TABLE>
<CAPTION>
Since Inception
1 Year (%) 5 Years (%) Inception (%) Date**
---------- ----------- ------------- ---------
<S> <C> <C> <C> <C>
Aetna International Growth Fund 20.82 10.72 8.67 01/03/92
Aetna Government Fund 1.88 3.80 01/04/94
Aetna Money Market Fund 5.37 4.65 4.64 01/03/92
Aetna Growth Fund 11.55 17.05 01/04/94
Aetna Growth & Income Fund 20.89 13.64 12.80 01/03/92
Aetna Small Company Fund 1.22 16.29 01/04/94
The Aetna Fund 10.07 9.84 9.37 01/03/92
Aetna Bond Fund 3.10 6.11 5.58 01/03/92
Aetna Index Plus Fund 0.23* 12/10/96
</TABLE>
Adviser Class (without payment of the CDSC)
<TABLE>
<CAPTION>
Since Inception
1 Year (%) 5 Years (%) Inception (%) Date**
---------- ----------- ------------- ---------
<S> <C> <C> <C> <C>
Aetna International Growth Fund 21.82 10.72 8.67 01/03/92
Aetna Government Fund 2.88 3.87 01/04/94
Aetna Money Market Fund 5.37 4.65 4.64 01/03/92
Aetna Growth Fund 12.55 17.10 01/04/94
Aetna Growth & Income Fund 21.89 13.64 12.80 01/03/92
Aetna Small Company Fund 2.22 16.35 01/04/94
The Aetna Fund 11.07 9.84 9.37 01/03/92
Aetna Bond Fund 4.10 6.11 5.58 01/03/92
Aetna Index Plus Fund 1.23* 12/10/96
</TABLE>
* Performance results are not annualized.
** The inception dates above represent inception dates for purposes of
performance calculations only. The actual inception dates for the offering of
Adviser Class shares are disclosed above.
Performance information for a Series may be compared, in reports and promotional
literature, to: (i) the Standard & Poor's 500 Stock Index (S&P 500), Shearson
Lehman Aggregate Bond Index, Dow Jones Industrial Average (DJIA), or other
indices that measure performance of a pertinent group of securities widely
regarded by investors as representative of the securities markets in general;
(ii) other groups of investment companies either tracked by Lipper Analytical
Services, a widely used independent research firm which ranks mutual funds and
other investment companies by overall performance, investment objectives, and
assets, or tracked by other services, companies, publications, or persons who
rank such investment companies on overall performance of other criteria; (iii)
the Consumer Price Index (measure for inflation) to assess the real rate of
return from an investment in a Series; (iv) the Morgan Stanley Capital
International Europe, Australia, Far East (EAFE) Index and/or (v) the Morgan
Stanley Capital International Far East Free (FEF ex. Japan) Index.
2
<PAGE>
From time to time sales materials and advertisements may include comparisons of
the cost of borrowing a specific amount of money at a given loan rate over a set
period of time to the cost of a monthly investment program, over the same time
period, which earns the same rate of return. The comparison may involve
historical rates of return on a given index, or may involve performance of any
of the Series. In addition, the value of a college education may be expressed in
sales and advertising materials as a comparison of salaries between college
graduates and non- college graduates.
3
<PAGE>
Portfolio of Investments
March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Aetna Index Plus Fund
- --------------------------------------------------------------------------------
Number of Market
Shares Value
-------- --------
Common Stocks (97.5%)
Aerospace and Defense (1.9%)
Boeing Co. 700 $ 69,038
General Dynamics Corp. 100 6,738
Lockheed Martin Corp. 400 33,600
McDonnell-Douglas Corp. 500 30,500
Northrop Grumman Corp. 100 7,563
Raytheon Co. 300 13,538
United Technologies Corp. 600 45,150
-------
206,127
-------
Agriculture (0.1%)
Pioneer Hi-Bred International, Inc. 100 6,288
Apparel (0.9%)
Alberto-Culver Co. 200 5,225
Fruit of the Loom, Inc.+ 200 8,300
Gap, Inc. 500 16,750
Liz Claiborne, Inc. 200 8,725
Nike, Inc. Class B 800 49,600
Reebok International Ltd.+ 100 4,488
Russell Corp. 100 3,575
--------
96,663
--------
Auto Parts and Accessories (0.4%)
Dana Corp. 200 6,575
Genuine Parts Co. 200 9,325
Pep Boys 100 3,000
The Goodyear Tire & Rubber Co. 300 15,675
TRW, Inc. 200 10,350
-------
44,925
-------
Autos and Auto Equipment (2.0%)
Chrysler Corp. 1,400 42,000
Ford Motor Co. 2,900 90,988
General Motors Corp. 1,200 66,450
PACCAR, Inc. 200 13,350
Snap-On, Inc. 200 7,750
-------
220,538
-------
Banks (7.3%)
Banc One Corp. 800 31,800
Bank of Boston Corp. 300 20,100
Bank of New York Co., Inc. 1,000 36,750
BankAmerica Corp. 1,100 110,825
Barnett Banks, Inc. 500 23,250
CITICORP 900 97,425
Comerica, Inc. 300 16,913
Number of Market
Shares Value
-------- --------
Banks (continued)
Corestates Financial Corp. 400 $ 19,000
Fifth Third Bancorp 300 23,250
First Bank System, Inc. 300 21,900
First Chicago Corp. 1,000 54,125
First Union Corp. 900 73,013
Fleet Financial Group, Inc. 400 22,900
Golden West Financial Corp. 100 6,275
Great Western Financial Corp. 200 8,075
H. F. Ahmanson & Co. 200 7,300
--------
KeyCorp 500 24,375
Mellon Bank Corp. 200 14,550
NationsBank Corp. 990 54,821
Norwest Corp. 1,200 55,500
Republic New York Corp. 200 17,625
Suntrust Banks, Inc. 700 32,463
Wachovia Corp. 300 16,350
Wells Fargo & Co. 100 28,413
--------
816,998
--------
Building Materials and Construction (0.3%)
Armstrong World Industries, Inc. 100 6,475
Centex Corp. 100 3,525
Foster Wheeler Corp. 100 3,538
Kaufman & Broad Home Corp. 100 1,325
Masco Corp. 200 7,150
Owens Corning 100 4,025
Pulte Corp. 100 2,925
Sherwin-Williams Co. 200 5,400
--------
34,363
--------
Chemicals (2.6%)
Air Products and Chemicals, Inc. 200 13,575
Dow Chemical Co. 300 24,000
Du Pont (E.I.) de Nemours 1,300 137,800
Engelhard Corp. 100 2,100
FMC Corp.+ 100 6,125
Goodrich (B.F.) Co. 100 3,663
Hercules, Inc. 100 4,225
Monsanto Co. 800 30,600
Morton International, Inc. 200 8,450
PPG Industries, Inc. 300 16,200
Praxair, Inc. 400 17,950
Sigma-Aldrich Corp. 200 6,175
Union Carbide Corp. 200 8,850
W.R. Grace & Co. 200 9,475
--------
289,188
--------
F-1
<PAGE>
Portfolio of Investments
March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Aetna Index Plus Fund (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------
Commercial Services (8.7%)
Automatic Data Processing, Inc. 500 $ 20,938
Browning-Ferris Industries, Inc. 200 5,775
CUC International, Inc.+ 500 11,250
Dun & Bradstreet Corp. 200 5,075
Ecolab, Inc. 100 3,800
First Data Corp. 300 10,163
Safety-Kleen Corp. 100 1,475
Service Corp. International 400 11,900
WMX Technologies, Inc. 400 12,250
------
82,626
------
Computer Software (4.6%)
Cisco Systems, Inc.+ 1,900 91,438
Computer Associates International, Inc. 600 23,325
Computer Sciences Corp.+ 100 6,175
Microsoft Corp.+ 3,800 348,413
Novell, Inc.+ 200 1,900
Oracle Corp.+ 1,000 38,563
-------
509,814
-------
Computers and Office Equipment (3.4%)
3Com Corp.+ 500 16,375
Amdahl Corp.+ 200 1,875
Cabletron Systems, Inc.+ 200 5,850
Ceridian Corp.+ 100 3,588
Compaq Computer Corp.+ 800 61,300
Data General Corp.+ 100 1,700
Dell Computer Corp.+ 500 33,813
Deluxe Corp. 100 3,238
EMC Corp.+ 400 14,200
Harris Corp. 100 7,688
Ikon Office Solutions, Inc. 100 3,350
Intergraph Corporation+ 100 775
International Business Machines, Inc. 1,000 137,375
Moore Corp. Ltd. 200 4,000
Pitney Bowes, Inc. 300 17,625
Sun Microsystems, Inc.+ 1,000 28,875
Tandem Computers, Inc.+ 300 3,563
------
Unisys Corp.+ 200 1,275
------
Xerox Corp. 600 34,125
380,590
Consumer Products (3.5%)
American Greetings Corp. Class A 100 3,194
Avon Products, Inc. 300 15,750
Number of Market
Shares Value
-------- --------
Consumer Products (continued)
Clorox Co. 100 $ 11,213
Colgate-Palmolive Co. 300 29,888
Eastman Kodak Co. 600 45,525
Gillette Co. 800 58,100
Mattel, Inc. 500 12,000
Newell Co. 200 6,700
Polaroid Corp. 100 3,975
Procter & Gamble Co. 1,700 195,500
Tupperware Corp. 100 3,350
--------
385,195
--------
Diversified (6.3%)
Allied Signal, Inc. 600 42,750
American Brands, Inc. 200 10,125
Cognizant Corp. 300 8,738
Armco, Inc.+ 200 800
Cooper Industries, Inc. 200 8,675
Corning, Inc. 400 17,750
Crane Co. 150 4,706
Deere & Co. 600 26,100
Dover Corp. 200 10,500
Eastern Enterprises 100 3,088
Eaton Corp. 100 7,088
General Electric Co. 4,200 416,850
ITT Industries, Inc. 200 4,475
Johnson Controls, Inc. 100 8,050
Minnesota Mining and Manufacturing Co. 700 59,150
NACCO Industries, Inc. 100 4,925
Raychem Corp. 100 8,238
Rohm & Haas Co. 100 7,488
Textron, Inc. 100 10,500
TRINOVA Corp. 100 3,350
Tyco International Ltd. 400 22,000
VF Corp. 100 6,688
Whitman Corp. 200 4,900
--------
696,934
--------
Electrical and Electronics (5.2%)
Applied Materials, Inc.+ 200 9,275
General Signal Corp. 100 3,913
--------
Hewlett Packard Co. 2,000 106,500
--------
Intel Corp. 2,600 361,725
Motorola, Inc. 400 24,150
National Semiconductor Corporation+ 100 2,750
F-2
<PAGE>
Portfolio of Investments
March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Aetna Index Plus Fund (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
-------- --------
Electrical and Electronics (continued)
National Service Industries, Inc. 100 $ 3,913
Perkin-Elmer Corp. 100 6,438
Rockwell International Corp. 300 19,463
Seagate Technology, Inc.+ 700 31,413
Texas Instruments, Inc. 100 7,488
-------
577,028
-------
Electrical Equipment (0.8%)
AMP, Inc. 200 6,875
Emerson Electric Co. 1,000 45,000
Grainger (W. W.), Inc. 100 7,400
Honeywell, Inc. 300 20,363
Tektronix, Inc. 100 5,050
Thomas & Betts Corp. 100 4,275
-------
88,963
-------
Financial Services (6.5%)
American Express Co.+ 1,400 83,825
Bankers Trust New York Corp. 200 16,400
Beneficial Corp. 100 6,463
Chase Manhattan Corp. 1,100 102,988
Dean Witter, Discover & Co. 1,000 34,875
Federal Home Loan Mortgage Corp. 1,300 35,425
Federal National Mortgage Association 2,500 90,313
Green Tree Financial Corp. 400 13,500
Household International, Inc. 200 17,225
J.P. Morgan & Co. 400 39,300
MBNA Corp. 900 25,088
Merrill Lynch & Co., Inc. 500 42,938
Morgan Stanley Group, Inc. 300 17,625
National City Corp. 500 23,313
PNC Bank Corp. 600 24,000
Providian Corp. 200 10,700
Salomon, Inc. 200 9,975
St. Paul Cos., Inc. 100 6,488
Transamerica Corp. 100 8,950
Travelers Group, Inc. 2,000 95,750
US Bancorp 300 16,050
--------
721,191
--------
Foods and Beverages (5.3%)
Anheuser-Busch Co., Inc. 800 33,700
Archer-Daniels-Midland Co. 800 14,300
Brown-Forman Corp. Class B 100 4,775
Campbell Soup Co. 800 37,100
Number of Market
Shares Value
--------- ------
Foods and Beverages (continued)
Coca-Cola Co. 4,200 $ 234,675
Conagra, Inc. 600 32,550
Coors (Adolph) Co. 100 2,125
CPC International, Inc. 200 16,400
General Mills, Inc. 100 6,213
Heinz (H.J.) Co. 600 23,700
Hershey Foods Corp. 400 20,000
Kroger Co. (The)+ 200 10,150
Quaker Oats Co. 200 7,300
Ralston Purina Group 200 15,625
Sara Lee Corp. 1,100 44,550
Seagram Company Ltd. 300 11,475
Supervalu, Inc. 100 2,975
Sysco Corp. 300 10,238
Unilever N.V. 300 55,875
Wrigley (Wm) Jr Co. 200 11,675
------------
595,401
------------
Health Services (0.6%)
Beverly Enterprises+ 100 1,425
Columbia/HCA Healthcare Corp. 1,200 40,350
HEALTHSOUTH Corp.+ 600 11,475
Manor Care, Inc. 100 2,438
Tenet Healthcare Corp.+ 300 7,388
------------
63,076
------------
Hotels and Restaurants (0.7%)
HFS, Inc.+ 200 11,775
Hilton Hotels Corp. 100 2,425
ITT Corp.+ 100 5,888
Marriott International, Inc. 400 19,900
McDonald's Corp. 700 33,075
Wendy's International, Inc. 200 4,125
------------
77,188
------------
Household Appliances (0.1%)
Maytag Corp. 200 4,125
Whirlpool Corp. 100 4,763
------------
8,888
------------
Insurance (4.2%)
Allstate Corp. 1,100 65,313
American General Corp. 300 12,225
American International Group, Inc. 1,500 176,063
Aon Corp. 100 6,125
Chubb Corp. 300 16,163
F-3
<PAGE>
Portfolio of Investments
March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Aetna Index Plus Fund (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------
Insurance (continued)
Cigna Corp. 200 $ 29,225
Conseco, Inc. 400 14,250
General Re Corp. 200 31,600
ITT Hartford Group, Inc. 200 14,425
Jefferson-Pilot Corp. 100 5,438
Lincoln National Corp. 200 10,700
Loews Corp. 300 26,663
Marsh & McLennan Cos., Inc. 100 11,325
MBIA, Inc. 100 9,588
MGIC Investment Corp. 200 14,150
Safeco Corp. 200 8,000
Torchmark Corp. 100 5,538
UNUM Corp. 100 7,300
USF&G Corp. 200 4,300
USLIFE Corp. 100 4,675
-------
473,066
-------
Machinery and Equipment (1.1%)
Baker Hughes, Inc. 400 15,350
Black & Decker Corp. 100 3,213
Briggs & Stratton Corp. 100 4,488
Brunswick Corp. 200 5,375
Case Corp. 100 5,075
Caterpillar, Inc. 400 32,100
Cincinnati Milacron, Inc. 100 1,875
Fluor Corp. 100 5,250
Giddings & Lewis, Inc. 100 1,488
Harnischfeger Industries, Inc. 100 4,650
Illinois Tool Works, Inc. 200 16,325
Ingersoll-Rand Co. 200 8,725
Pall Corp. 200 4,625
Parker-Hannifin Corp. 100 4,275
Stanley Works 200 7,575
Thermo Electron Corp.+ 200 6,175
-------
126,564
-------
Media and Entertainment (0.6%)
Fleetwood Enterprises, Inc. 100 2,500
Interpublic Group of Cos., Inc. 200 10,550
King World Production, Inc.+ 100 3,650
Walt Disney Co. (The) 700 51,100
------
67,800
------
Number of Market
Shares Value
--------- ------
Medical Supplies (0.6%)
Alza Corp.+ 200 $ 5,500
Baxter International, Inc. 300 12,938
Biomet, Inc.+ 100 1,688
Boston Scientific Corp.+ 300 18,525
Guidant Corp. 100 6,150
Mallinckrodt, Inc. 100 4,113
Medtronic, Inc. 200 12,450
St. Jude Medical, Inc.+ 100 3,338
US Surgical Corp. 100 3,050
------------
67,752
------------
Metals and Mining (0.4%)
Alcan Aluminum, Ltd. 200 6,775
Allegheny Teledyne, Inc. 200 5,625
Aluminum Co. of America 200 13,600
Nucor Corp. 100 4,575
Phelps Dodge Corp. 100 7,313
Timken Co. 100 5,350
USX-US Steel Group, Inc. 200 5,325
-----------
48,563
-----------
Oil and Gas (9.8%)
Amerada Hess Corp. 200 10,600
Amoco Corp. 1,000 86,625
Ashland, Inc. 100 4,025
Atlantic Richfield Co. 200 27,000
Burlington Resources, Inc. 400 17,100
Chevron Corp. 1,100 76,588
Columbia Gas System, Inc. 100 5,788
Consolidated Natural Gas Co. 200 10,075
Dresser Industries, Inc. 300 9,075
Enron Corp. 400 15,200
ENSERCH Corp. 100 2,050
Exxon Corp. 2,400 258,600
Halliburton Co. 200 13,550
Helmerich & Payne, Inc. 100 4,625
Kerr-Mcgee Corp. 100 6,188
Louisiana Land and Exploration Co. 100 4,738
Mobil Corp. 600 78,375
NorAm Energy Corp. 400 5,850
Occidental Petroleum Corp. 600 14,775
Oneok, Inc. 100 2,600
Oryx Energy Co.+ 300 5,775
PanEnergy Corp. 300 12,938
Pennzoil Co. 100 5,175
F-4
<PAGE>
Portfolio of Investments
March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Aetna Index Plus Fund (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------
Oil and Gas (continued)
Phillips Petroleum Co. 800 $ 32,700
Rowan Cos., Inc.+ 200 4,525
Royal Dutch Petroleum Co.+ 900 157,500
Santa Fe Energy Resources, Inc.+ 200 2,775
Schlumberger Ltd. 700 75,075
Texaco, Inc. 500 54,750
The Williams Cos., Inc. 300 13,350
Union Pacific Resources Group, Inc. 400 10,700
Unocal Corp. 700 26,688
USX-Marathon Group 900 25,088
Western Atlas, Inc.+ 100 6,063
----------
1,086,529
----------
Paper and Containers (0.9%)
Avery Dennison Corp. 200 7,700
Bemis Co., Inc. 100 4,000
Crown Cork & Seal Co., Inc. 200 10,325
James River Corp. of Virginia 100 2,913
Kimberly-Clark Corp. 700 69,563
------
94,501
------
Pharmaceuticals (10.1%)
Abbott Laboratories 1,900 106,638
Allergan, Inc. 100 2,913
American Home Products Corp. 1,000 60,000
Amgen, Inc.+ 400 22,350
Becton, Dickinson & Co. 200 9,000
Bristol-Myers Squibb Co.+ 3,000 177,000
Eli Lilly & Co. 1,100 90,475
Johnson & Johnson 2,500 132,188
Merck & Co., Inc. 3,100 261,175
Pfizer, Inc. 1,600 134,600
Pharmacia & Upjohn, Inc. 500 18,313
Schering Plough 800 58,200
Warner Lambert Co. 500 43,200
---------
1,116,052
---------
Printing and Publishing (0.6%)
Gannett Co., Inc. 200 17,175
John H. Harland Co. 100 2,375
Knight-Ridder, Inc. 200 7,975
McGraw-Hill Cos., Inc. 200 10,225
Meredith Corp. 200 4,625
New York Times Co. 200 8,825
Times Mirror Co. 200 10,925
Number of Market
Shares Value
--------- ------
Printing and Publishing (continued)
Tribune Co. 200 $ 8,100
------------
70,225
------------
Retail (3.4%)
Albertson's, Inc. 300 10,200
American Stores Co. 300 13,350
Charming Shoppes, Inc.+ 200 1,075
Costco Companies, Inc.+ 900 24,863
CVS Corp. 200 9,225
Dayton Hudson Corp. 600 25,050
Federated Department Stores, Inc.+ 400 13,150
Great Atlantic & Pacific Tea Co., Inc. 100 2,538
Harcourt General, Inc. 100 4,650
Hasbro, Inc. 300 8,213
Home Depot, Inc. 800 42,800
J.C. Penney Co., Inc. 300 14,288
Kmart Corp.+ 800 9,700
Longs Drug Stores, Inc. 100 2,350
Lowe's Companies, Inc. 400 14,950
May Department Stores Co. 200 9,100
Rite Aid Corp. 100 4,200
Sears, Roebuck & Co. 900 45,225
The Limited, Inc. 300 5,513
TJX Companies, Inc. 300 12,825
Toys "R" Us, Inc.+ 500 14,000
Wal-Mart Stores, Inc. 2,300 64,113
Walgreen Co. 400 16,750
Woolworth Corp.+ 400 9,350
------------
377,478
------------
Telecommunications (2.1%)
Ameritech Corp. 1,400 86,100
Andrew Corp.+ 300 10,838
Lucent Technologies, Inc. 1,500 79,125
Northern Telecom Ltd 800 52,300
Scientific-Atlanta, Inc. 100 1,525
------------
229,888
------------
Tobacco (2.7%)
Philip Morris Cos., Inc. 2,500 285,313
UST, Inc. 300 8,363
------------
293,676
------------
Transportation (1.2%)
AMR Corp.+ 200 16,500
Burlington Northern Santa Fe. Corp. 200 14,800
F-5
<PAGE>
Portfolio of Investments
March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Aetna Index Plus Fund (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------
Transportation (continued)
Conrail, Inc. 87 $ 9,809
CSX Corp. 400 18,600
Delta Air Lines, Inc. 200 16,825
Federal Express Corp.+ 100 5,213
Laidlaw, Inc. Class B 500 6,875
Norfolk Southern Corp. 300 25,575
Union Pacific Corp. 300 17,025
USAir Group, Inc.+ 200 4,900
-------
136,122
-------
Utilities--Electric (1.9%)
American Electric Power Co. 300 12,375
Baltimore Gas & Electric Co. 200 5,350
Carolina Power & Light Co. 200 7,250
Central & South West Corp. 200 4,275
CINergy Corp. 200 6,825
Consolidated Edison Co. of New York, Inc. 200 6,000
Dominion Resources, Inc. 200 7,275
DTE Energy Co. 200 5,375
Duke Power Co. 300 13,238
Edison International 800 18,000
Entergy Corp. 400 9,800
FPL Group, Inc. 300 13,238
GPU, Inc. 200 6,425
Houston Industries, Inc. 300 6,263
Niagra Mohawk Power Corporation+ 200 1,700
Northern States Power Co. 100 4,738
Ohio Edison Co. 200 4,225
PacifiCorp 500 10,688
Peco Energy Co. 300 6,113
PG & E Corporation 300 7,050
PP&L Resources, Inc. 200 4,050
Public Service Enterprise Group, Inc. 200 5,250
Southern Co. 1,000 21,125
Texas Utilities Co. 400 13,700
Unicom Corp. 200 3,900
Union Electric Co. 100 3,688
------------
207,916
------------
Utilities--Oil and Gas (0.3%)
Coastal Corp. (The) 200 9,600
NICOR, Inc. 100 3,200
Pacific Enterprises 100 3,025
People's Energy Corp. 100 3,313
Number of Market
Shares Value
--------- ------
Utilities--Oil and Gas (continued)
Sonat, Inc. 200 $ 10,900
------------
30,038
------------
Utilities--Telephone (4.4%)
Alltel Corp. 300 9,750
AT&T Corp. 1,100 38,225
Bell Atlantic Corp. 800 48,700
BellSouth Corp. 1,900 80,275
GTE Corp. 1,900 88,588
MCI Communications Corp. 700 24,938
NYNEX Corp. 900 41,063
Pacific Telesis Group 700 26,425
SBC Communications, Inc. 1,200 63,150
Sprint Corp. 300 13,650
Tellabs, Inc.+ 500 18,063
U. S. West Communications Group 600 20,400
WorldCom, Inc.+ 700 15,400
------------
488,627
------------
Total Common Stocks
(cost $10,788,344) $10,816,781
------------
Principal Market
Amount Value
--------- ------
Short-Term Investments (4.0%)
Federal Home Loan Bank, 6.35%, 04/01/97 $345,000 $ 345,000
U.S. Treasury Bill, Time Deposit, 5.22%,
08/21/97 100,000 97,866
------------
Total Short-Term Investments
(cost $442,941) $ 442,866
------------
Total Investments
(cost $11,231,285)(a) $ 11,259,647
Other assets less liabilities (161,282)
------------
Total Net Assets
$ 11,098,365
Notes to Portfolio of Investments
(a) The cost of investments for federal income tax purposes amount to
$11,216,426. Unrealized gains and losses, based on identified tax cost at
March 31, 1997, are as follows:
Unrealized gains ......... $ 364,120
Unrealized losses ...... (320,899)
----------
Net unrealized gain ...... $ 43,221
==========
+Non-income producing security.
Category percentages are based on net assets.
See Notes to Portfolio of Investments.
F-6
<PAGE>
Statement of Assets and Liabilities
March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Aetna Index Plus Fund
- --------------------------------------------------------------------------------
<TABLE>
Assets:
<S> <C>
Investments, at market value ............................................. $ 11,259,647
Cash ..................................................................... 6,002
Receivable for:
Dividends and interest ................................................ 17,034
Fund shares sold ...................................................... 6,090
Reimbursement from Investment Adviser ................................. 8,732
Deferred organizational expenses ....................................... 7,540
Other assets ............................................................ 38,220
-------------
Total assets ......................................................... 11,343,265
-------------
Liabilities:
Payable for:
Investments purchased ................................................... 28,413
Fund shares redeemed ................................................... 200,043
Other liabilities ...................................................... 16,444
-------------
Total liabilities ...................................................... 244,900
-------------
NET ASSETS ............................................................... $ 11,098,365
=============
Net assets represented by:
Paid-in capital ......................................................... $ 11,020,232
Net unrealized gain on investments ....................................... 28,362
Undistributed net investment income .................................... 27,824
Accumulated net realized gain on investments ........................... 21,947
-------------
NET ASSETS ............................................................... $ 11,098,365
=============
Capital Shares, $.001 par value:
Select Class: Shares outstanding ....................................... 1,086,676
Net assets ......................................................... $ 11,005,321
Net asset value per share (net assets divided by outstanding shares) $ 10.13
Adviser Class: Shares outstanding ....................................... 9,198
Net assets ......................................................... $ 93,044
Net asset value per share (net assets divided by outstanding shares) $ 10.12
Cost of investments ...................................................... $ 11,231,285
</TABLE>
See Notes to Financial Statements.
F-7
<PAGE>
Statement of Operations
Period from December 10, 1996 to March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
Aetna Index Plus Fund
- --------------------------------------------------------------------------------
Investment Income:
Dividends ................................................... $ 57,545
Interest ................................................... 8,142
---------
65,687
Foreign taxes withheld .................................... (15)
---------
Total investment income .................................... 65,672
---------
Expenses:
Investment advisory fee .................................... 14,562
Administrative service fee ................................. 8,090
12b-1 and shareholder service fees ........................ 45
Amortization of orgainzational costs ........................ 460
Printing and postage ....................................... 318
Custody fees ................................................ 3,173
Transfer agent fees ....................................... 1,477
Audit fees ................................................ 2,713
Directors' fees ............................................. 74
State and federal fees .................................... 2,977
Blue sky fees ............................................. 23,333
Insurance fees ............................................. 81
Legal fees ................................................ 254
---------
Expenses before reimbursement and waiver from Adviser ...... 57,557
Expenses reimbursement and waiver from Adviser ............ (34,859)
---------
Net investment expenses .................................... 22,698
---------
Net investment income ....................................... 42,974
---------
Net realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Sale of investments ....................................... 31,831
Futures contracts .......................................... (9,884)
---------
Net realized gain ....................................... 21,947
---------
Net change in unrealized gain on:
Investments ................................................ 28,362
---------
Net change in unrealized gain or loss ..................... 28,362
---------
Net realized and change in unrealized gain or loss ......... 50,309
---------
Increase in net assets resulting from operations ............ $ 93,283
=========
See Notes to Financial Statements.
F-8
<PAGE>
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------
Aetna Index Plus Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period from
December 10, 1996
to March 31, 1997
(Unaudited)
-------------------
<S> <C>
From Operations:
Net investment income ................................................ $ 42,974
Net realized gain ...................................................... 21,947
Net change in unrealized gain or loss ................................. 28,362
------------
Net increase in net assets resulting from operations .................. 93,283
------------
Distributions to shareholders:
Select Class:
From net investment income .......................................... (15,150)
------------
Net decrease in net assets from distributions from shareholders ...... (15,150)
------------
From Fund Share Transactions:
Select Class:
Proceeds from shares sold ............................................. 11,358,250
Payments for shares redeemed .......................................... (435,482)
Adviser Class:
Proceeds from shares sold ............................................. 97,464
------------
Net increase in net assets from fund share transactions ............ 11,020,232
------------
Change in net assets ................................................... $ 11,098,365
------------
Net Assets:
Beginning of period ................................................... --
------------
End of period ......................................................... $ 11,098,365
============
End of period net assets includes undistributed net investment income $ 27,824
============
</TABLE>
See Notes to Financial Statements.
F-9
<PAGE>
Aetna Index Plus Fund
Notes to Financial Statements
March 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
1. Summary of Significant Accounting Policies
- --------------------------------------------------------------------------------
Aetna Series Fund, Inc. (Company) is registered under the Investment Company Act
of 1940 as an open-end management investment company. It was 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
objective, 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 shares are offered principally to
institutions and are not subject to sales charges or service fees. The Adviser
Class shares are offered to all others and are subject to deferred sales charges
payable upon redemption within four calendar years after the year of purchase.
Additionally, the Adviser Class shares are subject to a shareholder service fee
and Rule 12b-1 distribution fees.
The Company currently offers 12 Funds, one of which, Aetna Index Plus Fund
(Fund) is described in this report. The Fund seeks to outperform the total
return performance of publicly traded common stocks represented by the S&P 500
Composite Stock Price Index (S&P 500), a stock market index comprised of 500
common stocks selected by the Standard & Poor's Corporation.
Aetna Life Insurance and Annuity Company (Aetna) serves as the Investment
Adviser and principal underwriter to the Fund. Aeltus Investment Management,
Inc. (Aeltus) is employed as a subadviser to the Fund.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its 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 Fund.
A. Valuation of Investments
Investments are stated at market values based upon closing sales prices as
reported on national securities exchanges or, for over-the-
counter securities, at the mean of the bid and asked prices. Short-term
investments maturing in more than sixty days for which market quotations are
readily available are valued at current market value. Short-term investments
maturing in less than sixty days are valued at amortized cost which when
combined with accrued interest approximates market. 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.
B. Futures 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 Fund may enter into futures
contracts to manage the risk of changes in interest rates, equity prices, or in
anticipation of future purchases and sales of securities.
Upon entering into a futures contract, the Fund is 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 Fund equal to the daily fluctuations in the
market value of the contract. These amounts are recorded by the Fund as
unrealized gains or losses. When a contract is closed, the Fund records 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 held by the Fund are closed prior to expiration.
The risks associated with futures contracts may arise from an imperfect
correlation between the change in market value of the securities held by the
Fund 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 contracts are reflected in
the accompanying financial statements. For federal tax purposes, any futures
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.
C. Federal Income Taxes
As a qualified regulated investment company, the 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-10
<PAGE>
- --------------------------------------------------------------------------------
1. Summary of Significant Accounting Policies (Continued)
- --------------------------------------------------------------------------------
D. 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 treatment for losses deferred due to wash sales.
E. Other
Investment transactions are accounted for on the day following trade date,
except same day settlements which are accounted for on the trade date. Interest
income is recorded on an accrual basis. Discounts and premiums on securities
purchased are amortized over the life of the respective security. Dividend
income is recorded on the ex-dividend date. Realized gains and losses from
investment transactions are determined on an identified cost basis.
- --------------------------------------------------------------------------------
2. Investment Advisory, Management, Shareholder Service and Distribution Fees
- --------------------------------------------------------------------------------
The Fund pays the Investment Adviser a monthly fee at an annual rate of 0.45% of
its average daily net assets. As the Fund's net assets exceed predetermined
thresholds, lower advisory fees are applied.
Presently, the Fund's class specific expenses are limited to Shareholder
Services and Distribution Plan expenses incurred by the Adviser Class shares.
Under the terms of a Subadvisory Agreement (the Subadvisory Agreement) among the
Funds, Aetna and Aetna's affiliate, Aeltus, Aeltus supervises the investment and
reinvestment of cash and securities and provides certain related administrative
services for the Fund in exchange for a monthly fee at an annual rate of 0.35%
of the Fund's average daily net assets.
Under the terms of an Administrative Services Agreement Aetna acts as
administrator and provides certain administrative and shareholder services and
is responsible for the supervision of other service providers for the Fund. The
Fund pays Aetna a monthly fee at an annual rate based on average daily net
assets of 0.25% on the first $250 million. As the Fund's net assets exceed $250
million, lower fees will apply.
The Fund has adopted a Shareholder Services Plan for the Adviser Class shares.
Under the Shareholder Service Plan, Aetna is paid a service fee at an annual
rate of 0.25% of the average 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 period ended March 31, 1997, the Fund paid Aetna $15 in
service fees.
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940. The Distribution Plan provides for payments to
Aetna at an annual rate of 0.50% of the average daily net assets of the Adviser
Class shares of the Fund. Amounts paid by the Funds are used to pay expenses
incurred by Aetna in promoting the sale of the Adviser Class shares. For the
period ended March 31, 1997, the Fund paid Aetna $30 in Rule 12b-1 fees. The
plan may be terminated upon a majority vote of the Fund's independent directors.
- --------------------------------------------------------------------------------
3. Reimbursement from Investment Adviser
- --------------------------------------------------------------------------------
The Investment Adviser may, from time to time, make reimbursements to the 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 the Fund's yield and total return.
- --------------------------------------------------------------------------------
4. Purchases and Sales of Investment Securities
- --------------------------------------------------------------------------------
Purchases and sales of investment securities for the period ended March 31,
1997, excluding short-term investments, were $12,545,131 and $1,788,618,
respectively.
- --------------------------------------------------------------------------------
5. Authorized Capital Shares and Capital Share Transactions
- --------------------------------------------------------------------------------
The Company is authorized to issue a total of 4.8 billion shares. Of those 4.8
billion shares, 3.8 billion have been designated to the Fund described in this
report as follows: the Fund has been allocated 100 million shares each of Select
and Adviser Class shares. Share transactions for the Fund for the period ended
March 31, 1997, were as follows:
Select Adviser
----------- --------
Shares sold .............................. 1,128,665 9,198
Shares issued upon reinvestment ...... 0 0
Shares redeemed ..................... (41,989) 0
---------- ------
Net increase ........................... 1,086,676 9,198
========== ======
As of March 31, 1997, shares of the Fund owned by Aetna and its affiliates were
978,179 and 2,365 for the Select and Adviser class, respectively.
F-11
<PAGE>
Aetna Index Plus Fund
Financial Highlights
Selected data for a fund share outstanding throughout the period:
- --------------------------------------------------------------------------------
Select Class
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period from
December 10, 1996
to March 31, 1997
(Unaudited)
-------------------
<S> <C>
Net asset value, beginning of period ................................................ $ 10.00
-------
Income from investment operations:
Net investment income ............................................................... 0.05
Net realized and unrealized gain ................................................... 0.10
-------
Total from investment operations ................................................... 0.15
Less distributions:
From net investment income ......................................................... (0.02)
--------
Net asset value per share, end of period ............................................. 10.13
========
Total return ........................................................................ 1.45%
Net assets, end of period (000's) ................................................... $ 11,005
Ratio of total expenses to average net assets* ....................................... 0.70%
Ratio of net investment income to average net assets* ................................. 1.31%
Ratio of net expenses before reimbursement and waiver to average net assets* ......... 1.82%
Ratio of net investment income before reimbursement and waiver to average net assets* 0.19%
Portfolio turnover rate ............................................................... 17.24%
Average commission rate paid per share ................................................ $ 0.0329
</TABLE>
* Annualized for periods of less than one year.
F-12
<PAGE>
Aetna Index Plus Fund
Financial Highlights
Selected data for a fund share outstanding throughout the period:
- --------------------------------------------------------------------------------
Adviser Class
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period from
February 3, 1997
to March 31, 1997
(Unaudited)
------------------
<S> <C>
Net asset value, beginning of period ................................................ 10.57
------
Income from investment operations:
Net investment income ............................................................... 0.03
Net realized and unrealized gain ................................................... (0.48)
-------
Total from investment operations ................................................... (0.45)
-------
Net asset value per share, end of period ............................................. $10.12
======
Total return ........................................................................ (4.26)%
Net assets, end of period (000's) ................................................... $ 93
Ratio of total expenses to average net assets* ....................................... 1.45%
Ratio of net investment income to average net assets* ................................. 0.56%
Ratio of net expenses before reimbursement and waiver to average net assets* ......... 2.57%
Ratio of net investment income before reimbursement and waiver to average net assets* (0.56)%
Portfolio turnover rate ............................................................... 17.24%
Average commission rate paid per share ................................................ $0.0329
</TABLE>
* Annualized for periods of less than one year.
F-13
<PAGE>
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
- -------------------------------------------
(a) Financial Statements:
(1) Included in Part A:
Financial Highlights
(2) Included in Part B:
*Audited Financial Statements as of October 31, 1996,
which include the following:
Portfolios of Investments
Statements of Assets and Liabilities as of October 31,
1996
Statements of Operations for the year ended October
31, 1996
Statements of Changes in Net Assets for the years
ended October 31, 1996 and 1995
Notes to Financial Statements
Independent Auditors' Report
*Incorporated by reference to the Fund's Annual Report dated
October 31, 1996, as filed on January 7, 1997 (File No.
811-06352).
Unaudited Financial Statements for Aetna Index Plus
Fund as of March 31, 1997, which include the
following:
Portfolio of Investments
Statement of Assets and Liabilities as of March 31,
1997
Statement of Operations for the period from
December 10, 1996 to March 31, 1997
Statement of Changes in Net Assets for the period from
December 10, 1996 to March 31, 1997
Notes to Financial Statements
(b) Exhibits:
(1)(a) Articles of Incorporation (June 17, 1991),
including Articles Supplementary (September 21,
1993, October 22, 1993, September 16, 1994)(1)
(1)(b) Articles of Amendment/Supplementary (September
16, 1996, October 10, 1996, October 10, 1996)(2)
(2) By-laws (as amended September 13, 1994)(1)
(3) Not applicable
(4) Instruments Defining Rights of Holders (set forth
in the Articles of Incorporation)(1)
(5)(a) Form of (executed) Investment Advisory
Agreement(2)
(5)(b) Form of (executed) Subadvisory Agreements(2)
<PAGE>
(6)(a) Underwriting Agreement between the Registrant and
Aetna Life Insurance and Annuity Company(1)
(6)(b) Dealer Agreement for Registrant between Aetna
Life Insurance and Annuity Company and Aetna
Investment Services, Inc. (February 8, 1994)(1)
(7) Not applicable
(8)(a)(1) Custodian Agreement - Mellon Bank, N.A.(1)
(8)(a)(2) Amendments to Custodian Agreement - Mellon Bank,
N.A.(1)
(8)(a)(3) Amendment to Custodian Agreement - Mellon Bank,
N.A. (October 11, 1996)(3)
(8)(a)(4) Custodian Agreement - Brown Brothers Harriman &
Company (International Growth Portfolio)(4)
(8)(a)(5) Amendment to Custodian Agreement - Mellon Bank,
N.A. (Aetna Index Plus Fund) (3)
(9)(a) Form of Administrative Services Agreement(1)
(9)(a)(i) Administrative Services Agreement - Aetna Index
Plus Fund(3)
(9)(b) License Agreement(1)
(10) Opinion and Consent of Counsel
(11) Consent of Independent Auditors
(12) Not applicable
(13) Not applicable
(14) Not applicable
(15)(a) Distribution Plan(1)
(15)(b) Form of Shareholder Services Plan(1)
(16)(a) Schedule for Computation of Performance Data
(17) See Exhibit 27 below
(18) Multi-Class Plan(5)
(19) Powers of Attorney(6)
(27) Financial Data Schedule
1. Incorporated herein by reference to the Registration Statement on Form N-1A,
File No. 33-85620, as filed electronically with the Securities and Exchange
Commission on June 28, 1995.
2. Incorporated herein by reference to the Post-Effective Amendment No. 17 to
Registration Statement on Form N-1A (File No. 33-41694), as filed
electronically with the Securities and Exchange Commission on December 17,
1996.
3. Incorporated herein by reference to the Post-Effective Amendment No. 16 to
Registration Statement on Form N-1A (File No. 33-41694), as filed
electronically with the Securities and Exchange Commission on December 10,
1996.
4. Incorporated herein by reference to the Post-Effective Amendment No. 14 to
Registration Statement on Form N-1A (File No. 33-41694), as filed
electronically with the Securities and Exchange Commission on September 20,
1996.
<PAGE>
5. Incorporated herein by reference to the Post-Effective Amendment No. 20 to
Registration Statement on Form N-1A (File No. 33-41694), as filed
electronically with the Securities and Exchange Commission on February 21,
1997.
6. Incorporated herein by reference to the Post-Effective Amendment No. 15 to
Registration Statement on Form N-1A (File No. 33-27247), as filed
electronically with the Securities and Exchange Commission on April 11,
1997.
<PAGE>
Item 25. Persons Controlled by or Under Common Control
- ------------------------------------------------------
Registrant is a Maryland corporation for which separate financial
statements are filed. As of March 31, 1997, Aetna Life Insurance
and Annuity Company (Aetna) and Aetna Life Insurance Company
(ALIC) had a controlling interest in the following series of the
Registrant:
<TABLE>
<CAPTION>
Select Class % Aetna %ALIC
------------ ------- -----
<S> <C> <C>
Aetna International Growth Fund 39.84%
Aetna Government Fund 82.40%
Aetna Ascent 61.87% 32.21%
Aetna Crossroads 59.04% 36.24%
Aetna Legacy 55.43% 41.75%
Aetna Small Company Fund 30.27% 47.51%
Aetna Bond Fund 27.50%
Aetna Index Plus Fund 94.94%
Adviser Class
-------------
Aetna International Growth Fund 87.30%
Aetna Index Plus Fund 25.71%
</TABLE>
Aetna Life Insurance and Annuity Company is an indirect wholly
owned subsidiary of Aetna Inc.
A list of all persons directly or indirectly under common control
with the Registrant and a list indicating the principal business
of each such company referenced in the diagram are incorporated
herein by reference to Item 26 of Post-Effective Amendment No. 2
to the Registration Statement on Form N-4 (File No. 33-61897), as
filed electronically with the Securities and Exchange Commission
ON April 11, 1997.
Item 26. Number of Holders of Securities
- ----------------------------------------
<TABLE>
<CAPTION>
(1) Title of Class (2) Number of Record Holders
Select Class Adviser Class
<S> <C> <C>
Money Market 6,167 7,141
Government 91 76
Bond 992 140
Aetna Fund 2,118 758
Growth and Income 1,895 1,805
Growth 611 1,561
Small Company 439 1,195
International Growth 1,051 751
Ascent 7 4
Crossroads 5 1
Legacy 5 1
Index Plus 4 1
</TABLE>
<PAGE>
Item 27. Indemnification
- ------------------------
Article 9, Section (d) of the Registrant's Articles of
Incorporation, incorporated herein by reference to Exhibit
24(b)(1) to Registrant's Registration Statement on Form N-1A (File
No. 33-85620), as filed electronically on June 28, 1995, provides
for indemnification of directors and officers. In addition, the
Registrant's officers and directors are covered under a directors
and officers errors and omissions liability insurance policy
issued by Gulf Insurance Company, which expires in October, 1997.
Reference is also made to Section 2-418 of the Corporations and
Associations Article of the Annotated Code of Maryland which
provides generally that (1) a corporation may (but is not required
to) indemnify its directors for judgments, fines and expenses in
proceedings in which the director is named a party solely by
reason of being a director, provided the director has not acted in
bad faith, dishonestly or unlawfully, and provided further that
the director has not received any "improper personal benefit"; and
(2) that a corporation must (unless otherwise provided in the
corporation's charter or articles of incorporation) indemnify a
director who is successful on the merits in defending a suit
against him by reason of being a director for "reasonable
expenses." The statutory provisions are not exclusive; a
corporation may provide greater indemnification rights than those
provided by statute.
Item 28. Business and Other Connections of Investment Adviser
- --------------------------------------------------------------
The investment adviser, Aetna Life Insurance and Annuity Company
(Aetna), is an insurance company that issues variable and fixed
annuities and variable and universal life insurance policies, and
acts as principal underwriter and depositor for separate accounts
holding assets for variable contracts and policies. It also acts as
the principal underwriter and investment adviser for the Registrant
and Aetna Variable Fund, Aetna Income Shares, Aetna Variable Encore
Fund, Aetna Investment Advisers Fund, Inc., Aetna Generation
Portfolios, Inc., Aetna GET Fund, and Aetna Variable Portfolios,
Inc. (all management investment companies registered under the
Investment Company Act of 1940 (1940 Act)). Additionally, Aetna
acts as the principal underwriter and depositor for Variable
Annuity Account B of Aetna, Variable Annuity Account C of Aetna,
Variable Annuity Account G of Aetna, and Variable Life Account B of
Aetna (separate accounts of Aetna registered as unit investment
trusts under the 1940 Act). Aetna is also the principal underwriter
for Variable Annuity Account I of Aetna Insurance Company of
America (AICA) (a separate account of AICA registered as a unit
investment trust under the 1940 Act).
<PAGE>
The following table summarizes the business connections of the
directors and principal officers of the Investment Adviser.
<TABLE>
<CAPTION>
------------------------------ ----------------------------------- ----------------------------------------------
Name Positions and Offices Other Principal Position(s) Held
with Investment Adviser Since Oct. 31, 1994/Addresses*/**
------------------------------ ----------------------------------- ----------------------------------------------
<S> <C> <C>
Daniel P. Kearney Director, President and Executive Director and President (since March 1996) --
Officer Aetna Retirement Holdings, Inc.; President
(since December 1995) -- Aetna Retirement
Services, Inc.; President (since December
1993) -- Aetna Life Insurance and Annuity
Company; Executive Vice President (since
December 1993) -- Aetna Inc. (formerly Aetna
Life and Casualty Company); Director (since
1992) -- MBIA, Inc.
Christopher J. Burns Director and Senior Vice Director, Aetna Financial Services, Inc.
President (since January 1996), and Aetna Investment
Services, Inc. (since July 1992); President,
Chief Operations Officer (since November
1996) -- Aetna Investment Services, Inc.;
Director (since March 1996) -- Aetna
Retirement Holdings, Inc.
J. Scott Fox Director and Senior Vice President Director and Senior Vice President (since
March 1997) -- Aetna Retirement Holdings,
Inc.; Senior Vice President (since March
1997) -- Aetna Life Insurance and Annuity
Company; Managing Director, Chief Operating
Officer, Chief Financial Officer, Treasurer
(April 1994 - March 1997) -- Aeltus
Investment Management, Inc.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------ ----------------------------------- ----------------------------------------------
Name Positions and Offices Other Principal Position(s) Held
with Investment Adviser Since Oct. 31, 1994/Addresses*/**
------------------------------ ----------------------------------- ----------------------------------------------
<S> <C> <C>
Timothy A. Holt Director, Senior Vice President Senior Vice President and Chief Financial
and Chief Financial Officer Officer (since February 1996) -- Aetna Life
Insurance and Annuity Company; Vice President
(June 1991 - February 1996) -- Portfolio
Management/Investment Group, Aetna Inc.
(formerly known as Aetna Life and Casualty
Company); Director (since March 1996) --
Aetna Retirement Holdings, Inc.; Vice President
(since September 1996) -- Aetna Retirement
Holdings, Inc.
Gail P. Johnson Director and Vice President Vice President (since December 1992) --
Aetna Life Insurance and Annuity Company.
John Y. Kim Director and Senior Vice President President (since December 1995) -- Aeltus
Investment Management, Inc.; Chief
Investment Officer (since May 1994) -- Aetna
Life Insurance and Annuity Company.
Shaun P. Mathews Director and Vice President Director (since December 1996) -- Aetna
Insurance Agency Holding Company, Inc.; Vice
President (since February 1996), Senior Vice
President (March 1991 - Present) -- Aetna
Life Insurance and Annuity Company;
Director, Aetna Investment Services, Inc.
(since July 1993), and Aetna Insurance
Company of America (since February 1993).
Glen Salow Director and Vice President Vice President (since 1992) -- Aetna Life
Insurance and Annuity Company.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------ ----------------------------------- ----------------------------------------------
Name Positions and Offices Other Principal Position(s) Held
with Investment Adviser Since Oct. 31, 1994/Addresses*/**
------------------------------ ----------------------------------- ----------------------------------------------
<S> <C> <C>
Creed R. Terry Director and Vice President Vice President (since February 1996), Market
Strategist (August 1995 - February 1996) --
Aetna Life Insurance and Annuity Company;
President, (1991 - 1995) Chemical Technology
Corporation (a subsidiary of Chemical Bank).
Kirk P. Wickman Vice President, General Counsel Vice President, General Counsel and
and Secretary Corporate Secretary (since March 1997) --
Aetna Retirement Holdings, Inc.; Vice
President, General Counsel and Secretary
(since November 1996) -- Aetna Life Insurance
and Annuity Company; Vice President and Counsel
(June 1992 - November 1996) -- Aetna Life
Insurance Company.
Deborah Koltenuk Vice President and Treasurer, Vice President, Investment Planning and
Corporate Controller Financial Reporting (April 1996 to July
1996) -- Aetna Life Insurance Company;
Vice President, Investment Planning and
Financial Reporting (October 1994 to April
1996) Aetna Life Insurance Company, the
Aetna Casualty and Surety Company and
The Standard Fire and Insurance Company;
Vice President and Treasurer, Corporate
Controller (since March 1996) -- Aetna
Retirement Holdings, Inc.
Frederick D. Kelsven Vice President and Chief Director of Compliance (January 1985 to
Compliance Officer September 1996) -- Nationwide Life Insurance
Company.
</TABLE>
* The principal business address of each person named is 151 Farmington
Avenue, Hartford, Connecticut 06156.
** Certain officers and directors of the investment adviser currently hold
(or have held during the past two years) other positions with
affiliates of the Registrant that are not deemed to be principal
positions.
<PAGE>
For information regarding Aeltus Investment Management, Inc. (Aeltus), the
subadviser for each Series of the Fund, reference is hereby made to "Management"
in the Prospectus. For information as to the business, profession, vocation or
employment of a substantial nature of each of the officers and directors of
Aeltus, reference is hereby made to the current Form ADV (File No. 801-9046) of
Aeltus filed under the Investment Advisers Act of 1940, incorporated herein by
reference.
Item 29. Principal Underwriters
- -------------------------------
(a) In addition to serving as the principal underwriter and investment adviser
for the Registrant, Aetna Life Insurance and Annuity Company (Aetna) also
acts as the principal underwriter and investment adviser for Aetna Variable
Fund, Aetna Income Shares, Aetna Variable Encore Fund, Aetna Investment
Advisers Fund, Inc., Aetna Generation Portfolios, Inc., Aetna GET Fund and
Aetna Variable Portfolios, Inc. (all management investment companies
registered under the 1940 Act). Additionally, Aetna is the principal
underwriter and depositor for Variable Annuity Account B of Aetna, Variable
Annuity Account C of Aetna, Variable Annuity Account G of Aetna and Variable
Life Account B (separate accounts of Aetna registered as unit investment
trusts under the 1940 Act). Aetna is also the principal underwriter for
Variable Annuity Account I AICA (a separate account of AICA registered as a
unit investment trust under the 1940 Act).
(b) The following are the directors and principal officers of the Underwriter:
<TABLE>
<CAPTION>
Name and Principal Positions and Offices Positions and Offices
Business Address* with Principal Underwriter with Registrant
- ------------------ -------------------------- ---------------------
<S> <C> <C>
Daniel P. Kearney Director and President Director
Timothy A. Holt Director, Senior Vice President and Chief Director
Financial Officer
Christopher J. Burns Director and Senior Vice President
J. Scott Fox Director and Senior Vice President Vice President and Treasurer
Gail P. Johnson Director and Vice President
John Y. Kim Director and Senior Vice President
Shaun P. Mathews Director and Vice President Director and President
Glen Salow Director and Vice President
Creed R. Terry Director and Vice President
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Kirk P. Wickman Vice President, General Counsel and Secretary
Deborah Koltenuk Vice President and Treasurer, Corporate
Controller
Frederick D. Kelsven Vice President and Chief Compliance Officer
</TABLE>
* The principal business address of all directors and officers listed is
151 Farmington Avenue, Hartford, Connecticut 06156.
(c) Not applicable.
Item 30. Location of Accounts and Records
- -----------------------------------------
As required by Section 31(a) of the 1940 Act and the rules
thereunder, the Registrant and its investment adviser, Aetna,
maintain physical possession of each account, book and other
documents, at their principal place of business located at:
151 Farmington Avenue
Hartford, Connecticut 06156
Shareholder records are maintained by the transfer agent, Firstar
Trust Company, 615 East Michigan Street, Milwaukee, Wisconsin
53261.
Item 31. Management Services
- --------------------------------
Not applicable.
Item 32. Undertakings
- -------------------------
The Registrant undertakes that if requested by the holders of at
least 10% of a Series' outstanding shares, the Registrant will
hold a shareholder meeting for the purpose of voting on the
removal of one or more Directors and will assist with
communication concerning that shareholder meeting as if Section
16(c) of the Investment Company Act of 1940 applied.
The Registrant undertakes to furnish to each person to whom a
prospectus is delivered a copy of the Fund's latest annual
report to shareholders, upon request and without charge.
Insofar as indemnification for liability arising under the
Securities Act of 1933 (1933 Act) may be permitted to directors,
officers and controlling persons of the Registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the 1933 Act and is,
<PAGE>
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant
will, unless in the opinion of counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such
indemnification by it is against public policy as expressed in
the 1933 Act and will be governed by the final adjudication of
such issue.
<PAGE>
SIGNATURES
Pursuant to the Securities Act of 1933 and the Investment Company Act of 1940,
the Registrant, Aetna Series Fund, Inc. certifies that it meets the requirements
of Securities Act Rule 485(b) for effectiveness of this Post-Effective Amendment
No. 21 to its Registration Statement on Form N-1A (File No. 33-41694) and has
duly caused this Post-Effective Amendment No. 21 to the Registration Statement
to be signed on its behalf by the undersigned, thereto duly authorized, in the
City of Hartford, and State of Connecticut, on the 30th day of May, 1997.
AETNA SERIES FUND, INC.
------------------------------
Registrant
By Shaun P. Mathews*
--------------------------
Shaun P. Mathews
President
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment No. 21 to the Registration Statement has been signed below by the
following persons on May 30, 1997 in the capacities indicated.
<TABLE>
<CAPTION>
Signature Title Date
- --------- ----- ----
<S> <C> <C>
Shaun P. Mathews* President and Director )
- ------------------------------------------ (Principal Executive Officer) )
Shaun P. Mathews )
)
Morton Ehrlich* Director )
- ------------------------------------------ )
Morton Ehrlich )
)
Maria T. Fighetti* Director ) May
- ------------------------------------------ )
Maria T. Fighetti ) 30, 1997
)
David L. Grove* Director )
- ------------------------------------------ )
David L. Grove )
)
Daniel P. Kearney* Director )
- ------------------------------------------ )
Daniel P. Kearney )
)
Timothy A. Holt* Director )
- ------------------------------------------ )
Timothy A. Holt )
)
Sidney Koch* Director )
- ------------------------------------------ )
Sidney Koch )
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Corine T. Norgaard* Director )
- ------------------------------------------ )
Corine T. Norgaard )
)
Richard G. Scheide* Director )
- ------------------------------------------ )
Richard G. Scheide )
)
J. Scott Fox* Vice President and Treasurer )
- ------------------------------------------ (Principal Financial and Accounting Officer) )
J. Scott Fox
By: /s/Amy R. Doberman
--------------------------------------
/s/ *Amy R. Doberman
Attorney-in-Fact
</TABLE>
<PAGE>
Aetna Series Fund, Inc.
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-b(1)(a) Articles of Incorporation (June 17, 1991), including Articles *
Supplementary (September 21, 1993, October 22, 1993, September 16, 1994)
99-b(1)(b) Articles of Amendment/Supplementary (September 16, 1996, October 10, *
1996, October 10, 1996)
99-b(2) By-laws (as amended September 13, 1994) *
99-b(4) Instruments Defining Rights of Holders (set forth in the Articles of *
Incorporation)
99-b(5)(a) Form of (executed) Investment Advisory Agreement *
99-b(5)(b) Form of (executed) Subadvisory Agreement *
99-b(6)(a) Underwriting Agreement between the Registrant and Aetna *
99-b(6)(b) Dealer Agreement for Registrant between Aetna and Aetna Investment *
Services, Inc. (February 8, 1994)
99-b(8)(a)(1) Custodian Agreement - Mellon Bank, N.A. *
99-b(8)(a)(2) Amendments to Custodian Agreement - Mellon Bank, N.A. *
99-b(8)(a)(3) Amendment to Custodian Agreement - Mellon Bank, N.A. (October 11, 1996) *
99-b(8)(a)(4) Custodian Agreement - Brown Brothers Harriman & Company (International *
Growth Portfolio)
99-b(8)(a)(5) Amendment to Custodian Agreement - Mellon Bank, N.A. (Aetna Index Plus *
Fund)
99-b(9)(a) Form of Administrative Services Agreement *
99-b(9)(a)(i) Administrative Services Agreement - Aetna Index Plus Fund *
99-b(9)(b) License Agreement *
99-b(10) Opinion and Consent of Counsel
--------------
99-b(11) Consent of Independent Auditors
--------------
99-b(15)(a) Distribution Plan *
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-b(15)(b) Form of Shareholder Services Plan *
99-b(16) Schedule for Computation of Performance Data
--------------
99-b(18) Multi-Class Plan *
99-b(19) Powers of Attorney *
27 Financial Data Schedule
--------------
</TABLE>
*Incorporated by reference
151 Farmington Avenue
Hartford, CT 06156
Amy R. Doberman
Counsel
Law Division, RE4A
May 30, 1997 Investments & Financial Services
(860) 273-1409
Fax: (860) 273-9407
U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Attention: Filing Desk
Re: Aetna Series Fund, Inc.
Post-Effective Amendment No. 21 to
Registration Statement on Form N-1A
(File No. 33-41694 and 811-6352)
Dear Sir or Madam:
The undersigned serves as counsel to Aetna Life Insurance and Annuity Company
(ALIAC), the investment adviser to Aetna Series Fund, Inc., a Maryland
corporation (the "Company"). It is my understanding that the Company has
registered an indefinite number of shares of beneficial interest under the
Securities Act of 1933 (the "1933 Act") pursuant to Rule 24f-2 under the
Investment Company Act of 1940 (the "1940 Act").
Insofar as it relates or pertains to the Company, I have reviewed the prospectus
and the Company's Registration Statement on Form N-1A, as amended to the date
hereof, filed with the Securities and Exchange Commission under the Securities
Act and the Investment Company Act, pursuant to which the Shares will be sold
(the "Registration Statement"). I have also examined originals or copies,
certified or otherwise identified to my satisfaction, of such documents, trust
records and other instruments I have deemed necessary or appropriate for the
purpose of this opinion. For purposes of such examination, I have assumed the
genuineness of all signatures on original documents and the conformity to the
original of all copies.
I am admitted to practice law in Maryland and the District of Columbia, and do
not purport to be an expert on the laws of any other state. My opinion herein as
to Maryland law is based upon a limited inquiry thereof that I have deemed
appropriate under the circumstances.
<PAGE>
Based upon the foregoing, and assuming the securities are issued and sold in
accordance with the provisions of the Company's Articles of Incorporation and
the Registration Statement, I am of the opinion that the securities will when
sold be legally issued, fully paid and nonassessable.
I consent to the filing of this opinion as an exhibit to the Registration
Statement.
Sincerely,
/s/ Amy R. Doberman
Amy R. Doberman
Counsel
Consent of Independent Auditors
The Board of Directors
Aetna Series Fund, Inc.:
We consent to the use of our report dated December 6, 1996 incorporated herein
by reference.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Hartford, Connecticut
May 30, 1997
AETNA SERIES FUND, INC.
COMPUTATION OF PERFORMANCE DATA
TOTAL RETURN QUOTATIONS
In calculating the total return quotations, a hypothetical account was
established using a $10,000 initial payment.
Formula
P(1 + T)(n) = ERV
P = a hypothetical initial payment of $10,000,
T = average annual total return,
n = number of years,
ERV = ending redeemable value at the end of 1, 5, or 10
year periods (or a fractional portion thereof) of a
hypothetical $10,000 payment made at the beginning of
the 1, 5, or 10 year periods
Assumptions:
- - The 1-year figure assumes the redemption on March 31, 1997 of values
attributable to a $10,000 payment made on April 1, 1996.
- - The Since Inception figure assumes the redemption on March 31, 1997 of values
attributable to a $10,000 payment made on the inception date of the funds (see
below).
Select Class Share
<TABLE>
<CAPTION>
<S> <C>
The Aetna Fund
1 Year $10,000 (1 + 11.82%) (1) = 11,181.57
5 Years $10,000 (1 + 10.70%) (5) = 16,627.12
Since Inception (1/3/92) $10,000 (1 + 10.23%) (5.241) = 16,660.37
Aetna Bond Fund
1 Year $10,000 (1 + 5.01%) (1) = 10,501.41
5 Years $10,000 (1 + 6.92%) (5) = 13,970.86
Since Inception (1/3/92) $10,000 (1 + 6.38%) (5.241) = 13,829.36
Aetna Government Fund
1 Year $10,000 (1 + 3.64%) (1) = 10,363.87
Since Inception (1/4/94) $10,000 (1 + 4.64%) (3.236) = 11,580.02
Aetna Growth Fund
1 Year $10,000 (1 + 13.32%) (1) = 11,331.86
Since Inception (1/4/94) $10,000 (1 + 17.93%) (3.236) = 17,052.68
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Aetna Growth & Income Fund
1 Year $10,000 (1 + 22.79%) (1) = 12,279.23
5 Years $10,000 (1 + 14.43%) (5) = 19,623.79
Since Inception (1/3/92) $10,000 (1 + 13.60%) (5.241) = 19,506.05
Aetna Index Plus Fund
Since Inception (12/10/96) $10,000 (1 + 1.45%) (1) = 10,145.12
Aetna International Growth Fund
1 Year $10,000 (1 + 22.75%) (1) = 12,274.81
5 Years $10,000 (1 + 11.56%) (5) = 17,280.84
Since Inception (1/3/92) $10,000 (1 + 9.50%) (5.241) = 16,088.46
Aetna Money Market Fund
1 Year $10,000 (1 + 5.37%) (1) = 10,536.70
5 Years $10,000 (1 + 4.65%) (5) = 12,550.07
Since Inception (1/3/92) $10,000 (1 + 4.64%) (5.241) = 12,680.67
Aetna Small Company Fund
1 Year $10,000 (1 + 2.98%) (1) = 10,297.54
Since Inception (1/4/94) $10,000 (1 + 17.20%) (3.236) = 16,709.51
Aetna Ascent Fund
1 Year $10,000 (1 + 19.75%) (1) = 11,975.27
Since Inception (1/4/95) $10,000 (1 + 20.91%) (2.236) = 15,288.50
Aetna Crossroads Fund
1 Year $10,000 (1 + 15.91%) (1) = 11,590.59
Since Inception (1/4/95) $10,000 (1 + 17.74%) (2.236) = 14,405.41
Aetna Legacy Fund
1 Year $10,000 (1 + 12.30%) (1) = 11,230.23
Since Inception (1/4/95) $10,000 (1 + 14.71%) (2.236) = 13,591.41
</TABLE>
<PAGE>
COMPUTATION OF PERFORMANCE DATA
TOTAL RETURN QUOTATION (continued)
Adviser Class Shares (reflecting CDSC)
Assumptions:
The 1-year figure assumes the redemption on March 31, 1997 of values
attributable to a $10,000 payment made on April 1, 1996.
The Since Inception figure assumes the redemption on March 31, 1997 of values
attributable to a $10,000 payment made on the inception date of the funds (see
below).
The performance reflects the deduction of the maximum contingent deferred sales
charge of 1%, declining by 0.25% each year after the date of purchase to zero,
assuming shares were redeemed at the end of the period.
<TABLE>
<CAPTION>
<S> <C>
The Aetna Fund
1 Year $10,000 (1 + 10.07%) (1) = 11,007.25
5 Years $10,000 (1 + 9.84%) (5) = 15,990.75
Since Inception (1/3/92) $10,000 (1 + 9.37%) (5.241) = 15,993.45
Aetna Bond Fund
1 Year $10,000 (1 + 3.10%) (1) = 10,310.31
5 Years $10,000 (1 + 6.11%) (5) = 13,451.08
Since Inception (1/3/92) $10,000 (1 + 5.58%) (5.241) = 13,290.52
Aetna Government Fund
1 Year $10,000 (1 + 1.88%) (1) = 10,187.58
Since Inception (1/4/94) $10,000 (1 + 3.80%) (3.236) = 11,282.53
Aetna Growth Fund
1 Year $10,000 (1 + 11.55%) (1) = 11,154.72
Since Inception (1/4/94) $10,000 (1 + 17.05%) (3.236)= 16,640.51
Aetna Growth and Income Fund
1 Year $10,000 (1 + 20.89%) (1) = 12,088.97
5 Years $10,000 (1 + 13.64%) (5) = 18,951.04
Since Inception (1/3/92) $10,000 (1 + 12.80%) (5.241)= 18,802.91
Aetna Index Plus Fund
Since Inception (12/10/96) $10,000 (1 + 0.23%) (1) = 10,023.04
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Aetna International Growth Fund
1 Year $10,000 (1 + 20.82%) (1) = 12,081.79
5 Years $10,000 (1 + 10.72%) (5) = 16,636.98
Since Inception (1/3/92) $10,000 (1 + 8.67%) (5.241) = 15,461.00
Aetna Money Market Fund
1 Year $10,000 (1 + 5.37%) (1) = 10,536.70
5 Years $10,000 (1 + 4.65%) (5) = 12,550.09
Since Inception (1/3/92) $10,000 (1 + 4.64%) (5.241) = 12,680.70
Aetna Small Company Growth Fund
1 Year $10,000 (1 + 1.22%) (1) = 10,121.52
Since Inception (1/4/94) $10,000 (1 + 16.29%) (3.236)= 16,297.75
</TABLE>
<PAGE>
COMPUTATION OF PERFORMANCE DATA
TOTAL RETURN QUOTATION (continued)
Adviser Class Shares (without CDSC)
Assumptions:
The 1-year figure assumes the redemption on March 31, 1997 of values
attributable to a $10,000 payment made on April 1, 1996.
The Since Inception figure assumes the redemption on March 31, 1997 of values
attributable to a $10,000 payment made on inception date of funds (see below).
<TABLE>
<CAPTION>
<S> <C>
The Aetna Fund
1 Year $10,000 (1 + 11.07%) (1) = 11,107.25
5 Years $10,000 (1 + 9.84%) (5) = 15,990.75
Since Inception (1/3/92) $10,000 (1 + 9.37%) (5.241) = 15,993.45
Aetna Bond Fund
1 Year $10,000 (1 + 4.10%) (1) = 10,410.31
5 Years $10,000 (1 + 6.11%) (5) = 13,451.08
Since Inception (1/3/92) $10,000 (1 + 5.58%) (5.241) = 13,290.52
Aetna Government Fund
1 Year $10,000 (1 + 2.88%) (1) = 10,287.58
Since Inception (1/4/94) $10,000 (1 + 3.87%) (3.236) = 11,307.53
Aetna Growth Fund
1 Year $10,000 (1 + 12.55%) (1) = 11,254.72
Since Inception (1/4/94) $10,000 (1 + 17.10%) (3.236) = 16,665.51
Aetna Growth and Income Fund
1 Year $10,000 (1 + 21.89%) (1) = 12,188.97
5 Years $10,000 (1 + 13.64%) (5) = 18,951.04
Since Inception (1/3/92) $10,000 (1 + 12.80%) (5.241) = 18,802.91
Aetna Index Plus Fund
Since Inception (12/10/96) $10,000 (1 + 1.23%) (1) = 10,123.04
Aetna International Growth Fund
1 Year $10,000 (1 + 21.82%) (1) = 12,181.79
5 Years $10,000 (1 + 10.72%) (5) = 16,636.98
Since Inception (1/3/92) $10,000 (1 + 8.67%) (5.241) = 15,461.00
Aetna Money Market Fund
1 Year $10,000 (1 + 5.37%) (1) = 10,536.70
5 Years $10,000 (1 + 4.65%) (5) = 12,550.09
Since Inception (1/3/92) $10,000 (1 + 4.64%) (5.241) = 12,680.70
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Aetna Small Company Growth Fund
1 Year $10,000 (1 + 2.22%) (1) = 10,221.52
Since Inception (1/4/94) $10,000 (1 + 16.35%) (3.236) = 16,322.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 071
<NAME> Aetna Index Plus Fund (Select Class A)
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> DEC-10-1996
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 11,231,285
<INVESTMENTS-AT-VALUE> 11,259,647
<RECEIVABLES> 31,856
<ASSETS-OTHER> 51,762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,343,265
<PAYABLE-FOR-SECURITIES> 28,413
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 216,487
<TOTAL-LIABILITIES> 244,900
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,020,232
<SHARES-COMMON-STOCK> 1,086,676
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 27,824
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,947
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,362
<NET-ASSETS> 11,005,321
<DIVIDEND-INCOME> 57,530
<INTEREST-INCOME> 8,142
<OTHER-INCOME> 0
<EXPENSES-NET> (22,698)
<NET-INVESTMENT-INCOME> 42,974
<REALIZED-GAINS-CURRENT> 21,947
<APPREC-INCREASE-CURRENT> 28,362
<NET-CHANGE-FROM-OPS> 93,283
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,150)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,358,250
<NUMBER-OF-SHARES-REDEEMED> (435,482)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,098,365
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,698
<AVERAGE-NET-ASSETS> 10,722,234
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 072
<NAME> Aetna Index Plus Fund (Adviser Class B)
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> FEB-03-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 11,231,285
<INVESTMENTS-AT-VALUE> 11,259,647
<RECEIVABLES> 31,856
<ASSETS-OTHER> 51,762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,343,265
<PAYABLE-FOR-SECURITIES> 28,413
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 216,487
<TOTAL-LIABILITIES> 244,900
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,020,232
<SHARES-COMMON-STOCK> 9,198
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 27,824
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,947
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,362
<NET-ASSETS> 93,044
<DIVIDEND-INCOME> 57,530
<INTEREST-INCOME> 8,142
<OTHER-INCOME> 0
<EXPENSES-NET> (22,698)
<NET-INVESTMENT-INCOME> 42,974
<REALIZED-GAINS-CURRENT> 21,947
<APPREC-INCREASE-CURRENT> 28,362
<NET-CHANGE-FROM-OPS> 93,283
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97,464
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,098,365
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,698
<AVERAGE-NET-ASSETS> 41,277
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.12
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 011
<NAME> Money Market Fund -- Class A
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 442,406,200
<INVESTMENTS-AT-VALUE> 442,406,200
<RECEIVABLES> 11,822,785
<ASSETS-OTHER> 54,281
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 454,283,266
<PAYABLE-FOR-SECURITIES> 7,831,633
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,321,475
<TOTAL-LIABILITIES> 11,153,108
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 443,130,158
<SHARES-COMMON-STOCK> 323,280,879
<SHARES-COMMON-PRIOR> 275,524,492
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 443,130,158
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 21,850,822
<OTHER-INCOME> 0
<EXPENSES-NET> (1,168,149)
<NET-INVESTMENT-INCOME> 20,682,673
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,682,673
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,289,546)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 365,382,830
<NUMBER-OF-SHARES-REDEEMED> (329,569,238)
<SHARES-REINVESTED> 11,942,795
<NET-CHANGE-IN-ASSETS> 88,880,027
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,560,183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,328,793
<AVERAGE-NET-ASSETS> 390,054,196
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 012
<NAME> Money Market Fund -- Class B
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 442,406,200
<INVESTMENTS-AT-VALUE> 442,406,200
<RECEIVABLES> 11,822,785
<ASSETS-OTHER> 54,281
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 454,283,266
<PAYABLE-FOR-SECURITIES> 7,831,633
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,321,475
<TOTAL-LIABILITIES> 11,153,108
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 443,130,158
<SHARES-COMMON-STOCK> 119,849,279
<SHARES-COMMON-PRIOR> 78,725,639
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 443,130,158
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 21,850,822
<OTHER-INCOME> 0
<EXPENSES-NET> (1,168,149)
<NET-INVESTMENT-INCOME> 20,682,673
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,682,673
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,393,127)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 313,079,417
<NUMBER-OF-SHARES-REDEEMED> (277,136,873)
<SHARES-REINVESTED> 5,181,096
<NET-CHANGE-IN-ASSETS> 88,880,027
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,560,183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,328,793
<AVERAGE-NET-ASSETS> 390,054,196
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 021
<NAME> Government Fund -- Class A
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 11,127,267
<INVESTMENTS-AT-VALUE> 11,052,592
<RECEIVABLES> 189,256
<ASSETS-OTHER> 419
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,242,267
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54,030
<TOTAL-LIABILITIES> 54,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,602,182
<SHARES-COMMON-STOCK> 1,088,403
<SHARES-COMMON-PRIOR> 1,914,147
<ACCUMULATED-NII-CURRENT> 37,340
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (376,610)
<ACCUM-APPREC-OR-DEPREC> (74,675)
<NET-ASSETS> 11,188,237
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 859,634
<OTHER-INCOME> 0
<EXPENSES-NET> (98,514)
<NET-INVESTMENT-INCOME> 761,120
<REALIZED-GAINS-CURRENT> 440,214
<APPREC-INCREASE-CURRENT> (671,559)
<NET-CHANGE-FROM-OPS> 529,775
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (826,219)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 713,747
<NUMBER-OF-SHARES-REDEEMED> (1,613,555)
<SHARES-REINVESTED> 74,064
<NET-CHANGE-IN-ASSETS> (8,370,070)
<ACCUMULATED-NII-PRIOR> 133,130
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (816,824)
<GROSS-ADVISORY-FEES> 67,466
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,127
<AVERAGE-NET-ASSETS> 13,492,663
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.80
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 022
<NAME> Government Fund -- Class B
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 11,127,267
<INVESTMENTS-AT-VALUE> 11,052,592
<RECEIVABLES> 189,256
<ASSETS-OTHER> 419
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,242,267
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54,030
<TOTAL-LIABILITIES> 54,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,602,182
<SHARES-COMMON-STOCK> 53,755
<SHARES-COMMON-PRIOR> 40,455
<ACCUMULATED-NII-CURRENT> 37,340
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (376,610)
<ACCUM-APPREC-OR-DEPREC> (74,675)
<NET-ASSETS> 11,188,237
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 859,634
<OTHER-INCOME> 0
<EXPENSES-NET> (98,514)
<NET-INVESTMENT-INCOME> 761,120
<REALIZED-GAINS-CURRENT> 440,214
<APPREC-INCREASE-CURRENT> (671,559)
<NET-CHANGE-FROM-OPS> 529,775
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30,691)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,879
<NUMBER-OF-SHARES-REDEEMED> (29,591)
<SHARES-REINVESTED> 3,012
<NET-CHANGE-IN-ASSETS> (8,370,070)
<ACCUMULATED-NII-PRIOR> 133,130
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (816,824)
<GROSS-ADVISORY-FEES> 67,466
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,127
<AVERAGE-NET-ASSETS> 13,492,663
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> (0.13)
<PER-SHARE-DIVIDEND> (0.56)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.79
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 031
<NAME> Bond Fund -- Class A
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 28,872,143
<INVESTMENTS-AT-VALUE> 29,491,389
<RECEIVABLES> 388,825
<ASSETS-OTHER> 38,730
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,918,944
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 177,902
<TOTAL-LIABILITIES> 177,902
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,957,393
<SHARES-COMMON-STOCK> 2,860,637
<SHARES-COMMON-PRIOR> 3,192,325
<ACCUMULATED-NII-CURRENT> 93,870
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (929,467)
<ACCUM-APPREC-OR-DEPREC> 619,246
<NET-ASSETS> 29,741,042
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,408,938
<OTHER-INCOME> 0
<EXPENSES-NET> (277,495)
<NET-INVESTMENT-INCOME> 2,131,443
<REALIZED-GAINS-CURRENT> 350,612
<APPREC-INCREASE-CURRENT> (865,587)
<NET-CHANGE-FROM-OPS> 1,616,468
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,228,451)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,648,950
<NUMBER-OF-SHARES-REDEEMED> (2,175,384)
<SHARES-REINVESTED> 194,746
<NET-CHANGE-IN-ASSETS> (10,377,620)
<ACCUMULATED-NII-PRIOR> 203,781
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,280,079)
<GROSS-ADVISORY-FEES> 174,209
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 419,052
<AVERAGE-NET-ASSETS> 34,841,428
<PER-SHARE-NAV-BEGIN> 10.27
<PER-SHARE-NII> 0.65
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.68)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 032
<NAME> Bond Fund -- Class B
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 28,872,143
<INVESTMENTS-AT-VALUE> 29,491,389
<RECEIVABLES> 388,825
<ASSETS-OTHER> 38,730
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,918,944
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 177,902
<TOTAL-LIABILITIES> 177,902
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,957,393
<SHARES-COMMON-STOCK> 87,000
<SHARES-COMMON-PRIOR> 714,938
<ACCUMULATED-NII-CURRENT> 93,870
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (929,467)
<ACCUM-APPREC-OR-DEPREC> 619,246
<NET-ASSETS> 29,741,042
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,408,938
<OTHER-INCOME> 0
<EXPENSES-NET> (277,495)
<NET-INVESTMENT-INCOME> 2,131,443
<REALIZED-GAINS-CURRENT> 350,612
<APPREC-INCREASE-CURRENT> (865,587)
<NET-CHANGE-FROM-OPS> 1,616,468
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (118,704)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 061
<NAME> Aetna Fund -- Class A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 062
<NAME> Aetna Fund -- Class B
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 041
<NAME> Growth and Income Fund -- Class A
<S> <C>
<PERIOD-TYPE> Year
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<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 042
<NAME> Growth and Income Fund -- Class B
<S> <C>
<PERIOD-TYPE> Year
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<PERIOD-START> NOV-01-1995
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 081
<NAME> Growth Fund -- Class A
<S> <C>
<PERIOD-TYPE> Year
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<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 082
<NAME> Growth Fund -- Class B
<S> <C>
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<PERIOD-START> NOV-01-1995
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 091
<NAME> Small Company Fund -- Class A
<S> <C>
<PERIOD-TYPE> Year
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<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 092
<NAME> Small Company Fund -- Class B
<S> <C>
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<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
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