As filed with the Securities and Exchange File No. 33-41694
Commission on July 9, 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. 22
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 31
AETNA SERIES FUND, INC.
151 Farmington Avenue RE4A, Hartford, Connecticut 06156
-------------------------------------------------------
(860) 273-1409
Amy R. Doberman, Counsel
Aetna Life Insurance and Annuity Company
151 Farmington Avenue RE4A, Hartford, Connecticut 06156
-------------------------------------------------------
(Name and Address of Agent for Service)
- --------------------------------------------------------------------------------
It is proposed that this filing will become effective:
------- immediately upon filing pursuant to paragraph (b) of Rule 485
------- on _______________________ pursuant to paragraph (b) of Rule 485
------- 60 days after filing pursuant to paragraph (a)(1) of Rule 485
------- on _______________________ pursuant to paragraph (a)(1) of Rule 485
------- 75 days after filing pursuant to paragraph (a)(2) of Rule 485
------- on _______________________ pursuant to paragraph (a)(2) of Rule 485
X on August 1, 1997 pursuant to paragraph (a)(3) of Rule 485 (A
------- request for Acceleration is attached)
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>
<CAPTION>
CAPTION IN PROSPECTUS DATED MARCH 3, 1997
AND AS AMENDED BY SUPPLEMENTS DATED MAY 30,
FORM N-1A 1997 AND AUGUST 1, 1997
ITEM NO.
PART A
<S> <C> <C>
1. Cover Page................................................ Cover Page
2. Synopsis.................................................. Fees Tables; Highlights
3. Condensed Financial Information........................... Financial Highlights, and as amended
4. General Description of Registrant......................... Description of the Fund; Risk Factors and
Other Considerations; Investment
Restrictions;General Information, and as amended
5. Management of the Fund.................................... Management, and as amended; Portfolio
Management; Performance Data, and as amended
5A. Management's Discussion of Fund Performance............... Not Applicable
6. Capital Stock and Other Securities........................ General Information, and as amended;
Shareholder Services; Distributions; Taxes
7. Purchase of Securities Being Offered...................... Shareholder Services; Net Asset Value; Fees
and Charges (Adviser Class Prospectus only),
and as amended; Other Features; Cross Investing
8. Redemption or Repurchase.................................. Shareholder Services; Fees and Charges
(Adviser Class Prospectus only), and as amended
9. Pending Legal Proceedings................................. None - Not applicable
<PAGE>
<CAPTION>
CAPTION IN STATEMENT OF ADDITIONAL INFORMATION DATED
FORM N-1A MARCH 3, 1997 AND AS AMENDED BY SUPPLEMENTS DATED
ITEM NO. MAY 30, 1997 AND AUGUST 1, 1997
PART B
<S> <C> <C>
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
14. Management of the Fund................................. Directors and Officers, and as amended
15. Control Persons and Principal Holders of Securities.... Control Persons and Principal Shareholders, and as amended
16. Investment Advisory and Other Services................. The Investment Advisory Agreements; The Subadvisory
Agreements; The Administrative Services Agreement;
Distribution Arrangements, and as amended;
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 Securities Being Sale and Redemption of Shares; Net Asset Value;
Offered................................................ Distribution Arrangements, and as amended
20. Tax Status............................................. Tax Status
21. Underwriters........................................... Principal Underwriter, and as amended; Distribution
Arrangements, and as amended
22. Calculation of Performance Data........................ Performance Information, and as amended
23. Financial Statements................................... Financial Statements, and as amended
</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
Parts A and B of this Post-Effective Amendment No. 22, 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 and
by reference to Supplement dated May 30, 1997 as contained in Post-Effective
Amendment No. 21 to Registration Statement on Form N-1A (File No. 33-41694), as
filed electronically on May 30, 1997.
<PAGE>
Aetna Series Fund, Inc.
Supplement dated August 1, 1997 to
Prospectus dated March 3, 1997
(as amended on May 30, 1997)
The information in this supplement updates and amends the information contained
in the Prospectus dated March 3, 1997 and should be read with that Prospectus.
Adviser Class Prospectus and Select Class Prospectus
The following is financial information relating to the Aetna Index Plus Fund
for the period ended March 31, 1997.
- --------------------------------------------------------------------------------
Financial Highlights
(for one outstanding share throughout each period)
The selected data presented below for, and as of the end of, each of the
periods listed are derived from the financial statements of Aetna Series Fund,
Inc. The financial statements of the Index Plus Fund for the periods listed are
unaudited and are contained in the Statement of Additional Information
supplement dated May 30, 1997.
Select Class Adviser Class
Period from Period from
December 10, 1996 February 3, 1997
to March 31, 1997 to March 31, 1997
(Unaudited) (Unaudited)
----------------- -----------------
Net Asset Value Beginning
of Period ............... $ 10.00 $ 10.57
------- --------
Net Investment Income ...... 0.05 0.03
Net Realized and Change in
Unrealized Gain (Loss) on
Investments ............... 0.10 (0.48)
------- --------
Total from Investment
Operations ............... 0.15 (0.45)
Dividends from Net
Investment Income ......... (0.02) 0.00
------- --------
Net Asset Value End of
Period .................. $ 10.13 $ 10.12
======= ========
Total Return ............... 1.45% (4.26)%
Net Assets End of Period
(in thousands) ............ $11,005 $ 93
Form No. X.PROSSER-97-1
1
<PAGE>
Select Class Adviser Class
Period from Period from
December 10, 1996 February 3, 1997
to March 31, 1997 to March 31, 1997
(Unaudited) (Unaudited)
----------------- -----------------
Ratio of Total Investment
Expenses to Average Net
Assets* ............... 0.70% 1.45%
Ratio of Net Investment
Income to Average Net
Assets* ............... 1.31% 0.56%
Ratio of Net Investment
Expense Before
Reimbursement and
Waiver to Average Net
Assets* ............... 1.82% 2.57%
Ratio of Net Investment
Income Before
Reimbursement and
Waiver to Average Net
Assets* ............... 0.19% (0.56)%
Portfolio Turnover ...... 17.24% 17.24%
Average Commission Rate
Paid Per Share ......... $0.0329 $ 0.0329
* Annualized for periods less than one year.
2
<PAGE>
Adviser Class Prospectus
[bullet] The section entitled "Shareholder Services Fee" in the Adviser Class
Prospectus is deleted and replaced with the following:
Shareholder Services Fee Under a Shareholder Services Plan approved by
the Board of Directors, Aetna Investment Services, Inc. (AISI), the
Fund's principal underwriter, is paid a service fee at an annual rate
of 0.25% (0.10% for Money Market) of the daily net assets of the
Adviser Class shares of each Series. This fee is used as compensation
for expenses incurred in servicing shareholder accounts.
[bullet] The section entitled "12b-1 Distribution Fee" in the Adviser Class
Prospectus is deleted and replaced with the following:
12b-1 Distribution Fee The Directors and the Adviser Class shareholders
approved a Distribution Plan in accordance with Rule 12b-1 under the
1940 Act. Under this plan, AISI is paid a 12b-1 distribution fee at an
annual rate of 0.50% of the average daily net assets of the Adviser
Class shares of each Series (except for Money Market).
The 12b-1 distribution fee may be used to cover expenses incurred in
promoting the sale of Adviser Class shares of each Series, including
(i) costs of printing and distributing the applicable prospectus,
Statement and sales literature to prospective investors; (ii) payments
to registered representatives and other persons who provide support
services in connection with the distribution of shares; (iii) overhead
and other distribution related expenses; and (iv) accruals for interest
on the
3
<PAGE>
amount of the foregoing expenses that exceed 12b-1 distribution fees
and the Contingent Deferred Sales Charge received by AISI.
[bullet] In the section entitled "Contingent Deferred Sales Charge" the second
sentence should read:
However, AISI will impose a contingent deferred sales charge (CDSC) on
certain Fund share redemptions.
Adviser Class Prospectus and Select Class Prospectus
[bullet] The section entitled "Principal Underwriter" in the Select Class
Prospectus and the Adviser Class Prospectus is deleted and replaced
with the following:
Principal Underwriter Effective August 1, 1997, the Fund's principal
underwriter was changed from Aetna to AISI. AISI is a Connecticut
corporation, and is a wholly-owned subsidiary of Aetna Retirement
Holdings, Inc. and an indirect wholly-owned subsidiary of Aetna Inc.
AISI contracts with various broker-dealers, including one or more of
its affiliates, for distribution of shares.
[bullet] In the section entitled "Capital Stock" the fourth sentence is deleted
and replaced with the following:
As of June 30, 1997, Aetna and its affiliates owned 18.55% of all
outstanding shares of the Fund.
4
<PAGE>
Aetna Series Fund, Inc.
Supplement dated August 1, 1997 to Statement of Additional Information
dated March 3, 1997 (as amended on May 30, 1997)
The Statement of Additional Information dated March 3, 1997 is amended as
follows:
[bullet] In the section entitled "Directors and Officers" the name Susan Bryant
and all information regarding Susan Bryant is deleted and replaced
with the following:
<TABLE>
<CAPTION>
Principal Occupation During Past Five Years
Position(s) Held with (and Positions held with Affiliated Persons or
Name, Address and Age Registrant iters of the Registrant)
<S> <C> <C>
Amy R. Doberman Secretary Counsel, Aetna Life Insurance and Annuity Company,
151 Farmington Avenue December 1996 to present; Assistant Chief Counsel,
Hartford, Connecticut Division of Investment Management, Securities and
Age 35 Exchange Commission, January 1995 to November
1996; Senior Special Counsel, Securities and
Exchange Commission, September 1994 to January
1995; Special Counsel, Securities and Exchange
Commission, September 1993 to September 1994;
Staff Attorney, Securities and Exchange Commission,
June 1992 to September 1993.
</TABLE>
[bullet] The section entitled "Control Persons and Principal Shareholders" is
deleted and replaced with the following:
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
As of June 30, 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:
Aetna ALIC
----- ----
Select Class
------------
Bond 33.31%
Government 83.05%
Index Plus 88.11%
International Growth 38.66%
Money Market 27.26%
Small Company 31.44% 45.49%
Ascent 65.45% 25.51%
Crossroads 68.53% 26.12%
Legacy 54.86% 41.36%
Adviser Class
-------------
International Growth 83.14%
As of June 30, 1997, officers and Directors owned less than 1% of the
outstanding shares of any of the Series.
Form No. X.SAISER-97-1
<PAGE>
[bullet] The section entitled "Principal Underwriter" is deleted and replaced
with the following:
PRINCIPAL UNDERWRITER
Shares of each Series are offered on a continuous basis. Effective August 1,
1997, the Fund's Board of Directors approved a change in the Fund's principal
underwriter from Aetna to Aetna Investment Services, Inc. (AISI). AISI is a
Connecticut corporation, and is a wholly-owned subsidiary of Aetna Retirement
Holdings, Inc. and an indirect wholly-owned subsidiary of Aetna Inc. AISI has
agreed to use its best efforts to distribute the shares as the principal
underwriter of the Series pursuant to an Underwriting Agreement between it and
the Fund. AISI is registered as a broker-dealer with the Commission and is a
member of the National Association of Securities Dealers, Inc. The Underwriting
Agreement may be continued from year to year if approved annually by the
Directors or by a vote of holders of a majority of each Series' shares, and by
a vote of a majority of the Directors who are not "interested persons," as that
term is defined in the 1940 Act, of Aetna, and who are not interested persons
of the Fund (Independent Directors), appearing in person at a meeting called
for the purpose of approving such agreement. The Underwriting Agreement
terminates automatically upon assignment, and may be terminated at any time
upon sixty (60) days' written notice by the Directors or AISI or by a vote of
the holders of a majority of a Series' shares without the payment of any
penalty.
[bullet] In the section entitled "Distribution Arrangements" the following
changes are made:
All references to Aetna in the first paragraph are changed to AISI.
The phrase "(principal underwriter for the Fund prior to August 1,
1997)" is added following the word Aetna in the second paragraph.
All references to Aetna in the last paragraph are changed to AISI.
Form No. X.SAISER-97-1
<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 electronically with the Securities and
Exchange Commission on January 7, 1997 (File No. 811-6352).
Unaudited Financial Statements for Aetna Index Plus Fund
as of March 31, 1997, which include the following:
Portfolios 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
Financial Highlights
(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
<PAGE>
(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)
(6)(a) Underwriting Agreement between the Registrant and
Aetna Investment Services, Inc.
(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
(15)(b) Shareholder Services Plan
(16) Schedule for Computation of Performance Data(5)
(17) See Exhibit 27 below
(18) Multi-Class Plan(6)
(19) Powers of Attorney(7)
(27) Financial Data Schedules
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.
<PAGE>
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.
5. Incorporated herein by reference to the Post-Effective Amendment No. 21 to
Registration Statement on Form N-1A (File No. 33-41694), as filed
electronically with the Securities and Exchange Commission on May 30, 1997.
6. 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.
7. 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 June 30, 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:
Select Class % Aetna % ALIC
------------ ------- ------
Aetna International Growth Fund 38.66%
Aetna Government Fund 83.05%
Aetna Ascent 65.45% 25.51%
Aetna Crossroads 68.53% 26.12%
Aetna Legacy 54.86% 41.36%
Aetna Small Company Fund 31.44% 45.49%
Aetna Bond Fund 33.31%
Aetna Index Plus Fund 88.11%
Aetna Money Market Fund 27.26%
Adviser Class
-------------
Aetna International Growth Fund 83.14%
Aetna Life Insurance and Annuity Company is an indirect wholly owned
subsidiary of Aetna Inc.
Attached is a listing of all persons directly under common control with
the Registrant. The listing indicates (1) the state or other sovereign
power under the laws of which the entity is organized, (2) the
percentage of voting securities owned or other basis of control by the
person, if any, immediately controlling it (percentages are rounded to
the nearest whole percentage and are based on ownership of voting
rights), and (3) its principal business.
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Inc. CT (1) Publicly Held Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Services, Inc. CT (1) (*) Aetna Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare Inc. PA (1) (*) Aetna Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Risk Indemnity Company Bermuda (1) (*) Aetna Inc. 100% Insurance
Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance Company CT (1) (*) Aetna Services, Inc. 100% Life and Health Insurance and Related
Services
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Retirement Services, Inc. CT (1) (*) Aetna Services, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International, Inc. CT (1) (*) Aetna Services, Inc. 100% Holding Company for International
Subsidiaries
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health and Life Insurance CT (1) (*) Aetna Services, Inc. 100% Life and Health Insurance
Company
- ------------------------------------------------------------------------------------------------------------------------------------
Structured Benefits, Inc. CT (1) (*) Aetna Services, Inc. 100% Broker of Life and Annuity Products and
Administrative Services
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Corporation (*) Fully Consolidated
(2) Partnership (**) One Line Consolidation
(3) Joint Venture (***) Not Consolidated
(4) Trust
(5) Limited Liability Company
+ Percentages are rounded to the nearest whole percent and are based on
ownership of voting rights.
1
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Foundation, Inc. CT (1) (*) Aetna Services, Inc. 100%(a) Supports Charitable Scientific,
Literary and Educational Activities
- ------------------------------------------------------------------------------------------------------------------------------------
Imperial Fire & Marine U.K. (1) (***) Aetna Services, Inc. 10% Reinsurance
Re-Insurance Company Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Business Resources, Inc. CT (1) (*) Aetna Services, Inc. 100% Provides Business Services to
External Clients
- ------------------------------------------------------------------------------------------------------------------------------------
AE Fifteen, Incorporated CT (1) (*) Aetna Services, Inc. 100% Shell Corp. for Interest in
Cogeneration
- ------------------------------------------------------------------------------------------------------------------------------------
Luettgens Limited CT (1) (*) Aetna Services, Inc. 100% Retail Specialty Store
- ------------------------------------------------------------------------------------------------------------------------------------
AE Housing Corp. CT (1) (*) Aetna Services, Inc. 100% Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Capital L.L.C. DE (5) (*) Aetna Services, Inc. 95%(b) Finance - Limited Liability Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Realty Investments I, Inc. CT (1) (*) Aetna Services, Inc. 100% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Structured Benefits of Florida, FL (1) (**) Structured Benefits, Inc. 100% Brokering of Life and Annuity
Inc. Products and Administrative Services
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Properties I Limited CT (2) (***) Aetna Realty Investments I, 84%(c) Real Estate Investment
Partnership Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
CMBS Holdings, Inc. TX (1) (*) Aetna Life Insurance Company 100% Real Estate Investment and
Management
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Real Estate Properties, Inc. CT (1) (*) Aetna Life Insurance Company 100% Acquire, Develop and Lease Real
Estate
- ------------------------------------------------------------------------------------------------------------------------------------
ALIC Energy, Co. TX (1) (*) Aetna Life Insurance Company 100% Acquisition and Management of
Non-Traditional Investments
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
a Nonstock Corporation
b Aetna Capital Holdings, Inc. owns 5% of this Limited Liability Company.
c Aetna Realty Investments I, Inc. is a 1% general partner and an 83% limited partner.
</FN>
</TABLE>
2
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Insurance Company of CT (1) (*) Aetna Life Insurance Company 100% Insurance
Connecticut
- ------------------------------------------------------------------------------------------------------------------------------------
CDI Equity, Inc. DE (1) (*) Aetna Life Insurance Company 100% General Business Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
CDI Equity L.L.C. DE (5) (*) Aetna Life Insurance Company 99%(d) General Business Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
AE Fourteen, Inc. CT (1) (*) Aetna Life Insurance Company 100% Cogeneration
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Assignment Company CT (1) (*) Aetna Life Insurance Company 100% Assignment Company for Structured
Settlements
- ------------------------------------------------------------------------------------------------------------------------------------
Bayshore Heights Associates FL (2) (**) Aetna Life Insurance Company 70% Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna/Area Corporation CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment and
Management
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Institutional Investors I CT (2) (**) Aetna Life Insurance Company 13%(e) Real Estate Investment
Limited Partnership
- ------------------------------------------------------------------------------------------------------------------------------------
Shadow Ridge At Oak Park CA (2) (**) Aetna Life Insurance Company 80% Real Estate
Condominium Associates
- ------------------------------------------------------------------------------------------------------------------------------------
BPC Equity, Inc. DE (1) (*) Aetna Life Insurance Company 100% General Business Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
BPC Equity, L.L.C. DE (5) (*) Aetna Life Insurance Company 99%(f) General Business Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
AHP Holdings, Inc. CT (1) (*) Aetna Life Insurance Company 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
d CDI Equity, Inc. owns 1% of this Limited Liability Company.
e Aetna Real Estate Properties, Inc. is a 1% general partner.
f BPC Equity, Inc. owns 1% of this Limited Liability Company.
</FN>
</TABLE>
3
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Bay Area Mall, L.L.C. DE (5) (*) Aetna Life Insurance Company 99%(g) Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
Bay Area Mall, Inc. DE (1) (*) Aetna Life Insurance Company 100% Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
455 Market Street CA (2) (**) Aetna Life Insurance Company 90%(h) Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport A CA (2) (**) Aetna Life Insurance Company 50%(i) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 8 CA (2) (**) Aetna Life Insurance Company 50%(j) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 9 CA (2) (**) Aetna Life Insurance Company 50%(k) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 10 CA (2) (**) Aetna Life Insurance Company 50%(l) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 11 CA (2) (**) Aetna Life Insurance Company 50%(m) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Koll Center Newport Number 14 CA (3) (**) Aetna Life Insurance Company 60% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Hamilton Partnership IL (2) (**) Aetna Life Insurance Company 62% Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
Waterloo Associates Limited NC (2) (**) Aetna Life Insurance Company 99%(n) Real Estate Investment
Partnership
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
g Bay Area Mall, Inc. owns 1% of this Limited Liability Company.
h 89% general partner and 1% limited partner.
i Aetna Life Insurance Company is a 49% general partner and a 1% limited partner.
j Aetna Life Insurance Company is a 49% general partner and a 1% limited partner.
k Aetna Life Insurance Company is a 49% general partner and a 1% limited partner.
l Aetna Life Insurance Company is a 49% general partner and a 1% limited partner.
m Aetna Life Insurance Company is a 49% general partner and a 1% limited partner.
n Aetna Life Insurance Company is a 99% general partner and Trumbull Three, Inc. is a 1% limited partner.
</FN>
</TABLE>
4
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Hayward Industrial Park CT (2) (**) Aetna Life Insurance Company 99% Real Estate Investment
Associates
- ------------------------------------------------------------------------------------------------------------------------------------
Gables At Farmington Associates CT (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Gables at Brighton Associates NY (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Country Club Heights at Woburn MA (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
Associates
- ------------------------------------------------------------------------------------------------------------------------------------
Britcher Aetna-Laguna Hills CA (2) (**) Aetna Life Insurance Company 68% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Harbor Business Park CA (2) (**) Aetna Life Insurance Company 99% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Ensenada De Las Colinas I TX (2) (**) Aetna Life Insurance Company 99%(o) Real Estate Investment
Associates
- ------------------------------------------------------------------------------------------------------------------------------------
Trevose Hospitality, Inc. CT (1) (**) Aetna Life Insurance Company 100% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Oaks at Valley Ranch I TX (2) (**) Aetna Life Insurance Company 99%(p) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Oaks at Valley Ranch II TX (2) (**) Aetna Life Insurance Company 99%(q) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
KBC-RED Hill Limited Partnership CA (2) (**) Aetna Life Insurance Company 80% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
KBC-Eastside Limited Partnership AZ (2) (**) Aetna Life Insurance Company 80% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
C.R.I. Hotel Associates, L.P. IA (2) (**) Aetna Life Insurance Company 75% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
o Aetna Life Insurance Company is a 99% general partner and Trumbull One, Inc. is a 1% limited partner.
p Aetna Life Insurance Company is a 99% general partner and Trumbull One, Inc. is a 1% limited partner.
q Aetna Life Insurance Company is a 99% general partner and Trumbull One, Inc. is a 1% limited partner.
</FN>
</TABLE>
5
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Trumbull One, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Trumbull Two, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Trumbull Three, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Trumbull Four, Inc. CT (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Century City North L.L.C. DE (5) (**) Aetna Life Insurance Company 84%(r) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Southfield Partners MD (2) (**) Aetna Life Insurance Company 99%(s) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Lincoln Rancho Cucamonga CA (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
Associates
- ------------------------------------------------------------------------------------------------------------------------------------
Village Green of Madison Heights MI (2) (**) Aetna Life Insurance Company 99%(t) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Centrum Associates CA (2) (**) Aetna Life Insurance Company 65% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Tri-City Mall Associates AZ (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Southwest Financial Associates AZ (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
B&H Ventures IV Limited CT (2) (**) Aetna Life Insurance Company 75% Real Estate Investment
Partnership
- ------------------------------------------------------------------------------------------------------------------------------------
Champions Richland Northcourte TX (2) (*) Aetna Life Insurance Company 99%(u) Real Estate Investment
Partnership
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
r Aetna Health and Life Insurance Company owns 16% of this Limited Liability Company.
s Aetna Life Insurance Company is a 99% general partner and Trumbull Four, Inc. is a 1% limited partner.
t Aetna Life Insurance Company is a 99% general partner and Trumbull Three, Inc. is a 1% limited partner.
u Aetna Life Insurance Company is a 99% general partner and Trumbull One, Inc. is a 1% limited partner.
</FN>
</TABLE>
6
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Chris-Town Village Associates AZ (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Arshaw Partners I TX (2) (*) Aetna Life Insurance Company 50% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Assembly Square Mall LLC DE (5) (**) Aetna Life Insurance Company 99%(#) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Woodside Terrace Partners CA (2) (**) Aetna Life Insurance Company 60% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Spectrum Fashion Center AZ (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Chambridgeside Galleria MA (2) (**) Aetna Life Insurance Company 50% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
ADBI Partnership FL (2) (**) Aetna Life Insurance Company 30% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Marriott Inner Harbor Hotel MD (2) (*) Aetna Life Insurance Company 99% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
TCR Ventanja Limited TX (2) (**) Aetna Life Insurance Company 99%(v) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
1501 Fourth Ave. Limited WA (2) (**) Aetna Life Insurance Company 91%(w) Real Estate Investment
Partnership
- ------------------------------------------------------------------------------------------------------------------------------------
Thace Associates MI (2) (**) Aetna Life Insurance Company 25% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Lincoln Los Padres CA (2) (**) Aetna Life Insurance Company 99%(x) Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Eastmeadow Distribution Center GA (2) (**) Aetna Life Insurance Company 99%(y) Real Estate Investment
Limited Partnership
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
# Aetna Life Insurance Company is a 99% general partner and Bay Area Mall, Inc., is a 1% general partner
v Aetna Life Insurance Company is a 99% general partner and Trumbull Two, Inc. is a 1% limited partner.
w Aetna Life Insurance Company is a 84% general partner and a 1% limited partner.
x Aetna Life Insurance company is a 99% general partner and Trumbull Two, Inc. is a 1% limited partner.
</FN>
</TABLE>
7
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Eastmeadow Distribution Center GA (2) (**) Aetna Life Insurance Company 99%(z) Real Estate Investment
Phase II Limited Partnership
- ------------------------------------------------------------------------------------------------------------------------------------
Azalea Mall, L.L.C. DE (5) (**) Aetna Life Insurance Company 99%(aa) Real Estate Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
211 East Ontario Associates IL (2) (**) Aetna Life Insurance Company 15% Shell
- ------------------------------------------------------------------------------------------------------------------------------------
Southeast Second Avenue, Inc. DE (1) (*) Aetna Life Insurance Company 100% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Menlo One, L.L.C. DE (5) (**) Aetna Life Insurance Company 99%(bb) Real Estate Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Central Trust Center Associates OH (2) (**) Aetna Life Insurance Company 15% Real Estate Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Capitol District Energy Center CT (2) (**) AE Fourteen, Inc. 50% Cogeneration of Electrical Power
Cogeneration Associates
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of Ohio, Inc. OH (1) (*) AHP Holdings, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Dental Care of California, CA (1) (*) AHP Holdings, Inc. 100% Provide Pre-Paid Dental Services
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. FL (1) (*) AHP Holdings, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
Informed Health, Inc. DE (1) (*) AHP Holdings, Inc. 100% Sponsors Health Information Service
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
y Aetna Life Insurance Company is a 98% general partner and a 1% limited partner.
z Aetna Life Insurance Company is a 98% general partner and a 1% limited partner.
aa Southeast Second Avenue, Inc. owns 1% of these limited liability companies.
bb Southeast Second Avenue, Inc. owns 1% of these limited liability companies.
</FN>
</TABLE>
8
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Health Plans of Tennessee, TN (1) (*) AHP Holdings, Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of Georgia, GA (1) (*) AHP Holdings, Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Management, Inc. DE (1) (*) AHP Holdings, Inc. 100% HMO Management Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Dental Care of New Jersey, NJ (1) (*) AHP Holdings, Inc. 100% Dental Care
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
AUSHC Holdings, Inc. CT (1) (*) AHP Holdings, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
AUSHC Holdings, Inc. DE (1) (*) AHP Holdings, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of the VA (1) (*) AHP Holdings, Inc. 100% HMO
Mid-Atlantic, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of the NC (1) (*) AHP Holdings, Inc. 100% HMO
Carolinas, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
PHPSNE Parent Corporation DE (1) (*) AHP Holdings, Inc. 55% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. AZ (1) (*) AHP Holdings, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Dental Care of Texas, Inc. TX (1)(*) AHP Holdings, Inc. 100% HMO offering single health service
plan - dental
- ------------------------------------------------------------------------------------------------------------------------------------
Human Affairs International, UT (1) (*) AHP Holdings, Inc. 100% Provide Employee Assistance Services
Incorporated and Managed Mental Health Programs
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of Illinois, IL (1) (*) AHP Holdings, Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Dental Care of Kentucky, KY (1) (*) AHP Holdings, Inc. 100% Dental Plan Organization
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of Central and PA (1) (*) AHP Holdings, Inc. 100% HMO
Eastern Pennsylvania, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of Texas, Inc. TX (1) (*) AHP Holdings, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Health Plans of Louisiana, LA (1) (*) AHP Holdings, Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MED Southwest, Inc. TX (1) (*) AHP Holdings, Inc. 55% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of Southern CT (1) (*) PHPSNE Parent Corporation 100% HMO
New England, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Freedom Choice, Inc. PA (1)(*) Aetna Health Plans of Central 100% Third Party Administrator
and Eastern Pennsylvania, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Government Health Plans, CA (1) (*) Aetna Health Management, Inc. 100% Sponsors Champus Business
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of California, CA (1) (*) Aetna Health Management, Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of New York, NY (1) (*) AUSHC Holdings, Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of New Jersey, NJ (1) (*) AUSHC Holdings, Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Southwest Physicians Life TX (1) (*) MED Southwest, Inc. 100% Life and Health Insurer
Insurance Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Plans of North TX (1) (*) MED Southwest, Inc. 100% HMO
Texas, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Human Affairs of Alaska, Inc. AK (1) (*) Human Affairs International, 100% Provides Mental Health Services/
Incorporated Managed Mental Health Services
- ------------------------------------------------------------------------------------------------------------------------------------
Human Affairs International of CA (1) (*) Human Affairs International, 100% Provides Mental Health Services/
California Incorporated Managed Mental Health Services
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Human Affairs International of TX (1) (*) Human Affairs International, 100% Provides Mental Health Services/
Texas, Inc. Incorporated Managed Mental Health Services
- ------------------------------------------------------------------------------------------------------------------------------------
Human Affairs International of PA (1)(*) Human Affairs International, 100% Provides Mental Health Services/
Pennsylvania, Inc. Incorporated Managed Mental Health Services
- ------------------------------------------------------------------------------------------------------------------------------------
Behavioral Healthcare Solutions, DE (1) (*) Human Affairs International, 100% Mental Health Services
Inc. Incorporated
- ------------------------------------------------------------------------------------------------------------------------------------
Human Affairs International IPA, NY (1) (*) Human Affairs International, 100% Independent Practice Association
Inc. Incorporated
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Retirement Holdings, Inc. CT (1) (*) Aetna Retirement Services, 100% Holding Company
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance and Annuity CT (1) (*) Aetna Retirement Holdings, 100% Life Insurance, Pensions And
Company Inc. Annuities
- ------------------------------------------------------------------------------------------------------------------------------------
Systematized Benefits CT (1) (*) Aetna Retirement Holdings, 100% Third Party Administrator
Administrators, Inc. Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Financial Services, Inc. CT (1) (*) Aetna Retirement Holdings, 100% Broker-Dealer and Investment Advisor
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aeltus Investment Management, Inc. CT (1) (*) Aetna Retirement Holdings, 100% Investment Advisor
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Services, Inc. CT (1) (*) Aetna Retirement Holdings, 100% Distribute Securities Products -
Inc. ALIAC and Outside Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency Holdings CT (1) (*) Aetna Retirement Holdings, 100% Holding Company
Company, Inc. Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Company of America CT (1) (*) Aetna Life Insurance and 100% Write/Reinsure Life and Annuity
Annuity Company Business
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Private Capital Inc. CT (1) (*) Aetna Life Insurance and 100% General Business Corporation
Annuity Company
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna New Series Fund, Inc. MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Income Shares MA (4) (**) Aetna Life Insurance and 99% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Variable Encore Fund MA (4) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna GET Fund MA (4) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Variable Portfolios, Inc. MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Variable Fund MA (4) (**) Aetna Life Insurance and 98% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Generation Portfolios, Inc. MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Advisers Fund, MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Inc. Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Series Fund, Inc. MD (1) (**) Aetna Life Insurance and 17%(aaa) Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio Partners, Inc. MD (1) (**) Aetna Life Insurance and 100% Regulated Investment Company (Mutual
Annuity Company Fund)
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Bermuda (1) (*) Aeltus Investment Management, 100% Holding Company
(Bermuda) Holdings Limited Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aeltus Capital, Inc. CT (1) (*) Aeltus Investment Management, 100% Broker-Dealer Related Functions
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aeltus Trust Company CT (1) (*) Aeltus Investment Management, 100% Fiduciary Powers Granted to State
Inc. Bank and Trust Companies
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
aaa Aetna Life Insurance Company owns 1% of this fund.
</FN>
</TABLE>
12
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Investment Management Singapore (1) (*) Aetna Investment Management 100% Limited Private Investment
(S'pore) PTE Ltd. (Bermuda) Holdings Limited Management
- ------------------------------------------------------------------------------------------------------------------------------------
China Dynamic Investment Hong Kong (1) (**) Aetna Investment Management 50% Establish and Manage Collective
Management (Hong Kong) Limited (Bermuda) Holdings Limited Investment Scheme
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency, Inc. CT (1) (*) Aetna Insurance Agency 100% Insurance Company
Holdings Company, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency of MA (1) (*) Aetna Insurance Agency 100% Insurance Company
Massachusetts, Inc. Holdings Company, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Insurance Agency of AL (1)(*) Aetna Insurance Agency 100% Insurance Company
Alabama, Inc. Holdings Company, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International Holdings Hong Kong (1) (*) Aetna International, Inc. 100% Holding Company for Insurance and
(Hong Kong) I Limited Financial Services
- ------------------------------------------------------------------------------------------------------------------------------------
East Asia Aetna Insurance Company Bermuda (1) (**) Aetna International, Inc. 50% Life Disability and Employee
(Bermuda) Ltd. Benefits Ins. in H.K.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International Fund CT (1) (*) Aetna International, Inc. 100% Investment Management Services
Management Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
AE Insurance (Cayman) Ltd. Cayman (1) (**) Aetna International, Inc. 100% Insurance Company
- ------------------------------------------------------------------------------------------------------------------------------------
ALICA Holdings, Inc. CT (1) (*) Aetna International, Inc. 80% Dedicated Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance Company of CT (1) (*) Aetna International, Inc. 100% Life Insurance
America
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International Holdings Hong Kong (1) (*) Aetna International, Inc. 100% Holding Company
(Hong Kong) II Limited
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Internacional Compania, S. Mexico (1) (**) Aetna International, Inc. 68%(cc) Holding Company
en N.C. de C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Internacional De Mexico Mexico (1) (**) Aetna International, Inc. 100% Mexican Holding Company
S.A. De C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna S.A. Chile (1) (*) Aetna International, Inc. 100% Holding Co.
- ------------------------------------------------------------------------------------------------------------------------------------
Arcella Limited Hong Kong (1) (*) Aetna International, Inc. 100% Investment & Holding Co. for Aetna's
Asia Pacific Operations
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life & Casualty Bermuda Bermuda (1) (*) Aetna International, Inc. 100% Insurance, Guaranteed and Indemnity
Limited Business
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International Global Luxembourg (1) (*) Aetna International, Inc. 100% Investment Services
Investment Services
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Heart Investment Holdings Taiwan (1) (*) Aetna International, Inc. 80% Holding Company
Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance Inc. Philippines (1) (*) Aetna International, Inc. 100% Life Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life and Casualty Netherlands Aetna International, Inc. 100% Finance Investment Company
International Finance N.V. Antilles (1) (*)
- ------------------------------------------------------------------------------------------------------------------------------------
Sul America Aetna Seguros de Brazil Aetna International, Inc. 49% Insurance
Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Australia (1) (*) Aetna International, Inc. 100% Stockbroking
(Australia) Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Capital Holdings, Inc. CT (1) (*) Aetna International, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Securities Investment Taiwan (1) (*) Aetna International, Inc. 80% Securities Investment Advisor
Management (Taiwan) Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
cc Aetna International de Mexico, S.A. de C.V. owns 16% of Aetna Internacional Compania, S. en N. C. de C.V.
</FN>
</TABLE>
14
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Capital Management U.K. (1) (*) Aetna International, Inc. 100% Promoter of Offshore Mutual Funds or
International Ltd. other Open-Ended Investment Vehicles
- ------------------------------------------------------------------------------------------------------------------------------------
AE Five Incorporated CT (1) (*) Aetna International, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Canada Holdings Limited Canada (1) (*) Aetna International, Inc. 100% Investment Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Taiwan (1) (*) Aetna International, Inc. 80% Provide Non-Security Business and
(Taiwan) Limited Investment Advice
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International (N.Z.) New Zealand (1) (*) Aetna International, Inc. 100% Holding Company
Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Hong Kong (1) (*) Aetna International, Inc. 100% Investment Holding Company
(F.E.) Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Blue Cross (Asia Pacific) Hong Kong (1) (**) Aetna International Holdings 35%(dd) Underwriter Casualty and
Insurance Ltd. (Hong Kong) I Limited General Insurance in Hong Kong and
Macau
- ------------------------------------------------------------------------------------------------------------------------------------
East Asia Aetna Services Company Hong Kong (1) (**) East Asia Aetna Insurance 100% Management services to associate
Limited Company (Bermuda) Ltd. companies
- ------------------------------------------------------------------------------------------------------------------------------------
The Aetna International Umbrella Luxembourg (1) (***) Aetna Life Insurance Company 04%(ee) An Undertaking for the Collective
Fund of America Investment in Transferable
Securities
- ------------------------------------------------------------------------------------------------------------------------------------
PT Danamon-Aetna Life Insurance Indonesia (1) (**) Aetna Life Insurance Company 50% Limited Liability Life Insurance
Company of America Company
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
dd East Asia Aetna Insurance Company (Bermuda) Ltd. owns 30% of Blue Cross (Asia Pacific) Insurance Ltd.
ee Percentage controlled by Aetna Services, Inc. includes ownership by the following: Aetna Services, Inc. 1%, Aetna Life & Casualty
Bermuda Limited 5%, Aetna Investment Management (F.E.) Limited 1% and Aetna Life Insurance Company of Canada 1%, and Aetna
Securities Investment Management (Taiwan) Ltd. 15%
</FN>
</TABLE>
15
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Daya Aetna (Malaysia) SDN. BHD. Malaysia (1) (*) Aetna International Holdings 82% Holding Company
(Hong Kong) II Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Universal Insurance SDN. Malaysia (1) (*) Daya Aetna (Malaysia) SDN. 100% Individual Life, Home Service, Group
BHD. BHD. and General Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Healthcare, Inc. Philippines (1) (*) Aetna Life Insurance Inc. 100% Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Heart Co., Ltd. Taiwan (1) (a) Aetna Heart Investment 100% Trading Company - Marketing of Gifts
Holdings Limited and Souvenirs
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna South Life Agency Co., Ltd. Taiwan (1) (a) Aetna Heart Investment 100% Administrative Support
Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Huei Hong Securities Co., Ltd. Taiwan (1) (a) Aetna Heart Investment 20% Securities Trading
Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Seguros Monterrey Aetna, S.A. Mexico (1) (**) AE Five Incorporated 14%(bbb) Insurance and Reinsurance
- ------------------------------------------------------------------------------------------------------------------------------------
Fianzas Monterrey Aetna, S.A. Mexico (1) (**) AE Five Incorporated 14%(bbb) Issuance of Bonds
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna (Netherlands) Holdings B.V. Netherlands (1) (*) Aetna Life and Casualty 100% Finance Company
International Finance N.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Sul America Previdencia Privada Brazil Sul America Aetna Seguros de 100% Pension
Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Sul America Servicos Medicos S.A. Brazil Sul America Aetna Seguros de 100% Health Administrator
Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Brasilprev Brazil Sul America Aetna Seguros de 100% Pension
Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
bbb Aetna Internacional de Mexico, S.A. de C.V. owns 13% of this company and Aetna Internacional Compania, S en NC de C.V. owns 8%
of this company.
</FN>
</TABLE>
16
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Brasilsaude Companhia de Segoros Brazil Sul America Aetna Seguros de 51% Insurance
Previdencia S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Travelguard Limited Hong Kong (1) (*) Blue Cross (Asia Pacific) 100% Insurance Agent
Insurance Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Toursafe Limited Hong Kong (1) (*) Blue Cross (Asia Pacific) 100% Insurance Agent
Insurance Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Travelsafe Limited Hong Kong (1) (*) Blue Cross (Asia Pacific) 100% Insurance Agent for its Ultimate
Insurance Ltd. Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Multiasistencia, S.A. de C.V. Mexico (1) (**) Aetna Internacional Compania 49% Administrative Services in
S en N.C. de C.V. Connection with Insurance Claims
- ------------------------------------------------------------------------------------------------------------------------------------
Meximed, S.A. de C.V. Mexico (1) (**) Aetna Internacional Compania 49% Services for Insureds for Hospitals
S en N.C. de C.V. Admissions and Claims Processing
- ------------------------------------------------------------------------------------------------------------------------------------
Seguros Bancomer, S.A. de C.V. Mexico (1) (**) Aetna Internacional Compania 49% Insurance and Reinsurance Company
S en N.C. de C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Administradora de Fondos Para el Mexico (1) (**) Aetna Internacional Compania 49% Retirement Funds Management Company
Retiro Bancomer, S.A. de C.V. S en N.C. de C.V.
- ------------------------------------------------------------------------------------------------------------------------------------
Grupo Vamsa, S.A. de C.V. Mexico (1) (**) Aetna Internacional Compania 49% Legal Administration and Financial
S en N.C. de C.V. Services
- ------------------------------------------------------------------------------------------------------------------------------------
Asesores en Promocion Segunomina Mexico (1) (**) Aetna Internacional Compania 49% Marketing of Seguros Products/
S.A. de C.V. S en N.C. de C.V. Payroll Discounts
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Aetna Chile Seguros Generales S.A. Chile (1) (*) Aetna S.A. 98% Casualty Insurance Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Administradora de Fondos de Chile (1) (*) Aetna S.A. 100% Real Estate Investment Trust
Inversion S.A. Management Co.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Chile Seguros de Vida S.A. Chile (1) (*) Aetna S.A. 100% Life Insurance Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Pensiones S.A. Chile (1) (*) Aetna S.A. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Credito Hipotecario S.A. Chile (1) (*) Aetna S.A. 100% Mortgage Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Vida S.A. Argentina (1) (*) Aetna S.A. 60% Health and Life Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International Peru S.A. Peru (1) (*) Aetna S.A. 86%(ff) Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Salud S.A. Chile (1) (*) Aetna S.A. 90% Health Indemnity - Chile
- ------------------------------------------------------------------------------------------------------------------------------------
Administradora de Fondos de Chile (1) (*) Aetna Pensiones S.A. 52% Pension Funds Management Company
Pensiones Santa Maria S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Santa Maria Internacional S.A. Chile (1) (*) Administradora de Fondos de 100% Pension Administration
Pensiones Santa Maria S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Pensiones Peru S.A. Peru (1) (**) Santa Maria Internacional S.A. 71%(gg) Investment
- ------------------------------------------------------------------------------------------------------------------------------------
Administradora de Fondos de Peru (1) (**) Aetna Pensiones Peru S.A. 30%(hh) Pension Funds Management Company
Pensiones Integra S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
Wiese Aetna Compania de Seguros Peru (1) (*) Aetna International Peru S.A. 34% Insurance and Reinsurance
S.A.
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
ff Aetna Chile Seguros De Vida S.A. and Aetna Chile Seguros Generales S. A. have combined ownership of 14%.
gg Aetna S.A. owns 29% of this company.
hh Aetna Pensiones Peru S.A. owns 30% of this company.
</FN>
</TABLE>
18
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Immobilaria Padre Marinano S.A. Chile (1) (*) Aetna Credito Hipotecario S.A. 99%(ii) Real Estate Development
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health Management Canada, Ontario (1)(*) Aetna Canada Holdings Limited 100% Managed Healthcare
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance Company of Canada (1) (*) Aetna Canada Holdings Limited 100% Life, Accident and Sickness
Canada Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Equinox Financial Group Inc. Canada (1) (*) Aetna Canada Holdings Limited 92%(jj) Distributor of Life Insurance,
Financial and Related Products
- ------------------------------------------------------------------------------------------------------------------------------------
2733854 Canada Ltd. Canada (1) (*) Aetna Canada Holdings Limited 70%(kk) Marketing of Life Ins. and
Related Products
- ------------------------------------------------------------------------------------------------------------------------------------
AlphaQuest Capital Management Ontario (1) (***) Aetna Canada Holdings Limited 15% Investment Counselor Portfolio
Limited Manager
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Acceptance Corporation Ontario (1) (*) Aetna Canada Holdings Limited 100% Provision of Financial Assistance to
Limited Agents to Assist in Growth of
Business
- ------------------------------------------------------------------------------------------------------------------------------------
969708 Ontario Limited Ontario (1) (*) Aetna Health Management 100% Holding Company
Canada, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
3378551 Canada Inc.. Canada (1) (**) Aetna Health Management 49% Managed Health Services
Canada, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Benefits Management, Inc. Canada (1) (*) Aetna Life Insurance Company 100% Claims Administration and Actuarial
of Canada Services
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
- --------
ii Aetna S.A. owns 1% of this company.
jj Aetna Life Insurance Company of Canada owns 8% of this corporation.
kk Equinox Financial Group, Inc. owns 30% of this corporation.
</FN>
</TABLE>
19
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Landex Properties Ltd. British Aetna Life Insurance Company 100% Real Estate Acquisitions
Columbia (1) (*) of Canada
- ------------------------------------------------------------------------------------------------------------------------------------
Mount-Batten Properties Limited Ontario (1) (*) Aetna Life Insurance Company 100% Acquisition, Development and
of Canada Management of Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
3158047 Canada Limited Canada (1) (*) Aetna Life Insurance Company 100% Acquisition, Development and
of Canada Management of Real Estate
- ------------------------------------------------------------------------------------------------------------------------------------
3273806 Canada Limited Canada (1) (*) Aetna Life Insurance Company 100% Real Estate Holding Company
of Canada
- ------------------------------------------------------------------------------------------------------------------------------------
PVS Preferred Vision Services Inc. Canada (1) (**) Aetna Benefits Management, 20% Provider of Ophthalmic, Service for
Inc. Four Major Shareholders
- ------------------------------------------------------------------------------------------------------------------------------------
Associative Rehabilitation Inc. Ontario (1) (*) 969708 Ontario Limited 100% Managed Health Services
- ------------------------------------------------------------------------------------------------------------------------------------
Churchill Office Park Limited Canada (1) (**) Mount-Batten Properties Limited 45% Real Estate Development of Ottawa
Site
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Health (N.Z.) Limited New Zealand (1) (**) Aetna International (N.Z) 50% Health Insurance Underwriting
Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Life Insurance (N.Z.) New Zealand (1) (*) Aetna Health (N.Z.) Limited 100% Group Benefits/Pension Management
Limited
- ------------------------------------------------------------------------------------------------------------------------------------
First Medical Corporation Limited New Zealand (1) (*) Aetna Health (N.Z.) Limited 100% Indemnity Health Insurance
- ------------------------------------------------------------------------------------------------------------------------------------
Medic Aid Computers Limited New Zealand (1) (*) First Medical Corporation 100% Inactive
Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Medical Aids Hire (1974) Limited New Zealand (1) (*) First Medical Corporation 100% Non-Trading Subsidiary of First
Limited Medical Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
Managed Care (New Zealand) Limited New Zealand (1) (*) Aetna Health (N.Z.) Limited 100% Super Annuitization/Long Term Care
- ------------------------------------------------------------------------------------------------------------------------------------
Prime Health Limited New Zealand (1) (*) Managed Care (New Zealand) 50% Buying and Managing Risk for
Limited Publicly Funded Health Services and
Providing Management Services and
Infrastructure To its Network of
Doctors
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
20
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PLJ Holdings Limited Hong Kong (1) (*) Aetna Investment Management 100% Investment Management & Securities
(F.E.) Holdings Limited Trading
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Hong Kong (1) (*) Aetna Investment Management 100% Investment Management. & Advisory
(F.E.) Limited (F.E.) Holdings Limited Services for Individual Clients and
Investment Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna International Fund Managers Hong Kong (1) (*) Aetna Investment Management 100% Investment & Unit Trust Management
Limited (F.E.) Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna Investment Management Hong Kong (1) (*) Aetna Investment Management 100% Nominee Services Holding Assets of
(F.E.) Nominees Limited (F.E.) Holdings Limited AIM F.E.'s Customers in Street Name
- ------------------------------------------------------------------------------------------------------------------------------------
Kwang HUA Securities Investment & Taiwan (1) (***) Aetna Investment Management 14% Securities Investment & Trust
Trust Co. Ltd. (F.E.) Holdings Limited
- ------------------------------------------------------------------------------------------------------------------------------------
Kwang HUA Securities Investment Taiwan (1) (***) PLJ Holdings Limited 14% Investment Consulting Company
Consultant Co. Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Financial DE (1) (*) Aetna U.S. Healthcare Inc. 100% Holding Company
Services, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Primary Holdings, Inc. DE (1) (*) Aetna U.S. Healthcare Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Dental Plan, Inc. PA (1) (*) Aetna U.S. Healthcare Inc. 100% Dental
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Dental Plan, Inc. NJ (1) (*) Aetna U.S. Healthcare Inc. 100% Dental
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
21
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Healthcare Dental Plan, Inc. DE (1) (*) Aetna U.S. Healthcare Inc. 100% Dental
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Health Insurance Company NY (1) (*) Aetna U.S. Healthcare Inc. 100% Accident and Health Insurance
Company
- ------------------------------------------------------------------------------------------------------------------------------------
Corporate Health Insurance MN (1) (*) Aetna U.S. Healthcare Inc. 100% Accident and Health Insurance
Company Company
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Managed Care, Inc. MD (1) (*) Aetna U.S. Healthcare Inc. 100% Utilization Review
- ------------------------------------------------------------------------------------------------------------------------------------
Health Maintenance Organization NJ (1) (*) Aetna U.S. Healthcare Inc. 100% HMO
of New Jersey, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. NY (1) (*) Aetna U.S. Healthcare Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. CT (1) (*) Aetna U.S. Healthcare Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. MA (1) (*) Aetna U.S. Healthcare Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. DE (1) (*) Aetna U.S. Healthcare Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare of New Hampshire, NH (1) (*) Aetna U.S. Healthcare Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Advent Investments, Inc. DE (1) (*) U.S. Healthcare Financial 100% DE Holding Company
Services, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Independent Investments, Inc. DE (1) (*) U.S. Healthcare Financial 100% DE Holding Company
Services, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
United States Physicians Care PA (1) (*) U.S. Healthcare Financial 100% Financial Services to Physicians
Systems, Inc. Services, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
United States Home Health Care PA (1) (*) U.S. Healthcare Financial 100% Inactive - other Medical Services
Systems, Inc. Services, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Health Aviation Corp. PA (1) (*) U.S. Healthcare Financial 100% Ownership and Operation of Airplanes
Services, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
22
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Healthcare Properties, Inc. PA (1) (*) U.S. Healthcare Financial 100% Holding Company for Real Estate
Services, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Inteli-Health, Inc. DE (1) (*) U.S. Healthcare Financial 98% Software Development
Services, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
USHC Management Services DE (1) (*) U.S. Healthcare Financial 100% Management and Financial Services to
Corporation Services, Inc. Network Providers
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare Advantage, Inc. DE (1) (*) Advent Investments, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Healthcare Data Interchange DE (1) (*) Advent Investments, Inc. 100% Software Development
Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
Wissahickon Payment DE (1) (*) Advent Investments, Inc. 100% Third Party Administrator
Administrators, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Advent Financial Services, Inc. DE (1) (*) U.S. Healthcare Advantage, 100% Holding Company
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Corporate Health Administrators, PA (1) (*) Advent Financial Services, 100% Third Party Administrator for
Inc. Inc. Self-Insured Plans
- ------------------------------------------------------------------------------------------------------------------------------------
Managed Care Coordinators, Inc. DE (1) (*) Advent Financial Services, 100% Evaluation and Administration of
Inc. Multiple Health Plans
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Phoenix Corporation PA (1) (*) Advent Financial Services, 100% Shell
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Quality Algorithms, Inc. PA (1) (*) Advent Financial Services, 100% Services to Analyze the Quality and
Inc. Effectiveness of Medical Care
- ------------------------------------------------------------------------------------------------------------------------------------
Workers Comp Advantage, Inc. PA (1) (*) Advent Financial Services, 100% Case Management and other Medical
Inc. Management Services for Employers on
Costs Related to Workers'
Compensation Claims
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
23
<PAGE>
May 7, 1997 COMPANY ORGANIZATION LIST
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COMPANY STATE IMMEDIATE OWNER OWNERSHIP PRINCIPAL BUSINESS
PERCENTAGE+
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Primary Investments, Inc. DE (1) (*) Primary Holdings, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
United States Health Care Systems PA (1) (*) Primary Investments, Inc. 100% HMO
of Pennsylvania, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. VA (1) (*) Primary Investments, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. OH (1) (*) Primary Investments, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare of the Carolinas, NC (1) (*) Primary Investments, Inc. 100% HMO
Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare of Georgia, Inc. GA (1) (*) Primary Investments, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
Advent HMO Corporation ND (1) (*) Primary Investments, Inc. 100% Inactive
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Health Insurance Company CT (1) (*) Primary Investments, Inc. 100% Accident and Health Insurance
Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. AL (1)(*) Primary Investments, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. MI (1) (*) Primary Investments, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare, Inc. OK (1) (*) Primary Investments, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. MO (1) (*) Primary Investments, Inc. 100% HMO
- ------------------------------------------------------------------------------------------------------------------------------------
Frontier Health Holdings, Inc. DE (1) (*) Primary Investments, Inc. 100% Holding Company
- ------------------------------------------------------------------------------------------------------------------------------------
Aetna U.S. Healthcare of CO (1) (*) Frontier Health Holdings, 100% HMO
Colorado, Inc. Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
24
<PAGE>
Item 26. Number of Holders of Securities
- ----------------------------------------
As of June 30, 1997:
(1) Title of Class (2) Number of Record Holders
Select Class Adviser Class
Money Market 6,082 7,949
Government 89 72
Bond 964 146
Aetna Fund 2,068 875
Growth and Income 1,965 2,239
Growth 608 1,712
Small Company 436 1,284
International Growth 1,064 874
Ascent 28 94
Crossroads 7 34
Legacy 7 11
Index Plus 35 80
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; i.e., a
corporation may provide greater indemnification rights than those
provided by statute.
<PAGE>
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 investment adviser and principal underwriter 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 Investment Company Act
of 1940 (1940 Act)) and acts only as investment adviser for the
Registrant. 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).
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.
<PAGE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Name Positions and Offices Other Principal Position(s) Held
---- with Investment Adviser Since Oct. 31, 1994/Addresses*/**
----------------------- ---------------------------------
----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Christopher J. Burns Director and Senior Vice Director, Aetna Financial Services, Inc.
President (since January 1996), and Aetna Investment
Services, Inc. (since July 1992) and
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.
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.
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.
<PAGE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Name Positions and Offices Other Principal Position(s) Held
---- with Investment Adviser Since Oct. 31, 1994/Addresses*/**
----------------------- ---------------------------------
----------------------------------------------------------------------------------------------------------
<S> <C> <C>
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.
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.
<PAGE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Name Positions and Offices Other Principal Position(s) Held
---- with Investment Adviser Since Oct. 31, 1994/Addresses*/**
----------------------- ---------------------------------
----------------------------------------------------------------------------------------------------------
<S> <C> <C>
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.
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) The principal underwriter, Aetna Investment Services, Inc., is a
Connecticut corporation, and is a wholly-owned subsidiary of Aetna
Retirement Holdings, Inc. and an indirect wholly-owned subsidiary
of Aetna Inc.
<PAGE>
(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>
Christopher J. Burns Director, President and Chief Executive
Operating Officer
Shaun P. Mathews Director and Senior Vice President Director and President
Marsha A. Rohrs Director and Senior Vice President
Martin T. Conroy Vice President and Treasurer, Chief Financial Vice President
Officer
Frederick D. Kelsven Vice President and Chief Compliance Officer
Thomas M. Bounty Corporate Secretary and Counsel (Chief Legal
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 or 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.
<PAGE>
Item 32. Undertakings
- ---------------------
The Registrant undertakes that if requested by the holders of at least
10% of a Fund's 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,
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 its 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 has duly caused this Post-Effective Amendment No. 22 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 9th
day of July, 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. 22 to the Registration Statement has been signed below by the
following persons on July 9, 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 ) July
- ------------------------------------------ ) 9, 1997
Maria T. Fighetti )
)
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 )
<PAGE>
Corine T. Norgaard* Director )
- ------------------------------------------ )
Corine T. Norgaard )
)
Richard G. Scheide* Director )
- ------------------------------------------ )
Richard G. Scheide )
)
J. Scott Fox* Vice President and Treasurer )
- ------------------------------------------ (Principal Financial and )
J. Scott Fox Accounting Officer) )
</TABLE>
By: /s/
-----------------------------
*Amy R. Doberman
Attorney-in-Fact
<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 Investment
Services, Inc.
---
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
---
*Incorporated by reference
<PAGE>
<CAPTION>
Exhibit No. Exhibit Page
- ----------- ------- ----
<S> <C> <C>
99-b(15)(a) Distribution Plan
---
99-b(15)(b) 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 Schedules
---
</TABLE>
*Incorporated by reference
EXHIBIT 6(a)
AETNA SERIES FUND, INC.
UNDERWRITING AGREEMENT
THIS AGREEMENT, made this 1st day of August, 1997, by and between Aetna
Investment Services, Inc. ("AISI" or "Underwriter"), a Connecticut corporation,
and Aetna Series Fund, Inc. ("Fund"), a Maryland corporation.
WHEREAS, the Fund is an open-end management investment company
registered with the Securities and Exchange Commission (SEC) under the
Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Fund has registered the shares of its common stock for
offer and sale to the public under the Securities Act of 1933, as amended ("1933
Act"), and in accordance with the provisions of all applicable state securities
laws (Blue Sky Laws); and
WHEREAS, the Fund is offering and selling to the public distinct series
of shares of common stock, each corresponding to a distinct series ("Series");
and
WHEREAS, the Fund wishes to retain the Underwriter as exclusive
principal underwriter in connection with the offering and sale of the shares of
each Series as now exists and as hereafter may be established ("Shares")
including any new classes of shares that may be offered and sold and to furnish
certain other services to the Fund as specified in this Agreement; and
WHEREAS, the Underwriter is willing to act as exclusive Underwriter and
to furnish such services on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the promises and mutual covenants
herein contained, the parties thereto agree as follows:
1. Appointment of Underwriter. The Fund hereby appoints AISI and AISI
hereby accepts appointment as exclusive underwriter in connection with the
offering and sale of the shares of each Series as are now registered for sale
with the SEC and under Blue Sky Laws and such other Series and classes of shares
of Series as may hereafter be so registered. The Fund authorizes the
Underwriter, as exclusive agent for the Fund, upon the commencement of
operations of any Series and subject to applicable federal and state law and the
Articles of Incorporation and By-Laws of the Fund: (a) to promote the Series;
(b) to solicit orders for the purchase of the Shares of the Series subject to
such terms and conditions as the Fund may specify; and (c) to hold itself
available to receive orders for the purchase of the Shares of the Series and to
accept such orders on behalf of the Fund as of the time of receipt of such
orders and promptly transmit such orders as are accepted to the Fund and its
transfer agent. Purchase orders shall be deemed effective at the time and in the
manner set forth in the Registration Statement as it may be amended from time to
time. The Underwriter shall offer the Shares of each Series on an agency or
"best efforts" basis under which the Fund shall only issue such Shares as are
actually sold. In connection with such sales and offers of sale, the Underwriter
shall give only
<PAGE>
such information as is permitted by applicable law, and the Fund shall not be
responsible in any way for any other information, statements or representations
given or made by the Underwriter or its representatives or agents. The Fund also
shall permit the Underwriter to use any list of shareholders of the Fund or any
Series or any other list of investors which it obtains in connection with its
provision of services under this Agreement. The Fund reserves the right at any
time to withdraw all offerings of the Shares of any or all Series by written
notice to the Underwriter at its principal office.
2. Fund Obligations. The Fund shall keep the Underwriter fully informed
of its affairs and shall make available to Underwriter copies of all
information, financial statements, and other papers which Underwriter may
reasonably request for use in connection with the distribution of shares,
including, without limitation, certified copies of any financial statements
prepared for the Fund by its independent public accountant and such reasonable
number of copies of the most current prospectus, statement of additional
information, and annual and interim reports of a Series as the Underwriter may
request, and the Fund shall cooperate fully in the efforts of the Underwriter to
sell and arrange for the sale of the Shares and in the performance of the
Underwriter under this Agreement.
3. Sales to Dealers. The Underwriter, at its discretion, may enter into
agreements to sell shares to such registered and qualified retail dealers, as it
may select.
4. Public Offering Price. The public offering price of the Shares of
each Series shall be the net asset value per share (as determined by the Fund)
of the outstanding Shares of the Series, plus any applicable sales charge as
described in the Registration Statement of the Fund. The Fund shall furnish (or
arrange for another person to furnish) the Underwriter with a quotation of
public offering price on each business day.
5. Compensation. As compensation for providing services under this
contract, the Underwriter shall retain the sales charge, if any, on purchases
and redemptions of Shares as set forth in the Registration Statement. The
Underwriter is authorized to collect the gross proceeds derived from the sale of
the Shares, remit the net asset value thereof to the Fund upon receipt of the
proceeds and retain the sales charge, if any. The Underwriter may reallow any or
all of such sales charges to such dealers as it may from time to time determine.
Whether a sales charge shall be retained by the Underwriter shall be determined
in accordance with the Registration Statement. If applicable, the Underwriter
also shall receive from each Series or class thereof a distribution and/or
service fee at the rate and under the terms and conditions of the Shareholder
Services Plan and Distribution Plan ("Plans") adopted by the Fund with respect
to such Series or class thereof, as such Plans are in effect from time to time,
and subject to any further limitations on such fee as the Board of Directors
("Board") may impose.
6. Underwriter's Expenses. The Underwriter, at no additional expense to
the Fund, shall print and distribute to prospective investors Prospectuses, and
shall print and distribute, upon request, to prospective investors Statements of
Additional Information, and may print and distribute such other sales
literature, reports, forms and advertisements in connection with the sale of the
Shares as comply with the applicable provisions of federal and state law.
-2-
<PAGE>
7. Fund Expenses. The Fund agrees at its own expense to register the
Shares with the SEC, state and other regulatory bodies, and to prepare and file
from time to time such Prospectuses, Statements of Additional Information,
amendments, reports and other documents as may be necessary to maintain the
Registration Statement. Each Series shall bear all expenses related to preparing
and typesetting such Prospectuses, Statements of Additional Information, and
other materials and such other expenses, including printing and mailing
expenses, related to such Series' communications with existing shareholders of
that Series.
8. Indemnification by Fund. The Fund agrees to indemnify, defend and
hold the Underwriter, its several officers and directors, and any person who
controls the Underwriter within the meaning of Section 15 of the 1933 Act, free
and harmless from and against any and all claims, demands, liabilities and
expenses (including the cost of investigating or defending such claims, demands
or liabilities and any counsel fees incurred in connection therewith) which the
Underwriter, its officers or directors, or any such controlling person may
incur, under the 1933 Act or under common law or otherwise, arising out of or
based upon any alleged untrue statement of a material fact contained in the
Registration Statement or arising out of or based upon any alleged omission to
state a material fact required to be stated or necessary to make the
Registration Statement not misleading, provided that in no event shall anything
contained in this Agreement be construed so as to protect the Underwriter
against any liability to the Fund or to the shareholders of a Series to which
the Underwriter would otherwise be subject by reason of willful misfeasance, bad
faith, or gross negligence in the performance of its duties, or by reason of its
reckless disregard of its obligations and duties under this Agreement.
9. Indemnification by Underwriter. The Underwriter agrees to indemnify,
defend and hold the Fund, its several officers and directors, and any person who
controls the Fund within the meaning of Section 15 of the 1933 Act, free and
harmless from and against any and all claims, demands, liabilities and expenses
(including the cost of investigating or defending such claims, demands or
liabilities and any counsel fees incurred in connection therewith) which the
Fund, its officers or directors, or any such controlling person may incur, under
the 1933 Act or under common law or otherwise, arising out of or based upon any
alleged untrue statement of a material fact contained in information furnished
in writing by the Underwriter to the Fund for use in the Registration Statement
or arising out of or based upon any alleged omission to state a material fact in
connection with such information required to be stated in the Registration
Statement or necessary to make such information not misleading. As used in this
paragraph, the term "employee" shall not include a corporate entity under
contract to provide services to the Fund or any Series, or any employee of such
a corporate entity, unless such person is otherwise an employee of the Fund.
10. Share Certificates. The Fund shall not issue certificates
representing Shares.
11. Repurchase of Shares. The Underwriter may at its sole discretion
repurchase Shares offered for sale by the shareholders. Repurchase of Shares by
the Underwriter shall be at the net asset value next determined after a
repurchase order has been received. The Underwriter will receive no commission
or other remuneration for repurchasing Shares. At the end of each
-3-
<PAGE>
business day, the Underwriter shall notify by telex or in writing, the Fund and
its transfer agent, of the orders for repurchase of Shares received by the
Underwriter since the last such report, the amount to be paid for such Shares,
and the identity of the shareholders offering Shares for repurchase. Upon such
notice, the Fund shall pay the Underwriter such amounts as are required by the
Underwriter for the repurchase of such Shares in cash or in the form of a credit
against monies due the Fund from the Underwriter as proceeds from the sale of
Shares. The Fund reserves the right to suspend such repurchase right upon
written notice to the Underwriter. The Underwriter further agrees to act as
agent for the Fund to receive and transmit promptly to the Fund's transfer agent
shareholder requests for redemption of Shares.
12. Status of Underwriter and Other Persons. The Underwriter is an
independent contractor and shall be agent for the Fund only in respect to the
sale and redemption of the Shares. Any person, even though also an officer,
director, employee or agent of the Underwriter, who may be or become an officer,
director, employee or agent of the Fund, shall be deemed, when rendering
services to the Fund or acting in any business of the Fund, to be rendering such
services to or acting solely for the Fund and not as an officer, director,
employee or agent or one under the control or direction of the Underwriter even
though paid by the Underwriter.
13. Non-Exclusive Services. The services of the Underwriter to the Fund
under this Agreement are not to be deemed exclusive, and the Underwriter shall
be free to render similar services or other services to others so long as its
services hereunder are not impaired thereby.
14. Reports of Underwriter. The Underwriter shall prepare reports for
the Board on a quarterly basis showing such information concerning expenditures
related to this Agreement as from time to time shall be reasonably requested by
the Board.
15. Definitions. The terms "assignment," "interested person," and
"majority of the outstanding voting securities" shall have the meanings given to
them by Section 2(a) of the 1940 Act, subject to such exemptions as may be
granted by the Commission by any rule, regulation or order. Additionally, the
term "Registration Statement" shall mean the registration statement most
recently filed by the Fund with the Commission and effective under the 1940 Act
and 1933 Act, as such Registration Statement is amended by any amendments
thereto at the time in effect, and the terms "Prospectus" and "Statement of
Additional Information" shall mean, respectively, the form of prospectus and
statement of additional information with respect to a Series filed by the Fund
as part of the Registration Statement.
16. Effectiveness of Agreement. This Agreement shall become effective
upon the date hereabove written, provided that, with respect to a Series, this
Agreement shall not take effect unless such action has first been approved by
vote of a majority of the Board and by vote of a majority of those directors of
the Fund who are not interested persons of the Fund and have no direct or
indirect financial interest in the operation of the Plan (if there be a Plan) or
in any agreements related thereto (all such directors collectively being
referred to herein as the "Independent Directors"), cast in person at a meeting
called for the purpose of voting on such action.
-4-
<PAGE>
17. Termination of Agreement. This Agreement shall become effective at
the close of business on the date set forth in the first paragraph of this
Agreement and shall remain in force and effect, through December 31, 1997,
unless earlier terminated. Thereafter, if not terminated, this Agreement shall
continue automatically for successive periods of twelve months each, provided
that such continuance is specifically approved at least annually (a) by a vote
of a majority of the Independent Directors, cast in person at a meeting called
for the purpose of voting on such approval, and (b) by the Board or with respect
to any given Series by vote of a majority of the outstanding voting securities
of such Series. Notwithstanding the foregoing, with respect to any Series, this
Agreement may be terminated at any time, without the payment of any penalty, by
vote of the Board, by vote of a majority of the Independent Directors or by vote
of a majority of the outstanding voting securities of such Series on 60 days'
written notice to the Underwriter or by the Underwriter at any time, without the
payment of any penalty, on 60 days' written notice to the Fund or such Series.
Termination of this Agreement with respect to any given Series or class thereof
shall in no way affect the continued validity of this Agreement or the
performance thereunder with respect to any other Series or class thereof. This
Agreement will automatically terminate in the event of its assignment.
18. Amendments. No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or
termination is sought.
19. Applicable Law. This Agreement shall be construed in accordance
with the laws of the State of Connecticut and the 1940 Act. To the extent that
the applicable laws of the State of Connecticut conflict with the applicable
provisions of the 1940 Act, however, the latter shall control.
20. Notice. Any notice required or permitted to be given by either
party to the other shall be deemed sufficient upon receipt in writing at the
other party's principal offices.
21. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect.
IN WITNESS WHEREOF, the parties hereto caused this Agreement to be
executed by their officers thereunto duly authorized.
Attest: AETNA INVESTMENT SERVICES, INC.
By: /s/ Thomas M. Bounty By: /s/ Christopher Burns
-------------------------------- --------------------------------
Corporate Secretary
Name: Christopher Burns
------------------------------
Title: President
-----------------------------
-5-
<PAGE>
Attest: AETNA SERIES FUND, INC.
By: /s/ Amy R. Doberman By: /s/ Shaun P. Mathews
-------------------------------- --------------------------------
Corporate Secretary
Name: Shaun P. Mathews
------------------------------
Title: President
-----------------------------
-6-
[AETNA LOGO] 151 Farmington Avenue
Hartford, CT 06156
Amy R. Doberman
Counsel
Law Division, RE4A
Investments & Financial Services
July 9, 1997 (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. 22 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
Hartford, Connecticut
July 8, 1997
EXHIBIT 15(a)
DISTRIBUTION PLAN
Aetna Series Fund, Inc.
Class B
This Distribution Plan (the "Plan") is adopted in accordance with Rule 12b-1
(the "Rule") promulgated under the Investment Company Act of 1940, as amended
(the "1940 Act"), by AETNA SERIES FUND, INC. (the "Fund"), a Maryland
corporation, on behalf of the Class B shares of each of its Series (except Aetna
Money Market Fund) as set forth in Appendix A ("Series") as amended from time to
time, subject to the following terms and conditions:
Section 1. Annual Fees
Distribution Fee. Each Series will pay to the underwriter of its shares, Aetna
Investment Services, Inc. (the "Underwriter"), a Connecticut corporation, a
distribution fee under the Plan at the annual rate of 0.50% of the average daily
net assets of each Series attributable to its Class B shares (the "Distribution
Fee").
Adjustment to Fees. The Distribution Fee may be reduced with respect to the
Class B shares of any Series if agreed upon by the Board of Directors of the
Fund (the "Board") and the Underwriter and if approved in the manner specified
in Section 3 of this Plan.
Payment of Fees. The Distribution Fee will be calculated daily and paid monthly
by each Series with respect to its Class B shares at the annual rate indicated
above.
Section 2. Expenses covered by the Plan.
The Distribution Fee may be used by the Underwriter for: (a) costs of printing
and distributing the Series' prospectus, statement of additional information and
reports to prospective investors in the Series; (b) costs involved in preparing,
printing and distributing sales literature pertaining to the Series; (c) an
allocation of overhead and other branch office distribution-related expenses of
the Underwriter; (d) payments made to persons who provide support services in
connection with the distribution of the Series' shares, including but not
limited to, office space and equipment, telephone facilities, answering routine
inquiries regarding the Series, processing shareholder transactions and
providing any other shareholder services not otherwise provided by the Fund's
transfer agent; (e) accruals for interest on the amount of the foregoing
expenses that exceed the Distribution Fee and the contingent deferred sales
charge received by the Underwriter; and (f) any other expense primarily intended
to result in the sale of a Series' shares, including, without limitation,
payments to selling dealers and their agents at the time of the sale of shares,
if applicable.
The amount of the Distribution Fees payable under Section 1 hereof is not
related directly to expenses incurred by the Underwriter and this Section 2 does
not obligate a Series to
<PAGE>
reimburse the Underwriter for such expenses. The Distribution Fees will be paid
by each Series to the Underwriter unless and until (a) the Plan is terminated
pursuant to Section 5 hereof, or (b) the Plan is not renewed with respect to a
Series or Class B thereof pursuant to Section 4 hereof. Any distribution
expenses incurred by the Underwriter on behalf of a Series in excess of the
Distribution Fees specified in Section 1 hereof which the Underwriter has
accrued through the termination date are the sole responsibility and liability
of the Underwriter and are not an obligation of a Series.
Section 3. Approval of Directors.
Neither the Plan nor any related agreements will take effect until approved by a
majority of both (a) the Board of the Fund and (b) those Directors who are not
interested persons of the Fund and who have no direct or indirect financial
interest in the operation of the Plan or in any agreements related to it (the
"Qualified Directors"), cast in person at a meeting called for the purpose of
voting on the Plan and the related agreements.
Section 4. Continuance of the Plan.
The Plan shall become effective at the close of business on the date indicated
below, and shall remain in force and effect through December 31, 1997, unless
earlier terminated. Following the expiration of its initial term, the Plan shall
continue in force and effect for a one year period, provided such continuance is
specifically approved at least annually:
1. by a majority of the members of the Board, or (b) by vote of a
majority of the Series' outstanding voting securities (as defined in
Section 2(a)(42) of the 1940 Act), and
2. by the vote of a majority of the Qualified Directors by votes cast in
person at a meeting specifically called for such purpose.
Section 5. Termination.
The Plan may be terminated at any time with respect to Class B of a Series (a)
by the vote of a majority of the outstanding voting securities of Class B of a
Series, or (b) by a vote of a majority of the Qualified Directors. The Plan may
remain in effect with respect to a Series or Class B thereof even if the Plan
has been terminated in accordance with this Section 5 with respect to any other
Series or Class B thereof.
Section 6. Amendments.
The Plan may not be amended with respect to Class B of a Series so as to
increase materially the amounts of the Distribution Fees described in Section 1
above unless the amendment is approved by a vote of the holders of at least a
majority of the outstanding voting securities of Class B of that Series. No
material amendment to the Plan may be made unless approved in the manner
described in Section 3 above.
-2-
<PAGE>
Section 7. Selection of Certain Directors.
While the Plan is in effect, the selection and nomination of the Fund's
Directors who are not interested persons of the Fund will be committed to the
discretion of the Directors then in office who are not interested persons of the
Fund.
Section 8. Written Reports.
In each year during which the Plan remains in effect, any person authorized to
direct the disposition of monies paid or payable by a Series pursuant to the
Plan or any related agreement will prepare and furnish to the Board, and the
Board will review, at least quarterly, written reports setting out the amounts
expended under the Plan, the purposes for which those expenditures were made,
and otherwise complying with the requirements of the Rule.
Section 9. Preservation of Materials.
The Fund will preserve copies of the Plan, any agreement relating to the Plan
and any report made pursuant to Section 8 above, for a period of not less than
six years (the first two years in an easily accessible place) from the date of
the Plan, agreement or report.
Section 10. Meanings of Certain Terms.
As used in the Plan, the terms "interested person" and "majority of the
outstanding voting securities" will be deemed to have the same meaning ascribed
to those terms under the 1940 Act.
IN WITNESS WHEREOF, the Fund, on behalf of the Class B Shares of each of its
Series, has executed this Plan as of this 1st day of August, 1997.
AETNA SERIES FUND, INC.
on behalf of its CLASS B shares
By: /s/ Shaun P. Mathews
---------------------------------
Shaun P. Mathews, President
-3-
<PAGE>
APPENDIX A
----------
August 1, 1997
Aetna Bond Fund
The Aetna Fund
Aetna Growth and Income Fund
Aetna International Growth Fund
Aetna Government Fund
Aetna Growth Fund
Aetna Small Company Fund
Aetna Ascent Fund
Aetna Crossroads Fund
Aetna Legacy Fund
Aetna Index Plus Fund
-4-
EXHIBIT 15(b)
SHAREHOLDER SERVICES PLAN
Aetna Series Fund, Inc.
Class B
This Shareholder Services Plan (the "Plan") is adopted by AETNA SERIES FUND,
INC. (the "Fund"), a Maryland corporation, on behalf of the Class B shares of
each of its Series as set forth in Appendix A ("Series"), as amended from time
to time, subject to the following terms and conditions:
Section 1. Annual Fees.
Service Fee. The Series will pay to the underwriter of its shares, Aetna
Investment Services, Inc. (the "Underwriter"), a Connecticut corporation, a
service fee under the Plan at the annual rate of 0.25% (0.10% for Aetna Money
Market Fund) of the average daily net assets of the Series attributable to Class
B of the Series (the "Service Fee").
Adjustment to Fees. The Service Fee may be reduced if approved by the
Underwriter and the Board of Directors of the Fund (the "Board") in the manner
specified in Section 3 of this Plan.
Payment of Fees. The Service Fee will be calculated daily and paid monthly by
the Series at the annual rate indicated above.
Section 2. Expenses Covered by the Plan.
The Service Fee may be used by the Underwriter primarily to pay selling dealers
and their agents for servicing shareholder accounts, including a continuing fee
which shall begin to accrue immediately after the sale of such shares.
The amount of the Service Fee is not related directly to expenses incurred by
the Underwriter, and this Section 2 does not obligate the Series to reimburse
the Underwriter for such expenses. The Service Fee will be paid by the Series to
the Underwriter unless and until (a) the Plan is terminated in accordance with
Section 5 hereof; or (b) the Plan is not renewed with respect to the Series or
Class B pursuant to Section 4 hereof. Any service expenses in excess of the
Service Fee which the Underwriter has incurred on behalf of a Series and accrued
through the termination date are the sole responsibility and liability of the
Underwriter and are not an obligation of the Series.
<PAGE>
Section 3. Approval of Directors.
Neither the Plan nor any related agreements will take effect until approved by a
majority of both (a) the Board of the Fund and (b) those Directors who are not
interested persons of the Fund and who have no direct or indirect financial
interest in the operation of the Plan or in any agreements related to it (the
"Qualified Directors"), cast in person at a meeting called for the purpose of
voting on the Plan and the related agreements.
Section 4. Continuance of the Plan.
The Plan shall become effective at the close of business on the date indicated
below, and shall remain in force and effect through December 31, 1997, unless
earlier terminated. Following the expiration of its initial term, the Plan shall
continue in force and effect for a one year period, provided such continuance is
specifically approved at least annually:
1. (a) by the a majority of the members of the Board, or (b) by vote of
a majority of the Series' outstanding voting securities (as defined
in Section 2(a)(42) of the 1940 Act); and
2. by vote of a majority of the Qualified Directors by votes cast in
person at a meeting specifically called for such purpose.
Section 5. Termination.
The Plan may be terminated at any time with respect to Class B of the Series,
without the payment of any penalty, (a) by the vote of a majority of the
outstanding voting securities of Class B of the Series, or (b) by a vote of a
majority of the Qualified Directors.
Section 6. Amendments.
The Plan may not be amended with respect to Class B of the Series so as to
increase materially the amounts of the Service Fee described in Section 1 above
unless the amendment is approved by a vote of the holders of at least a majority
of the outstanding voting securities of Class B of the Series. No material
amendment to the Plan may be made unless approved in the manner described in
Section 3 above.
Section 7. Selection of Certain Directors.
While the Plan is in effect, the selection and nomination of the Fund's
Directors who are not interested persons of the Fund will be committed to the
discretion of the Directors then in office who are not interested persons of the
Fund.
2
<PAGE>
Section 8. Written Reports.
In each year during which the Plan remains in effect, any person authorized to
direct the disposition of monies paid or payable by the Series pursuant to the
Plan, or any related agreement, will prepare and furnish to the Board, and the
Board shall review, at least quarterly, written reports setting out the amounts
expended under the Plan and the purposes for which those expenditures were made.
Section 9. Preservation of Materials.
The Fund will preserve copies of the Plan, any agreement relating to the Plan
and any report made pursuant to Section 8 above, for a period of not less than
six years (the first two years in an easily accessible place) from the date of
the Plan, agreement or report.
Section 10. Meanings of Certain Terms.
As used in the Plan, the terms "interested person" and "majority of the
outstanding voting securities" will be deemed to have the same meaning ascribed
to those terms under the Investment Company Act of 1940.
IN WITNESS WHEREOF, the Fund, on behalf of the Class B Shares of each of its
Series, has executed this Plan as of this 1st day of August, 1997.
AETNA SERIES FUND, INC.
on behalf of the Class B Shares
of each of its Series
By /s/Shaun P. Mathews
---------------------------------
Shaun P. Mathews, President
3
<PAGE>
APPENDIX A
----------
August 1, 1997
Aetna Bond Fund
The Aetna Fund
Aetna Money Market Fund
Aetna Growth and Income Fund
Aetna International Growth Fund
Aetna Government Fund
Aetna Growth Fund
Aetna Small Company Fund
Aetna Ascent Fund
Aetna Crossroads Fund
Aetna Legacy Fund
Aetna Index Plus Fund
4
<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)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 71,509
<NUMBER-OF-SHARES-REDEEMED> (710,934)
<SHARES-REINVESTED> 11,487
<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> 0.62
<PER-SHARE-GAIN-APPREC> (0.20)
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 061
<NAME> Aetna 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> 80,648,854
<INVESTMENTS-AT-VALUE> 91,788,520
<RECEIVABLES> 1,034,000
<ASSETS-OTHER> 238,970
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,061,490
<PAYABLE-FOR-SECURITIES> 407,729
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 245,674
<TOTAL-LIABILITIES> 653,403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,346,350
<SHARES-COMMON-STOCK> 6,552,804
<SHARES-COMMON-PRIOR> 6,791,958
<ACCUMULATED-NII-CURRENT> 799,186
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,122,885
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,139,666
<NET-ASSETS> 92,408,087
<DIVIDEND-INCOME> 859,858
<INTEREST-INCOME> 2,339,348
<OTHER-INCOME> 0
<EXPENSES-NET> (1,140,885)
<NET-INVESTMENT-INCOME> 2,058,321
<REALIZED-GAINS-CURRENT> 10,249,465
<APPREC-INCREASE-CURRENT> 1,651,236
<NET-CHANGE-FROM-OPS> 13,959,022
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,235,502)
<DISTRIBUTIONS-OF-GAINS> (3,635,331)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 697,153
<NUMBER-OF-SHARES-REDEEMED> (1,414,565)
<SHARES-REINVESTED> 478,258
<NET-CHANGE-IN-ASSETS> 7,105,201
<ACCUMULATED-NII-PRIOR> 988,683
<ACCUMULATED-GAINS-PRIOR> 3,614,236
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 687,346
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,140,885
<AVERAGE-NET-ASSETS> 85,915,810
<PER-SHARE-NAV-BEGIN> 12.36
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 1.77
<PER-SHARE-DIVIDEND> (0.35)
<PER-SHARE-DISTRIBUTIONS> (0.57)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.52
<EXPENSE-RATIO> 1.31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 062
<NAME> Aetna 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> 80,648,854
<INVESTMENTS-AT-VALUE> 91,788,520
<RECEIVABLES> 1,034,000
<ASSETS-OTHER> 238,970
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,061,490
<PAYABLE-FOR-SECURITIES> 407,729
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 245,674
<TOTAL-LIABILITIES> 653,403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,346,350
<SHARES-COMMON-STOCK> 280,472
<SHARES-COMMON-PRIOR> 110,350
<ACCUMULATED-NII-CURRENT> 799,186
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,122,885
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,139,666
<NET-ASSETS> 92,408,087
<DIVIDEND-INCOME> 859,858
<INTEREST-INCOME> 2,339,348
<OTHER-INCOME> 0
<EXPENSES-NET> (1,140,885)
<NET-INVESTMENT-INCOME> 2,058,321
<REALIZED-GAINS-CURRENT> 10,249,465
<APPREC-INCREASE-CURRENT> 1,651,236
<NET-CHANGE-FROM-OPS> 13,959,022
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,474)
<DISTRIBUTIONS-OF-GAINS> (74,327)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 183,243
<NUMBER-OF-SHARES-REDEEMED> (22,472)
<SHARES-REINVESTED> 9,351
<NET-CHANGE-IN-ASSETS> 7,105,201
<ACCUMULATED-NII-PRIOR> 988,683
<ACCUMULATED-GAINS-PRIOR> 3,614,236
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 687,346
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,140,885
<AVERAGE-NET-ASSETS> 85,915,810
<PER-SHARE-NAV-BEGIN> 12.34
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 1.79
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (0.57)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.49
<EXPENSE-RATIO> 2.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 319,044,453
<INVESTMENTS-AT-VALUE> 386,990,270
<RECEIVABLES> 7,562,025
<ASSETS-OTHER> 712,863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 395,265,158
<PAYABLE-FOR-SECURITIES> 8,411,857
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,431,811
<TOTAL-LIABILITIES> 10,843,668
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250,623,957
<SHARES-COMMON-STOCK> 24,001,609
<SHARES-COMMON-PRIOR> 26,505,559
<ACCUMULATED-NII-CURRENT> 2,385,297
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 63,195,516
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68,216,720
<NET-ASSETS> 384,421,490
<DIVIDEND-INCOME> 8,547,871
<INTEREST-INCOME> 693,130
<OTHER-INCOME> 0
<EXPENSES-NET> (4,087,810)
<NET-INVESTMENT-INCOME> 5,153,191
<REALIZED-GAINS-CURRENT> 63,958,135
<APPREC-INCREASE-CURRENT> 17,384,692
<NET-CHANGE-FROM-OPS> 86,496,018
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,192,363)
<DISTRIBUTIONS-OF-GAINS> (19,770,374)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,267,932
<NUMBER-OF-SHARES-REDEEMED> (6,711,381)
<SHARES-REINVESTED> 1,939,499
<NET-CHANGE-IN-ASSETS> 25,401,740
<ACCUMULATED-NII-PRIOR> 2,597,556
<ACCUMULATED-GAINS-PRIOR> 19,978,147
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,616,904
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,087,810
<AVERAGE-NET-ASSETS> 383,368,623
<PER-SHARE-NAV-BEGIN> 13.46
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 3.09
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.76)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.74
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 319,044,453
<INVESTMENTS-AT-VALUE> 386,990,270
<RECEIVABLES> 7,562,025
<ASSETS-OTHER> 712,863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 395,265,158
<PAYABLE-FOR-SECURITIES> 8,411,857
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,431,811
<TOTAL-LIABILITIES> 10,843,668
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250,623,957
<SHARES-COMMON-STOCK> 422,969
<SHARES-COMMON-PRIOR> 165,101
<ACCUMULATED-NII-CURRENT> 2,385,297
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 63,195,516
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68,216,720
<NET-ASSETS> 384,421,490
<DIVIDEND-INCOME> 8,547,871
<INTEREST-INCOME> 693,130
<OTHER-INCOME> 0
<EXPENSES-NET> (4,087,810)
<NET-INVESTMENT-INCOME> 5,153,191
<REALIZED-GAINS-CURRENT> 63,958,135
<APPREC-INCREASE-CURRENT> 17,384,692
<NET-CHANGE-FROM-OPS> 86,496,018
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31,982)
<DISTRIBUTIONS-OF-GAINS> (154,880)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 306,132
<NUMBER-OF-SHARES-REDEEMED> (62,059)
<SHARES-REINVESTED> 13,795
<NET-CHANGE-IN-ASSETS> 25,401,740
<ACCUMULATED-NII-PRIOR> 2,597,556
<ACCUMULATED-GAINS-PRIOR> 19,978,147
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,616,904
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,087,810
<AVERAGE-NET-ASSETS> 383,368,623
<PER-SHARE-NAV-BEGIN> 13.43
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 3.08
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.76)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.69
<EXPENSE-RATIO> 1.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 41,867,053
<INVESTMENTS-AT-VALUE> 50,071,296
<RECEIVABLES> 101,154
<ASSETS-OTHER> 3,394
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 50,175,844
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,260
<TOTAL-LIABILITIES> 87,260
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,462,831
<SHARES-COMMON-STOCK> 3,167,253
<SHARES-COMMON-PRIOR> 2,685,664
<ACCUMULATED-NII-CURRENT> 22,987
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,398,523
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,204,243
<NET-ASSETS> 50,088,584
<DIVIDEND-INCOME> 547,924
<INTEREST-INCOME> 75,241
<OTHER-INCOME> 0
<EXPENSES-NET> (563,202)
<NET-INVESTMENT-INCOME> 59,963
<REALIZED-GAINS-CURRENT> 4,445,504
<APPREC-INCREASE-CURRENT> 3,234,043
<NET-CHANGE-FROM-OPS> 7,739,510
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (132,569)
<DISTRIBUTIONS-OF-GAINS> (4,659,506)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,929,958
<NUMBER-OF-SHARES-REDEEMED> (1,839,571)
<SHARES-REINVESTED> 391,202
<NET-CHANGE-IN-ASSETS> 11,424,991
<ACCUMULATED-NII-PRIOR> 95,593
<ACCUMULATED-GAINS-PRIOR> 4,874,736
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 296,559
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 563,202
<AVERAGE-NET-ASSETS> 42,364,235
<PER-SHARE-NAV-BEGIN> 13.75
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.39
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (1.76)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.36
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 082
<NAME> Growth 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> 41,867,053
<INVESTMENTS-AT-VALUE> 50,071,296
<RECEIVABLES> 101,154
<ASSETS-OTHER> 3,394
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 50,175,844
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87,260
<TOTAL-LIABILITIES> 87,260
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,462,831
<SHARES-COMMON-STOCK> 325,750
<SHARES-COMMON-PRIOR> 126,736
<ACCUMULATED-NII-CURRENT> 22,987
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,398,523
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,204,243
<NET-ASSETS> 50,088,584
<DIVIDEND-INCOME> 547,924
<INTEREST-INCOME> 75,241
<OTHER-INCOME> 0
<EXPENSES-NET> (563,202)
<NET-INVESTMENT-INCOME> 59,963
<REALIZED-GAINS-CURRENT> 4,445,504
<APPREC-INCREASE-CURRENT> 3,234,043
<NET-CHANGE-FROM-OPS> 7,739,510
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (262,211)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 237,851
<NUMBER-OF-SHARES-REDEEMED> (60,225)
<SHARES-REINVESTED> 21,388
<NET-CHANGE-IN-ASSETS> 11,424,991
<ACCUMULATED-NII-PRIOR> 95,593
<ACCUMULATED-GAINS-PRIOR> 4,874,736
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 296,559
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 563,202
<AVERAGE-NET-ASSETS> 42,364,235
<PER-SHARE-NAV-BEGIN> 13.63
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 2.38
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.76)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.17
<EXPENSE-RATIO> 2.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 32,919,476
<INVESTMENTS-AT-VALUE> 36,487,550
<RECEIVABLES> 167,513
<ASSETS-OTHER> 4,217
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,659,280
<PAYABLE-FOR-SECURITIES> 580,425
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,663
<TOTAL-LIABILITIES> 650,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,179,526
<SHARES-COMMON-STOCK> 2,189,882
<SHARES-COMMON-PRIOR> 2,477,988
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,261,592
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,568,074
<NET-ASSETS> 36,009,192
<DIVIDEND-INCOME> 240,454
<INTEREST-INCOME> 111,387
<OTHER-INCOME> 0
<EXPENSES-NET> (577,474)
<NET-INVESTMENT-INCOME> (225,633)
<REALIZED-GAINS-CURRENT> 8,498,979
<APPREC-INCREASE-CURRENT> (1,470,234)
<NET-CHANGE-FROM-OPS> 6,803,112
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3,463,485)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 482,151
<NUMBER-OF-SHARES-REDEEMED> (1,025,158)
<SHARES-REINVESTED> 254,901
<NET-CHANGE-IN-ASSETS> 1,213,779
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,632,296
<OVERDISTRIB-NII-PRIOR> (20,927)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 330,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 577,474
<AVERAGE-NET-ASSETS> 38,850,714
<PER-SHARE-NAV-BEGIN> 13.52
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 2.64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.41)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.67
<EXPENSE-RATIO> 1.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 092
<NAME> Small Company 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> 32,919,476
<INVESTMENTS-AT-VALUE> 36,487,550
<RECEIVABLES> 167,513
<ASSETS-OTHER> 4,217
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,659,280
<PAYABLE-FOR-SECURITIES> 580,425
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,663
<TOTAL-LIABILITIES> 650,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,179,526
<SHARES-COMMON-STOCK> 269,433
<SHARES-COMMON-PRIOR> 95,923
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,261,592
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,568,074
<NET-ASSETS> 36,009,192
<DIVIDEND-INCOME> 240,454
<INTEREST-INCOME> 111,387
<OTHER-INCOME> 0
<EXPENSES-NET> (577,474)
<NET-INVESTMENT-INCOME> (225,633)
<REALIZED-GAINS-CURRENT> 8,498,979
<APPREC-INCREASE-CURRENT> (1,470,234)
<NET-CHANGE-FROM-OPS> 6,803,112
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (159,638)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 199,296
<NUMBER-OF-SHARES-REDEEMED> (37,416)
<SHARES-REINVESTED> 11,630
<NET-CHANGE-IN-ASSETS> 1,213,779
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3,632,296
<OVERDISTRIB-NII-PRIOR> (20,927)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 330,302
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 577,474
<AVERAGE-NET-ASSETS> 38,850,714
<PER-SHARE-NAV-BEGIN> 13.39
<PER-SHARE-NII> (0.18)
<PER-SHARE-GAIN-APPREC> 2.62
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.41)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.42
<EXPENSE-RATIO> 2.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 051
<NAME> International Growth 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> 62,458,900
<INVESTMENTS-AT-VALUE> 66,526,426
<RECEIVABLES> 2,322,219
<ASSETS-OTHER> 1,872,656
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,721,301
<PAYABLE-FOR-SECURITIES> 1,833,042
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 209,012
<TOTAL-LIABILITIES> 2,042,054
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,096,086
<SHARES-COMMON-STOCK> 3,884,310
<SHARES-COMMON-PRIOR> 2,364,208
<ACCUMULATED-NII-CURRENT> 1,324,863
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,055,793
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,202,505
<NET-ASSETS> 68,679,247
<DIVIDEND-INCOME> 955,980
<INTEREST-INCOME> 83,753
<OTHER-INCOME> 0
<EXPENSES-NET> (1,038,382)
<NET-INVESTMENT-INCOME> 1,351
<REALIZED-GAINS-CURRENT> 6,200,936
<APPREC-INCREASE-CURRENT> 2,790,612
<NET-CHANGE-FROM-OPS> 8,992,899
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (350,856)
<DISTRIBUTIONS-OF-GAINS> (537,862)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,148,784
<NUMBER-OF-SHARES-REDEEMED> (1,767,418)
<SHARES-REINVESTED> 81,841
<NET-CHANGE-IN-ASSETS> 17,113,407
<ACCUMULATED-NII-PRIOR> 385,313
<ACCUMULATED-GAINS-PRIOR> 962,542
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 389,220
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,038,382
<AVERAGE-NET-ASSETS> 45,871,017
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> 2.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 052
<NAME> International Growth 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> 62,458,900
<INVESTMENTS-AT-VALUE> 66,526,426
<RECEIVABLES> 2,322,219
<ASSETS-OTHER> 1,872,656
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,721,301
<PAYABLE-FOR-SECURITIES> 1,833,042
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 209,012
<TOTAL-LIABILITIES> 2,042,054
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,096,086
<SHARES-COMMON-STOCK> 1,944,814
<SHARES-COMMON-PRIOR> 2,499,422
<ACCUMULATED-NII-CURRENT> 1,324,863
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,055,793
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,202,505
<NET-ASSETS> 68,679,247
<DIVIDEND-INCOME> 955,980
<INTEREST-INCOME> 83,753
<OTHER-INCOME> 0
<EXPENSES-NET> (1,038,382)
<NET-INVESTMENT-INCOME> 1,351
<REALIZED-GAINS-CURRENT> 6,200,936
<APPREC-INCREASE-CURRENT> 2,790,612
<NET-CHANGE-FROM-OPS> 8,992,899
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (152,316)
<DISTRIBUTIONS-OF-GAINS> (505,447)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 133,505
<NUMBER-OF-SHARES-REDEEMED> (797,971)
<SHARES-REINVESTED> 61,119
<NET-CHANGE-IN-ASSETS> 17,113,407
<ACCUMULATED-NII-PRIOR> 385,313
<ACCUMULATED-GAINS-PRIOR> 962,542
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 389,220
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,038,382
<AVERAGE-NET-ASSETS> 45,871,017
<PER-SHARE-NAV-BEGIN> 10.59
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 1.57
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (0.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.77
<EXPENSE-RATIO> 2.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
