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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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015 B000501 C
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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015 A000801 MELLON BANK, N.A.
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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015 A001101 MELLON BANK, P.A.
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024 001100 Y
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025 C001105 E
025 D001105 24
025 A001106 BARCLAYS ZOETE WEDD
025 C001106 E
025 D001106 56
025 D001107 0
025 D001108 0
028 A011100 661
028 A021100 0
028 A031100 0
028 A041100 577
028 B011100 8423
028 B021100 797
028 B031100 0
028 B041100 13373
<PAGE> PAGE 41
028 C011100 1384
028 C021100 0
028 C031100 0
028 C041100 1070
028 D011100 587
028 D021100 0
028 D031100 0
028 D041100 410
028 E011100 1179
028 E021100 0
028 E031100 0
028 E041100 901
028 F011100 2476
028 F021100 0
028 F031100 0
028 F041100 2175
028 G011100 14710
028 G021100 797
028 G031100 0
028 G041100 18506
028 H001100 0
042 A001100 0
042 B001100 0
042 C001100 100
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 0
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.000
048 A011100 500000
048 A021100 0.800
048 B011100 500000
048 B021100 0.775
048 C011100 500000
048 C021100 0.750
048 D011100 500000
048 D021100 0.725
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
<PAGE> PAGE 42
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 2000000
048 K021100 0.700
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
066 A001100 Y
066 B001100 N
066 C001100 Y
066 D001100 N
066 E001100 N
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 Y
070 F011100 Y
070 F021100 Y
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
<PAGE> PAGE 43
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 Y
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 Y
070 M011100 Y
070 M021100 Y
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 Y
070 R021100 N
071 A001100 18449
071 B001100 26151
071 C001100 20548
071 D001100 90
072 A001100 6
072 B001100 99
072 C001100 238
072 D001100 0
072 E001100 0
072 F001100 94
072 G001100 29
072 H001100 0
072 I001100 8
072 J001100 19
072 K001100 0
072 L001100 9
072 M001100 1
072 N001100 20
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 9
072 S001100 0
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 0
072 X001100 189
072 Y001100 0
072 Z001100 148
072AA001100 3711
<PAGE> PAGE 44
072BB001100 0
072CC011100 0
072CC021100 1697
072DD011100 509
072DD021100 0
072EE001100 1991
073 A011100 0.2500
073 A021100 0.0000
073 B001100 0.9700
073 C001100 0.0000
074 A001100 516
074 B001100 0
074 C001100 3046
074 D001100 2531
074 E001100 0
074 F001100 16588
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 171
074 K001100 0
074 L001100 79
074 M001100 44
074 N001100 22975
074 O001100 416
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 144
074 S001100 0
074 T001100 22415
074 U011100 1786
074 U021100 16
074 V011100 12.43
074 V021100 12.42
074 W001100 0.0000
074 X001100 79
074 Y001100 436
075 A001100 0
075 B001100 23694
076 001100 0.00
015 A001201 MELLON BANK, N.A.
015 B001201 C
015 C011201 PITTSBURG
015 C021201 PA
015 C031201 15258
015 E011201 X
024 001200 Y
025 A001201 EDWARDS (AG) INC.
<PAGE> PAGE 45
025 C001201 E
025 D001201 11
025 A001202 BEAR STEARNS
025 C001202 E
025 D001202 12
025 A001203 DONALDON, LUFKIN & JENRETTE
025 C001203 E
025 D001203 9
025 A001204 LEHMAN BROTHERS HOLDINGS, INC.
025 C001204 E
025 D001204 61
025 A001205 MORGAN STANLEY GROUP
025 C001205 E
025 D001205 25
025 A001206 PAINE WEBBER GROUP
025 C001206 E
025 D001206 10
025 A001207 BANKERS TRUST NEW YORK COPR.
025 C001207 E
025 D001207 24
025 A001208 BARCLAYS ZOETE WEBB
025 C001208 E
025 D001208 37
028 A011200 1013
028 A021200 0
028 A031200 0
028 A041200 911
028 B011200 8526
028 B021200 985
028 B031200 0
028 B041200 13400
028 C011200 599
028 C021200 0
028 C031200 0
028 C041200 418
028 D011200 315
028 D021200 0
028 D031200 0
028 D041200 267
028 E011200 1758
028 E021200 0
028 E031200 0
028 E041200 609
028 F011200 2217
028 F021200 0
028 F031200 0
028 F041200 277
028 G011200 14428
028 G021200 985
028 G031200 0
028 G041200 15882
<PAGE> PAGE 46
028 H001200 0
042 A001200 0
042 B001200 0
042 C001200 100
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 0
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.000
048 A011200 500000
048 A021200 0.800
048 B011200 500000
048 B021200 0.775
048 C011200 500000
048 C021200 0.750
048 D011200 500000
048 D021200 0.725
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 2000000
048 K021200 0.700
062 A001200 N
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
<PAGE> PAGE 47
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 Y
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 Y
070 F011200 Y
070 F021200 Y
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 Y
070 K011200 Y
070 K021200 N
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
<PAGE> PAGE 48
071 A001200 15018
071 B001200 18516
071 C001200 15356
071 D001200 98
072 A001200 6
072 B001200 191
072 C001200 166
072 D001200 0
072 E001200 0
072 F001200 82
072 G001200 25
072 H001200 0
072 I001200 7
072 J001200 19
072 K001200 0
072 L001200 9
072 M001200 0
072 N001200 20
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 9
072 S001200 0
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 0
072 X001200 171
072 Y001200 0
072 Z001200 186
072AA001200 2549
072BB001200 0
072CC011200 0
072CC021200 1235
072DD011200 569
072DD021200 0
072EE001200 1905
073 A011200 0.3000
073 A021200 0.0000
073 B001200 1.0000
073 C001200 0.0000
074 A001200 469
074 B001200 0
074 C001200 4979
074 D001200 4509
074 E001200 0
074 F001200 11662
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 169
<PAGE> PAGE 49
074 K001200 0
074 L001200 60
074 M001200 32
074 N001200 21880
074 O001200 330
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 47
074 S001200 0
074 T001200 21503
074 U011200 1838
074 U021200 4
074 V011200 11.67
074 V021200 11.65
074 W001200 0.0000
074 X001200 22
074 Y001200 639
075 A001200 0
075 B001200 20569
076 001200 0.00
015 A001301 MELLON BANK, N.A.
015 B001301 C
015 C011301 PITTSBURG
015 C021301 PA
015 C031301 15258
015 E011301 X
024 001300 Y
025 A001301 BEAR STEARNS
025 C001301 E
025 D001301 7
025 A001302 DONALDSON, LUFKIN & JENRETTE
025 C001302 E
025 D001302 4
025 A001303 LEHMAN BROTHERS HOLDINGS, INC.
025 C001303 E
025 D001303 44
025 A001304 PAINE WEBBER GROUP
025 C001304 E
025 D001304 3
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 417
028 A021300 0
028 A031300 0
028 A041300 441
028 B011300 7965
<PAGE> PAGE 50
028 B021300 600
028 B031300 0
028 B041300 12924
028 C011300 1376
028 C021300 0
028 C031300 0
028 C041300 932
028 D011300 148
028 D021300 0
028 D031300 0
028 D041300 435
028 E011300 554
028 E021300 0
028 E031300 0
028 E041300 420
028 F011300 1509
028 F021300 0
028 F031300 0
028 F041300 1361
028 G011300 11969
028 G021300 600
028 G031300 0
028 G041300 16513
028 H001300 0
042 A001300 0
042 B001300 0
042 C001300 100
042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 0
044 001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.000
048 A011300 500000
048 A021300 0.800
048 B011300 500000
048 B021300 0.775
048 C011300 500000
048 C021300 0.750
048 D011300 500000
048 D021300 0.725
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
<PAGE> PAGE 51
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 2000000
048 K021300 0.700
062 A001300 N
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 N
066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 Y
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 Y
070 F011300 Y
070 F021300 Y
070 G011300 Y
<PAGE> PAGE 52
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 N
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 Y
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 Y
070 R021300 N
071 A001300 12045
071 B001300 12625
071 C001300 10819
071 D001300 111
072 A001300 6
072 B001300 290
072 C001300 102
072 D001300 0
072 E001300 0
072 F001300 75
072 G001300 23
072 H001300 0
072 I001300 8
072 J001300 18
072 K001300 0
072 L001300 8
072 M001300 0
072 N001300 20
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 9
072 S001300 0
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 1
072 X001300 162
<PAGE> PAGE 53
072 Y001300 0
072 Z001300 230
072AA001300 1791
072BB001300 0
072CC011300 0
072CC021300 944
072DD011300 623
072DD021300 0
072EE001300 1698
073 A011300 0.3300
073 A021300 0.0000
073 B001300 0.8900
073 C001300 0.0000
074 A001300 435
074 B001300 0
074 C001300 4564
074 D001300 5710
074 E001300 0
074 F001300 6598
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 64
074 K001300 0
074 L001300 50
074 M001300 22
074 N001300 17443
074 O001300 217
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 88
074 S001300 0
074 T001300 17138
074 U011300 1544
074 U021300 13
074 V011300 11.01
074 V021300 10.99
074 W001300 0.0000
074 X001300 15
074 Y001300 541
075 A001300 0
075 B001300 18924
076 001300 0.00
015 A001401 MELLON BANK, N.A.
015 B001401 C
015 C011401 PITTSBURG
015 C021401 PA
015 C031401 15258
<PAGE> PAGE 54
015 E011401 X
024 001400 Y
025 A001401 MERRILL LYNCH & CO.
025 C001401 E
025 D001401 38
025 A001402 SALOMON BROTHERS
025 C001402 E
025 D001402 10
025 A001403 TRAVELERS GROUP, INC.
025 C001403 E
025 D001403 111
025 A001404 DEAN WITTER
025 C001404 E
025 D001404 38
025 A001405 MORGAN STANLEY
025 C001405 E
025 D001405 18
025 D001406 0
025 D001407 0
025 D001408 0
028 A011400 0
028 A021400 0
028 A031400 0
028 A041400 0
028 B011400 10100
028 B021400 0
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028 C021400 0
028 C031400 0
028 C041400 0
028 D011400 65
028 D021400 0
028 D031400 0
028 D041400 25
028 E011400 1270
028 E021400 0
028 E031400 0
028 E041400 210
028 F011400 1061
028 F021400 0
028 F031400 0
028 F041400 1221
028 G011400 12511
028 G021400 0
028 G031400 0
028 G041400 1456
028 H001400 0
042 A001400 0
042 B001400 0
<PAGE> PAGE 55
042 C001400 100
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 0
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.000
048 A011400 250000
048 A021400 0.450
048 B011400 250000
048 B021400 0.450
048 C011400 250000
048 C021400 0.425
048 D011400 250000
048 D021400 0.400
048 E011400 1000000
048 E021400 0.400
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 2000000
048 K021400 0.375
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
<PAGE> PAGE 56
062 R001400 0.0
066 A001400 Y
066 B001400 N
066 C001400 Y
066 D001400 N
066 E001400 N
066 F001400 N
066 G001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 Y
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 N
070 M011400 Y
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 Y
070 R021400 N
071 A001400 13728
071 B001400 3037
071 C001400 10593
<PAGE> PAGE 57
071 D001400 29
072 A001400 6
072 B001400 10
072 C001400 72
072 D001400 0
072 E001400 0
072 F001400 19
072 G001400 10
072 H001400 0
072 I001400 12
072 J001400 4
072 K001400 0
072 L001400 1
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072 N001400 32
072 O001400 0
072 P001400 0
072 Q001400 0
072 R001400 4
072 S001400 0
072 T001400 0
072 U001400 1
072 V001400 0
072 W001400 1
072 X001400 84
072 Y001400 54
072 Z001400 52
072AA001400 72
072BB001400 0
072CC011400 700
072CC021400 0
072DD011400 15
072DD021400 0
072EE001400 0
073 A011400 0.0200
073 A021400 0.0000
073 B001400 0.0000
073 C001400 0.0000
074 A001400 2
074 B001400 0
074 C001400 333
074 D001400 0
074 E001400 0
074 F001400 11473
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 220
074 K001400 0
074 L001400 46
074 M001400 14
<PAGE> PAGE 58
074 N001400 12088
074 O001400 197
074 P001400 0
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 27
074 S001400 0
074 T001400 11864
074 U011400 1084
074 U021400 15
074 V011400 10.79
074 V021400 10.77
074 W001400 0.0000
074 X001400 47
074 Y001400 0
075 A001400 0
075 B001400 10882
076 001400 0.00
071 A003100 0
071 B003100 0
071 C003100 0
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072 A003100 0
072 B003100 0
072 C003100 0
072 D003100 0
072 E003100 0
072 F003100 0
072 G003100 0
072 H003100 0
SIGNATURE
TITLE
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> AETNA MONEY MARKET FUND
<SERIES>
<NUMBER> 011
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 472,895,756
<INVESTMENTS-AT-VALUE> 472,895,756
<RECEIVABLES> 3,737,493
<ASSETS-OTHER> 20,278
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 476,653,527
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,210,502
<TOTAL-LIABILITIES> 2,210,502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 474,443,025
<SHARES-COMMON-STOCK> 330,588,789
<SHARES-COMMON-PRIOR> 323,280,879
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 330,588,789
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,778,704
<OTHER-INCOME> 0
<EXPENSES-NET> (757,308)
<NET-INVESTMENT-INCOME> 12,021,396
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,021,396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,545,959)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 165,312,107
<NUMBER-OF-SHARES-REDEEMED> (164,864,254)
<SHARES-REINVESTED> 6,860,057
<NET-CHANGE-IN-ASSETS> 31,312,867
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 909,873
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 757,308
<AVERAGE-NET-ASSETS> 326,031,297
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> AETNA MONEY MARKET FUND
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<NAME> CLASS B
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> AETNA GOVERNMENT FUND
<SERIES>
<NUMBER> 061
<NAME> CLASS A
<S> <C>
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<PERIOD-START> NOV-01-1996
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> AETNA GOVERNMENT FUND
<SERIES>
<NUMBER> 062
<NAME> CLASS B
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> AETNA BOND FUND
<SERIES>
<NUMBER> 021
<NAME> CLASS A
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1997
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<PERIOD-END> APR-30-1997
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> AETNA BOND FUND
<SERIES>
<NUMBER> 022
<NAME> CLASS B
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> THE AETNA FUND
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<NUMBER> 031
<NAME> CLASS A
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> THE AETNA FUND
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<NAME> CLASS B
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> AETNA GROWTH AND INCOME FUND
<SERIES>
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<NAME> CLASS A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> AETNA GROWTH AND INCOME FUND
<SERIES>
<NUMBER> 042
<NAME> CLASS B
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> AETNA GROWTH FUND
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<TABLE> <S> <C>
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<CIK> 0000877233
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<NAME> CLASS B
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> AETNA INDEX PLUS FUND
<SERIES>
<NUMBER> 091
<NAME> CLASS A
<S> <C>
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<TABLE> <S> <C>
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<NAME> AETNA INDEX PLUS FUND
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<NAME> CLASS B
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<TABLE> <S> <C>
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<S> <C>
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<TABLE> <S> <C>
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<NAME> AETNA SMALL COMPANY FUND
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<NAME> AETNA INTERNATIONAL GROWTH FUND
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> AETNA INTERNATIONAL GROWTH FUND
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<ACCUMULATED-NII-PRIOR> 1,324,863
<ACCUMULATED-GAINS-PRIOR> 4,055,793
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 304,236
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 765,436
<AVERAGE-NET-ASSETS> 23,589,339
<PER-SHARE-NAV-BEGIN> 11.77
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 1.80
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (0.89)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.50
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> AETNA GENERATION FUNDS
<SERIES>
<NUMBER> 111
<NAME> AETNA ASCENT FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 20,659,629
<INVESTMENTS-AT-VALUE> 22,165,742
<RECEIVABLES> 249,574
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<PAYABLE-FOR-SECURITIES> 415,830
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 144,876
<TOTAL-LIABILITIES> 560,706
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<PAID-IN-CAPITAL-COMMON> 17,045,815
<SHARES-COMMON-STOCK> 1,786,447
<SHARES-COMMON-PRIOR> 2,048,670
<ACCUMULATED-NII-CURRENT> 76,688
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,778,873
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,513,264
<NET-ASSETS> 22,214,356
<DIVIDEND-INCOME> 238,058
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<TABLE> <S> <C>
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<NAME> AETNA ASCENT FUND CLASS B
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> AETNA GENERATION FUNDS
<SERIES>
<NUMBER> 121
<NAME> AETNA CROSSROADS FUND CLASS A
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</TABLE>
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<REALIZED-GAINS-CURRENT> 2,549,399
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<NUMBER-OF-SHARES-SOLD> 3,587
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<ACCUMULATED-NII-PRIOR> 481,685
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</TABLE>
<TABLE> <S> <C>
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<NUMBER> 131
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<ACCUM-APPREC-OR-DEPREC> 631,553
<NET-ASSETS> 17,000,469
<DIVIDEND-INCOME> 101,825
<INTEREST-INCOME> 289,767
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<EXPENSES-NET> (161,613)
<NET-INVESTMENT-INCOME> 229,979
<REALIZED-GAINS-CURRENT> 1,791,614
<APPREC-INCREASE-CURRENT> (944,294)
<NET-CHANGE-FROM-OPS> 1,077,299
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (623,441)
<DISTRIBUTIONS-OF-GAINS> (1,697,678)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,070,795
<NUMBER-OF-SHARES-REDEEMED> (1,499,252)
<SHARES-REINVESTED> 54,930
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</TABLE>
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<NET-INVESTMENT-INCOME> 229,979
<REALIZED-GAINS-CURRENT> 1,791,614
<APPREC-INCREASE-CURRENT> (944,294)
<NET-CHANGE-FROM-OPS> 1,077,299
<EQUALIZATION> 0
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</TABLE>
Unanimous Written Consent of the Board of Trustees/Directors
to Action without a Meeting
The undersigned, being all the Board of Trustees/Directors (the "Board") of
Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares and
Aetna GET Fund, Massachusetts business trusts, and Aetna Investment Advisers
Fund, Inc., Aetna Generation Portfolios, Inc., Aetna Variable Portfolios,
Inc. and Aetna Series Fund, Inc., Maryland corporations, (collectively, the
"Funds"), do hereby consent that the following actions be taken by their
unanimous written consent, in lieu of a meeting of the Board of the Funds in
accordance with Massachusetts General Laws Annotated, Corporations, Title XXII,
Chapter 156b, Section 59 and Annotated Code of Maryland, Corporations and
Associations, Title 4, Section 2-408(c):
WHEREAS, Aetna Life Insurance and Annuity Company ("ALIAC") has advised the
Board of the Funds that, in its judgment, it is in the best interest of the
Funds for, among others, marketing, investment and public policy reasons,
that the Funds not invest in securities of any entity, the primary business
of which is the production or distribution of tobacco products
("Tobacco Company"); and
WHEREAS, the Index Plus portfolios of the Aetna Series Fund, Inc. and the
Aetna Variable Portfolios, Inc. (Index Plus Portfolios) invest substantially
on a non-volitional basis and, in light of their stated investment objectives
and policies, such Index Plus Portfolios should be excluded from the
following resolutions; and
WHEREAS, the Board deems it in the best interest of the Funds to accept the
advice of ALIAC; now, be it
RESOLVED, that effective immediately, the Funds, (including the series or
portfolios of any series fund except the Index Plus Portfolios as noted
above) not invest in any securities issued by a Tobacco Company; and
FURTHER RESOLVED, that, for purposes of the above resolutions, ALIAC may use
the Wall Street Journal's Quarterly "Corporate Performance Report" under the
heading "Consumer, Noncyclical-Tobacco," or any comparable listing for
determining if a company is a Tobacco Company; and
FURTHER RESOLVED, that this policy shall be effective March 1, 1997.
/s/ Morton Ehrlich Dated:Jan 22,1997 /s/ Sidney Koch Dated:1/22/97
Morton Ehrlich Sidney Koch
/s/ Maria T. Fighetti Dated:1/24/97 /s/ Shaun P. Mathews Dated:1/23/97
Maria T. Fighetti Shaun P. Mathews
/s/ David L. Grove Dated:2/15/97 /s/ Corine T. Norgaard Dated:2/5/97
David L. Grove Corine T. Norgaard
/s/ Timothy A. Holt Dated:1-23-97 /s/ Richard G. Scheide Dated:1/22/97
Timothy A. Holt Richard G. Scheide
/s/ Daniel P. Kearney Dated:1-24-97
Daniel P. Kearney
uwc12_96.doc
Aetna Series Fund, Inc.
Exhibit 77I
Pursuant to Article Seventh of the Articles of Incorporation for the Aetna
Series Fund Inc., a Maryland Corporation (the "Corporation") dated June 17,
1991, as amended (the "Articles of Incorporation") the Directors designated
and classified 200 million shares of the Corporation into a new series called
Aetna Index Plus Fund (the "Fund") distinct from shares of the Corporation
previously issued. The Fund has the following special rights.
On each matter submitted to a vote of the shareholders, each holder of a
share shall be entitled to one vote for each share outstanding in his or her
name on the books of the Corporation, and all shares of the Series shall
vote as a single Series ("Single Series Voting"); provided, however, that
(i) as to any matter with respect to which a separate vote of a particular
Series is required by the 1940 Act or by the Maryland Corporation Code, such
requirement as to a separate vote by that Series shall apply in lieu of Single
Series Voting: (ii) in the event that the separate vote requirements referred
to in clause (i) above apply with respect to one or more Series, then subject
to clause (iii) below, the shares of all other Series shall vote as a single
Series; and (iii) as to any matter which does not affect the interest of a
particular Series, only the holders of shares of the one or more affected
Series shall be entitled to vote.
Each holder of shares of the Series shall have the right at such times as
may be permitted by the Corporation to require the Corporation to redeem all
or any part of his or her shares of a particular Series at a redemption
price per share equal to the net asset value per share of that Series next
determined (in accordance with subsection (h)) after the shares are properly
tendered for redemption. Payment of the proceeds of redemption shall be in
cash unless the Board of Directors determines, which determination shall be
conclusive, that conditions exist which make payment wholly in cash unwise or
undesirable. In the event of such determination, the Corporation may make
payment wholly or partly in securities or other assets belonging to the Series
at the value of such securities or assets used in such determination of net
asset value. Notwithstanding the foregoing, the Corporation may postpone
payment of the redemption price and may suspend the right to the holders of
shares of a Series to require the Corporation to redeem shares of that
Series during any period or at any time when and to the extent permissible
under the 1940 Act.
Subject to compliance with the requirements of the 1940 Act, the Board of
Directors shall have the authority to provide that holders of shares of the
Series shall have the right to convert or exchange said shares into shares
of one or more other Series in accordance with such requirements and
procedures as may be established by the Board of Directors.
The holders of each class of shares of each Series shall have (i) exclusive
voting rights with respect to provisions of any service plan or service and
distribution plan adopted by the Corporation pursuant to Rule 12b-1 under
the 1940 Act (a "Plan") applicable to the respective class of the respective
Series and (ii) no voting rights with respect to the provisions of any Plan
applicable to any other class of Series of share or with regard to any other
matter submitted to a vote of shareholders which does not affect holders of
that respective class of the respective Series of shares.
AMJ729.doc 6/19/97 12:02PM
AETNA SERIES FUND, INC.
RULE 18f-3
MULTI-CLASS PLAN
Introduction:
Pursuant to Rule 18f-3 under the Investment Company Act of 1940 (the "1940
Act"), the following sets forth the separate class arrangements and expense
allocations as well as the exchange privileges of each class of shares issued
by the series comprising the Aetna Series Fund, Inc. Except as described
below, each class has the same rights and obligations as each other class as
required by Rule 18f-3.
Background:
Aetna Series Fund, Inc. (the "Fund") is an open-end investment company
registered under the 1940 Act, the shares of which are registered under the
Securities Act of 1933 (Registration No. (s) 33-41694, 33-85620 and 811-6352).
On September 14, 1993, and by later vote on November 9-10, 1993, a majority
of members of the Board of Directors of the Fund (the "Board"), including a
majority of the non-interested Board members, considered and approved the
offering of two classes of shares by each series of the Fund ("Series") as
described by this Plan. The Fund filed with the Securities and Exchange
Commission ("SEC") an application for exemptive relief permitting the Series
to issue multiple classes of shares. On April 13, 1994, the SEC issued the
exemptive order.
On February 23, 1995, the SEC adopted Rule 18f-3 (Release Nos. 33-7143,
IC-20915), eliminating the need for a fund seeking to issue multiple classes
of shares to obtain an exemptive order. The Rule stated that multiple class
funds relying on existing exemptive orders could instead choose to rely on
the rule.
Terms of the Plan:
This Plan does not make any material changes to the separate class
arrangements, expense allocations and exchange privileges previously approved
by the Board. No material changes will be made to this Plan without Board
approval.
The Fund currently consists of the following twelve (12) Series:
Aetna Money Market Fund
Aetna Government Fund
Aetna Bond Fund
The Aetna Fund
Aetna Growth and Income Fund
Aetna Growth Fund
Aetna Small Company Fund
Aetna International Growth Fund
Aetna Ascent Fund
Aetna Crossroads Fund
Aetna Legacy Fund
Aetna Index Plus Fund
1. Class Designations:
The shares are divided into two classes: 1) Class A shares, also known as
the Select Class, are shares that are offered to certain corporate retirement
plans, salaried employees and persons retired from salaried positions
(including members of employees' and retired persons' immediate families) of
Aetna Life Insurance and Annuity Company and its affiliates; insurance
companies (including separate accounts); registered investment companies;
investment advisers and broker-dealers acting for their own account: current
shareholders at the time of the first offering of Adviser Class shares and
their immediate family members, as long as they maintain a shareholder account;
Directors of the Funds, and member of such other groups as may be approved by
the Company's Board of Directors from time to time; and 2) Class B shares,
also known as the Adviser Class, are shares that are offered to persons not
eligible to buy Class A shares.
2. Differences in Distribution Arrangements:
Class A shares are distributed with no sales charges, distribution fees or
service fees.
Class B shares are sold at net asset value, without the imposition of a
sales load at the time of purchase. Class B shares are subject to a service
fee and a distribution fee based on the average daily net assets attributable
to Class B shares. These fees are imposed pursuant to a Shareholder Services
Plan, in the amount of 0.25% (with the exception of Class B shares of Aetna
Money Market Fund, which is subject to a fee of 0.10%) and a Distribution
Plan adopted under Rule 12b-1 under the 1940 Act, in the amount of 0.50%,
except for Aetna Money Market, which has no 12b-1 fee.
Class B shares also are subject to a contingent deferred sales charge
("CDSC") on certain redemptions. Specifically, redemptions of Class B shares
within four years of purchase are subject to a CDSC. The charge is assessed
on an amount equal to the lesser of the current market value or the original
cost of the shares being redeemed. Thus, there is no sales charge on
increases in the net asset value of shares above the initial purchase price.
There is no CDSC on redemptions of Class B shares purchased through
reinvestment of dividends or capital gain distributions or shares purchased
more than four years prior to the redemption. In addition, there is no CDSC
on Money Market Fund redemptions unless those shares were purchased through
an exchange from another Series within four years prior to the redemption.
The CDSC is calculated by multiplying the lesser of the current market value
or the original cost of the shares being redeemed, by the percentage shown
below, based on the time invested:
Redemption During CDSC
1st year since purchase 1.00%
2nd year since purchase .75%
3rd year since purchase .50%
4th year since purchase .25%
5th year and thereafter None
In determining the number of years the shares have been held, the Fund will
aggregate all purchases of Class B shares made during a month and consider
them made on the first day of the month.
3. Expense Allocation:
In addition to the allocation of the distribution fee and the shareholder
services fee described above, the following expenses shall be allocated, to
the extent practicable, on a class-by-class basis:
(1) expense of administrative personnel and services required to support the
shareholders of each class;
(2) transfer agency fees payable by each class;
(3) costs of printing the prospectuses and statements of additional
information relating to those classes;
(4) SEC and any "Blue Sky" registration fees;
(5) litigation or other legal expenses; and
(6) directors' fees incurred as a result of issues related to its class.
Income, realized and unrealized capital gains and losses, and expenses other
than those allocated as described in paragraph 2 above of each Series are
allocated to a particular class on the basis of the net asset value of that
class in relation to the net asset value of the Series.
4. Exchange Privileges:
Each class of shares may be exchanged for shares of the same class in
another Series of the Fund to the extent the exchanging shareholder is
eligible to purchase the shares of the Series into which the exchange is
being made. Currently, shares of each class may be exchanged at the net
asset value for shares of any other Series of the same class, subject to
minimum investment requirements of the Series.
5. Conversion Features:
No class of shares of a particular Series is convertible into another class
of shares of that Series.
6. Voting Rights:
Each class shall have exclusive voting rights on any matter submitted to
shareholders that relates solely to its arrangement. Furthermore, each class
shall have separate voting rights on any matter submitted to shareholders in
which the interests of one class differ from the interests of any other class.
FXM17.doc
FORM OF
INVESTMENT ADVISORY AGREEMENT
THIS AGREEMENT is made by and between AETNA LIFE INSURANCE AND ANNUITY
COMPANY, a Connecticut corporation (the "Adviser") and AETNA SERIES FUNDS,
INC., a Maryland corporation (the "Fund"), on behalf of its series, AETNA
INDEX PLUS FUND (the "Series"), as of the date set forth below the parties'
signatures.
W I T N E S S E T H
WHEREAS, the Fund is registered with the Securities and Exchange Commission
(the "Commission") as an open-end, diversified, management investment company
under the Investment Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Fund has established the Series; and
WHEREAS, the Adviser is registered with the Commission as an investment
adviser under the Investment Advisers Act of 1940, as amended (the "Advisers
Act"), and is in the business of acting as an investment adviser; and
WHEREAS, the Fund, on behalf of the Series, and the Adviser desire to enter
into an agreement to provide for investment advisory and management services
for the Series on the terms and conditions hereinafter set forth;
NOW THEREFORE, the parties agree as follows:
I. APPOINTMENT AND OBLIGATIONS OF THE ADVISER
Subject to the terms and conditions of this Agreement and the policies and
control of the Fund's Board of Directors (the "Board"), the Fund, on behalf
of the Series, hereby appoints the Adviser to serve as the investment adviser
to the Series, to provide the investment advisory services set forth below in
Section II. The Adviser agrees that, except as required to carry out its
duties under this Agreement or otherwise expressly authorized, it is acting
as an independent contractor and not as an agent of the Series and has no
authority to act for or represent the Series in any way.
II. DUTIES OF THE ADVISER
In carrying out the terms of this Agreement, the Adviser shall do the
following:
1. supervise all aspects of the operations of the Series;
2. select the securities to be purchased, sold or exchanged by the Series
or otherwise represented in the Series' investment portfolio, place trades
for all such securities and regularly report thereon to the Board;
3. formulate and implement continuing programs for the purchase and sale of
securities and regularly report thereon to the Board;
4. obtain and evaluate pertinent information about significant developments
and economic, statistical and financial data, domestic, foreign or
otherwise, whether affecting the economy generally, the Series, securities
held by or under consideration for the Series, or the issuers of those
securities;
5. provide economic research and securities analyses as the Adviser
considers necessary or advisable in connection with the Adviser's
performance of its duties hereunder;
6. obtain the services of, contract with, and provide instructions to
custodians and/or subcustodians of the Series' securities, transfer agents,
dividend paying agents, pricing services and other service providers as are
necessary to carry out the terms of this Agreement;
7. prepare financial and performance reports, calculate and report daily net
asset values, and prepare any other financial data or reports, as the
Adviser from time to time, deems necessary or as are requested by the Board;
and
8. take any other actions which appear to the Adviser and the Board
necessary to carry into effect the purposes of this Agreement.
III. REPRESENTATIONS AND WARRANTIES
A. Representations and Warranties of the Adviser
Adviser hereby represents and warrants to the Fund as follows:
1. Due Incorporation and Organization. The Adviser is duly organized and is
in good standing under the laws of the State of Connecticut and is fully
authorized to enter into this Agreement and carry out its duties and
obligations hereunder.
2. Registration. The Adviser is registered as an investment adviser with
the Securities and Exchange Commission ("the Commission") under the Advisers
Act, and is registered or licensed as an investment adviser under the laws
of all jurisdictions in which its activities require it to be so registered
or licensed. The Adviser shall maintain such registration or license in
effect at all times during the term of this Agreement.
3. Best Efforts. The Adviser at all times shall provide its best judgment
and effort to the Series in carrying out its obligations hereunder.
B. Representations and Warranties of the Series and the Fund,
The Fund, on behalf of the Series, hereby represents and warrants to the
Adviser as follows:
1. Due Incorporation and Organization. The Fund has been duly incorporated
under the laws of the State of Maryland and it is authorized to enter into
this Agreement and carry out its obligations hereunder.
2. Registration. The Fund is registered as an investment company with the
Commission under the 1940 Act and shares of the Series are registered or
qualified for offer and sale to the public under the Securities Act of 1933,
as amended (the "1933 Act") and all applicable state securities laws. Such
registrations or qualifications will be kept in effect during the term of
this Agreement.
IV. DELEGATION OF RESPONSIBILITIES
A. Appointment of Subadviser
Subject to the approval of the Board and the shareholders of the Series, the
Adviser may enter into a Subadvisory Agreement to engage a subadviser (the
"Subadviser") to the Adviser with respect to the Series.
B. Duties of Subadviser
Under a Subadvisory Agreement, the Subadviser may be delegated some or all
of the following duties of the Adviser:
1. determine which securities from which issuers shall be purchased, sold
or exchanged by the Series or otherwise represented in the Series'
investment portfolio, place trades for all such securities and regularly
report thereon to the Board;
2. formulate and implement continuing programs for the purchase and sale of
the securities of such issuers and regularly report thereon to the Board;
3. obtain and evaluate pertinent information about significant developments
and economic, statistical and financial data, domestic, foreign or
otherwise, whether affecting the economy generally, the Series, securities
held by or under consideration for the Series, or the issuers of those
securities;
4. provide economic research and securities analyses as the Adviser
considers necessary or advisable in connection with the Adviser's
performance of its duties hereunder;
5. give instructions to the custodian and/or sub-custodian of the Series
appointed by the Board, as to deliveries of securities, transfers of
currencies and payments of cash for the Series as required to carry out the
investment activities of the Series, in relation to the matters contemplated
by this Agreement; and
6. provide such financial support, administrative services and other duties
as the Adviser deems necessary and appropriate.
C. Duties of the Adviser
In the event the Adviser delegates certain responsibilities hereunder to a
Subadviser, the Adviser shall, among other things:
1. monitor the investment program maintained by the Subadviser for the
Series and the Subadviser's compliance program to ensure that the Series'
assets are invested in compliance with the Subadvisory Agreement and the
Series' investment objectives and policies as adopted by the Board and
described in the most current effective amendment of the registration
statement for the Series, as filed with the Commission under the Securities
Act of 1933, as amended, and the 1940 Act ("Registration Statement");
2. review all data and financial reports prepared by the Subadviser to
assure that they are in compliance with applicable requirements and meet the
provisions of applicable laws and regulations;
3. establish and maintain regular communications with the Subadviser to
share information it obtains with the Subadviser concerning the effect of
developments and data on the investment program maintained by the
Subadviser; and
4. oversee all matters relating to the offer and sale of the Series'
shares, the Fund's corporate governance, reports to the Board, contracts
with all third parties on behalf of the Series for services to the Series,
reports to regulatory authorities and compliance with all applicable rules
and regulations affecting the Series' operations.
V. BROKER-DEALER RELATIONSHIPS
A. Series Trades
The Adviser, at its own expense, shall place all orders for the purchase and
sale of portfolio securities for the Series with brokers or dealers selected
by the Adviser, which may include brokers or dealers affiliated with the
Adviser. The Adviser shall use its best efforts to seek to execute portfolio
transactions at prices that are advantageous to the Series and at commission
rates that are reasonable in relation to the benefits received.
B. Selection of Broker-Dealers
In selecting broker-dealers qualified to execute a particular transaction,
brokers or dealers may be selected who also provide brokerage and research
services (as those terms are defined in Section 28(e) of the Securities
Exchange Act of 1934) to the Series and/or the other accounts over which the
Adviser or its affiliates exercise investment discretion. The Adviser may
also select brokers or dealers to effect transactions for the Series who
provide payment for expenses of the Series. The Adviser is authorized to pay
a broker or dealer who provides sch brokerage and research services or
expenses, a commission for executing a protfolio transaction for the Series
that is in excess of the amount of commission another broker or dealer would
have charged for effecting that transaction if the Adviser determines in
good faith that such amount of commission is reasonable in relation to the
value of the brokerage and research services provided by such broker or
dealer and is paid in compliance with Section 28(e) or other rules and
regulations of the Commission. This determination may be viewed in terms of
either that particular transaction or the overall responsibilities that the
Adviser and its affiliates have with respect to accounts over which they
exercise investment discretion. The Board shall periodically review the
commissions paid by the Series to determine if the cimmissions paid over
representative periods of time were reasonable in relation to the benefits
received.
VI. CONTROL BY THE BOARD
Any investment program undertaken by the Adviser pursuant to this Agreement,
as well as any other activities undertaken by the Adviser on behalf of the
Series pursuant thereto, shall at all times be subject to any directives of
the Board.
VII. COMPLIANCE WITH APPLICABLE REQUIREMENTS
In carrying out its obligations under this Agreement, the Adviser shall at all
times conform to:
1. all applicable provisions of the 1940 Act;
2. the provisions of the registration statement of the Fund, as the same may be
amended from time to time, under the 1933 Act and the 1940 Act;
3. the provisions of the Fund's Articles of Incorporation, as amended;
4. the provisions of the Bylaws of the Fund, as amended; and
5. any other applicable provisions of state and federal law.
VIII. COMPENSATION
For the services to be rendered, the facilities furnished and the expenses
assumed by the Adviser, the Fund, on behalf of the Series, shall pay to the
Adviser an annual fee, payable monthly, based upon the following average
daily net assets of the Series:
Rate
Assets
0.45% On first $250 MM
0.45% On next $250 MM
0.425% On next $250 MM
0.40% On next $250 MM
0.40% On next $1 B
0.375% Over $2 B
Except as hereinafter set forth, compensation under this Agreement shall be
calculated and accrued daily at the rate of 1/365 of the annual advisory fee
applied to the daily net assets of the Series. If this Agreement becomes
effective subsequent to the first day of a month or terminates before the
last day of a month, compensation for that part of the month this Agreement
is in effect shall be prorated in a manner consistent with the calculation of
the fees set forth above. Subject to the provisions of Section X hereof,
payment of the Adviser's compensation for the preceding month shall be made as
promptly as possible. For so ling as a Subadvisory Agreement is in effect, the
Series acknowledges on behalf of the Series that the Adviser will pay to the
Subadviser, as compensation for acting as Subadviser to the Series, the fees
specified in the Subadvisory Agreement.
IX. EXPENSES
The expenses in connection with the management of the Series shall be allocated
between the Series and the Adviser as follows:
A. Expenses of the Adviser
The Adviser shall pay:
1. the salaries, employment benefits and other related costs and expenses
of those of its personnel engaged in providing investment advice to the
Series, including without limitation, office space, office equipment,
telephone and postage costs;
2. all fees and expenses of all directors, officers and employees, if any,
of the Fund who are employees of the Adviser or an affiliated entity,
including any salaries and employment benefits payable to those persons;
B. Expenses of the Series
he Series shall pay:
1. investment advisory fees pursuant to this Agreement;
2. brokers' commissions, issue and transfer taxes or other transaction fees
payable in connection with any transactions in the securities in the Series'
investment portfolio or other investment transactions incurred in managing
the Series' assets, including portions of commissions that may be paid to
reflect brokerage research services provided to the Adviser;
3. fees and expenses of the Series' independent accountants and legal
counsel and the independent Directors' legal counsel;
4. fees and expenses of any administrator, transfer agent, custodian,
dividend, accounting, pricing or disbursing agent of the Series;
5. interest and taxes;
6. fees and expenses of any membership in the Investment Company Institute
or any similar organization in which the Board deems it advisable for the
Fund to maintain membership;
7. insurance premiums on property or personnel (including officers and
directors) of the Fund which benefit the Series;
8. all fees and expenses of the Company's directors, who are not
"interested persons" (as defined in the 1940 Act) of the Fund or the Adviser;
9. expenses of preparing, printing and distributing proxies,
proxy statements, prospectuses and reports to shareholders of the Series,
except for those expenses paid by third parties in connection with the
distribution of Series shares and all costs and expenses of shareholders'
meetings;
10. all expenses incident to the payment of any dividend, distribution,
withdrawal or redemption, whether in shares of the Series or in cash;
11. costs and expenses of promoting the sale of shares in the Series,
including preparing prospectuses and reports to shareholders of the Series,
provided, nothing in this Agreement shall prevent the charging of such
costs to third parties involved in the distribution and sale of Series shares;
12. fees payable by the Series to the Commission or to any state securities
regulator or other regulatory authority for the registration of shares of
the Series in any state or territory of the United States or of the
District of Columbia;
13. all costs attributable to investor services, administering shareholder
accounts and handling shareholder relations, (including, without limitation,
telephone and personnel expenses), which costs may also be charged to third
parties by the Adviser; and
14. any other ordinary, routine expenses incurred in the management of the
Series' assets, and any nonrecurring or extraordinary expenses, including
organizational expenses, litigation affecting the Series and any
indemnification by the Fund of its officers, directors or agents.
X. EXPENSE LIMITATION
If, for any fiscal year, the total of all ordinary business expenses payable
by the Series, including all investment advisory fees but excluding brokerage
commissions, distribution fees, taxes, interest and extraordinary expenses
and certain other excludable expenses, would exceed the most restrictive
expense limits imposed by any statute or regulatory authority of any
jurisdiction in which shares of the Series are offered for sale (unless a
waiver is obtained), the Adviser shall reduce its advisory fee to the extent
necessary to meet such expense limit, but the Adviser will not be required to
reimburse the Series for any ordinary business expenses which exceed the amount
of its advisory fee for such fiscal year. The amount of any such reduction
is to be borne by the Adviser and shall be deducted from the monthly advisory
fee otherwise payable to the Adviser during such fiscal year. For the
purposes of this paragraph, the term "fiscal year" shall exclude the portion
of the current fiscal year which shall have elapsed prior to the date hereof
and shall include the portion of the then current fiscal year which shall
have elapsed at the date of termination of this Agreement.
XI. ADDITIONAL SERVICES
Upon the request of the Board, the Adviser may perform certain accounting,
shareholder servicing or other administrative services on behalf of the
Series that are not required by this Agreement. Such services will be
performed on behalf of the Series and the Adviser may receive from the Series
such reimbursement for costs or reasonable compensation for such services as
may be agreed upon between the Adviser and the Board on a finding by the
Board that the provision of such services by the Adviser is in the best
interests of the Series and its shareholders. Payment or assumption by the
Adviser of any Series expense that the Adviser is not otherwise required to pay
or assume under this Agreement shall not relieve the Adviser of any of its
obligations to the Series nor obligate the Adiver to pay or assume any similar
Series expnese on any subsequent occasions. Such services may include, but are
not limited to, (a)the services of a principal financial officer of the Fund
(including applicable office space, facilities and equipment) whose normal
duties consist of maintaining the financial accounts and books and records of
the Fund and the Series and the services (including applicable office space,
facilities and equipment) of any of the personnel operating under the direction
of such principal financial officer;
(b) the services of staff to respond to shareholder inquiries concerning the
status of their accounts, providing assistance to shareholders in exchanges
among the investment companies managed or advised by the Adviser, changing
account designations or changing addresses, assisting in the purchase or
redemption of shares; or otherwise providing services to shareholders of the
Series; and (c) such other administrative services as may be furnished from
time to time by the Adviser to the Fund on the Series at the request of the
Board.
XII. NONEXCLUSIVITY
The services of the Adviser to the Series are not to be deemed to be
exclusive, and the Adviser shall be free to render investment advisory or
other services to others (including other investment companies) and to engage
in other activities, so long as its services under this Agreement are not
impaired thereby. It is understood and agreed that officers and directors of
the Adviser may serve as officers or directors of the Fund, and that officers
or directors of the Fund may serve as officers or directors of the Adviser
are not prohibited from engaging in any other business activity or from
rendering services to any other person, or from serving as partners,
officers, directors or trustees of any other firm or trust, including other
investment companies.
XIII. TERM
This Agreement shall become effective at the close of business on September 24,
1996, and shall remain in force and effect through December 31, 1997, unless
earlier terminated under the provisions of Article XI.
XIV. RENEWAL
Following the expiration of its initial term, the Agreement shall continue in
force and effect from year to year, provided that such continuance is
specifically approved at least annually:
1. (a) by the Board or
(b) by the 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 affirmative vote of a majority of the directors who are not
parties to this Agreement or interested persons of a party to this Agreement
or interested persons of a party to this Agreement (other than as a director
of the Fund), by votes cast in person at a meeting specifically called for
such purpose.
XV. TERMINATION
This Agreement may be terminated at any time, without the payment of any
penalty, by vote of the Board or by vote of a majority of the Series'
outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act)
or by the Adviser, on sixty (60) days' written notice to the other party. The
notice provided for herein may be waived by the party required to be notified.
This Agreement shall automatically terminate in the event of its "assignment",
as that term is defined in Section 2(a)(4) of the 1940 Act.
XVI. LIABILITY
The Adviser shall be liable to the Fund and shall indemnify the Fund for any
losses incurred by the Fund, whether in the purchase, holding or sale of any
security or otherwise, to the extent that such losses resulted from an act or
omission on the part of the Adviser or its officers, directors or employees,
that is found to involve willful misfeasance, bad faith or negligence, or
reckless disregard by the Adviser of its duties under this Agreement, in
connection with the services rendered by the Adviser hereunder.
XVII. NOTICES
Any notices under this Agreement shall be in writing, addressed and
delivered, mailed postage paid, or sent by other delivery service, or by
facsimile transmission to each party at such address as each party may
designate for the receipt of notice. Until further notice, such addresses
shall be:
if to the Fund, the Series or the Adviser:
151 Farmington Avenue, RE4C
Hartford, Connecticut 06156
Fax number: 860/273-8340
XVIII. QUESTIONS OF INTERPRETATION
This Agreement shall be governed by the laws of the State of Connecticut. Any
question of interpretation of any term or provision of this Agreement having
a counterpart in or otherwise derived from a term or provision of the 1940
Act shall be resolved by reference to such term or provision of the 1940 Act
and to interpretations thereof, if any, by the United States Courts or, in
the absence of any controlling decision of any such court, by rules,
regulations or orders of the Commission issued pursuant to the 1940 Act. In
addition, where the effect of a requirement of the 1940 Act reflected in the
provisions of this Agreement is revised by rule, regulation or order of the
Commission, such provisions shall be deemed to incorporate the effect of such
rule, regulation or order.
XIX. SERVICE MARK
The service mark of the Fund and the Series and the name "Aetna" have been
adopted by the Fund with the permission of Aetna Life and Casualty Company
and their continued use is subject to the right of Aetna Life and Casualty
Company to withdraw this permission in the event the Adviser or another
subsidiary or affiliated corporation of Aetna Life and Casualty Company
should not be the investment adviser of the Series.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed in duplicate by their respective officers as of the 25th day of
September, 1996.
Aetna Life Insurance and Annuity Company
By: /s/ Susan E. Schechter
Name: Susan E. Schechter
Attest: /s/ DeAnn S. Anastasio Title: Corporate Secretary
Assistant Secretary
Aetna Series Fund, Inc.
on behalf of its series,
Aetna Index Plus Fund
By: /s/ Shaun P. Mathews
Attest: /s/ Susan E. Bryant Name: Shaun P.Mathews
Secretary Title: President
2KXC68.DOC
