As filed with the Securities and Exchange File No. 33-41694
Commission on September 30, 1998 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. 28
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 38
AETNA SERIES FUND, INC.
-----------------------
242 Trumbull Street ALT5, Hartford, Connecticut 06103-1205
----------------------------------------------------------
(860) 275-2032
Amy R. Doberman, Counsel
Aeltus Investment Management, Inc.
242 Trumbull Street ALT5, Hartford, Connecticut 06103-1205
----------------------------------------------------------
(Name and Address of Agent for Service)
- --------------------------------------------------------------------------------
It is proposed that this filing will become effective:
[X] on October 1, 1998 pursuant to paragraph (b)
<PAGE>
Aetna Series Fund, Inc.
Cross-Reference Sheet
<TABLE>
<CAPTION>
CAPTION IN CLASS A AND
FORM N-1A PART A CLASS C PROSPECTUS
ITEM NO.
<S> <C> <C>
1. Cover Page................................................ Cover Page
2. Synopsis.................................................. Highlights
Fee Tables
3. Condensed Financial Information........................... Financial Highlights
4. General Description of Registrant......................... Highlights
Description of the Fund
Risk Factors and Other
Considerations
Concentration
General Information
5. Management of the Fund Performance
Management
Portfolio Management
5A. Management's Discussion of Fund Performance............... Not Applicable
6. Capital Stock and Other Securities........................ Shareholder Services and Other
Features
Distributions
Taxes
General Information
7. Purchase of Securities Being Offered...................... Net Asset Value
How to Open an Account
How to Purchase Shares
Fees and Charges
Shareholder Services and Other
Features
Cross Investing
8. Redemption or Repurchase ................................. Fees and Charges
How to Redeem Shares
Shareholder Services and Other
Features
9. Pending Legal Proceedings ................................ Not applicable
</TABLE>
<PAGE>
Aetna Series Fund, Inc.
Cross-Reference Sheet
<TABLE>
<CAPTION>
FORM N-1A CAPTION IN STATEMENT OF
ITEM NO. PART B ADDITIONAL INFORMATION
<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
15. Control Persons and Principal Holders of
Securities................................................ Control Persons and Principal
Shareholders
16. Investment Advisory and Other Services.................... The Investment Advisory Agreements
The Administrative Services Agreement
The License Agreement
Custodian
Independent Auditors
Distribution Arrangements
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 Offered............................................. Distribution and Shareholder Servicing
Arrangements
Letter of Intent
Right of Accumulation/Cumulative
Quantity Discount
Net Asset Value
Purchase and Redemption of Shares
20. Tax Status................................................ Tax Status
21. Underwriters.............................................. Principal Underwriter
Distribution and Shareholder Servicing
Arrangements
22. Calculation of Performance Data........................... Performance Information
23. Financial Statements...................................... Financial Statements
</TABLE>
<PAGE>
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>
PART A and B
The Class A and Class C Prospectus and the Class I Prospectus are incorporated
into Part A of this Post-Effective Amendment No. 28 by reference to the Fund's
filing under Rule 497(j) under the Securities Act of 1933 ("1933 Act"), as filed
electronically on July 1, 1998 (Accession No. 0000950146-98-001139). The
Statement of Additional Information is incorporated into Part B of this
Post-Effective Amendment No. 28 by reference to the Fund's filing under Rule
497(j) under the 1933 Act, as filed electronically on July 1, 1998 (Accession
No. 0000950146-98-001139).
<PAGE>
AETNA SERIES FUND, INC.
Classes A and C
Supplement dated October 1, 1998
The information in this Supplement for Aetna Series Fund, Inc. (Fund) updates
and amends the information contained in the Class A and Class C Prospectus
dated June 30, 1998. This Supplement supercedes all supplements previously
issued and should be read with the Prospectus. Capitalized terms not defined
herein are used as defined in the Prospectus.
The following replaces the first sentence of the section entitled "Risk Factors
and Other Considerations--Illiquid and Restricted Securities" on page 25:
Each Series may invest up to 15% of its total assets in illiquid securities
(10% in the case of the Index Plus Funds and Money Market).
The following replaces the last sentence of the section entitled "Risk Factors
and Other Considerations--Derivatives" on page 25:
Each Series may invest up to 30% of its assets in lower risk derivatives for
hedging or to gain additional exposure to certain markets for investment
purposes while maintaining liquidity to meet shareholder redemptions and
minimizing trading costs. Forward exchange contracts are not subject to this
30% limitation.
The following replaces the sections entitled "Performance--Private Account
Performance" and "Performance--Private Account Composite Performance
(Unaudited)" on pages 27 and 28:
Private Account Performance Index Plus Large Cap, Index Plus Bond, High Yield
and Value Opportunity are recently organized and do not yet have long-term
performance records. However, Index Plus Large Cap, Index Plus Bond, High Yield
and Value Opportunity have investment objectives, policies and strategies
substantially similar to those employed by Aeltus with respect to certain
Private Accounts. Thus, the performance of these Private Accounts is deemed
relevant to the investor. The performance of Index Plus Large Cap, Index Plus
Bond, High Yield and Value Opportunity may vary from the Private Account
composite performance because their investments will vary over time and will
not be identical to the past portfolio investments of the Private Accounts.
Moreover, the Private Accounts, unlike the Series, are not subject to certain
investment limitations, diversification requirements and other restrictions
imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended,
which, if applicable, could have adversely affected the Private Accounts'
performance.
The Private Account Performance data, shown below, was calculated in accordance
with recommended standards of the Association for Investment Management and
Research (AIMR). AIMR is a non-profit membership and educational organization
that, among other things, has formulated a set of performance presentation
standards for investment advisers.
All Private Account Performance data was calculated on a total return basis and
includes all dividends and interest, accrued income and realized and unrealized
gains and losses. The results also reflect the reinvestment of dividends and
distributions. All returns reflect the deduction of investment advisory fees
and brokerage commissions paid by Aeltus' Private Accounts, but do not reflect
the deduction of custodial fees. Cash and cash equivalents are included in
performance returns. The historical fees and expenses paid by the Private
Accounts are significantly lower than those paid by the Series. Had Series
level expenses been charged to the Private Accounts, performance would have
been lower.
The following table shows average annual total returns for the periods ended
June 30, 1998 for the Series, the comparable Private Accounts and their
respective benchmark indices. Investors should not consider the performance of
the Private Accounts as an indication of the future performance of the Series.
Private Account Composite and Fund Performance (Unaudited)
INDEX PLUS LARGE CAP
<TABLE>
<S> <C> <C>
1 Year 5 Years
Index Plus Large Cap, Class A (assuming payment
of maximum front-end sales load)(1) 27.19% N/A
Index Plus Large Cap, Class A (without payment of
front-end sales load)(1) 31.13% N/A
Index Plus Large Cap Composite 32.68% 24.41%
S&P 500 Stock Index 30.16% 23.08%
</TABLE>
<PAGE>
INDEX PLUS BOND
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Index Plus Bond, Class A (assuming payment of
maximum front-end sales load)(2) N/A N/A N/A
Index Plus Bond, Class A (without payment of
front-end sales load)(2) N/A N/A N/A
Index Plus Bond Composite 10.28% 7.05% 9.15%
LBAB Index 10.54% 6.88% 9.07%
HIGH YIELD
<CAPTION>
1 Year
High Yield, Class A (assuming payment of
maximum front-end sales load)(3) N/A
High Yield, Class A (without payment of front-end
sales load)(3) N/A
High Yield Account 19.25%
Merrill Lynch High Yield Index 11.40%
VALUE OPPORTUNITY
<CAPTION>
1 Year 5 Years
Value Opportunity, Class A (assuming payment of
maximum front-end sales load)(4) N/A N/A
Value Opportunity, Class A (without payment of
front-end sales load)(4) N/A N/A
Value Opportunity Composite 19.92% 21.57%
S&P 500 Stock Index 30.16% 23.08%
</TABLE>
(1) Through June 30, 1998, the since inception (December 10, 1996) average
annual returns of Index Plus Large Cap, Class A (assuming payment of maximum
front-end sales load) and Index Plus Large Cap, Class A (without payment of
front-end sales load) were 30.79% and 33.38%, respectively. Class A shares
(formerly Adviser Class) commenced offering on February 2, 1998. For periods
prior to the Class A inception date, Class A performance is calculated by using
the performance of Class I (formerly Select Class) shares and deducting the
Class A front-end sales load and internal fees and expenses of the Adviser
Class.
(2) Through June 30, 1998, the since inception (February 4, 1998) performance
(not annualized) of Index Plus Bond, Class A (assuming payment of maximum
front-end sales load) and Index Plus Bond, Class A (without payment of front-end
sales load) was -0.70% and 2.37%, respectively.
(3) Through June 30, 1998, the since inception (February 2, 1998) performance
(not annualized) of High Yield, Class A (assuming payment of maximum front-end
sales load) and High Yield, Class A (without payment of front-end sales load)
was -1.17 and 3.76%, respectively.
(4) Through June 30, 1998, the since inception (February 2, 1998) performance
(not annualized) of Value Opportunity, Class A (assuming payment of maximum
front-end sales load) and Value Opportunity, Class A (without payment of
front-end sales load) was 3.68% and 10.00%, respectively.
The following replaces the section entitled "How To Purchase Shares--Purchase
by Wire" on page 29:
Purchase by Wire Once you are a shareholder of a Series, you may purchase
additional shares through a wire transfer. Federal funds wire purchase orders
will be accepted only when the Transfer Agent and custodian bank are open for
business. Please instruct your bank to use the following instructions when
wiring funds:
<TABLE>
<S> <C>
Wire to: Boston Safe Deposit & Trust Company
ABA # 011001234
Credit to: Boston Safe Deposit & Trust Company
Account # 176656
Further Credit to: Name of Series
Shareholder Account Number
Shareholder Registration
</TABLE>
Please call 1-800-367-7732 prior to sending the wire in order to obtain a
confirmation number and to ensure prompt and accurate handling of funds.
Neither the Fund nor the Transfer Agent is responsible for the consequences of
delays resulting from the banking or Federal Reserve wire system or from
incomplete instructions.
2
<PAGE>
The following replaces the table in the section entitled "How to Purchase
Shares--Purchasing Class A Shares - II. Income Funds" on page 31:
<TABLE>
<CAPTION>
Amount of sales
Sales charge as charge reallowed
a percentage of: to dealers as a
------------------------------ percentage of
Amount of transaction Net Offering offering
at offering price ($) amount invested price price
- ----------------------------- ----------------- ---------- -----------------
<S> <C> <C> <C>
Under 50,000 4.99% 4.75% 4.00%
50,000 but under 100,000 4.71 4.50 3.75
100,000 but under 250,000 3.63 3.50 2.75
250,000 but under 500,000 2.56 2.50 2.00
500,000 but under 1,000,000 2.04 2.00 1.75
</TABLE>
The following replaces the table in the section entitled "How to Purchase
Shares--Purchasing Class A Shares - III. Index Plus Funds" on page 31:
<TABLE>
<CAPTION>
Amount of sales
Sales charge as charge reallowed
a percentage of: to dealers as a
------------------------------ percentage of
Amount of transaction Net Offering offering
at offering price ($) amount invested price price
- ----------------------------- ----------------- ---------- -----------------
<S> <C> <C> <C>
Under 50,000 3.09% 3.00% 2.50%
50,000 but under 100,000 2.56 2.50 2.00
100,000 but under 250,000 2.04 2.00 1.50
250,000 but under 500,000 1.52 1.50 1.25
500,000 but under 1,000,000 1.01 1.00 0.75
</TABLE>
The following new information is added prior to the section entitled
"Management--Administrator" on page 38:
Subadviser Effective October 1, 1998, Bradley, Foster & Sargent, Inc. (Bradley)
has been appointed subadviser to Value Opportunity pursuant to an agreement
entered into by Aeltus, the Fund on behalf of Value Opportunity, and Bradley.
Bradley is a Connecticut corporation organized in 1993, with its primary office
located at City Place II--185 Asylum Street, Hartford, Connecticut 06103, and
is registered with the SEC as an investment adviser. While Bradley has not
previously served as an investment adviser or subadviser to a mutual fund, it
does manage private client assets as well as 401(k), profit sharing and other
retirement plan assets. As of June 1, 1998, Bradley managed in excess of $350
million.
The Subadvisory Agreement gives Bradley broad latitude to select securities for
Value Opportunity consistent with the investment objective and policies of the
Series, and subject to Aeltus' oversight. The Agreement contemplates that
Bradley will be responsible only for making and communicating investment
decisions. Aeltus will remain responsible for all other aspects of managing and
administering Value Opportunity, including trade execution.
The Subadvisory Agreement for Value Opportunity provides that, for the duration
of the Agreement, Aeltus will pay Bradley a subadvisory fee, to be paid monthly
at an annual rate of 0.15% of the Series' average daily net assets on the first
$250 million of assets, and 0.10% of the Series' average daily net assets on
assets above $250 million.
The following replaces the section entitled "Portfolio Management--Value
Opportunity" on page 39:
Value Opportunity Peter Canoni, Principal, Bradley, Foster & Sargent, Inc., has
been managing the Fund since October 1, 1998. Before joining Bradley, Mr.
Canoni was a Managing Director of Aeltus and the portfolio manager of Value
Opportunity from its inception in February 1998 through August 3, 1998. Mr.
Canoni had been with the Aetna organization since 1980 and has over 26 years of
investment experience.
The following replaces the section entitled "Portfolio Management--Balanced" on
page 39:
Balanced Geoffrey A. Brod, Vice President, Aeltus, has been managing large cap
stocks for the Fund since August 1998. He has over 30 years of experience in
quantitative applications and has over 10 years of experience in equity
investments. Mr. Brod has been with the Aetna organization since 1966.
3
<PAGE>
Carl Baker, Vice President, Aeltus, has been managing fixed income securities
for the Fund since August 1998. He manages fixed-income portfolios at Aeltus,
employing different strategies. Mr. Baker joined Aeltus in 1987.
Richard DiChillo, Vice President, Aeltus, has been managing small cap stocks
for the Fund since August 1998. He has over 16 years of experience in security
analysis and portfolio management. Mr. DiChillo has been with the Aetna
organization since 1977.
The following replaces the section entitled "Portfolio Management--Bond Fund
and Money Market" on page 39:
Bond Fund Steven C. Huber, Managing Director, Aeltus, has been managing the
Fund since August 1998. Mr. Huber joined Aetna in 1987 as a quantitative
analyst and has been managing fixed income portfolios since 1989.
Money Market Jeanne Wong-Boehm, Managing Director, Aeltus, has been managing
Money Market since January 1992. Ms. Wong-Boehm joined Aetna in 1983 as a fixed
income portfolio analyst and in 1989 she was assigned primary responsibility
for the money market operations.
The following replaces the section entitled "Portfolio Management--Ascent Fund,
Crossroads Fund, Legacy Fund--Jeanne Wong-Boehm" on page 40:
Carl Baker, Vice President, Aeltus, has been managing U.S. Dollar Bonds for the
Funds since August 1998. Mr. Baker joined Aeltus in 1987 and manages
fixed-income portfolios at Aeltus, employing different strategies.
Jeanne Wong-Boehm, Managing Director, Aeltus, has been managing money market
investments for the Funds since their inception. Ms. Wong-Boehm joined Aetna in
1983 as a fixed income portfolio analyst and in 1989 she was assigned primary
responsibility for the money market operations.
4
<PAGE>
This Page Intentionally Left Blank.
5
<PAGE>
The following financial information replaces the section entitled "Financial
Highlights" on pages 12 through 17:
FINANCIAL HIGHLIGHTS
The selected data presented below for the periods ended October 31, 1997 are
obtained from the financial statements of Aetna Series Fund, Inc., which have
been audited by KPMG Peat Marwick LLP, independent auditors. The selected data
presented below for the periods ended April 30, 1998 have been taken from the
records of the Series, which are unaudited.
Additional information about the performance of each Series included in the
tables is contained in the Fund's Annual and Semi-Annual Reports dated October
31, 1997 and April 30, 1998, respectively. The Fund's Annual Reports, the
Independent Auditors' Reports thereon, and the Fund's Semi-Annual Reports are
incorporated herein by reference and are available, without charge, by writing
to the Fund at the address listed on the cover of this Prospectus or by calling
1-800-238-6263.
<TABLE>
<CAPTION>
Growth
---------------------------------------------------------------------------------------
Six month Period from
period ended April 15,
April 30, Year ended Year ended Year ended 1994 to
1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) 1997 1996 1995 1994
------------------ ------------- ------------- ------------- ------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $16.76 $14.17 $13.63 $10.74 $10.26
------- ------- ------- ------- ---------
Income From Investment
Operations:
Net investment income (0.04) (0.11) (0.08) (0.06) (0.02)
Net realized and change in
unrealized gain
or loss on investments 2.92 3.84 2.38 3.00 0.50
--------- -------- -------- ------- ---------
Total from investment operations 2.88 3.73 2.30 2.94 0.48
--------- -------- -------- ------- ---------
Less Distributions:
From net investment income -- -- -- (0.05) --
From net realized gains on
investments (2.40) (1.14) (1.76) -- --
--------- -------- -------- ------- ---------
Total distributions (2.40) (1.14) (1.76) (0.05) --
--------- -------- -------- ------- ---------
Net asset value, end of period $17.24 $16.76 $14.17 $13.63 $10.74
========= ======== ======== ======= =========
Total Return (does not reflect
applicable sales charges) 20.42% 28.05% 18.97% 27.92% 4.58%
Net assets, end of period (000's) $11,484 $8,647 $4,615 $1,727 $417
Ratio of total expenses to average
net assets 1.45%(1) 1.92% 2.03% 2.03% 1.72%(1)
Ratio of net investment income to
average net assets (0.50)%(1) (0.67)% (0.59)% (0.47)% (0.25)%(1)
Ratio of net expense before
reimbursement and waiver to
average net assets 1.45%(1) 1.92% 2.03% 2.14% 2.17%(1)
Ratio of net investment income
before reimbursement and
waiver to average net assets (0.50)%(1) (0.67)% (0.59)% (0.58)% (0.71)%(1)
Portfolio turnover rate 75.15% 141.07% 144.19% 171.75% 120.32%
Average commission rate paid per
share on equity securities traded $0.0577 $0.0605 $0.0598 -- --
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
6
<PAGE>
<TABLE>
<CAPTION>
International Mid Cap
- ---------------------------------------------------------------------------------------- ------------------
Six month Period from Period from
period ended April 15, Feb. 4, 1998
April 30, Year ended Year ended Year ended 1994 to to April 30,
1998 October 31, October 31, October 31, Oct. 31, 1998
(Unaudited) 1997 1996 1995 1994 (Unaudited)
- --------------------- ------------- ------------- ------------- ---------------- ------------------
<S> <C> <C> <C> <C> <C>
$13.57 $11.77 $10.59 $11.51 $11.24 $10.00
---------- ------- ------- ------- -------- -------
(0.03) (0.07) (0.05) 0.03 0.01 (0.01)
2.31 2.88 1.57 (0.20) 0.26 1.42
------------ -------- -------- ------- -------- ---------
2.28 2.81 1.52 (0.17) 0.27 1.41
------------ -------- -------- ------- -------- ---------
(0.31) (0.12) (0.08) (0.27) -- --
(2.46) (0.89) (0.26) (0.48) -- --
------------ -------- -------- ------- -------- ---------
(2.77) (1.01) (0.34) (0.75) -- --
------------ -------- -------- ------- -------- ---------
$13.08 $13.57 $11.77 $10.59 $11.51 $11.41
============ ======== ======== ======= ======== =========
21.36% 25.07% 14.67% (0.81)% 2.40% 14.10%
$19,590 $19,063 $22,893 $26,464 $26,647 $117
2.02%(1) 2.47% 2.94% 2.12% 2.27%(1) 1.40%(1)
(0.51)%(1) (0.57)% (0.42)% 0.27% 0.17%(1) (0.34)%(1)
2.11%(1) 2.47% 2.94% 2.25% 2.41%(1) 3.76%(1)
(0.60)%(1) (0.57)% (0.42)% 0.14% 0.02%(1) (2.70)%(1)
75.53% 194.41% 135.92% 32.91% 81.67% 27.53%
$0.0181 $0.0115 $0.0178 -- -- $0.0353
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
Small Company
---------------------------------------------------------------------------------------
Six month Period from
period ended April 15,
April 30, Year ended Year ended Year ended 1994 to
1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) 1997 1996 1995 1994
------------------ ------------- ------------- ------------- ------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $15.20 $14.42 $13.39 $10.35 $10.24
------- ------- ------- ------ ------
Income From Investment
Operations:
Net investment income -- (0.16) (0.18) (0.11) (0.04)
Net realized and change in
unrealized gain
or loss on investments 1.76 4.36 2.62 3.15 0.15
------- ------- ------- ------ ------
Total from investment operations 1.76 4.20 2.44 3.04 0.11
------- ------- ------- ------ ------
Less Distributions:
From net investment income -- -- -- -- --
From net realized gains on
investments (4.22) (3.42) (1.41) -- --
------- ------- ------- ------ ------
Total distributions (4.22) (3.42) (1.41) -- --
------- ------- ------- ------ ------
Net asset value, end of period $12.74 $15.20 $14.42 $13.39 $10.35
======= ======= ======= ====== ======
Total Return (does not reflect
applicable sales charges) 15.72% 36.73% 19.02% 29.44% 0.98%
Net assets, end of period (000's) $9,833 $7,077 $3,884 $1,285 $205
Ratio of total expenses to average
net assets 1.80%(1) 2.33% 2.20% 2.23% 1.78%(1)
Ratio of net investment income to
average net assets (0.22)%(1) (1.17)% (1.26)% (0.89)% (0.72)%(1)
Ratio of net expense before
reimbursement and waiver to
average net assets 1.83%(1) 2.33% 2.20% 2.30% 2.14%(1)
Ratio of net investment income
before reimbursement and
waiver to average net assets (0.25)%(1) (1.17)% (1.26)% (0.97)% (1.07)%(1)
Portfolio turnover rate 99.10% 150.43% 163.21% 156.43% 116.28%
Average commission rate paid per
share on equity securities traded $0.0536 $0.0575 $0.0575 -- --
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
8
<PAGE>
<TABLE>
<CAPTION>
Value
Opportunity Balanced
- -------------------- -----------------------------------------------------------------------------------
Period from Six month Period from
Feb. 2, 1998 period ended April 15,
to April 30, April 30, Year ended Year ended Year ended 1994 to
1998 1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) (Unaudited) 1997 1996 1995 1994
- -------------------- ---------------- ------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
$10.00 $14.05 $13.49 $12.34 $10.62 $10.54
---------- ------- ------- ------- ------- --------
-- 0.14 0.23 0.20 0.23 0.19
1.32 1.41 2.03 1.79 1.91 --
---------- ------- ------- ------- ------- --------
1.32 1.55 2.26 1.99 2.14 0.19
---------- ------- ------- ------- ------- --------
-- (0.12) (0.20) (0.27) (0.42) (0.11)
-- (2.28) (1.50) (0.57) -- --
---------- ------- --------- --------- -------- --------
-- (2.40) (1.70) (0.84) (0.42) (0.11)
---------- ------- --------- --------- -------- --------
$11.32 $13.20 $14.05 $13.49 $12.34 $10.62
========== ======= ========= ========= ======== ========
13.20% 12.65% 18.64% 16.83% 18.32% 1.84%
$247 $7,785 $6,289 $3,783 $1,362 $26,396
1.35%(1) 1.56%(1) 1.99% 2.07% 2.04% 1.87%(1)
0.14%(1) 2.12%(1) 1.68% 1.60% 2.61% 1.90%(1)
3.64%(1) 1.56%(1) 1.99% 2.07% 2.07% 2.06%(1)
(2.15)%(1) 2.12%(1) 1.68% 1.60% 2.58% 1.67%(1)
69.12% 38.94% 116.69% 117.88% 129.05% 86.10%
$0.0446 $0.0413 $0.0493 $0.0557 -- --
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Growth and Income
-----------------------------------------------------------------------------------
Six month Period from
period ended April 15,
April 30, Year ended Year ended Year ended 1994 to
1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) 1997 1996 1995 1994
---------------- ------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $18.01 $15.69 $13.43 $11.08 $10.75
------- ------- ------- ------- --------
Income From Investment
Operations:
Net investment income 0.02 0.03 0.08 0.12 0.11
Net realized and change in
unrealized gain or loss on
investments 2.25 4.99 3.08 2.31 0.30
------- ------- ------- ------- --------
Total from investment operations 2.27 5.02 3.16 2.43 0.41
------- ------- ------- ------- --------
Less Distributions:
From net investment income (0.01) (0.10) (0.14) (0.08) (0.08)
From net realized gains on
investments (3.32) (2.60) (0.76) -- --
-------- --------- --------- -------- --------
Total distributions (3.33) (2.70) (0.90) (0.08) (0.08)
-------- --------- --------- -------- --------
Net asset value, end of period $16.95 $18.01 $15.69 $13.43 $11.08
======== ========= ========= ======== ========
Total Return (does not reflect
applicable sales charges) 15.00% 36.49% 24.70% 21.90% 3.71%
Net assets, end of period (000's) $22,216 $15,955 $6,638 $2,217 $5,740
Ratio of total expenses to average
net assets 1.34%(1) 1.75% 1.83% 1.84% 2.32%(1)
Ratio of net investment income to
average net assets 0.23%(1) 0.18% 0.55% 1.14% 1.74%(1)
Ratio of net expense before
reimbursement and waiver to
average net assets 1.34%(1) 1.75% 1.83% 1.84% 2.42%(1)
Ratio of net investment income
before reimbursement and
waiver to average net assets 0.23%(1) 0.18% 0.55% 1.14% 1.65%(1)
Portfolio turnover rate 80.31% 157.92% 106.09% 127.43% 54.13%
Average commission rate paid per
share on equity securities traded $0.0444 $0.0474 $0.0505 -- --
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
10
<PAGE>
<TABLE>
<CAPTION>
Real Estate Bond
- ------------------ -----------------------------------------------------------------------------------
Period from Six month Period from
Feb. 2, 1998 period ended April 15,
to April 30, April 30, Year ended Year ended Year ended 1994 to
1998 1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) (Unaudited) 1997 1996 1995 1994
- ------------------ ---------------- ------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
$10.00 $10.22 $10.09 $10.27 $9.58 $9.92
--------- -------- ------- ------- ------- --------
0.05 0.28 0.54 0.62 0.56 0.28
(0.40) 0.05 0.13 (0.20) 0.66 (0.35)
---------- -------- ------- -------- ------- --------
(0.35) 0.33 0.67 0.42 1.22 (0.07)
---------- -------- ------- -------- ------- --------
-- (0.30) (0.54) (0.60) (0.53) (0.27)
-- -- -- -- -- --
---------- -------- -------- -------- ------- --------
-- (0.30) (0.54) (0.60) (0.53) (0.27)
---------- -------- -------- -------- ------- --------
$9.65 $10.25 $10.22 $10.09 $10.27 $9.58
========== ======== ======== ======== ======= ========
(3.50)% 3.24% 6.89% 4.27% 13.28% (0.68)%
$110 $1,639 $1,006 $877 $7,340 $25,405
4.04%(1) 1.13%(1) 1.50% 1.50% 1.50% 1.49%(1)
2.05%(1) 5.54%(1) 5.32% 5.47% 5.91% 5.36%(1)
4.04%(1) 1.36%(1) 1.89% 1.91% 1.82% 1.81%(1)
2.05%(1) 5.31%(1) 4.93% 5.06% 5.60% 5.04%(1)
24.37% 64.85% 48.56% 42.33% 56.99% 51.80%
$0.0585 -- -- -- -- --
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
Aetna Government Fund
-----------------------------------------------------------------------------------
Six month Period from
period ended April 15,
April 30, Year ended Year ended Year ended 1994 to
1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) 1997 1996 1995 1994
---------------- ------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $9.99 $9.79 $10.00 $9.41 $9.67
-------- ------- ------- ------- --------
Income From Investment
Operations:
Net investment income 0.24 0.51 0.48 0.60 0.24
Net realized and change in
unrealized gain or loss on
investments 0.06 0.21 (0.13) 0.56 (0.24)
-------- ------- -------- ------- --------
Total from investment operations 0.30 0.72 0.35 1.16 --
-------- ------- -------- ------- --------
Less Distributions:
From net investment income (0.25) (0.52) (0.56) (0.57) (0.26)
-------- -------- -------- -------- --------
Total distributions (0.25) (0.52) (0.56) (0.57) (0.26)
-------- -------- -------- -------- --------
Net asset value, end of period $10.04 $9.99 $9.79 $10.00 $9.41
======== ======== ======== ======== ========
Total Return (does not reflect
applicable sales charges) 3.00% 7.67% 3.75% 12.60% (0.06)%
Net assets, end of period (000's) $527 $531 $526 $405 $151
Ratio of total expenses to average
net assets 1.11%(1) 1.45% 1.45% 1.51% 1.28%(1)
Ratio of net investment income to
average net assets 4.97%(1) 5.16% 4.96% 6.02% 4.68%(1)
Ratio of net expense before
reimbursement and waiver to
average net assets 1.85%(1) 2.45% 2.32% 2.11% 2.11%(1)
Ratio of net investment income
before reimbursement and
waiver to average net assets 4.23%(1) 4.16% 4.09% 5.42% 3.85%(1)
Portfolio turnover rate 126.92% 147.78% 50.48% 117.31% 43.63%
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
12
<PAGE>
<TABLE>
<CAPTION>
High Yield Money Market
- ------------------ -----------------------------------------------------------------------------------
Period from Six month Period from
Feb. 2, 1998 period ended April 15,
to April 30, April 30, Year ended Year ended Year ended 1994 to
1998 1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) (Unaudited) 1997 1996 1995 1994
- ------------------ ---------------- ------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
$10.00 $1.00 $1.00 $1.00 $1.00 $1.00
---------- -------- -------- ------- ------ --------
0.17 0.03 0.05 0.05 0.06 0.03
0.13 -- -- -- -- --
----------- -------- -------- -------- ------- --------
0.30 0.03 0.05 0.05 0.06 0.03
----------- -------- -------- -------- ------- --------
(0.17) (0.03) (0.05) (0.05) (0.06) (0.03)
----------- -------- -------- -------- ------- --------
(0.17) (0.03) (0.05) (0.05) (0.06) (0.03)
----------- -------- -------- -------- ------- --------
$10.13 $1.00 $1.00 $1.00 $1.00 $1.00
=========== ======== ======== ======== ======= ========
2.96% 2.63% 5.49% 5.44% 5.95% 2.41%
$117 $159,718 $156,530 $119,849 $78,726 $47,350
1.20%(1) 0.45%(1) 0.37% 0.30% 0.26% 0.21%(1)
6.99%(1) 5.30%(1) 5.31% 5.30% 5.79% 4.27%(1)
2.48%(1) 0.78%(1) 0.91% 0.93% 0.87% 0.92%(1)
5.71%(1) 4.97%(1) 4.77% 4.67% 5.19% 3.67%(1)
153.92% -- -- -- -- --
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
Index Plus Index Plus
Bond Index Plus Large Cap Mid Cap
---------------- --------------------------------------- ------------------
Period from Six month Period from Period from
Feb. 4, 1998 period ended Feb. 3, 1997 Feb. 3, 1998
to April 30, April 30, to to April 30,
1998 1998 October 31, 1998
(Unaudited) (Unaudited) 1997 (Unaudited)
---------------- ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $10.00 $12.36 $10.57 $10.00
-------- ------- ------- -------
Income From Investment Operations:
Net investment income 0.12 0.04 0.02 0.01
Net realized and change in unrealized
gain or loss on investments (0.05) 2.52 1.77 1.24
-------- ------- ------- -------
Total from investment operations 0.07 2.56 1.79 1.25
-------- ------- ------- -------
Less Distributions:
From net investment income (0.12) (0.09) -- --
From net realized gains on investments -- (1.22) -- --
-------- --------- --------- ---------
Total distributions (0.12) (1.31) -- --
-------- --------- --------- ---------
Net asset value, end of period $9.95 $13.61 $12.36 $11.25
======== ========= ========= =========
Total Return (does not reflect applicable
sales charges) 0.67% 22.28% 16.93% 12.50%
Net assets, end of period (000's) $110 $3,933 $1,833 $144
Ratio of total expenses to average net
assets 0.85%(1) 1.08%(1) 1.45%(1) 1.00%(1)
Ratio of net investment income to
average net assets 5.10%(1) 0.62%(1) 0.16%(1) 0.45%(1)
Ratio of net expense before
reimbursement and waiver to average
net assets 1.77%(1) 1.78%(1) 2.98%(1) 2.62%(1)
Ratio of net investment income before
reimbursement and waiver to average
net assets 4.18%(1) (0.08)%(1) (1.36)%(1) (1.17)%(1)
Portfolio turnover rate 0.37% 64.31% 82.31% 33.26%
Average commission rate paid per share
on equity securities traded -- $0.0387 $0.0382 $0.0402
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
Index Plus
Small Cap Ascent Crossroads Legacy
- -------------------- --------------------------------- --------------------------------- --------------------------------
Period from Six month Six month
Feb. 3, 1998 period ended Period from period ended Period from Six month Period from
to April 30, April 30, Jan. 20, April 30, Jan. 20, period ended Jan. 20,
1998 1998 1997 to Oct. 1998 1997 to Oct. April 30,1998 1997 to Oct.
(Unaudited) (Unaudited) 31, 1997 (Unaudited) 31, 1997 (Unaudited) 31, 1997
- -------------------- ---------------- ---------------- ---------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$10.00 $14.42 $12.50 $13.22 $11.67 $12.09 $11.01
------- ------- --------- ------- --------- ------- ---------
-- 0.10 0.15 0.14 0.30 0.15 0.29
1.18 1.17 1.77 0.94 1.25 0.62 0.79
-------- ------- --------- ------- --------- ------- ---------
1.18 1.27 1.92 1.08 1.55 0.77 1.08
-------- ------- --------- ------- --------- ------- ---------
-- (0.31) -- (0.32) -- (0.47) --
-- (2.76) -- (1.70) -- (1.62) --
-------- -------- --------- -------- --------- -------- ---------
-- (3.07) -- (2.02) -- (2.09) --
-------- -------- --------- -------- --------- -------- ---------
$11.18 $12.62 $14.42 $12.28 $13.22 $10.77 $12.09
======== ======== ========= ======== ========= ======== =========
11.80% 10.80% 15.36% 9.37% 13.28% 7.48% 9.81%
$171 $2,093 $886 $1,973 $547 $1,664 $481
1.00%(1) 1.59%(1) 2.08%(1) 1.58%(1) 2.11%(1) 1.60%(1) 2.21%(1)
0.03%(1) 1.58%(1) 1.11%(1) 2.22%(1) 1.64%(1) 2.84%(1) 2.39%(1)
2.61%(1) 1.75%(1) 2.35%(1) 1.76%(1) 2.41%(1) 1.98%(1) 2.50%(1)
(1.58)%(1) 1.42%(1) 0.83%(1) 2.04%(1) 1.34%(1) 2.46%(1) 2.10%(1)
25.16% 62.37% 162.80% 69.36% 161.75% 65.17% 158.71%
$0.0684 $0.0321 $0.0342 $0.0300 $0.0309 $0.0234 $0.0311
</TABLE>
4.18.19 October 1998
15
<PAGE>
AETNA SERIES FUND, INC.
Class I
Supplement dated October 1, 1998
The information in this Supplement for Aetna Series Fund, Inc. (Fund) updates
and amends the information contained in the Class I Prospectus dated February
2, 1998. This Supplement supercedes all supplements previously issued and
should be read with the Prospectus. Capitalized terms not defined herein are
used as defined in the Prospectus.
The following replaces the section entitled "Highlights--What is the Difference
Between Class I and Class A Shares?" on page 4:
What is the Difference Between the Various Classes of Shares? The shares of
each Series are divided into three classes. Class A and Class C shares are
shares that are offered to accounts not eligible to buy Class I shares. Class I
shares are shares that are offered to certain retirement plans; certain
registered investment advisers having an agreement with the Funds to invest a
minimum of $1 million within one year of initial purchase; employees and
retired employees of Aetna Inc. and its affiliates (including members of
employees' and retired persons' immediate families, board members and trustees,
and their immediate families); insurance companies (including separate
accounts); registered investment companies; shareholders holding Select Class
shares at the time such shares were redesignated as Class I shares, and their
immediate family members, as long as they maintain a shareholder account;
certain bank and independent trust companies investing on behalf of their
clients for which they charge trust and investment management fees; members of
the Board of Directors of the Fund (Board); NASD-registered representatives of
Aeltus Capital or any affiliated broker-dealer (including members of their
immediate families); and of such other groups as may be approved by the Fund's
Board from time to time.
The following replaces the section entitled "Highlights--What if I Have
Additional Questions?" on page 4:
What if I have Additional Questions? Shareholders enjoy a high level of
customer service. Please call 1-800-367-7732 if you have questions about your
account, you would like to initiate a transaction, or you would like to receive
an additional prospectus, application or information about the Fund.
The following replaces the sixth sentence of the first footnote in the Annual
Operating Expenses table on page 5:
Fee waiver/expense reimbursement arrangements are currently in effect for all
Series except Balanced, Growth and Income, and Growth.
The following information regarding Aetna Real Estate Securities Fund
supplements the table in the first footnote of the Annual Operating Expenses
table on page 5 (showing what operating expenses would have been without
certain fee waiver/expense reimbursement arrangements that were in place as of
the date of this Supplement):
<TABLE>
<CAPTION>
Management Fee Administrative Fee Other Expenses Total Operating Expenses
<S> <C> <C> <C> <C>
Real Estate 0.80% 0.10% 2.89% 3.79%
</TABLE>
The following replaces the last sentence of the section entitled "Fee Tables"
on page 6:
Additional information regarding the classes may be obtained by calling your
investment professional or 1-800-367-7732.
The following replaces the first sentence of the section entitled "Risk Factors
and Other Considerations--Illiquid and Restricted Securities" on page 22:
Each Series may invest up to 15% of its total assets in illiquid securities (10%
in the case of the Index Plus Funds and Money Market).
The following replaces the last sentence of the section entitled "Risk Factors
and Other Considerations--Derivatives" on page 22:
Each Series may invest up to 30% of its assets in lower risk derivatives for
hedging or to gain additional exposure to certain markets for investment
purposes while maintaining liquidity to meet shareholder redemptions and
minimizing trading costs. Forward exchange contracts are not subject to this
30% limitation.
1
<PAGE>
The following replaces the sections entitled "Performance--Private Account
Performance" and "Performance--Private Account Composite Performance" on pages
24 and 25:
Private Account Performance Index Plus Large Cap, Index Plus Bond, High Yield
and Value Opportunity are recently organized and do not yet have long-term
performance records. However, Index Plus Large Cap, Index Plus Bond, High Yield
and Value Opportunity have investment objectives, policies and strategies
substantially similar to those employed by Aeltus with respect to certain
Private Accounts. Thus, the performance information derived from these Private
Accounts is deemed relevant to the investor. The performance of Index Plus
Large Cap, Index Plus Bond, High Yield and Value Opportunity may vary from the
Private Account composite information because their investments will vary over
time and will not be identical to the past portfolio investments of the Private
Accounts. Moreover, the Private Accounts, unlike the Fund, are not subject to
certain investment limitations, diversification requirements and other
restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as
amended, which, if applicable, could have adversely affected the Private
Accounts' performance.
The Private Account Performance data, shown below, was calculated in accordance
with recommended standards of the Association for Investment Management and
Research (AIMR). AIMR is a non-profit membership and education organization
that, among other things, has formulated a set of performance presentation
standards for investment advisers.
All Private Account Performance data was calculated on a total return basis and
includes all dividends and interest, accrued income and realized and unrealized
gains and losses. The results also reflect the reinvestment of dividends and
distributions. All returns reflect the deduction of investment advisory fees
and brokerage commissions paid by Aeltus' Private Accounts, but do not reflect
the deduction of custodial fees. Cash and cash equivalents are included in
performance returns. The historical fees and expenses paid by the Private
Accounts are significantly lower than those paid by the Series. Had higher
expenses been charged to the Private Accounts performance would have been
lower.
The following table shows average annual total returns for the periods ended
June 30, 1998, for the Series, the comparable private accounts and their
respective benchmark indices. Investors should not consider the performance of
the Private Accounts as an indication of the future performance of the Series.
Private Account Composite and Fund Performance (Unaudited)
INDEX PLUS LARGE CAP
<TABLE>
<CAPTION>
1 Year 5 Years
<S> <C> <C>
Index Plus Large Cap (Class I)(1) 31.83% N/A
Index Plus Large Cap Composite 32.68% 24.41%
S&P 500 Stock Index 30.16% 23.08%
</TABLE>
INDEX PLUS BOND
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Index Plus Bond (Class I)(2) N/A N/A N/A
Index Plus Bond Composite 10.28% 7.05% 9.15%
LBAB Index 10.54% 6.88% 9.07%
</TABLE>
HIGH YIELD
<TABLE>
<CAPTION>
1 Year
<S> <C>
High Yield (Class I)(3) N/A
High Yield Account 19.25%
Merrill Lynch High Yield Index 11.40%
</TABLE>
VALUE OPPORTUNITY
<TABLE>
<CAPTION>
1 Year 5 Years
<S> <C> <C>
Value Opportunity (Class I)(4) N/A N/A
Value Opportunity Composite 19.92% 21.57%
S&P 500 Stock Index 30.16% 23.08%
</TABLE>
(1) Through June 30, 1998, the since inception average annual return of Index
Plus Large Cap (Class I) was 34.16% (inception December 10, 1996).
(2) Through June 30, 1998, the since inception performance (not annualized) of
Index Plus Bond (Class I) was 2.39% (inception February 4, 1998).
(3) Through June 30, 1998, the since inception performance (not annualized) of
High Yield (Class I) was 3.89% (inception February 2, 1998).
(4) Through June 30, 1998, the since inception performance (not annualized) of
Value Opportunity (Class I) was 10.20% (inception February 2, 1998).
2
<PAGE>
The following replaces the section entitled "How to Purchase Shares--Purchase by
Mail" on page 26:
Purchase by Mail To Purchase shares by mail, please complete and sign the
application, make a check payable to the Aetna Series Fund, Inc. and mail to
the Transfer Agent as follows:
Aetna Series Fund, Inc.
c/o First Data Investor Services Group, Inc.
P.O. Box 9681
Providence, RI 02940
Correspondence mailed by overnight courier should be sent to the Transfer Agent
as follows:
Aetna Series Fund, Inc.
c/o First Data Investor Services Group, Inc.
4400 Computer Drive
Westborough, MA 01581
You can make additional investments to your accounts by using the investment
stubs from your confirmation statements or by sending payment to the address
listed above. Your letter should indicate your name, account number(s), the
Series you wish to invest in, and the amount to be invested in each Series.
When opening an account, your check should be made payable to the Fund. Cash,
credit cards and third party checks cannot be used to open an account. The
Transfer Agent will accept checks for subsequent purchases which are made
payable to the account owner(s) and endorsed to the Fund.
The following replaces the section entitled "How To Purchase Shares--Purchase
by Wire" on page 26:
Purchase by Wire Once you are a shareholder of a Series, you may purchase
additional shares through a wire transfer. Federal funds wire purchase orders
will be accepted only when the Transfer Agent and custodian bank are open for
business. Please instruct your bank to use the following instructions when
wiring funds:
<TABLE>
<S> <C>
Wire to: Boston Safe Deposit & Trust Company
ABA # 011001234
Credit to: Boston Safe Deposit & Trust Company
Account # 176656
Further Credit to: Name of Series
Shareholder Account Number
Shareholder Registration
</TABLE>
Please call 1-800-367-7732 prior to sending the wire in order to obtain a
confirmation number and to ensure prompt and accurate handling of funds.
Neither the Fund nor the Transfer Agent is responsible for the consequences of
delays resulting from the banking or Federal Reserve wire system or from
incomplete instructions.
The following replaces the section entitled "Shareholder Services and Other
Features--TDD Service" on page 29:
TDD Service The Transfer Agent offers Telecommunication Device for the Deaf
(TDD) services for hearing impaired shareholders. The dedicated number for this
service is 1-800-684-4889 and appears on shareholder account statements.
The following new information is added prior to the section entitled
"Management--Administrator" on page 32:
Subadviser Effective October 1, 1998, Bradley, Foster & Sargent, Inc. (Bradley)
has been appointed subadviser to Value Opportunity pursuant to an agreement
entered into by Aeltus, the Fund on behalf of Value Opportunity, and Bradley.
Bradley is a Connecticut corporation organized in 1993, with its primary office
located at City Place II--185 Asylum Street, Hartford, Connecticut 06103, and
is registered with the SEC as an investment adviser. While Bradley has not
previously served as an investment adviser or subadviser to a mutual fund, it
does manage private client assets as well as 401(k), profit sharing and other
retirement plan assets. As of June 1, 1998, Bradley managed in excess of $350
million.
The Subadvisory Agreement gives Bradley broad latitude to select securities for
Value Opportunity consistent with the investment objective and policies of the
Series, and subject to Aeltus' oversight. The Agreement contemplates that
Bradley
3
<PAGE>
will be responsible only for making and communicating investment decisions.
Aeltus will remain responsible for all other aspects of managing and
administering Value Opportunity, including trade execution.
The Subadvisory Agreement for Value Opportunity provides that, for the duration
of the Agreement, Aeltus will pay Bradley a subadvisory fee, to be paid monthly
at an annual rate of 0.15% of the Series' average daily net assets on the first
$250 million of assets, and 0.10% of the Series' average daily net assets on
assets above $250 million.
The following replaces the section entitled "Management--Principal Underwriter"
on page 32:
Principal Underwriter Aeltus Capital, Inc. (ACI) is the principal underwriter
for the Fund. ACI is a Connecticut corporation, and is a wholly owned
subsidiary of Aeltus and an indirect wholly owned subsidiary of Aetna Inc. ACI
contracts with various broker-dealers, including one or more of its affiliates,
for distribution of shares.
The following replaces the section entitled "Management--Transfer Agent" on
page 32:
Transfer Agent First Data Investor Services Group, Inc., located at 4400
Computer Drive, Westborough, MA 01581, acts as the Fund's transfer and
dividend-paying agent. The Transfer Agent is responsible for effecting the
issuance, transfer and redemption of shares and the opening and maintenance of
shareholder accounts.
The following replaces the section entitled "Portfolio Management--Money Market
and Bond Fund" on page 32:
Bond Fund Steven C. Huber, Managing Director, Aeltus, has been managing the
Fund since August 1998. Mr. Huber joined Aetna in 1987 as a quantitative
analyst and has been managing fixed income portfolios since 1989.
Money Market Jeanne Wong-Boehm, Managing Director, Aeltus, has been managing
Money Market since January 1992. Ms. Wong-Boehm joined Aetna in 1983 as a fixed
income portfolio analyst and in 1989 she was assigned primary responsibility
for the money market operations.
The following replaces the section entitled "Portfolio Management--Balanced" on
page 32:
Balanced Geoffrey A. Brod, Vice President, Aeltus, has been managing large cap
stocks for the Fund since August 1998. He has over 30 years of experience in
quantitative applications and has over 10 years of experience in equity
investments. Mr. Brod has been with the Aetna organization since 1966.
Carl Baker, Vice President, Aeltus, has been managing fixed income securities
for the Fund since August 1998. He manages fixed-income portfolios at Aeltus,
employing different strategies. Mr. Baker joined Aeltus in 1987.
Richard DiChillo, Vice President, Aeltus, has been managing small cap stocks
for the Fund since August 1998. He has over 16 years of experience in security
analysis and portfolio management. Mr. DiChillo has been with the Aetna
organization since 1977.
The following replaces the section entitled "Portfolio Management--Growth" on
page 32:
Growth Kenneth H. Bragdon, Vice President, Aeltus, has been managing Growth
since July 1997. Previously, Mr. Bragdon co-managed the fund with Peter Canoni.
Mr. Bragdon has been with the Aetna organization since 1978 and has 27 years of
experience in the investment business.
The following replaces the section entitled "Portfolio Management--Value
Opportunity" on page 32:
Value Opportunity Peter Canoni, Principal, Bradley, Foster & Sargent, Inc., has
been managing the Fund since October 1, 1998. Before joining Bradley, Mr.
Canoni was a Managing Director of Aeltus and the portfolio manager of Value
Opportunity from its inception in February 1998 through August 3, 1998. Mr.
Canoni had been with the Aetna organization since 1980 and has over 26 years of
investment experience.
The following replaces the section entitled "Portfolio Management--Ascent Fund,
Crossroads Fund, Legacy Fund--Jeanne Wong-Boehm" on page 33:
Carl Baker, Vice President, Aeltus, has been managing U.S. Dollar Bonds for the
Funds since August 1998. Mr. Baker joined Aeltus in 1987 and manages
fixed-income portfolios at Aeltus, employing different strategies.
Jeanne Wong-Boehm, Managing Director, Aeltus, has been managing money market
investments for the Funds since their inception. Ms. Wong-Boehm joined Aetna in
1983 as a fixed income portfolio analyst and in 1989 she was assigned primary
responsibility for the money market operations.
4
<PAGE>
The following financial information replaces the section entitled "Financial
Highlights" on pages 8 through 14:
FINANCIAL HIGHLIGHTS
The selected data presented below for the periods ended October 31, 1997 are
obtained from the financial statements of Aetna Series Fund, Inc., which have
been audited by KPMG Peat Marwick LLP, independent auditors. The selected data
presented below for the periods ended April 30, 1998 have been taken from the
records of the Series, which are unaudited.
Additional information about the performance of each Series included in the
tables is contained in the Fund's Annual and Semi-Annual Reports dated October
31, 1997 and April 30, 1998, respectively. The Fund's Annual Reports, the
Independent Auditors' Reports thereon, and the Fund's Semi-Annual Reports are
incorporated herein by reference and are available, without charge, by writing
to the Fund at the address listed on the cover of this Prospectus or by calling
1-800-238-6263.
<TABLE>
<CAPTION>
Growth
-----------------------------------------------------------------------------
Six month
period ended Ten month
April 30, Year ended Year ended Year ended period ended
1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) 1997 1996 1995 1994
------------------ ------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $17.02 $14.36 $13.75 $10.78 $10.00
------- ------- ------- ------- --------
Income From Investment Operations:
Net investment income (0.01) 0.01 0.03 0.04 0.09
Net realized and change in unrealized
gain or loss on investments 2.97 3.88 2.39 3.02 0.69
--------- ------- ------- ------- --------
Total from investment operations 2.96 3.89 2.42 3.06 0.78
--------- ------- ------- ------- --------
Less Distributions:
From net investment income -- (0.03) (0.05) (0.08) --
From net realized gains on investments (2.50) (1.20) (1.76) (0.01) --
--------- --------- --------- -------- --------
Total distributions (2.50) (1.23) (1.81) (0.09) --
--------- --------- --------- -------- --------
Net asset value, end of period $17.48 $17.02 $14.36 $13.75 $10.78
========= ========= ========= ======== ========
Total Return (does not reflect applicable
sales charges) 20.72% 28.95% 19.82% 28.79% 7.70%
Net assets, end of period (000's) $113,005 $82,186 $45,473 $36,936 $27,188
Ratio of total expenses to average net
assets 1.05%(1) 1.17% 1.28% 1.20% 0.92%(1)
Ratio of net investment income to
average net assets (0.10)%(1) 0.08% 0.20% 0.36% 1.10%(1)
Ratio of net expense before
reimbursement and waiver to average
net assets 1.05%(1) 1.17% 1.28% 1.30% 1.42%(1)
Ratio of net investment income before
reimbursement and waiver to average
net assets (0.10)%(1) 0.08% 0.20% 0.26% 0.60%(1)
Portfolio turnover rate 75.15% 141.07% 144.19% 171.75% 120.32%
Average commission rate paid per share
on equity securities traded $0.0577 $0.0605 $0.0598 -- --
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
5
<PAGE>
<TABLE>
<CAPTION>
International
-------------------------------------------------
Six month
period ended
April 30, Year ended Year ended
1998 October 31, October 31,
(Unaudited) 1997 1996
------------------ ------------- ------------
<S> <C> <C> <C>
Net asset value, beginning of period $13.65 $11.79 $10.62
------- ------- --------
Income From Investment Operations:
Net investment income (0.01) 0.02 0.03
Net realized and change in unrealized gain or loss
on investments 2.33 2.89 1.59
--------- ------- --------
Total from investment operations 2.32 2.91 1.62
--------- ------- --------
Less Distributions:
From net investment income (0.40) (0.16) (0.19)
In excess of net investment income -- -- --
From net realized gains on investments (2.46) (0.89) (0.26)
--------- --------- ---------
Total distributions (2.86) (1.05) (0.45)
--------- --------- ---------
Net asset value, end of period $13.11 $13.65 $11.79
========= ========= =========
Total Return (does not reflect applicable sales
charges) 21.64% 26.02% 15.61%
Net assets, end of period (000's) $41,051 $56,369 $45,786
Ratio of total expenses to average net assets 1.60%(1) 1.72% 2.17%
Ratio of net investment income to average net
assets (0.09)%(1) 0.18% 0.40%
Ratio of net expense before reimbursement and
waiver to average net assets 1.69%(1) 1.72% 2.17%
Ratio of net investment income before
reimbursement and waiver to average net assets (0.18)%(1) 0.18% 0.40%
Portfolio turnover rate 75.53% 194.41% 135.92%
Average commission rate paid per share on equity
securities traded $0.0181 $0.0115 $0.0178
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
6
<PAGE>
<TABLE>
<CAPTION>
International Mid Cap
- -------------------------------------------------------------- ---------------
Period from
Ten month Feb. 4, 1998
Year ended period ended Year ended Year ended to April 30,
October 31, Oct. 31, Dec. 31, Dec. 31, 1998
1995 1994 1993 1992 (Unaudited)
- ------------- ---------------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
$11.56 $11.17 $8.88 $10.00 $10.00
--------- -------- ------- -------- -------
0.11 0.06 0.05 0.06 --
(0.09) 0.33 2.65 (1.15) 1.41
--------- -------- ------- -------- ---------
0.02 0.39 2.70 (1.09) 1.41
--------- -------- ------- -------- ---------
(0.40) -- (0.05) (0.03) --
-- -- (0.34) -- --
(0.56) -- (0.02) -- --
--------- -------- -------- -------- ---------
(0.96) -- (0.41) (0.03) --
--------- -------- -------- -------- ---------
$10.62 $11.56 $11.17 $8.88 $11.41
========= ======== ======== ======== =========
(0.04)% 3.49% 30.37% (10.84)% 14.10%
$25,102 $31,479 $39,847 $26,640 $5,620
1.37% 1.66%(1) 1.48% 0.50% 1.15%(1)
1.02% 0.71%(1) 0.50% 1.36% (0.09)%(1)
1.50% 1.80%(1) 1.77% 2.98% 3.51%(1)
0.88% 0.57%(1) 0.20% (1.12)% (2.45)%(1)
32.91% 81.67% 110.38% 81.74% 27.53%
-- -- -- -- $0.0353
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
Value
Small Company Opportunity
----------------------------------------------------------------------------- ------------------
Six month Ten Period from
period ended Year Year Year month Feb. 2, 1998
April 30, ended ended ended period ended to April 30,
1998 October 31, October 31, October 31, Oct. 31 1998
(Unaudited) 1997 1996 1995 1994 (Unaudited)
---------------- ------------- ------------- ------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $15.55 $14.67 $13.52 $10.39 $10.00 $10.00
------- ------- ------- ------- --------- -------
Income From Investment
Operations:
Net investment income 0.01 (0.06) (0.08) -- 0.02 0.01
Net realized and change in
unrealized
gain or loss on
investments 1.82 4.45 2.64 3.15 0.37 1.32
------- -------- -------- ------- --------- -------
Total from investment
operations 1.83 4.39 2.56 3.15 0.39 1.33
------- -------- -------- ------- --------- -------
Less Distributions:
From net investment income -- -- -- (0.02) -- --
In excess of net investment
income -- -- -- -- -- --
From net realized gains on
investments (4.30) (3.51) (1.41) -- -- --
-------- -------- -------- ------- --------- ---------
Total distributions (4.30) (3.51) (1.41) (0.02) -- --
-------- -------- -------- ------- --------- ---------
Net asset value, end of
period $13.08 $15.55 $14.67 $13.52 $10.39 $11.33
======== ======== ======== ======= ========= =========
Total Return (does not
reflect applicable
sales charges) 15.92% 37.80% 19.78% 30.39% 3.90% 13.30%
Net assets, end of period
(000's) $29,528 $22,661 $32,125 $35,511 $25,879 $5,609
Ratio of total expenses to
average net assets 1.40%(1) 1.58% 1.44% 1.41% 1.15%(1) 1.10%(1)
Ratio of net investment
income to average
net assets 0.18%(1) (0.42)% (0.53)% (0.01)% 0.21%(1) 0.39%(1)
Ratio of net expense before
reimbursement and waiver
to average net assets 1.43%(1) 1.58% 1.44% 1.49% 1.58%(1) 3.39%(1)
Ratio of net investment
income before
reimbursement and waiver
to average net assets 0.15%(1) (0.42)% (0.53)% (0.08)% (0.22)%(1) (1.90)%(1)
Portfolio turnover rate 99.10% 150.43% 163.21% 156.43% 116.28% 69.12%
Average commission rate
paid per share on
equity securities traded $0.0536 $0.0575 $0.0575 -- -- $0.0446
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
8
<PAGE>
<TABLE>
<CAPTION>
Balanced
-------------------------------------------------------------------------------------------------------------
Six month
period ended Year Year Year Ten month Year
April 30, ended ended ended period Year ended ended
1998 Oct. 31, Oct. 31, Oct. 31, ended Oct. Dec. 31, Dec. 31,
(Unaudited) 1997 1996 1995 31, 1994 1993 1992
---------------- ------------ ------------- ----------- ---------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
$14.09 $13.52 $12.36 $10.65 $10.82 $10.18 $10.00
------- -------- ------- ------- -------- ------- -------
0.17 0.33 0.31 0.35 0.23 0.34 0.43
1.42 2.04 1.77 1.69 (0.28) 0.64 0.24
------- -------- ------- ------- -------- ------- -------
1.59 2.37 2.08 2.04 (0.05) 0.98 0.67
------- -------- ------- ------- -------- ------- -------
(0.19) (0.30) (0.35) (0.33) (0.12) (0.30) (0.39)
-- -- -- -- -- (0.01) (0.10)
(2.28) (1.50) (0.57) -- -- (0.03) --
-------- --------- --------- -------- -------- ------- -------
(2.47) (1.80) (0.92) (0.33) (0.12) (0.34) (0.49)
-------- --------- --------- -------- -------- ------- -------
$13.21 $14.09 $13.52 $12.36 $10.65 $10.82 $10.18
======== ========= ========= ======== ======== ======= =======
12.97% 19.57% 17.63% 19.45% (0.42)% 9.84% 6.64%
$120,333 $105,813 $88,625 $83,941 $76,267 $63,982 $37,726
1.15%(1) 1.24% 1.31% 1.27% 1.09%(1) 0.93% 0.07%
2.53%(1) 2.43% 2.42% 3.14% 2.65%(1) 3.21% 4.31%
1.15%(1) 1.24% 1.31% 1.30% 1.32%(1) 1.34% 1.47%
2.53%(1) 2.43% 2.42% 3.11% 2.42%(1) 2.79% 2.91%
38.94% 116.69% 117.88% 129.05% 86.10% 19.95% 13.35%
$0.0413 $0.0493 $0.0557 -- -- -- --
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Growth and Income
-----------------------------------------------
Six month
period ended
April 30, Year ended Year ended
1998 October 31, October 31,
(Unaudited) 1997 1996
---------------- ------------- ------------
<S> <C> <C> <C>
Net asset value, beginning of period $18.08 $15.74 $13.46
------- ------- --------
Income From Investment Operations:
Net investment income 0.05 0.15 0.19
Net realized and change in unrealized
gain or loss on investments 2.27 5.00 3.09
------- ------- --------
Total from investment operations 2.32 5.15 3.28
------- ------- --------
Less Distributions:
From net investment income (0.08) (0.21) (0.24)
From net realized gains on investments (3.32) (2.60) (0.76)
-------- --------- ---------
Total distributions (3.40) (2.81) (1.00)
-------- --------- ---------
Net asset value, end of period $17.00 $18.08 $15.74
======== ========= =========
Total Return (does not reflect applicable
sales charges) 15.31% 37.44% 25.69%
Net assets, end of period (000's) $709,936 $595,969 $377,784
Ratio of total expenses to average net assets 0.94%(1) 1.00% 1.08%
Ratio of net investment income to average
net assets 0.63%(1) 0.93% 1.35%
Ratio of net expense before reimbursement and
waiver to average net assets 0.94%(1) 1.00% 1.08%
Ratio of net investment income before
reimbursement and waiver to average net assets 0.63%(1) 0.93% 1.35%
Portfolio turnover rate 80.31% 157.92% 106.09%
Average commission rate paid per share on equity
securities traded $0.0444 $0.0474 $0.0505
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
10
<PAGE>
<TABLE>
<CAPTION>
Growth and Income Real Estate
- -------------------------------------------------------------- ------------------
Ten month Period from
Year ended period ended Year ended Year ended Feb. 2, 1998
October 31, Oct. 31, Dec. 31, Dec. 31, to April 30, 1998
1995 1994 1993 1992 (Unaudited)
- ------------- ---------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
$11.11 $11.03 $10.51 $10.00 $10.00
--------- -------- ------- ------- -------
0.21 0.12 0.19 0.26 0.05
2.27 0.04 0.50 0.51 (0.39)
--------- -------- ------- ------- --------
2.48 0.16 0.69 0.77 (0.34)
--------- -------- ------- ------- --------
(0.13) (0.08) (0.16) (0.26) --
-- -- (0.01) -- --
--------- -------- ------- ------- --------
(0.13) (0.08) (0.17) (0.26) --
--------- -------- ------- ------- --------
$13.46 $11.11 $11.03 $10.51 $9.66
========= ======== ======= ======= ========
22.58% 1.40% 6.58% 7.81% (3.40)%
$356,803 $301,360 $60,127 $31,473 $4,783
1.10% 0.92%(1) 1.13% 0.33% 3.79%(1)
1.73% 1.51%(1) 1.77% 2.83% 2.30%(1)
1.10% 1.03%(1) 1.27% 1.72% 3.79%(1)
1.73% 1.39%(1) 1.55% 1.44% 2.30%(1)
127.43% 54.13% 23.60% 14.44% 24.37%
-- -- -- -- $0.0585
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
Bond
-----------------------------------------------------------------------------------
Six month
period ended Ten month
April 30, Year ended Year ended Year ended period ended
1998 October 31, October 31, October 31, Oct. 31,
(Unaudited) 1997 1996 1995 1994
---------------- ------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.22 $10.09 $10.27 $9.58 $10.37
-------- ------- ------- ------- --------
Income From Investment Operations:
Net investment income 0.30 0.62 0.65 0.65 0.52
Net realized and change in unrealized
gain or loss on investments 0.05 0.13 (0.15) 0.65 (0.86)
-------- ------- ------- ------- --------
Total from investment operations 0.35 0.75 0.50 1.30 (0.34)
-------- ------- ------- ------- --------
Less Distributions:
From net investment income (0.32) (0.62) (0.68) (0.61) (0.45)
In excess of net investment income -- -- -- -- --
-------- ------- ------- ------- --------
Total distributions (0.32) (0.62) (0.68) (0.61) (0.45)
-------- ------- ------- ------- --------
Net asset value, end of period $10.25 $10.22 $10.09 $10.27 $9.58
======== ======= ======= ======= ========
Total Return (does not reflect applicable
sales charges) 3.45% 7.72% 5.09% 14.06% (3.31)%
Net assets, end of period (000's) $37,591 $34,080 $28,864 $32,778 $27,584
Ratio of total expenses to average net
assets 0.75%(1) 0.75% 0.75% 0.79% 0.76%(1)
Ratio of net investment income to
average net assets 5.92%(1) 6.07% 6.16% 6.56% 6.29%(1)
Ratio of net expense before
reimbursement and waiver to average
net assets 0.98%(1) 1.14% 1.16% 1.06% 1.06%(1)
Ratio of net investment income before
reimbursement and waiver to average
net assets 5.69%(1) 5.68% 5.75% 6.25% 5.98%(1)
Portfolio turnover rate 64.85% 48.56% 42.33% 56.99% 51.80%
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
12
<PAGE>
<TABLE>
<CAPTION>
Bond Aetna Government Fund
- --------------------------- -----------------------------------------------------------------------------------
Six month
period ended Ten month
Year ended Year ended April 30, Year ended Year ended Year ended period
Dec. 31, Dec. 31, 1998 October 31, October 31, October 31, ended Oct.
1993 1992 (Unaudited) 1997 1996 1995 31, 1994
- ------------ ------------ ---------------- ------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$9.99 $10.00 $9.99 $9.80 $10.01 $9.41 $10.00
-------- ------- -------- ------- ------- ------- --------
0.55 0.53 0.27 0.58 0.56 0.64 0.40
0.45 0.16 0.05 0.21 (0.13) 0.59 (0.63)
-------- ------- -------- ------- ------- ------- --------
1.00 0.69 0.32 0.79 0.43 1.23 (0.23)
-------- ------- -------- ------- ------- ------- --------
(0.55) (0.53) (0.27) (0.60) (0.64) (0.63) (0.36)
(0.07) (0.17) -- -- -- -- --
-------- ------- -------- -------- ------- -------- --------
(0.62) (0.70) (0.27) (0.60) (0.64) (0.63) (0.36)
-------- ------- -------- -------- ------- -------- --------
$10.37 $9.99 $10.04 $9.99 $9.80 $10.01 $9.41
======== ======= ======== ======== ======= ======== ========
10.20% 7.23% 3.23% 8.39% 4.43% 13.58% (2.37)%
$46,788 $37,209 $12,209 $10,217 $10,662 $19,154 $26,110
0.47% 0.05% 0.70%(1) 0.70% 0.70% 0.70% 0.41%(1)
5.34% 5.44% 5.38%(1) 5.91% 5.67% 6.79% 5.29%(1)
1.01% 1.10% 1.44%(1) 1.70% 1.57% 1.30% 1.16%(1)
4.80% 4.39% 4.64%(1) 4.91% 4.80% 6.19% 4.54%(1)
50.01% 57.05% 126.92% 147.78% 50.48% 117.31% 43.63%
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
High Yield Money Market
------------------- -------------------------------
Six month
Period from period ended
Feb. 2, 1998 April 30, Year ended
to April 30, 1998 1998 October 31,
(Unaudited) (Unaudited) 1997
------------------- ---------------- ------------
<S> <C> <C> <C>
Net asset value, beginning of period $10.00 $1.00 $1.00
-------- ------- -------
Income From Investment Operations:
Net investment income 0.18 0.03 0.05
Net realized and change in unrealized gain or loss
on investments 0.12 -- --
-------- -------- --------
Total from investment operations 0.30 0.03 0.05
-------- -------- --------
Less Distributions:
From net investment income (0.17) (0.03) (0.05)
-------- -------- --------
Total distributions (0.17) (0.03) (0.05)
-------- -------- --------
Net asset value, end of period $10.13 $1.00 $1.00
======== ======== ========
Total Return (does not reflect applicable sales
charges) 3.04% 2.63% 5.49%
Net assets, end of period (000's) $10,040 $268,131 $273,710
Ratio of total expenses to average net assets 0.95%(1) 0.45%(1) 0.37%
Ratio of net investment income to average net
assets 7.24%(1) 5.30%(1) 5.31%
Ratio of net expense before reimbursement and
waiver to average net assets 2.23%(1) 0.75%(1) 0.81%
Ratio of net investment income before
reimbursement and waiver to average net assets 5.96%(1) 5.00%(1) 4.87%
Portfolio turnover rate 153.92% -- --
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
14
<PAGE>
<TABLE>
<CAPTION>
Index Plus
Money Market Bond
- ------------------------------------------------------------------------------ ------------------
Ten month Period from
Year ended Year ended period ended Year ended Year ended Feb. 4, 1998
October 31, October 31, Oct. 31, Dec. 31, Dec. 31, to April 30, 1998
1996 1995 1994 1993 1992 (Unaudited)
- ------------- ------------- ---------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C> <C>
$1.00 $1.00 $1.00 $1.00 $1.00 $10.00
-------- ------- ------- ------- ------ --------
0.05 0.06 0.03 0.03 0.04 0.13
-- -- -- -- -- (0.05)
-------- -------- -------- -------- ------- --------
0.05 0.06 0.03 0.03 0.04 0.08
-------- -------- -------- -------- ------- --------
(0.05) (0.06) (0.03) (0.03) (0.04) (0.13)
-------- -------- -------- -------- ------- --------
(0.05) (0.06) (0.03) (0.03) (0.04) (0.13)
-------- -------- -------- -------- ------- --------
$1.00 $1.00 $1.00 $1.00 $1.00 $9.95
======== ======== ======== ======== ======= ========
5.44% 5.95% 3.33% 3.29% 3.98% 0.75%
$323,281 $275,524 $161,756 $107,844 $36,522 $14,860
0.30% 0.27% 0.21%(1) -- -- 0.60%(1)
5.30% 5.78% 4.05%(1) 3.33% 3.93% 5.35%(1)
0.83% 0.88% 0.85%(1) 0.95% 1.04% 1.52%(1)
4.78% 5.17% 3.38%(1) 2.38% 2.87% 4.43%(1)
-- -- -- -- -- 0.37%
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
Index Plus Index Plus Index Plus
Large Cap Mid Cap Small Cap
------------------------------------- ------------------ ------------------
Six month Period from Period from Period from
period ended Dec. 10, Feb. 3, 1998 Feb. 3, 1998
April 30, 1996 to to April 30, to April 30,
1998 Oct. 31, 1998 1998
(Unaudited) 1997 (Unaudited) (Unaudited)
---------------- ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.43 $10.00 $10.00 $10.00
------- -------- ------- -------
Income From Investment Operations:
Net investment income 0.06 0.12 0.02 0.01
Net realized and change in unrealized
gain or loss on investments 2.53 2.33 1.23 1.18
------- -------- ------- -------
Total from investment operations 2.59 2.45 1.25 1.19
------- -------- ------- -------
Less Distributions:
From net investment income (0.13) (0.02) -- --
From net realized gains on investments (1.22) -- -- --
-------- -------- ------- -------
Total distributions (1.35) (0.02) -- --
-------- -------- ------- -------
Net asset value, end of period $13.67 $12.43 $11.25 $11.19
======== ======== ======= =======
Total Return (does not reflect applicable
sales charges) 22.48% 24.49% 12.50% 11.90%
Net assets, end of period (000's) $18,157 $10,876 $8,341 $8,299
Ratio of total expenses to average net
assets 0.70%(1) 0.70%(1) 0.75%(1) 0.75%(1)
Ratio of net investment income to
average net assets 1.00%(1) 1.15%(1) 0.70%(1) 0.28%(1)
Ratio of net expense before
reimbursement and waiver to average
net assets 1.40%(1) 1.95%(1) 2.37%(1) 2.36%(1)
Ratio of net investment income before
reimbursement and waiver to average
net assets 0.30%(1) (0.11)%(1) (0.92)%(1) (1.33)%(1)
Portfolio turnover rate 64.31% 82.31% 33.26% 25.16%
Average commission rate paid per share
on equity securities traded $0.0387 $0.0382 $0.0402 $0.0684
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
16
<PAGE>
<TABLE>
<CAPTION>
Ascent
- ----------------------------------------------------------------------
Six month
period ended Period from
April 30, Year ended Year ended Jan. 4, 1995
1998 October 31, October 31, to Oct. 31,
(Unaudited) 1997 1996 1995
- ------------------- ------------- ------------- ----------------
<S> <C> <C> <C>
$14.48 $12.57 $11.67 $10.00
---------- --------- --------- --------
0.12 0.21 0.21 0.25
1.17 2.92 2.04 1.42
---------- --------- --------- --------
1.29 3.13 2.25 1.67
---------- --------- --------- --------
(0.34) (0.25) (0.38) --
(2.76) (0.97) (0.97) --
----------- --------- --------- --------
(3.10) (1.22) (1.35) --
----------- --------- --------- --------
$12.67 $14.48 $12.57 $11.67
=========== ========= ========= ========
10.93% 26.59% 20.94% 16.70%
$38,320 $27,359 $25,752 $20,433
1.28%(1) 1.52% 1.73% 1.38%(1)
1.89%(1) 1.53% 1.69% 2.80%(1)
1.39%(1) 1.61% -- --
1.78%(1) 1.44% -- --
62.37% 162.80% 104.84% 164.09%
$0.0321 $0.0342 $0.0349 --
</TABLE>
17
<PAGE>
<TABLE>
<CAPTION>
Crossroads
-------------------------------------------------------------------
Six month
period ended Period from
April 30, Year ended Year ended Jan. 4, 1995
1998 October 31, October 31, to Oct. 31,
(Unaudited) 1997 1996 1995
---------------- ------------- ------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.29 $12.16 $11.53 $10.00
------- ------- ------- --------
Income From Investment Operations:
Net investment income 0.15 0.27 0.25 0.29
Net realized and change in unrealized
gain or loss on investments 0.95 2.16 1.64 1.24
------- ------- ------- --------
Total from investment operations 1.10 2.43 1.89 1.53
------- ------- ------- --------
Less Distributions:
From net investment income (0.34) (0.30) (0.44) --
From net realized gains on investments (1.70) (1.00) (0.82) --
-------- --------- --------- --------
Total distributions (2.04) (1.30) (1.26) --
-------- --------- --------- --------
Net asset value, end of period $12.35 $13.29 $12.16 $11.53
======== ========= ========= ========
Total Return (does not reflect applicable
sales charges) 9.53% 21.65% 17.66% 15.30%
Net assets, end of period (000's) $37,778 $26,028 $22,947 $20,370
Ratio of total expenses to average net
assets 1.28%(1) 1.57% 1.74% 1.40%(1)
Ratio of net investment income to
average net assets 2.52%(1) 2.13% 2.18% 3.26%(1)
Ratio of net expense before
reimbursement and waiver to average
net assets 1.41%(1) 1.66% -- --
Ratio of net investment income before
reimbursement and waiver to average
net assets 2.39%(1) 2.05% -- --
Portfolio turnover rate 69.36% 161.75% 107.40% 166.93%
Average commission rate paid per share
on equity securities traded $0.0300 $0.0309 $0.0350 --
</TABLE>
(1) Annualized.
Per share data calculated using weighted average number of shares outstanding
throughout the period.
18
<PAGE>
<TABLE>
<CAPTION>
Legacy
- --------------------------------------------------------------------
Six month
period ended Period from
April 30, Year ended Year ended Jan. 4, 1995
1998 October 31, October 31, to Oct. 31,
(Unaudited) 1997 1996 1995
- ----------------- ------------- ------------- ----------------
<S> <C> <C> <C>
$12.15 $11.64 $11.41 $10.00
-------- ------- ------- --------
0.17 0.32 0.29 0.33
0.62 1.41 1.20 1.08
-------- ------- ------- --------
0.79 1.73 1.49 1.41
-------- ------- ------- --------
(0.48) (0.33) (0.50) --
(1.62) (0.89) (0.76) --
--------- --------- --------- --------
(2.10) (1.22) (1.26) --
--------- --------- --------- --------
$10.84 $12.15 $11.64 $11.41
========= ========= ========= ========
7.67% 15.94% 14.11% 14.10%
$19,666 $18,313 $22,326 $19,651
1.30%(1) 1.63% 1.73% 1.42%(1)
3.14%(1) 2.77% 2.62% 3.75%(1)
1.62%(1) 1.75% -- --
2.82%(1) 2.65% -- --
65.17% 158.71% 91.62% 179.88%
$0.0234 $0.0311 $0.0289 --
</TABLE>
4.18.20 October 1998
19
<PAGE>
AETNA SERIES FUND, INC.
Classes A, C and I
Supplement dated October 1, 1998 to the Statement of Additional Information
dated June 30, 1998
The information in this Supplement updates and amends the information contained
in the Statement of Additional Information (Statement) dated June 30, 1998 and
should be read with that Statement and the appropriate Prospectus.
Stephanie A. Taylor's name, appearing in the section entitled "Directors and
Officers" on page 16, has changed to Stephanie A. DeSisto.
The following replaces the section entitled "Control Persons and Principal
Shareholders" on page 17:
As of August 31, 1998, Aetna Life Insurance and Annuity Company (Aetna) had a
controlling interest in the following series of the Fund:
<TABLE>
<CAPTION>
% Aetna
----------------------------------------
Class I Class A Class C
----------- ----------- ------------
<S> <C> <C> <C>
Aetna Bond Fund 48.51% 100.00%
Aetna Government Fund 86.52% 100.00%
Aetna High Yield Fund 99.65% 67.33% 79.62%
Aetna Index Plus Bond Fund 99.97% 37.81% 99.01%
Aetna Index Plus Large Cap Fund 63.87% 32.58%
Aetna Index Plus Mid Cap Fund 99.58% 37.92% 98.47%
Aetna Index Plus Small Cap Fund 99.41% 34.44% 93.06%
Aetna International Fund 63.56% 81.12%
Aetna Mid Cap Fund 99.07% 82.47% 100.00%
Aetna Money Market Fund 40.74% 30.04%
Aetna Real Estate Securities Fund 98.74% 38.88% 96.69%
Aetna Small Company Fund 66.92%
Aetna Value Opportunity Fund 98.30% 97.34%
Aetna Ascent Fund 89.88% 73.79%
Aetna Crossroads Fund 94.90% 58.52%
Aetna Legacy Fund 90.59% 70.84%
Aetna Growth Fund 52.23%
Aetna Growth and Income Fund 46.22%
Aetna Balanced Fund 61.97%
</TABLE>
As of August 31, 1998, officers and Directors owned less than 1% of the
outstanding shares of any of the Series.
Aetna (like Aeltus) is an indirect wholly-owned subsidiary of Aetna Retirement
Services, Inc., which is in turn an indirect wholly-owned subsidiary of Aetna
Inc. Aetna's principal office is located at 151 Farmington Avenue, Hartford,
Connecticut 06156. Aetna is registered with the Commission as an investment
adviser.
The following new information is added prior to the section entitled "The
Administrative Services Agreement" on Page 19:
THE SUBADVISORY AGREEMENT
Aeltus and the Fund, on behalf of Aetna Value Opportunity Fund (Value
Opportunity), have entered into an agreement (Subadvisory Agreement) with
Bradley, Foster & Sargent, Inc. (Bradley) effective October 1, 1998 appointing
Bradley as subadviser of Value Opportunity. Bradley is managed by its six
principals, Robert H. Bradley, Peter B. Canoni, Timothy H. Foster, Jeffrey G.
Marsted, J. Edward Roney, Jr., and Joseph D. Sargent. The Subadvisory Agreement
was approved by the Fund's Directors on June 24, 1998 and approved by the
shareholders of Value Opportunity on September 4, 1998. The Subadvisory
Agreement will be effective through December 31, 1999. The Subadvisory
Agreement will remain in effect thereafter if approved at least annually by a
majority of the Directors, including a majority of the Independent Directors of
the Fund, at a meeting called for that purpose and held in person. The
Subadvisory Agreement may be terminated without penalty at any time by the
Directors or by a majority of the outstanding voting securities of Value
Opportunity or on sixty (60) days' written notice by Aeltus, the Fund or the
Subadviser. The Subadvisory Agreement terminates automatically in the event of
its assignment.
1
<PAGE>
The Subadvisory Agreement gives Bradley broad latitude to select securities for
Value Opportunity consistent with the investment objective and policies of the
Series, subject to Aeltus' oversight. The Agreement contemplates that Bradley
will be responsible only for making and communicating investment decisions.
Aeltus will remain responsible for all other aspects of managing and
administering Value Opportunity, including trade execution.
For the services under the Subadvisory Agreement, Bradley will receive an
annual fee payable monthly as described in the prospectus.
The following replaces the first paragraph under the section entitled "Tax
Status--Fund Distributions" on Page 28:
Each Series anticipates distributing substantially all of its investment
company taxable income for each taxable year. Depending on a Series'
investments, distributions may be treated as a net capital gain dividend, an
ordinary income dividend, a U.S. Government interest dividend, a qualifying
dividend, or an exempt interest dividend. Dividends paid on Class A, Class C
and Class I shares are calculated at the same time and in the same manner. In
general, dividends on Class C shares are expected to be lower than those on
Class A shares, which are expected to be lower than those on Class I shares,
due to the difference in distribution expenses borne by each Class. Dividends
may also differ between classes as a result of differences in other class
specific expenses.
The following replaces the information, except for the last two paragraphs, in
the section entitled "Performance Information" on Pages 30 through 32:
PERFORMANCE INFORMATION
Performance information for each class of shares including the yield and
effective yield of Money Market, the yield of Bond Fund, Aetna Government Fund,
High Yield and Index Plus Bond and the total return of all Series, may appear
in reports or promotional literature to current or prospective shareholders.
Money Market Fund Yields
Current yield for Money Market will be computed by determining the net change,
exclusive of capital changes and income other than investment income, at the
beginning of a seven-day period in the value of a hypothetical investment of
one share, subtracting any deductions from shareholder accounts, and dividing
the difference by the value of the hypothetical investment at the beginning of
the base period to obtain the base period return. This base period return is
then multiplied by (365/7) with the resulting yield figure carried to at least
the nearest hundredth of one percent. Calculation of "effective yield" begins
with the same "base period return" used in the calculation of yield, which is
then annualized to reflect weekly compounding pursuant to the following
formula:
Effective Yield = [(Base Period Return + 1)(365/7)] - 1
The yield and effective yield for Money Market for the seven days ended August
31, 1998 were 5.20% and 5.34%, respectively.
30-Day Yield for Non-Money Market Funds
Quotations of yield for Bond Fund, Aetna Government Fund, High Yield and Index
Plus Bond will be based on all investment income per share earned during a
particular 30-day period, less expenses accrued during the period (net
investment income), and will be computed by dividing net investment income by
the value of a share on the last day of the period, according to the following
formula:
a - b
YIELD = 2 [(-----)+1) (6) - 1]
cd
Where:
a = dividends and interest earned during the period
b = the expenses accrued for the period (net of reimbursements)
c = the average daily number of shares outstanding during the period
d = the maximum offering price per share on the last day of the period
The yield for Bond Fund for the 30-day period ended August 31, 1998 was 5.18%
for Class A, 4.67% for Class C and 5.69% for Class I. The yield for Aetna
Government Fund for the 30-day period ended August 31, 1998 was 4.81% for Class
A, 4.29% for Class C and 5.29% for Class I. The yield for High Yield for the
30-day period ended August 31, 1998 was 9.67% for Class A, 9.32% for Class C
and 10.44% for Class I. The yield for Index Plus Bond for the 30-day period
ended August 31, 1998 was 5.26% for Class A, 4.92% for Class C and 5.69% for
Class I.
2
<PAGE>
Average Annual Total Return
Quotations of average annual total return for any Series will be expressed in
terms of the average annual compounded rate of return of a hypothetical
investment in a Series over a period of one, five and ten years (or, if less,
for the life of the Series), calculated pursuant to the formula:
P(1 + T)(n) = ERV
Where:
P = a hypothetical initial payment of $1,000
T = an average annual total return
n = the number of years
ERV = the ending redeemable value of a hypothetical $1,000 payment made at the
beginning of the 1, 5, or 10 year period at the end of the 1, 5, or
10 year period (or fractional portion thereof)
The Fund may also from time to time include in such advertising a total return
figure for Class A and/or Class C that is not calculated according to the
formula set forth above. Specifically, the Fund may include performance for
Class A that does not take into account payment of the applicable front-end
sales load, or the Fund may include performance for Class C that does not take
into account the imposition of the applicable contingent deferred sales charge
(CDSC).
All the following figures are based on actual investment performance.
Performance figures for Class A and Class C shares are presented both with and
without the deduction of the front-end sales load and CDSC, respectively, if
any, assuming shares were redeemed at the end of the period.
Class A shares (formerly Adviser Class) commenced offering on or about February
2, 1998. For periods prior to the Class A inception date, Class A performance
is calculated by using the performance of Class I (formerly Select Class)
shares and deducting the Class A front-end sales load and internal fees and
expenses of the Adviser Class. Class C shares commenced offering on June 30,
1998. For periods prior to the Class C inception date, Class C Performance is
calculated using the performance of Class I (formerly Select Class) shares, and
deducting the internal fees and expenses applicable to the Class C shares.
Class C share returns with a CDSC for the 1-year period reflect the deduction
of a maximum CDSC of 1% (0.75% for Index Plus funds). The CDSC applies for all
shares redeemed prior to the end of the first eighteen months of ownership. The
1-year returns without CDSC are net of fund expenses only, and do not deduct a
CDSC. Neither the front-end sales load nor the CDSC applies to the Aetna Money
Market Fund.
Total Return Quotations as of August 31, 1998
Class I
<TABLE>
<CAPTION>
Fund Name 1 Year 5 Years Since Inception Inception Date*
<S> <C> <C> <C> <C>
Money Market 5.40% 5.16% 4.81% 1/3/92
Aetna Government Fund 9.74% N/A 6.50% 1/4/94
Bond Fund 7.83% 5.85% 6.90% 1/3/92
Balanced 5.50% 12.10% 11.08% 1/3/92
Growth and Income -2.90% 15.87% 13.48% 1/3/92
Growth 1.32% N/A 18.14% 1/4/94
Index Plus Large Cap 10.73% N/A 19.32% 12/10/96
Small Company -14.59% N/A 14.93% 1/4/94
International 9.19% 11.89% 10.17% 1/3/92
Ascent Fund -6.14% N/A 14.63% 1/4/95
Crossroads Fund -2.82% N/A 13.20% 1/4/95
Legacy Fund 1.06% N/A 11.75% 1/4/95
High Yield N/A N/A -5.40% 2/2/98
Index Plus Bond N/A N/A 3.34% 2/4/98
Index Plus Mid Cap N/A N/A -12.40% 2/3/98
Index Plus Small Cap N/A N/A -18.30% 2/3/98
Mid Cap N/A N/A -16.40% 2/4/98
Real Estate N/A N/A -16.30% 2/2/98
Value Opportunity N/A N/A -13.90% 2/2/98
</TABLE>
3
<PAGE>
Class A (assuming payment of the front-end sales load)
<TABLE>
<CAPTION>
Fund Name 1 Year 5 Years Since Inception Inception Date*
<S> <C> <C> <C> <C>
Aetna Government Fund 4.07% N/A 4.68% 1/4/94
Bond Fund 2.26% 4.11% 5.39% 1/3/92
Balanced -0.95% 10.00% 9.31% 1/3/92
Growth and Income -8.82% 13.79% 11.74% 1/3/92
Growth -4.92% N/A 15.87% 1/4/94
Index Plus Large Cap 6.92% N/A 16.62% 12/10/96
Small Company -19.80% N/A 12.73% 1/4/94
International 2.58% 9.81% 8.42% 1/3/92
Ascent Fund -11.92% N/A 12.09% 1/4/95
Crossroads Fund -8.68% N/A 10.68% 1/4/95
Legacy Fund -5.12% N/A 9.28% 1/4/95
High Yield N/A N/A -10.04% 2/2/98
Index Plus Bond N/A N/A 0.08% 2/4/98
Index Plus Mid Cap N/A N/A -15.22% 2/3/98
Index Plus Small Cap N/A N/A -20.85% 2/3/98
Mid Cap N/A N/A -21.30% 2/4/98
Real Estate N/A N/A -21.21% 2/2/98
Value Opportunity N/A N/A -18.95% 2/2/98
</TABLE>
Class A (without payment of the front-end sales load)
<TABLE>
<CAPTION>
Fund Name 1 Year 5 Years Since Inception Inception Date*
<S> <C> <C> <C> <C>
Money Market 5.40% 5.16% 4.81% 1/3/92
Aetna Government Fund 9.26% N/A 5.78% 1/4/94
Bond Fund 7.36% 5.13% 6.16% 1/3/92
Balanced 5.09% 11.31% 10.29% 1/3/92
Growth and Income -3.26% 15.14% 12.74% 1/3/92
Growth 0.88% N/A 17.36% 1/4/94
Index Plus Large Cap 10.22% N/A 18.70% 12/10/96
Small Company -14.91% N/A 14.17% 1/4/94
International 8.84% 11.12% 9.39% 1/3/92
Ascent Fund -6.55% N/A 13.92% 1/4/95
Crossroads Fund -3.11% N/A 12.49% 1/4/95
Legacy Fund 0.67% N/A 11.06% 1/4/95
High Yield N/A N/A -5.56% 2/2/98
Index Plus Bond N/A N/A 3.17% 2/4/98
Index Plus Mid Cap N/A N/A -12.60% 2/3/98
Index Plus Small Cap N/A N/A -18.40% 2/3/98
Mid Cap N/A N/A -16.50% 2/4/98
Real Estate N/A N/A -16.40% 2/2/98
Value Opportunity N/A N/A -14.00% 2/2/98
</TABLE>
4
<PAGE>
Class C (assuming payment of the CDSC)
<TABLE>
<CAPTION>
Fund Name 1 Year 5 Years Since Inception Inception Date*
<S> <C> <C> <C> <C>
Aetna Government Fund 7.64% N/A 5.44% 1/4/94
Bond Fund 5.73% 4.79% 5.84% 1/3/92
Balanced 3.45% 10.98% 9.98% 1/3/92
Growth and Income -4.81% 14.72% 12.36% 1/3/92
Growth -0.73% N/A 16.96% 1/4/94
Index Plus Large Cap 9.11% N/A 18.41% 12/10/96
Small Company -16.32% N/A 13.77% 1/4/94
International 7.28% 10.82% 9.10% 1/3/92
Ascent Fund -8.02% N/A 13.48% 1/4/95
Crossroads Fund -4.68% N/A 12.10% 1/4/95
Legacy Fund -0.98% N/A 10.63% 1/4/95
High Yield N/A N/A -6.81% 2/2/98
Index Plus Bond N/A N/A 2.14% 2/4/98
Index Plus Mid Cap N/A N/A -13.52% 2/3/98
Index Plus Small Cap N/A N/A -19.36% 2/3/98
Mid Cap N/A N/A -17.76% 2/4/98
Real Estate N/A N/A -17.57% 2/2/98
Value Opportunity N/A N/A -15.30% 2/2/98
</TABLE>
Class C (without payment of the CDSC)
<TABLE>
<CAPTION>
Fund Name 1 Year 5 Years Since Inception Inception Date*
<S> <C> <C> <C> <C>
Money Market 5.40% 5.16% 4.81% 1/3/92
Aetna Government Fund 8.64% N/A 5.44% 1/4/94
Bond Fund 6.73% 4.79% 5.84% 1/3/92
Balanced 4.45% 10.98% 9.98% 1/3/92
Growth and Income -3.85% 14.72% 12.36% 1/3/92
Growth 0.27% N/A 16.96% 1/4/94
Index Plus Large Cap 9.86% N/A 18.41% 12/10/96
Small Company -15.48% N/A 13.77% 1/4/94
International 8.28% 10.82% 9.10% 1/3/92
Ascent Fund -7.09% N/A 13.48% 1/4/95
Crossroads Fund -3.72% N/A 12.10% 1/4/95
Legacy Fund 0.02% N/A 10.63% 1/4/95
High Yield N/A N/A -5.86% 2/2/98
Index Plus Bond N/A N/A 2.89% 2/4/98
Index Plus Mid Cap N/A N/A -12.86% 2/3/98
Index Plus Small Cap N/A N/A -18.75% 2/3/98
Mid Cap N/A N/A -16.93% 2/4/98
Real Estate N/A N/A -16.74% 2/2/98
Value Opportunity N/A N/A -14.45% 2/2/98
</TABLE>
* The inception dates above represent the commencement of investment
operations, which may not coincide with the effective date of the
post-effective amendment to the registration statement through which the
Series was added.
The following replaces the section entitled "Financial Statements" on Page 32:
The Financial Statements and the independent auditors' reports, thereon,
appearing in the Fund's Annual Report for the fiscal year ended December 31,
1997, and the Financial Statements (unaudited) appearing in the Fund's
Semi-Annual Report for the periods ended June 30, 1998, are incorporated by
reference in this Statement of Additional Information. The Funds' Annual and
Semi-Annual Reports are available upon request and without charge by calling
1-800-367-7732.
SAISER-98A October 1998
5
<PAGE>
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements:
(1) Included in Part A:
Financial Highlights
(2) Incorporated by reference in Part B to the Fund's Annual
Report dated October 31, 1997, as filed electronically
with the Securities and Exchange Commission on January 5,
1998 (File No. 811-6352) (Accession Nos.
0000950146-98-000009 and 0000950146-98-000010):
Audited Financial Statements for Aetna Money Market
Fund, Aetna Government Fund, Aetna Bond Fund, The
Aetna Fund(1), Aetna Growth and Income Fund, Aetna
Growth Fund, Aetna Small Company Fund, Aetna
International Growth Fund(2), Aetna Index Plus
Fund(3), Aetna Ascent Fund, Aetna Crossroads Fund and
Aetna Legacy Fund as of October 31, 1997 which include
the following:
Portfolios of Investments
Statements of Assets and Liabilities as of October 31,
1997
Statements of Operations for the year ended October
31, 1997
Statements of Changes in Net Assets for the years
ended October 31, 1997 and 1996
Notes to Financial Statements
Independent Auditors' Reports
(1)Renamed Aetna Balanced Fund effective
February 2, 1998.
(2)Renamed Aetna International Fund effective
February 2, 1998.
(3)Renamed Aetna Index Plus Large Cap Fund effective
February 2, 1998.
Incorporated by reference in Part B to the Fund's
Semi-annual Report dated April 30, 1998, as filed
electronically with the Securities and Exchange Commission
on July 7, 1998 (File No. 811-6352) (Accession Nos.
0000950146-98-001164 and 0000950146-98-001167):
Unaudited Financial Statements for the period ended
April 30, 1998 which include the following:
Aetna Money Market Fund, Aetna Government Fund, Aetna
Bond Fund, Aetna Balanced Fund, Aetna Growth and
Income Fund, Aetna Growth Fund, Aetna Small Company
Fund, Aetna International Fund, Aetna Index Plus Large
Cap Fund, Aetna Ascent Fund, Aetna Crossroads Fund and
Aetna Legacy Fund:
Portfolios of Investments
<PAGE>
Statements of Assets and Liabilities as of April 30,
1998
Statements of Operations for the six month period
ended April 30, 1998
Statements of Changes in Net Assets for the six month
period ended April 30, 1998 and the year ended October
31, 1997
Notes to Financial Statements
Aetna Value Opportunity Fund, Aetna Real Estate
Securities Fund, and Aetna High Yield Fund:
Portfolios of Investments
Statements of Assets and Liabilities as of April 30,
1998
Statements of Operations and Changes in Net Assets for
the period from February 2, 1998 to April 30, 1998
Notes to Financial Statements
Aetna Index Plus Mid Cap Fund and Aetna Index Plus
Small Cap Fund:
Portfolios of Investments
Statements of Assets and Liabilities as of April 30,
1998
Statements of Operations and Changes in Net Assets for
the period from February 3, 1998 to April 30, 1998
Notes to Financial Statements
Aetna Index Plus Bond Fund and Aetna Mid Cap Fund:
Portfolios of Investments
Statements of Assets and Liabilities as of
April 30, 1998
Statements of Operations and Changes in Net Assets for
the period from February 4, 1998 to April 30, 1998
Notes to Financial Statements
(b) Exhibits:
(1)(a) Articles of Amendment and Restatement (September 2, 1997)(1)
(1)(b) Articles of Amendment (October 29, 1997)(2)
(1)(c) Articles Supplementary (October 29, 1997)(2)
(1)(d) Articles of Amendment (January 26, 1998)(3)
(1)(e) Articles Supplementary (June 25, 1998)(4)
(2) By-laws (as amended September 13, 1994)(5)
(3) Not applicable
(4) Instruments Defining Rights of Holders (set forth in the
Articles of Amendment and Restatement)(1)
(5)(a) Investment Advisory Agreement between Aeltus Investment
Management, Inc. and Aetna Series Fund, Inc., on behalf of
Aetna Balanced Fund, Aetna Bond Fund, Aetna Growth Fund,
Aetna Growth and Income Fund, Aetna Government Fund,
<PAGE>
Aetna Index Plus Large Cap Fund, Aetna International Fund,
Aetna Money Market Fund, Aetna Small Company Fund, Aetna
Ascent Fund, Aetna Crossroads Fund, Aetna Legacy Fund, Aetna
High Yield Fund, Aetna Index Plus Bond Fund, Aetna Index
Plus Mid Cap Fund, Aetna Index Plus Small Cap Fund, Aetna
Mid Cap Fund, Aetna Real Estate Securities Fund, and Aetna
Value Opportunity Fund(3)
(5)(b) Subadvisory Agreement between Bradley, Foster & Sargent,
Inc. and Aetna Series Fund, Inc., on behalf of Aetna Value
Opportunity Fund
(6)(a) Underwriting Agreement between Aeltus Capital, Inc. and
Aetna Series Fund, Inc.(3)
(6)(b) Master Selling Dealer Agreement(3)
(7) Directors' Deferred Compensation Plan(1)
(8)(a)(i) Custodian Agreement - Mellon Bank, N.A. (September 1,
1992)(5)
(8)(a)(ii) Amendment to Custodian Agreement - Mellon Bank, N.A. (May
11, 1994)(2)
(8)(a)(iii) Amendment to Custodian Agreement - Mellon Bank, N.A.
(September 14, 1994)(5)
(8)(a)(iv) Amendment to Custodian Agreement - Mellon Bank, N.A.
(October 11, 1996)(6)
(8)(a)(v) Amendment to Custodian Agreement - Mellon Bank, N.A.
(January 29, 1998)(3)
(8)(a)(vi) Custodian Agreement - Brown Brothers Harriman & Company
(Aetna International Fund) (December 12, 1991)(7)
(9)(a) Administrative Services Agreement between Aeltus Investment
Management, Inc. and Aetna Series Fund, Inc. on behalf of
Aetna Balanced Fund, Aetna Bond Fund, Aetna Growth Fund,
Aetna Growth and Income Fund, Aetna Government Fund, Aetna
Index Plus Large Cap Fund, Aetna International Fund, Aetna
Money Market Fund, Aetna Small Company Fund, Aetna Ascent
Fund, Aetna Crossroads Fund, Aetna Legacy Fund, Aetna High
Yield Fund, Aetna Index Plus Bond Fund, Aetna Index Plus Mid
Cap Fund, Aetna Index Plus Small Cap Fund, Aetna Mid Cap
Fund, Aetna Real Estate Securities Fund, and Aetna Value
Opportunity Fund(3)
(9)(b) License Agreement(5)
(9)(c) Transfer Agent Agreement(4)
(10) Opinion and Consent of Counsel
(11) Consent of Independent Auditors
(12) Not applicable
(13) Not applicable
(14) Not applicable
(15)(a) Distribution Plan (Class A)(3)
(15)(b) Distribution Plan (Class C)(3)
(15)(c) Shareholder Service Plan (Class C)(3)
(16) Schedule for Computation of Performance Data(1)
(17) See Exhibit 27 below
(18) Multi-Class Plan(3)
(19)(a) Power of Attorney (December 10, 1997)(1)
(19)(b) Power of Attorney (June 24, 1998)(4)
(19)(c) Power of Attorney (September 29, 1998)
<PAGE>
(19)(d) Authorization for Signatures(8)
(27) Financial Data Schedules
1. Incorporated herein by reference to Post-Effective Amendment No. 24 to
Registration Statement on Form N-1A (File No. 33-41694), as filed with the
Securities and Exchange Commission on January 16, 1998 (Accession No.
0000950146-98-000093).
2. Incorporated herein by reference to Post-Effective Amendment No. 23 to
Registration Statement on Form N-1A, (File No. 33-41694), as filed with the
Securities and Exchange Commission on November 3, 1997 (Accession No.
0000950146-97-001608).
3. Incorporated herein by reference to Post-Effective Amendment No. 25 to
Registration Statement on Form N-1A, (File No. 33-41694), as filed with the
Securities and Exchange Commission on April 24, 1998 (Accession No.
0000950146-98-000685).
4. Incorporated herein by reference to Post-Effective Amendment No. 26 to
Registration Statement on Form N-1A (File No. 33-41694), as filed with the
Securities and Exchange Commission on June 29, 1998 (Accession No.
0000950146-98-001122).
5. Incorporated herein by reference to Post-Effective Amendment No. 1 to
Registration Statement on Form N-1A, (File No. 33-85620), as filed with the
Securities and Exchange Commission on June 28, 1995 (Accession No.
0000950109-95-002519).
6. Incorporated herein by reference to Post-Effective Amendment No. 16 to
Registration Statement on Form N-1A (File No. 33-41694), as filed with the
Securities and Exchange Commission on December 10, 1996 (Accession No.
0000928389-96-000187).
7. Incorporated herein by reference to Post-Effective Amendment No. 14 to
Registration Statement on Form N-1A (File No. 33-41694), as filed with the
Securities and Exchange Commission on September 20, 1996 (Accession No.
0000928389-96-000162).
8. Incorporated herein by reference to Post-Effective Amendment No. 2 to
Registration Statement on Form N-1A (File No. 333-05173), as filed with the
Securities and Exchange Commission on September 26, 1997 (Accession No.
0000950146-97-001480).
<PAGE>
Item 25. Persons Controlled by or Under Common Control
Registrant is a Maryland corporation for which separate financial
statements are filed. As of August 31, 1998, Aetna Life Insurance and
Annuity Company ("Aetna") had a controlling interest in the following
series of the Registrant:
<TABLE>
<CAPTION>
% Aetna
----------------------------------------------------------
Class I Class A Class C
------- ------- -------
<S> <C> <C> <C>
Aetna Bond Fund 48.51% 100.00%
Aetna Government Fund 86.52% 100.00%
Aetna High Yield Fund 99.65% 67.33% 79.62%
Aetna Index Plus Bond Fund 99.97% 37.81% 99.01%
Aetna Index Plus Large Cap Fund 63.87% 32.58%
Aetna Index Plus Mid Cap Fund 99.58% 37.92% 98.47%
Aetna Index Plus Small Cap Fund 99.41% 34.44% 93.06%
Aetna International Fund 63.56% 81.12%
Aetna Mid Cap Fund 99.07% 82.47% 100.00%
Aetna Money Market Fund 40.74% 30.04%
Aetna Real Estate Securities Fund 98.74% 38.88% 96.69%
Aetna Small Company Fund 66.92%
Aetna Value Opportunity Fund 98.30% 97.34%
Aetna Ascent Fund 89.88% 73.79%
Aetna Crossroads Fund 94.90% 58.52%
Aetna Legacy Fund 90.59% 70.84%
Aetna Growth Fund 52.23%
Aetna Growth and Income Fund 46.22%
Aetna Balanced Fund 61.97%
</TABLE>
Aetna is an indirect wholly owned subsidiary of Aetna Inc.
A list of all persons directly or indirectly under common control with
the Registrant is incorporated herein by reference to Item 26 of the
Registration Statement on Form N-4 (File No.333-01107), as filed
electronically with the Securities and Exchange Commission on September
10, 1998 (Accession No. 0000950146-98-001550).
Item 26. Number of Holders of Securities
<TABLE>
<CAPTION>
(1) Name of Series (2) Number of Record Holders of each
Class as ofAugust 31, 1998
Class I Class A Class C
<S> <C> <C> <C>
Aetna Balanced Fund 1913 1041 12
Aetna Bond Fund 854 185 1
Aetna Government Fund 91 75 1
<PAGE>
Aetna Growth Fund 715 2124 23
Aetna Growth and Income Fund 2125 3501 24
Aetna Index Plus Large Cap Fund 191 679 37
Aetna International Fund 1072 1149 16
Aetna Money Market Fund 5652 8846 26
Aetna Small Company Fund 602 1809 22
Aetna Ascent Fund 92 436 7
Aetna Crossroads Fund 32 245 4
Aetna Legacy Fund 25 133 7
Aetna High Yield Fund 12 10 3
Aetna Index Plus Bond Fund 5 13 2
Aetna Index Plus Mid Cap Fund 18 41 3
Aetna Index Plus Small Cap Fund 26 47 5
Aetna Mid Cap Fund 13 16 1
Aetna Real Estate Securities Fund 15 22 2
Aetna Value Opportunity Fund 22 59 3
</TABLE>
Item 27. Indemnification
Article 12, Section (d) of the Registrant's Articles of Amendment and
Restatement, incorporated herein by reference to Exhibit 24(b)(1) to
Registrant's Registration Statement on Form N-1A (File No. 33-41694), as
filed electronically on November 3, 1997, 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
October 1, 1999.
Section XI.B of the Administrative Services Agreement, incorporated
herein by reference to Exhibit 9(a) to Registrant's Registration
Statement on Form N-1A (File No. 33-41694), as filed electronically on
April 24, 1998, provides for indemnification of the Administrator.
Section 8 of the Underwriting Agreement, incorporated herein by reference
to Exhibit 6(a) to Registrant's Registration Statement on Form N-1A (File
No. 33-41694), as filed electronically on April 24, 1998, provides for
indemnification of the Underwriter, its several officers and directors,
and any person who controls the Underwriter within the meaning of Section
15 of the Securities Act of 1933.
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
<PAGE>
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.
Item 28. Business and Other Connections of Investment Adviser
The investment adviser, Aeltus Investment Management, Inc. ("Aeltus"), is
registered as an investment adviser with the Securities and Exchange
Commission. In addition to serving as investment adviser and
administrator for Aetna Series Fund, Inc., Aeltus acts as investment
adviser and administrator for Aetna Variable Fund, Aetna Income Shares,
Aetna Variable Encore Fund, Aetna Balanced VP, Inc., Aetna GET Fund,
Aetna Generation Portfolios, Inc., and Aetna Variable Portfolios, Inc.
(all management investment companies registered under the Investment
Company Act of 1940 (the "1940 Act")). It also acts as investment adviser
to certain private accounts.
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, 1995/Addresses*/**
----------------------------- ---------------------------------- -------------------------------------------------------
<S> <C> <C>
John Y. Kim Director, President, Chief Director (since February 1995) -- Aetna Life
Executive Officer, Chief Insurance and Annuity Company; Senior Vice President
Investment Officer (since September 1994) -- Aetna Life Insurance and
Annuity Company.
J. Scott Fox Director, Managing Director, Vice President (since April 1997) -- Aetna Retirement
Chief Operating Officer, Chief Services, Inc.; Director and Senior Vice President
Financial Officer (March 1997 - February 1998) -- Aetna Life Insurance
and Annuity Company; Managing Director, Chief
Operating Officer, Chief Financial Officer, Treasurer
(April 1994 - March 1997) -- Aeltus Investment
Management, Inc.
<PAGE>
Thomas J. McInerney Director President (since August 1997) -- Aetna Retirement
Services, Inc.; Director and President (since
September 1997) -- Aetna Life Insurance and Annuity
Company; Executive Vice President (since August 1997)
-- Aetna Inc.; Vice President, Strategy (March 1997 -
August 1997) -- Aetna Inc.; Vice President, Marketing
and Sales (December 1996 - March 1997) -- Aetna U.S.
Healthcare; Vice President, National Accounts (April
1996 - December 1996) -- Aetna U.S. Healthcare; Vice
President, Strategy, Finance, & Administration (July
1995 - April 1996) -- Aetna Inc.
Catherine H. Smith Director Director, Senior Vice President and Chief Financial
Officer (since February 1998) -- Aetna Life Insurance
and Annuity Company; Chief Financial Officer (since
February 1998) -- Aetna Retirement Services, Inc.;
Vice President, Strategy, Finance and Administration,
Financial Relations (September 1996 - February 1998)
-- Aetna Inc.; Chief of Staff, Health/Group Life,
Strategy and Communication (April 1993 - September
1996) -- Aetna U.S. Healthcare.
Lennart A. Carlson Managing Director, Fixed Income Managing Director (since January 1996) -- Aeltus
Investments Trust Company.
Steven C. Huber Managing Director, Fixed Income Portfolio Manager (August 1991 - August 1996) --
Investments Aetna Life Insurance and Annuity Company; Managing
Director (since August 1996) -- Aeltus Trust Company.
Brian K. Kawakami Vice President, Chief Compliance Chief Compliance Officer & Director (since January
Officer 1996) -- Aeltus Trust Company; Chief Compliance
Officer (since August 1993) -- Aeltus Capital, Inc.
<PAGE>
Neil Kochen Managing Director, Product Managing Director (since April 1996) -- Aeltus Trust
Development Company; Managing Director (since August 1996) --
Aeltus Capital, Inc.; Managing Director (July 1994 -
August 1996) -- Aetna Life Insurance and Annuity
Company.
Frank Litwin Managing Director, Retail Vice President, Strategic Marketing (April, 1992 -
Marketing and Sales August, 1997) -- Fidelity Investments Institutional
Services Company.
Kevin M. Means Managing Director, Equity Managing Director (July 1994 - August 1996) -- Aetna
Investments Life Insurance and Annuity Company; Managing Director
(since August 1996) -- Aeltus Trust Company.
L. Charles Meythaler Managing Director, Institutional Director (since July 1997) -- Aeltus Trust Company;
Marketing and Sales Managing Director (since June 1997) -- Aeltus Trust
Company; President (June 1993 - April 1997) -- New
England Investment Association.
Jeanne Wong-Boehm Managing Director, Fixed Income Portfolio Manager (March 1982 - August 1996) -- Aetna
Investments Life Insurance and Annuity Company; Portfolio Mana
(March 1982 August 1996) -- Aetna Inc.; Managing Director
(since August 1996) -- Aeltus Trust Company.
</TABLE>
* Except with respect to Mr. McInerney and Ms. Smith, the principal business
address of each person named is 242 Trumbull Street, Hartford, Connecticut
06103-1205. The address of Mr. McInerney and Ms. Smith 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 Bradley, Foster & Sargent, Inc. (Bradley), the
subadviser for Aetna Value Opportunity Fund, reference is hereby made to the
section entitled "Subadviser" in the supplements dated October 1, 1998 (filed
herewith) to the Class A and C Prospectus dated June 30, 1998, the Class
<PAGE>
I Prospectus dated February 2, 1998 and the Statement of Additional Information
dated June 30, 1998. For information as to the business, profession, vocation or
employment of a substantial nature of each of the officers of Bradley, reference
is hereby made to the current Form ADV (File No. 801-46616) of Bradley filed
under the Investment Advisers Act of 1940, incorporated herein by reference.
Item 29. Principal Underwriters
(a) None
(b) The following are the directors and principal officers of Aeltus
Capital, Inc., the principal underwriter of the Registrant:
<TABLE>
<CAPTION>
Name and Principal Positions and Offices Positions and Offices
Business Address* with Principal Underwriter with Registrant
- ------------------ --------------------------- ---------------------
<S> <C> <C>
John Y. Kim Director and President Director
J. Scott Fox Director, Managing Director, Director and President
Chief Operating Officer, Chief
Financial Officer
Brian K. Kawakami Director, Vice President, Chief None
Compliance Officer
Daniel F. Wilcox Vice President - Finance, and None
Treasurer
</TABLE>
* The principal business address of all directors and officers listed is 242
Trumbull Street, Hartford, Connecticut 06103-1205.
(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, Aeltus, maintain physical
possession of each account, book or other document, at 242 Trumbull
Street, Hartford, Connecticut 06103-1205.
Shareholder records are maintained by the transfer agent, First Data
Investor Services Group, Inc., 4400 Computer Drive, Westboro,
Massachusetts 01581.
Item 31. Management Services
<PAGE>
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 certifies that it meets the requirements of Rule 485(b) under the
Securities Act of 1933 for effectiveness of this Post-Effective Amendment to the
Registration Statement on Form N-1A (File No. 33-41694) and has duly caused this
Post-Effective Amendment to be signed on its behalf by the undersigned, thereto
duly authorized, in the City of Hartford and State of Connecticut on the 30th
day of September, 1998.
AETNA SERIES FUND, INC.
--------------------------
Registrant
By J. Scott Fox*
--------------------------
J. Scott Fox
President
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment to the Registration Statement has been signed below by the following
persons on September 30, 1998 in the capacities indicated.
<TABLE>
<CAPTION>
Signature Title Date
<S> <C> <C>
J. Scott Fox* President and Director )
- ----------------------------- (Principal Executive Officer) )
J. Scott Fox )
)
Albert E. DePrince, Jr.** Director )
- ----------------------------- )
Albert E. DePrince, Jr. )
)
Maria T. Fighetti* Director ) September
- ----------------------------- )
Maria T. Fighetti ) 30, 1998
)
David L. Grove* Director )
- ----------------------------- )
David L. Grove )
)
John Y. Kim* Director )
- ----------------------------- )
John Y. Kim )
)
Sidney Koch* Director )
- ----------------------------- )
Sidney Koch )
)
Shaun P. Mathews* Director )
- ----------------------------- )
Shaun P. Mathews )
<PAGE>
Corine T. Norgaard* Director )
- ----------------------------- )
Corine T. Norgaard )
)
Richard G. Scheide* Director )
- ----------------------------- )
Richard G. Scheide )
)
Stephanie A. DeSisto*** Treasurer and Chief Financial Officer )
- ----------------------------- (Principal Financial and Accounting )
Stephanie A. DeSisto Officer) )
</TABLE>
By: /s/ Amy R. Doberman
---------------------------------------------------
*Amy R. Doberman
Attorney-in-Fact
*Executed pursuant to Power of Attorney dated December 10, 1997 and filed
with the Securities and Exchange Commission on January 16, 1998 (Accession
No. 0000950146-98-000093).
**Executed pursuant to Power of Attorney dated June 24, 1998 and filed with
the Securities and Exchange Commission on June 29, 1998 (Accession No.
0000950146-98-001122).
***Executed pursuant to Power of Attorney dated September 29, 1998 and filed
herein as exhibit 24(b)(19)(c) with the Securities and Exchange Commission.
<PAGE>
Aetna Series Fund, Inc.
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
<S> <C> <C>
99-b(1)(a) Articles of Amendment and Restatement (September 2, 1997) *
99-b(1)(b) Articles of Amendment (October 29, 1997) *
99-b(1)(c) Articles Supplementary (October 29, 1997) *
99-b(1)(d) Articles of Amendment (January 26, 1998) *
99-b(1)(e) Articles Supplementary (June 25, 1998) *
99-b(2) By-laws (as amended September 13, 1994) *
99-b(4) Instruments Defining Rights of Holders (set forth in the Articles of *
Amendment and Restatement)
99-b(5)(a) Investment Advisory Agreement between Aeltus Investment Management, Inc. *
and Aetna Series Fund, Inc., on behalf of Aetna Balanced Fund, Aetna Bond
Fund, Aetna Growth Fund, Aetna Growth and Income Fund, Aetna Government
Fund, Aetna Index Plus Large Cap Fund, Aetna International Fund, Aetna
Money Market Fund, Aetna Small Company Fund, Aetna Ascent Fund, Aetna
Crossroads Fund, Aetna Legacy Fund, Aetna High Yield Fund, Aetna Index
Plus Bond Fund, Aetna Index Plus Mid Cap Fund, Aetna Index Plus Small Cap
Fund, Aetna Mid Cap Fund, Aetna Real Estate Securities Fund, and Aetna
Value Opportunity Fund
99-b(5)(b) Subadvisory Agreement between Bradley, Foster & Sargent, Inc. and
Aetna Series Fund, Inc., on behalf of Aetna Value Opportunity Fund ________
99-b(6)(a) Underwriting Agreement between Aeltus Capital, Inc. and Aetna Series *
Fund, Inc.
99-b(6)(b) Master Selling Dealer Agreement *
</TABLE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
<S> <C> <C>
99-b(7) Directors' Deferred Compensation Plan *
99-b(8)(a)(i) Custodian Agreement - Mellon Bank, N.A. (September 1, 1992) *
99-b(8)(a)(ii) Amendment to Custodian Agreement - Mellon Bank, N.A. (May 11, 1994) *
99-b(8)(a)(iii) Amendment to Custodian Agreement - Mellon Bank, N.A. (September 14, 1994) *
99-b(8)(a)(iv) Amendment to Custodian Agreement - Mellon Bank, N.A. (October 11, 1996) *
99-b(8)(a)(v) Amendment to Custodian Agreement - Mellon Bank, N.A. (January 29, 1998) *
99-b(8)(a)(vi) Custodian Agreement - Brown Brothers Harriman & Company (Aetna *
International Fund) (December 12, 1991)
99-b(9)(a) Administrative Services Agreement between Aeltus Investment Management, *
Inc. and Aetna Series Fund, Inc. on behalf of Aetna Balanced Fund, Aetna
Bond Fund, Aetna Growth Fund, Aetna Growth and Income Fund, Aetna
Government Fund, Aetna Index Plus Large Cap Fund, Aetna International
Fund, Aetna Money Market Fund, Aetna Small Company Fund, Aetna Ascent
Fund, Aetna Crossroads Fund, Aetna Legacy Fund, Aetna High Yield Fund,
Aetna Index Plus Bond Fund, Aetna Index Plus Mid Cap Fund, Aetna Index
Plus Small Cap Fund, Aetna Mid Cap Fund, Aetna Real Estate Securities
Fund, and Aetna Value Opportunity Fund
99-b(9)(b) License Agreement *
99-b(9)(c) Transfer Agent Agreement *
99-b(10) Opinion and Consent of Counsel ________
99-b(11) Consent of Independent Auditors ________
</TABLE>
<PAGE>
*Incorporated by reference
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Exhibit Page
<S> <C> <C>
99-b(15)(a) Distribution Plan (Class A) *
99-b(15)(b) Distribution Plan (Class C) *
99-b(15)(c) Shareholder Services Plan (Class C) *
99-b(16) Schedule for Computation of Performance Data *
99-b(18) Multi-Class Plan *
99-b(19)(a) Power of Attorney (December 10, 1997) *
99-b(19)(b) Power of Attorney (June 24, 1998) *
99-b(19)(c) Power of Attorney (September 29, 1998) ________
99-b(19)(d) Authorization for Signatures *
27 Financial Data Schedules ________
</TABLE>
*Incorporated by reference
SUBADVISORY AGREEMENT
THIS AGREEMENT is made by AELTUS INVESTMENT MANAGEMENT, INC., a Connecticut
corporation (the "Adviser"), AETNA SERIES FUND, INC., a Maryland Corporation
(the "Fund"), on behalf of its AETNA VALUE OPPORTUNITY FUND (the "Series") and
Bradley, Foster & Sargent, Inc., a Connecticut corporation (the "Subadviser"),
as of the date set forth below.
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
consisting of multiple investment portfolios, under the Investment Company Act
of 1940, as amended (the "1940 Act"); and
WHEREAS, pursuant to authority granted by the Fund's Articles of Incorporation,
the Fund has established the Series as a separate investment portfolio; and
WHEREAS, both the Adviser and the Subadviser are registered with the Commission
as investment advisers under the Investment Advisers Act of 1940, as amended
(the "Advisers Act") and both are in the business of acting as investment
advisers; and
WHEREAS, the Adviser has entered into an Investment Advisory Agreement with the
Fund, on behalf of the Series (the "Investment Advisory Agreement"), which
appoints the Adviser as the investment adviser for the Series; and
WHEREAS, Article IV of the Investment Advisory Agreement authorizes the Adviser
to delegate all or a portion of its obligations under the Investment Advisory
Agreement to a subadviser;
NOW THEREFORE, the parties agree as follows:
I. APPOINTMENT AND OBLIGATIONS OF THE ADVISER
Subject to the terms and conditions of this Agreement, the Adviser and the Fund,
on behalf of the Series, hereby appoint the Subadviser to manage the assets of
the Series as set forth below in Section II, under the supervision of the
Adviser and subject to the approval and direction of the Fund's Board of
Directors (the "Board"). The Subadviser hereby accepts such appointment and
agrees that it shall, for all purposes herein, undertake such obligations as an
independent contractor and not as an agent of the Adviser. The Subadviser
agrees, that except as required to carry out its duties under this Agreement or
as otherwise expressly authorized, it has no authority to act for or represent
the Series, the Fund or the Adviser in any way. The Subadviser agrees that the
Adviser shall have the right at all times to inspect the offices and the records
of the Subadviser that relate to the Subadviser's performance of this Agreement.
<PAGE>
II. DUTIES OF THE SUBADVISER AND THE ADVISER
A. Duties of the Subadviser
The Subadviser shall regularly provide investment advice with respect
to the assets held by the Series and shall continuously supervise the
investment and reinvestment of securities, instruments or other
property (excluding cash and cash instruments) comprising the assets of
the Series. In carrying out these duties, the Subadviser shall:
1. select the securities to be purchased, sold or
exchanged by the Series or otherwise represented in
the Series' investment portfolio, communicate trade
orders to the Adviser for all such securities, and
regularly report thereon to the Adviser and, at the
request of the Adviser, to the Board;
2. formulate and implement continuing programs for the
purchase and sale of securities and regularly report
thereon to the Adviser and, at the request of the
Adviser or the Series, to the Board;
3. inform the Adviser of the amount of Series assets
which will need to be invested or reinvested in cash
and cash instruments; and
4. establish and maintain appropriate policies and
procedures including, but not limited to, a code of
ethics, which are designed to ensure that the
management of the Series is implemented in compliance
with the 1940 Act, the Advisers Act, and the rules
thereunder.
B. Duties of the Adviser
The Adviser shall retain responsibility for oversight of all activities
of the Subadviser and for monitoring its activities on behalf of the
Series. The Adviser also is responsible for the investment and
reinvestment of cash and cash instruments maintained by the Series. In
carrying out its obligations under this Agreement and the Investment
Advisory Agreement, the Adviser shall:
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 (the "1933 Act"), and the 1940 Act
("Registration Statement");
2. place all trade orders communicated by the Subadviser
with brokers or dealers selected by the Adviser. The
Adviser shall use its best efforts to
2
<PAGE>
seek to execute portfolio transactions at prices that
are advantageous to the Series giving consideration
to the services and research provided and at
commission rates that are reasonable in relation to
the benefits received;
3. review all reports prepared by the Subadviser to
assure that they are in compliance with applicable
requirements and meet the provisions of applicable
laws and regulations;
4. formulate and implement continuing programs for the
purchase and sale of cash and cash instruments and
regularly report thereon, at the request of the
Series to the Board;
5. file all periodic reports required to be filed by the
Series with the applicable regulatory authorities;
6. review and deliver to the Board all financial,
performance and other reports prepared by the
Subadviser and/or Adviser under the provisions of
this Agreement or as requested by the Board;
7. maintain contact with and enter into arrangements
with the custodian, transfer agent, auditors, outside
counsel, and other third parties providing services
to the Series;
8. give instructions to the custodian and/or
sub-custodian of the Series, concerning deliveries of
securities, transfers of currencies and payments of
cash for the Series, as required to carry out the
investment activities of the Series as contemplated
by this Agreement;
9. provide such administrative and other services, such
as preparation of financial data, determination of
the Series' net asset value, and preparation of
financial and performance reports; and
10. oversee all matters relating to (i) the offer and
sale of shares of the Series, including promotions,
marketing materials, preparation of prospectuses,
filings with the Commission and state securities
regulators, and negotiations with broker-dealers;
(ii) shareholder services, including, confirmations,
correspondence and reporting to shareholders; (iii)
all corporate matters on behalf of the Series,
including monitoring the corporate records of the
Series, maintaining contact with the Board, preparing
for, organizing and attending meetings of the Board
and the Series' shareholders; (iv) preparation of
proxies when required; and (v) any other matters not
expressly delegated to the Subadviser by this
Agreement.
3
<PAGE>
III. REPRESENTATIONS AND WARRANTIES
A. Representations and Warranties of the Subadviser
The Subadviser hereby represents and warrants to the Adviser as
follows:
1. Due Incorporation and Organization. The Subadviser 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 Subadviser is registered as an
investment adviser with the Commission under the
Advisers Act. The Subadviser shall maintain such
registration in effect at all times during the term
of this Agreement.
3. Regulatory Orders. The Subadviser is not subject to
any stop orders, injunctions or other orders of any
regulatory authority affecting its ability to carry
out the terms of this Agreement. The Subadviser will
notify the Adviser and the Series immediately if any
such order is issued or if any proceeding is
commenced that could result in such an order.
4. Compliance. The Subadviser has in place compliance
systems and procedures designed to meet the
requirements of the Advisers Act and the 1940 Act and
it shall at all times assure that its activities in
connection with managing the Series follow these
procedures.
5. Authority. The Subadviser is authorized to enter into
this Agreement and carry out the terms hereunder.
6. Best Efforts. The Subadviser 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 Adviser
The Adviser hereby represents and warrants to the Subadviser 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 Commission under the
Advisers Act. The Adviser shall maintain such
registration or license in effect at all times during
the term of this Agreement.
4
<PAGE>
3. Regulatory Orders. The Adviser is not subject to any
stop orders, injunctions or other orders of any
regulatory authority affecting its ability to carry out
the terms of this Agreement. The Adviser will notify
the Subadviser and the Series immediately if any such
order is issued or if any proceeding is commenced that
could result in such an order.
4. Compliance. The Adviser shall at all times assure that
its activities in connection with managing the Series
follow these procedures.
5. Authority. The Adviser is authorized to enter into this
Agreement and carry out the terms hereunder.
6. Best Efforts. The Adviser at all times shall provide
its best judgment and effort to the Series in carrying
out its obligations hereunder.
C. Representations and Warranties of the Fund
The Fund hereby represents and warrants to the Adviser as follows:
1. Due Incorporation and Organization. The Fund has been
duly incorporated as a Corporation 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 Fund are registered or qualified for offer and sale
to the public under 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. CONTROL BY THE BOARD OF DIRECTORS
Any investment program undertaken by the Subadviser pursuant to this Agreement,
as well as any other activities undertaken by the Subadviser at the direction of
the Adviser on behalf of the Series, shall at all times be subject to any
directives of the Board.
V. COMPLIANCE WITH APPLICABLE REQUIREMENTS
In carrying out its obligations under this Agreement, the Subadviser shall at
all times conform to:
1. all applicable provisions of the 1940 Act, the Advisers Act
and any rules and regulations adopted thereunder;
5
<PAGE>
2. all policies and procedures of the Series as adopted by the
Board and as described in the Registration Statement;
3. the provisions of the Articles of Incorporation of the Fund,
as amended from time to time;
4. the provisions of the Bylaws of the Fund, as amended from time
to time; and
5. any other applicable provisions of state or federal law.
VI. COMPENSATION
The Adviser shall pay the Subadviser, as compensation for services
rendered hereunder, from its own assets, an annual fee based on the
average daily net assets in the Series, according to the following
schedule:
<TABLE>
<CAPTION>
Net Assets in Series Annual Fee
-------------------- ----------
<S> <C>
$0 - $250 MM 0.15% of the Series' average daily net assets
+ $250 MM 0.10% of the Series' average daily net assets
</TABLE>
The fee shall be payable monthly. Except as hereinafter set forth,
compensation under this Agreement shall be calculated and accrued daily
at the rate of 1/365 of the annual fee applied to the daily net assets
of the Series. If this Agreement becomes effective subsequent to the
first day of a month or shall terminate 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.
VII. ALLOCATION OF EXPENSES
The Subadviser shall pay the salaries, employment benefits and other related
costs of those of its personnel engaged in providing investment advice to the
Series hereunder, including, but not limited to, office space, office equipment,
telephone and postage costs.
VIII. NONEXCLUSIVITY
The services of the Subadviser with respect to the Series are not to be deemed
to be exclusive, and the Subadviser shall be free to render investment advisory
and administrative or other services to others (including other investment
companies) and to engage in other activities; provided, however, that the
Subadviser will not undertake to manage a registered investment company with
substantially similar objectives, policies and restrictions to those of the
Series without obtaining the Adviser's prior written approval. It is understood
that officers or directors of the Subadviser are
6
<PAGE>
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 advisory
companies.
IX. TERM
This Agreement shall become effective at the close of business on the date
hereof and shall remain in force and effect through December 31, 1999, unless
earlier terminated under the provisions of Article X. Following the expiration
of its initial term, the Agreement shall continue in force and effect for one
year periods, provided 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 (other than as a director of the Fund), by
votes cast in person at a meeting specifically called for such
purpose.
X. TERMINATION
This Agreement may be terminated:
1. at any time, without the payment of any penalty, by vote of
the Board or by vote of a majority of the outstanding voting
securities of the Series; or
2. by the Adviser, the Fund, on behalf of the Series, or the
Subadviser on sixty (60) days' written notice to the other
party, unless written notice is waived by the party required
to be notified; or
3. automatically in the event there is an "assignment" of this
Agreement, as defined in the 1940 Act.
XI. LIABILITY
The Subadviser shall be liable to the Series and the Subadviser and shall
indemnify the Series and the Adviser for any losses incurred by the Series or
the Adviser 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 Subadviser or its officers, directors or employees, that is
found to involve willful misfeasance, bad faith or negligence, or reckless
disregard by the Subadviser of its duties under this Agreement, in connection
with the services rendered by the Subadviser hereunder.
7
<PAGE>
Nothing herein shall relieve the Adviser of its responsibilities to the Fund, as
set forth in the Investment Advisory Agreement.
XII. 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 address shall be:
if to the Fund, on behalf of the Series or the Adviser:
242 Trumbull Street ALT5
Hartford, Connecticut 06103-1205
Fax number: 860/275-2158
Attn: Secretary
if to the Subadviser:
185 Asylum Street
Hartford, Connecticut 06103
Fax number: 860/520-1557
Attention: President
XIII. 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 any provision of the Agreement is
revised by rule, regulation or order of the Commission, such provision shall be
deemed to incorporate the effect of such rule, regulation or order.
XIV. SALES PROMOTION
The Subadviser may not use any sales literature, advertising material (including
material disseminated through radio, television, or other electronic media) or
other communications concerning Series shares or that include the name of the
Series or the Adviser without obtaining the Adviser's prior written approval.
8
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
in duplicate by their respective officers on the 30th day of September, 1998.
<TABLE>
<S> <C>
Aeltus Investment Management, Inc.
Attest /s/ Lennart A. Carlson
By ------------------------------
/s/ Katherine Cheng Name Lennart A. Carlson
- --------------------- Title Managing Director
Name Katherine Cheng
Title Assistant Secretary
Bradley, Foster & Sargent, Inc.
/s/ R. H. Bradley
Attest: By -------------------------------
Name Robert H. Bradley
/s/ Nadine G. Alderucci Title President
- -----------------------
Name Nadine G. Alderucci Aetna Series Fund, Inc.
Title Operations Officer on behalf of
Aetna Value Opportunity Fund
/s/ Stephanie A. DeSisto
Attest By -------------------------------
Name Stephanie A. DeSisto
/s/ Amy R. Doberman Title Vice President
- --------------------
Name Amy R. Doberman
Title Secretary
</TABLE>
9
Aetna Inc.
[AETNA LETTERHEAD] 242 Trumbull Street
[AETNA LOGO] Hartford, CT 06103-1205
Amy R. Doberman
Counsel
Law Division, ALT5
September 30, 1998 Investments & Financial Services
(860) 275-2032
Fax: (860) 275-2158
U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Aetna Series Fund, Inc.
Post-Effective Amendment No. 28 to
Registration Statement on Form N-1A
(File No. 33-41694 and 811-6352
Dear Sir or Madam:
The undersigned serves as counsel to Aeltus Investment Management, Inc., 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 1933 Act and
the 1940 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 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 Connecticut, Maryland and the District of
Columbia. My opinion herein as to Maryland law is based upon a limited inquiry
thereof that I have deemed appropriate under the circumstances.
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.
<PAGE>
Page 2
September 30, 1998
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 and Shareholders
Aetna Series Fund, Inc.:
We consent to the use of our reports dated December 12, 1997 incorporated by
reference herein this Post-Effective Amendment No. 28 to the Registration
Statement (File No. 33-41694) on Form N-1A and to the references to our firm
under the heading "Financial Highlights" in the prospectuses.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Hartford, Connecticut
September 30, 1998
POWER OF ATTORNEY
I, the undersigned officer of Aetna Series Fund, Inc., Aetna Balanced VP, Inc.,
Aetna Generation Portfolios, Inc. and Aetna Variable Portfolios, Inc. hereby
constitute and appoint Amy R. Doberman, Julie E. Rockmore and Daniel E. Burton,
and each of them individually, my true and lawful attorneys, with full power to
them and each of them to sign for me, and in my name and in the capacity
indicated below, any and all amendments to the Registration Statements listed
below filed with the Securities and Exchange Commission under the Securities Act
of 1933 and the Investment Company Act of 1940:
Registration Statements filed under the Securities Act of 1933:
Aetna Series Fund, Inc. 33-41694
Aetna Balanced VP, Inc. 33-27247
Aetna Generation Portfolios, Inc. 33-88334
Aetna Variable Portfolios, Inc. 333-05173
Registration Statements filed under the Investment Company Act of 1940:
Aetna Series Fund, Inc. 811-6352
Aetna Balanced VP, Inc. 811-5773
Aetna Generation Portfolios, Inc. 811-8934
Aetna Variable Portfolios, Inc. 811-7651
hereby ratifying and confirming on this 29th day of September, 1998, my
signature as it may be signed by my said attorneys to any and all amendments to
such Registration Statements.
Signature/Title
/s/ Stephanie A. DeSisto
------------------------------------------------
Stephanie A. DeSisto
Vice President, Treasurer
and Chief Financial Officer
<TABLE> <S> <C>
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<NAME> Aetna Series Fund, Inc.
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<NUMBER> 011
<NAME> Money Market-Class I
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 449,386,816
<INVESTMENTS-AT-VALUE> 449,386,816
<RECEIVABLES> 4,123,048
<ASSETS-OTHER> 463,255
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 453,973,119
<PAYABLE-FOR-SECURITIES> 19,200,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,533,045
<TOTAL-LIABILITIES> 23,733,045
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 430,240,074
<SHARES-COMMON-STOCK> 273,709,831
<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> 273,709,831
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,308,117
<OTHER-INCOME> 0
<EXPENSES-NET> (1,631,128)
<NET-INVESTMENT-INCOME> 23,676,989
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,676,989
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<DISTRIBUTIONS-OF-INCOME> (16,169,711)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 294,751,229
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<GROSS-EXPENSE> 1,631,128
<AVERAGE-NET-ASSETS> 302,792,579
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
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<EXPENSE-RATIO> 0.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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<TABLE> <S> <C>
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<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 012
<NAME> Money Market -- Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 449,386,816
<INVESTMENTS-AT-VALUE> 449,386,816
<RECEIVABLES> 4,123,048
<ASSETS-OTHER> 463,255
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<PAYABLE-FOR-SECURITIES> 19,200,000
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<OTHER-ITEMS-LIABILITIES> 4,533,045
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<PAID-IN-CAPITAL-COMMON> 430,240,074
<SHARES-COMMON-STOCK> 156,530,243
<SHARES-COMMON-PRIOR> 119,849,279
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,308,117
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<EXPENSES-NET> (1,631,128)
<NET-INVESTMENT-INCOME> 23,676,989
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,507,278)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 488,605,394
<NUMBER-OF-SHARES-REDEEMED> (459,180,366)
<SHARES-REINVESTED> 7,255,936
<NET-CHANGE-IN-ASSETS> (12,890,084)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,631,128
<AVERAGE-NET-ASSETS> 140,510,533
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.05)
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<EXPENSE-RATIO> 0.37
<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> Bond Fund -- Class I
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 34,965,129
<INVESTMENTS-AT-VALUE> 35,884,303
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<ASSETS-OTHER> 30,120
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<PAYABLE-FOR-SECURITIES> 1,731,406
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 372,752
<TOTAL-LIABILITIES> 2,104,158
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,864,000
<SHARES-COMMON-STOCK> 3,334,981
<SHARES-COMMON-PRIOR> 2,860,637
<ACCUMULATED-NII-CURRENT> 75,137
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<ACCUMULATED-NET-GAINS> 0
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<INTEREST-INCOME> 2,227,207
<OTHER-INCOME> 0
<EXPENSES-NET> (250,407)
<NET-INVESTMENT-INCOME> 1,976,800
<REALIZED-GAINS-CURRENT> 157,360
<APPREC-INCREASE-CURRENT> 299,928
<NET-CHANGE-FROM-OPS> 2,434,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,953,173)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1,188,904
<NUMBER-OF-SHARES-REDEEMED> (878,448)
<SHARES-REINVESTED> 163,888
<NET-CHANGE-IN-ASSETS> 5,345,162
<ACCUMULATED-NII-PRIOR> 93,870
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> (929,467)
<GROSS-ADVISORY-FEES> 163,110
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 250,407
<AVERAGE-NET-ASSETS> 31,653,903
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> 0.62
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<PER-SHARE-DIVIDEND> (0.62)
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<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 022
<NAME> Bond Fund -- Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 34,965,129
<INVESTMENTS-AT-VALUE> 35,884,303
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<PAYABLE-FOR-SECURITIES> 1,731,406
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 372,752
<TOTAL-LIABILITIES> 2,104,158
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,864,000
<SHARES-COMMON-STOCK> 98,515
<SHARES-COMMON-PRIOR> 87,000
<ACCUMULATED-NII-CURRENT> 75,137
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (772,107)
<ACCUM-APPREC-OR-DEPREC> 919,174
<NET-ASSETS> 1,006,451
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,227,207
<OTHER-INCOME> 0
<EXPENSES-NET> (250,407)
<NET-INVESTMENT-INCOME> 1,976,800
<REALIZED-GAINS-CURRENT> 157,360
<APPREC-INCREASE-CURRENT> 299,928
<NET-CHANGE-FROM-OPS> 2,434,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (42,360)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,594
<NUMBER-OF-SHARES-REDEEMED> (30,070)
<SHARES-REINVESTED> 3,991
<NET-CHANGE-IN-ASSETS> 5,345,162
<ACCUMULATED-NII-PRIOR> 93,870
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (929,467)
<GROSS-ADVISORY-FEES> 163,110
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 250,407
<AVERAGE-NET-ASSETS> 788,913
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 10.22
<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> 031
<NAME> Balanced Fund -- Class I
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 103,678,634
<INVESTMENTS-AT-VALUE> 112,163,298
<RECEIVABLES> 633,907
<ASSETS-OTHER> 187,771
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 112,984,976
<PAYABLE-FOR-SECURITIES> 589,965
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 293,418
<TOTAL-LIABILITIES> 883,383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84,397,685
<SHARES-COMMON-STOCK> 7,509,419
<SHARES-COMMON-PRIOR> 6,552,804
<ACCUMULATED-NII-CURRENT> 1,090,686
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,210,133
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,403,089
<NET-ASSETS> 105,813,063
<DIVIDEND-INCOME> 621,939
<INTEREST-INCOME> 3,103,565
<OTHER-INCOME> 0
<EXPENSES-NET> (1,296,616)
<NET-INVESTMENT-INCOME> 2,428,888
<REALIZED-GAINS-CURRENT> 18,297,657
<APPREC-INCREASE-CURRENT> (2,736,577)
<NET-CHANGE-FROM-OPS> 17,989,968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,069,845)
<DISTRIBUTIONS-OF-GAINS> (9,749,919)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,194,562
<NUMBER-OF-SHARES-REDEEMED> (1,188,932)
<SHARES-REINVESTED> 950,985
<NET-CHANGE-IN-ASSETS> 19,693,506
<ACCUMULATED-NII-PRIOR> 799,186
<ACCUMULATED-GAINS-PRIOR> 10,122,885
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 812,391
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,296,616
<AVERAGE-NET-ASSETS> 95,976,982
<PER-SHARE-NAV-BEGIN> 13.52
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 2.04
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (1.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.09
<EXPENSE-RATIO> 1.24
<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> Balanced Fund -- Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 103,678,634
<INVESTMENTS-AT-VALUE> 112,163,298
<RECEIVABLES> 633,907
<ASSETS-OTHER> 187,771
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 112,984,976
<PAYABLE-FOR-SECURITIES> 589,965
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<NAME> Growth & Income Fund -- Class A
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 051
<NAME> International -- Class I
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<NAME> Aetna Series Fund, Inc.
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<NAME> International -- Class A
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
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<NAME> Government Fund -- Class I
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<NAME> Aetna Series Fund, Inc.
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<NAME> Government Fund-Class A
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
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<NAME> Growth Fund -- Class I
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
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<NAME> Growth Fund -- Class A
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
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<NAME> Small Company -- Class I
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<NAME> Aetna Series Fund, Inc.
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<NAME> Small Company -- Class A
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
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<NAME> Index Plus Large Cap -- Class I
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<NAME> Aetna Series Fund, Inc.
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<NAME> Index Plus Large Cap -- Class A
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
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<NAME> Ascent Fund -- Class I
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
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<NAME> Ascent Fund -- Class A
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
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<NAME> Crossroads Fund -- Class I
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<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
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<NAME> Crossroads Fund -- Class A
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 131
<NAME> Legacy Fund -- Class I
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 132
<NAME> Legacy Fund -- Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PER-SHARE-NAV-END> 12.09
<EXPENSE-RATIO> 2.21
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 01
<NAME> Money Market-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
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<NET-ASSETS> 268,130,627
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> (955,408)
<NET-INVESTMENT-INCOME> 11,165,265
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<NUMBER-OF-SHARES-SOLD> 162,002,375
<NUMBER-OF-SHARES-REDEEMED> (174,149,332)
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
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<PER-SHARE-NAV-END> 1.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 01
<NAME> Money Market-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 06
<NAME> Government Fund-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
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<NUMBER-OF-SHARES-SOLD> 240,528
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 06
<NAME> Government Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 02
<NAME> Bond Fund-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 02
<NAME> Bond Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
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<PERIOD-END> APR-30-1998
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<PER-SHARE-NAV-END> 10.25
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 03
<NAME> Balanced Fund-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
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<OTHER-ITEMS-LIABILITIES> 137,569
<TOTAL-LIABILITIES> 266,161
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,654,588
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<SHARES-COMMON-PRIOR> 7,509,419
<ACCUMULATED-NII-CURRENT> 1,040,612
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<ACCUMULATED-NET-GAINS> 3,560,246
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,862,588
<NET-ASSETS> 120,332,607
<DIVIDEND-INCOME> 482,179
<INTEREST-INCOME> 1,664,091
<OTHER-INCOME> 0
<EXPENSES-NET> (684,775)
<NET-INVESTMENT-INCOME> 1,461,495
<REALIZED-GAINS-CURRENT> 3,498,267
<APPREC-INCREASE-CURRENT> 9,459,499
<NET-CHANGE-FROM-OPS> 14,419,261
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> (17,098,126)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 652,875
<NUMBER-OF-SHARES-REDEEMED> (571,924)
<SHARES-REINVESTED> 1,520,868
<NET-CHANGE-IN-ASSETS> 16,016,441
<ACCUMULATED-NII-PRIOR> 1,090,686
<ACCUMULATED-GAINS-PRIOR> 18,210,133
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 466,335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 684,775
<AVERAGE-NET-ASSETS> 111,831,616
<PER-SHARE-NAV-BEGIN> 14.09
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (2.28)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.21
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 03
<NAME> Balanced Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 109,681,820
<INVESTMENTS-AT-VALUE> 127,544,408
<RECEIVABLES> 661,007
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<PAYABLE-FOR-SECURITIES> 128,592
<SENIOR-LONG-TERM-DEBT> 0
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 447,663
<ACCUMULATED-NII-CURRENT> 1,040,612
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<ACCUMULATED-NET-GAINS> 3,560,246
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,862,588
<NET-ASSETS> 7,785,427
<DIVIDEND-INCOME> 482,179
<INTEREST-INCOME> 1,664,091
<OTHER-INCOME> 0
<EXPENSES-NET> (684,775)
<NET-INVESTMENT-INCOME> 1,461,495
<REALIZED-GAINS-CURRENT> 3,498,267
<APPREC-INCREASE-CURRENT> 9,459,499
<NET-CHANGE-FROM-OPS> 14,419,261
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (57,108)
<DISTRIBUTIONS-OF-GAINS> (1,050,028)
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<NUMBER-OF-SHARES-SOLD> 108,841
<NUMBER-OF-SHARES-REDEEMED> (51,751)
<SHARES-REINVESTED> 84,877
<NET-CHANGE-IN-ASSETS> 16,016,441
<ACCUMULATED-NII-PRIOR> 1,090,686
<ACCUMULATED-GAINS-PRIOR> 18,210,133
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 466,335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 684,775
<AVERAGE-NET-ASSETS> 7,016,532
<PER-SHARE-NAV-BEGIN> 14.05
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 1.41
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (2.28)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.20
<EXPENSE-RATIO> 1.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 04
<NAME> Growth & Income Fund-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 600,974,604
<INVESTMENTS-AT-VALUE> 725,318,707
<RECEIVABLES> 17,061,466
<ASSETS-OTHER> 1,925,640
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<TOTAL-ASSETS> 744,305,813
<PAYABLE-FOR-SECURITIES> 5,846,180
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,307,281
<TOTAL-LIABILITIES> 12,153,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 538,244,385
<SHARES-COMMON-STOCK> 41,769,767
<SHARES-COMMON-PRIOR> 32,954,832
<ACCUMULATED-NII-CURRENT> 2,110,480
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,074,047
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 124,723,440
<NET-ASSETS> 709,936,450
<DIVIDEND-INCOME> 3,926,096
<INTEREST-INCOME> 1,214,578
<OTHER-INCOME> 0
<EXPENSES-NET> (3,118,737)
<NET-INVESTMENT-INCOME> 2,021,937
<REALIZED-GAINS-CURRENT> 67,809,879
<APPREC-INCREASE-CURRENT> 25,998,746
<NET-CHANGE-FROM-OPS> 95,830,562
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,811,536)
<DISTRIBUTIONS-OF-GAINS> (111,685,312)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,075,828
<NUMBER-OF-SHARES-REDEEMED> (1,871,014)
<SHARES-REINVESTED> 7,610,121
<NET-CHANGE-IN-ASSETS> 120,228,297
<ACCUMULATED-NII-PRIOR> 2,909,165
<ACCUMULATED-GAINS-PRIOR> 114,225,571
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,240,494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,118,737
<AVERAGE-NET-ASSETS> 646,491,703
<PER-SHARE-NAV-BEGIN> 18.08
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 2.27
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (3.32)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.00
<EXPENSE-RATIO> 0.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 04
<NAME> Growth & Income-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 600,974,604
<INVESTMENTS-AT-VALUE> 725,318,707
<RECEIVABLES> 17,061,466
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<TOTAL-ASSETS> 744,305,813
<PAYABLE-FOR-SECURITIES> 5,846,180
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<OTHER-ITEMS-LIABILITIES> 6,307,281
<TOTAL-LIABILITIES> 12,153,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 538,244,385
<SHARES-COMMON-STOCK> 1,310,552
<SHARES-COMMON-PRIOR> 886,036
<ACCUMULATED-NII-CURRENT> 2,110,480
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 124,723,440
<NET-ASSETS> 22,215,902
<DIVIDEND-INCOME> 3,926,096
<INTEREST-INCOME> 1,214,578
<OTHER-INCOME> 0
<EXPENSES-NET> (3,118,737)
<NET-INVESTMENT-INCOME> 2,021,937
<REALIZED-GAINS-CURRENT> 67,809,879
<APPREC-INCREASE-CURRENT> 25,998,746
<NET-CHANGE-FROM-OPS> 95,830,562
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,086)
<DISTRIBUTIONS-OF-GAINS> (3,276,091)
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<NUMBER-OF-SHARES-SOLD> 351,689
<NUMBER-OF-SHARES-REDEEMED> (141,296)
<SHARES-REINVESTED> 214,123
<NET-CHANGE-IN-ASSETS> 120,228,297
<ACCUMULATED-NII-PRIOR> 2,909,165
<ACCUMULATED-GAINS-PRIOR> 114,225,571
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,240,494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,118,737
<AVERAGE-NET-ASSETS> 19,155,771
<PER-SHARE-NAV-BEGIN> 18.01
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 2.25
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (3.32)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.95
<EXPENSE-RATIO> 1.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 08
<NAME> Growth Fund-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 92,951,059
<INVESTMENTS-AT-VALUE> 120,691,621
<RECEIVABLES> 3,999,353
<ASSETS-OTHER> 2,231
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124,693,205
<PAYABLE-FOR-SECURITIES> 98,477
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105,311
<TOTAL-LIABILITIES> 203,788
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,395,413
<SHARES-COMMON-STOCK> 6,465,180
<SHARES-COMMON-PRIOR> 4,827,692
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (66,762)
<ACCUMULATED-NET-GAINS> 3,245,603
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,915,163
<NET-ASSETS> 113,005,089
<DIVIDEND-INCOME> 261,590
<INTEREST-INCOME> 207,308
<OTHER-INCOME> 0
<EXPENSES-NET> (535,660)
<NET-INVESTMENT-INCOME> (66,762)
<REALIZED-GAINS-CURRENT> 3,289,267
<APPREC-INCREASE-CURRENT> 16,758,146
<NET-CHANGE-FROM-OPS> 19,980,651
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (12,310,889)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,239,573
<NUMBER-OF-SHARES-REDEEMED> (465,339)
<SHARES-REINVESTED> 863,254
<NET-CHANGE-IN-ASSETS> 33,655,828
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13,573,800
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 345,015
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 535,660
<AVERAGE-NET-ASSETS> 90,775,669
<PER-SHARE-NAV-BEGIN> 17.02
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.97
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (2.50)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.48
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 08
<NAME> Growth Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 92,951,059
<INVESTMENTS-AT-VALUE> 120,691,621
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<TOTAL-ASSETS> 124,693,205
<PAYABLE-FOR-SECURITIES> 98,477
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105,311
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,395,413
<SHARES-COMMON-STOCK> 666,241
<SHARES-COMMON-PRIOR> 516,094
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (66,762)
<ACCUMULATED-NET-GAINS> 3,245,603
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,915,163
<NET-ASSETS> 11,484,328
<DIVIDEND-INCOME> 261,590
<INTEREST-INCOME> 207,308
<OTHER-INCOME> 0
<EXPENSES-NET> (535,660)
<NET-INVESTMENT-INCOME> (66,762)
<REALIZED-GAINS-CURRENT> 3,289,267
<APPREC-INCREASE-CURRENT> 16,758,146
<NET-CHANGE-FROM-OPS> 19,980,651
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,306,575)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 111,165
<NUMBER-OF-SHARES-REDEEMED> (53,419)
<SHARES-REINVESTED> 92,401
<NET-CHANGE-IN-ASSETS> 33,655,828
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13,573,800
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 345,015
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 535,660
<AVERAGE-NET-ASSETS> 9,726,183
<PER-SHARE-NAV-BEGIN> 16.76
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 2.92
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (2.40)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.24
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 14
<NAME> Index Plus Large Cap Fund-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 19,327,648
<INVESTMENTS-AT-VALUE> 22,298,494
<RECEIVABLES> 85,364
<ASSETS-OTHER> 8,865
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,392,723
<PAYABLE-FOR-SECURITIES> 270,828
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,147
<TOTAL-LIABILITIES> 302,975
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,869,437
<SHARES-COMMON-STOCK> 1,327,969
<SHARES-COMMON-PRIOR> 875,289
<ACCUMULATED-NII-CURRENT> 48,420
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,196,193
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,975,698
<NET-ASSETS> 18,156,576
<DIVIDEND-INCOME> 111,447
<INTEREST-INCOME> 13,731
<OTHER-INCOME> 0
<EXPENSES-NET> (56,234)
<NET-INVESTMENT-INCOME> 68,944
<REALIZED-GAINS-CURRENT> 1,209,394
<APPREC-INCREASE-CURRENT> 1,667,130
<NET-CHANGE-FROM-OPS> 2,945,468
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (110,122)
<DISTRIBUTIONS-OF-GAINS> (1,021,541)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 893,112
<NUMBER-OF-SHARES-REDEEMED> (516,542)
<SHARES-REINVESTED> 76,110
<NET-CHANGE-IN-ASSETS> 9,380,005
<ACCUMULATED-NII-PRIOR> 104,473
<ACCUMULATED-GAINS-PRIOR> 1,212,139
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 108,024
<AVERAGE-NET-ASSETS> 12,407,279
<PER-SHARE-NAV-BEGIN> 12.43
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.53
<PER-SHARE-DIVIDEND> (0.13)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.67
<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> 14
<NAME> Index Plus Large Cap Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 19,327,648
<INVESTMENTS-AT-VALUE> 22,298,494
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<TOTAL-ASSETS> 22,392,723
<PAYABLE-FOR-SECURITIES> 270,828
<SENIOR-LONG-TERM-DEBT> 0
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<PAID-IN-CAPITAL-COMMON> 17,869,437
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<SHARES-COMMON-PRIOR> 148,305
<ACCUMULATED-NII-CURRENT> 48,420
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<ACCUMULATED-NET-GAINS> 1,196,193
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,975,698
<NET-ASSETS> 3,933,172
<DIVIDEND-INCOME> 111,447
<INTEREST-INCOME> 13,731
<OTHER-INCOME> 0
<EXPENSES-NET> (56,234)
<NET-INVESTMENT-INCOME> 68,944
<REALIZED-GAINS-CURRENT> 1,209,394
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<NET-CHANGE-FROM-OPS> 2,945,468
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,875)
<DISTRIBUTIONS-OF-GAINS> (203,799)
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<NUMBER-OF-SHARES-SOLD> 138,464
<NUMBER-OF-SHARES-REDEEMED> (16,086)
<SHARES-REINVESTED> 18,217
<NET-CHANGE-IN-ASSETS> 9,380,005
<ACCUMULATED-NII-PRIOR> 104,473
<ACCUMULATED-GAINS-PRIOR> 1,212,139
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 108,024
<AVERAGE-NET-ASSETS> 2,652,888
<PER-SHARE-NAV-BEGIN> 12.36
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 2.52
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.61
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 09
<NAME> Small Company Fund-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 34,199,844
<INVESTMENTS-AT-VALUE> 38,649,035
<RECEIVABLES> 1,436,391
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,087,871
<PAYABLE-FOR-SECURITIES> 682,569
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,953
<TOTAL-LIABILITIES> 727,522
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,867,489
<SHARES-COMMON-STOCK> 2,257,118
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<NUMBER-OF-SHARES-SOLD> 887,731
<NUMBER-OF-SHARES-REDEEMED> (535,920)
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 132,751
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 238,812
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<PER-SHARE-NAV-BEGIN> 15.55
<PER-SHARE-NII> 0.01
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<PER-SHARE-NAV-END> 13.08
<EXPENSE-RATIO> 1.40
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 09
<NAME> Small Company Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 34,199,844
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<ACCUMULATED-NII-CURRENT> 12,113
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<DIVIDEND-INCOME> 182,216
<INTEREST-INCOME> 64,653
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<REALIZED-GAINS-CURRENT> 4,990,671
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<NUMBER-OF-SHARES-SOLD> 198,616
<NUMBER-OF-SHARES-REDEEMED> (74,745)
<SHARES-REINVESTED> 182,314
<NET-CHANGE-IN-ASSETS> 9,622,455
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<GROSS-EXPENSE> 238,812
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<PER-SHARE-NII> 0.00
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<PER-SHARE-NAV-END> 12.74
<EXPENSE-RATIO> 1.80
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 15
<NAME> Value Opportunity Fund-Class I
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-02-1998
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<INVESTMENTS-AT-COST> 5,431,654
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<NET-ASSETS> 5,608,742
<DIVIDEND-INCOME> 13,499
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<PER-SHARE-NAV-END> 11.33
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 15
<NAME> Value Opportunity Fund-Class A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
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<PERIOD-END> APR-30-1998
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<NUMBER-OF-SHARES-REDEEMED> (1,393)
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<PER-SHARE-NAV-END> 11.32
<EXPENSE-RATIO> 1.35
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 16
<NAME> Mid Cap Fund-Class I
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-04-1998
<PERIOD-END> APR-30-1998
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<EXPENSES-NET> (14,873)
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<NUMBER-OF-SHARES-SOLD> 492,376
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<GROSS-EXPENSE> 45,404
<AVERAGE-NET-ASSETS> 5,369,083
<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 11.41
<EXPENSE-RATIO> 1.15
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 16
<NAME> Mid Cap Fund-Class A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-04-1998
<PERIOD-END> APR-30-1998
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<DIVIDEND-INCOME> 9,321
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<EXPENSES-NET> (14,873)
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<EQUALIZATION> 0
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<PER-SHARE-NII> (0.01)
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<PER-SHARE-NAV-END> 11.41
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 17
<NAME> Real Estate Securities Fund-Class I
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-02-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 5,032,398
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<NET-ASSETS> 4,783,334
<DIVIDEND-INCOME> 68,114
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<EXPENSES-NET> (45,094)
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<PER-SHARE-NAV-END> 9.66
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 17
<NAME> Real Estate Securities Fund-Class A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-02-1998
<PERIOD-END> APR-30-1998
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<PER-SHARE-NAV-END> 9.65
<EXPENSE-RATIO> 4.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 18
<NAME> Index Plus Small Cap Fund-Class I
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
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<PAID-IN-CAPITAL-COMMON> 7,579,159
<SHARES-COMMON-STOCK> 741,903
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<ACCUMULATED-NII-CURRENT> 5,495
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<ACCUM-APPREC-OR-DEPREC> 692,409
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<NUMBER-OF-SHARES-SOLD> 741,949
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<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.18
<PER-SHARE-DIVIDEND> 0.00
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<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 0.75
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 18
<NAME> Index Plus Small Cap Fund-Class A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-03-1998
<PERIOD-END> APR-30-1998
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<ACCUMULATED-NII-CURRENT> 5,495
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<ACCUMULATED-NET-GAINS> 192,537
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 692,409
<NET-ASSETS> 170,537
<DIVIDEND-INCOME> 16,104
<INTEREST-INCOME> 4,023
<OTHER-INCOME> 0
<EXPENSES-NET> (14,632)
<NET-INVESTMENT-INCOME> 5,495
<REALIZED-GAINS-CURRENT> 192,537
<APPREC-INCREASE-CURRENT> 692,409
<NET-CHANGE-FROM-OPS> 890,441
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<NUMBER-OF-SHARES-SOLD> 15,254
<NUMBER-OF-SHARES-REDEEMED> 0
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<NET-CHANGE-IN-ASSETS> 8,469,600
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 46,021
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-NAV-END> 11.18
<EXPENSE-RATIO> 1.00
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 19
<NAME> Index Plus Mid Cap Fund-Class I
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-03-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 7,672,843
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<PAID-IN-CAPITAL-COMMON> 7,543,443
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<ACCUMULATED-NII-CURRENT> 13,579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 165,538
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 761,779
<NET-ASSETS> 8,340,755
<DIVIDEND-INCOME> 24,537
<INTEREST-INCOME> 3,563
<OTHER-INCOME> 0
<EXPENSES-NET> (14,521)
<NET-INVESTMENT-INCOME> 13,579
<REALIZED-GAINS-CURRENT> 165,538
<APPREC-INCREASE-CURRENT> 761,779
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<NUMBER-OF-SHARES-SOLD> 741,234
<NUMBER-OF-SHARES-REDEEMED> (46)
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<NET-CHANGE-IN-ASSETS> 8,484,339
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 8,691
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,889
<AVERAGE-NET-ASSETS> 7,982,046
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.23
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<PER-SHARE-NAV-END> 11.25
<EXPENSE-RATIO> 0.75
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 19
<NAME> Index Plus Mid Cap Fund-Class A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-03-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 7,672,843
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<PAID-IN-CAPITAL-COMMON> 7,543,443
<SHARES-COMMON-STOCK> 12,767
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13,579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 165,538
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 761,779
<NET-ASSETS> 143,584
<DIVIDEND-INCOME> 24,537
<INTEREST-INCOME> 3,563
<OTHER-INCOME> 0
<EXPENSES-NET> (14,521)
<NET-INVESTMENT-INCOME> 13,579
<REALIZED-GAINS-CURRENT> 165,538
<APPREC-INCREASE-CURRENT> 761,779
<NET-CHANGE-FROM-OPS> 940,896
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 12,767
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,484,339
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 45,889
<AVERAGE-NET-ASSETS> 117,353
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.24
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<PER-SHARE-NAV-END> 11.25
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 20
<NAME> Index Plus Bond Fund-Class I
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-04-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 14,905,566
<INVESTMENTS-AT-VALUE> 14,825,412
<RECEIVABLES> 213,257
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<OTHER-ITEMS-LIABILITIES> 68,996
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<SHARES-COMMON-STOCK> 1,493,713
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (80,154)
<NET-ASSETS> 14,860,321
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 210,301
<OTHER-INCOME> 0
<EXPENSES-NET> (21,254)
<NET-INVESTMENT-INCOME> 189,047
<REALIZED-GAINS-CURRENT> 666
<APPREC-INCREASE-CURRENT> (80,154)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (185,687)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1,493,697
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 16
<NET-CHANGE-IN-ASSETS> 14,970,637
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53,636
<AVERAGE-NET-ASSETS> 14,892,502
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.95
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 20
<NAME> Index Plus Bond Fund-Class A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-04-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 14,905,566
<INVESTMENTS-AT-VALUE> 14,825,412
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<OTHER-ITEMS-LIABILITIES> 68,996
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,143
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 666
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (80,154)
<NET-ASSETS> 110,316
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 210,301
<OTHER-INCOME> 0
<EXPENSES-NET> (21,254)
<NET-INVESTMENT-INCOME> 189,047
<REALIZED-GAINS-CURRENT> 666
<APPREC-INCREASE-CURRENT> (80,154)
<NET-CHANGE-FROM-OPS> 109,559
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 11,082
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> 14,970,637
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53,636
<AVERAGE-NET-ASSETS> 103,357
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> 0.00
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<PER-SHARE-NAV-END> 9.95
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 21
<NAME> High Yield Fund-Class I
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-02-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 9,993,855
<INVESTMENTS-AT-VALUE> 10,053,117
<RECEIVABLES> 503,496
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<PAID-IN-CAPITAL-COMMON> 10,026,743
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,131
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<ACCUMULATED-NET-GAINS> 66,514
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 59,262
<NET-ASSETS> 10,039,500
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 200,042
<OTHER-INCOME> 0
<EXPENSES-NET> (23,247)
<NET-INVESTMENT-INCOME> 176,795
<REALIZED-GAINS-CURRENT> 66,514
<APPREC-INCREASE-CURRENT> 59,262
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (170,907)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 991,060
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<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 10,156,650
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 54,422
<AVERAGE-NET-ASSETS> 10,023,061
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.18
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<PER-SHARE-DIVIDEND> (0.17)
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<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 0.95
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 21
<NAME> High Yield Fund-Class A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-02-1998
<PERIOD-END> APR-30-1998
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<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 05
<NAME> International Fund-Class I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 47,233,107
<INVESTMENTS-AT-VALUE> 58,579,334
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<PAID-IN-CAPITAL-COMMON> 48,593,496
<SHARES-COMMON-STOCK> 3,132,328
<SHARES-COMMON-PRIOR> 4,130,392
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<ACCUMULATED-NET-GAINS> 703,491
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,248,454
<NET-ASSETS> 41,050,660
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<NUMBER-OF-SHARES-SOLD> 391,767
<NUMBER-OF-SHARES-REDEEMED> (1,968,624)
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<PER-SHARE-NII> (0.01)
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<PER-SHARE-DIVIDEND> (0.40)
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<PER-SHARE-NAV-END> 13.11
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 05
<NAME> International Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 11
<NAME> Ascent Fund-Class I
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 11
<NAME> Ascent Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 12
<NAME> Crossroads Fund-Class I
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 12
<NAME> Crossroads Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 13
<NAME> Legacy Fund-Class I
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000877233
<NAME> Aetna Series Fund, Inc.
<SERIES>
<NUMBER> 13
<NAME> Legacy Fund-Class A
<S> <C>
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</TABLE>