As filed with the Securities and Exchange File No. 33-88334
Commission on December 15, 1995 File No. 811-8934
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
- -------------------------------------------------------------------------------
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 1
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 1
AETNA GENERATION PORTFOLIOS, INC.
---------------------------------
(Exact Name of Registrant as Specified in Charter)
151 Farmington Avenue RE4C, Hartford, Connecticut 06156
--------------------------------------------------------
(Address of Principal Executive Offices)
(203) 273-7834
(Registrant's Telephone Number, including Area Code)
Susan E. Bryant, Counsel
Aetna Life Insurance and Annuity Company
151 Farmington Avenue RE4C, Hartford, Connecticut 06156
-------------------------------------------------------
(Name and Address of Agent for Service)
- -------------------------------------------------------------------------------
It is proposed that this filing will become effective (check appropriate space):
[X] immediately upon filing pursuant to paragraph (b) of Rule 485
[ ] on _______________ pursuant to paragraph (b) of Rule 485
[ ] 60days after filing pursuant to paragraph (a)(1) of Rule 485
on _______________ pursuant to paragraph (a)(1) of Rule 485
[ ] 75 days after filing pursuant to paragraph (a)(2) of Rule 485
[ ] on _______________. pursuant to paragraph (a)(2) of Rule 485
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, Aetna
Generation Portfolios, Inc. has registered an indefinite number of the
securities being offered under the Securities Act of 1933.
<PAGE>
AETNA GENERATION PORTFOLIOS, INC.
Cross-Reference Sheet
<TABLE>
<CAPTION>
Form N-1A
Item No. Caption in Prospectus
- -------- ---------------------
<S> <C> <C>
1. Cover Page Cover Page
2. Synopsis Not Applicable
3. Condensed Financial Information Financial Highlights - Supplement dated December 15, 1995
4. General Description of Registrant Description of the Generation Portfolios
Investment Strategies
Investment Techniques
Risk Factors and Other Considerations
Investment Restrictions
5. Management of the Fund Management of the Generation Portfolios
5A. Management's Discussion of Fund Not Applicable
Performance
6. Capital Stock and Other Securities General Information
Tax Matters
7. Purchase of Securities Being Offered Management of the Generation Portfolios
Net Asset Value
Sale and Redemption of Shares
8. Redemption or Repurchase Sale and Redemption of Shares
9. Pending Legal Proceedings Not applicable
Caption in Statement of Additional Information
----------------------------------------------
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 General Information and History
Additional Investment Restrictions and Policies of
the Generation Portfolios
Description of Various Securities and Investment
Techniques
14. Management of the Registrant Directors and Officers of the Company
15. Control Persons and Principal Control Persons and Principal Shareholders
Holders of Securities
16. Investment Advisory and Other The Investment Advisory Contract
Services The Administrative Services Agreement
17. Brokerage Allocation and Other Brokerage Allocation and Trading Policies
Practices
18. Capital Stock and Other Securities Description of Shares
Voting Rights
19. Purchase, Redemption and Pricing Sale and Redemption of Shares
of Securities Being Offered Net Asset Value
20. Tax Status Tax Status
21. Underwriters Not Applicable
22. Calculation of Performance Data Not Applicable
23. Financial Statements Financial Statements
</TABLE>
<PAGE>
The Prospectus for Aetna Generation Portfolios, Inc., dated June 21, 1995, and
the Statement of Additional Information, also dated June 21, 1995, are
incorporated into Part A and Part B, respectively, by reference to the
Registrant's Pre-Effective Amendment No. 1 as filed electronically with the
Securities and Exchange Commission on June 19, 1995.
<PAGE>
AETNA GENERATION PORTFOLIOS, INC.
Aetna Ascent Variable Portfolio
Aetna Crossroads Variable Portfolio
Aetna Legacy Variable Portfolio
Supplement dated December 15, 1995 to the Prospectus dated June 21, 1995
This information supplements the information contained in the Prospectus for
Aetna Generation Portfolios, Inc. dated June 21, 1995 and should be read and
kept with that Prospectus. Capitalized terms are defined in the Prospectus.
The following is financial information relating to the Generation Portfolios for
the period ended September 30, 1995.
- ------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (For one share outstanding throughout the period)
The selected data presented below as of September 30, 1995 and for the period
from June 13, 1995 to September 30, 1995 are derived from the financial
statements of Aetna Generation Portfolios, Inc. The interim financial statements
of the Company for the period from June 13, 1995 to September 30, 1995 are
unaudited and are contained in the supplement to the Statement of Additional
Information dated December 15, 1995.
- ------------------------------------------------------------------------
Aetna Aetna Aetna
Ascent Crossroads Legacy
------ ---------- -------
Net Asset Value, Beginning of Period $ 10.00 $ 10.00 $ 10.00
Income from Investment Operations:
Net Investment Income .06 .07 .08
Net Realized and Change in
Unrealized Gain .54 .46 .37
-------- -------- --------
Net Asset Value, End of Period $ 10.60 $ 10.53 $ 10.45
======== ======== ========
Total Return* 6.00% 5.30% 4.50%
Net Assets, End of Period (000's) 18,466 18,238 17,623
Ratio of Total Investment Expenses to
Average Net Assets** 1.10% 1.12% 1.12%
Ratio of Total Investment Income to
Average Net Assets** 1.99% 2.26% 2.58%
Portfolio Turnover Rate 23.68% 29.70% 38.15%
* Not annualized. The above figures do not reflect the mortality and expense
risk charges, or other expenses, assessed by the separate accounts that
invest in the Generation Portfolios. Inclusion of these expenses would
reduce total return.
** Annualized
Per share data calculated using average number of shares outstanding throughout
the period.
<PAGE>
4
AETNA GENERATION PORTFOLIOS, INC.
151 Farmington Avenue
Hartford, Connecticut 06156-8962
Supplement Dated December 15, 1995 to the
Statement of Additional Information Dated June 21, 1995
The Statement of Additional Information for Aetna Generation Portfolios, Inc.
dated June 21, 1995 is supplemented and amended as follows:
1. The table beginning on page 18 including information about Directors and
Officers of the Company is deleted and replaced with the following:
- --------------------------------------------------------------------------
Position(s)
Name, Address and Age Held Principal Occupation During Past
with Five Years and Positions held with
Registrant Affiliated Persons or Principal
Underwriters of the Registrant
- --------------------------------------------------------------------------
Shaun P. Mathews * Director and Senior Vice President and Director
151 Farmington Avenue President of ALIAC, March 1991 to Present;
Hartford, Connecticut Director and Chief Operations
Age 39 Officer, Aetna Investment
Services, Inc., July 1993 to Present;
President, Aetna Investment Services,
Inc., March 1994 to Present; Assistant
Vice President, Pension Operations, ALIAC,
June 1989 to March 1991.
- --------------------------------------------------------------------------
James C. Hamilton * Vice Vice President, Treasurer and
151 Farmington Avenue President Director of ALIAC, October 1988 to
Hartford, Connecticut and Treasurer Present.
Age 53
- --------------------------------------------------------------------------
John Y. Kim* Director and Senior Vice President and
151 Farmington Avenue Vice Director, ALIAC Investments and
Hartford, Connecticut President Chief Investment Officer, Aetna
Age 34 Life and Casualty Company, May
1994 to Present; Managing Director,
Mitchell Hutchins Institutional Investors,
New York, NY, September 1993 to April
1994; Vice President of Investor Relations
and Senior Portfolio Manager, Aetna Life
and Casualty Company, October 1991 to
August 1993; Fixed Income Portfolio
Manager, ALIAC, November 1989 to October
1991.
- --------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------
Susan E. Bryant Secretary Counsel, Aetna Life and Casualty
151 Farmington Avenue Company, March 1993 to Present;
Hartford, Connecticut General Counsel and Corporate
Age 47 Secretary, First Investors
Corporation, April 1991 to March 1993;
Administrator, Oklahoma Department of
Securities, March 1986 to April 1991;
President, North American Securities
Administrators Association, 1989 to 1990.
- --------------------------------------------------------------------------
Morton Ehrlich Director Chairman and Chief Executive
1000 Venetian Way Officer, Integrated Management
Miami, Florida Corp. (an entrepreneurial company)
Age 60 and Universal Research
Technologies, 1992 to Present; Director
and Chairman, Audit Committee, National
Bureau of Economic Research; 1985 to 1992;
President, LIFECO, Travel Services Corp.,
October 1988 to December 1991.
- --------------------------------------------------------------------------
Maria T. Fighetti Director Manager/Attorney, Health Services,
325 Piermont Road New York City Department of Mental
Closter, New Jersey Health, Mental Retardation and
Age 51 Alcohol Services, 1973 to Present.
- -------------------------------------------------------------------------
David L. Grove Director Private Investor;
5 The Knoll Economic/Financial Consultant,
Armonk, New York December 1985 to Present.
Age 77
- --------------------------------------------------------------------------
Daniel P. Kearney* Director Executive Vice President of Aetna
151 Farmington Avenue Life and Casualty Company, 1993 to
Hartford, Connecticut Present; Group Executive, Aetna
Age 56 Life and Casualty Company, 1991 to
1993; Financial Consultant, Daniel
P. Kearney, Inc., 1990 to 1991.
- --------------------------------------------------------------------------
Sidney Koch Director Financial Adviser, self-employed,
455 East 86th Street January 1993 to Present; Senior
New York, New York Adviser, Daiwa Securities America,
Age 60 Inc., January 1992 to January
1993; Executive Vice President,
Member of Executive Committee,
Daiwa Securities America, Inc.,
January 1986 to January 1992.
- --------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------
Corine T. Norgaard Director, Professor, Accounting and Dean of
School of Management Chair the School of Management,
Binghamton University Audit Binghamton University, Binghamton,
Binghamton, New York Committee NY, August 1993 to Present;
Age 57 and Contract Professor, Accounting, University
Committee of Connecticut, Storrs, Connecticut,
September 1969 to June 1993; Director, The
Advest Group (holding company for
brokerage firm).
- --------------------------------------------------------------------------
Richard G. Scheide Director Trust and Private Banking
11 Lily Street Consultant, David Ross Palmer
Nantucket, Consultants, July 1991 to Present;
Massachusetts Executive Vice President and
Age 66 Manager, Bank of New England,
N.A., June 1976 to July 1991.
- --------------------------------------------------------------------------
2. The following are the unaudited interim financial statements of the Company
as of September 30, 1995 and for the period from June 13, 1995 to September 30,
1995.
<PAGE>
Aetna Generation Portfolios, Inc.
Statements of Assets and Liabilities--September 30, 1995 (Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Aetna Aetna
Ascent Crossroads Legacy
------------ ------------ --------------
<S> <C> <C> <C>
From Assets:
Investments, at market value (Note 1) $18,358,820 $18,083,627 $17,582,376
Cash 483 459 934
Cash denominated in foreign currencies 56,513 5,034 39,323
Receivable for:
Dividends and interest 61,183 69,502 79,052
Investments sold 317,602 278,597 99,817
Fund shares sold 98,375 73,832 4,952
Recoverable taxes 550 397 275
Variation margin 5,174 7,586 5,073
Forward foreign currency exchange contract (Note 4) 2,637,121 1,982,500 1,377,640
---------- ---------- ------------
Total assets 21,535,821 20,501,534 19,189,442
---------- ---------- ------------
Liabilities:
Payable for:
Investments purchased 328,138 198,503 122,061
Forward foreign currency exchange contracts (Note 4) 2,706,695 2,030,705 1,409,418
Other liabilities 34,646 34,805 34,687
---------- ---------- ------------
Total liabilities 3,069,479 2,264,013 1,566,166
---------- ---------- ------------
NET ASSETS $18,466,342 $18,237,521 $17,623,276
========== ========== ============
Net assets represented by:
Paid-in capital 17,431,050 17,322,461 16,848,880
Unrealized gain 657,629 578,355 517,107
Undistributed net investment income 107,805 121,605 137,221
Accumulated net realized gain 269,858 215,100 120,068
---------- ---------- ------------
Net Assets $18,466,342 $18,237,521 $17,623,276
========== ========== ============
Capital Shares, $.001 par value:
Outstanding 1,741,892 1,731,680 1,686,285
Net Assets $18,466,342 $18,237,521 $17,623,276
Net Asset Value per share $10.60 $10.53 $10.45
Cost of Investments $17,603,473 $17,432,276 $17,021,296
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
Aetna Generation Portfolios, Inc.
Statements of Operations--For the Period from June 13, 1995 to September 30,
1995 (Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Aetna Aetna
Ascent Crossroads Legacy
----------- ----------- -----------
<S> <C> <C> <C>
Investment income: (Note 1)
Dividends $ 123,009 $107,142 $ 91,554
Interest 46,194 75,721 106,275
--------- --------- ---------
169,203 182,863 197,829
Foreign taxes withheld (1,776) (1,340) (884)
--------- --------- ---------
Total investment income 167,427 181,523 196,945
--------- --------- ---------
Investment Expenses: (Note 2)
Investment advisory fee 21,446 21,319 21,125
Administrative service fee 17,246 17,437 17,437
Printing and Postage 209 212 212
Custody fees 11,511 11,639 11,639
Transfer agent fees 1,256 1,270 1,270
Audit fees 3,349 3,386 3,386
Directors' fees 4,186 4,232 4,232
State and federal fees 419 423 423
--------- --------- ---------
Total investment expenses 59,622 59,918 59,724
--------- --------- ---------
Net investment income 107,805 121,605 137,221
--------- --------- ---------
Realized and unrealized gain: (Notes 1 and 4)
Realized gain on:
Sales of investments 58,568 30,859 (4,241)
Futures and forward currency contracts 203,278 184,266 120,854
Foreign currencies 8,012 (25) 3,455
--------- --------- ---------
Net realized gain 269,858 215,100 120,068
--------- --------- ---------
Net change in unrealized gain on:
Investments 755,347 651,351 561,080
Futures and forward currency contracts (96,901) (77,340) (44,955)
Foreign currency related transactions (817) 4,344 982
--------- --------- ---------
Net change in unrealized gain 657,629 578,355 517,107
--------- --------- ---------
Net realized and change in unrealized gain 927,487 793,455 637,175
--------- --------- ---------
Increase in net assets resulting from
operations $1,035,292 $915,060 $774,396
========= ========= =========
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
Aetna Generation Portfolios, Inc.
Statements of Changes in Net Assets--For the Period from June 13, 1995 to
September 30, 1995 (Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Aetna Aetna Aetna
Ascent Crossroads Legacy
------------ ------------ --------------
<S> <C> <C> <C>
From Operations:
Net investment income $ 107,805 $ 121,605 $ 137,221
Net realized gain on investments 269,858 215,100 120,068
Net change in unrealized gain on investments 657,629 578,355 517,107
---------- ---------- ------------
Increase in net assets resulting from operations 1,035,292 915,060 774,396
---------- ---------- ------------
From Fund Share Transactions: (Note 5)
Proceeds from shares sold 17,431,331 17,322,652 16,849,106
Cost of shares redeemed (281) (191) (226)
---------- ---------- ------------
Increase in net assets from fund share transactions 17,431,050 17,322,461 16,848,880
---------- ---------- ------------
Change in net assets 18,466,342 18,237,521 17,623,276
Net Assets:
Beginning of period 0 0 0
---------- ---------- ------------
End of period $18,466,342 $18,237,521 $17,623,276
========== ========== ============
End of period net assets includes undistributed net
investment income of $ 107,805 $ 121,605 $ 137,221
========== ========== ============
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
Aetna Generation Portfolios, Inc.
Notes to Financial Statements
September 30, 1995 (Unaudited)
- -------------------------------------------------------------------------------
1. Summary of Significant Accounting Policies
Aetna Generation Portfolios, Inc. ("Company") was incorporated on October
14, 1994 in Maryland. The Company is an open-end diversified management
investment company and is authorized to issue multiple series of shares, each
representing a diversified portfolio of investments ("Portfolio") with
different investment objectives, policies and restrictions. Currently, the
Company offers shares of the Aetna Ascent Variable Portfolio (Aetna Ascent);
Aetna Crossroads Variable Portfolio (Aetna Crossroads); and Aetna Legacy
Variable Portfolio (Aetna Legacy).
Shares of each Portfolio are owned by insurance companies as depositors of
separate accounts which are used to fund variable annuity contracts and
variable life insurance policies. It is currently expected that all shares
will be held by separate accounts of Aetna Life Insurance and Annuity Company
("ALIAC") and its subsidiary, Aetna Insurance Company of America on behalf of
their respective separate accounts.
ALIAC is a wholly owned subsidiary of Aetna Life and Casualty Company and
serves as the Investment Adviser and principal underwriter to each Portfolio.
The following is a summary of significant accounting policies consistently
followed by the Portfolios in the preparation of their financial statements.
The policies are in conformity with generally accepted accounting principles.
a. Valuation of Investments Investments are stated at market values based
upon closing sales prices as reported on national securities exchanges or,
for over-the-counter securities, at the mean of the bid and asked prices.
Short-term investments maturing in more than sixty days for which market
quotations are readily available are valued at current market value. Short-
term investments maturing in less than sixty days are valued at amortized
cost which when combined with accrued interest approximates market.
Securities for which market quotations are not considered to be readily
available are valued in good faith using methods approved by the Board of
Directors.
The accounting records of the Portfolios are maintained in U.S. dollars.
Investment securities and other assets and liabilities denominated in a
foreign currency are translated into U.S. dollars at the prevailing rates of
exchange at the end of the period. Purchases and sales of securities, income
receipts, and expense payments are translated into U.S. dollars at the
prevailing exchange rate on the respective dates of the transactions.
b. Futures and Forward Foreign Currency Exchange Contracts A futures
contract is an agreement between two parties to buy and sell a specific
amount of a commodity, security or financial instrument including an index of
stocks at a set price on a future date. The Portfolios use futures contracts
as a hedge against declines in the value of portfolio securities. The
Portfolios may also purchase futures contracts to gain market exposure
as it may be more cost effective than purchasing individual securities.
Upon entering into a futures contract, the Portfolios are required to
deposit with a broker, an amount (initial margin) equal to a percentage of
the purchase price indicated by the futures contract. Subsequent deposits
(variation margin) are received or paid each day by the Portfolios equal to
the daily fluctuations in the market value of the contract. These amounts are
recorded by the Portfolios as unrealized gains or losses. When a contract is
closed, the Portfolios record a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed. Generally, futures contracts are closed prior to
expiration.
A forward foreign currency exchange contract is an agreement to pay or
receive specific amounts of a currency at a future date in exchange for
another currency at an agreed upon exchange rate. The Portfolios may use
forward foreign currency exchange contracts to hedge certain foreign currency
assets. Contracts are recorded at market value and marked-to-market daily.
The risks associated with futures and foreign currency exchange contracts
may arise from an imperfect correlation between the change in market value of
the securities held by the Portfolios and the price of the contracts. Risks
may also arise from an illiquid secondary market, or from the inability of
counterparties to meet the terms of the contracts.
Realized and unrealized gains or losses on futures and foreign currency
exchange contracts are reflected in the accompanying financial statements.
For federal tax purposes, any futures contracts and forward foreign currency
exchange contracts which remain open at year end are marked-to-market and the
resultant net gain or loss is included in federal taxable income.
c. Illiquid and Restricted Securities Illiquid securities are securities
that are not readily marketable. Disposing of illiquid investments may
involve time-consuming negotiation and legal expenses, and it may be
difficult or impossible for the Portfolios to sell them promptly at an
acceptable price. Restricted securities are subject to legal or contractual
restrictions on resale and may not be publicly sold without registration
under the Federal Securities Act of 1933. Each Portfolio may invest up to 15%
of its total assets in illiquid securities. Illiquid and restricted
securities are valued using market quotations when readily available. In the
absence of market quotations, the securities are valued based upon their fair
value determined under procedures approved by the Board of Directors. The
Portfolios will not pay the costs of disposition of restricted securities
other than ordinary brokerage fees, if any.
d. Federal Income Taxes As a qualified regulated investment company, each
Portfolio is relieved of federal income and excise taxes by distributing its
net taxable investment income and capital gains, if any, in compliance with
the applicable provisions of the Internal Revenue Code.
e. Other Investment transactions are accounted for on the day following
trade date, except same day settlements which are
7
<PAGE>
Aetna Generation Portfolios, Inc.
Notes to Financial Statements (continued)
September 30, 1995 (Unaudited)
- -------------------------------------------------------------------------------
1. Summary of Significant Accounting Policies (continued)
e. Other (continued)
accounted for on the trade date. Interest income is recorded on an accrual
basis. Discounts and premiums on securities purchased are amortized over the
life of the respective security. Dividend income is recorded on the
ex-dividend date. Realized gains and losses from investment transactions are
determined on an identified cost basis.
2. Investment Advisory, Management, Shareholder Service and Distribution Fees
Each Portfolio pays the Investment Adviser a monthly fee at an annual rate of
0.50% of the average daily net assets.
The Company has entered into an administrative services agreement under which
ALIAC acts as administrator and provides certain administrative and
shareholder services and is responsible for the supervision of other service
providers. Each Portfolio pays ALIAC an amount equal to its allocable cost in
providing such services and facilities.
3. Purchases and Sales of Investment Securities
Purchases and sales of investment securities, excluding short- term
investments, for the period from June 13, 1995 (commencement of operations)
through September 30, 1995 were:
Cost of Proceeds from
Purchases Sales
---------- -------------
Aetna Ascent $19,941,870 $3,679,178
Aetna Crossroads 18,210,967 4,108,363
Aetna Legacy 16,240,407 4,584,301
4. Forward Foreign Currency Exchange Contracts
At September 30, 1995, Aetna Ascent, Aetna Crossroads, and Aetna Legacy had the
following open forward foreign currency exchange contracts that obligate the
Portfolios to deliver currencies at specified future dates. The unrealized
losses of $69,574, $48,205, and $31,778, respectively, on these contracts is
included in the accompanying financial statements. The terms of the open
contracts are as follows:
Aetna Ascent:
<TABLE>
<CAPTION>
U.S. $ Value U.S. $ Value
as of as of
Exchange Currency to September 30, Currency to September 30,
Date be Delivered 1995 be Received 1995
------------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C>
12/13/95 1,660,000 $166,445 160,822 $160,822
Austrian Schilling U.S. Dollar
11/22/95 2,846,000 97,609 96,740 96,740
Belgian Franc U.S. Dollar
11/09/95 127,800 111,675 110,544 110,544
Swiss Franc U.S. Dollar
12/18/95 780,000 141,264 135,417 135,417
Danish Krone U.S. Dollar
12/21/95 660,000 154,885 149,085 149,085
<CAPTION>
U.S. $ Value U.S. $ Value
as of as of
Exchange Currency to September 30, Currency to September 30,
Date be Delivered 1995 be Received 1995
------------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C>
Finnish Markka U.S. Dollar
12/14/95 330,000 521,457 507,738 507,738
British Pound U.S. Dollar
12/13/95 46,729,000 479,337 475,855 475,855
Japanese Yen U.S. Dollar
12/13/95 7,388,000 75,785 72,961 72,961
Japanese Yen U.S. Dollar
12/19/95 41,240,000 423,450 407,550 407,550
Japanese Yen U.S. Dollar
12/19/95 3,000,000 30,804 30,260 30,260
Japanese Yen U.S. Dollar
12/18/95 260,000 163,498 156,457 156,457
Dutch Guilder U.S. Dollar
12/07/95 1,240,000 198,413 194,300 194,300
Norwegian Krone U.S. Dollar
12/14/95 200,000 141,623 139,392 139,392
Singapore Dollar U.S. Dollar
----------- ----------
$2,706,695 $2,637,121
=========== ==========
</TABLE>
Aetna Crossroads:
<TABLE>
<CAPTION>
U.S. $ Value U.S. $ Value
as of as of
Exchange Currency to September 30, Currency to September 30,
Date be Delivered 1995 be Received 1995
------------ ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
12/13/95 1,220,222 $122,327 118,194 $118,194
Austrian Schilling U.S. Dollar
11/22/95 2,061,000 70,686 70,057 70,057
Belgian Franc U.S. Dollar
11/09/95 107,100 93,587 92,639 92,639
Swiss Franc U.S. Dollar
12/18/95 650,000 117,720 112,847 112,847
Danish Krone U.S. Dollar
12/21/95 550,000 129,071 124,238 124,238
Finnish Markka U.S. Dollar
12/14/95 240,000 379,242 369,264 369,264
British Pound U.S. Dollar
12/13/95 47,713,000 489,431 485,876 485,876
Japanese Yen U.S. Dollar
12/13/95 3,377,000 34,641 33,350 33,350
Japanese Yen U.S. Dollar
12/19/95 17,340,000 178,045 171,361 171,361
Japanese Yen U.S. Dollar
12/18/95 210,000 132,420 126,369 126,369
Dutch Guilder U.S. Dollar
12/07/95 940,000 150,410 147,292 147,292
Norwegian Krone U.S. Dollar
12/14/95 18,000 12,745 12,530 12,530
Singapore Dollar U.S. Dollar
12/14/95 170,000 120,380 118,483 118,483
Singapore Dollar U.S. Dollar
----------- ----------
$2,030,705 $1,982,500
=========== ==========
</TABLE>
8
<PAGE>
Aetna Generation Portfolios, Inc.
Notes to Financial Statements (continued)
September 30, 1995 (Unaudited)
- -------------------------------------------------------------------------------
4. Forward Foreign Currency Exchange Contracts (continued)
Aetna Legacy:
<TABLE>
<CAPTION>
U.S. $ Value U.S. $ Value
as of as of
Exchange Currency to September 30, Currency to September 30,
Date be Delivered 1995 be Received 1995
- ------------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C>
12/13/95 700,000 $70,188 67,816 $67,816
Austrian Schilling U.S. Dollar
11/22/95 1,294,000 44,380 43,985 43,985
Belgian Franc U.S. Dollar
11/09/95 83,700 73,139 72,399 72,399
Swiss Franc U.S. Dollar
12/18/95 460,000 83,310 79,861 79,861
Danish Krone U.S. Dollar
12/21/95 330,000 77,442 74,453 74,453
Finnish Markka U.S. Dollar
12/14/95 150,000 237,027 230,790 230,790
British Pound U.S. Dollar
12/13/95 41,468,000 425,371 422,281 422,281
Japanese Yen U.S. Dollar
12/13/95 2,092,000 21,459 20,660 20,660
Japanese Yen U.S. Dollar
12/19/95 13,030,000 133,791 128,768 128,768
Japanese Yen U.S. Dollar
12/18/95 130,000 81,974 78,228 78,228
Dutch Guilder U.S. Dollar
12/07/95 610,000 97,607 95,583 95,583
Norwegian Krone U.S. Dollar
12/14/95 90,000 63,730 62,727 62,726
Singapore Dollar U.S. Dollar
---------- ----------
$1,409,418 $1,377,640
========== ==========
</TABLE>
5. Authorized Capital Shares and Capital Share Transactions
Transactions in Portfolio shares for the period June 13, 1995 through
September 30, 1995, were as follows:
Aetna Aetna
Ascent Crossroads Aetna Legacy
----------- ------------- -------------
Shares sold 2,023,133 1,922,540 1,911,798
Shares redeemed 281,241 190,860 225,513
Net increase 1,741,892 1,731,680 1,686,285
9
<PAGE>
Aetna Generation Portfolios, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
For the period from June 13, 1995 to September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Selected data for a fund share outstanding throughout the period:
Aetna Aetna Aetna
Ascent Crossroads Legacy
------- ----------- ---------
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.00 $ 10.00 $ 10.00
Income from investment operations:
Net investment income .06 .07 .08
Net realized and change in unrealized gain .54 .46 .37
----- --------- -------
Net asset value, end of period $ 10.60 $ 10.53 $ 10.45
===== ========= =======
Total return* 6.00% 5.30% 4.50%
Net assets, end of period (000's) 18,466 18,238 17,623
Ratio of total investment expenses to average net assets** 1.10% 1.12% 1.12%
Ratio of total investments income to average net assets** 1.99% 2.26% 2.58%
Portfolio turnover rate 23.68% 29.70% 38.15%
</TABLE>
*Not annualized. The above figures do not reflect the mortality and expense
risk charges, or other expenses, assessed by the separate accounts that
invest in the Portfolios. Inclusion of these expenses would reduce total
return.
**Annualized
Per share data calculated using average number of shares outstanding
throughout the period.
See Notes to Financial Statements
10
<PAGE>
Aetna Generation Portfolios, Inc.
Aetna Ascent Variable Portfolio
Portfolio of Investments--September 30, 1995 (Unaudited)
- --------------------------------------------------------------------------------
COMMON AND PREFERRED STOCKS (90.1%)
Common Stocks (89.5%)
Number of Market
Shares Value
------- ------------
Aerospace & Defense (0.2%)
McDonnell Douglas Corp. 300 $ 24,825
Smiths Industries Plc 2,000 18,423
----------
43,248
----------
Apparel & Cosmetics (0.9%)
Alberto-Culver Co. Class B 200 6,100
Chic By H I S Inc.+ 2,700 21,600
Coats Viyella Plc 10,200 32,368
Kurabo Industries 25,000 91,739
Nike, Inc. 100 11,113
Oshkosh B'Gosh, Inc. 300 4,875
Russell Corp. 100 2,550
----------
170,345
----------
Autos & Auto Equipment (1.0%)
Borg Warner Automotive, Inc. 900 28,800
Johnson Controls, Inc. 200 12,650
Kaydon Corp. 1,300 38,350
Mitsubishi Motors Corp. 4,000 33,776
Smith (A.O.) Corp. 1,000 25,875
Snap-On, Inc. 200 7,600
Varity Corp.+ 200 8,900
Volvo AB Class B 800 19,633
----------
175,584
----------
Banks (4.5%)
AMMB Holdings Bhd 1,000 12,348
Bank of Montreal 300 6,570
Bank of New York Co., Inc. 800 37,200
Banque Bruxelles Lambert SA 50 8,484
Chemical Banking Corp. 300 18,263
Citicorp 400 28,300
City National Corp. 700 9,275
Commerce Asset Holding Bhd 6,000 31,548
Creditanstalt-Bankverein 300 15,042
Cullen/Frost Bankers, Inc. 1,000 46,188
Development Bank of Singapore Ltd. 2,000 22,801
F & M Bancorp 100 2,625
First American Corp. (Tenn.) 700 30,144
First Chicago Corp. 300 20,588
First Citizens Bancshares Class A 100 5,288
First Interstate Bancorp 300 30,225
Firstbank of Illinois Co. 1,000 28,375
JSB Financial, Inc. 1,000 31,250
Jyske Bank AS 200 12,567
Jyske Bank (Rights) 200 1,268
Michigan National Corp. 300 32,625
Midlantic Corp. 700 38,063
National City Bancshares, Inc. 400 16,550
NationsBank, Corp. 500 33,625
Oversea-Chinese Banking 3,000 33,990
Queens County Bancorp, Inc. 1,100 43,863
Reliance Bancorp, Inc. 2,800 40,600
River Forest Bancorp, Inc. 1,600 37,800
Royal Bank of Canada 200 4,380
Schweizerische Bankverein 35 13,464
Star Banc Corp. 700 37,450
Svenska Handelsbanke 1,000 17,323
Union Planters Corp. 2,100 62,475
United Carolina Bancshares, Inc. 400 13,800
United Overseas Bank Ltd. 1,000 8,656
----------
833,013
----------
Building Materials & Construction (2.2%)
American Buildings Co.+ 900 21,263
Champion Enterprises, Inc.+ 2,300 45,713
Continental Homes Holding Corp. 200 4,200
Fujita Corp. 10,000 48,961
Granite Construction, Inc. 1,300 35,100
International Aluminum Corp. 300 9,525
Kasler Holding Co. 600 3,675
Lindab AB Class B 800 17,673
Metra Oy Class B 400 18,590
Nippon Densetsu Kogyo 4,000 39,088
Puerto Rican Cement Co., Inc. 700 24,238
Redman Industries, Inc.+ 1,200 31,200
Sanki Engineering 3,000 32,539
Texas Industries, Inc. 500 26,375
Toll Brothers, Inc.+ 400 7,550
Tredegar Industries, Inc. 1,300 40,138
----------
405,828
----------
Chemicals (2.5%)
ARCO Chemical Co. 600 29,250
Cabot Corp. 300 15,938
Dyno Industrier AS 300 6,762
Fuji Photo Film Ord+ 1,000 25,038
Geon Company (The) 1,700 43,350
Great Lakes Chemical Corp. 200 13,525
Lyondell Petrochemical Co. 1,700 43,988
Mallinckrodt Group, Inc. 300 11,888
Norsk Hydro AS 1,400 60,311
PPG Industries, Inc. 200 9,300
Sekisui Chemical Co. 5,000 63,862
Sigma-Aldrich Corp. 300 14,569
Solvay SA 50 26,728
Sterling Chemicals, Inc. 2,200 18,150
Synalloy Corp. 1,100 25,025
Vigoro Corp. 800 33,800
Wellman, Inc. 1,000 24,500
----------
465,984
----------
Commercial Services (0.3%)
Inchcape Plc 7,000 35,674
Welsh Water Plc+ 917 11,273
----------
46,947
----------
Computer Software (1.4%)
Boole & Babbage Inc.+ 200 5,975
Cadence Design Systems, Inc.+ 1,700 66,725
Dell Computer Corp.+ 600 50,963
Hogan Systems, Inc.+ 4,400 43,725
Kronos, Inc.+ 100 4,663
Network Peripherals, Inc. 2,700 42,525
Reynolds & Reynolds Co. 1,300 44,688
----------
259,264
----------
11
<PAGE>
Aetna Ascent Variable Portfolio
Portfolio of Investments (continued)
- -------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Computers & Office Equipment (1.6%)
Acma Ltd. 6,000 $ 22,168
CANON, Inc. 2,000 35,884
Comdisco, Inc. 700 20,825
Compaq Computer Corp.+ 200 9,675
Fujitsu, Ltd. 4,000 50,684
International Business Machines, Corp. 300 28,313
Microsoft Corp.+ 100 9,056
Moore Corp., Ltd. 600 12,075
Read-Rite Corp. 1,000 36,625
Silicon Graphics Inc.+ 600 20,625
Sun Microsystems, Inc.+ 100 6,306
United Stationers, Inc. 1,400 39,550
----------
291,786
----------
Consumer Products (0.3%)
Eastman Kodak Co. 200 11,850
NCH Corp. 600 34,350
Reckitt & Coleman Plc 1,400 14,558
----------
60,758
----------
Diversified (3.2%)
Alusuisse-Lonza Holding 10 7,494
Brady (WH) Co. 300 21,750
Brascan Ltd. Class A 400 6,607
Colryut SA 100 25,282
Elkjop Norge AS 800 23,018
Harrisons & Crosfield Plc 11,300 27,274
Harsco Corp. 700 38,938
Katy Industries 6,300 59,850
Kysor Industrial Corp. 1,800 39,150
Lonrho Plc 5,500 14,494
Oasis Residential Inc. 9,100 204,750
SPS Technologies, Inc.+ 1,000 39,000
Textron Inc. 200 13,650
Trinova Corp. 200 6,750
Varlen Corp. 1,500 40,688
VF Corp. 100 5,100
Westmont Bhd 3,000 12,189
----------
585,984
----------
Electrical Equipment (2.0%)
ADFlex Solutions, Inc.+ 1,400 31,675
Allgon AB 700 15,663
Arrow Electronics, Inc.+ 800 43,500
Avnet, Inc. 700 36,138
Hitachi Ltd. (Hit. Seisakusho) 5,000 54,739
Nichicon 3,000 40,750
Park Electrochemical Corp. 1,200 38,850
Sundstrand Corp. 900 58,275
Texas Instruments, Inc. 600 47,925
----------
367,515
----------
Electrical & Electronics (3.0%)
Applied Materials, Inc. 100 10,250
Austria Mikro Systeme International+ 200 34,958
Cohu, Inc. 100 3,075
CTS Corp. 1,000 31,000
Dynatech Corp.+ 2,100 32,550
Esterline Technologies+ 2,000 54,750
Hewlett Packard Co. 300 25,013
Hitachi Koki 2,000 17,496
Intel Corp. 100 6,019
Logicon, Inc 1,600 43,200
Matsushita Electric Industrial Co. Ltd. 3,000 46,224
Mentor Graphics Corp.+ 600 12,450
Micron Technology Inc. 100 7,950
Nintendo Co. Ltd.+ 1,000 73,492
Novellus Systems, Inc.+ 100 6,988
Phillips Electronics NV 600 29,380
Seagate Technology, Inc.+ 1,200 50,550
Unitrode Corp. 600 17,475
Varian Associates, Inc. 1,000 53,000
----------
555,820
----------
Financial Services (4.3%)
Abbey National Plc 3,300 28,308
Alex Brown & Sons, Inc. 900 52,538
Algem Maatsch Voor Nijverhei 50 13,514
Astoria Financial Corp. 1,600 68,100
Barclays Plc 2,700 32,007
BayBanks, Inc. 500 37,875
Bear Stearns Co., Inc. 2,100 45,150
BHC Financial, Inc. 2,800 44,625
Citizens Bancorp 1,500 49,500
CNA Financial Corp.+ 100 10,600
Crestar Financial Corp. 1,000 55,875
Dean Witter Discover and Co. 100 5,625
Den Danske Bank 300 19,122
Greenpoint Financial Corp. 700 19,338
Household International, Inc. 100 6,200
HSBC Holdings Plc 3,100 43,127
Kagoshima Bank 2,000 15,530
Merrill Lynch & Co., Inc. 300 18,750
Morgan Keegan, Inc. 1,400 16,800
Orient Corp.+ 2,000 9,569
Park National Corp. 200 9,150
Sanyo Shinpan Finance Co. 1,000 73,796
Suffolk Bancorp 300 10,725
Sumitomo Bank of California 200 4,600
Travelers, Inc. 600 31,875
Union Bank 900 48,038
Unitas Bank Ltd. Class A 4,500 13,731
White River Corp. 300 11,213
Yasuda Banking & Trust 1,000 5,869
----------
801,150
----------
Foods & Beverages (3.0%)
American Maize-Products Co. Class A 800 31,200
Archer-Daniels-Midland Co. 210 3,229
Bols Wessanen CV Class A 400 7,810
Cadbury Schweppes Plc 3,900 29,566
Campbell Soup Co. 400 20,100
Cerebos Pacific Ltd. 4,000 23,927
Coca-Cola Co. 400 27,600
ConAgra, Inc. 600 23,775
CPC International Inc. 400 26,400
12
<PAGE>
Aetna Ascent Variable Portfolio
Portfolio of Investments (continued)
- -------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Foods & Beverages (continued)
Danisco AS 400 $ 17,528
Hershey Foods Corp. 100 6,438
Hillsdown Holding Plc 11,500 32,216
Hormel Foods Corp. 1,400 36,925
Huhtamaki Group Class I 700 24,153
IBP, Inc. 1,000 53,375
International Multifoods Corp. 900 19,350
Katokichi 1,000 19,159
Kroger Co. (The)+ 200 6,825
Molson Companies Ltd. 300 5,011
Nestle SA Registered 15 15,444
Oester Brau-Beteiligungs 200 10,328
PepsiCo, Inc. 500 25,500
Pilgrims Pride Corp. 300 2,363
Safeway, Inc. 700 29,225
Sara Lee Corp. 200 5,950
Superfos AS 200 17,746
Supervalu, Inc. 500 14,688
Unilever N.V. 100 13,052
----------
548,883
----------
Health Services (1.3%)
Baxter International, Inc. 400 16,450
Columbia/HCA Healthcare Corp. 200 9,725
Conmed Corp.+ 1,700 55,250
Diagnostic Products Corp. 800 30,800
Invacare Corp. 600 28,650
Mine Safety Appliances Co. 600 30,975
Nellcor, Inc.+ 600 29,625
Thera Tx, Inc.+ 2,800 36,400
----------
237,875
----------
Health Technology (0.8%)
Barr Labs Inc.+ 1,600 38,200
Guidant Corp. 1,600 46,800
Haemonetics Corp. 1,000 23,000
Rhone-Poulenc Rorer, Inc. 800 36,400
----------
144,400
----------
Home Furnishings & Appliances (0.3%)
Electrolux AB 400 19,142
Lancaster Colony Corp. 200 6,850
Leggett & Platt, Inc. 1,200 29,550
----------
55,542
----------
Hotels & Restaurants (0.2%)
Compass Group Plc 2,800 18,746
Hotel Properties Ltd. 5,000 7,424
Marriott International Inc. 300 11,213
----------
37,383
----------
Household Products (0.2%)
Oneida Ltd 300 4,875
Premark International, Inc. 300 15,263
Procter & Gamble Co. 200 15,400
----------
35,538
----------
Insurance (4.1%)
Aegon N.V. 200 7,270
Aflac, Inc. 1,200 49,800
Allstate Corp. 500 $ 17,688
American Bankers Insurance Group 1,500 55,688
American Financial Group, Inc. 1,400 42,000
American National Insurance, Co. 700 40,950
Baloise Holding Ltd. 5 11,053
Capital American Financial Corp. 200 4,450
Chubb Corp. 200 19,200
CMAC Investment Corp. 400 21,050
Commerce Group, Inc. 300 5,869
EA-Generali AG 50 14,882
Fremont General Corp. 600 16,575
Fund American Enterprises, Inc.+ 400 29,200
Guardian Royal Exchange Plc 3,400 11,731
Home Beneficial Corp. Class B 400 9,350
Horace Mann Educators Corp. 1,000 27,500
Kansas City Life Insurance Co. 300 15,525
Loews Corp. 300 43,650
Maxicare Health Plans, Inc. 3,500 64,969
Orion Capital Corp. 400 17,750
Reinsurance Group of America 1,500 52,875
RightCHOICE Managed Care+ 2,600 38,675
Royal Insurance Holdings Plc 2,600 14,526
State Auto Financial Corp. 900 20,194
Transatlantic Holdings, Inc. 700 47,075
Uni Storebrand AS+ 6,400 31,305
Winterthur Schweizerische Versicherungs-
Gesellschaft 15 9,948
Zurich Versicherungs-Gesellschaft 60 16,919
----------
757,667
----------
Machinery & Equipment (2.1%)
Acme-Cleveland Corp. 1,500 40,125
Barnes Group, Inc. 800 32,500
Blount, Inc. Class A 900 42,863
Case Corp. 400 14,700
Caterpillar, Inc. 100 5,688
Central Sprinkler Corp. 2,100 64,050
Fluor Corp. 100 5,600
FSI International, Inc.+ 800 26,500
Georg Fischer AG 10 13,664
Illinois Tool Works, Inc. 100 5,888
Koyo Seiko Co., Ltd. 1,000 8,434
L.S. Starret Co. Class A 900 20,363
Lam Research Corp.+ 300 17,888
Landis & Gyr 10 6,136
Tecumseh Products Co. Class A 200 9,575
Timken Co. 200 8,525
Tsubakimoto Chain 8,000 40,629
Tsukishima Kikai 1,000 19,057
----------
382,185
----------
Media & Entertainment (1.0%)
Belo Corp. Class A 900 30,938
GC Companies, Inc. 800 25,700
Genting Bhd 1,000 8,644
Granada Group Plc 1,400 14,070
GTECH Holdings Corp.+ 600 18,075
King World Productions, Inc.+ 500 18,313
13
<PAGE>
Aetna Ascent Variable Portfolio
Portfolio of Investments (continued)
- -------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Media & Entertainment (continued)
Media General, Inc. 1,000 $ 35,750
Mirage Resorts, Inc.+ 900 29,588
Walt Disney Co. 100 5,738
----------
186,816
----------
Metals & Mining (2.7%)
Alcan Aluminum Ltd. 500 16,188
Allegheny Ludlum Corp. 1,800 36,675
Alumax, Inc.+ 200 6,750
British Steel Plc 6,600 18,959
Carpenter Technology Corp. 1,200 46,950
Cleveland-Cliffs, Inc. 600 24,675
Commercial Metals Co. 1,200 32,400
Cyprus Amax Minerals Co. 300 8,438
Dofasco, Inc. 400 4,826
Falconbridge Ltd. 400 8,686
J & L Specialty Steel, Inc. 1,800 37,800
Kennametal Inc. 1,000 36,250
Kon. Ned. Hoogovens En 600 24,032
Lukens, Inc. 300 8,738
Magma Copper Co. 1,600 30,000
Mueller Indusries Inc.+ 200 10,375
Noranda, Inc. 400 8,092
Phelps Dodge Corp. 200 12,525
Rautaruukki Oy 2,500 16,548
Reliance Steel & Aluminum Co. 2,100 38,588
Santa Fe Pacific Gold Corp. 200 2,525
Schnitzer Steel Industries, Inc. 1,500 42,188
Societe Generale de Belgique 150 11,059
Svenskt Stal AB 1,600 17,092
----------
500,359
----------
Oil & Gas (3.6%)
Alberta Energy Co., Ltd.+ 300 4,538
Atlantic Richfield Co. 200 21,475
Burmah Castrol Plc 1,100 17,009
Conwest Exploration Co., Ltd. 200 3,823
Diamond Shamrock, Inc. 1,600 39,400
Exxon Corp. 700 50,575
Fina, Inc. Class A 600 29,025
Imperial Oil Ltd. 200 7,424
Leviathan Gas Pipeline Partners L.P. 1,400 36,575
Lufkin Industries, Inc. 1,000 23,125
Mobil Corp. 400 39,850
Nabors Inustries, Inc. 5,000 47,188
OEMV AG 300 28,016
Oneok, Inc. 800 18,600
Petronas Gas Bhd+ 6,000 20,912
Royal Dutch Petroleum Co. 800 98,469
RPC, Inc. 800 6,300
Saga Petroleum AS 1,200 15,537
Santa Fe Pacific Pipeline Partners L.P. 800 29,200
Smith International, Inc.+ 1,200 20,850
Tidewater, Inc. 1,800 50,625
Varco International, Inc. 4,700 47,588
----------
656,104
----------
Paper & Containers (2.6%)
Abitibi-Price, Inc. 300 $ 5,206
Asia Pulp & Paper Co., Ltd.+ 4,000 48,500
Bobst, SA 5 7,746
Chesapeake Corp. 3,700 133,663
Georgia-Pacific Corp. 100 8,750
Glatfelter (P.H.) Co. 1,100 24,750
Greif Brothers Corp. Class A 200 4,975
International Paper Co. 200 8,400
Koninklijke KNP BHT 600 17,892
Leykam-Muerztaler Papier+ 150 6,742
Macmillan Bloedel Ltd. 500 6,125
Mayr-Melnhof Karton AG 300 19,147
Mead Corp. 300 17,588
Rayoner Inc. 1,100 43,038
Repola Oy 1,000 22,534
Royal PTT Nederland NV 200 7,094
Stone-Consolidated Corp.+ 300 4,315
Stora Kopparbergs 1,200 16,370
Temple-Inland, Inc. 300 15,975
Willamette Industries, Inc. 1,000 67,000
----------
485,810
----------
Pharmaceuticals (1.1%)
Becton, Dickinson & Co. 300 18,863
Bristol-Myers Squibb Co. 500 36,438
Johnson & Johnson 200 14,825
Merck & Co., Inc. 300 16,800
Novo-Nordisk AS 200 24,337
Pfizer, Inc. 400 21,350
Schering Plough 500 25,750
Smithkline Beecham Plc 100 5,063
Watson Pharmaceuticals+ 300 12,338
Yamanouchi Pharmaceuticals 1,000 21,693
----------
197,457
----------
Pollution Control (0.1%)
Browning-Ferris Industries, Inc. 300 9,113
WMX Technologies, Inc. 400 11,400
----------
20,513
----------
Printing & Publishing (1.0%)
Banta Corp. 900 38,025
Central Newspapers, Inc. Class A 1,000 30,500
Gannett Company, Inc. 500 27,313
New York Times Co. (The) 300 8,213
Plenum Publishing Corp. 300 10,725
Pulitzer Publishing Co. 1,100 56,925
Tribune Co. 100 6,638
Wiley (John) & Sons, Inc. Class A 200 11,750
----------
190,089
----------
Real Estate Investment Trusts (21.1%)
Associated Estates Realty Corp. 11,500 235,750
Beacon Properties Corp. 11,200 239,400
CBL & Associates Properties, Inc. 9,000 186,750
Chelsea GCA Realty, Inc. 4,900 146,388
Colonial Properties Trust 8,900 221,336
Cousins Properties, Inc. 6,000 109,500
14
<PAGE>
Aetna Ascent Variable Portfolio
Portfolio of Investments (continued)
- -------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Real Estate Investment Trusts (continued)
Crescent Real Estate Equities, Inc. 7,900 $ 242,925
Developers Diversified Realty Corp. 2,700 81,338
Duke Realty Investments, Inc. 7,600 236,550
Equity Residential Properties Trust 5,900 177,738
Essex Property Trust, Inc. 7,100 125,138
Evans Withycombe Residential, Inc. 9,100 184,275
Excel Realty Trust, Inc. 12,200 240,950
First Industrial Realty Trust, Inc. 900 18,000
HGI Realty, Inc. 800 19,200
Kimco Realty Corp. 5,300 211,338
Kranzco Realty Trust 4,600 77,625
Prime Residential, Inc. 14,400 224,100
Regency Realty Corp. 11,200 197,400
Security Capital Industrial Trust 900 14,625
Sekisui House 2,000 24,937
Smith (Charles E.) Residential Realty Co. 8,800 203,500
Spieker Properties, Inc. 9,300 223,200
Storage Equities Inc. 13,500 251,438
----------
3,893,401
----------
Retail (6.3%)
Argyll Group Plc 2,600 13,827
Blair Corp. 100 3,400
Burton Group Plc 20,700 35,874
Cali Realty Corp. 7,900 159,975
Circuit City Stores, Inc. 100 3,163
Familymart 1,000 43,588
Fastenal Co. 900 32,963
General Host Corp. 5,000 29,375
Hannaford Brothers, Co. 1,500 40,313
Harcourt General, Inc. 300 12,563
Highwood Properties, Inc. 9,700 255,838
Hudson's Bay Co. 200 3,860
JUSCO Co. 2,000 48,049
Koninklijke Ahold N.V. 300 11,319
Merkur Holding AG 35 8,103
National Presto Industries, Inc. 900 40,388
Neiman Marcus Group, Inc. 2,100 37,800
Oriental Holdings Bhd 3,000 15,057
Robinson & Co. Ltd. 5,000 21,112
Sears, Roebuck & Co. 300 11,063
Tesco Plc 4,100 20,311
Waban, Inc. 100 1,888
Walden Residential Properties, Inc. 13,400 252,925
Weis Markets, Inc. 1,100 30,525
Zale Corp. 1,600 22,000
----------
1,155,279
----------
Specialty Consumer Durables (0.4%)
Bio-Rad Labs, Inc. Class A+ 500 20,125
Polaris Industries, Inc. 1,100 48,538
----------
68,663
----------
Telecommunications (0.4%)
Ameritech Corp. 700 36,488
Computer Associates International, Inc. 150 6,338
GN Store Nord AS 200 15,029
Telefonaktiebolaget 500 12,343
----------
70,198
----------
Transportation (2.3%)
AMR Corp.+ 300 $ 21,638
Bergesen d.y. AS Class B 1,300 29,093
British Airways Plc 1,500 10,695
Det Norske Luftfartselskap AS 600 29,732
East Japan Railway Co.+ 10 49,671
Expeditors International of Washington,
Inc. 300 8,100
Florida East Coast Railway Co. 400 28,700
Flughafen Wien AG 300 19,027
GATX Corp. 1,200 62,100
Illinois Central 300 11,738
KLM Royal Dutch Airlines Co. 204 7,185
Kobenhavns Lufthavne AS 200 15,029
Kvaerner AS 600 25,512
M.S. Carriers, Inc. 400 6,450
Peninsular & Orient Steam Navigation Co. 4,400 33,287
PHH Corp. 900 40,500
Singapore Airlines Ltd, 2,000 18,579
----------
417,036
----------
Utilities--Electric (4.3%)
Bangor Hydro-Electric Co. 1,500 18,375
Boston Edison Co. 1,200 33,000
California Energy Co. 1,300 26,650
Consolidated Edison Co. of New York, Inc. 700 21,263
DQE, Inc. 600 15,900
Elektrowatt AG 30 9,269
General Public Utilities Corp. 1,100 34,238
Hawaiian Electric Industries, Inc. 1,000 38,000
Hokkaido Electric Power Co. 2,000 48,251
Illinova Corp. 1,600 43,400
LG&E Corp. 200 8,025
New York State Electric & Gas Corp. 1,500 39,375
Nipsco Industries, Inc. 900 31,388
Oesterreichisch Elektriz 450 30,114
Oklahoma Gas & Electric Co. 800 30,100
Orange & Rockland Utilities, Inc. 1,200 42,750
Pacific Gas & Electric Co. 600 17,925
Peco Energy Co. 300 8,588
Pinnacle West Capital Corp. 2,200 57,750
Portland General Corp. 900 23,063
Reunies Electrobel & Tractebel 50 17,961
San Diego Gas & Electric Co. 1,700 39,313
SCEcorp 1,200 21,300
Sierra Pacific Resources 2,200 50,325
Siliconix, Inc+ 300 8,700
Transalta Corp. 500 5,243
Unicom Corp. 600 18,150
United Illuminating Co. 200 7,025
Wisconsin Energy Corp. 1,600 45,200
----------
790,641
----------
Utilities--Natural Gas (0.4%)
Brooklyn Union Gas Co. (The) 1,800 44,325
Wicor, Inc. 1,000 30,250
Williams Cos. Inc. 100 3,900
----------
78,475
----------
15
<PAGE>
Aetna Ascent Variable Portfolio
Portfolio of Investments (continued)
- -------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Utilities--Oil & Gas (1.3%)
Atlanta Gas Light Co. 600 $ 23,175
Energen Corp. 2,300 50,025
Getty Petroleum Corp. 300 4,050
New Jersey Resources Corp. 1,100 28,463
Northwest Natural Gas Co. 300 9,244
Public Service Co. of Colorado 1,300 44,525
Schlumberger, Ltd. 200 13,050
Union Texas Petroleum Holdings, Inc. 1,200 21,900
Valero Energy Corp. 1,500 36,000
Westcoast Energy, Inc. 400 5,902
----------
236,334
----------
Utilities--Telephone (1.4%)
Bell Atlantic Corp. 200 12,275
BellSouth Corp. 200 14,625
Cable & Wireless Plc 5,200 34,319
DDI Corp.+ 2 16,584
Lincoln Telecommunications Co. 1,900 35,150
Nippon Telephone & Telegraph Corp. 6 51,880
SBC Communications, Inc. 600 33,000
Southern New England Telecom. Corp. 1,000 35,375
Sprint Corp. 700 24,500
----------
257,708
----------
Utilities--Water (0.3%)
American Water Works Co., Inc. 1,100 33,688
SJW Corp. 500 18,625
----------
52,313
----------
Total Common Stocks (cost $15,779,943) $16,519,895
----------
Preferred Stocks (0.7%)
Banks (0.1%)
BankAmerica Corp. 400 23,950
----------
23,950
----------
Chemicals (0.0%)
Dow Chemical Co. 100 7,450
----------
7,450
----------
Commercial Services (0.0%)
Welsh Water Plc. 990 1,618
----------
1,618
----------
Electrical Equipment (0.4%)
Nokia AB Class A 1,000 70,418
----------
70,418
----------
Electrical & Electronics (0.0%)
FPL Group, Inc.+ 200 8,175
----------
8,175
----------
Pharmaceuticals (0.1%)
Merk AG 10 9,730
----------
9,730
----------
Total Preferred Stocks (cost $107,983) $ 121,341
----------
Total Common and Preferred Stocks
(cost $15,887,926) $16,641,236
----------
Principal Market
CORPORATE OBLIGATIONS (0.2%) Amount Value
------- -----------
Mitsubishi Bank, 3.00%, 11/30/02 $ 40,000 $ 41,850
---------
41,850
---------
Total Corporate Obligations (cost $40,000) $ 41,850
---------
SHORT TERM INVESTMENTS (9.2%)
Cooper Industries, Comm. Paper, 6.55%,
10/02/95 536,000 $ 536,000
Fleetwood Credit Corp., Comm. Paper, 5.95%,
10/03/95 400,000 399,934
Columbia/HCA Healthcare, Comm. Paper,
5.90%, 10/05/95 250,000 249,877
U.S. Treasury Note, 9.25%, 1/15/96 485,000 489,923
---------
1,675,734
---------
Total Short Term Investments
(cost $1,675,547) $ 1,675,734
---------
TOTAL INVESTMENTS (cost $17,603,473) $18,358,820
=========
+ Non-income producing security.
(a) The cost of investments for income tax purposes is identical. Unrealized
gains and losses, based on identified tax cost at September 30, 1995 are as
follows:
Unrealized gains $ 994,450
Unrealized losses (336,821)
--------
Net unrealized gain $ 657,629
========
Category percentages are based on net assets.
Information concerning open futures contracts is shown below:
No. of Face Expiration Unrealized
Contracts Value Date Gain/(Loss)
-------- ------- -------- ----------
All Ordinaries Share Price
Index Future 5 $202,759 12/29/95 $ (1,132)
TSE 35 Index Future 1 90,848 12/14/95 (1,819)
German Bonds Future 2 323,208 12/06/95 2,389
DAX Index Future 2 310,644 12/14/95 (10,401)
CAC 40 Stock Index Future 2 150,565 12/29/95 (9,776)
Italian Government Bonds Future 2 251,116 12/04/95 (1,390)
TSE Topix Index Future 1 144,125 12/07/95 (2,129)
Topex Index Future 1 144,139 12/07/95 (4,460)
Hang Seng Index Future 3 185,986 10/30/95 1,390
--------
$(27,328)
========
16
<PAGE>
Aetna Generation Portfolios, Inc.
Aetna Crossroads Variable Portfolio
Portfolio of Investments--September 30, 1995 (Unaudited)
- --------------------------------------------------------------------------------
COMMON AND PREFERRED STOCKS (75.5%)
Common Stocks (74.9%)
Number of Market
Shares Value
------- ------------
Aerospace & Defense (0.2%)
McDonnell Douglas Corp. 300 $ 24,825
Smiths Industries Plc 1,500 13,817
----------
38,642
----------
Apparel & Cosmetics (0.5%)
Alberto-Culver Co. Class B 200 6,100
Chic By H I S Inc.+ 2,500 20,000
Coats Viyella Plc 8,900 28,243
Nike, Inc. 100 11,113
Oshkosh B'Gosh, Inc. 200 3,250
Russell Corp. 100 2,550
Wing Tai Holdings 12,000 20,436
----------
91,692
----------
Autos & Auto Equipment (0.7%)
Borg Warner Automotive, Inc. 900 28,800
Kaydon Corp. 700 20,650
Mitsubishi Motors Corp. 3,000 25,332
Smith (A.O.) Corp. 900 23,288
Snap-On, Inc. 200 7,600
Varity Corp.+ 300 13,350
Volvo AB Class B 600 14,725
----------
133,745
----------
Banks (3.6%)
AMMB Holdings Bhd 1,000 12,348
Bank of Montreal 200 4,380
Bank of New York Co., Inc. 600 27,900
Banque Bruxelles Lambert SA 50 8,484
Chemical Banking Corp. 300 18,263
Citicorp 400 28,300
City National Corp. 700 9,275
Commerce Asset Holding Bhd 7,000 36,805
Creditanstalt-Bankverein 150 7,521
Cullen/Frost Bankers, Inc. 900 41,569
Development Bank of Singapore Ltd. 2,000 22,801
F & M Bancorp 100 2,625
First American Corp. (Tenn.) 700 30,144
First Chicago Corp. 400 27,450
First Citizens Bancshares Class A 100 5,288
First Interstate Bancorp 200 20,150
Firstbank of Illinois Co. 400 11,350
JSB Financial, Inc. 900 28,125
Jyske Bank AS 200 12,567
Jyske Bank (Rights) 200 1,268
Michigan National Corp. 100 10,875
Midlantic Corp. 700 38,063
National City Bancshares, Inc. 300 12,413
NationsBank, Corp. 600 40,350
Oversea-Chinese Banking 3,000 33,990
Queens County Bancorp, Inc. 300 11,963
River Forest Bancorp, Inc. 1,000 23,625
Royal Bank of Canada 200 4,380
Schweizerische Bankverein 30 11,541
Star Banc Corp. 600 32,100
Svenska Handelsbanke 800 $ 13,858
Union Planters Corp. 1,700 50,575
United Carolina Bancshares, Inc. 400 13,800
----------
654,146
----------
Building Materials & Construction (1.8%)
American Buildings Co.+ 900 21,263
Champion Enterprises, Inc.+ 2,200 43,725
Continental Homes Holding Corp. 200 4,200
Fujita Corp. 6,000 29,377
Granite Construction, Inc. 900 24,300
International Aluminum Corp. 200 6,350
Kasler Holding Co. 600 3,675
Lindab AB Class B 800 17,673
Metra Oy Class B 400 18,590
Nippon Densetsu Kogyo 3,000 29,316
Puerto Rican Cement Co., Inc. 700 24,238
Redman Industries, Inc.+ 1,100 28,600
Sanki Engineering 2,000 21,693
Texas Industries, Inc. 400 21,100
Toll Brothers, Inc.+ 400 7,550
Tredegar Industries, Inc. 900 27,788
----------
329,438
----------
Chemicals (2.4%)
ARCO Chemical Co. 600 29,250
Cabot Corp. 300 15,938
Du Pont (E.I.) De Nemours 500 34,375
Dyno Industrier AS 300 6,762
Fuji Photo Film Ord+ 1,000 25,038
Geon Company (The) 1,600 40,800
Great Lakes Chemical Corp. 200 13,525
Lyondell Petrochemical Co. 1,600 41,400
Mallinckrodt Group, Inc. 200 7,925
Norsk Hydro AS 900 38,771
PPG Industries, Inc. 200 9,300
Sekisui Chemical Co. 3,000 38,317
Sigma-Aldrich Corp. 200 9,713
Solvay SA 50 26,728
Sterling Chemicals, Inc. 2,100 17,325
Synalloy Corp. 1,000 22,750
Vigoro Corp. 700 29,575
Wellman, Inc. 1,000 24,500
----------
431,992
----------
Commercial Services (0.2%)
Inchcape Plc 6,200 31,597
Welsh Water Plc+ 667 8,198
----------
39,795
----------
Computer Software (1.2%)
Boole & Babbage Inc.+ 100 2,988
Cadence Design Systems, Inc.+ 1,600 62,800
Dell Computer Corp.+ 400 33,975
Hogan Systems, Inc.+ 4,200 41,738
Kronos, Inc.+ 100 4,663
Network Peripherals, Inc. 2,200 34,650
Reynolds & Reynolds Co. 1,000 34,375
----------
215,189
----------
17
<PAGE>
Aetna Crossroads Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Computers & Office Equipment (1.3%)
Acma Ltd. 2,000 $ 7,389
CANON, Inc. 1,000 17,942
Comdisco, Inc. 1,000 29,750
Compaq Computer Corp.+ 200 9,675
Fujitsu, Ltd. 3,000 38,013
International Business Machines, Corp. 400 37,750
Microsoft Corp.+ 100 9,056
Moore Corp., Ltd. 1,000 20,125
Read-Rite Corp.+ 800 29,300
Sun Microsystems, Inc.+ 100 6,306
United Stationers, Inc. 1,200 33,900
----------
239,206
----------
Consumer Products (0.3%)
NCH Corp. 600 34,350
Reckitt & Coleman Plc 1,100 11,438
----------
45,788
----------
Diversified (2.4%)
Alusuisse-Lonza Holding 10 7,494
Brady (WH) Co. 300 21,750
Elkjop Norge AS 800 23,018
Harrisons & Crosfield Plc 9,600 23,171
Harsco Corp. 600 33,375
Katy Industries 5,400 51,300
Lonrho Plc 4,000 10,541
Oasis Residential Inc. 8,600 193,500
SPS Technologies, Inc.+ 900 35,100
Textron Inc. 300 20,475
Trinova Corp. 200 6,750
VF Corp. 100 5,100
Westmont Bhd 3,000 12,189
----------
443,763
----------
Electrical Equipment (1.6%)
ADFlex Solutions, Inc.+ 1,300 29,413
Allgon AB 500 11,188
Arrow Electronics, Inc.+ 800 43,500
Avnet, Inc. 700 36,138
Hitachi Ltd. (Hit. Seisakusho) 4,000 43,791
Nichicon 2,000 27,167
Park Electrochemical Corp. 1,200 38,850
Sundstrand Corp. 600 38,850
Texas Instruments, Inc. 400 31,950
----------
300,847
----------
Electrical & Electronics (2.4%)
Applied Materials, Inc.+ 100 10,250
Austria Mikro Systeme International+ 50 8,740
Cohu, Inc. 100 3,075
CTS Corp. 1,000 31,000
Dynatech Corp.+ 2,000 31,000
Hewlett Packard Co. 300 25,013
Hitachi Koki 2,000 17,496
Intel Corp. 100 6,019
Logicon, Inc 1,600 43,200
Matsushita Electric Industrial Co. Ltd. 2,000 30,816
Mentor Graphics Corp.+ 500 10,375
Micron Technology Inc. 100 $ 7,950
Nintendo Co. Ltd.+ 1,000 73,492
Novellus Systems, Inc.+ 400 27,950
Phillips Electronics NV 600 29,380
Seagate Technology, Inc.+ 1,100 46,338
Unitrode Corp. 600 17,475
Varian Associates, Inc. 500 26,500
----------
446,069
----------
Financial Services (3.4%)
Abbey National Plc 1,300 11,152
Alex Brown & Sons, Inc. 800 46,700
Astoria Financial Corp. 1,500 63,844
Barclays Plc 2,300 27,265
BayBanks, Inc. 400 30,300
Bear Stearns Co., Inc. 1,700 36,550
BHC Financial, Inc. 2,700 43,031
Citizens Bancorp 1,400 46,200
CNA Financial Corp.+ 100 10,600
Crestar Financial Corp. 300 16,763
Dean Witter Discover and Co. 100 5,625
Den Danske Bank 300 19,122
Greenpoint Financial Corp. 300 8,288
Household International, Inc. 100 6,200
HSBC Holdings Plc 1,800 25,042
Kagoshima Bank 3,000 23,295
Merrill Lynch & Co., Inc. 300 18,750
Morgan Keegan, Inc. 1,300 15,600
Orient Corp.+ 1,000 4,785
Park National Corp. 100 4,575
Promise Co. Ltd. 1,000 42,575
Suffolk Bancorp 300 10,725
Sumitomo Bank of California 100 2,300
Travelers, Inc. 500 26,563
Union Bank 900 48,038
Unitas Bank Ltd. Class A 5,000 15,257
White River Corp. 300 11,213
Yasuda Banking & Trust 1,000 5,869
----------
626,227
----------
Foods & Beverages (3.0%)
American Maize-Products Co. 700 27,300
Archer-Daniels-Midland Co. 210 3,229
Cadbury Schweppes Plc 3,300 25,018
Campbell Soup Co. 400 20,100
Cerebos Pacific Ltd. 3,000 17,945
Coca-Cola Co. 400 27,600
ConAgra, Inc. 600 23,775
CPC International Inc. 600 39,600
Danisco AS 300 13,146
Hillsdown Holding Plc 7,200 20,170
Hormel Foods Corp. 800 21,100
Huhtamaki Group Class I 600 20,703
IBP, Inc. 900 48,038
International Multifoods Corp. 1,400 30,100
Katokichi 2,000 38,317
Kikkoman 1,000 7,207
Kroger Co. (The)+ 300 10,238
18
<PAGE>
Aetna Crossroads Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Foods & Beverages (continued)
Molson Companies Ltd. 300 $ 5,011
Nestle SA Registered 10 10,296
Oester Brau-Beteiligungs 150 7,746
PepsiCo, Inc. 800 40,800
Pilgrims Pride Corp. 300 2,363
Safeway, Inc. 700 29,225
Sara Lee Corp. 200 5,950
Superfos AS 200 17,746
Supervalu, Inc. 500 14,688
Unilever N.V. 100 13,052
----------
540,463
----------
Health Services (1.2%)
Baxter International, Inc. 300 12,338
Columbia/HCA Healthcare Corp. 200 9,725
Conmed Corp.+ 1,500 48,750
Diagnostic Products Corp. 800 30,800
Invacare Corp. 600 28,650
Mine Safety Appliances Co. 500 25,813
Nellcor, Inc.+ 600 29,625
Quorum Health Group, Inc.+ 200 4,500
Thera Tx, Inc.+ 2,600 33,800
----------
224,001
----------
Health Technology (0.6%)
Barr Labs Inc.+ 1,500 35,813
Guidant Corp. 1,000 29,250
Rhone-Poulenc Rorer, Inc. 800 36,400
----------
101,463
----------
Home Furnishings & Appliances (0.3%)
Electrolux AB 300 14,357
Lancaster Colony Corp. 300 10,275
Leggett & Platt, Inc. 1,200 29,550
----------
54,182
----------
Hotels & Restaurants (0.2%)
Compass Group Plc 2,100 14,059
Hotel Properties Ltd. 4,000 5,940
Marriott International Inc. 300 11,213
----------
31,212
----------
Household Products (0.2%)
Oneida Ltd. 200 3,250
Premark International, Inc. 300 15,263
Procter & Gamble Co. 200 15,400
----------
33,913
----------
Insurance (3.7%)
Aegon N.V. 200 7,270
Aflac, Inc. 1,100 45,650
Allstate Corp. 278 9,834
American Bankers Insurance Group 1,400 51,975
American Financial Group, Inc. 1,300 39,000
American National Insurance, Co. 600 35,100
Baloise Holding, Ltd. 5 11,053
Capital American Financial Corp. 100 2,225
Chubb Corp. 100 9,600
CMAC Investment Corp. 400 21,050
Commerce Group, Inc. 300 5,869
EA-Generali AG 50 $ 14,882
Fremont General Corp. 400 11,050
Fund American Enterprises, Inc.+ 400 29,200
Guardian Royal Exchange Plc 2,500 8,626
Home Beneficial Corp. Class B 400 9,350
Horace Mann Educators Corp. 1,000 27,500
Kansas City Life Insurance Co. 300 15,525
Loews Corp. 200 29,100
Maxicare Health Plans, Inc. 3,100 57,544
Orion Capital Corp. 400 17,750
Reinsurance Group of America 1,400 49,350
RightCHOICE Managed Care+ 2,400 35,700
Royal Insurance Holdings Plc 1,900 10,615
State Auto Financial Corp. 900 20,194
Transatlantic Holdings, Inc. 700 47,075
Uni Storebrand AS+ 4,900 23,968
Winterthur Schweizerische Versicherungs-
Gesellschaft 10 6,632
Zurich Versicherungs-Gesellschaft 50 14,099
----------
666,786
----------
Machinery & Equipment (1.9%)
Acme-Cleveland Corp. 1,400 37,450
Barnes Group, Inc. 700 28,438
Blount, Inc. Class A 900 42,863
Case Corp. 300 11,025
Caterpillar, Inc. 100 5,688
Central Sprinkler Corp. 1,700 51,850
FSI International, Inc.+ 700 23,188
Georg Fischer AG 5 6,832
Illinois Tool Works, Inc. 100 5,888
Jenbacher Werke AG 150 25,544
Koyo Seiko Co., Ltd. 2,000 16,868
L.S. Starret Co. Class A 700 15,838
Lam Research Corp.+ 400 23,850
Landis & Gyr 10 6,136
Timken Co. 300 12,788
Tsubakimoto Chain 4,000 20,314
Tsukishima Kikai 1,000 19,057
----------
353,617
----------
Media & Entertainment (1.1%)
Belo Corp. Class A 900 30,938
Chris-Craft Industries Inc. 400 17,400
GC Companies, Inc. 700 22,488
Genting Bhd 1,000 8,644
Granada Group Plc 1,100 11,055
GTECH Holdings Corp.+ 500 15,063
King World Productions, Inc.+ 700 25,638
Media General, Inc. 1,000 35,750
Mirage Resorts, Inc.+ 600 19,725
Walt Disney Co. 100 5,738
----------
192,439
----------
Metals & Mining (2.3%)
Alcan Aluminum Ltd. 800 25,876
AlleghenyLudlum, Corp. 700 14,263
Alumax, Inc.+ 200 6,750
Aluminum Co. of America 100 5,288
19
<PAGE>
Aetna Crossroads Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Metals & Mining (continued)
British Steel Plc 4,900 $ 14,076
Carpenter Technology Corp. 600 23,475
Cleveland-Cliffs, Inc. 600 24,675
Cyprus Amax Minerals Co. 400 11,250
J & L Specialty Steel, Inc. 1,700 35,700
Kennametal Inc. 1,000 36,250
Kon. Ned. Hoogovens En 500 20,026
Lukens, Inc. 200 5,825
Magma Copper Co. 1,500 28,125
Mueller Industries Inc.+ 200 10,375
Noranda, Inc. 400 8,092
Rautaruukki Oy 2,200 14,562
Reliance Steel & Aluminum Co. 2,000 36,750
Santa Fe Pacific Gold Corp. 300 3,788
Schnitzer Steel Industries, Inc. 1,400 39,375
Societe Generale de Belgique 100 7,373
Svenskt Stal AB 1,400 14,956
Varlen Corp. 1,400 37,975
----------
424,825
----------
Oil & Gas (2.5%)
Alberta Energy Co., Ltd.+ 300 4,538
Atlantic Richfield Co. 100 10,738
Burmah Castrol Plc 800 12,370
Diamond Shamrock, Inc. 500 12,313
Exxon Corp. 700 50,575
Fina, Inc. Class A 600 29,025
Imperial Oil Ltd. 200 7,424
Leviathan Gas Pipeline Partners L.P. 1,300 33,963
Lufkin Industries, Inc. 600 13,875
Mobil Corp. 400 39,850
Nabors Inustries, Inc. 1,500 14,156
OEMV AG 150 14,008
Oneok, Inc. 700 16,275
Petro-Canada 400 4,306
Petrofina SA 50 15,566
Royal Dutch Petroleum Co. 700 86,127
RPC, Inc. 700 5,513
Saga Petroleum AS 1,000 12,948
Santa Fe Pacific Pipeline Partners L.P. 700 25,550
Smith International, Inc.+ 1,100 19,113
Tidewater, Inc. 500 14,063
Transcanada Pipelines Ltd.+ 400 5,271
Varco International, Inc. 1,400 14,175
----------
461,742
----------
Paper & Containers (2.4%)
Abitibi-Price, Inc. 300 5,206
Asia Pulp & Paper Co., Ltd.+ 3,000 36,375
Bobst SA 5 7,746
Chesapeake Corp. 3,500 126,438
Georgia-Pacific Corp. 100 8,750
Glatfelter (P.H.) Co. 1,000 22,500
Greif Brothers Corp. Class A 200 4,975
Koninklijke KNP BHT 300 8,946
Leykam-Muerztaler Papier+ 200 8,989
Macmillan Bloedel Ltd. 500 6,125
Mayr-Melnhof Karton AG 300 19,147
Mead Corp. 400 $ 23,450
Rayoner Inc. 1,000 39,125
Repola Oy 600 13,520
Royal PTT Nederland NV 200 7,094
Stone-Consolidated Corp.+ 300 4,315
Stora Kopparbergs 1,000 13,642
Temple-Inland, Inc. 200 10,650
Willamette Industries, Inc. 1,000 67,000
----------
433,993
----------
Pharmaceuticals (0.9%)
Becton, Dickinson & Co. 300 18,863
Bristol-Myers Squibb Co. 300 21,863
Johnson & Johnson 300 22,238
Merck & Co., Inc. 400 22,400
Novo-Nordisk AS 100 12,168
Pfizer, Inc. 200 10,675
Schering Plough 500 25,750
Smithkline Beecham Plc 100 5,063
Watson Pharmaceuticals+ 300 12,338
Yamanouchi Pharmaceuticals 1,000 21,693
----------
173,051
----------
Pollution Control (0.1%)
Browning-Ferris Industries, Inc. 400 12,150
WMX Technologies, Inc. 400 11,400
----------
23,550
----------
Printing & Publishing (0.9%)
Banta Corp. 800 33,800
Central Newspapers, Inc. Class A 900 27,450
Gannett Company, Inc. 400 21,850
Plenum Publishing Corp. 200 7,150
Pulitzer Publishing Co. 1,100 56,925
Tribune Co. 100 6,638
Wiley (John) & Sons, Inc. Class A 100 5,875
----------
159,688
---------
Real Estate Investment Trusts (17.7%)
Apartment Investment & Management Co. 400 8,400
Associated Estates Realty Corp. 4,200 86,100
Beacon Properties Corp. 9,000 192,375
CBL & Associates Properties, Inc. 8,500 176,375
Chelsea GCA Realty, Inc. 3,900 116,513
Colonial Properties Trust 8,500 211,386
Cousins Properties, Inc. 5,400 98,550
Crescent Real Estate Equities, Inc. 6,300 193,725
Developers Diversified Realty Corp. 2,600 78,325
Duke Realty Investments, Inc. 7,000 217,875
Equity Residential Properties Trust 5,000 150,625
Essex Property Trust, Inc. 6,100 107,513
Evans Withycombe Residential, Inc. 8,600 174,150
Excel Realty Trust, Inc. 9,900 195,525
HGI Realty, Inc. 700 16,800
Kimco Realty Corp. 4,900 195,388
Kranzco Realty Trust 4,300 72,563
Prime Residential, Inc. 10,800 168,075
Regency Realty Corp. 8,700 153,338
Security Capital Industrial Trust 600 9,750
Sekisui House 2,000 24,937
20
<PAGE>
Aetna Crossroads Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Real Estate Investment Trusts (continued)
Smith (Charles E.) Residential Realty Co. 6,800 $ 157,250
Spieker Properties, Inc. 8,700 208,800
Storage Equities Inc. 11,000 204,875
----------
3,219,213
----------
Retail (4.5%)
Argyll Group Plc 1,900 10,104
Blair Corp. 100 3,400
Burton Group Plc 9,300 16,117
Cali Realty Corp. 3,600 72,900
Circuit City Stores, Inc. 100 3,163
Fastenal Co. 600 21,975
General Host Corp. 4,700 27,613
Hannaford Brothers, Co. 1,400 37,625
Harcourt General, Inc. 200 8,375
Highwood Properties, Inc. 7,300 192,538
Hudson's Bay Co. 200 3,860
JUSCO Co. 2,000 48,049
Koninklijke Ahold N.V. 200 7,546
Merkur Holding AG 30 6,945
National Presto Industries, Inc. 600 26,925
Neiman Marcus Group, Inc. 2,000 36,000
Robinson & Co. Ltd. 4,000 16,890
Sears, Roebuck & Co. 300 11,063
Tesco Plc 3,000 14,862
Waban, Inc. 100 1,888
Walden Residential Properties, Inc. 10,900 205,738
Weis Markets, Inc. 1,000 27,750
Zale Corp. 1,500 20,625
----------
821,951
----------
Specialty Consumer Durables (0.4%)
Bio-Rad Labs, Inc. Class A+ 400 16,100
Polaris Industries, Inc. 1,100 48,538
----------
64,638
----------
Telecommunications (0.4%)
Ameritech Corp. 700 36,488
Computer Associates International, Inc. 150 6,338
GN Store Nord AS 200 15,029
Telefonaktiebolaget 500 12,343
----------
70,198
----------
Transportation (1.8%)
AMR Corp.+ 400 28,850
Bergesen d.y. AS Class B 900 20,141
British Airways Plc 1,100 7,843
Det Norske Luftfartselskap AS 200 9,911
East Japan Railway Co.+ 6 29,802
Expeditors International of Washington,
Inc. 300 8,100
Florida East Coast Railway Co. 400 28,700
Flughafen Wien AG 200 12,685
GATX Corp. 600 31,050
Illinois Central 300 11,738
KLM Royal Dutch Airlines Co. 409 14,405
Kobenhavns Lufthavne AS 200 15,029
Kvaerner AS 800 34,016
Laidlaw Inc. Class B 800 6,904
M.S. Carriers, Inc. 400 $ 6,450
Peninsular & Orient Steam Navigation Co. 3,900 29,505
PHH Corp. 300 13,500
Singapore Airlines Ltd, 2,000 18,579
----------
327,208
----------
Utilities--Electric (3.5%)
Bangor Hydro-Electric Co. 1,400 17,150
California Energy Co. 1,300 26,650
Consolidated Edison Co. of New York, Inc. 1,000 30,375
DQE, Inc. 600 15,900
Elektrowatt AG 30 9,269
General Public Utilities Corp. 1,000 31,125
Hawaiian Electric Industries, Inc. 900 34,200
Illinova Corp. 1,100 29,838
Interstate Power Co. (Del.) 1,400 38,150
LG&E Corp. 200 8,025
New York State Electric & Gas Corp. 1,300 34,125
Nipsco Industries, Inc. 600 20,925
Oesterreichisch Elektriz 200 13,384
Oklahoma Gas & Electric Co. 700 26,338
Orange & Rockland Utilities, Inc. 1,100 39,188
Pacific Gas & Electric Co. 300 8,963
Peco Energy Co. 100 2,863
Pinnacle West Capital Corp. 2,000 52,500
Portland General Corp. 700 17,938
Reunies Electrobel & Tractebel 50 17,961
San Diego Gas & Electric Co. 500 11,563
SCEcorp 1,200 21,300
Sierra Pacific Resources 2,100 48,038
Siliconix, Inc.+ 300 8,700
Transalta Corp. 500 5,243
Unicom Corp. 600 18,150
United Illuminating Co. 200 7,025
Wisconsin Energy Corp. 1,300 36,725
----------
631,611
----------
Utilities--Natural Gas (0.3%)
Brooklyn Union Gas Co. (The) 1,300 32,013
Wicor, Inc. 800 24,200
Williams Cos. Inc. 100 3,900
----------
60,113
----------
Utilities--Oil & Gas (1.3%)
Atlanta Gas Light Co. 900 34,763
Energen Corp. 2,100 45,675
Getty Petroleum Corp. 200 2,700
Indiana Energy, Inc. 1,400 30,275
New Jersey Resources Corp. 900 23,288
Northwest Natural Gas Co. 300 9,244
Public Service Co. of Colorado 1,100 37,675
Schlumberger, Ltd. 200 13,050
Union Texas Petroleum Holdings, Inc. 900 16,425
Valero Energy Corp. 1,300 31,200
----------
244,295
----------
Utilities--Telephone (1.5%)
Bell Atlantic Corp. 200 12,275
BellSouth Corp. 400 29,250
21
<PAGE>
Aetna Crossroads Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
------- ------------
Utilities--Telephone (continued)
Cable & Wireless Plc 4,500 $ 29,699
DDI Corp.+ 2 16,584
Lincoln Telecommunications Co. 1,800 33,300
Nippon Telephone & Telegraph Corp. 3 25,940
Pacific Telecom, Inc. 800 23,950
SBC Communications, Inc. 900 49,500
Southern New England Telecom. Corp. 900 31,838
Sprint Corp. 700 24,500
----------
276,836
----------
Utilities--Water (0.2%)
American Water Works Co., Inc. 900 27,563
SJW Corp. 300 11,175
----------
38,738
----------
Total Common Stocks (cost $13,042,884) $13,666,265
==========
Preferred Stocks (0.6%)
Banks (0.1%)
BankAmerica Corp. 400 23,950
----------
23,950
----------
Chemicals (0.0%)
Dow Chemical Co. 100 7,450
----------
7,450
----------
Commercial Services (0.0%)
Welsh Water Plc 720 1,177
----------
1,177
----------
Electrical & Electronics (0.0%)
FPL Group, Inc.+ 200 8,175
----------
8,175
----------
Electrical Equipment (0.3%)
Nokia AB Class A 800 56,333
----------
56,333
----------
Pharmaceuticals (0.1%)
Merk AG 10 9,730
----------
9,730
----------
Total Preferred Stocks (cost $95,250) $ 106,815
----------
Total Common and Preferred Stocks
(cost $13,138,134) $13,773,080
----------
U.S. GOVERMENT OBLIGATIONS (4.1%)
Principal Market
Amount Value
------- ------------
U.S. Treasury Bond, 7.25%, 5/15/04 $700,000 $ 747,688
----------
747,688
----------
Total U.S. Government Obligations
(cost $732,796) $ 747,688
----------
CORPORATE OBLIGATIONS (0.2%)
Mitsubishi Bank, 3.0%, 11/30/02 30,000 31,388
----------
31,388
----------
Total Corporate Obligations (cost
$30,000) $ 31,388
----------
SHORT TERM INVESTMENTS (19.4%)
Allied-Signal Inc., Comm. Paper, 6.10%,
10/06/95 $500,000 $ 499,661
Cooper Industries, Inc., Comm. Paper,
6.55%, 10/02/95 657,000 657,000
Dakota Certificates Program, Comm. Paper,
5.770%, 10/04/95 500,000 499,840
GTE Florida, Inc., Comm. Paper, 5.75%,
10/03/95 547,000 546,913
Honeywell, Inc., Comm. Paper, 5.80%,
10/05/95 500,000 499,758
Textron Financial Co., Comm. Paper,
6.10%, 10/02/95 500,000 500,000
U.S. Treasury Note, 9.25%, 1/15/96 325,000 328,299
----------
3,531,471
----------
Total Short Term Investments
(cost $3,531,346) $ 3,531,471
----------
TOTAL INVESTMENTS (cost $17,432,276) $18,083,627
==========
+ Non-income producing security
(a) The cost of investments for income tax purposes is identical.
Unrealized gains and losses, based on identified tax cost at September 30,
1995 are as follows:
Unrealized gains $ 861,625
Unrealized losses (283,270)
--------
Net unrealized
gain $ 578,355
========
Category percentages are based on net assets.
Information concerning open futures contracts is shown below:
No. of Face Expiration Unrealized
Contracts Value Date Gain/(Loss)
-------- ------- -------- ----------
All Ordinaries Share Price
Index 4 $162,208 12/29/95 $ (906)
Canada Government Bonds Future 3 232,575 12/19/95 3,229
TSE 35 Index Future 1 90,848 12/14/95 (1,819)
German DAX Index Future 2 310,644 12/14/95 (10,400)
Long-Term German Bonds Future 2 323,208 12/06/95 2,389
CAC 40 Stock Index Future 2 150,624 12/29/95 (9,775)
French Nationals Future 2 228,827 12/18/95 (2,892)
Long Gilt Bonds Future 2 164,225 12/27/95 (692)
FTSE 100 Index Future 1 139,161 12/15/95 (2,057)
Italian Government Bonds Future 2 250,969 12/04/95 (1,241)
TOPIX Stock Index Future 2 290,071 12/07/95 (6,690)
10 Year Swiss Bonds Future 1 90,461 12/18/95 705
Hang Seng Index Future 1 123,902 10/30/95 1,015
--------
$(29,134)
========
22
<PAGE>
Aetna Generation Portfolios, Inc.
Aetna Legacy Variable Portfolio
Portfolio of Investments--September 30, 1995 (Unaudited)
- --------------------------------------------------------------------------------
COMMON AND PREFERRED STOCKS (64.4%)
Common Stocks (63.9%)
Number of Market
Shares Value
--------- ------------
Aerospace & Defense (0.2%)
McDonnell Douglas Corp. 300 $ 24,825
Smiths Industries Plc 1,100 10,133
----------
34,958
----------
Apparel & Cosmetics (0.3%)
Alberto-Culver Co. Class B 100 3,050
Chic By H I S Inc.+ 2,100 16,800
Coats Viyella Plc 2,600 8,251
Nike, Inc. 100 11,113
Oshkosh B'Gosh, Inc. 200 3,250
Russell Corp. 100 2,550
----------
45,014
----------
Autos & Auto Equipment (0.6%)
Borg Warner Automotive, Inc. 700 22,400
Kaydon Corp. 600 17,700
Mitsubishi Motors Corp. 2,000 16,888
Smith (A.O.) Corp. 800 20,700
Snap-On, Inc. 200 7,600
Varity Corp.+ 100 4,450
Volvo AB Class B 500 12,271
----------
102,009
----------
Banks (2.8%)
Bank of Montreal 200 4,380
Bank of New York Co., Inc. 300 13,950
Banque Bruxelles Lambert SA 100 16,969
Chemical Banking Corp. 200 12,175
Citicorp 300 21,225
City National Corp. 600 7,950
Commerce Asset Holding Bhd 5,000 26,290
Creditanstalt-Bankverein 100 5,014
Cullen/Frost Bankers, Inc. 800 36,950
Development Bank of Singapore Ltd. 1,000 11,400
F & M Bancorp 100 2,625
First American Corp. (Tenn.) 600 25,838
First Chicago Corp. 500 34,313
First Citizens Bancshares Class A 100 5,288
First Interstate Bancorp 200 20,150
First Tennessee National Corp. 600 33,225
Firstbank of Illinois Co. 400 11,350
JSB Financial, Inc. 800 25,000
Michigan National Corp. 100 10,875
National City Bancshares, Inc. 200 8,275
NationsBank, Corp. 500 33,625
Oversea-Chinese Banking 1,000 11,330
Queens County Bancorp, Inc. 300 11,963
River Forest Bancorp, Inc. 800 18,900
Royal Bank of Canada 200 4,380
Schweizerische Bankverein 20 7,694
Star Banc Corp. 400 21,400
Svenska Handelsbanke 600 10,394
Union Planters Corp. 1,300 38,675
United Carolina Bancshares, Inc. 300 10,350
----------
501,953
----------
Building Materials & Construction (1.6%)
American Buildings Co.+ 700 $ 16,538
Champion Enterprises, Inc.+ 1,800 35,775
Continental Homes Holding Corp. 200 4,200
Fujita Corp. 4,000 19,584
Granite Construction, Inc. 1,200 32,400
International Aluminum Corp. 200 6,350
Kasler Holding Co. 500 3,063
Lindab AB Class B 500 11,046
Metra Oy Class B 200 9,295
Nippon Densetsu Kogyo 2,000 19,544
Puerto Rican Cement Co., Inc. 600 20,775
Redman Industries, Inc.+ 900 23,400
Sanki Engineering 2,000 21,693
Texas Industries, Inc. 400 21,100
Toll Brothers, Inc.+ 300 5,663
Tredegar Industries, Inc. 800 24,700
----------
275,126
----------
Chemicals (1.8%)
ARCO Chemical Co. 500 24,375
Cabot Corp. 300 15,938
Du Pont (E.I.) De Nemours 600 41,250
Dyno Industrier AS 800 18,031
Geon Company (The) 1,400 35,700
Great Lakes Chemical Corp. 200 13,525
Lyondell Petrochemical Co. 1,300 33,638
Norsk Hydro AS 600 25,848
PPG Industries, Inc. 200 9,300
Sekisui Chemical Co. 2,000 25,545
Sterling Chemicals, Inc. 1,700 14,025
Synalloy Corp. 800 18,200
Vigoro Corp. 600 25,350
Wellman, Inc. 800 19,600
----------
320,325
----------
Commercial Services (0.2%)
CPI Corp. 1,000 22,125
Inchcape Plc 1,600 8,154
Welsh Water Plc+ 500 6,149
----------
36,428
----------
Computer Software (0.8%)
Boole & Babbage Inc.+ 100 2,988
Cadence Design Systems, Inc.+ 1,300 51,025
Dell Computer Corp.+ 400 33,975
Hogan Systems, Inc.+ 3,400 33,788
Network Peripherals, Inc. 1,600 25,200
----------
146,976
----------
Computers & Office Equipment (1.2%)
Acma Ltd. 1,000 3,695
CANON, Inc. 1,000 17,942
Comdisco, Inc. 700 20,825
Compaq Computer Corp.+ 200 9,675
Fujitsu, Ltd. 2,000 25,342
International Business Machines, Corp. 400 37,750
Microsoft Corp.+ 100 9,056
Moore Corp., Ltd. 1,300 26,163
23
<PAGE>
Aetna Legacy Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------------
Computers & Office Equipment (continued)
Read-Rite Corp.+ 700 $ 25,638
Sun Microsystems, Inc.+ 100 6,306
United Stationers, Inc. 1,000 28,250
----------
210,642
----------
Consumer Products (0.2%)
NCH Corp. 500 28,625
Reckitt & Coleman Plc 800 8,319
----------
36,944
----------
Diversified (2.1%)
Alusuisse-Lonza Holding 10 7,494
Brady (WH) Co. 300 21,750
Elkjop Norge AS 600 17,264
Harrisons & Crosfield Plc 3,500 8,448
Harsco Corp. 500 27,813
Industrials Oxygen Inc., Ltd. 8,000 9,241
Katy Industries 4,200 39,900
Lonrho Plc 3,000 7,906
Oasis Residential Inc. 7,200 162,000
SPS Technologies, Inc.+ 800 31,200
Textron Inc. 200 13,650
Trinova Corp. 200 6,750
VF Corp. 100 5,100
Westmont Bhd 2,000 8,126
----------
366,642
----------
Electrical Equipment (1.4%)
ADFlex Solutions, Inc.+ 1,100 24,888
Arrow Electronics, Inc.+ 700 38,063
Avnet, Inc. 600 30,975
Hitachi Ltd. (Hit. Seisakusho) 4,000 43,791
Nichicon 1,000 13,583
Park Electrochemical Corp. 1,000 32,375
Sundstrand Corp. 500 32,375
Texas Instruments, Inc. 400 31,950
----------
248,000
----------
Electrical & Electronics (2.3%)
Applied Materials, Inc.+ 100 10,250
Austria Mikro Systeme International+ 50 8,740
Cohu, Inc. 100 3,075
CTS Corp. 800 24,800
Dynatech Corp.+ 1,600 24,800
Esterline Technologies+ 1,600 43,800
Hewlett Packard Co. 300 25,013
Hitachi Koki 2,000 17,496
Intel Corp. 100 6,019
Logicon, Inc 1,400 37,800
Matsushita Electric Industrial Co. Ltd. 2,000 30,816
Mentor Graphics Corp.+ 400 8,300
Micron Technology Inc. 100 7,950
Nintendo Co. Ltd.+ 1,000 73,492
Novellus Systems, Inc.+ 100 6,988
Phillips Electronics NV 200 9,794
Seagate Technology, Inc.+ 900 37,913
Unitrode Corp. 500 14,563
Varian Associates, Inc. 200 10,600
----------
402,209
----------
Financial Services (3.5%)
Abbey National Plc 1,000 $ 8,578
Alex Brown & Sons, Inc. 600 35,025
Algem Maatsch Voor Nijverhei 50 13,514
Astoria Financial Corp. 1,300 55,331
Barclays Plc 2,000 23,709
BayBanks, Inc. 400 30,300
Bear Stearns Co., Inc. 1,300 27,950
BHC Financial, Inc. 2,200 35,063
Citizens Bancorp 1,100 36,300
CNA Financial Corp.+ 600 63,600
Crestar Financial Corp. 200 11,175
Dean Witter Discover and Co. 100 5,625
Den Danske Bank 300 19,122
Greenpoint Financial Corp. 200 5,525
Household International, Inc. 100 6,200
HSBC Holdings Plc 1,600 22,259
Kagoshima Bank 2,000 15,530
Lion Land Bhd 9,000 10,827
Merrill Lynch & Co., Inc. 500 31,250
Morgan Keegan, Inc. 1,100 13,200
Park National Corp. 100 4,575
Promise Co. Ltd. 1,000 42,575
Suffolk Bancorp 300 10,725
Sumitomo Bank of California 100 2,300
Travelers, Inc. 500 26,563
Union Bank 700 37,363
Unitas Bank Ltd. Class A 2,400 7,323
White River Corp. 300 11,213
----------
612,720
----------
Foods & Beverages (2.4%)
American Maize-Products Co. 600 23,400
Archer-Daniels-Midland Co. 105 1,614
Bols Wessanen CV Class A 400 7,810
Cadbury Schweppes Plc 2,400 18,195
Campbell Soup Co. 500 25,125
Cerebos Pacific Ltd. 3,000 17,945
Coca-Cola Co. 300 20,700
ConAgra, Inc. 500 19,813
CPC International Inc. 700 46,200
Danisco AS 300 13,146
Hillsdown Holding Plc 2,400 6,723
Hormel Foods Corp. 700 18,463
Huhtamaki Group Class I 500 17,252
IBP, Inc. 700 37,363
International Multifoods Corp. 900 19,350
Katokichi 1,000 19,159
Kikkoman 3,000 21,622
Kroger Co. (The)+ 100 3,413
Nestle SA Registered 10 10,296
PepsiCo, Inc. 600 30,600
Pilgrims Pride Corp. 300 2,363
Safeway, Inc. 600 25,050
Sara Lee Corp. 200 5,950
Supervalu, Inc. 600 17,625
----------
429,177
----------
24
<PAGE>
Aetna Legacy Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------------
Health Services (0.8%)
Baxter International, Inc. 400 $ 16,450
Columbia/HCA Healthcare Corp. 200 9,725
Diagnostic Products Corp. 500 19,250
Invacare Corp. 500 23,875
Mine Safety Appliances Co. 400 20,650
Nellcor, Inc.+ 500 24,688
Quorum Health Group, Inc.+ 100 2,250
Thera Tx, Inc.+ 2,200 28,600
----------
145,488
----------
Health Technology (0.5%)
Barr Labs Inc.+ 1,300 31,038
Guidant Corp. 400 11,700
Rhone-Poulenc Rorer, Inc. 700 31,850
Watson Pharmaceuticals+ 300 12,338
----------
86,926
----------
Home Furnishings (0.3%)
Electrolux AB 300 14,357
Lancaster Colony Corp. 400 13,700
Leggett & Platt, Inc. 1,000 24,625
----------
52,682
----------
Hotels & Restaurants (0.1%)
Compass Group Plc 1,500 10,042
Hotel Properties Ltd. 2,000 2,970
Marriott International Inc. 300 11,213
----------
24,225
----------
Household Products (0.2%)
Oneida Ltd 200 3,250
Premark International, Inc. 200 10,175
Procter & Gamble Co. 200 15,400
Springs Industries, Inc. Class A 100 3,925
----------
32,750
----------
Insurance (3.0%)
Aegon N.V. 200 7,270
Aflac, Inc. 900 37,350
Allstate Corp. 278 9,834
American Bankers Insurance Group 1,200 44,550
American National Insurance, Co. 400 23,400
Baloise Holding, Ltd. 5 11,053
Capital American Financial Corp. 100 2,225
Chubb Corp. 100 9,600
CMAC Investment Corp. 300 15,788
Commerce Group, Inc. 300 5,869
Fremont General Corp. 400 11,050
Fund American Enterprises, Inc.+ 300 21,900
Guardian Royal Exchange Plc 1,900 6,556
Healthwise of America, Inc. 900 25,425
Home Beneficial Corp. Class B 300 7,013
Horace Mann Educators Corp. 800 22,000
Kansas City Life Insurance Co. 300 15,525
Loews Corp. 200 29,100
Maxicare Health Plans, Inc. 2,400 44,550
Orion Capital Corp. 300 13,313
Reinsurance Group of America 1,200 42,300
RightCHOICE Managed Care+ 2,000 29,750
Royal Insurance Holdings Plc 1,400 $ 7,822
State Auto Financial Corp. 700 15,706
Transatlantic Holdings, Inc. 600 40,350
Uni Storebrand AS+ 3,300 16,142
Winterthur Schweizerische Versicherungs-
Gesellschaft 10 6,632
Zurich Versicherungs-Gesellschaft 40 11,279
----------
533,352
----------
Machinery & Equipment (1.7%)
Acme-Cleveland Corp. 1,200 32,100
Barnes Group, Inc. 600 24,375
Blount, Inc. Class A 700 33,338
Case Corp. 200 7,350
Caterpillar, Inc. 100 5,688
Central Sprinkler Corp. 1,300 39,650
Fluor Corp. 100 5,600
FSI International, Inc.+ 600 19,875
Georg Fischer AG 5 6,832
Jenbacher Werke AG 100 17,030
Koyo Seiko Co., Ltd. 1,000 8,434
L.S. Starret Co. Class A 500 11,313
Lam Research Corp.+ 400 23,850
Timken Co. 400 17,050
Tsubakimoto Chain 4,000 20,314
Tsukishima Kikai 1,000 19,057
----------
291,856
----------
Media & Entertainment (0.9%)
Belo Corp. Class A 700 24,063
Chris-Craft Industries Inc. 400 17,400
GC Companies, Inc. 600 19,275
Granada Group Plc 800 8,040
GTECH Holdings Corp.+ 400 12,050
King World Productions, Inc.+ 800 29,300
Media General, Inc. 800 28,600
Mirage Resorts, Inc.+ 500 16,438
Walt Disney Co. 100 5,738
----------
160,904
----------
Metals & Mining (1.9%)
Alcan Aluminum Ltd. 600 19,409
AlleghenyLudlum, Corp. 400 8,150
Alumax, Inc.+ 200 6,750
Aluminum Co. of America 200 10,575
British Steel Plc 3,600 10,341
Carpenter Technology Corp. 400 15,650
Cleveland-Cliffs, Inc. 500 20,563
Cyprus Amax Minerals Co. 500 14,063
Dofasco, Inc. 500 6,032
Falconbridge Ltd. 300 6,515
J & L Specialty Steel, Inc. 1,400 29,400
Kennametal Inc. 800 29,000
Kon. Ned. Hoogovens En 200 8,011
Lukens, Inc. 200 5,825
Magma Copper Co. 1,300 24,375
Mueller Indusries Inc.+ 200 10,375
Rautaruukki Oy 1,000 6,619
Reliance Steel & Aluminum Co. 1,700 31,238
25
<PAGE>
Aetna Legacy Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------------
Metals & Mining (continued)
Schnitzer Steel Industries, Inc. 1,200 $ 33,750
Svenskt Stal AB 1,000 10,683
Varlen Corp. 1,200 32,550
----------
339,874
----------
Oil & Gas (1.9%)
Atlantic Richfield Co. 200 21,475
Burmah Castrol Plc 600 9,278
Conwest Exploration Co., Ltd. 200 3,823
Diamond Shamrock, Inc. 400 9,850
Exxon Corp. 600 43,350
Fina, Inc. Class A 400 19,350
Leviathan Gas Pipeline Partners L.P. 1,100 28,738
Lufkin Industries, Inc. 400 9,250
Mobil Corp. 300 29,888
Nabors Inustries, Inc. 1,200 11,325
OEMV AG 100 9,339
Oneok, Inc. 600 13,950
Petro-Canada 400 4,306
Royal Dutch Petroleum Co. 400 49,167
RPC, Inc. 600 4,725
Saga Petroleum AS 600 7,769
Santa Fe Pacific Pipeline Partners L.P. 600 21,900
Smith International, Inc.+ 900 15,638
Tidewater, Inc. 400 11,250
Transcanada Pipelines Ltd.+ 300 3,953
Varco International, Inc. 1,100 11,138
----------
339,462
----------
Paper & Containers (2.0%)
Abitibi-Price, Inc. 300 5,206
Asia Pulp & Paper Co., Ltd.+ 2,000 24,250
Bobst SA 5 7,746
Chesapeake Corp. 2,900 104,763
Georgia-Pacific Corp. 100 8,750
Glatfelter (P.H.) Co. 900 20,250
Greif Brothers Corp. Class A 200 4,975
Koninklijke KNP BHT 300 8,946
Leykam-Muerztaler Papier+ 150 6,742
Mayr-Melnhof Karton AG 100 6,382
Mead Corp. 500 29,313
Rayoner Inc. 900 35,213
Repola Oy 300 6,760
Stora Kopparbergs 800 10,914
Temple-Inland, Inc. 200 10,650
Willamette Industries, Inc. 800 53,600
----------
344,460
----------
Pharmaceuticals (1.2%)
Becton, Dickinson & Co. 300 18,863
Bristol-Myers Squibb Co. 300 21,863
Johnson & Johnson 400 29,650
Merck & Co., Inc. 500 28,000
Novo-Nordisk AS 100 12,168
Pfizer, Inc. 200 10,675
Schering Plough 400 20,600
Smithkline Beecham Plc 100 5,063
Conmed Corp. 1,200 39,000
Yamanouchi Pharmaceuticals 1,000 $ 21,693
----------
207,575
----------
Pollution Control (0.1%)
Browning-Ferris Industries, Inc. 400 12,150
WMX Technologies, Inc. 300 8,550
----------
20,700
----------
Printing & Publishing (0.8%)
Banta Corp. 600 25,350
Central Newspapers, Inc. Class A 800 24,400
Gannett Company, Inc. 400 21,850
Plenum Publishing Corp. 200 7,150
Pulitzer Publishing Co. 900 46,575
Tribune Co. 100 6,638
Wiley (John) & Sons, Inc. Class A 100 5,875
----------
137,838
----------
Real Estate Investment Trusts (15.5%)
Apartment Investment & Management Co. 700 14,700
Associated Estates Realty Corp. 3,100 63,550
Beacon Properties Corp. 7,400 158,175
CBL & Associates Properties, Inc. 7,000 145,250
Chelsea GCA Realty, Inc. 1,700 50,788
Colonial Properties Trust 7,100 176,613
Cousins Properties, Inc. 4,300 78,475
Crescent Real Estate Equities, Inc. 5,200 159,900
Developers Diversified Realty Corp. 2,100 63,263
Duke Realty Investments, Inc. 5,800 180,525
Equity Residential Properties Trust 4,800 144,600
Essex Property Trust, Inc. 5,600 98,700
Evans Withycombe Residential, Inc. 7,800 157,950
Excel Realty Trust, Inc. 8,200 161,950
First Industrial Realty Trust, Inc. 800 16,000
HGI Realty, Inc. 600 14,400
Kimco Realty Corp. 3,000 119,625
Kranzco Realty Trust 3,600 60,750
Post Properties, Inc. 4,000 124,000
Prime Residential, Inc. 8,300 129,169
Regency Realty Corp. 6,700 118,088
Sekisui House 1,000 12,468
Smith (Charles E.) Residential Realty Co. 5,200 120,250
Spieker Properties, Inc. 7,300 175,200
Storage Equities Inc. 9,000 167,625
Weingarten Realty Investors 400 14,150
----------
2,726,113
----------
Retail (3.7%)
Argyll Group Plc 1,400 7,445
Blair Corp. 100 3,400
Burton Group Plc 7,000 12,131
Cali Realty Corp. 3,300 66,825
Circuit City Stores, Inc. 100 3,163
Fastenal Co. 500 18,313
General Host Corp. 3,900 22,913
Hannaford Brothers, Co. 1,200 32,250
Harcourt General, Inc. 200 8,375
Highwood Properties, Inc. 6,100 160,888
Hudson's Bay Co. 200 3,860
26
<PAGE>
Aetna Legacy Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------------
Retail (continued)
JUSCO Co. 1,000 $ 24,024
Koninklijke Ahold N.V. 500 18,865
Merkur Holding AG 25 5,788
National Presto Industries, Inc. 200 8,975
Neiman Marcus Group, Inc. 1,600 28,800
Robinson & Co. Ltd. 1,000 4,222
Sears, Roebuck & Co. 300 11,063
Tesco Plc 2,200 10,899
Waban, Inc. 100 1,888
Walden Residential Properties, Inc. 9,700 183,088
Zale Corp. 1,300 17,875
----------
655,050
----------
Specialty Consumer Durables (0.3%)
Bio-Rad Labs, Inc. Class A+ 400 16,100
Polaris Industries, Inc. 1,000 44,125
----------
60,225
----------
Telecommunications (0.3%)
Ameritech Corp. 600 31,275
Computer Associates International, Inc. 150 6,338
Telefonaktiebolaget 500 12,343
----------
49,956
----------
Transportation (1.5%)
AMR Corp.+ 500 36,063
Bergesen d.y. AS Class B 500 11,189
British Airways Plc 900 6,417
Det Danske Luftfartselskap AS 400 27,476
East Japan Railway Co.+ 5 24,835
Expeditors International of Washington,
Inc. 300 8,100
Florida East Coast Railway Co. 300 21,525
Flughafen Wien AG 200 12,685
GATX Corp. 500 25,875
Illinois Central 300 11,738
KLM Royal Dutch Airlines Co. 409 14,405
Kobenhavns Lufthavne AS 200 15,029
Kvaerner AS 100 4,252
M.S. Carriers, Inc. 300 4,838
Peninsular & Orient Steam Navigation Co. 1,000 7,565
PHH Corp. 200 9,000
Singapore Airlines Ltd, 2,000 18,579
----------
259,571
----------
Utilities--Electric (3.2%)
Bangor Hydro-Electric Co. 1,200 14,700
California Energy Co. 1,000 20,500
Centerior Energy Corp. 200 2,175
Consolidated Edison Co. of New York, Inc. 1,500 45,563
DQE, Inc. 500 13,250
General Public Utilities Corp. 700 21,788
Hawaiian Electric Industries, Inc. 700 26,600
Hokkaido Electric Power Co. 1,000 24,126
Illinova Corp. 900 24,413
Interstate Power Co. (Del.) 1,200 32,700
LG&E Corp. 200 8,025
New York State Electric & Gas Corp. 400 10,500
Nipsco Industries, Inc. 500 17,438
Oesterreichisch Elektriz 150 $ 10,038
Oklahoma Gas & Electric Co. 600 22,575
Orange & Rockland Utilities, Inc. 900 32,063
Pacific Gas & Electric Co. 400 11,950
Peco Energy Co. 100 2,863
Pinnacle West Capital Corp. 1,700 44,625
Portland General Corp. 1,000 25,625
Reunies Electrobel & Tractebel 50 17,961
San Diego Gas & Electric Co. 400 9,250
SCEcorp 1,000 17,750
Sierra Pacific Resources 1,700 38,888
Siliconix, Inc 300 8,700
Unicom Corp. 600 18,150
United Illuminating Co. 200 7,025
Wisconsin Energy Corp. 1,100 31,075
----------
560,316
----------
Utilities--Natural Gas (0.3%)
Brooklyn Union Gas Co. (The) 1,000 24,625
Wicor, Inc. 600 18,150
Williams Cos. Inc. 100 3,900
----------
46,675
----------
Utilities--Oil & Gas (1.0%)
Atlanta Gas Light Co. 900 34,763
Energen Corp. 1,700 36,975
Getty Petroleum Corp. 200 2,700
Indiana Energy, Inc. 1,000 21,625
New Jersey Resources Corp. 800 20,700
Northwest Natural Gas Co. 300 9,244
Schlumberger, Ltd. 200 13,050
Union Texas Petroleum Holdings, Inc. 800 14,600
Valero Energy Corp. 1,000 24,000
Westcoast Energy, Inc. 300 4,427
----------
182,084
----------
Utilities--Telephone (1.3%)
Bell Atlantic Corp. 100 6,138
BellSouth Corp. 300 21,938
Cable & Wireless Plc 3,300 21,780
DDI Corp.+ 2 16,584
Lincoln Telecommunications Co. 1,200 22,200
Nippon Telephone & Telegraph Corp. 4 34,587
SBC Communications, Inc. 1,000 55,000
Southern New England Telecom. Corp. 800 28,300
Sprint Corp. 600 21,000
----------
227,527
----------
Utilities--Water (0.1%)
SJW Corp. 300 11,175
----------
11,175
----------
Total Common Stocks (cost $10,740,147) $11,265,907
----------
Preferred Stocks (0.5%)
Banks (0.1%)
BankAmerica Corp. 300 17,963
----------
17,963
27
<PAGE>
Aetna Legacy Variable Portfolio
Portfolio of Investments (continued)
- --------------------------------------------------------------------------------
Number of Market
Shares Value
--------- ------------
Chemicals (0.0%)
Dow Chemical Co. 100 $ 7,450
----------
7,450
----------
Commercial Services (0.0%)
Welsh Water Plc. 540 882
----------
882
----------
Electrical & Electronics (0.0%)
FPL Group, Inc.+ 200 8,175
----------
8,175
----------
Electrical Equipment (0.2%)
Nokia AB Class A 500 35,209
----------
35,209
----------
Pharmaceuticals (0.1%)
Merk AG 10 9,730
----------
9,730
----------
Total Preferred Stocks (cost $70,676) $ 79,409
----------
Total Common and Preferred Stocks (cost
$10,810,823) $11,345,316
----------
U.S. GOVERNMENT OBLIGATIONS (7.3%)
Principal Market
Amount Value
--------- -----------
U.S. Treasury Bond, 7.25%, 5/15/04 $1,200,000 $ 1,281,750
---------
1,281,750
---------
Total U.S. Government Obligations (cost
$1,256,222) $ 1,281,750
---------
CORPORATE OBLIGATIONS (0.1%)
Mitsubishi Bank, 3.0%, 11/30/02 20,000 20,925
---------
20,925
---------
Total Corporate Obligations (cost
$20,000) $ 20,925
---------
SHORT TERM INVESTMENTS (28.0%)
Allied-Signal Inc., Comm. Paper, 6.10%,
10/06/95 500,000 499,661
Bridgestone Firestone Corp., Comm. Paper,
5.84%,10/25/95 500,000 500,000
Cooper Industries, Inc., Comm. Paper,
6.55%, 10/02/95 348,000 348,000
Dakota Certificates Program, Comm. Paper,
5.770%, 10/04/95 500,000 499,840
Crown Cork & Seal Co., Comm. Paper, 6.0%,
10/12/95 500,000 499,167
Honeywell, Inc., Comm. Paper, 5.80%,
10/05/95 500,000 499,757
Textron Financial Co., Comm. Paper,
6.10%, 10/02/95 500,000 500,000
PHH Corp., Comm. Paper, 6.2%, 10/06/95 735,000 734,494
Xerox Credit Corp., Comm. Paper, 6.25%,
10/03/95 500,000 499,913
U.S. Treasury Note, 9.25%, 1/15/96 350,000 353,553
---------
4,934,385
---------
Total Short Term Investments (cost
$4,934,251) $ 4,934,385
---------
Total Investments (cost $17,021,296) $17,582,376
---------
+ Non-income producing security.
(a) The cost of investments for income tax purposes is identical.
Unrealized gains and losses, based on identified tax cost at September 30,
1995 are as follows:
Unrealized gains $ 722,836
Unrealized losses (205,729)
--------
Net unrealized
gain $ 517,107
========
Category percentages are based on net assets.
Information concerning open futures contracts is shown below:
No. of Face Expiration Unrealized
Contracts Value Date Gain/(Loss)
-------- ------ -------- ----------
All Ordinaries Share Price
Index Future 2 $ 81,104 12/29/95 $ (453)
Canada Government Bonds Future 3 232,575 12/19/95 3,229
TSE 35 Index Future 1 90,848 12/14/95 (1,819)
German DAX Index Future 1 155,322 12/14/95 (5,200)
Long-Term German Bonds Future 2 323,208 12/06/95 2,389
CAC 40 Stock Index Future 1 75,283 12/29/95 (4,888)
French Nationals Future 1 114,414 12/18/95 (1,446)
Long Gilt Bonds Future 2 164,177 12/27/95 (642)
FTSE 100 Index Future 1 139,161 12/15/95 (2,057)
Italian Government Bonds Future 2 250,969 12/04/95 (1,241)
TOPIX Stock Index Future 1 141,979 12/07/95 (2,129)
10 Year Swiss Bonds Future 1 90,461 12/18/95 705
Hang Seng Index Future 1 62,084 10/30/95 375
--------
$(13,177)
--------
28
<PAGE>
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements:
(1) Included in Part A:
Financial Highlights
(2) Included in Part B:
Audited financial statements as of June 15, 1995, which include the
following: Statements of Assets and Liabilities as of June 15, 1995
Notes to Statements of Assets and Liabilities as of June 15, 1995
Independent Auditors' Report
Unaudited financial statements as of September 30, 1995, which
include the following:
Statements of Assets and Liabilities as of September 30, 1995
Statements of Operations for the period from June 13, 1995 to
September 30, 1995
Statements of Changes in Net Assets for the period from June 13,
1995 to September 30, 1995
Notes to Financial Statements
Portfolios of Investments
(b) Exhibits:
(1) Articles of Incorporation1
(2) By-laws1
(3) Not applicable
(4) Not applicable
(5) Form of Investment Advisory Agreement between the Registrant
and Aetna Life Insurance and Annuity Company ("ALIAC")1
(6) Underwriting Agreement between the Registrant and ALIAC1
(7) Not applicable
(8) Custodian Agreement - Mellon Bank, N.A.1
(9)(a) Form of Administrative Services Agreement1
(9)(b) Form of License Agreement1
(10)(a) Opinion of Counsel 1
(10)(b) Consent of Counsel
(11) Consent of Independent Auditors
(12) Not applicable
(13) Form of Agreement Concerning Initial Capital1
(14) Not applicable
(16) Not applicable
(17) Financial Data Schedule (see Exhibit No. (27) below)
(18) Powers of Attorney1
(27) Financial Data Schedule
1 Incorporated herein by reference to Pre-Effective Amendment No. 1 to the
Registration Statement on Form N-1A, (File No. 33-88334) as filed
electronically with the Securities and Exchange Commission on June 19, 1995.
<PAGE>
Item 25. Persons Controlled by or Under Common Control
- ---------------------------------------------------------
Registrant is a Maryland corporation for which separate financial
statements are filed. As of September 30,1995, Aetna Life Insurance
and Annuity Company ("Company") owned 100% of the Registrant's
outstanding shares of beneficial interest. Aetna Life and Casualty
Company owned 100% of the Company's outstanding shares of common
stock on September 30, 1995.
A diagram of all persons directly or indirectly under common control
with the Registrant is incorporated herein by reference to the
Registration Statement on Form N-4, File No. 33-88720, as filed with
the Securities and Exchange Commission on January 20, 1995.
Item 26. Number of Holders of Securities
- -------------------------------------------
As of September 30, 1995 Number of Record Holders
------------------------ ------------------------
Ascent Variable Portfolio 3
Crossroads Variable Portfolio 3
Legacy Variable Portfolio 3
<PAGE>
Item 27. Indemnification
- ---------------------------
Article 9, Section (d) of the Registrant's Articles of
Incorporation, provide 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 Lloyds of London which expires
in October, 1996.
Finally, reference is made to Section 2-418 of the Corporations and
Associations Article of the Annotated Code of Maryland which
provides generally that (1) a corporation may (but is not required
to) indemnify its directors for judgments, fines and expenses in
proceedings in which the director is named a party solely by reason
of being a director, provided the director has not acted in bad
faith, dishonestly or unlawfully, and provided further that the
director has not received any "improper personal benefit"; and (2)
that a corporation must (unless otherwise provided in the
corporation's charter or articles of incorporation) indemnify a
director who is successful on the merits in defending a suit against
him by reason of being a director for "reasonable expenses." The
statutory provisions are not exclusive; i.e., a corporation may
provide greater indemnification rights than those provided by
statute.
<PAGE>
Item 28. Business and Other Connections of Investment Adviser
- ------------------------------------------------------------------------------
Name Positions and Offices Other Principal Position(s)
with Investment Adviser Held Since Oct. 31,
1992/Addresses*/**
- ------------------------------------------------------------------------------
Daniel P. Kearney Director, President Executive Vice President
and Chairman, (since December 1993) and
Executive Committee, Group Executive, Financial
Principal Executive Division (February 1993 -
Officer December 1993) of Aetna Life
and Casualty Company; Director of
Aetna Insurance Company of America
(since February 1993); Director
and Chairman of Aetna Realty
Investors, Inc. (since January 3,
1992); Director of MBIA, Inc.
(since 1992); Director of
Margaretten Financial Corporation,
Edison, New Jersey (1992-1994).
David E. Bushong Acting Chief Financial Vice President, Strategy &
Officer Policy, Investment Group (July
1991 - November 1992), Vice
President, Corporate Planning
Finance and Administration
(November 1992 - March 1994), Vice
President, Bond Investment,
Portfolio Management (March 1994
July 1994) of Aetna Life Insurance
Company, The Aetna Casualty and
Surety Company, The Standard Fire
Insurance Company, 151 Farmington
Avenue, Hartford, CT 06156.
<PAGE>
Christopher J. Burns Director (1991); Vice President (August 1988 -
Senior Vice President, March 1991) of Aetna Life
Life; Insurance Company; Director
Member of Executive (February 1992 - December
Committee 1993) and Senior Vice
President (December 1992- December
1993) of Aetna Insurance Company
of America; Director (1992 - April
1995) and Senior Vice President,
North American Operations (1993
April 1995) of Aetna
International, Inc.; Director and
member of Investment Committee
(1992 - March 1995) of Aetna Life
Insurance Company of Canada;
Director (1992 - May 1995) of
Seguros Monterrey Aetna, S.A.;
Director (1992 - May 1995) of
Fianzas Monterrey Aetna S.A.;
Series "B" Director (1992 May
1995) of Valores Monterrey Aetna
S.A. de C.V.
Laura R. Estes Director and Senior Director and Senior Vice
Vice President, ALIAC President of Aetna Insurance
Pension; Member of Company of America (since
Executive Committee February 1993); Director of
Aetna Investment Services, Inc.
(since 1993).
John Y. Kim Director and Senior Chief Investment Officer of
Vice President, ALIAC Aetna Life and Casualty
Investments Company (since May 1994);
Managing Director of Mitchell
Hutchins Institutional Investors,
New York, NY (September 1993 April
1994).
Shaun P. Mathews Director and Senior Director and Chief Operations
Vice President, Officer of Aetna Investment
Strategic Markets and Services, Inc. (since February
Products 1993); Director and Senior
Vice President of Aetna Insurance
Company of America (since February
1993); Vice President of Aetna
Life Insurance Company (since
1991).
<PAGE>
Scott A. Striegel Director and Senior Vice President of Aetna Life
Vice President Insurance Company (since
1992); Senior Vice President
(since 1992) and Director (since
June 1991), Aetna Insurance
Company of America.
James C. Hamilton Director, Vice Chief Financial Officer of
President and Treasurer Aetna Investment Services,
Inc. (since 1993); Director, Vice
President and Treasurer of Aetna
Insurance Company of America
(since February 1993); Director of
Aetna Private Capital, Inc. (since
November 1990); Vice President and
Actuary of Aetna Life Insurance
Company (since 1988).
<PAGE>
Gary G. Benanav Director Executive Vice President,
Property-Casualty Division (since
December 1993) and Group Executive
(April 1992-December 1993) of
Aetna Life and Casualty Company,
Aetna Life Insurance Company and
Aetna Casualty and Surety Company;
Chairman and Chief Executive
Officer (since September 1992) and
Director (since October 1991) of
Aetna Life Insurance Company of
America; Director and President
(1992 - 1994) of Aetna Insurance
Company of America; President
(since August 1994) and Director
(1992 - 1994) of Aetna Casualty
Company of Connecticut, Aetna
Commercial Insurance Company,
Aetna Excess and Surplus Lines
Company, Aetna Insurance Company,
Aetna Personal Security Insurance
Company, Farmington Casualty
Company, The Automobile Insurance
Company of Hartford, Connecticut;
Director of Aetna Series Fund,
Inc. (April 30, 1993 - March 16,
1994); Director of Barnes Group,
Inc. (currently).
Eugene M. Trovato Vice President, Vice President Controller,
Controller (February 1995 - Present),
(chief accounting Assistant Vice President
officer) Planning, Reporting, and
Analysis (October 1992 February
1995), Assistant Vice President of
Financial Reporting (July 1989
-October 1992), Director of
Financial Reporting in Corporate
Controllers (February 1989 July
1989) of Aetna Life Insurance and
Annuity Company.
<PAGE>
Zoe Baird Senior Vice President Senior Vice President and
and General Counsel General Counsel of Aetna Life
and Casualty Company (since April
1992); Director of Zurn
Industries, Inc., Erie,
Pennsylvania (since April 1993);
Director of Southern New England
Telecommunication Corp. and
Southern New England Telephone
Company, New Haven, CT (since
November 1990).
Susan E. Schechter Counsel and Corporate Counsel of Aetna Life and
Secretary Casualty Company (since
November 1993); Corporate
Secretary and Counsel of Aetna
Life Assignment Company (since
June 1994); Associate Attorney of
Steptoe & Johnson, Washington,
D.C. (September 1986 -October
1993).
Fred J. Franklin Vice President and Chief Operating Officer and
Chief Compliance General Counsel of Barclay
Officer Investments, Inc., Providence,
RI (January 1991 - November 1993).
* The principal business address of each person named is 151 Farmington
Avenue, Hartford, Connecticut 06156.
** Certain officers and directors of the investment adviser currently hold
(or have held during the past two years) other positions with affiliates
of the Registrant which are not deemed to be principal positions.
<PAGE>
Item 29. Principal Underwriters
- ----------------------------------
(a) In addition to serving as the principal underwriter for the
Registrant, Aetna Life Insurance and Annuity Company (ALIAC) also
acts as the principal underwriter for Aetna Variable Fund, Aetna
Income Shares, Aetna Variable Encore Fund, Aetna Investment
Advisers Fund, Inc., Aetna GET Fund, Aetna Series Fund, Inc.,
Variable Annuity Accounts B, C, and G, and Variable Life Account
B (separate accounts of ALIAC registered as unit investment
trusts), and Separate Account I (a separate account of Aetna
Insurance Company of America registered as a unit investment
trust). ALIAC is also the depositor of Variable Life Account B
and Variable Annuity Accounts B, C and G. Additionally, ALIAC
is the investment adviser for Aetna Variable Fund, Aetna Income
Shares, Aetna Variable Encore Fund, Aetna Investment Advisers
Fund, Inc., Aetna GET Fund, Aetna Series Fund, Inc. and Aetna
Generation Portfolios, Inc.
(b)
<TABLE>
<CAPTION>
Name and Principal Positions and Offices Positions and Offices
Business Address* with Principal Underwriter with Registrant
- -------------------- -------------------------- ----------------------
<S> <C> <C>
Daniel P. Kearney Director and President Director
Christopher J. Burns Director and Senior Vice
President, Life
Laura R. Estes Director and Senior Vice
President, ALIAC Pensions
John Y. Kim Director and Senior Vice Director and Vice President
President, ALIAC Investments
Shaun P. Mathews Director and Senior Vice Director and President
President, Strategic Markets
and Products
Scott A. Striegel Director and Senior Vice
President, Annuity
James C. Hamilton Director, Vice President and Vice President and Treasurer
Treasurer
Gary G. Benanav Director
David E. Bushong Acting Chief Financial
Officer
Eugene M. Trovato Vice President, Controller
Zoe Baird Senior Vice President and
General Counsel
Fred J. Franklin Vice President and Chief
Compliance Officer
Susan E. Schechter Corporate Secretary and
Counsel
</TABLE>
* The principal business address of all directors and officers listed is 151
Farmington Avenue, Hartford, Connecticut 06156.
(c) Not applicable.
Item 30. Location of Accounts and Records
- --------------------------------------------
As required by Section 31(a) of the 1940 Act and the Rules
promulgated thereunder, the Registrant and its investment adviser,
ALIAC, maintain physical possession of each account, book or other
documents, except shareholder records, at its principal offices at
151 Farmington Avenue, Hartford, Connecticut
06156.
Shareholder records are maintained by the transfer agent, Firstar
Trust Company, 615 East Michigan Street, Milwaukee, Wisconsin
53261.
Item 31. Management Services
- -------------------------------
Not applicable.
Item 32. Undertakings
- ------------------------
The Registrant undertakes that if requested by the holders of at
least 10% of a 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.
<PAGE>
AETNA SERIES FUND, INC.
EXHIBIT INDEX
Exhibit No. Exhibit Page
- ----------- ------- ----
99-b(1) Articles of Incorporation *
99-b(2) By-laws *
99-b(5) Form of Investment Advisory Agreement *
between Registrant and Aetna Life
Insurance and Annuity Company ("ALIAC")
99-b(6) Underwriting Agreement between the *
Registrant and ALIAC
99-b(8) Custodian Agreement - Mellon Bank, N.A. *
99-b(9)(a) Form of Administrative Services *
Agreement
99-b(9)(b) Form of License Agreement *
99-b(10)(a) Opinion of Counsel *
99-b(10)(b) Consent of Counsel __
99-b(13) Form of Agreement Concerning Initial *
Capital
99-b(11) Consent of Independent Auditors __
99-b(18) Powers of Attorney *
27 Financial Data Schedules __
* Incorporated by reference.
<PAGE>
SIGNATURES
Pursuant to the Securities Act of 1933 and the Investment Company Act of 1940,
Aetna Generation Portfolios, Inc. (Registrant) has duly caused this
Post-Effective Amendment No. 1 to the Registration Statement on Form N-1A to be
signed on its behalf by the undersigned, thereto duly authorized, in the City of
Hartford, and State of Connecticut, on the 15th day of December, 1995.
AETNA GENERATION PORTFOLIOS, INC.
(Registrant)
By Shaun P. Mathews *
Shaun P. Mathews
President
Pursuant to the requirements of the Securities Act of 1933, as amended, this
Post-Effective Amendment No. 1 to the Registration Statement on Form N-1A has
been signed below by the following persons on December 15, 1995 in the
capacities indicated.
Signature Title
Shaun P. Mathews* President and Director
- -------------------------
(Principal Executive Officer)
James C. Hamilton* Vice President and Treasurer
- -------------------------
(principal financial and accounting
officer)
Morton Ehrlich* Director
- -------------------------
Maria T. Fighetti* Director
- -------------------------
David L. Grove* Director
- -------------------------
Daniel P. Kearney* Director
- -------------------------
John Y. Kim* Director
- -------------------------
Sidney Koch* Director
- -------------------------
<PAGE>
Corine T. Norgaard* Director
- -------------------------
Richard G. Scheide* Director
- -------------------------
By:/s/ Susan E. Bryant
---------------------
* Susan E. Bryant
Attorney-in-Fact
(Aetna Letterhead) 151 Farmington Avenue Susan E. Bryant
Hartford, CT 06156 Counsel
Law & Regulatory
Affairs, RE4C
(203) 273-7834
Fax: (203) 273-8340
December 15, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir or Madam:
As Counsel of Aetna Generation Portfolios, Inc. (the "Company"), I hereby
consent to the use of my opinion dated June 19, 1995 (incorporated herein by
reference to Pre-Effective Amendment No. 1 to the Registration Statement of the
Company on Form N-1A filed on June 19, 1995) as an exhibit to this
Post-Effective Amendment No. 1 to the Registration Statement on Form N-1A (File
Nos. 811-8934 and 33-88334) and to my being named under the caption "Legal
Matters" in the prospectus contained therein.
Sincerely,
/s/Susan E. Bryant
Susan E. Bryant
Counsel
Aetna Generation Portfolios, Inc.
SEB/kc
Consent of Independent Auditors
The Board of Directors and Shareholder
Aetna Generation Portfolios, Inc.:
We consent to the use of our report dated June 15, 1995 included herein and to
the reference to our Firm under the heading "Independent Auditors" in the
Statement of Additional Information.
/s/ KPMG Peat Marwick LLP
Hartford, Connecticut
December 15, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> AETNA ASCENT
<NUMBER> 01
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUN-13-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 17,603,473
<INVESTMENTS-AT-VALUE> 18,358,820
<RECEIVABLES> 3,120,005
<ASSETS-OTHER> 56,996
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,535,821
<PAYABLE-FOR-SECURITIES> 328,138
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,741,341
<TOTAL-LIABILITIES> 3,069,479
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,431,050
<SHARES-COMMON-STOCK> 1,741,892
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 107,805
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 269,858
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 657,629
<NET-ASSETS> 18,466,342
<DIVIDEND-INCOME> 123,009
<INTEREST-INCOME> 46,194
<OTHER-INCOME> (1,776)
<EXPENSES-NET> 59,622
<NET-INVESTMENT-INCOME> 107,805
<REALIZED-GAINS-CURRENT> 269,858
<APPREC-INCREASE-CURRENT> 657,629
<NET-CHANGE-FROM-OPS> 1,035,292
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,023,133
<NUMBER-OF-SHARES-REDEEMED> 281,241
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,466,342
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,446
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 59,622
<AVERAGE-NET-ASSETS> 18,108,212
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.60
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> AETNA CROSSROADS
<NUMBER> 02
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUN-13-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 17,432,276
<INVESTMENTS-AT-VALUE> 18,083,627
<RECEIVABLES> 2,412,414
<ASSETS-OTHER> 5,493
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,501,534
<PAYABLE-FOR-SECURITIES> 198,503
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,065,510
<TOTAL-LIABILITIES> 2,264,013
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,322,461
<SHARES-COMMON-STOCK> 1,731,680
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 121,605
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 215,100
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 578,355
<NET-ASSETS> 18,237,521
<DIVIDEND-INCOME> 107,142
<INTEREST-INCOME> 75,721
<OTHER-INCOME> (1,340)
<EXPENSES-NET> 59,918
<NET-INVESTMENT-INCOME> 121,605
<REALIZED-GAINS-CURRENT> 215,100
<APPREC-INCREASE-CURRENT> 578,355
<NET-CHANGE-FROM-OPS> 915,060
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,922,540
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<NAME> AETNA LEGACY
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