NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
Aetna Variable Portfolios, Inc. (Fund) is registered under the Investment Company Act of 1940 (the Act) as an
open-end management investment company. It was incorporated under the laws of Maryland on June 4, 1996.
The Articles of Incorporation permit the Fund to offer separate portfolios, each of which has its own investment
objective, policies and restrictions.
The Fund currently offers multiple portfolios. This report covers four diversified portfolios: Aetna Index Plus
Bond VP, Aetna Index Plus Large Cap VP, Aetna Index Plus Mid Cap VP and Aetna Index Plus Small Cap VP
The following is each Portfolio's investment objective:
AETNA INDEX PLUS BOND VP (Index Plus Bond) seeks maximum total return, consistent with preservation
of capital, primarily through investment in a diversified portfolio of fixed-income securities, which will be chosen
to substantially replicate the characteristics of the Lehman Brothers Aggregate Bond Index, an unmanaged index
comprised of approximately 6,900 securities.
AETNA INDEX PLUS LARGE CAP VP (Index Plus Large Cap) seeks to outperform the total return
performance of the Standard and Poor's 500 Composite Index, while maintaining a market level of risk.
AETNA INDEX PLUS MID CAP VP (Index Plus Mid Cap) seeks to outperform the total return performance
of the Standard and Poor's MidCap 400 Index, while maintaining a market level of risk.
AETNA INDEX PLUS SMALL CAP VP (Index Plus Small Cap) seeks to outperform the total return
performance of the Standard and Poor's SmallCap 600 Index, while maintaining a market level of risk.
Shares of the Portfolios are offered to insurance company separate accounts that fund both annuity and life
insurance contracts and to certain tax-qualified retirement plans. At December 31, 1999, separate accounts of
Aetna Life Insurance and Annuity Company (ALIAC) and its affiliates held 100.0%, 98.2%, 100.0% and
100.0% of Index Plus Bond, Index Plus Large