NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED)
The Statements contained herein refer to Aetna Balanced VP, Inc. (Balanced), Aetna Variable Fund d/b/a Aetna Growth and Income
VP (Growth and Income) and Aetna Real Estate Securities VP (Real Estate), a portfolio of Aetna Variable Portfolios, Inc. (AVPI)
(individually, a Portfolio, and collectively, the Portfolios).
Balanced was incorporated under the laws of Maryland on December 14, 1988. Growth and Income was organized under the laws
of Massachusetts on January 25, 1984. AVPI was incorporated under the laws of Maryland on June 4, 1996. The Articles of
Incorporation of AVPI permit it to offer separate portfolios, each of which has its own investment objective, policies and
restrictions. AVPI currently offers multiple separate portfolios, including Real Estate. Balanced, Growth and Income, and AVPI are
each registered under the Investment Company Act of 1940 (the Act) as open-end management investment companies.
The following is each Portfolio's investment objective:
BALANCED seeks to maximize investment return, consistent with reasonable safety of principal, by investing in a diversified
portfolio of one or more of the following asset classes: stocks, bonds and cash equivalents, based on the judgement of the Fund's
investment adviser, Aeltus Investment Management, Inc. (Aeltus), of which of those sectors or mix thereof offers the best
GROWTH AND INCOME seeks to maximize total return through investments in a diversified portfolio of common stocks and
securities convertible into common stock. It is anticipated that capital appreciation and investment income will both be major
factors in achieving total return.
REAL ESTATE seeks maximum total return primarily through investment in a diversified portfolio of equity securities of real
estate companies, the majority of which are real estate investment trusts (REITs).
Shares of the Portfolios are offered to insurance company separate accounts that fund both annuity and life i