NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
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 Company to offer separate portfolios, each of which has its own
investment objective, policies and restrictions.
The Fund currently offers eleven portfolios. This report covers four diversified portfolios: Aetna Growth VP,
Aetna International VP, Aetna Small Company VP and Aetna Value Opportunity VP (Portfolios).
The following is each Portfolio's investment objective:
AETNA GROWTH VP (Growth) seeks growth of capital through investment in a diversified portfolio of
common stocks and securities convertible into common stocks believed to offer growth potential.
AETNA INTERNATIONAL VP (International) seeks long-term capital growth primarily through investment in a
diversified portfolio of common stocks principally traded in countries outside of the U.S. International will not
target any given level of current income.
AETNA SMALL COMPANY VP (Small Company) seeks growth of capital primarily through investment in a
diversified portfolio of common stocks and securities convertible into common stocks of companies with smaller
AETNA VALUE OPPORTUNITY VP (Value Opportunity) seeks growth of capital primarily through
investment in a diversified portfolio of common stocks and securities convertible into common stock.
Shares of each Portfolio are currently owned by insurance companies as depositors of separate accounts which
are used to fund variable annuity contracts and variable life insurance policies. All shares are currently held by
separate accounts of Aetna Life Insurance and Annuity Company (ALIAC) and its subsidiary, Aetna Insurance
Company of America.
Effective May 1, 1998, Aeltus Investment Management, Inc. (Aeltus) became the Investment Adviser