40 See Notes to Financial Statements.
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders
Aetna Variable Portfolios, Inc.:
We have audited the accompanying statements of assets and liabilities of Aetna Growth VP, Aetna International
VP, Aetna Small Company VP and Aetna Value Opportunity VP, series of Aetna Variable Portfolios, Inc.
(collectively the Capital Appreciation Portfolios), including the portfolios of investments as of December 31,
1999, and the related statements of operations for the year then ended, the statements of changes in net assets for
each of the years in the two-year period then ended and financial highlights for each of the years or periods in the
four-year period then ended. These financial statements and financial highlights are the responsibility of the Capital
Appreciation Portfolios' management. Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as
of December 31, 1999, by correspondence with the custodians and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material
respects, the financial position of the Capital Appreciation Portfolios as of December 31, 1999, the results of
their operations for the year then ended, chan