84 See Notes to Financial Statements.
INDEPENDENT AUDITORS' REPORT
The Board of Trustees/Directors and Shareholders of Aetna Balanced VP, Inc., Aetna Growth and Income VP,
and Aetna Variable Portfolios, Inc.:
We have audited the accompanying statements of assets and liabilities of Aetna Balanced VP, Inc., Aetna
Growth and Income VP and Aetna Real Estate Securities VP, series of Aetna Variable Portfolios, Inc.
(collectively the Growth and Income 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 in the five-year
period then ended for Aetna Balanced VP, Inc. and Aetna Growth and Income VP, and for the two-year period
then ended and the period from December 15, 1997 (commencement of operations) to December 31, 1997 for
Aetna Real Estate Securities VP. These financial statements and financial highlights are the responsibility of the
Growth and Income 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 custodian 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 o