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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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SIGNATURE SUSAN BRYANT
TITLE SECRETARY
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<NAME> AETNA VARIABLE PORTFOLIOS, INC.
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<NAME> AETNA VARIABLE INDEX PLUS PORTFOLIO
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</TABLE>
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<NAME> AETNA VARIABLE SMALL COMPANY PORTFOLIO
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<NAME> AETNA VARIABLE GROWTH PORTFOLIO
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<ACCUM-APPREC-OR-DEPREC> 77,657
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<NET-INVESTMENT-INCOME> 5,351
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<NAME> AETNA VARIABLE PORTFOLIOS, INC.
<SERIES>
<NUMBER> 01
<NAME> AETNA VARIABLE CAPITAL APPRECIATION PORTFOLIO
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<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<PER-SHARE-NII> 0.015
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<PER-SHARE-DISTRIBUTIONS> 0
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Aetna Variable Portfolios, Inc.
Aetna Variable Portfolios, Inc. (the "Fund") is an open-end,
management investment company, consisting of multiple
Portfolios. It currently has authorized four Portfolios,
AETNA VARIABLE GROWTH PORTFOLIO, AETNA
VARIABLE SMALL COMPANY PORTFOLIO, AETNA
VARIABLE INDEX PLUS PORTFOLIO and AETNA
VARIABLE CAPITAL APPRECIATION PORTFOLIO.
The Fund may authorize additional Portfolios in the future.
The Fund is intended to serve as one of the funding vehicles
for variable annuity and variable life insurance policies to
be offered through the separate accounts of insurance
companies. The insurance companies are shareholders of
the Fund.
General information about the securities issued by the
Fund is as follows:
The Fund was incorporated under the laws of Maryland on
June 4, 1996.
The Fund is authorized to issue one billion shares of capital
stock, par value $0.001 per share. All shares are nonassessable,
transferable and redeemable. There are no preemptive rights.
The Fund is not required and does not intend to hold annual
shareholder meetings. The Fund's Articles of Incorporation
provide for meetings of shareholders to elect Directors at such
times as may be determined by the Directors or as required by
the 1940 Act. If requested by the holders of at least 10% of the
Fund's outstanding shares, the Fund will hold a shareholder
meeting for the purpose of voting on the removal of one or more
Directors and will assist with communication concerning that
shareholder meeting.
Each share of the Fund is entitled to one vote for each full share
and fractional votes for fractional shares. Separate votes are
taken by Portfolio only if the matter affects or requires the vote
of only that Portfolio.
EX99.203
