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SIGNATURE J. SCOTT FOX
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000002664
<NAME> AETNA VARIABLE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 8,909,691,187
<INVESTMENTS-AT-VALUE> 10,020,330,794
<RECEIVABLES> 13,214,113
<ASSETS-OTHER> 10,256,953
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,043,801,860
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,311,503
<TOTAL-LIABILITIES> 14,311,503
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,571,165,134
<SHARES-COMMON-STOCK> 326,787,636
<SHARES-COMMON-PRIOR> 307,531,473
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<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-GAINS> (1,689,351,369)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,851,960
<NUMBER-OF-SHARES-REDEEMED> (44,428,115)
<SHARES-REINVESTED> 59,832,318
<NET-CHANGE-IN-ASSETS> 228,437,987
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 230,584,111
<OVERDISTRIB-NII-PRIOR> (942,800)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48,426,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 55,968,843
<AVERAGE-NET-ASSETS> 9,712,323,079
<PER-SHARE-NAV-BEGIN> 31.87
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 4.86
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> (6.01)
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</TABLE>
To the Board of Trustees/Directors
and Shareholders
Aetna Balanced VP, Inc.,
Aetna Bond VP,
Aetna Growth and Income VP
and Aetna Money Market VP:
In planning and performing our audits
of the financial statements of Aetna
Balanced VP, Inc., Aetna Bond VP, Aetna
Growth and Income VP and Aetna Money Market VP
(collectively the "Portfolios") for the year
ended December 31, 1999, we considered
their internal control, including control
activities for safeguarding securities,
in order to determine our auditing
procedures for the purpose of expressing
our opinion on the financial statements
and to comply with the requirements of
Form N-SAR, not to provide assurance on
internal control.
The management of the Portfolios is responsible
for establishing and maintaining internal
control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits
and related costs of controls. Generally,
controls that are relevant to an audit pertain
to the entity's objective of preparing
financial statements for external purposes
that are fairly presented in conformity with
generally accepted accounting principles.
Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal
control, errors or fraud may occur and not
be detected. Also, projection of any evaluation
of internal control to future periods is subject
to the risk that it may become inadequate
because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would
not necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the American Institute
of Certified Public Accountants. A material weakness
is a condition in which the design or operation of
one or more of the internal control components
does not reduce to a relatively low level the
risk that misstatements caused by error or fraud
in amounts that would be material in relation to
the financial statements being audited may occur
and not be detected within a timely period by employees
in the normal course of performing their
assigned functions. However, we noted no matters
involving internal control, including controls
over safeguarding securities, that we consider to be
material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information
and use of management, the Board of Trustees/Directors
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone
other than those specified parties.
Hartford, Connecticut
February 4, 2000
