<PAGE> PAGE 1
000 B000000 12/31/95
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001 A000000 AAL VARIABLE PRODUCT SERIES FUND, INC.
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007 C030200 N
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007 C030400 N
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE MARK J. MAHONEY
TITLE SECRETARY
SUPPLEMENTARY REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareholders
AAL Variable Product Series Fund, Inc.
In planning and performing our audit of the financial statements of AAL
Variable Product Series Fund, Inc. (composed of the Money Market Portfolio,
Bond Portfolio, Balanced Portfolio, Large Company Stock Portfolio and Small
Company Stock Portfolio) for the period from June 14, 1995 (commencement of
operations) to December 31, 1995 we considered the internal control structure,
including procedures 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 the internal control structure.
The management of AAL Variable Product Series Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission
/s/ Ernst & Young LLP
Milwaukee, Wisconsin
February 2, 1996
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> AAL VARIABLE PRODUCT SERIES FUND, INC.
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AAL VARIABLE PRODUCT SERIES FUND, INC.("FUND")
FORM N-SAR REPORT
SUB-ITEM 77C: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On June 14, 1995, prior to the offering of variable annuity
certificates, Aid Association for Lutherans ("AAL"), being the sole shareholder
of the Fund, approved, by consent in lieu of the Fund's first annual meeting of
shareholders, resolutions: electing as Directors of the Fund, F. Gregory
Campbell, Richard L. Gady, John O. Gilbert, Richard L. Gunderson, John H.
Pender, D. W. Russler, and Lawrence M. Woods; approving an investment advisory
agreement between the Fund and AAL; approving a participation agreement between
the Fund and AAL, on its own behalf and on behalf of AAL Variable Annuity
Account I; and, selecting Ernst & Young LLP as the independent auditors for the
Fund for the fiscal year ending December 31, 1995.
Each of the Directors listed above are the only Directors currently now
in office.
The voting with respect to the approval of each matter listed above was
unanimous, with AAL's sole affirmative vote cast in favor of each matter.
