<PAGE> 1
As filed with the Securities and Exchange Commission on May 28, 1996.
1933 Act Registration No. 33-82056
1940 Act Registration No. 811-8662
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / /
Pre-Effective Amendment No. / /
-----
Post-Effective Amendment No. 3 /X/
-----
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 4
-----
(Check appropriate box or boxes)
__________________
AAL VARIABLE PRODUCT SERIES FUND, INC.
(Exact name of registrant as specified in charter)
4321 NORTH BALLARD ROAD
APPLETON, WISCONSIN 54919-0001
(Address of Principal Executive Offices)(Zip Code)
Registrant's Telephone Number, including Area Code: (414) 734-5721
WOODROW E. ENO, ESQ.
Senior Vice President, Secretary and General Counsel of
AID ASSOCIATION FOR LUTHERANS
AAL VARIABLE PRODUCT SERIES FUND, INC.
4321 NORTH BALLARD ROAD
APPLETON, WISCONSIN 54919-0001
(Name and Address of Agent for Service)
Copy to:
CONRAD G. GOODKIND, ESQ.
Quarles & Brady
411 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
<PAGE> 2
Approximate Date of Proposed Public Offerings: Continuous
--------------
It is proposed that this filing will become effective:
<TABLE>
<S> <C>
immediately upon filing pursuant to paragraph (b):
-----
X on June 5, 1996 pursuant to paragraph (b)
-----
60 days after filing pursuant to paragraph (a)(1)
-----
on (date) pursuant to paragraph (a)(1)
-----
75 days after filing pursuant to paragraph (a)(2)
-----
on (date) pursuant to paragraph (a)(2) of Rule 485.
-----
</TABLE>
If appropriate, check the following box:
_____ this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
__________________
Registrant has registered an indefinite number or amount of its securities of
each of its five series under the Securities Act of 1933 pursuant to Rule 24f-2
under the Investment Company Act of 1940. Registrant filed a Rule 24f-2 Notice
on February 20, 1996.
<PAGE> 3
THE AAL VARIABLE PRODUCT SERIES FUND,
INC. CROSS REFERENCE SHEET
Pursuant to Rule 495 under the Securities Act of 1933 indicating the location
of the information called for by the Items of Parts A and B of Form N-1A.
<TABLE>
<CAPTION>
Item No. Caption Location
-------- ------- --------
<S> <C> <C>
Part A
1. Cover Page Cover Page
2. Synopsis Introduction
3. Condensed Financial Information Financial Highlights; Introduction
4. General Description of Registrant, Cover Page; Introduction; Investment
Depositor, and Portfolio Companies Objectives and Policies; Other
Investment and Risk Factors Regarding
the Portfolios
5. Management of the Fund Management of the Fund
5A. Management's Discussion of Fund Not Applicable
Performance
6. Capital Stock and Other Securities Description of Shares; Shareholder
Inquiries; Dividends, Distributions and Taxes
7. Purchase of Securities Being Offered Purchase and Redemption of Shares;
Net Asset Value
8. Redemption or Repurchase Purchase and Redemption of Shares;
Other Investment and Risk Factors
Regarding The Portfolios--Repurchase
Agreements and Borrowing
9. Pending Legal Proceedings Not applicable
Part B
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History Not Applicable
13. Investment Objectives and Policies Introduction; Investment Techniques;
Options and Futures; Investment
Restrictions
14. Management of the Fund Management of the Fund--Board of
Directors and Executive Officers
15. Control Persons and Principal Management of the Fund--Principal
Holders of Securities Holders of Securities
16. Investment Advisory and Other Services Management of the Fund--The
Investment Adviser; Management of the
Fund--Custodian, Transfer Agent and
Independent Auditors for the Fund
17. Brokerage Allocation and Other Portfolio Transactions
Practices
18. Capital Stock and Other Securities Not applicable
19. Purchase, Redemption and Pricing of Purchases and Redemptions; Pricing
Securities Being Offered Considerations
20. Tax Status Dividends and Distributions
21. Underwriters Not applicable
22. Calculation of Performance Data Calculation of Yield and Total
Return
23. Financial Statements Financial Statements
</TABLE>
Part C
Information required to be included in Part C is set forth under the
appropriate Item, so numbered in Part C to this Registration Statement.
-i-
<PAGE> 4
PART A - INFORMATION REQUIRED IN A PROSPECTUS
In response to Part A of Form N-1A, the Registrant hereby incorporates its
current Prospectus, dated May 1, 1996, which is included in Post- Effective
Amendment No. 2 to its Registration Statement on Form N-1A (Registration No.
33-82056), as filed with the Securities and Exchange Commission on April 29,
1996.
<PAGE> 5
PART B - INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION
In response to Part B of Form N-1A (Item 10 through Item 23), the Registrant
incorporates by reference its current Statement of Additional Information dated
May 1, 1996, which is included in Post-Effective Amendment No. 2 to its
Registration Statement on Form N-1A (Registration No. 33-82056), as filed with
the Securities and Exchange Commission on April 29, 1996, except that the
Statement of Additional Information is supplemented by replacing pages 1, FS-23
through FS-27, and FS-30 with the following correspondingly numbered pages:
<PAGE> 6
AAL VARIABLE PRODUCT SERIES FUND, INC.
4321 North Ballard Road
Appleton, Wisconsin 54919-0001
(414) 734-5721
STATEMENT OF ADDITIONAL INFORMATION
Dated May 1, 1996
(As Revised June 5, 1996)
This Statement of Additional Information ("SAI") is not a prospectus but
provides additional information which should be read in conjunction with the
Prospectus of the AAL Variable Product Series Fund, Inc., dated May 1, 1996.
Capitalized terms used in this SAI that are not otherwise defined herein have
the same meaning given to them in the Prospectus. The Fund's Prospectus may be
obtained at no charge by writing or telephoning the Fund at the address and
telephone number above.
The investment objectives of the Portfolios are as follows:
The AAL VARIABLE PRODUCT MONEY MARKET PORTFOLIO seeks to provide maximum
current income, to the extent consistent with liquidity and a stable net asset
value of $1.00 per share, by investing in a diversified portfolio of high
quality, short-term money market instruments.
The AAL VARIABLE PRODUCT BOND PORTFOLIO seeks to achieve investment results
that approximate the total return of the Lehman Brothers Aggregate Bond Index
by investing primarily in bonds and other debt securities included in the
Index.
The AAL VARIABLE PRODUCT BALANCED PORTFOLIO seeks to achieve investment results
that reflect investment in common stocks, bonds, and money market instruments,
each of which will be selected consistent with the investment policies of the
AAL Variable Product Large Company Stock Portfolio, Bond Portfolio, and Money
Market Portfolio, respectively.
The AAL VARIABLE PRODUCT LARGE COMPANY STOCK PORTFOLIO seeks to achieve
investment results that approximate the performance of the Standard & Poor's
500 Composite Stock Price Index by investing primarily in common stocks
included in the Index.
The AAL VARIABLE PRODUCT SMALL COMPANY STOCK PORTFOLIO seeks to achieve
investment results that approximate the performance of the Wilshire Small Cap
Index by investing primarily in common stocks included in the Index.
<PAGE> 7
<TABLE>
<CAPTION>
========================================================================================================================
A A L V A R I A B L E A N N U I T Y
[LOGO OF AAL VARIABLE ANNUITY]
AAL Variable Product Series Fund, Inc.
Statement of Operations
........................................................................................................................
For the Period June 14, 1995(1) to December 31, 1995
LARGE SMALL
MONEY COMPANY COMPANY
MARKET BOND BALANCED STOCK STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
........................................................................................................................
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............................................. $ - $ - $ 137,978 $ 183,070 $ 75,798
Interest............................................... 147,234 248,582 310,789 15,273 12,337
---------------------------------------------------------------
TOTAL INVESTMENT INCOME................................ 147,234 248,582 448,767 198,343 88,135
---------------------------------------------------------------
EXPENSES:
Adviser fees........................................... 8,720 12,744 35,948 26,916 17,641
Audit fees............................................. 10,170 12,430 12,430 10,735 10,735
Custody fees........................................... 1,658 1,015 6,931 9,023 8,874
Registration fees...................................... 1,745 1,445 5,024 4,750 3,451
Legal fees............................................. 5,887 7,508 24,635 18,302 11,997
Printing and postage expense........................... 2,474 3,684 10,353 7,691 5,043
Pricing of investments................................. 395 1,814 9,490 8,280 4,140
Director fees.......................................... 2,634 3,924 10,024 8,190 5,368
Director and officer insurance fees.................... 321 478 1,344 999 655
Other fees............................................. 50 50 50 50 50
---------------------------------------------------------------
TOTAL EXPENSES BEFORE REIMBURSEMENT.................... 34,054 45,092 116,229 94,936 67,954
---------------------------------------------------------------
Less expenses reimbursed by Adviser (See Note 3)....... (25,334) (32,348) (80,281) (68,020) (50,313)
---------------------------------------------------------------
NET EXPENSES........................................... 8,720 12,744 35,948 26,916 17,641
---------------------------------------------------------------
---------------------------------------------------------------
NET INVESTMENT INCOME.................................. 138,514 235,838 412,819 171,427 70,494
---------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investments............. - (2,187) 1,254 4,092 17,344
Change in net unrealized appreciation on investments... - 190,617 1,653,222 1,888,882 706,061
---------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS
ON INVESTMENTS........................................ - 188,430 1,654,476 1,892,974 723,405
---------------------------------------------------------------
---------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS............................. $138,514 $424,268 $2,067,295 $2,064,401 $793,899
===============================================================
</TABLE>
(1) Commencement of operations.
See accompanying notes.
FS-23
<PAGE> 8
===============================================================================
A A L V A R I A B L E A N N U I T Y
[LOGO OF AAL VARIABLE ANNUITY]
AAL Variable Product Series Fund, Inc.
Statement of Changes in Net Assets
......................................
For the Period June 14, 1995(1) to December 31, 1995
<TABLE>
<CAPTION>
LARGE SMALL
MONEY COMPANY COMPANY
MARKET BOND BALANCED STOCK STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
..................................................................................................................................
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income........................................ $ 138,514 $ 235,838 $ 412,819 $ 171,427 $ 70,494
Net realized gains (losses) on investments................... - (2,187) 1,254 4,092 17,344
Change in net unrealized appreciation
on investments............................................ - 190,617 1,653,222 1,888,882 706,061
NET INCREASE IN NET ASSETS -------------------------------------------------------------------
RESULTING FROM OPERATIONS................................. 138,514 424,268 2,067,295 2,064,401 793,899
-------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income................................... (138,514) (234,068) (409,743) (170,454) (70,275)
From net realized gains...................................... - - (420) (2,658) (5,645)
TOTAL DISTRIBUTIONS TO -------------------------------------------------------------------
SHAREHOLDERS.............................................. (138,514) (234,068) (410,163) (173,112) (75,920)
-------------------------------------------------------------------
FUND SHARE TRANSACTIONS:
Proceeds from shares sold.................................... 20,659,662 9,354,566 27,118,805 21,420,587 15,020,586
Reinvested distributions..................................... 75,601 65,068 141,211 82,106 36,808
Cost of shares redeemed...................................... (13,690,621) (247,002) (158,426) (255,604) (109,609)
NET INCREASE IN NET ASSETS FROM -------------------------------------------------------------------
FUND SHARE TRANSACTIONS................................... 7,044,642 9,172,632 27,101,590 21,247,089 14,947,885
-------------------------------------------------------------------
-------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS................................. 7,044,642 9,362,832 28,758,722 23,138,378 15,665,864
-------------------------------------------------------------------
NET ASSETS BEGINNING OF PERIOD............................... - - - - -
-------------------------------------------------------------------
NET ASSETS END OF PERIOD..................................... $ 7,044,642 $9,362,832 $28,758,722 $23,138,378 $15,665,864
-------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT
INCOME AT DECEMBER 31, 1995............................... $ - $ 1,770 $ 3,076 $ 973 $ 219
===================================================================
</TABLE>
(1) Commencement of operations.
See accompanying notes.
FS-24
<PAGE> 9
===============================================================================
A A L V A R I A B L E A N N U I T Y
[Logo of A A L Variable Annuity]
AAL Variable Product Series Fund, Inc.
Notes to Financial Statements
December 31, 1995
NOTE 1: DESCRIPTION OF FUND
The AAL Variable Product Series Fund, Inc. (the "Fund") is a corporation
organized under the laws of the State of Maryland and registered under the
Investment Company Act of 1940, as amended, as an open-end diversified
management investment company. The Fund is a "series" fund consisting of
five separate investment portfolios (known as the Money Market, the Bond,
the Balanced, the Large Company Stock, and the Small Company Stock
Portfolios, collectively the "Portfolios"). Shares of the Fund are
currently sold only to the AAL Variable Annuity Account I (the "Variable
Account") to fund benefits under certificates of membership and the
flexible premium deferred variable annuity issued by Aid Association for
Lutherans ("AAL"). The Fund commenced operations on June 14, 1995, with the
sale of 2,000,000, 500,000, 1,250,000, 750,000 and 500,000 shares of the
Money Market, Bond, Balanced, Large Company Stock and Small Company Stock
Portfolios, respectively to AAL.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Valuation of Investments
Securities traded on national securities exchanges and NASDAQ are valued at
the last reported sales price. Fixed income securities are valued at market
using quotations provided by an independent pricing service. The Money
Market Portfolio, and other Portfolios which hold securities with a
remaining maturity of 60 days or less value securities at amortized cost,
which approximates market value. Securities for which market quotations are
not readily available are valued at fair value as determined in good faith
by the Investment Adviser under the supervision of the Board of Directors.
(b) Federal Income Taxes
No provision for federal income taxes has been made since the Fund has
elected to be taxed as a regulated investment company under the Internal
Revenue Code and intends to distribute to shareholders as dividends,
substantially all the net investment income and net realized capital gains,
if any, of the Fund. As of December 31, 1995, the Bond Portfolio has
capital loss carryforwards of $2,187 expiring in 2003. It is management's
intention to make no distribution of any future realized capital gains
until the Federal income tax capital loss carryforwards are exhausted.
(c) Distributions to Shareholders
All of the Portfolios intend to distribute all their net investment income
and net realized capital gains, if any, as dividends. The Bond, Balanced,
Large and Small Company Stock Portfolios expect to pay any net investment
income dividends monthly and net realized capital gains, if any, annually.
The Money Market Portfolio declares a daily dividend equal to its net
investment income for that day, payable monthly. Dividends to shareholders
are recorded on the ex-dividend date.
(d) Other
Investment transactions are accounted for on the trade date. Dividend
income is recognized on the ex-dividend date, and interest income is
recognized on the accrual basis and includes amortization of premiums and
discounts. Realized gains and losses from investment transactions are
determined on a specific cost identification basis.
FS-25
<PAGE> 10
===============================================================================
A A L V A R I A B L E A N N U I T Y
[LOGO OF AAL VARIABLE ANNUITY]
AAL Variable Product Series Fund, Inc.
Notes to Financial Statements-Continued
.......................................
December 31, 1995
NOTE 3: INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH RELATED PARTIES
The Fund has entered into an Investment Advisory Agreement with AAL relating to
the management of the portfolios and the investment of their assets. Pursuant
to this agreement, the Fund pays AAL an investment advisory fee as compensation
for its services to the Fund. The fee is a daily charge equal to an annual rate
of .35% of the average daily net assets of each Portfolio up to $250,000,000
and .30% of the average daily net assets of each Portfolio in excess of that
amount. In addition, AAL has agreed to either pay on behalf of the Fund or
reimburse the Fund for substantially all operating expenses, other than the
aforementioned investment advisory fees, brokerage commissions, and certain
extraordinary items such as litigation expenses or income tax liabilities. AAL
may withdraw this reimbursement agreement on 30 days' written notice to the
Fund.
The Investment Advisory Agreement anticipates that AAL will provide certain
administrative and accounting services to the Fund, or that AAL will arrange
for such services to be provided by a third party. AAL has entered into an
Administrative Services Agreement with AAL Capital Management Corporation
("CMC"), an affiliate of AAL, pursuant to which CMC agrees to provide these
administrative and accounting services on behalf of the Fund. Fees which CMC is
entitled to receive for providing such services under the terms of the
Administrative Services Agreement are paid by AAL out of the advisory fees it
receives from the Fund, and therefore do not result in any additional expense
to the Fund.
Certain officers and directors of the Fund are also officers of AAL and CMC.
For the period from June 14, 1995 through December 31, 1995, directors of the
Fund not affiliated with AAL or CMC received directors fees and expenses
totaling $31,140. No remuneration has been paid by the Fund to any of the
officers or directors of the Fund affiliated with AAL or CMC. At December 31,
1995, all of the shares of each Portfolio are owned by AAL and the Variable
Account I.
NOTE 4: CAPITAL SHARE TRANSACTIONS
Transactions in Fund shares for the period June 14, 1995 to December 31, 1995,
were as follows:
<TABLE>
<CAPTION>
LARGE SMALL
MONEY COMPANY COMPANY
MARKET BOND BALANCED STOCK STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
...........................................................................................................
<S> <C> <C> <C> <C> <C>
Shares sold........................................ 20,659,662 932,861 2,634,240 2,026,389 1,432,409
Reinvested distributions........................... 75,601 6,453 13,209 7,351 3,406
Shares redeemed.................................... 13,690,621 24,555 15,089 23,746 10,249
-------------------------------------------------------
Net Increase....................................... 7,044,642 914,759 2,632,360 2,009,994 1,425,566
-------------------------------------------------------
SHARES OUTSTANDING................................. -------------------------------------------------------
AT DECEMBER 31, 1995............................. 7,044,642 914,759 2,632,360 2,009,994 1,425,566
=======================================================
</TABLE>
FS-26
<PAGE> 11
===============================================================================
A A L V A R I A B L E A N N U I T Y
[LOGO OF AAL VARIABLE ANNUITY]
AAL Variable Product Series Fund, Inc.
Notes to Financial Statements-Continued
.......................................
December 31, 1995
NOTE 5: INVESTMENT TRANSACTIONS
For the period June 14, 1995 to December 31, 1995, the cost of investment
securities purchased and the proceeds from investment securities sold (not
including short-term investments) were as follows:
<TABLE>
<CAPTION>
Portfolio Purchases Sales
......................................................................
<S> <C> <C>
Bond....................................... $ 9,356,037 $375,015
Balanced................................... 25,153,155 348,713
Large Company Stock........................ 20,990,242 60,562
Small Company Stock........................ 14,870,911 239,912
</TABLE>
At December 31, 1995, net unrealized appreciation (depreciation) on investments
by portfolio were as follows:
<TABLE>
<CAPTION>
Net
Unrealized
Cost Gross Unrealized Appr. (Depr.)
Portfolio Basis Appreciation Depreciation Investments
..............................................................................................................
<S> <C> <C> <C> <C>
Bond........................................ $ 9,243,235 $ 192,892 $ (2,275) $ 190,617
Balanced.................................... 27,024,356 1,921,119 (267,897) 1,653,222
Large Company Stock......................... 21,455,754 2,299,731 (410,849) 1,888,882
Small Company Stock......................... 15,141,083 1,587,283 (881,222) 706,061
</TABLE>
The book and federal income tax basis of securities were the same for all
Portfolios.
FS-27
<PAGE> 12
==============================================================================
A A L V A R I A B L E A N N U I T Y
[LOGO OF AAL VARIABLE ANNUITY]
Report of Independent Auditors
.......................................
The Board of Directors and Shareholders
AAL Variable Product Series Fund, Inc.
We have audited the accompanying statement of assets and liabilities, including
the schedules of investments, of the AAL Variable Product Series Fund, Inc.
(comprised of the Money Market, Bond, Balanced, Large Company Stock and Small
Company Stock Portfolios) as of December 31, 1995, and the related statement of
operations, statement of changes in net assets and financial highlights for the
period June 14, 1995 (commencement of operations) to December 31, 1995. These
financial statements and financial highlights are the responsibility of the
Funds' 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 the 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, 1995, 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 opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Portfolios of the AAL Variable Product Series Fund, Inc. at December 31,
1995, and the results of their operations, changes in their net assets and
financial highlights for the period June 14, 1995 to December 31, 1995, in
conformity with generally accepted accounting principles.
/s/ Ernst & Young LLP
Milwaukee, Wisconsin
February 2, 1996
FS-30
<PAGE> 13
PART C - OTHER INFORMATION
In response to Part C of Form N-1A, the Registrant hereby incorporates by
reference the Part C - Other Information included in Post-Effective Amendment
No. 2 to its Registration Statement on Form N-1A (Registration No. 33-82056),
as filed with the Securities and Exchange Commission on April 29, 1996, except
that the Registrant's response to Item 24(b) is revised to read as follows:
<PAGE> 14
PART C. OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS.
(b) Exhibits:
(1) Articles of Incorporation of the Fund.(1)
(2) By-Laws of the Fund.(2)
(3) Not applicable.
(4) Not applicable.
(5)(a) Investment Advisory Agreement by and between the Fund and
AAL.(2)
(b) First Amendment to Investment Advisory Agreement by and
between the Fund and AAL.(3)
(6) Participation Agreement by and between AAL, on its own behalf
and on behalf of AAL Variable Account I, and the Fund.(2)
(7) Not applicable.
(8) Custodian Agreement by and between the Fund and Harris Trust
and Savings Company ("Custodian").(2)
(9)(a) Transfer Agency Agreement by and between the Fund and AAL.(2)
(b) Trade Name/Service Mark Licensing Agreement by and between
AAL and the Fund.(2)
(c) Administrative Services Agreement by and between AAL Capital
Management Corporation and AAL.(3)
(10) Opinion and Consent of Counsel.(1)
(11) Consent of Independent Auditors.
(12) Not applicable.
(13) Agreement or Understanding Providing Initial Capital (Stock
Subscription Agreement).(2)
(14) Not applicable.
(15) Not applicable.
(16) Schedules for Computations of Performance Quotations included
in response to Form N-1A, Item 22.(3)
(17) The Financial Data Schedule required to be filed pursuant to
Form N-1A, Item 24(b)(17), is filed herewith as Exhibit 27,
as dictated by the Securities and Exchange Commission's
Electronic Data Gathering, Analysis, and Retrieval System.
<PAGE> 15
(18) Not Applicable.
(19) Powers of Attorney.(2)
(27) Financial Data Schedule.
______________________________
(1) Previously filed in the initial filing, dated July 28, 1994, of
Registrant's Form N-1A Registration Statement.
(2) Previously filed in Pre-Effective Amendment No. 1, dated December 22,
1994, to Registrant's Form N-1A Registration Statement.
(3) Previously filed in Post-Effective Amendment No. 2, dated April 29, 1996,
to Registrant's Form N-1A Registration Statement.
Part C - 2
<PAGE> 16
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements for effectiveness of this amended Registration Statement pursuant
to Rule 485(b) under the 1933 Act, and has duly caused this amended
Registration Statement to be signed on its behalf by the undersigned, thereto
duly authorized, in the City of Appleton and State of Wisconsin, on the 24th
day of May, 1996.
AAL VARIABLE PRODUCT SERIES FUND, INC.
By: /s/ D. Charles DeVries
--------------------------------
D. Charles DeVries
President
Pursuant to the requirements of the Securities Act of 1933, this amended
Registration Statement has been signed below by the following persons in the
capacities indicated:
<TABLE>
<S> <C>
/s/ D. Charles DeVries President May 24, 1996
---------------------------------- (Principal Executive Officer)
D. Charles DeVries
/s/ Carl J. Rudolph Treasurer May 24, 1996
---------------------------------- (Principal Accounting and
Carl J. Rudolph Financial Officer)
All of the Board of Directors:
Gregory F. Campbell John H. Pender
Richard L. Gady D. W. Russler
John O. Gilbert Lawrence M. Woods
Richard L. Gunderson
</TABLE>
Richard L. Gunderson, by signing his name hereto, does hereby sign this
document on behalf of himself and each of the other above-named Directors of
AAL Variable Product Series Fund, Inc. pursuant to the powers of attorney duly
executed by such persons.
/s/ Richard L. Gunderson May 24, 1996
- -------------------------
Richard L. Gunderson
Attorney-in-Fact
<PAGE> 17
AAL VARIABLE PRODUCT SERIES FUND, INC.
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Number Exhibit
- ------ -------
<S> <C>
11 Consent of Ernst & Young LLP, Independent Auditors
27 Financial Data Schedule
</TABLE>
<PAGE> 1
EXHIBIT 11
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the captions "Financial
Highlights" and "Custodian, Transfer Agent and Independent Auditors" and to the
use of our report dated February 2, 1996 in the Registration Statement (Form
N-1A) and its incorporation by reference in the related Prospectus of AAL
Variable Product Series Fund, Inc., filed with the Securities and Exchange
Commission in this Post-Effective Amendment No. 3 to the Registration Statement
under the Securities Act of 1933 (File No. 33-82056) and in this Amendment No.
4 to the Registration Statement under the Investment Company Act of 1940 (File
No. 811-8662).
Ernst & Young LLP
Milwaukee, Wisconsin
May 24, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> AAL VARIABLE PRODUCT SERIES FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 21,455,754
<INVESTMENTS-AT-VALUE> 23,344,636
<RECEIVABLES> 174,694
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,519,330
<PAYABLE-FOR-SECURITIES> 361,452
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,500
<TOTAL-LIABILITIES> 380,952
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,247,089
<SHARES-COMMON-STOCK> 2,009,994
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