<PAGE> PAGE 1
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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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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SIGNATURE AMY EICK
TITLE ACCTG ADMINISTRATOR
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Supplementary Report of Independent Auditors
The Board of Directors
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 year ended December 31, 1996, 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 judgements 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, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Ernst & Young LLP
Milwaukee, Wisconsin
January 31, 1997
<PAGE>
A special shareholders meeting was held on April 24, 1996 at which time an
amendment to the existing Investment Advisory Agreement between AAL Variable
Product Series Fund, Inc. and Aid Association for Lutherans was approved.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Votes For Total Votes %
Actual Votes received from Contractholders 6,934,234.990 7,013,902.686 98.864
Echo Vote of Unvoted Units 7,248,883.875 7,330,173.286 98.891
Unit Summary 14,183,118.860 14,344,075.960 98.878
Echo Vote of Variable Annuity Fund Shares 14,473,735.650 14,637,043.650 98.884
Echo Vote of AAL Capital Investment Shares 4,935,350.115 4,999,998.532 98.707
Total Vote 19,409,085.750 19,637,042.180 98.839
</TABLE>
The above approval was by the requisite percentage required by the Investment
Company Act of 1940.
