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<PAGE> PAGE 3
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 27
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SIGNATURE CARL J. RUDOLPH
TITLE TREASURER
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30675542
<SHARES-COMMON-STOCK> 3124985
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2030
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (228897)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2483221)
<NET-ASSETS> 27965454
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1994800
<OTHER-INCOME> 0
<EXPENSES-NET> 79906
<NET-INVESTMENT-INCOME> 1914894
<REALIZED-GAINS-CURRENT> (228897)
<APPREC-INCREASE-CURRENT> (2483221)
<NET-CHANGE-FROM-OPS> (797224)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1912864)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3199146
<NUMBER-OF-SHARES-REDEEMED> 121973
<SHARES-REINVESTED> 47812
<NET-CHANGE-IN-ASSETS> 27965454
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 79906
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107828
<AVERAGE-NET-ASSETS> 23994021
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .74
<PER-SHARE-GAIN-APPREC> (1.05)
<PER-SHARE-DIVIDEND> .74
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.95
<EXPENSE-RATIO> .40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927648
<NAME> AAL VARIABLE PRODUCT SERIES FUND, INC.
<SERIES>
<NUMBER> 7
<NAME> AAL VARIABLE PRODUCT INTERNATIONAL PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAR-02-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 13949857
<INVESTMENTS-AT-VALUE> 15583699
<RECEIVABLES> 1295553
<ASSETS-OTHER> 19508
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16898760
<PAYABLE-FOR-SECURITIES> 1291985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12124
<TOTAL-LIABILITIES> 1304109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14363781
<SHARES-COMMON-STOCK> 1411474
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 132764
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (468877)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1566983
<NET-ASSETS> 15594651
<DIVIDEND-INCOME> 184159
<INTEREST-INCOME> 35321
<OTHER-INCOME> 0
<EXPENSES-NET> 85674
<NET-INVESTMENT-INCOME> 133806
<REALIZED-GAINS-CURRENT> (468877)
<APPREC-INCREASE-CURRENT> 1566983
<NET-CHANGE-FROM-OPS> 1231912
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1042
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1459457
<NUMBER-OF-SHARES-REDEEMED> 48010
<SHARES-REINVESTED> 27
<NET-CHANGE-IN-ASSETS> 15594651
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 85674
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 138910
<AVERAGE-NET-ASSETS> 12866322
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .96
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.05
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927648
<NAME> AAL VARIABLE PRODUCT SERIES FUND, INC.
<SERIES>
<NUMBER> 1
<NAME> AAL VARIABLE PRODUCT LARGE COMPANY
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 401281671
<INVESTMENTS-AT-VALUE> 571937879
<RECEIVABLES> 937193
<ASSETS-OTHER> 969
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 572876041
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 515055
<TOTAL-LIABILITIES> 515055
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 400382556
<SHARES-COMMON-STOCK> 24988657
<SHARES-COMMON-PRIOR> 17633787
<ACCUMULATED-NII-CURRENT> 16915
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1305307
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 170656208
<NET-ASSETS> 572360986
<DIVIDEND-INCOME> 6547067
<INTEREST-INCOME> 246344
<OTHER-INCOME> 0
<EXPENSES-NET> 1454419
<NET-INVESTMENT-INCOME> 5338992
<REALIZED-GAINS-CURRENT> 1543018
<APPREC-INCREASE-CURRENT> 103777073
<NET-CHANGE-FROM-OPS> 110659083
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5336089
<DISTRIBUTIONS-OF-GAINS> 346756
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8178403
<NUMBER-OF-SHARES-REDEEMED> 1098049
<SHARES-REINVESTED> 274516
<NET-CHANGE-IN-ASSETS> 253885796
<ACCUMULATED-NII-PRIOR> 14012
<ACCUMULATED-GAINS-PRIOR> 109045
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1454419
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1674438
<AVERAGE-NET-ASSETS> 440554522
<PER-SHARE-NAV-BEGIN> 18.06
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> 4.85
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.90
<EXPENSE-RATIO> .33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927648
<NAME> AAL VARIABLE PRODUCT SERIES FUND, INC.
<SERIES>
<NUMBER> 5
<NAME> AAL VARIABLE PRODUCT MONEY MARKET PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 33004010
<INVESTMENTS-AT-VALUE> 33004010
<RECEIVABLES> 733507
<ASSETS-OTHER> 330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33737847
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 166985
<TOTAL-LIABILITIES> 166985
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33570862
<SHARES-COMMON-STOCK> 33570862
<SHARES-COMMON-PRIOR> 25460293
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 33570862
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1608646
<OTHER-INCOME> 0
<EXPENSES-NET> 101533
<NET-INVESTMENT-INCOME> 1507113
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1507113
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1507113
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 191480061
<NUMBER-OF-SHARES-REDEEMED> 184875885
<SHARES-REINVESTED> 1506393
<NET-CHANGE-IN-ASSETS> 8110569
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127612
<AVERAGE-NET-ASSETS> 29140701
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927648
<NAME> AAL VARIABLE PRODUCT SERIES FUND, INC.
<SERIES>
<NUMBER> 2
<NAME> AAL VARIABLE PRODUCT SMALL COMPANY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 212478008
<INVESTMENTS-AT-VALUE> 198314800
<RECEIVABLES> 177368
<ASSETS-OTHER> 708
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 198492876
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 172312
<TOTAL-LIABILITIES> 172312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 212199023
<SHARES-COMMON-STOCK> 15999584
<SHARES-COMMON-PRIOR> 10274711
<ACCUMULATED-NII-CURRENT> 4335
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 280414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14163208)
<NET-ASSETS> 198320564
<DIVIDEND-INCOME> 1486730
<INTEREST-INCOME> 135675
<OTHER-INCOME> 0
<EXPENSES-NET> 628572
<NET-INVESTMENT-INCOME> 993833
<REALIZED-GAINS-CURRENT> 31291369
<APPREC-INCREASE-CURRENT> (33956589)
<NET-CHANGE-FROM-OPS> (1671387)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 999834
<DISTRIBUTIONS-OF-GAINS> 31505205
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3841755
<NUMBER-OF-SHARES-REDEEMED> 797140
<SHARES-REINVESTED> 2680258
<NET-CHANGE-IN-ASSETS> 45392912
<ACCUMULATED-NII-PRIOR> 10336
<ACCUMULATED-GAINS-PRIOR> 494250
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 628572
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 772931
<AVERAGE-NET-ASSETS> 179411836
<PER-SHARE-NAV-BEGIN> 14.88
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.13)
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> 2.35
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.40
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
SUB-ITEM 77C
(a1) The Special Shareholders' Meeting of the AAL Variable Product International
Stock Portfolio of the AAL Variable Product Series Fund, Inc. on August 14, 1998
(b1) n/a
(c1) RESOLVED: a majority vote of The AAL Variable Product International Stock
shareholders agreed to a new sub-advisory agreement by and amoung the Fund, Aid
Associtiona for Lutherans and Oechsle International Advisors, LCC
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Actual Votes
Received from Echo Vote of Unit Echo Vote of Total
Contract Owners Unvoted Units Summary of Fund Shares Votes
----------------- ---------------- ----------- ----------------- ---------
For 103,793.575 77,795.100 181,588.763 180,900.759 544,078.197
Against 934.320 700.029 1,634.006 1,627.815 4,896.170
Abstained 10,720.36 8,035.198 18,755.723 18,684.661 56,195.942
----------------- ---------------- ----------- ----------------- ----------
Total Votes 115,448.255 86,530.327 201,978.492 201,213.235 605,170.309
% of votes 19.08 14.30 33.37 33.25 100.00
(d1) n/a
</TABLE>
(a2) The Special Shareholders' Meeting of the AAL Variable Product Series Fund,
Inc. on October 30, 1998
(b2) n/a
(c2) RESOLVED: The next item of business was the election of seven Directors.
Shares Total Percentage
Nominee voted for Shares voted voted for
- ------------- ---------------- ---------------- ---------------
Ronald G. Anderson 36,995,976.513 37,430,833.838 98.83%
Richard L. Gady 37,001,327.140 37,430,833.788 98.85%
Lawrence M. Woods 37,004,675.012 37,430,833.788 98.86%
F. Gregory Campbell 36,992,690.078 37,430,833.788 98.82%
John O. Gilbert 37,023,177.083 37,430,833.788 98.91%
Steven A. Weber 36,992,559.312 37,430,833.788 98.82%
Edward W. Smeds 36,965,926.332 37,430,833.788 98.75%
(d2) n/a
(a3) The Special Shareholders' Meeting of the AAL Variable Product Series Fund,
Inc. on October 30, 1998
(b3) n/a
(c3) RESOLVED: the ratificcation of Ernst & Young LLP as independent accountants
for the fiscal year ending December 31, 1998
# of shares % of
outstanding shares
------------- -------
For 36,742,099.078 98.16%
Against 99,017.801 0.26%
Abstained 589,716.909 1.58%
------------- -------
37,430,833.788 100.00%
(d3) n/a
Report of Independent Auditors
The Board of Directors and Shareholders of
AAL Variable Product Series Fund, Inc.
In planning and performing our audit of the financial statements of the AAL
Variable Product Series Fund, Inc. for the year ended December 31, 1998, we
considered its internal controls, including controls over 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 AAL Variable Product Series Fund, Inc. 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 irregularities
may occur and may 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 condition 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 any
specific internal control component 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
and its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at December 31, 1998.
This report is intended solely for the information and use of the Board of
Directors and Management of AAL Variable Product Series Fund, Inc. and the
Securities and Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
/s/ Ernst & Young LLP
Ernst & Young LLP
Milwaukee, Wisconsin
January 27, 1999
