AAL VARIABLE PRODUCT SERIES FUND, INC.
AAL VARIABLE PRODUCT HIGH YIELD BOND PORTFOLIO
SUPPLEMENT DATED JULY 7, 2000
TO THE PROSPECTUS DATED MAY 1, 2000
NEW SUB-ADVISER FOR THE AAL VARIABLE PRODUCT HIGH YIELD BOND PORTFOLIO
On June 21, 2000, shareholders approved the sub-advisory agreement with Pacific
Investment Management Company ("PIMCO") to serve as the new sub-adviser to the
AAL Variable Product High Yield Bond Portfolio (the "portfolio"). On July 1,
2000, PIMCO began managing the day-to-day investment of portfolio assets.
PIMCO has entered into a sub-advisory agreement with AAL Capital Management
Corporation ("AAL CMC"), the adviser, and the AAL Variable Product Series Fund,
Inc.
PIMCO is located at 840 Newport Center Drive, Newport Beach, California, 92660.
Organized in 1971, PIMCO provides investment management and advisory services to
private accounts of institutional and individual clients and to mutual funds. As
of March 31, 2000, PIMCO had approximately $186 billion in assets under
management.
As of July 1, 2000, Benjamin L. Trosky is the portfolio manager of the AAL
Variable Product High Yield Bond Portfolio, replacing David G. Carroll. Mr.
Trosky is a Managing Director of PIMCO. He joined PIMCO as a Portfolio Manager
in 1990, and has managed fixed income accounts for various institutional clients
and mutual funds since that time.
THIS PROSPECTUS SUPPLEMENT MUST ACCOMPANY THE DELIVERY OF ALL PROSPECTUSES ON OR
AFTER JULY 7, 2000
15040PI3 6/00
