AAL VARIABLE PRODUCT SERIES FUND, INC.
AAL VARIABLE PRODUCT HIGH YIELD BOND PORTFOLIO
SUPPLEMENT DATED MAY 5, 2000
TO THE PROSPECTUS DATED MAY 1, 2000
PROPOSED APPOINTMENT OF A SUB-ADVISER FOR THE AAL VARIABLE PRODUCT
HIGH YIELD BOND PORTFOLIO
The Fund Board of Directors has recommended Pacific Investment Management
Company ("PIMCO") be retained as the sub-adviser to the AAL Variable Product
High Yield Bond Portfolio (the "portfolio"). In this capacity, PIMCO would
manage the day-to-day investment of portfolio assets, subject to the supervision
of AAL Capital Management Corporation, the portfolio's investment adviser, and
the Board of Directors.
This proposal is subject to approval by the shareholders of the portfolio. The
Board of Directors has set June 21, 2000, as the date for a Special Meeting of
Shareholders to vote on the approval of a Sub-Advisory Agreement with PIMCO.
Shareholders of record as of April 28, 2000, will be eligible to vote on this
matter. Portfolio shareholders will receive proxy materials describing this
proposal in detail, and soliciting their approval of the proposed sub-advisory
agreement. If approved by shareholders, we anticipate that PIMCO would begin
managing the portfolio's assets on or about July 1, 2000.
15040PI2 5/00
