As adopted 5/15/2003

**CODE OF ETHICS**

(Sarbanes-Oxley Act of 2002, Section 406)

for

PRINCIPAL EXECUTIVE OFFICER

PRINCIPAL FINANCIAL OFFICER

AND

PRINCIPAL ACCOUNTING OFFICER

OF

THE AAL MUTUAL FUNDS

THE LUTHERAN BROTHERHOOD FAMILY OF FUNDS

AAL VARIABLE PRODUCT SERIES FUND, INC.

and

LB SERIES FUND, INC.

________, 2003

**I. CODE OF ETHICS**

It is the policy of The AAL Mutual Funds, The Lutheran Brotherhood Family of Funds, AAL Variable Product Series Fund, Inc. and LBSeries Fund, Inc. (collectively, the "**Funds**") that the President, as chief executive officer, and the Treasurer, as chief financialofficer and chief accounting officer (or persons performing similar functions), of each Fund adhere to and advocate the followingprinciples governing their professional and ethical conduct in the fulfillment of their responsibilities:

A.  Act with honesty and  integrity,  and ethically  handle  actual or apparent  conflicts  between his or her  personal,  private    interests and the interests of the Funds, including receiving improper personal benefits as a result of his or her position.

B.  Take such actions as are necessary as to ensure that periodic  reports filed with the Securities  and Exchange  Commission and    other public  communications  contain information which provides full, fair, accurate,  timely and understandable  disclosure.    Such actions shall include adoption and maintenance of adequate disclosure controls and procedures.

C.  Comply with laws of federal,  state, and local  governments  applicable to the Funds, and the rules and regulations of private    and public regulatory agencies having jurisdiction over the Funds.

D.  Act in good faith,  responsibly,  with due care and diligence,  without misrepresenting or omitting material facts or allowing    independent judgment to be compromised.

E.  Respect the  confidentiality of information  acquired in the course of the performance of his or her  responsibilities  except    when authorized or otherwise  legally  obligated to disclose such information.  Do not use confidential  information  acquired    in the course of the performance of his or her responsibilities for personal advantage.

F.  Proactively promote ethical behavior among subordinates and peers.

G.  Use Fund assets and resources employed or entrusted in a responsible manner.

H.  Do not use Fund  information,  assets,  opportunities  or one's  position  with the Funds for  personal  gain.  Do not compete    directly or indirectly with the Funds.

I.  Promptly report any violation of this Code to the Compliance Officer.

J.  Comply in all respects  with (a) the Funds' Code of Ethics with  Respect to  Securities  Transactions  of Access  People;    (b) Thrivent Financial for Lutheran's Code of Ethics, and (c) Thrivent Investment Management Inc.'s Policy on Insider Trading.

K.  Acknowledge  and  certify  compliance  with the  foregoing  annually  and  file a copy of such  certification  with the  Audit    Committee of each Fund's Board of Directors/Trustees.

**II. ADMINISTRATION OF CODE**

A.  Compliance Officer

The Independent  Directors of each Fund Board shall appoint a Compliance  Officer,  who shall have overall  responsibility for    ensuring this Code is adhered to. In such  capacity,  the  Compliance  Officer  shall report to each Board's Audit  Committee.    The  Compliance  Officer  shall be a person who has  sufficient  status  within  Thrivent  Financial for Lutherans to engender    respect for the Code and the  authority  adequately to deal with the persons  subject to the Code  regardless of their stature    in the company.

B.  Amendments

Any material  amendment to this Code shall be  disclosed in  accordance  with the  requirements  of Rule  30b2-1(a)  under the    Investment  Company Act of 1940,  as amended  (the "1940  Act"),  and form N-CSR.  Form N-CSR does not require  disclosure  of    technical, administrative or other non-substantive amendments.

C.  Waivers

A waiver of a provision of this Code must be requested  whenever there is a reasonable  likelihood that a contemplated  action    will violate the Code.  Requests for waivers must be in writing and  submitted  to the  Compliance  Officer,  who shall make a    recommendation  to the Audit  Committee  for final  determination.  Any  waiver  or  implicit  waiver  shall be  disclosed  in    accordance with the requirements of Rule 30b2-1(a) under the 1940 Act and Form N-CSR.

As used herein,  "waiver"  means any approval by the Audit  Committee of a material  departure  from a provision of this Code.    "Implicit waiver" means failure by the Compliance  Officer or the Audit Committee to take action within a reasonable period of    time  regarding  a material  departure  from a  provision  of the Code that has been made known to an  executive  officer  (as    defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended) of the Funds.

D.  Violations

Upon learning of a violation or potential  violation of this Code,  the  Compliance  Officer shall prepare a written report to    Audit Committee providing full details and recommendations for further action.

The Audit Committee will, in consultation  with the Compliance  Officer and/or such legal counsel as the Audit Committee deems    appropriate,  make the final  determination  of whether a  violation  has  occurred  and the  action,  if any,  to be taken in    response  thereto.  The Audit Committee may take into account the qualitative  and  quantitative  materiality of the violation    from the  perspective  of either the  determent to the Fund or the benefit to the  violating  officer,  the policy  behind the    provision violated and such other facts and circumstances as it deems advisable under all of the facts and circumstances.

Any material violation shall be reported in accordance with the requirements of Rule 30b2-1 of the 1940 Act and Form N-CSR.

E.  Regulatory Filing

 A copy of this Code of Ethics shall be filed as an exhibit to each Fund's annual report on Form N-CSR.

F.  Records

The  Compliance  Officer shall retain copies of all records  required by Form N-CSR and/or rules and  regulations  promulgated    under the 1940 Act.