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<PAGE> PAGE 12
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
048 I010500 1500000
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<PAGE> PAGE 25
070 N020500 N
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<PAGE> PAGE 26
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012 A000701 NATIONSBANK OF TEXAS, N.A.
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE JANICE B. SCHWARZ
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE US TSY MNY MKT FD-PLATINUM CLASS
<SERIES>
<NUMBER> 074
<NAME> AMERICAN AADVANTAGE US TREASURY MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 80006
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80006
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 436
<TOTAL-LIABILITIES> 436
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79570
<SHARES-COMMON-STOCK> 52153<F1>
<SHARES-COMMON-PRIOR> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4460
<OTHER-INCOME> 0
<EXPENSES-NET> 608
<NET-INVESTMENT-INCOME> 3852
<REALIZED-GAINS-CURRENT> 36
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3888
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 57
<DISTRIBUTIONS-OF-GAINS> 21
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 144307
<NUMBER-OF-SHARES-REDEEMED> 94146
<SHARES-REINVESTED> 1992
<NET-CHANGE-IN-ASSETS> 24884
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 82561
<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-NAV-END> 1.00
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<FN>
<F1>PLATINUM CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE US TREASURY MMF-PLANHEAD CLASS
<SERIES>
<NUMBER> 073
<NAME> AMERICAN AADVANTAGE US TREASURY MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> OCT-31-1996
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<TOTAL-LIABILITIES> 436
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<PAID-IN-CAPITAL-COMMON> 79570
<SHARES-COMMON-STOCK> 1822<F1>
<SHARES-COMMON-PRIOR> 530
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 79570
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 608
<NET-INVESTMENT-INCOME> 3852
<REALIZED-GAINS-CURRENT> 36
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3888
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4149
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<FN>
<F1>PLANAHEAD CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AMERICAN
AADVANTAGE FUNDS STATEMENTS OF OPERATION, STATEMENTS OF ASSETS AND LIABILITIES,
FINANCIAL HIGHLIGHTS AND CHANGES IN NET ASSETS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH ANNUAL REPORT DATED OCTOBER 31, 1996.
</LEGEND>
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE US TSY MNY MKT FD-INSTITUTIONAL CLASS
<SERIES>
<NUMBER> 071
<NAME> AMERICAN AADVANTAGE US TREASURY MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> OCT-31-1996
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<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 80006
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<TOTAL-LIABILITIES> 436
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79570
<SHARES-COMMON-STOCK> 25595<F1>
<SHARES-COMMON-PRIOR> 47184
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 79570
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4460
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<EXPENSES-NET> 608
<NET-INVESTMENT-INCOME> 3852
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3888
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1633
<DISTRIBUTIONS-OF-GAINS> 15
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51499
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<FN>
<F1>INSTITUTIONAL CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
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<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE INTL EQUITY FD-PLANAHEAD CLASS
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<NAME> AMERICAN AADVANTAGE INTERNATIONAL EQUITY FUND
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<FN>
<F1>PLANAHEAD CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
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<TABLE> <S> <C>
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<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE INTL EQUITY FUND-AMR CLASS
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<NAME> AMERICAN AADVANTAGE INTERNATIONAL EQUITY FUND
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<FN>
<F1>AMR CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AMERICAN
AADVANTAGE FUNDS STATEMENTS OF OPERATION, STATEMENTS OF ASSETS AND LIABILITIES,
FINANCIAL HIGHLIGHTS AND CHANGES IN NET ASSETS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH SEMIANNUAL REPORT DATED OCTOBER 31, 1996.
</LEGEND>
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE INTERNTL EQTY FD-INSTITUTIONAL CLASS
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<NAME> AMERICAN AADVANTAGE INTERNATIONAL EQUITY FUND
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<F1>INSTITUTIONAL CLASS-ALL PER SHARE AMOUNTS ARE BY CLASS
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<TABLE> <S> <C>
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<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE MUNICIPAL MNY MKT FD-PLANAHEAD CLASS
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<NAME> AMERICAN AADVANTAGE MUNICIPAL MONEY MARKET MILEAGE FUND
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<F1>PLANAHEAD CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AMERICAN
AADVANTAGE FUNDS STATEMENTS OF OPERATION, STATEMENTS OF ASSETS AND LIABILITIES,
FINANCIAL HIGHLIGHTS AND CHANGES IN NET ASSETS AND IS QUALIFIED IN ITS ENTIRETY
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<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE MUNIC MNY MKT FD-INSTITUTIONAL CLASS
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<NAME> AMERICAN AADVANTAGE MUNICIPAL MONEY MARKET FUND
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<FN>
<F1>INSTITUTIONAL CLASS - PER SHARE AMOUNTS ARE BY CLASS
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE MUNI MNY MKT FD-PLATINUM CLASS
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<NUMBER> 084
<NAME> AMERICAN AADVANTAGE MUNICIPAL MONEY MARKET FUND
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<F1>PLATINUM CLASS - PER SHARE AMOUNTS ARE BY CLASS
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000809593
<NAME> AMER AADVANT GROWTH AND INCOME FD PLANAHEAD CLASS
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<NAME> AMERICAN AADVANTAGE GROWTH AND INCOME FUND PLANAHEAD CLASS
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<F1>PLANAHEAD CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AMERICAN
AADVANTAGE FUNDS STATEMENTS OF OPERATION, STATEMENTS OF ASSETS AND LIABILITIES,
FINANCIAL HIGHLIGHTS AND CHANGES IN NET ASSETS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH ANNUAL REPORT DATED OCTOBER 31, 1996.
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<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE GROWTH AND INCOME FD INSTITUTIONAL CLASS
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<FN>
<F1>INSTITUTIONAL CLASS - PER SHARE AMOUNTS ARE BY CLASS
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</TABLE>
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<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE GROWTH & INCOME FD - AMR CLASS
<SERIES>
<NUMBER> 013
<NAME> AMERICAN AADVANTAGE GROWTH AND INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1105921
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<TOTAL-ASSETS> 1105923
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<OTHER-ITEMS-LIABILITIES> 138
<TOTAL-LIABILITIES> 138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 774199
<SHARES-COMMON-STOCK> 54324<F1>
<SHARES-COMMON-PRIOR> 44325
<ACCUMULATED-NII-CURRENT> 21170
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 77394
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 233022
<NET-ASSETS> 1105785
<DIVIDEND-INCOME> 27898
<INTEREST-INCOME> 2565
<OTHER-INCOME> 60
<EXPENSES-NET> 3723
<NET-INVESTMENT-INCOME> 26800
<REALIZED-GAINS-CURRENT> 77475
<APPREC-INCREASE-CURRENT> 93955
<NET-CHANGE-FROM-OPS> 198230
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 25694
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<NUMBER-OF-SHARES-SOLD> 9838
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<SHARES-REINVESTED> 2834
<NET-CHANGE-IN-ASSETS> 320271
<ACCUMULATED-NII-PRIOR> 16460
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 357
<AVERAGE-NET-ASSETS> 964762
<PER-SHARE-NAV-BEGIN> 15.95
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<PER-SHARE-DIVIDEND> .44
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>AMR CLASS - PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AMERICAN
AADVANTAGE FUNDS STATEMENTS OF OPERATION, STATEMENTS OF ASSETS AND LIABLILITIES,
FINANCIAL HIGHLIGHTS AND CHANGES IN NET ASSETS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH ANNUAL REPORT DATED OCTOBER 31, 1996.
</LEGEND>
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE BALANCED FD - INSTITUTIONAL CLASS
<SERIES>
<NUMBER> 021
<NAME> AMERICAN AADVANTAGE BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 892993
<RECEIVABLES> 0
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 892993
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 311
<TOTAL-LIABILITIES> 311
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 659891
<SHARES-COMMON-STOCK> 19683<F1>
<SHARES-COMMON-PRIOR> 17916
<ACCUMULATED-NII-CURRENT> 28578
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 68021
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 136192
<NET-ASSETS> 892682
<DIVIDEND-INCOME> 15563
<INTEREST-INCOME> 24130
<OTHER-INCOME> 89
<EXPENSES-NET> 3938
<NET-INVESTMENT-INCOME> 36684
<REALIZED-GAINS-CURRENT> 67577
<APPREC-INCREASE-CURRENT> 27642
<NET-CHANGE-FROM-OPS> 131063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10135
<DISTRIBUTIONS-OF-GAINS> 7867
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3818
<NUMBER-OF-SHARES-REDEEMED> 3337
<SHARES-REINVESTED> 1286
<NET-CHANGE-IN-ASSETS> 93669
<ACCUMULATED-NII-PRIOR> 26077
<ACCUMULATED-GAINS-PRIOR> 25312
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 840
<AVERAGE-NET-ASSETS> 853432
<PER-SHARE-NAV-BEGIN> 13.95
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<EXPENSE-RATIO> .62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INSTITUTIONAL CLASS - PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE BALANCE FD - PLANAHEAD CLASS
<SERIES>
<NUMBER> 022
<NAME> AMERICAN AADVANTAGE BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
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<INVESTMENTS-AT-VALUE> 892993
<RECEIVABLES> 0
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<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 311
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 659891
<SHARES-COMMON-STOCK> 1197<F1>
<SHARES-COMMON-PRIOR> 392
<ACCUMULATED-NII-CURRENT> 28578
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 68021
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 136192
<NET-ASSETS> 892682
<DIVIDEND-INCOME> 15563
<INTEREST-INCOME> 24130
<OTHER-INCOME> 89
<EXPENSES-NET> 3938
<NET-INVESTMENT-INCOME> 36684
<REALIZED-GAINS-CURRENT> 67577
<APPREC-INCREASE-CURRENT> 27642
<NET-CHANGE-FROM-OPS> 131063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 238
<DISTRIBUTIONS-OF-GAINS> 187
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 937
<NUMBER-OF-SHARES-REDEEMED> 149
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 93669
<ACCUMULATED-NII-PRIOR> 26077
<ACCUMULATED-GAINS-PRIOR> 25312
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 840
<AVERAGE-NET-ASSETS> 853432
<PER-SHARE-NAV-BEGIN> 13.90
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> 1.56
<PER-SHARE-DIVIDEND> .56
<PER-SHARE-DISTRIBUTIONS> .44
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.03
<EXPENSE-RATIO> .97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>PLANAHEAD CLASS - PER SHARE AMOUNTS ARE BY CLASS.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE BALANCED FUND-AMR CLASS
<SERIES>
<NUMBER> 023
<NAME> AMERICAN AADVANTAGE BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
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<GROSS-EXPENSE> 840
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<PER-SHARE-NAV-BEGIN> 13.96
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<PER-SHARE-NAV-END> 15.18
<EXPENSE-RATIO> .37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>AMR CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE LIMITED-TERM INCOME FUND - PLANAHEAD CLA
<SERIES>
<NUMBER> 042
<NAME> AMERICAN AADVANTAGE LIMITED TERM INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
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<INVESTMENTS-AT-VALUE> 172011
<RECEIVABLES> 2
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 172013
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159
<TOTAL-LIABILITIES> 159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 179503
<SHARES-COMMON-STOCK> 351<F1>
<SHARES-COMMON-PRIOR> 160
<ACCUMULATED-NII-CURRENT> 15
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<ACCUMULATED-NET-GAINS> (8196)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 532
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<INTEREST-INCOME> 12571
<OTHER-INCOME> 7
<EXPENSES-NET> 916
<NET-INVESTMENT-INCOME> 12021
<REALIZED-GAINS-CURRENT> (3194)
<APPREC-INCREASE-CURRENT> 469
<NET-CHANGE-FROM-OPS> 8937
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 155
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 401
<NUMBER-OF-SHARES-REDEEMED> 225
<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> 32192
<ACCUMULATED-NII-PRIOR> 53
<ACCUMULATED-GAINS-PRIOR> (5002)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 359
<AVERAGE-NET-ASSETS> 179328
<PER-SHARE-NAV-BEGIN> 9.82
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<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> .60
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>PLANAHEAD CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE LIMITED-TERM INCOME FUND - AMR CLASS
<SERIES>
<NUMBER> 043
<NAME> AMERICAN AADVANTAGE LIMITED-TERM INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-21-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 172011
<RECEIVABLES> 2
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 159
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 6154<F1>
<SHARES-COMMON-PRIOR> 6581
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<ACCUMULATED-NET-GAINS> (8196)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 532
<NET-ASSETS> 171854
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<EXPENSES-NET> 916
<NET-INVESTMENT-INCOME> 12021
<REALIZED-GAINS-CURRENT> (3194)
<APPREC-INCREASE-CURRENT> 469
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<EQUALIZATION> 0
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<ACCUMULATED-NII-PRIOR> 53
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<GROSS-EXPENSE> 359
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<PER-SHARE-NAV-BEGIN> 9.81
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>PLANAHEAD CLASS-ALL PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AMERICAN
AADVANTAGE FUNDS STATEMENTS OF OPERATION, STATEMENTS OF ASSETS AND LIABILITIES,
FINANCIAL HIGHLIGHTS AND CHANGES IN NET ASSETS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH ANNUAL REPORT DATED OCT 31 1996.
</LEGEND>
<CIK> 0000809593
<NAME> AMER AADVANTAGE LTD-TERM INCOME FD-INSTITUTIONAL CLASS
<SERIES>
<NUMBER> 041
<NAME> AMERICAN AADVANTAGE LIMITED-TERM INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
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<INVESTMENTS-AT-VALUE> 172011
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<TOTAL-ASSETS> 172013
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<SHARES-COMMON-PRIOR> 13983<F1>
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<EXPENSES-NET> 916
<NET-INVESTMENT-INCOME> 12021
<REALIZED-GAINS-CURRENT> (3194)
<APPREC-INCREASE-CURRENT> 469
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INSTITUTIONAL CLASS- ALL PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE MNY MKT FD-PLANAHEAD CLASS
<SERIES>
<NUMBER> 032
<NAME> AMERICAN AADVANTAGE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1633810
<SHARES-COMMON-STOCK> 106890<F1>
<SHARES-COMMON-PRIOR> 41989
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<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>PLANAHEAD CLASS - PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE MNY MKT FUND-PLATINUM CLASS
<SERIES>
<NUMBER> 034
<NAME> AMERICAN AADVANTAGE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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<EXPENSES-NET> 4338
<NET-INVESTMENT-INCOME> 79370
<REALIZED-GAINS-CURRENT> 69
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 79439
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3547
<DISTRIBUTIONS-OF-GAINS> 4
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 178563
<NUMBER-OF-SHARES-REDEEMED> 61668
<SHARES-REINVESTED> 3086
<NET-CHANGE-IN-ASSETS> 285495
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1751
<AVERAGE-NET-ASSETS> 1490571
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>PLATINUM CLASS - ALL PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AMERICAN
AADVANTAGE FUNDS STATEMENTS OF OPERATION, STATEMENTS OF ASSETS AND LIABILITIES,
FINANCIAL HIGHLIGHTS AND CHANGES IN NET ASSETS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH ANNUAL REPORT DATED OCTOBER 31, 1996.
</LEGEND>
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE MONEY MKT FD-INSTITUTIONAL CLASS
<SERIES>
<NUMBER> 031
<NAME> AMERICAN AADVANTAGE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1642180
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1642180
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8370
<TOTAL-LIABILITIES> 8370
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1633810
<SHARES-COMMON-STOCK> 1406938<F1>
<SHARES-COMMON-PRIOR> 1206041
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1633810
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 83708
<OTHER-INCOME> 0
<EXPENSES-NET> 4338
<NET-INVESTMENT-INCOME> 79370
<REALIZED-GAINS-CURRENT> 69
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 79439
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 72480
<DISTRIBUTIONS-OF-GAINS> 62
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12617528
<NUMBER-OF-SHARES-REDEEMED> 12462640
<SHARES-REINVESTED> 46010
<NET-CHANGE-IN-ASSETS> 285495
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1751
<AVERAGE-NET-ASSETS> 1490571
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INSTITUTIONAL CLASS - PER SHARE AMOUNTS ARE BY CLASS
</FN>
</TABLE>
