<PAGE> PAGE 1
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<PAGE> PAGE 2
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008 A001001 BANKERS TRUST CO.
008 B001001 A
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<PAGE> PAGE 3
013 B011001 KANSAS CITY
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015 A001001 NATIONSBANK OF TEXAS,N.A.
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE JANICE SCHWARZ
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000809593
<NAME> AMERICAN AADVANTAGE S&P 500 INDEX FUND
<SERIES>
<NUMBER> 003
<NAME> AMERICAN AADVANTGE S&P 500 INDEX FUND
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
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<FN>
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</FN>
</TABLE>
Coopers & Lybrand L.L.P.
a professional services firm
Report of Independent Accountants
To the Board of Directors of American AAdvantage Funds
and the Shareholders of the American AAdvantage S&P 500
Index Fund:
In planning and performing our audit of the financial
statements and financial highlights of the American
AAdvantage S&P 500 Index Fund (one of the Funds comprising
American AAdvantage Funds) for the year ended December 31,
1997, we considered its internal control, including control
over safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and financial highlights
and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the American AAdvantage Funds 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 and financial
highlights 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 controls, errors
or fraud 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 conditions 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
fraud in amounts that would be material in relation to the
financial statements and financial highlights 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 internal
control, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above
as of December 3 1, 1997.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
/s/ Coopers and Lybrand L.L.P.
Kansas City, Missouri
February 13, 1998
