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[AQUINAS]
1-877-AQUINAS
PROSPECTUS
March 1, 1999
American AAdvantage Money Market Fund(SM)-PlanAhead Class(R)
TABLE OF CONTENTS
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PAGE
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ABOUT THE FUND
OVERVIEW.................................................. 1
MONEY MARKET FUND......................................... 2
THE MANAGER............................................... 4
VALUATION OF SHARES....................................... 5
ABOUT YOUR INVESTMENT
PURCHASE AND REDEMPTION OF SHARES......................... 5
DISTRIBUTIONS AND TAXES................................... 10
ADDITIONAL INFORMATION
DISTRIBUTION OF FUND SHARES............................... 10
MASTER-FEEDER STRUCTURE................................... 11
YEAR 2000................................................. 11
FINANCIAL HIGHLIGHTS...................................... 12
ADDITIONAL INFORMATION................................BACK COVER
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ABOUT THE FUND
OVERVIEW
The American AAdvantage Money Market Fund (the "Fund") is managed by AMR
Investment Services, Inc. (the "Manager"), a wholly owned subsidiary of AMR
Corporation.
The Fund operates under a master-feeder structure. This means that the
Fund seeks its investment objective by investing all of its investable assets in
the corresponding Portfolio of the AMR Investment Services Trust ("AMR Trust")
that has a similar name and identical investment objective. Throughout this
Prospectus, statements regarding investments by the Fund refer to investments
made by its corresponding Portfolio. For easier reading, the term "Fund" is used
throughout the Prospectus to refer to either the Fund or its Portfolio, unless
stated otherwise. See "Master-Feeder Structure."
THE SECURITIES AND EXCHANGE COMMISSION DOES NOT GUARANTEE THAT THE INFORMATION
IN THIS PROSPECTUS OR ANY OTHER MUTUAL FUND'S PROSPECTUS IS ACCURATE OR
COMPLETE, NOR DOES IT JUDGE THE INVESTMENT MERIT OF THIS FUND. TO STATE
OTHERWISE IS A CRIMINAL OFFENSE.
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AMERICAN AADVANTAGE MONEY MARKET FUND
INVESTMENT OBJECTIVE
Current income, liquidity and the maintenance of a stable price of $1.00
per share.
PRINCIPAL STRATEGIES
The Fund invests exclusively in high quality variable or fixed rate,
U.S. dollar-denominated short-term money market instruments. These securities
may include obligations of the U.S. Government, its agencies and
instrumentalities; corporate debt securities, such as commercial paper, master
demand notes, loan participation interests, medium-term notes and funding
agreements; Yankeedollar and Eurodollar bank certificates of deposit, time
deposits, and bankers' acceptances; asset-backed securities; and repurchase
agreements involving the foregoing obligations.
The Fund will only buy securities with the following credit qualities:
- rated in the highest short-term categories by two rating
organizations, such as "A-1" by Standard & Poor's Corporation and
"P-1" by Moody's Investors Service, Inc.,
- rated in the highest short-term category by one rating organization if
the securities are rated only by one rating organization, or
- unrated securities that are determined to be of equivalent quality by
the Manager.
The Fund invests more than 25% of its total assets in obligations issued
by the banking industry. However, for temporary defensive purposes when the
Manager believes that maintaining this concentration may be inconsistent with
the best interests of shareholders, the Fund may not maintain this
concentration.
Securities purchased by the Fund generally have remaining maturities of
397 days or less, although instruments subject to repurchase agreements and
certain variable and floating rate obligations may bear longer final maturities.
The average dollar-weighted maturity of the Fund will not exceed 90 days.
RISK FACTORS
- The yield paid by the Fund is subject to changes in interest rates. As
a result, there is risk that a decline in short-term interest rates
would lower its yield and the overall return on your investment.
- Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the
Fund.
- As with any money market fund, there is the risk that the issuers or
guarantors of securities owned by the Fund will default on the payment
of principal or interest or the obligation to repurchase securities
from the Fund.
Your investment in the Fund is not insured or guaranteed by the U.S. Government
or any financial or government institution.
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INVESTOR PROFILE
This Fund may be suitable for investors who:
- seek the preservation of capital and to avoid fluctuations in
principal
- desire regular, monthly income from a highly liquid investment
- require a short-term vehicle for cash when making long-term investment
decisions
- seek a rate of return that is potentially higher than certificates of
deposit or savings accounts
HISTORICAL PERFORMANCE
The bar chart below provides an indication of risk by showing how the
Fund's performance has varied from year to year. The PlanAhead Class of the Fund
began offering its shares on August 1, 1994. However, another class of shares of
the Fund not offered in this prospectus began offering its shares on September
1, 1987. In the chart and table below, performance results before August 1, 1994
are for the older class. Because the other class had lower expenses, its
performance was better than the PlanAhead Class of the Fund would have realized
in the same period. Past performance is not necessarily indicative of how the
Fund will perform in the future. Investors may call (800) 423-6369 to obtain the
Fund's current seven-day yield. Investors may call (800) 423-6369 to obtain the
Fund's current seven-day yield.
TOTAL RETURN FOR THE CALENDAR YEAR ENDED 12/31 OF EACH YEAR
[GRAPH]
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1989 ............................................ 9.47%
1990 ............................................ 8.40%
1991 ............................................ 6.77%
1992 ............................................ 4.02%
1993 ............................................ 3.28%
1994 ............................................ 4.02%
1995 ............................................ 5.70%
1996 ............................................ 5.15%
1997 ............................................ 5.32%
1998 ............................................ 5.24%
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Highest Quarterly Return: 2.45%
(1/1/89 through 12/31/98) (2nd Quarter 1989)
Lowest Quarterly Return: 0.80%
(1/1/89 through 12/31/98) (2nd & 4th Quarter 1993,
1st Quarter 1994)
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MONEY
MARKET
AVERAGE ANNUAL TOTAL RETURN FUND
(as of 12/31/98) ------
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1 Year...................................................... 5.24%
5 Years..................................................... 5.08%
10 Years.................................................... 5.72%
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FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy
and hold shares of the Money Market Fund.(1)
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Annual Fund Operating Expenses (expenses that are deducted
from Fund assets)
Management Fees............................................. 0.10%
Distribution (12b-1) Fees................................... 0.00
Other Expenses.............................................. 0.43
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Total Annual Fund Operating Expenses........................ 0.53%
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(1) The expense table and the Example below reflect the expenses of both the
Fund and its corresponding Portfolio.
EXAMPLE
This Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 in the Fund for the time periods indicated and then
redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. Although your actual costs may be higher or lower,
based on these assumptions your costs would be:
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1 Year...................................................... $ 54
3 Years..................................................... $170
5 Years..................................................... $296
10 Years.................................................... $665
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THE MANAGER
The Fund has retained AMR Investment Services, Inc. to serve as its
Manager. The Manager, located at 4333 Amon Carter Boulevard, Fort Worth, Texas
76155, is a wholly owned subsidiary of AMR Corporation, the parent company of
American Airlines, Inc. The Manager was organized in 1986 to provide investment
management, advisory, administrative and asset management consulting services.
As of December 31, 1998, the Manager had approximately $20.4 billion of assets
under management, including approximately $7.2 billion under active management
and $13.2 billion as named fiduciary or financial adviser. Of the total,
approximately $14.5 billion of assets are related to AMR Corporation.
The Manager provides or oversees the provision of all administrative,
investment advisory and portfolio management services to the Fund. The Manager
develops the investment programs for the Fund and serves as the sole investment
adviser to the Fund. As compensation for providing management services, the Fund
pays the Manager an annualized advisory fee that is calculated and accrued
daily, equal to 0.10% of the net assets of the Fund.
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VALUATION OF SHARES
The price of the Fund's shares is based on its net asset value ("NAV")
per share. The Fund's NAV is computed by adding total assets, subtracting all of
the Fund's liabilities, and dividing the result by the total number of shares
outstanding. Securities held by the Fund are valued in accordance with the
amortized cost method, which is designed to enable the Fund to maintain a stable
NAV of $1.00 per share. Debt securities (other than short-term securities)
usually are valued on the basis of prices provided by a pricing service. In some
cases, the price of debt securities is determined using quotes obtained from
brokers.
The NAV of PlanAhead Class shares will be determined based on a pro rata
allocation of the Portfolio's investment income, expenses and total capital
gains and losses. The Fund's NAV per share is determined as of the close of the
New York Stock Exchange ("Exchange"), generally 4:00 p.m. Eastern Time, on each
day on which it is open for business. In addition, the Fund is not open and no
NAV is calculated on Columbus Day and Veteran's Day.
ABOUT YOUR INVESTMENT
PURCHASE AND REDEMPTION OF SHARES
ELIGIBILITY
PlanAhead Class shares are offered to all investors, including smaller
institutional investors, investors using intermediary organizations such as
discount brokers or plan sponsors, individual retirement accounts and self-
employed individual retirement plans.
PURCHASE POLICIES
No sales charges are assessed on the purchase or sale of Fund shares.
Shares of the Fund are offered and purchase orders accepted until 4:00 p.m.
Eastern Time (or if earlier, the close of the Exchange) on each day on which the
Exchange is open for trading. In addition, shares of the Fund are not offered
and orders are not accepted on Columbus Day and Veteran's Day. If a purchase
order is received in good order prior to the Fund's deadline, the purchase price
will be the NAV per share next determined on that day. If a purchase order is
received in good order after the deadline, the purchase price will be the NAV of
the following day that the Fund is open for business. Checks to purchase shares
are accepted subject to collection at full face value in U.S. funds and must be
drawn in U.S. dollars on a U.S. bank. The Fund will not accept "starter" checks
or third party checks.
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OPENING AN ACCOUNT
A completed, signed application is required to open an account. You may
request an application form by calling 1-877-AQUINAS (877-278-4627).
Complete the application, sign it and:
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MAIL TO: EXPRESS MAIL TO:
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DST Systems, Inc DST Systems, Inc.
P.O. Box 419533 330 West 9th Street
Kansas City, MO 64141-6533 Poindexter Bldg.
Kansas City, MO 64105
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HOW TO PURCHASE SHARES
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TO MAKE AN INITIAL PURCHASE TO ADD TO AN EXISTING ACCOUNT
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By Check
- - Make check payable to DST Systems, Inc. - Make check payable to DST Systems, Inc.
- - Include the Fund name on the check. - Include the shareholder's account number
- - Mail check ($500 minimum) and completed and Fund name on the check.
application to: - Mail check ($250 minimum, $50 for IRAs, $10
for 403(b)s) and additional investment form
DST Systems, Inc. to:
P.O. Box 419533
Kansas City, MO 64141-6533 DST Systems, Inc.
P.O. Box 419533
Kansas City, MO 64141-6533
By Wire
Call (800) 423-6369 to purchase shares by Call (800) 423-6369 to purchase shares by
wire. Send a bank wire ($500 minimum) to UMB wire. Send a bank wire ($250 minimum, $50 for
Bank, NA with these instructions: IRAs, $10 for 403(b)s) to UMB Bank, NA with
- - ABA# 1010-0069-5 these instructions:
- - Attn: American AAdvantage Money Market - ABA# 1010-0069-5
Fund-PlanAhead Class - Attn: American AAdvantage Money Market
- - Investor's name, account registration, Fund- PlanAhead Class
account number, and social security or tax - shareholder's name, account registration,
ID number account number, and social security or tax ID
number
By Pre-Authorized Automatic Investment
- - Fill in required information on the account - Funds will be transferred automatically
application, including amount ($50 from your bank account via Automated Clearing
minimum). House ("ACH") on the 16th day of each
- - Attach a voided check to the account month.
application.
By Exchange
You may buy shares of the Fund by exchanging shares from an Aquinas Fund if you have owned
shares of the other fund for at least 15 days and if the other fund has the same registration.
Send a written request to the address above or call (800) 423-6369.
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REDEMPTION POLICIES
Shares of the Fund may be redeemed by telephone, by pre-authorized
automatic redemption or by mail on any day the Fund is open for business. The
redemption price will be the NAV next determined after a redemption order is
received in good order. For assistance with completing a redemption request,
please call (800) 423-6369.
Proceeds from a redemption order for the Fund will be transmitted to a
shareholder by no later than seven days after the receipt of a redemption
request in good order. Delivery of proceeds from shares purchased by check or
pre-authorized automatic investment may be delayed until the funds have cleared,
which may take up to 15 days.
The Fund reserves the right to suspend redemptions or postpone the date
of payment (i) when the Exchange is closed (other than for customary weekend and
holiday closings); (ii) when trading on the Exchange is restricted; (iii) when
the SEC determines that an emergency exists so that disposal of the Fund's
investments or determination of its NAV is not reasonably practicable; or (iv)
by order of the SEC for protection of the Fund's shareholders.
Although the Fund intends to redeem shares in cash, the Fund reserves
the right to pay the redemption price in whole or in part by a distribution of
readily marketable securities held by the Fund's corresponding Portfolio. Unpaid
dividends credited to an account up to the date of redemption of all shares of
the Fund generally will be paid at the time of redemption.
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HOW TO REDEEM SHARES
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METHOD ADDITIONAL INSTRUCTIONS
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By Telephone
- Telephone redemption orders are limited to
If you did not decline telephone privileges $25,000 within any 30 day period.
on your application, call (800) 423-6369 - Proceeds will be mailed only to the account
with: address of record or transmitted by wire to
- - account name and number a commercial bank designated on the account
- - shares or dollar amount to be redeemed application form.
($1,000 minimum)
By Mail
A signature guarantee may be required for
Write a letter of instruction including redemption orders:
- - the Fund name and shareholder account - in amounts of $25,000 or more,
number - with a request to send the proceeds to a
- - shares or dollar amount to be redeemed person other than the registered shareholder
- - authorized signature(s) of all persons or to an address other than the address or
required to sign for the account commercial bank account designated on the
Mail to: account application, or
- where the address of record or account
DST Systems, Inc. designated to receive redemption requests has
P.O. Box 419533 changed within the last 30 days.
Kansas City, MO 64141-6533 Call (800) 423-6369 for instructions and
further assistance.
By Check
- Minimum check amount is $100.
Choose the check writing feature on the - A $2 service fee per check is charged for
account application. check copies.
By Pre-Authorized Automatic Redemption
Proceeds will be transferred automatically
Fill in required information on the account from your Fund account to your bank account
application, including amount ($250 minimum). via ACH at monthly, quarterly, or annual
Account must have initial balance of at least intervals as indicated on your application.
$10,000.
By Exchange
Send a written request to the address above - You may sell shares of a Fund in exchange
or call (800) 423-6369 to exchange shares. for shares of an Aquinas Fund if you have
owned shares of the Fund for at least 15
days.
- The minimum amount for each exchange is
$50.
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RETIREMENT ACCOUNTS
The Fund offers the following retirement plans that may be funded with
purchases of the Fund's shares and may allow investors to shelter some of their
income from taxes:
INDIVIDUAL RETIREMENT ACCOUNT ("IRA"). Individuals who receive
compensation or earned income, even if they are active participants in a
qualified retirement plan (or certain similar retirement plans), may
establish their own tax-sheltered IRA. The Fund offers a prototype IRA plan
which may be adopted by individuals. DST currently charges an annual
maintenance fee of $12. Earnings on amounts held in an IRA are not taxed
until withdrawn. However, the amount of the deduction, if any, allowed for
IRA contributions is limited for individuals who are active participants in
an employer-maintained retirement plan and whose incomes exceed specific
limits.
MODEL 403(b)(7) PLAN. A model 403(b)(7) plan is available for
employees of certain charitable, educational and governmental entities.
MODEL 401(k) PLAN. A model 401(k) plan is available for employees
of corporations and other employers.
SAVINGS INCENTIVE MATCH PLANS FOR EMPLOYEES ("SIMPLES"). A model
SIMPLE plan is available for employees of corporations and other employers.
To receive a retirement account application, or if you have questions
about establishing a retirement account, call (800) 423-6369.
GENERAL POLICIES
If a shareholder's account balance in any Fund falls below $500, the
shareholder may be asked to increase the balance. If the account balance remains
below $500 after 60 days, the Fund reserves the right to close the account and
send the proceeds to the shareholder.
The following policies apply to instructions you may provide to the Fund
by telephone:
- The Fund, its officers, trustees, directors, employees, or agents are
not responsible for the authenticity of instructions provided by
telephone, nor for any loss, liability, cost or expense incurred for
acting on them.
- The Fund employs procedures reasonably designed to confirm that
instructions communicated by telephone are genuine.
- Due to the volume of calls or other unusual circumstances, telephone
redemptions may be difficult to implement during certain time periods.
The Fund reserves the right to:
- reject any order for the purchase of shares and to limit or suspend,
without prior notice, the offering of shares,
- modify or terminate the exchange privilege at any time,
- limit the number of exchanges between Funds an investor may exercise,
and
- seek reimbursement from you for any related loss incurred if your
payment for the purchase of Fund shares by check does not clear your
bank.
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Third parties, such as banks, brokers and 401(k) plan providers who
offer Fund shares, may charge transaction fees and may set different minimum
investments or limitations on buying or selling shares.
DISTRIBUTIONS AND TAXES
The Fund distributes most or all of its net earnings in the form of
dividends from net investment income and distributions of realized net capital
gains that are paid to shareholders monthly on the first business day following
month-end. Unless the account application instructs otherwise, distributions
will be reinvested in additional Fund shares. Usually, dividends and
distributions of net realized gains are taxable events.
This is only a summary of some of the important income tax
considerations that may affect Fund shareholders. Shareholders should consult
their tax adviser regarding specific questions as to the effect of federal,
state or local income taxes on an investment in the Fund.
ADDITIONAL INFORMATION
DISTRIBUTION OF FUND SHARES
The Fund does not incur any direct distribution expenses related to
PlanAhead Class shares. However, the Fund has adopted a Distribution Plan in
accordance with Rule 12b-1 under the Investment Company Act of 1940 which
authorizes the use of any fees received by the Manager in accordance with the
Administrative Services and Management Agreements, and any fees received by the
investment advisers pursuant to their Advisory Agreements with the Manager, to
be used for the sale and distribution of Fund shares.
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MASTER-FEEDER STRUCTURE
The Fund operates under a master-feeder structure. This means that the
Fund is a "feeder" fund that invests all of its investable assets in a "master"
fund with the same investment objective. The "master" fund purchases securities
for investment. The master-feeder structure works as follows:
[MASTER-FEEDER STRUCTURE GRAPH]
(graphic follows)
The Fund can withdraw its investment in its corresponding Portfolio at
any time if the Board determines that it is in the best interest of the Fund and
its shareholders to do so. If this happens, the Fund's assets will be invested
according to the investment policies and restrictions described in this
Prospectus.
YEAR 2000
The Fund could be affected adversely if the computer systems used by the
Manager, the Fund's other service providers, or companies in which the Fund
invests do not properly process and calculate information that relates to dates
beginning on January 1, 2000 and beyond. Due to the Fund's reliance on various
service providers to perform essential functions, the Fund could have difficulty
calculating its NAV, processing orders for share redemptions and delivering
account statements and other information to shareholders. The Manager has taken
steps that it believes are reasonably designed to address the potential failure
of computer systems used by the Manager and the Fund's service providers to
address the Year 2000 issue. There can be no assurance that the steps taken by
the Manager will be sufficient to avoid any adverse impact.
In evaluating current and potential portfolio positions, Year 2000 is
one of the factors that the Manager takes into consideration. The Manager will
rely upon public filings and other statements made by companies regarding their
Year 2000 readiness. Issuers in countries outside of the U.S. may not be
required to make the level of disclosure regarding Year 2000 readiness that is
required in the U.S. If the value of the Fund's investment is adversely affected
by a Year 2000 problem, the NAV of the Fund may be affected as well.
(graphic follows)
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FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the
Fund's financial performance for the past five years (or, if shorter, the period
of the Fund's operations). Certain information reflects financial results for a
single Fund share. The total returns in the table represent the rate that an
investor would have earned on an investment in the Fund (assuming reinvestment
of all dividends and distributions). The Fund's highlights were audited by Ernst
& Young LLP, independent auditors. More financial information about the Fund is
found in its Annual Report, which you may obtain upon request.
(For a share outstanding throughout the period)
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MONEY MARKET FUND-PLANAHEAD CLASS
------------------------------------------------------------
YEAR ENDED OCTOBER 31, AUGUST 1 TO
---------------------------------------------- OCTOBER 31,
1998 1997 1996 1995 1994(A)
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Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
-------- -------- -------- ------- -----
Net investment income 0.05(B) 0.05(B) 0.05(B) 0.05 0.01
Less dividends from net investment
income (0.05) (0.05) (0.05) (0.05) (0.01)
-------- -------- -------- ------- -----
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
======== ======== ======== ======= =====
Total return (annualized) 5.31% 5.28% 5.21% 5.60% 3.73%(C)
======== ======== ======== ======= =====
Ratios and supplemental data:
Net assets, end of period (in
thousands) $288,759 $189,189 $106,890 $41,989 $ 25
Ratios to average net assets
(annualized) Expenses 0.53%(B) 0.54%(B) 0.58%(B) 0.55% 0.70%
Net investment income 5.18%(B) 5.17%(B) 5.06%(B) 5.56% 4.42%
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A The Money Market Fund-PlanAhead Class commenced active operations on August 1,
1994.
B The per share amounts and ratios reflect income and expenses assuming
inclusion of the Fund's proportionate share of the income and expenses of its
corresponding Portfolio.
C The total return reflects the Institutional Class return from November 1, 1993
through July 31, 1994 and the PlanAhead Class return for the remainder of the
period. Due to the different expense structures between the classes, the total
return would vary from the result shown had the PlanAhead Class been in
operation for the entire year.
American Airlines is not responsible for investments made in the American
AAdvantage Funds. American AAdvantage Funds is a registered service mark of AMR
Corporation. PlanAhead Class is a registered service mark, and American
AAdvantage Money Market Fund is a service mark of AMR Investment Services, Inc.
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ADDITIONAL INFORMATION
Additional information about the Fund is found in the documents listed below.
Request a free copy of these documents by calling 1-877-278-4627 (toll free).
ANNUAL REPORT/SEMI-ANNUAL REPORT
The Fund's Annual and Semi-Annual Reports list the Fund's actual investments as
of the report's date. They also include a discussion by the Manager of market
conditions and investment strategies that significantly affected the Fund's
performance. The report of the Fund's independent auditors is included in the
Annual Report.
STATEMENT OF ADDITIONAL INFORMATION
The SAI contains more details about the Fund and its investment policies. The
SAI is incorporated in this Prospectus by reference (it is legally part of this
Prospectus). A current SAI is on file with the Securities and Exchange
Commission (SEC).
BY TELEPHONE:
Call 1-877-278-4627
BY MAIL:
5310 Harvest Hill Road
Suite 248
Dallas, Texas 75230
BY E-MAIL:
[email protected]
ON THE INTERNET:
Visit our website at www.aafunds.com
Visit the SEC website at www.sec.gov
Copies of these documents also may be obtained from the SEC Public Reference
Room in Washington, D.C. The Public Reference Room can be reached at (800)
732-0330 or by mailing a request, including a duplicating fee to: SEC's Public
Reference Section, 450 5th Street NW, Washington, D.C. 20549-6009.
SEC File Number 811-4984
[AQUINAS LOGO]
---------------------------------
PROSPECTUS
---------------------------------
[AMERICAN AADVANTAGE LOGO]
1-877-AQUINAS
1-877-278-4627
(TOLL FREE)
---------------------------------
March 1, 1999
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