<PAGE> PAGE 1
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000 C000000 0000811869
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000 H000000 N
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000 J000000 A
001 A000000 THE AAL MUTUAL FUNDS
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007 C020100 THE AAL CAPITAL GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 THE AAL BOND FUND
007 C030200 N
007 C010300 3
007 C020300 THE AAL MUNICIPAL BOND FUND
007 C030300 N
007 C010400 4
007 C020400 THE AAL MONEY MARKET FUND
007 C030400 N
007 C010500 5
007 C020500 THE AAL US GOV'T ZERO CPN BOND SERIES 2001
007 C030500 N
007 C010600 6
007 C020600 THE AAL US GOV'T ZERO CPN BOND SERIES 2006
007 C030600 N
007 C010700 7
007 C020700 THE AAL SMALLER COMPANY STOCK FUND
007 C030700 N
007 C010800 8
007 C020800 THE AAL UTILITIES FUND
007 C030800 N
007 C010900 9
007 C020900 THE AAL INTERNATIONAL FUND
007 C030900 N
007 C011000 10
<PAGE> PAGE 2
011 A00AA01 AAL CAPITAL MANAGEMENT CORPORATION
011 B00AA01 8-36525
011 C01AA01 APPLETON
011 C02AA01 WI
011 C03AA01 54919
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012 A00AA01 FIRSTAR TRUST COMPANY
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012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53201
012 C04AA01 2981
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
014 A00AA01 AAL CAPITAL MANAGEMENT CORPORATION
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018 00AA00 Y
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020 A000001 RAUSCHER PIERCE
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020 A000004 INSTINET
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020 A000005 GOLDMAN SACHS & COMPANY
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020 A000006 LEHMAN BROTHERS DISTRIBUTOR, INC.
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020 A000007 MORGAN STANLEY & COMPANY, INC.
020 B000007 13-2655998
020 C000007 26
020 A000008 OPPENHEIMER & COMPANY
020 B000008 13-2798384
020 C000008 23
020 A000009 THE SEIDLER COMPANIES
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020 A000010 MCDONALD AND COMPANY SECURITIES, INC.
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<PAGE> PAGE 3
021 000000 626
022 A000001 FIRSTAR TRUST COMPANY
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022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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022 A000003 PRUDENTIAL SECURITIES
022 B000003 22-2347336
022 C000003 140828
022 D000003 33012
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022 C000004 94555
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022 A000005 FITZGERALD DAVIS & ASSOCIATES LP
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022 C000005 31752
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022 C000007 96815
022 D000007 0
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022 C000008 48155
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022 A000009 FIRST BOSTON CORPORATION
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022 C000009 62456
022 D000009 16065
022 A000010 LEHMAN BROTHERS DISTRIBUTOR, INC.
022 B000010 13-2518466
022 C000010 50630
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<PAGE> PAGE 4
025 D00AA08 0
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008 A000101 AAL CAPITAL MANAGEMENT CORPORATION
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<PAGE> PAGE 5
008 D030101 54919
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008 A000102 DUFF & PHELPS INVESTMENT MANAGEMENT COMPANY
008 B000102 S
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<PAGE> PAGE 6
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<PAGE> PAGE 7
055 A000100 N
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<PAGE> PAGE 8
070 F020100 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
008 D010201 APPLETON
008 D020201 WI
008 D030201 54919
008 D040201 0007
008 A000202 DUFF & PHELPS INVESTMENT MANAGEMENT COMPANY
008 B000202 S
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015 A000201 FIRSTAR TRUST COMPANY
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<PAGE> PAGE 11
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<PAGE> PAGE 12
052 000200 N
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
008 D030301 54919
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015 A000301 FIRSTAR TRUST COMPANY
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
008 A000402 DUFF & PHELPS INVESTMENT MANAGEMENT COMPANY
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015 A000401 FIRSTAR TRUST COMPANY
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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
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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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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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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008 A000901 AAL CAPITAL MANAGEMENT CORPORATION
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SIGNATURE TERRANCE GALLAGHER
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<TOTAL-LIABILITIES> 83711
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1263210
<SHARES-COMMON-STOCK> 125148
<SHARES-COMMON-PRIOR> 128098
<ACCUMULATED-NII-CURRENT> 16275
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11893
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 257318
<NET-ASSETS> 1548696
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 52773
<OTHER-INCOME> 0
<EXPENSES-NET> (7611)
<NET-INVESTMENT-INCOME> 45162
<REALIZED-GAINS-CURRENT> 9126
<APPREC-INCREASE-CURRENT> 174883
<NET-CHANGE-FROM-OPS> 229171
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (45162)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (2950)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 148535
<ACCUMULATED-NII-PRIOR> 16275
<ACCUMULATED-GAINS-PRIOR> 2767
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18451
<AVERAGE-NET-ASSETS> 1508206
<PER-SHARE-NAV-BEGIN> 10.93
<PER-SHARE-NII> .359
<PER-SHARE-GAIN-APPREC> 1.44
<PER-SHARE-DIVIDEND> (.359)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.37
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811869
<NAME> THE AAL MUTUAL FUNDS
<SERIES>
<NUMBER> 7
<NAME> THE AAL SMALLER COMPANY STOCK FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 217535863
<INVESTMENTS-AT-VALUE> 304697239
<RECEIVABLES> 155117
<ASSETS-OTHER> 370363
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 305222719
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 454694
<TOTAL-LIABILITIES> 454694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 221254772
<SHARES-COMMON-STOCK> 21286596
<SHARES-COMMON-PRIOR> 20224359
<ACCUMULATED-NII-CURRENT> (969409)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2678714)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 87161376
<NET-ASSETS> 304768025
<DIVIDEND-INCOME> 78515
<INTEREST-INCOME> 902349
<OTHER-INCOME> 0
<EXPENSES-NET> (1950273)
<NET-INVESTMENT-INCOME> (969409)
<REALIZED-GAINS-CURRENT> 18102745
<APPREC-INCREASE-CURRENT> 52828689
<NET-CHANGE-FROM-OPS> 69962025
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2433012
<NUMBER-OF-SHARES-REDEEMED> (1370775)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 83975956
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (20781459)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 997006
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1950273
<AVERAGE-NET-ASSETS> 262005181
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> (.046)
<PER-SHARE-GAIN-APPREC> 3.446
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.32
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811869
<NAME> THE AAL MUTUAL FUNDS
<SERIES>
<NUMBER> 8
<NAME> THE AAL UTILITIES FUNDS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 75779756
<INVESTMENTS-AT-VALUE> 85471876
<RECEIVABLES> 570706
<ASSETS-OTHER> 143784
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 86186366
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230822
<TOTAL-LIABILITIES> 230822
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77213690
<SHARES-COMMON-STOCK> 8010373
<SHARES-COMMON-PRIOR> 7480961
<ACCUMULATED-NII-CURRENT> 345926
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1296192)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9692120
<NET-ASSETS> 85955544
<DIVIDEND-INCOME> 1490890
<INTEREST-INCOME> 362633
<OTHER-INCOME> 0
<EXPENSES-NET> (495218)
<NET-INVESTMENT-INCOME> 1358305
<REALIZED-GAINS-CURRENT> (1227513)
<APPREC-INCREASE-CURRENT> 10862956
<NET-CHANGE-FROM-OPS> 10993748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1314758)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1015894
<NUMBER-OF-SHARES-REDEEMED> (659087)
<SHARES-REINVESTED> 121230
<NET-CHANGE-IN-ASSETS> 15094140
<ACCUMULATED-NII-PRIOR> 302378
<ACCUMULATED-GAINS-PRIOR> (68679)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 196134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 495218
<AVERAGE-NET-ASSETS> 77813842
<PER-SHARE-NAV-BEGIN> 9.47
<PER-SHARE-NII> .177
<PER-SHARE-GAIN-APPREC> 1.253
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811869
<NAME> THE AAL MUTUAL FUNDS
<SERIES>
<NUMBER> 9
<NAME> THE AAL INTERNATIONAL FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 14149253
<INVESTMENTS-AT-VALUE> 14062652
<RECEIVABLES> 1994955
<ASSETS-OTHER> 1901561
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17659168
<PAYABLE-FOR-SECURITIES> 2871562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 93020
<TOTAL-LIABILITIES> 2964582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14751878
<SHARES-COMMON-STOCK> 1475448
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 23504
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 329
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (81125)
<NET-ASSETS> 14694586
<DIVIDEND-INCOME> 15092
<INTEREST-INCOME> 52288
<OTHER-INCOME> 0
<EXPENSES-NET> (43876)
<NET-INVESTMENT-INCOME> 23504
<REALIZED-GAINS-CURRENT> 328
<APPREC-INCREASE-CURRENT> (86602)
<NET-CHANGE-FROM-OPS> (57292)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1484102
<NUMBER-OF-SHARES-REDEEMED> (8654)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14694586
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17551
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 88509
<AVERAGE-NET-ASSETS> 7039334
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.06)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 2.5
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
SUB-ITEM 77C
(a1) The Special Shareholders' Meeting of THE AAL MUTUAL FUNDS on April
28, 1995
(b1) n/a
(c1) RESOLVED, that the meeting and final vote on the proposal to approve
the new Sub-Advisory Agreement with PB Newco, Inc. (the acquiror of
Pilgrim Baxter & Associates, Ltd.) for The AAL Smaller Company Stock
Fund be adjourned until Friday, May 5, 1995 at this same location.
(a2) The Special Shareholders' Meeting of THE AAL MUTUAL FUNDS on May 5 ,
1995
(b2) n/a
(c3) RESOLVED: to approve the new Sub-Advisory Agreement between The AAL
Smaller Company Stock Fund and PB Newco, Inc. (the acquiror of Pilgrim
Baxter & Associates, Ltd.).
<TABLE>
<CAPTION>
# of shares % of
outstanding shares
----------- ------
<S> <C> <C> <C>
Proposal #1 For 9,374,377.386 91.845%
Proposal #1 Against 269,291.028 2.639%
Proposal #1 Abstain 563,049.888 5.516%
----------- -----
10,206,718.302 100%
</TABLE>
<PAGE>
(a3) The Special Shareholders' Meeting of THE AAL MUTUAL FUNDS on
September 28, 1995
(b3) The next item of business was the election of six Trustees. Mr. Same
explained that the Trustees are elected by a plurality of the votes
cast by the holders of shares of The AAL Mutual Funds, with all
Series voting together. Votes received are as follows:
<TABLE>
<CAPTION>
Shares Total Shares Percentage
Nominee voted for voted voted for
- ------- --------- ----- ---------
<S> <C> <C> <C>
F. Gregory Campbell 113,194,508.754 115,324,624.765 98.153%
Richard L. Gady 113,219,883.435 115,324,624.765 98.175%
Richard L. Gunderson 112,974,342.806 115,324,624.765 97.962
John H. Pender 113,235,125.335 115,324,624.765 98.188%
D.W. Russler 113,236,800.848 115,324,624.765 98.190%
Lawrence M. Woods 113,211,444.773 115,324,624.765 98.168%
</TABLE>
The Funds Secretary voted the shares received, noting that each person is duly
elected as Trustee of the Funds.
(c3) Second item: RESOLVED, that the new Sub-Advisory Agreement between The
AAL Mutual Funds, AAL Capital Management Corporation and Duff & Phelps
Investment Management Co. be approved for The AAL Municipal Bond Fund
and The AAL U.S. Government Zero Coupon Target Fund, Series 2001.
TOTAL NUMBER OF SHARES TO BE VOTED AT MEETING
The AAL Municipal Bond Fund
# of shares % of shares
voted voted
----- -----
For 17,608,901.320 49.192%
Against 203,620.076 .569%
Abstain 517,319.577 1.445%
Total Shares
Outstan 35,796,245.000 51.206%
<PAGE>
TOTAL NUMBER OF SHARES TO BE VOTED AT MEETING
The AAL U.S. Government Zero Coupon Target Fund, Series 2001
# of shares % of shares
voted voted
----- -----
For 75,213.637 45.443%
Against 9,657.494 5.835%
Abstain 1,094.450 .661%
Total Shares
Outstanding 165,512.000 51.939%
The third item of business was the ratification of the selection of Price
Waterhouse as independent accountants for the Funds for the fiscal year ending
April 30, 1996. The Funds Secretary explained that all Series of The AAL Mutual
Funds vote together on the ratification of the selection of Price Waterhouse
LLP. He noted that of 115,324,624.765 total voted shares, 111,363,282.980
shares, which is 96.965% have been cast for ratification of Price Waterhouse to
serve as independent accountants for the Funds for the fiscal year ending April
30, 1996.
(a4) The Special Shareholders' Meeting of THE AAL MUTUAL FUNDS on October
13, 1995
(b4) Same as above
(c4) RESOLVED: That the new Sub-Advisory Agreement between The AAL Mutual
Funds, AAL Capital Management Corporation and Duff & Phelps Investment
Management Co., for The AAL Bond and The AAL Utilities Funds, be
approved
TOTAL NUMBER OF SHARES TO BE VOTED AT MEETING
The AAL Bond Fund
# of shares % of shares
voted voted
----- -----
For 22,596,082.572 50.581%
Against 371,374.770 .831%
Abstain 830,724.291 1.860%
Total Shares
Outstanding 44,672,770.000 53.272%
<PAGE>
TOTAL NUMBER OF SHARES TO BE VOTED AT MEETING
The AAL Utilities Fund
# of shares % of shares
voted voted
----- -----
For 3,875,845.470 50.427%
Against 46,194.787 .601%
Abstain 91,074.456 1.185%
Total Shares
Outstanding 7,686,048.000 52.213%
(a5) The Special Shareholders' Meeting of THE AAL MUTUAL FUNDS on October
31, 1995
(b5) Same as above
(c5) RESOLVED: That the new Sub Advisory Agreement between and among The
AAL Mutual Funds, AAL Capital Management Corporation, Duff & Phelps
Investment Management Co. and The AAL Money Market Fund be
approved
TOTAL NUMBER OF SHARES TO BE VOTED AT MEETING
The AAL Money Market Fund
# of shares % of shares
voted voted
----- -----
For 39,407,980.510 48.778%
Against 548,044.990 .678%
Abstain 1,193,611.120 1.478%
Total Shares
Outstanding 80,773,151.000 50.944%
