<PAGE> PAGE 1
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000 C000000 0000811869
000 D000000 N
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000 J000000 A
001 A000000 THE AAL MUTUAL FUNDS
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002 A000000 222 WEST COLLEGE AVENUE
002 B000000 APPLETON
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002 D020000 0007
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004 000000 N
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006 000000 N
007 A000000 Y
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007 C010100 1
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 COUPON BOND SERIES 2001
007 C030500 N
007 C010600 6
007 C020600 THE AAL US GOV'T ZERO COUPON 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
011 C04AA01 0007
012 A00AA01 FIRSTAR TRUST COMPANY
012 B00AA01 84-00410
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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020 A000001 INSTINET
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020 A000006 SMITH BARNEY INC.
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020 A000007 MORGAN STANLEY & CO., INC.
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020 A000008 RAUSCHER, PIERCE, REFSNES, INC.
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<PAGE> PAGE 3
021 000000 1698
022 A000001 MERRILL LYNCH CAPITAL MARKETS
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022 C000003 88881
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022 A000007 DONALDSON, LUFKIN & JENRETTE INC.
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022 C000008 81092
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022 A000009 GE CAPITAL CORPORATION
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<PAGE> PAGE 4
026 G020000 N
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<PAGE> PAGE 5
081 B00AA00 0
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008 D010101 APPLETON
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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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<PAGE> PAGE 9
072EE000100 35100
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008 A000201 AAL CAPITAL MANAGEMENT CORPORATION
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008 D010201 APPLETON
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015 A000201 FIRSTAR TRUST COMPANY
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<PAGE> PAGE 10
015 E010201 X
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<PAGE> PAGE 11
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<PAGE> PAGE 12
063 A000200 0
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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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
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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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008 C000501 801-29618
008 D010501 APPLETON
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015 A000501 FIRSTAR TRUST COMPANY
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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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100 East Wisconsin Avenue Telephone 414 276 9500
Suite 1500
Milwaukee, WI 53202
Price Waterhouse LLP
[LOGO]
To the Trustees of The AAL Mutual Funds
In planning and performing our audits of the financial statements of The AAL
International Fund, The AAL Smaller Company Stock Fund, The AAL Capital Growth
Fund, The AAL Utilities Fund, The AAL Bond Fund, The AAL Municipal Bond Fund,
The AAL Money Market Fund, The AAL U.S. Government Zero Coupon Target Fund,
Series 2001 and The AAL U.S. Government Zero Coupon Target Fund, Series 2006,
the portfolios of The AAL Mutual Funds (the "Fund") for the period ended April
30, 1996, we considered the Fund's internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form NSAR, and not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgements by management are required to assess the expected benefits and
related cost of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use of disposition recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific errors or irregularities in amounts that would be
material in relation to the financial statements 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 the
internal control structure, including procedures for safeguarding securities,
that we consider to be material weaknesses as defined above as of April 30,
1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
May 24, 1996
