<PAGE> PAGE 1
000 B000000 04/30/97
000 C000000 0000811869
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE AAL MUTUAL FUNDS
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001 C000000 4147345721
002 A000000 222 WEST COLLEGE AVENUE
002 B000000 APPLETON
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002 D010000 54919
002 D020000 0007
003 000000 N
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 MID CAP 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
007 C021000 THE AAL SMALL CAP STOCK FUND
007 C031000 N
007 C011100 11
007 C021100 THE AAL HIGH YIELD BOND FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
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011 B00AA01 8-36525
011 C01AA01 APPLETON
011 C02AA01 WI
011 C03AA01 54919
011 C04AA01 0007
013 A00AA01 PRICE WATERHOUSE LLP.
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020 A000001 LEHMAN BROTHERS INC.
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<PAGE> PAGE 3
020 A000009 BROWN, ALEX & SONS INCORPORATED
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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
070 F010100 Y
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<PAGE> PAGE 9
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<PAGE> PAGE 10
008 C000201 801-29618
008 D010201 APPLETON
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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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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<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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015 A000701 FIRSTAR TRUST COMPANY
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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 42
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<PAGE> PAGE 43
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015 A000901 THE CHASE MANHATTAN BANK, N.A.
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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008 A001001 AAL CAPITAL MANAGEMENT CORPORATION
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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TITLE CFO, TREASURER
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<NAME> THE AAL HIGH YIELD BOND FUND CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> JAN-08-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 47868268
<INVESTMENTS-AT-VALUE> 47381468
<RECEIVABLES> 1167691
<ASSETS-OTHER> 293523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48842682
<PAYABLE-FOR-SECURITIES> 1246269
<SENIOR-LONG-TERM-DEBT> 255467
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1501736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47884066
<SHARES-COMMON-STOCK> 269145
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2019
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (58339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (486800)
<NET-ASSETS> 47340946
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1015669
<OTHER-INCOME> 0
<EXPENSES-NET> 103159
<NET-INVESTMENT-INCOME> 912510
<REALIZED-GAINS-CURRENT> (58339)
<APPREC-INCREASE-CURRENT> (486800)
<NET-CHANGE-FROM-OPS> 367371
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32566)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 271056
<NUMBER-OF-SHARES-REDEEMED> (4051)
<SHARES-REINVESTED> 2140
<NET-CHANGE-IN-ASSETS> 47340946
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 131450
<AVERAGE-NET-ASSETS> 32826627
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .251
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> (.251)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.88
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
100 East Wisconsin Avenue
Suite 1500
Milwaukee, WI 53202
Telephone 414-276-9500
Price Waterhouse [LOGO]
To the Shareholders and
Board of Trustees of
The AAL Mutual Funds
In planning and performing our audit of the financial statements of The AAL
Capital Growth Fund, The AAL Mid Cap Stock Fund, The AAL Small Cap Stock Fund,
The AAL International Fund, The AAL Utilities Fund, The AAL Bond Fund, The AAL
Municipal Bond Fund, The AAL High Yield 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, 1997, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and 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 components does not reduce to a relatively low level
the risk that 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
<PAGE>
assigned functions. However, we noted no matters involving internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of April 30, 1997.
This report is intended solely for the information and use of management and the
Board of Trustees of the Fund and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
Price Waterhouse
Milwaukee, WI
May 22, 1997
