FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check here if Amendment: [ ] Amendment Number:
This Amendment (Check only one.):
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: AAL Capital Management Corporation
Address: 222 West College Avenue
Appleton, WI 541919-0007
Form 13F File Number: 28-3622
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: James H. Abitz
Title: Senior Vice President
Phone: (920) 734-5721
Signature, Place, and Date of Signing:
/s/James H. Abitz
- -------------------------------------------------------------
Signature
Appleton, Wisconsin
- -------------------------------------------------------------
City, State
May 4, 1999
- -------------------------------------------------------------
Date
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager: [If there are no entries in
this list, omit this section.]
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: None
Form 13F Information Table Entry Total: 347
Form 13F Information Table Value Total: $4,513,137
List of Other Included Mangers:
No. 13F File Number Name
<TABLE>
<CAPTION>
PAGE: 1 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
<S> <C> <C> <C> <C> <C> <C> <C>
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ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
AmeriSource Health | COMMON STOCK |03071P102 | 8,123| 237,600| X | | 237600
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
ABR Information | COMMON STOCK |00077R108 | 8,024| 461,800| X | | 461800
Services Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Albertson's, Inc. | COMMON STOCK |013104104 | 2,390| 44,000| X | | 44000
| | | | | | |
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Atlantic Coast | COMMON STOCK |048396105 | 883| 31,400| X | | 31400
Airlines Holdings | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Alberto Culver | COMMON STOCK |013068101 | 9,261| 396,200| X | | 396200
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Acxiom Corporation | COMMON STOCK |005125109 | 9,736| 367,400| X | | 367400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
ADC Telecommun. | COMMON STOCK |000886101 | 78,169| 1,639,200| X | |1639200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Analog Devices, Inc.| COMMON STOCK |032654105 | 6,941| 233,300| X | | 233300
| | | | | | |
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Adelphia | COMMON STOCK |006848105 | 16,550| 262,700| X | | 262700
Communications | | | | | | |
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Ameren Corporation | COMMON STOCK |023608102 | 1,303| 36,000| X | | 36000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
AES Corporation | COMMON STOCK |00130H105 | 6,675| 179,200| X | | 179200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
AFLAC, Inc. | COMMON STOCK |001055102 | 7,338| 134,800| X | | 134800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Associates First | COMMON STOCK |046008108 | 7,596| 168,810| X | | 168810
Capital Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
American Home | COMMON STOCK |026609107 | 6,199| 95,000| X | | 95000
Products Corporation| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
American Int'l | COMMON STOCK |026874107 | 127,666| 1,058,375| X | |1058375
Group, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Ameritech | COMMON STOCK |030954101 | 43,113| 744,940| X | | 744940
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
AlliedSignal Inc. | COMMON STOCK |019512102 | 3,148| 64,000| X | | 64000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Amkor Technology, | COMMON STOCK |031652100 | 1,120| 142,200| X | | 142200
Inc. | | | | | | |
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AMRESCO, INC. | COMMON STOCK |031909104 | 1,376| 179,000| X | | 179000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
American Management | COMMON STOCK |027352103 | 1,375| 40,300| X | | 40300
Systems, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
American Tower | COMMON STOCK |029912201 | 924| 37,700| X | | 37700
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Apex PC Solutions | COMMON STOCK |037945102 | 4,311| 309,300| X | | 309300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Applebee's Intl, | COMMON STOCK |037899101 | 1,104| 44,500| X | | 44500
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Applied Power, Inc. | COMMON STOCK |038225108 | 5,870| 215,400| X | | 215400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
ARM Financial Group | COMMON STOCK |001944107 | 1,198| 80,200| X | | 80200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Arrow Electronics | COMMON STOCK |042735100 | 3,182| 212,100| X | | 212100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
At Home Corp. | COMMON STOCK |045919107 | 1,260| 8,000| X | | 8000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Airtouch | COMMON STOCK |00949T100 | 5,314| 55,000| X | | 55000
Communications, Inc.| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 2 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
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ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Artesyn Technologies| COMMON STOCK |043127109 | 4,855| 392,300| X | | 392300
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Automatic Data | COMMON STOCK |053015103 | 63,395| 1,532,200| X | |1532200
Processing, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
American Express | COMMON STOCK |025816109 | 48,175| 410,000| X | | 410000
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Allegheny Energy, | COMMON STOCK |017361106 | 2,286| 77,500| X | | 77500
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Autozone Inc. | COMMON STOCK |053332102 | 8,295| 273,100| X | | 273100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
The Boeing Company | COMMON STOCK |097023105 | 1,501| 44,000| X | | 44000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
BankAmerica Corp | COMMON STOCK |06605F102 | 43,780| 619,900| X | | 619900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Baxter International| COMMON STOCK |071813109 | 2,574| 39,000| X | | 39000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Burr Brown Corp | COMMON STOCK |122574106 | 870| 37,000| X | | 37000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Best Buy Company | COMMON STOCK |086516101 | 6,604| 127,000| X | | 127000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Biochem Pharma, Inc.| COMMON STOCK |09058T108 | 6,603| 309,800| X | | 309800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
BEA Systems, Inc. | COMMON STOCK |073325102 | 3,756| 240,400| X | | 240400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
BE Aerospace, Inc. | COMMON STOCK |073302101 | 1,218| 82,600| X | | 82600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Bell Atlantic | COMMON STOCK |077853109 | 38,347| 741,900| X | | 741900
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Biogen Inc. | COMMON STOCK |090597105 | 4,607| 40,300| X | | 40300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Baker Hughes Inc. | COMMON STOCK |057224107 | 8,064| 331,700| X | | 331700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pinnacle Holdings, | COMMON STOCK |72346N101 | 696| 46,000| X | | 46000
Inc, | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
B J Services Co. | COMMON STOCK |055482103 | 5,182| 221,100| X | | 221100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
The Bank of New York| COMMON STOCK |064057102 | 1,150| 32,000| X | | 32000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
BP Amoco Plc | COMMON STOCK |055622104 | 36,320| 359,824| X | | 359824
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Burlington Resources| COMMON STOCK |122014103 | 3,902| 97,700| X | | 97700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
BEC Energy | COMMON STOCK |05538M101 | 1,742| 47,400| X | | 47400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
The BISYS Group, | COMMON STOCK |055472104 | 1,271| 22,600| X | | 22600
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
BroadVision, Inc. | COMMON STOCK |111412102 | 472| 7,900| X | | 7900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Biomatrix, Inc. | COMMON STOCK |09060P102 | 1,201| 15,400| X | | 15400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Citigroup, Inc. | COMMON STOCK |172967101 | 43,665| 683,600| X | | 683600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Computer Associates | COMMON STOCK |204912109 | 8,644| 243,075| X | | 243075
International, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Caere Corporation | COMMON STOCK |127646107 | 539| 51,300| X | | 51300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 3 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
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ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Corsair | COMMON STOCK |220406102 | 544| 106,200| X | | 106200
Communications, Inc.| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Centura Banks Inc. | COMMON STOCK |15640T100 | 425| 7,300| X | | 7300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cambrex Corporation | COMMON STOCK |132011107 | 487| 22,000| X | | 22000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
CCB Financial | COMMON STOCK |124875105 | 6,752| 124,900| X | | 124900
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Crown, Cork and Seal| COMMON STOCK |228255105 | 743| 26,000| X | | 26000
Company, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Clear Channel | COMMON STOCK |184502102 | 5,090| 75,900| X | | 75900
Communications, Inc.| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cordant Technologies| COMMON STOCK |218412104 | 17,768| 446,300| X | | 446300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Concord EFS, Inc. | COMMON STOCK |206197105 | 9,852| 357,450| X | | 357450
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Crescent Real Estate| COMMON STOCK |225756105 | 860| 40,000| X | | 40000
Equities Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Community First | COMMON STOCK |203902101 | 1,340| 67,000| X | | 67000
Bankshares, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Columbia Energy | COMMON STOCK |197648108 | 14,097| 269,800| X | | 269800
Group | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Atlas Air, Inc. | COMMON STOCK |049164106 | 1,282| 44,500| X | | 44500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Coastal Corp | COMMON STOCK |190441105 | 2,409| 73,000| X | | 73000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Check Point Software| COMMON STOCK |M22465104 | 1,613| 37,500| X | | 37500
Technologies Ltd. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Chevron Corporation | COMMON STOCK |166751107 | 20,367| 230,300| X | | 230300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cigna Corporation | COMMON STOCK |125509109 | 60,194| 718,200| X | | 718200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
CIENA Corporation | COMMON STOCK |171779101 | 900| 40,000| X | | 40000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Chase Manhattan | COMMON STOCK |16161A108 | 3,578| 44,000| X | | 44000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Comcast Corporation | COMMON STOCK |200300200 | 96,666| 1,535,900| X | |1535900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
CMS Energy Corp. | COMMON STOCK |125896100 | 10,741| 268,100| X | | 268100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
CMAC Investment | COMMON STOCK |125662106 | 7,792| 199,800| X | | 199800
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Conseco Inc. | COMMON STOCK |208464107 | 61,966| 2,007,000| X | |2007000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
CNF Transportation | COMMON STOCK |12612W104 | 3,343| 88,400| X | | 88400
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Consolidated Natural| COMMON STOCK |20961510 | 1,315| 27,000| X | | 27000
Gas | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Centocor, Inc. | COMMON STOCK |152342101 | 1,931| 52,200| X | | 52200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Charter One | COMMON STOCK |160903100 | 3,175| 110,000| X | | 110000
Financial, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cognos, Inc. | COMMON STOCK |19244C109 | 10,483| 446,100| X | | 446100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Comair Holdings, Inc| COMMON STOCK |199789108 | 1,890| 80,000| X | | 80000
| | | | | | |
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<PAGE>
PAGE: 4 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
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ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cox Communications | COMMON STOCK |224044107 | 116,281| 1,537,600| X | |1537600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Campbell Soup Co. | COMMON STOCK |134429109 | 1,709| 42,000| X | | 42000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Corn Products | COMMON STOCK |219023108 | 1,105| 46,150| X | | 46150
International, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Computer Sciences Co| COMMON STOCK |205363104 | 12,792| 231,800| X | | 231800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cisco Systems, Inc. | COMMON STOCK |17275R102 | 53,195| 485,525| X | | 485525
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
CSG Systems | COMMON STOCK |126349109 | 828| 21,000| X | | 21000
International, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cincinnati Bell,Inc.| COMMON STOCK |171870108 | 8,428| 375,600| X | | 375600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Central & Southwest | COMMON STOCK |152357109 | 1,711| 73,000| X | | 73000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Century Telephone | COMMON STOCK |156686107 | 8,261| 117,600| X | | 117600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Commscope, Inc, | COMMON STOCK |203372107 | 385| 18,400| X | | 18400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Coach USA, Inc. | COMMON STOCK |18975L106 | 6,330| 230,200| X | | 230200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cablevision Systems | COMMON STOCK |12686C109 | 26,559| 358,300| X | | 358300
Corp, Class A | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Convergys Corp. | PREFERRED |212485106 | 891| 52,000| X | | 52000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Cable & Wireless | COMMON STOCK |126830207 | 3,324| 90,000| X | | 90000
PLC-ADR | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Dominion Resources, | COMMON STOCK |257470104 | 1,773| 48,000| X | | 48000
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
E.I. Du Pont De | COMMON STOCK |263534109 | 755| 13,000| X | | 13000
Nemours and Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Dean Foods Company | COMMON STOCK |242361103 | 3,972| 111,500| X | | 111500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Dollar General | COMMON STOCK |256669102 | 3,434| 101,000| X | | 101000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Dayton Hudson | COMMON STOCK |239753106 | 3,198| 48,000| X | | 48000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Dollar Tree Stores, | COMMON STOCK |256747106 | 526| 17,000| X | | 17000
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Dime Bancorp, Inc. | COMMON STOCK |25429Q102 | 3,239| 139,700| X | | 139700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
DM Management Co. | COMMON STOCK |233233105 | 1,800| 115,200| X | | 115200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Diamond Offshore | COMMON STOCK |25271C102 | 3,827| 121,000| X | | 121000
Drilling, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Duke Realty | COMMON STOCK |264411505 | 1,118| 52,000| X | | 52000
Investments, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Dura Automotive | COMMON STOCK |265903104 | 1,658| 58,700| X | | 58700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
DeVRY, Inc. | COMMON STOCK |251893103 | 467| 16,100| X | | 16100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Daisytek Intl Corp | COMMON STOCK |234053106 | 763| 45,900| X | | 45900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Consolidated Edison | COMMON STOCK |20911510 | 1,026| 22,650| X | | 22650
Company of New York | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 5 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
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| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
E*TRADE Group, Inc. | COMMON STOCK |269246104 | 3,231| 55,400| X | | 55400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Edison International| COMMON STOCK |281020107 | 1,446| 65,000| X | | 65000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Elan Corporation plc| COMMON STOCK |284131208 | 15,094| 216,400| X | | 216400
ADR | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Emmis Communications| COMMON STOCK |291525103 | 3,030| 60,600| X | | 60600
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Eastman Chemical | COMMON STOCK |277432100 | 6,978| 165,900| X | | 165900
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Emerson Electric Co.| COMMON STOCK |291011104 | 2,912| 55,000| X | | 55000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
El Paso Natural Gas | COMMON STOCK |283905107 | 4,527| 138,500| X | | 138500
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Equity Residential | COMMON STOCK |29476L107 | 1,031| 25,000| X | | 25000
Properties Trust | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Express Scripts, | COMMON STOCK |302182100 | 791| 9,200| X | | 9200
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
ENSCO International,| COMMON STOCK |26874Q100 | 5,646| 424,100| X | | 424100
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Ethan Allen | COMMON STOCK |297602104 | 382| 9,200| X | | 9200
Interiors, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Entergy Corporation | COMMON STOCK |29364G103 | 6,581| 239,300| X | | 239300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
E.W. Blanch Holdings| COMMON STOCK |093210102 | 1,732| 33,000| X | | 33000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Ford Motor Company | COMMON STOCK |345370100 | 1,873| 33,000| X | | 33000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Furniture Brands Int| COMMON STOCK |360921100 | 7,885| 356,400| X | | 356400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
First Data | COMMON STOCK |319963104 | 30,877| 722,266| X | | 722266
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Family Dollar Stores| COMMON STOCK |307000109 | 7,634| 331,900| X | | 331900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Fiserv, Inc. | COMMON STOCK |337738108 | 10,430| 194,500| X | | 194500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Flowers Industries, | COMMON STOCK |343496105 | 1,748| 71,000| X | | 71000
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Fleet Financial Grp | COMMON STOCK |338915101 | 903| 24,000| X | | 24000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
F & M Bancorporation| COMMON STOCK |302371109 | 884| 26,800| X | | 26800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
FirstMerit Corp. | COMMON STOCK |337915102 | 863| 33,500| X | | 33500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Fannie Mae | COMMON STOCK |313586109 | 50,573| 730,300| X | | 730300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
The FINOVA Group | COMMON STOCK |317928109 | 10,401| 200,500| X | | 200500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Sprint Corporation | COMMON STOCK |852061100 | 13,129| 133,800| X | | 133800
(fon Group) | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Forrester Research, | COMMON STOCK |346563109 | 340| 11,200| X | | 11200
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Fox Entertainment | COMMON STOCK |35138T107 | 2,848| 105,000| X | | 105000
Group | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
First Industrial | COMMON STOCK |32054K103 | 6,245| 260,900| X | | 260900
Realty Trust, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 6 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Freddie Mac | COMMON STOCK |313400301 | 2,342| 41,000| X | | 41000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Forest Labs Inc. | COMMON STOCK |345838106 | 5,435| 96,400| X | | 96400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
First Union | COMMON STOCK |337358105 | 1,603| 30,000| X | | 30000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Gillette Company | COMMON STOCK |375766102 | 34,735| 584,400| X | | 584400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Gulfstream Aerospace| COMMON STOCK |402734107 | 4,632| 106,800| X | | 106800
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Gannett Company, | COMMON STOCK |364730101 | 22,100| 350,800| X | | 350800
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
General Electric | COMMON STOCK |369604103 | 128,048| 1,157,500| X | |1157500
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Genzyme Corporation | COMMON STOCK |372917104 | 9,745| 193,200| X | | 193200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Getty Images, Inc. | COMMON STOCK |374276103 | 1,149| 54,700| X | | 54700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
General Mills, Inc. | COMMON STOCK |370334104 | 48,073| 636,200| X | | 636200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Corning Inc. | COMMON STOCK |219350105 | 1,260| 21,000| X | | 21000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
General Motors Corp.| COMMON STOCK |370442105 | 2,085| 24,000| X | | 24000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
General Nutrition | COMMON STOCK |37047F103 | 8,439| 602,800| X | | 602800
Incorporated | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Goodrich (B.F.) | COMMON STOCK |382388106 | 1,956| 57,000| X | | 57000
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Golden State Bancorp| COMMON STOCK |381197102 | 4,176| 187,700| X | | 187700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
GTE Corporation | COMMON STOCK |362320103 | 2,117| 35,000| X | | 35000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Gateway 2000, Inc. | COMMON STOCK |367833100 | 9,907| 144,500| X | | 144500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Halliburton Company | COMMON STOCK |406216101 | 17,614| 457,500| X | | 457500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Hasbro, Inc. | COMMON STOCK |418056107 | 2,807| 97,000| X | | 97000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
HCC Insurance | COMMON STOCK |404132102 | 6,235| 323,900| X | | 323900
Holdings, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
The Home Depot, Inc.| COMMON STOCK |437076102 | 3,362| 54,000| X | | 54000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Harley-Davidson Inc.| COMMON STOCK |412822108 | 47,593| 827,700| X | | 827700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Household | COMMON STOCK |441815107 | 23,173| 507,900| X | | 507900
International Corp. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Hartford Life, Inc. | COMMON STOCK |416592103 | 1,535| 27,900| X | | 27900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Health Management | COMMON STOCK |421933102 | 3,137| 257,400| X | | 257400
Associates | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
H.J. HEINZ COMPANY | COMMON STOCK |423074103 | 2,037| 43,000| X | | 43000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Honeywell, Inc. | COMMON STOCK |438506107 | 14,670| 193,500| X | | 193500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Starwood Hotels & | COMMON STOCK |85590A203 | 9,509| 332,929| X | | 332929
Resorts Trust | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 7 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
H&R Block, Inc. | COMMON STOCK |093671105 | 3,648| 77,000| X | | 77000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Hannaford Brothers | COMMON STOCK |410550107 | 7,920| 174,300| X | | 174300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
HUBCO Inc. | COMMON STOCK |404382103 | 386| 11,500| X | | 11500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Humana, Inc. | COMMON STOCK |444859102 | 3,027| 175,500| X | | 175500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Hewlett-Packard | COMMON STOCK |428236103 | 11,881| 175,200| X | | 175200
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Intimate Brands, Inc| COMMON STOCK |461156101 | 7,440| 154,600| X | | 154600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
International | COMMON STOCK |459200101 | 3,368| 19,000| X | | 19000
Business Machines | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Idexx Laboratories, | COMMON STOCK |45168D104 | 563| 23,500| X | | 23500
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Inhale Therapeutic | COMMON STOCK |457191104 | 605| 22,300| X | | 22300
Systems | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Intel Corporation | COMMON STOCK |458140100 | 68,020| 571,000| X | | 571000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Integrated Process | COMMON STOCK |45812K108 | 846| 94,000| X | | 94000
Equipment Corp. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Intl. Telecommunica-| COMMON STOCK |46047F104 | 1,270| 102,600| X | | 102600
tion Data Systems | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
ITI TECHNOLOGIES | COMMON STOCK |450564109 | 2,592| 86,400| X | | 86400
INCORPORATED | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Jabil Circuit, Inc. | COMMON STOCK |466313103 | 632| 15,600| X | | 15600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Johnson & Johnson | COMMON STOCK |478160104 | 63,726| 680,200| X | | 680200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
J.P. Morgan | COMMON STOCK |616880100 | 49,375| 400,200| X | | 400200
& Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Koala Corporation | COMMON STOCK |499866101 | 845| 40,700| X | | 40700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Keebler Foods | COMMON STOCK |487256109 | 8,253| 226,100| X | | 226100
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Kmart Corporation | COMMON STOCK |4825841029 | 2,404| 143,000| X | | 143000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
MBNA Corporation | COMMON STOCK |55262L100 | 23,400| 980,093| X | | 980093
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Lamar Advertising Co| COMMON STOCK |512815101 | 2,203| 64,900| X | | 64900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Lycos, Inc. | COMMON STOCK |550818108 | 3,012| 35,000| X | | 35000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Legato Systems, Inc.| COMMON STOCK |524651106 | 7,656| 148,300| X | | 148300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Linear Technology | COMMON STOCK |535678106 | 2,891| 56,400| X | | 56400
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Eli Lilly & Company | COMMON STOCK |532457108 | 49,890| 587,800| X | | 587800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Liberty Media Group | COMMON STOCK |001957208 | 46,778| 888,902| X | | 888902
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Lockheed Martin | COMMON STOCK |539830109 | 1,281| 34,000| X | | 34000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Lowe's Companies | COMMON STOCK |548661107 | 3,146| 52,000| X | | 52000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 8 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Lattice Semiconductr| COMMON STOCK |518415104 | 419| 9,200| X | | 9200
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
LSI Logic | COMMON STOCK |502161102 | 4,965| 159,200| X | | 159200
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Lucent Technologies,| COMMON STOCK |549463107 | 94,857| 880,346| X | | 880346
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Lexmark Int. | COMMON STOCK |529771107 | 6,526| 58,400| X | | 58400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
McKesson HBOC, Inc. | COMMON STOCK |58155Q103 | 19,146| 290,085| X | | 290085
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Medtronic, Inc. | COMMON STOCK |585055106 | 18,253| 254,400| X | | 254400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
MDU Resources Group,| COMMON STOCK |552690109 | 8,776| 383,650| X | | 383650
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Midamerican Energy | COMMON STOCK |59562V107 | 9,307| 332,400| X | | 332400
Holdings | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Medimmune, Inc. | COMMON STOCK |584699102 | 1,042| 17,600| X | | 17600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Mellon Bank | COMMON STOCK |585509102 | 2,111| 30,000| X | | 30000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Herman Miller, Inc. | COMMON STOCK |600544100 | 11,507| 630,500| X | | 630500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Medical Manager Corp| COMMON STOCK |58461C103 | 647| 28,000| X | | 28000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Philip Morris | COMMON STOCK |718154107 | 59,924| 1,703,000| X | |1703000
Companies, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Mobil Corporation | COMMON STOCK |607059102 | 3,168| 36,000| X | | 36000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Motorola, Inc. | COMMON STOCK |620076109 | 29,696| 405,400| X | | 405400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Mercantile | COMMON STOCK |587405101 | 851| 23,000| X | | 23000
Bankshares Corp | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Marshall & Isley | COMMON STOCK |571834100 | 5,799| 104,600| X | | 104600
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Merck & Co., Inc. | COMMON STOCK |589331107 | 126,504| 1,577,600| X | |1577600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
MS Carriers, Inc. | COMMON STOCK |553533100 | 835| 31,600| X | | 31600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Microsoft | COMMON STOCK |594918104 | 142,396| 1,588,800| X | |1588800
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
M&T Bank Corporation| COMMON STOCK |55261F104 | 6,562| 13,700| X | | 13700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
MGIC INVESTMENTS | COMMON STOCK |552848103 | 18,944| 540,300| X | | 540300
CORP | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Minerals | COMMON STOCK |603158106 | 4,210| 87,700| X | | 87700
Technologies, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Micromuse, Inc. | COMMON STOCK |595094103 | 396| 8,600| X | | 8600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Morgan St Dean | COMMON STOCK |617446448 | 36,877| 369,000| X | | 369000
Witter & Co. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Mylan Laboratories | COMMON STOCK |628530107 | 8,668| 315,900| X | | 315900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
National City | COMMON STOCK |635405103 | 32,603| 491,200| X | | 491200
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
New Century | COMMON STOCK |64352U103 | 9,473| 278,100| X | | 278100
Energies, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 9 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
NCS Healthcare Inc. | COMMON STOCK |628874109 | 938| 78,200| X | | 78200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
National Data Corp. | COMMON STOCK |635621105 | 16,603| 395,300| X | | 395300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Noble Drilling | COMMON STOCK |655042109 | 8,007| 462,500| X | | 462500
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Networks Associates | COMMON STOCK |640938106 | 4,272| 139,211| X | | 139211
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
National Fuel Gas Co| COMMON STOCK |636180101 | 6,539| 166,600| X | | 166600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
NIPSCO Industries | COMMON STOCK |629140104 | 8,154| 302,000| X | | 302000
Incorporated | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Nova Corp Georgia | COMMON STOCK |669784100 | 1,824| 69,500| X | | 69500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Inspire Insurance | COMMON STOCK |457732105 | 878| 46,200| X | | 46200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Northern Trust | COMMON STOCK |665859104 | 8,570| 96,500| X | | 96500
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Novellus Systmes, | COMMON STOCK |670008101 | 551| 10,000| X | | 10000
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
The New York Times | COMMON STOCK |650111107 | 13,418| 470,800| X | | 470800
Company Class A | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Oak Industries, Inc.| COMMON STOCK |671400505 | 1,010| 31,800| X | | 31800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Orthodontic Centers | COMMON STOCK |68750P103 | 657| 41,700| X | | 41700
of America, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Office Depot Inc. | COMMON STOCK |676220106 | 6,836| 185,700| X | | 185700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Old Kent Financial | COMMON STOCK |679833103 | 5,357| 126,800| X | | 126800
Corp | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Banc One Corporation| COMMON STOCK |06423A103 | 50,352| 914,457| X | | 914457
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Oregon Steel Mills | COMMON STOCK |686079104 | 501| 48,000| X | | 48000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Outdoor Systems, | COMMON STOCK |690057104 | 9,514| 317,125| X | | 317125
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Outback Steakhouse, | COMMON STOCK |689899102 | 5,569| 170,050| X | | 170050
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pitney-Bowes, Inc. | COMMON STOCK |724479100 | 1,275| 20,000| X | | 20000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Paccar Inc. | COMMON STOCK |693718108 | 4,135| 100,400| X | | 100400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
PG & E Corporation | COMMON STOCK |69331C108 | 1,739| 56,000| X | | 56000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pinnacle Systems, | COMMON STOCK |723481107 | 1,442| 31,700| X | | 31700
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Sprint PCS Group | COMMON STOCK |852061506 | 2,965| 66,900| X | | 66900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Patterson Dental | COMMON STOCK |703412106 | 1,272| 29,400| X | | 29400
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pediatrix Medical | COMMON STOCK |705324101 | 889| 31,600| X | | 31600
Group | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pfizer Inc. | COMMON STOCK |717081103 | 106,505| 767,600| X | | 767600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Procter & Gamble | COMMON STOCK |742718109 | 70,966| 724,600| X | | 724600
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 10 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Petroleum Geo- | COMMON STOCK |716597109 | 4,616| 302,700| X | | 302700
Services ASA ADR | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Peoples Heritage | COMMON STOCK |711147108 | 6,514| 361,900| X | | 361900
Financial Group | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pier 1 Imports | COMMON STOCK |720279108 | 798| 98,200| X | | 98200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pixar, Inc. | COMMON STOCK |725811103 | 3,170| 80,500| X | | 80500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Premier Parks Inc. | COMMON STOCK |740540208 | 9,171| 246,200| X | | 246200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Protective Life | COMMON STOCK |743674103 | 7,473| 197,300| X | | 197300
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
PMC - Sierra Inc | COMMON STOCK |69344F106 | 5,916| 83,100| X | | 83100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pinnacle West | COMMON STOCK |723484101 | 10,454| 287,400| X | | 287400
Capital Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Pharmaceutical | COMMON STOCK |717124101 | 1,353| 40,300| X | | 40300
Product Development | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Quadramed Corp. | COMMON STOCK |74730W101 | 772| 101,300| X | | 101300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Quantum Corporation | COMMON STOCK |747906105 | 4,216| 234,200| X | | 234200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Rite Aid Corporation| COMMON STOCK |767754104 | 1,950| 78,000| X | | 78000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Ralston-Ralston | COMMON STOCK |751277302 | 2,028| 76,000| X | | 76000
Purina Group | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Rational Software | COMMON STOCK |75409P202 | 4,100| 152,900| X | | 152900
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Renal Care Group Inc| COMMON STOCK |759930100 | 736| 37,500| X | | 37500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Royal Caribbean | COMMON STOCK |V7780T103 | 8,993| 230,600| X | | 230600
Cruise Lines | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Royal Dutch | COMMON STOCK |780257804 | 38,636| 743,000| X | | 743000
Petroleum Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Transocean Offshore | COMMON STOCK |893817106 | 5,843| 202,800| X | | 202800
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Reliastar Financial | COMMON STOCK |75952U103 | 3,261| 76,500| X | | 76500
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Gibralter Steel | COMMON STOCK |37476F103 | 1,262| 63,300| X | | 63300
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Rockwell | COMMON STOCK |773903109 | 8,538| 201,200| X | | 201200
International Corpor| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Ross Stores, Inc. | COMMON STOCK |778296103 | 44,702| 1,020,300| X | |1020300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
RPM, Inc. | COMMON STOCK |749685103 | 3,821| 287,000| X | | 287000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Republic Services | COMMON STOCK |760759100 | 8,893| 549,400| X | | 549400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Restoration Hardware| COMMON STOCK |760981100 | 1,085| 49,300| X | | 49300
Inc | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Rayonier, Inc. | COMMON STOCK |754907103 | 5,913| 147,600| X | | 147600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Sonic Automotive, | COMMON STOCK |83545G102 | 1,131| 73,000| X | | 73000
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Sanmina Corporation | COMMON STOCK |800907107 | 912| 14,300| X | | 14300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 11 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
SBC Communications | COMMON STOCK |78387G103 | 3,316| 70,370| X | | 70370
Incorporated | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Southdown, Inc. | COMMON STOCK |841297104 | 13,782| 256,700| X | | 256700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Seagate Technology | COMMON STOCK |811804103 | 8,925| 301,900| X | | 301900
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Schering-Plough | COMMON STOCK |806605101 | 37,142| 671,500| X | | 671500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Saks Inc. | COMMON STOCK |79377W108 | 7,925| 304,800| X | | 304800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
SkyWest, Inc | COMMON STOCK |830879102 | 332| 11,500| X | | 11500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Sara Lee Corporation| COMMON STOCK |803111103 | 2,129| 86,000| X | | 86000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
SLI, Inc. | COMMON STOCK |78442T108 | 6,747| 321,300| X | | 321300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Synopsys, Inc. | COMMON STOCK |871607107 | 13,137| 244,400| X | | 244400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Sunrise Assisted | COMMON STOCK |86768K106 | 8,242| 180,900| X | | 180900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Simon Property | COMMON STOCK |828806109 | 1,070| 39,000| X | | 39000
Group, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
SportsLine USA, Inc.| COMMON STOCK |848934105 | 735| 16,100| X | | 16100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Sierra Pacific | COMMON STOCK |826425100 | 813| 23,100| X | | 23100
Resources | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Service Corporation | COMMON STOCK |817565104 | 4,768| 334,627| X | | 334627
International | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Steris Corporation | COMMON STOCK |859152100 | 10,221| 383,900| X | | 383900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
SunTrust Banks, Inc.| COMMON STOCK |867914103 | 1,016| 16,320| X | | 16320
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Steiner Leisure, | COMMON STOCK |P8744Y102 | 889| 28,900| X | | 28900
Ltd. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Questar Corporation | COMMON STOCK |748356102 | 1,626| 96,000| X | | 96000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Strattec Security | COMMON STOCK |863111100 | 900| 32,000| X | | 32000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Summit Bancorp. | COMMON STOCK |866005101 | 975| 25,000| X | | 25000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Superior Services, | COMMON STOCK |868316100 | 903| 45,600| X | | 45600
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Swift Transportation| COMMON STOCK |870756103 | 321| 12,400| X | | 12400
Company, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Safeway Inc. | COMMON STOCK |786514208 | 28,278| 551,100| X | | 551100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
AT&T Corporation | COMMON STOCK |001957109 | 96,416| 1,208,027| X | |1208027
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tandy Corporation | COMMON STOCK |875382103 | 7,677| 120,300| X | | 120300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
TCA Cable TV, Inc. | COMMON STOCK |872241104 | 1,079| 24,800| X | | 24800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Telefonica S.A. ADR | COMMON STOCK |879382208 | 4,293| 33,603| X | | 33603
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tenneco Inc. | COMMON STOCK |88037E101 | 1,872| 67,000| X | | 67000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 12 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Teradyne Inc. | COMMON STOCK |880770102 | 4,529| 83,000| X | | 83000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tiffany and Company | COMMON STOCK |886547108 | 39,580| 529,500| X | | 529500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tellabs, Inc. | COMMON STOCK |879664100 | 53,763| 550,000| X | | 550000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Times Mirror Company| COMMON STOCK |887364107 | 5,893| 109,000| X | | 109000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Torchmark Corp. | COMMON STOCK |891027104 | 1,676| 53,000| X | | 53000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tommy Hilfiger | COMMON STOCK |G8915Z102 | 8,685| 126,100| X | | 126100
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tosco Corporation | COMMON STOCK |891490302 | 5,613| 226,200| X | | 226200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tyson Foods | COMMON STOCK |902494103 | 7,590| 366,900| X | | 366900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tetra Technologies, | COMMON STOCK |88162F105 | 726| 107,500| X | | 107500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tower Automotive, | COMMON STOCK |891707101 | 6,714| 360,500| X | | 360500
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Time Warner, Inc. | COMMON STOCK |887315109 | 51,932| 730,800| X | | 730800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Texaco Inc. | COMMON STOCK |881694103 | 3,689| 65,000| X | | 65000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Texas Utilities | COMMON STOCK |882848104 | 2,126| 51,000| X | | 51000
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
MediaOne Group, Inc.| COMMON STOCK |58440J104 | 116,627| 1,836,649| X | |1836649
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Mediaone Group 'ATI'| COMMON STOCK |58440J401 | 19,537| 236,100| X | | 236100
Pies 6.25% 8/2001 | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
United Natural Foods| COMMON STOCK |911163103 | 1,449| 62,000| X | | 62000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Union Planters | COMMON STOCK |908068109 | 571| 13,000| X | | 13000
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
USA Networks, Inc. | COMMON STOCK |902984103 | 5,390| 150,500| X | | 150500
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
US Trust Corporation| COMMON STOCK |91288L105 | 1,142| 15,400| X | | 15400
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
United Technologies | COMMON STOCK |913017109 | 32,288| 238,400| X | | 238400
Corporation | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Vertex Pharmaceutica| COMMON STOCK |92532F100 | 409| 16,200| X | | 16200
ls, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Veritas DGC, Inc. | COMMON STOCK |92343P107 | 836| 58,900| X | | 58900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Vitesse Semi- | COMMON STOCK |928497106 | 921| 18,200| X | | 18200
conductor Corp. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Walgreen Company | COMMON STOCK |931422109 | 109,839| 3,888,100| X | |3888100
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Tetra Tech, Inc. | COMMON STOCK |88162G103 | 2,449| 116,250| X | | 116250
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
MCI Worldcom, Inc. | COMMON STOCK |55268B106 | 36,171| 408,424| X | | 408424
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Waddell & Reed | COMMON STOCK |930059100 | 1,242| 60,600| X | | 60600
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Warner-Lambert | COMMON STOCK |934488107 | 2,383| 36,000| X | | 36000
Company | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
<PAGE>
PAGE: 13 OF: 13 FORM 13F NAME OF REPORTING MANAGER: AAL CAPITAL MANAGEMENT CORPORATION #28-3622 DATE:03/31/99
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
| | | | | | |
ITEM 1: | ITEM 2: | ITEM 3: | ITEM 4: | ITEM 5: | ITEM 6: |ITEM 7:| ITEM 8:
NAME OF ISSUER |TITLE OF CLASS | CUSIP | FAIR MARKET | SHARES OR |INVESTMENT DISCRETION|MANAGER| VOTING AUTHORITY
| | NUMBER |VALUE (X$1000)| PRINC. AMT.| SOLE SHARED OTHER | |SOLE SHARED NONE
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Wellpoint Health | COMMON STOCK |94973H108 | 24,275| 320,200| X | | 320200
Networks | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
The Williams | COMMON STOCK |969457100 | 2,844| 72,000| X | | 72000
Companies, Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Wal-Mart Stores, Inc| COMMON STOCK |931142103 | 69,251| 751,200| X | | 751200
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
World Color Press | COMMON STOCK |981443104 | 1,080| 50,800| X | | 50800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Williams-Sonoma, | COMMON STOCK |969904101 | 850| 30,100| X | | 30100
Inc. | | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Watsco, Inc. | COMMON STOCK |942622200 | 663| 45,300| X | | 45300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
The Wet Seal, Inc. | COMMON STOCK |961840105 | 1,729| 46,900| X | | 46900
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
XL Capital Ltd. | COMMON STOCK |G98255105 | 1,640| 27,000| X | | 27000
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Xilinx, Inc. | COMMON STOCK |983919101 | 5,829| 143,700| X | | 143700
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
Exxon Corporation | COMMON STOCK |302290101 | 80,251| 1,137,300| X | |1137300
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
U.S. Xpress | COMMON STOCK |90338N103 | 602| 51,800| X | | 51800
| | | | | | |
- --------------------|---------------|-----------|--------------|------------|----------------------|-------|-----------------------
GRAND TOTAL: | | | 4,513,137| | | |
</TABLE>
