THE AAL MUTUAL FUNDS
                           SUB-ADVISORY AGREEMENT FOR
                         THE AAL AGGRESSIVE GROWTH FUND
                                      WITH
                            JANUS CAPITAL CORPORATION


         AGREEMENT made this 22nd day of June, 2000, by and among THE AAL MUTUAL
FUNDS (the "Fund"), a Massachusetts Business Trust, AAL Capital Management
Corporation (the "Adviser"), a Delaware Corporation and JANUS CAPITAL
CORPORATION (the "Sub-Adviser"), a Colorado Corporation.

                                   WITNESSETH:

         In consideration of the mutual promises and agreements herein contained
and other good and valuable consideration, the receipt of which is hereby
acknowledged, it is hereby agreed by and among the parties hereto as follows:

     1.   In General

The Sub-Adviser agrees, as more fully set forth herein, to act as Sub-Adviser to
the Fund with respect to the investment and reinvestment of the assets of the
Fund's series of shares described as The AAL Aggressive Growth Fund. It is
understood that the Fund may create one or more additional Fund series from time
to time and that this Agreement may be amended by the mutual written agreement
of the parties to include such additional funds under the terms to this
Agreement.

     2.   Duties and Obligations of the  Sub-Adviser  with Respect to Investment
          of Assets of The AAL Aggressive Growth Fund

          (a) Subject to the  succeeding  provisions of this section and subject
     to the oversight and review of the Adviser and the direction and control of
     the Board of Trustees  ("Trustees") of the Fund, the Sub-Adviser,  as agent
     and attorney-in-fact with respect to the Fund, is authorized, to:

          (i)  Buy, sell,  exchange,  convert,  lend and otherwise  trade in any
               stocks, bonds, currencies, and any other securities or assets;

          (ii) Place  orders  and  negotiate  the  commissions  (if any) for the
               execution of  transactions  in securities or other assets with or
               through such  brokers,  dealers,  underwriters  or issuers as the
               Sub-Adviser may select; including brokers and dealers that may be
               affiliates of the Sub-Adviser, and

          (iii)Enter  into  and  execute  agreements  on  behalf  of  the  Fund,
               relating to the  acquisition or disposition of investment  assets
               and the execution of portfolio  transactions,  including  foreign
               exchange contracts and other  transactional  agreements.  Nothing
               contained  herein,  however,  shall be  deemed to  authorize  the
               Sub-Adviser to take or receive physical possession of any cash or
               securities  held  for the  Fund,  it  being  intended  that  sole
               responsibility  for safekeeping  thereof and the  consummation of
               all such  purchases,  sales,  deliveries,  and  investments  made
               pursuant  to the  Sub-Adviser's  direction  shall  rest  upon the
               Fund's Custodian.

          (iv) Provide  the Adviser and the  Trustees  with such  reports as may
               reasonably be requested in  connection  with the discharge of the
               foregoing  responsibilities  and the  discharge of the  Adviser's
               responsibilities under the Investment Advisory Agreement with the
               Fund and those of AAL Capital  Management  Corporation  under the
               Primary Underwriting  Agreement with the Fund. Provided,  however
               that the Sub-Adviser shall not be responsible for Fund accounting
               (NAV calculation)  except to maintain  compliance with applicable
               investment restrictions and SEC regulations.

          Written  procedures  with respect to (i),  (ii) and (iii) above may be
          set forth as agreed to among the Fund, the Adviser and Sub-Adviser.

          (b) Any investment  purchases or sales made by the  Sub-Adviser  under
     this section shall at all times conform to, and be in accordance  with, any
     requirements  imposed by: (1) the provisions of the Investment  Company Act
     of 1940 (the "Act") and of any rules or  regulations  in force  thereunder;
     (2)  any  other  applicable   provisions  of  law;  (3)  any  policies  and
     determinations  of  the  Board  of  Trustees  of  the  Fund;  and  (4)  the
     fundamental  policies  of  the  Fund,  as  reflected  in  its  Registration
     Statement  under the Act,  or as amended by the  shareholders  of the Fund;
     provided that copies of the items  referred to in clauses  (3)and (4) shall
     have been  furnished to the  Sub-Adviser.  The Adviser shall timely furnish
     Sub-Adviser with such additional  information as may be reasonably required
     or requested by the Sub-Adviser in performing its responsibilities pursuant
     to the Agreement.

          (c) The  Sub-Adviser  shall  give  the Fund  the  benefit  of its best
     judgment  and effort in  rendering  services  hereunder.  In the absence of
     willful  misfeasance,  bad faith, gross negligence or reckless disregard of
     its obligations and duties ("disabling  conduct")  hereunder on the part of
     the  Sub-Adviser   (and  its  officers,   directors,   agents,   employees,
     controlling persons, shareholders and any other person or entity affiliated
     with the Sub-Adviser) the Sub-Adviser  shall not be subject to liability to
     the  Fund  or to any  shareholder  of the  Fund  or the  Adviser  (and  its
     officers,  directors, agents, employees,  controlling persons, shareholders
     and any other person or entity affiliated with the Adviser), for any act or
     omission in the course of, or connected with rendering services  hereunder,
     including  without  limitation,  any error of judgment or mistake of law or
     for any loss  suffered  by any of them in  connection  with the  matters to
     which this Agreement relates,  except to the extent specified in Section 36
     (b) of the Act  concerning  loss  resulting from a breach of fiduciary duty
     with respect to the receipt of compensation  for services  pursuant to this
     Agreement.  Except for such disabling  conduct,  the Fund and Adviser shall
     jointly and severally, indemnify and hold harmless the Sub-Adviser (and its
     officers,  directors, agents, employees,  controlling persons, shareholders
     and any other person or entity affiliated with the Sub-Adviser) against any
     liability  arising from the  Sub-Adviser's  conduct under this Agreement to
     the extent permitted by the Articles of  Incorporation  and applicable law.
     The obligations of this section shall survive termination of the Agreement.

          (d) Nothing in this  Agreement  shall prevent the  Sub-Adviser  or any
     "affiliated  person" (as defined in the Act) of the Sub-Adviser from acting
     as investment adviser or manager for any other person,  firm or corporation
     and shall  not in any way limit or  restrict  the  Sub-Adviser  or any such
     affiliated person from buying, selling or trading any securities for its or
     their own accounts or for the accounts of others for whom it or they may be
     acting,  provided,  however, that the Sub-Adviser expressly represents that
     it will  undertake no activities  which,  in its judgment,  will  adversely
     affect the  performance of its obligations to the Fund under this Agreement
     provided,   however,  that  the  Sub-Adviser  makes  no  representation  or
     warranty,  express or implied,  that any level of performance or investment
     results  will be  achieved  by the  Portfolio  or that the  Portfolio  will
     perform  comparably with any standard or index,  including other clients of
     the  Sub-Adviser,  whether  public  or  private.  It  is  agreed  that  the
     Sub-Adviser  shall have no  responsibility or liability for the accuracy or
     completeness  of the Fund's  Registration  Statement  under the Act and the
     Securities Act of 1933 except for  information  supplied by the Sub-Adviser
     for inclusion therein. The Sub-Adviser shall be deemed to be an independent
     contractor and, unless otherwise expressly provided or authorized,  have no
     authority to act or represent the Fund in any way or otherwise be deemed an
     agent of the Fund.

          (e) In connection with its duties to arrange for the purchase and sale
     of The AAL  Aggressive  Growth  Fund's  securities  and other  assets,  the
     Sub-Adviser  shall  follow  the  principles  set  forth  in any  investment
     advisory  agreement  in effect  from time to time  between the Fund and the
     Adviser,  provided  that a copy  of any  such  agreement  shall  have  been
     provided to the Sub-Adviser.  The Sub-Adviser will promptly  communicate to
     the  Adviser  and to the  officers  and  the  Trustees  of  the  Fund  such
     information  relating  to  portfolio  transactions  as they may  reasonably
     request.

          (f) The Sub-Adviser may place orders both as to sales and purchases of
     assets directly through any broker or dealer it chooses. Brokers or dealers
     may be selected who provide  brokerage and/or research services to the Fund
     and/or other accounts over which the Sub-Adviser or its affiliates exercise
     investment   discretion.   Brokers  or  dealers   who   execute   portfolio
     transactions  on behalf of the Fund may  receive  commissions  which are in
     excess of the amount of  commissions  which other  brokers or dealers would
     have charged for effecting such transactions. In order to cause the Fund to
     pay such higher  commissions,  the Sub-Adviser must determine in good faith
     that  such  commissions  are  reasonable  in  relation  to the value of the
     brokerage  and/or  research  services  or  other  goods,  provided  by such
     executing brokers or dealers viewed in terms of a particular transaction or
     the  Sub-Adviser's  overall  responsibilities  to the  Fund  or  its  other
     discretionary client accounts.

          (g) On occasions when the Sub-Adviser  deems the purchase or sale of a
     security to be in the best  interest of the Fund as well as other  clients,
     the   Sub-Adviser,   to  the  extent   permitted  by  applicable  laws  and
     regulations,  may aggregate the securities to be sold or purchased in order
     to obtain the best execution and lower  brokerage  commissions,  if any. In
     such event,  allocation of the  securities so purchased or sold, as well as
     the expenses  incurred in the transaction,  will be made by the Sub-Adviser
     in the manner it considers to be most  equitable  and  consistent  with its
     fiduciary obligations to the Fund and to such clients.

     The Sub-Adviser  may purchase or sell for the Fund,  pursuant to the Fund's
     Rule 10f-3 Procedures, any security (including securities of the same class
     as those  underwritten  or other  securities of the same or related issuer)
     for which  any  affiliate  of the  Sub-Adviser  acts as (1) an  underwriter
     (either as lead underwriter or syndicate member),  both during the pendency
     of any  underwriting or selling  syndicate and thereafter,  or (2) a market
     maker,  provided  that such  security is  purchased  from a  non-affiliated
     party.

          (h) The  Sub-Adviser  shall be  responsible  for 13F reporting for the
     securities held by The AAL Aggressive Growth Fund.

          (i) The Sub-Adviser  shall have no  responsibility  to monitor certain
     limitations or restrictions,  including without limitation,  the 90%-source
     test, for which Sub-Adviser  determines it has not been provided sufficient
     information in accordance with Section 2 of the Agreement or otherwise. All
     such monitoring shall be the responsibility of the Adviser.

          (j) Custodian. The Portfolio assets shall be maintained in the custody
     of the custodian  identified pursuant to Exhibit B. Any assets added to the
     Portfolio shall be delivered  directly to such  custodian.  The Sub-Adviser
     shall have no liability  for the acts or omissions of any  custodian of the
     Portfolio's  assets.  The Sub-Adviser shall have no responsibility  for the
     segregation requirement of the 1940 Act or other applicable law.

     2.1  Obligations of the Adviser and the Portfolio

          (a) The Adviser has provided the Sub-Adviser  with the information and
     documents  listed in Exhibit B. The Adviser shall provide such  information
     and documents  throughout the term of the Agreement as amended,  updated or
     supplemented, before or at the time such amendments, updates or supplements
     become  effective.  The Adviser shall timely furnish  Sub-Adviser with such
     additional  information  as may be reasonably  required or requested by the
     Sub-Adviser in performing its responsibilities pursuant to this Agreement.

          (b) The Adviser shall be  responsible  for setting up and  maintaining
     brokerage  accounts and other accounts the  Sub-Adviser  deems advisable to
     allow for the purchase or sale of various forms of  securities  pursuant to
     the Agreement.

     3.   Allocation of Expenses

          The  Adviser,  the Fund and the  Portfolio  shall assume and pay their
     respective   organizational,   operational,   and  business   expenses  not
     specifically  assumed or agreed to be paid by the  Sub-Adviser  pursuant to
     the  Agreement.   The  Sub-Adviser   shall  pay  its  own   organizational,
     operational,  and  business  expenses but shall not be obligated to pay any
     expenses  of the  Adviser,  the Fund or the  Portfolio,  including  without
     limitation:  (a) interest and taxes;  (b) brokerage  commissions  and other
     costs  in  connection  with the  purchase  or sale of  securities  or other
     investment  instruments  for the  Portfolio;  and (c)  custodian  fees  and
     expenses.  Any  reimbursement  of  management  fees required by any expense
     limitation  provision  and any  liability  arising  out of a  violation  of
     Section  36(b)  of the 1940 Act  shall  be the sole  responsibility  of the
     Adviser.

     4.   Certain Records

          Any records  required to be maintained  and preserved  pursuant to the
     provisions  of Rule 31a-1 and Rule 31a-2 under the Act that are prepared or
     maintained by the Sub-Adviser on behalf of the Fund are the property of the
     Fund and will be surrendered promptly to the Fund or Adviser on request.

     5.   Reference to the Sub-Adviser

          Neither the Fund,  the Adviser or any affiliate or agent thereof shall
     make  reference  to or use  the  name  or  make  "Janus"  or  disclose  any
     information  related  to  the  business  of the  Sub-Adviser  or any of its
     affiliates in any  advertising or promotional  materials  without the prior
     approval  of the  Sub-Adviser,  which  approval  shall not be  unreasonably
     withheld.

     6.   Compensation of the Sub-Adviser

          The Adviser agrees to pay the Sub-Adviser  and the Sub-Adviser  agrees
     to accept as full compensation for all services rendered by the Sub-Adviser
     as such, a management  fee,  payable monthly in arrears and computed on the
     average  daily net asset value of The AAL  Aggressive  Growth Fund at rates
     shown on Exhibit A attached hereto.

     7.   Duration and Termination

          (a) This Agreement shall go into effect for The AAL Aggressive  Growth
     Fund on July 1,  2000 or as  soon  thereafter  as it  receives  shareholder
     approval, and shall, unless terminated as hereinafter provided, continue in
     effect  thereafter from year to year, but only so long as such  continuance
     is  specifically  approved  at least  annually  by a majority of the Fund's
     Board  of  Trustees,  or by the vote of the  holders  of a  "majority"  (as
     defined in the Act) of the outstanding  voting securities of the Fund, with
     respect to The AAL Aggressive  Growth Fund, and, in either case, a majority
     of the  Trustees  who are not  parties  to this  Agreement  or  "interested
     persons"  (as  defined  in the Act) of any such  party  cast in person at a
     meeting called for the purpose of voting on such approval.

          (b) This  Agreement may be terminated by the  Sub-Adviser  at any time
     without  penalty  upon  giving  the Fund and the  Adviser  sixty (60) days'
     written notice (which notice may be waived by the Fund and Adviser) and may
     be terminated  by the Fund or the Adviser at any time without  penalty upon
     giving the Sub-Adviser sixty (60) days' written notice (which notice may be
     waived by the  Sub-Adviser),  provided  that such  termination  by the Fund
     shall be  directed  or  approved  by the vote of a  majority  of all of the
     Trustees  in office at the time or by the vote of the holders of a majority
     (as defined in the Act) of the voting  securities of the Fund, with respect
     to The AAL Aggressive  Growth Fund, or with respect to any Fund by the vote
     of a majority of the outstanding  shares of such Fund. This Agreement shall
     automatically terminate in the event of its "assignment" (as defined in the
     Act).  This  Agreement will also terminate in the event that the Investment
     Advisory Agreement is terminated.

     8.   Agreement Binding Only On Fund Property

          The Sub-Adviser understands that the obligations of this Agreement are
     not binding upon any shareholder of the Fund personally,  but bind only the
     Fund's property.

     9.   Action By An Individual Fund

          The  provisions  of this  Agreement  and any  amendments  hereto  with
     respect to a Series may be approved by the  shareholders of that Series and
     become  effective  with  respect to the assets of that  Series  without the
     necessity of approval  thereof by  shareholders  of any other  Series.  The
     Adviser represents that the holders of a majority (as defined in the "Act")
     of The AAL Aggressive  Growth Fund, will vote on approval of the entry into
     this Agreement on behalf of said fund.

     10.  Notices

          The  Sub-Adviser   agrees  to  promptly  notify  the  Adviser  of  the
     occurrence of any of the following events:

          (a) any change in the AAL Aggressive Growth portfolio manager;

          (b) the  Sub-Adviser  fails to be registered as an investment  adviser
     under the Advisers Act or under the laws of any  jurisdiction  in which the
     Sub-Adviser is required to be registered as an investment  adviser in order
     to perform its obligations under this Agreement;

          (c) the  Sub-Adviser is the subject of any action,  suit,  proceeding,
     inquiry  or  investigation  at law or in equity,  before any court,  public
     board or body, involving the affairs of The AAL Aggressive Growth Fund, or

          (d) any change in ownership or control of the Sub-Adviser.

     11.  Manner of Notice

          Any notice  given  hereunder  shall be in writing and may be served by
     being sent by telex, facsimile or other electronic transmission, or sent by
     registered  mail or by courier to the address set forth below for the party
     for which it is intended.  A notice  served by mail shall be deemed  served
     seven  days  after  mailing  and in the case of telex,  facsimile  or other
     electronic  transmission,  twelve hours after  confirmed  receipt  thereof.
     Addresses for notice may be changed by written notice to the other party.



The Adviser

Robert G. Same, President
AAL Capital Management Corporation
222 West College Ave.
Appleton, WI 54919-0007



The Sub-Adviser

-------------------------
Janus Capital Corporation
-------------------------
-------------------------
-------------------------

     12.  Representations and Warranties

          The Adviser represents and warrants the following:

          (a) The Adviser has been duly incorporated, is validly existing and in
     good  standing as a  corporation  under the laws of the state of  Delaware,
     having all  requisite  corporate  power and  authority  under state law and
     federal securities laws to execute, deliver and perform the Agreement.

          (b) All necessary corporate  proceedings of the Adviser have been duly
     taken to authorize execution,  delivery and performance of the Agreement by
     the Adviser.

          (c)  The  Adviser  is  a  registered   investment  adviser  under  the
     Investment   Advisers  Act  of  1940  and  is  in  compliance   with  other
     registrations required.

          (d) The Adviser  has  complied,  in all  material  respects,  with all
     registrations required by, and will comply, in all material respects,  with
     all  applicable  rules and  regulations  of, the  Securities  and  Exchange
     Commission.

          (e) The  Adviser  has the  authority  under  the  Investment  Advisory
     Agreement to execute, deliver and perform this Sub-Advisory Agreement

          (f) The  Adviser has  received a copy of Part II of the  Sub-Adviser's
     Form ADV.

The Fund represents and warrants the following:

          (a) The Fund has been  duly  organized  and is in good  standing  as a
     business  trust  under the laws of the state of  Massachusetts  having  all
     requisite power and authority  under state law and federal  securities laws
     to execute, deliver and perform the Agreement

          (b) All  necessary  corporate  proceedings  of the Fund have been duly
     taken to authorize the execution, delivery and performance of the Agreement
     by the Fund.

          (c)  The  Fund  has  complied,  in all  material  respects,  with  all
     registrations required by, and will comply, in all material respects,  with
     all  applicable  rules and  regulations  of, the  Securities  and  Exchange
     Commission.

          (d) The Fund has the authority under the Investment Advisory Agreement
     to execute, deliver and perform this Sub-Advisory Agreement

     The Sub-Adviser represents and warrants the following:

          (a) The Sub-Adviser has been duly  incorporated,  is validly  existing
     and in good  standing  as a  corporation  under  the  laws of the  state of
     Colorado,  having all requisite  corporate  power and authority under state
     law and  federal  securities  laws to  execute,  deliver  and  perfume  the
     Agreement

          (b) All necessary  corporate  proceedings of the Sub-Adviser have been
     duly taken to authorize  the  execution,  delivery and  performance  of the
     Agreement by the Sub-Adviser.

          (c) The  Sub-Adviser  is a  registered  investment  adviser  under the
     Investment   Advisers  Act  of  1940  and  is  in  compliance   with  other
     registrations required.

          (d) The Sub-Adviser has complied,  in all material respects,  with all
     registrations required by, and will comply, in all material respects,  with
     all  applicable  rules and  regulations  of, the  Securities  and  Exchange
     Commission.

          No provisions of this Agreement may be changed, waived,  discharged or
     terminated  orally,  but only by an  instrument  in writing  signed by both
     parties.

          The Adviser  acknowledges  receipt of the Sub-Adviser's  Part II, Form
     ADV at least 48 hours in advance of signing this Agreement.

          The  captions  in this  Agreement  are  included  for  convenience  of
     reference only and in no way define or delimit any of the provisions hereof
     or otherwise affect their  construction or effect. If any provision of this
     Agreement shall be held or made invalid by a court decision, statute, rule,
     or  otherwise,  the  remainder  of this  Agreement  shall  not be  affected
     thereby.

          This  Agreement  shall  be  governed  by  the  laws  of the  State  of
     Wisconsin.

          IN WITNESS  WHEREOF,  the parties  hereto  have  caused the  foregoing
     instrument to be executed by their duly authorized officers and their seals
     to be hereunto affixed, all as of the day and year first above written.

THE AAL MUTUAL FUNDS                         JANUS CAPITAL CORPORATION

/s/Robert G. Same                            /s/Bonnie M. Howe
-------------------------------              -------------------------------
Robert G. Same, President                    Bonnie M. Howe, Vice President




ATTEST:                                      ATTEST

/s/Frederick D. Kelsven                      /s/Verna Morris
-------------------------------              -------------------------------
Frederick D. Kelsven, Secretary              Verna Morris





AAL Capital Management Corporation

/s/Robert G. Same
-------------------------------
Robert G. Same, President




ATTEST:

/s/Frederick D. Kelsven
-------------------------------
Frederick D. Kelsven, Secretary







                                    EXHIBIT A
                                       TO
                              THE AAL Mutual Funds
                             SUB-ADVISORY AGREEMENT
                             (Dated June 22, 2000)


1.   The AAL Aggressive Growth Fund

The  management  fee  for  The  AAL  Aggressive  Growth  Fund,  payable  to  the
Sub-Adviser by the Adviser, calculated in accordance with paragraph 6 of The AAL
Mutual Funds Sub-Advisory Agreement, shall be at the annual rate of:

          0.55 of 1% of the average daily net assets of $100 million or less;

          0.50 of 1% of the average  daily net assets over $100 million but less
          than $500 million; and,

          0.45 of 1% of the average daily net assets over $500 million





                                    Exhibit B

Information and documentation provided by Adviser:


1.   Copies of the Fund's prospectus and statement of additional information

2.   Copies of the Fund's  organizational  documents,  bylaws and as  applicable
     minutes of meetings of the Trustees

3.   Notice of the Fund's custodian designated to hold assets in the Fund

4.   A list of countries  approved by the Fund Trustees in accordance  with Rule
     17f-5

5.   Certified  copies of financial  statements or reports prepared for the Fund
     by certified independent accountants

6.   Copies  of any  financial  statement  or  reports  made by the  Fund to its
     shareholders or to any governmental body or securities exchange.

7.   Reports  as to the  composition  of the Fund,  cash  requirements  and cash
     available for investment in the Fund

8.   Copies  of the  Adviser's  liquidity  procedures,  cross-trade  procedures,
     repurchase  agreement  procedures and other  procedures that may affect the
     duties of the Sub-Adviser

9.   An Internal Revenue Service Form W-9 completed by the Fund

10.  A qualified Institutional Investor Certification completed by the Fund

11.  A list of persons authorized to act on behalf of the Fund

12.  Applicable Commodities Futures Trading Commission exemptions, notifications
     or related documentation