<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000811869
<NAME> THE AAL MUTUAL FUNDS
<SERIES>
   <NUMBER> 0123
   <NAME> THE AAL BALANCED FUND CLASS I
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                    4-MOS
<FISCAL-YEAR-END>                          APR-30-1998
<PERIOD-START>                             JAN-02-1998
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                         30917680
<INVESTMENTS-AT-VALUE>                        31901446
<RECEIVABLES>                                   128280
<ASSETS-OTHER>                                  200510
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                32230236
<PAYABLE-FOR-SECURITIES>                       1044488
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       108681
<TOTAL-LIABILITIES>                            1153169
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      30085771
<SHARES-COMMON-STOCK>                            99724
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        41102
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (33572)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        983766
<NET-ASSETS>                                   1076355
<DIVIDEND-INCOME>                                25598
<INTEREST-INCOME>                               138370
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   66892
<NET-INVESTMENT-INCOME>                          97076
<REALIZED-GAINS-CURRENT>                       (33572)
<APPREC-INCREASE-CURRENT>                       983766
<NET-CHANGE-FROM-OPS>                          1047270
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       (2686)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          99473
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                251
<NET-CHANGE-IN-ASSETS>                        31077067
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            27618
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  78310
<AVERAGE-NET-ASSETS>                           1006801
<PER-SHARE-NAV-BEGIN>                               10
<PER-SHARE-NII>                                   .042
<PER-SHARE-GAIN-APPREC>                           .775
<PER-SHARE-DIVIDEND>                            (.027)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.79
<EXPENSE-RATIO>                                   1.98
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>