Exhibit 24(b)(5)(a)


                                 Amendment No. 9
                                       to
                          Investment Advisory Agreement

The Investment  Advisory  Agreement between The AAL Mutual Funds and AAL Capital
Management Corporation (f/k/a AAL Advisors,  Inc.), effective November 28, 1990,
is hereby amended, effective December 29, 1997, as follows:

      1.   Schedule A attached to the Investment  Advisory Agreement is modified
           to add The AAL  Balanced  Fund and a revised fee schedule for The AAL
           Bond and  Municipal  Bond Funds  (effective  September  1, 1997).  An
           amended Schedule A, December 29, 1997, is attached hereto.

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be signed by
the respective officers effective as of December 29, 1997.

ATTEST:                               THE AAL MUTUAL FUNDS



By ________________________           By__________________________
   Robert G. Same, Secretary            Ronald G. Anderson, President



ATTEST:                               AAL CAPITAL MANAGEMENT
                                             CORPORATION



By ________________________             By__________________________
   Robert G. Same, Secretary              Ronald G. Anderson, President


<PAGE>


EXHIBIT A
                                       TO
               THE AAL MUTUAL FUNDS INVESTMENT ADVISORY AGREEMENT
                             Dated November 28, 1990

1.   The AAL Capital Growth Fund (effective November 1, 1995)

The Management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.70 of 1% on the first $250 million of average daily net assets,  0.65 of 1%
on  average  daily net  assets on the next $250  million  of  average  daily net
assets,  0.575 of 1% on the next $500  million of  average  daily net assets and
0.50 of 1% on the average daily net assets over $1 billion.

2.   The AAL Bond Fund (f/k/a The AAL Income Fund) (effective September 1, 1997)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.50 of 1% on the first $250 million of average  daily net assets and 0.45 of
1% on average daily net assets over $250 million.

3.   The AAL Municipal Bond Fund (effective September 1, 1997)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.50 of 1% on the first $250 million of average  daily net assets and 0.45 of
1% on average daily net assets over $250 million.

4.   The AAL Money Market Fund (effective December 21, 1990)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.50 of 1% on the first $500 million of average  daily net assets and 0.45 of
1% on average daily net over $500 million.

5.   The AAL U.S.  Government  Zero Coupon Target Fund,  Series 2001  (effective
     November 13, 1991)

The management fee for this Fund,  calculated in accordance  with paragraph t of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.50 of 1% on average daily net assets.

6.   The AAL U.S.  Government  Zero Coupon Target Fund,  Series 2006  (effective
     November 13, 1991)


<PAGE>

7.   The AAL Mid Cap Stock  Fund  (f/k/a  The AAL  Small  Company  Stock  Fund )
     (effective November 1, 1995)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.75 of 1% on the first $200 million of average  daily net assets and 0.65 of
1% on average daily net assets over $200 million.

8.   The AAL Equity  Income  Fund  (f/k/a  The AAL  Utilities  Fund)  (effective
     November 1, 1995)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.50 of 1% on the first  $250  million  and 0.45 of 1% on  average  daily net
assets over $250 million.

9.   The AAL International fund (effective August 1, 1995)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 1% of average daily net assets.

10.  The AAL Small Cap Stock Fund (effective July 1, 1996)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.75 of 1% on the first $200 million of average  daily net assets and 0.65 of
1% on average daily net assets over $200 million.

11.  The AAL High Yield Bond Fund (effective January 8, 1997)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.60 of 1% on average daily net assets.

12.  The AAL Balanced Fund (effective December 29, 1997)

The management fee for this Fund,  calculated in accordance  with paragraph 5 of
The AAL Mutual Funds Investment Advisory Agreement,  shall be at the annual rate
of 0.60 of 1% on average daily net assets.