AMENDMENT NO. 10
                                       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 September 1, 1998, as follows:

1.   Schedule  A  attached  to the  Investment  Advisory  Agreement  is  amended
     effective  September 1, 1998. An amended  Schedule A, September 1, 1998, is
     attached hereto.

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be signed by
the respective Officers effective as of September 1, 1998.


ATTEST:                                           THE AAL MUTUAL FUNDS



By:  /s/ Robert G. Same                      By:  /s/Ronald G. Anderson
     --------------------------------             ------------------------------
     Robert G. Same, Secretary                    Ronald. G. Anderson, President



ATTEST:                                              AAL CAPITAL MANAGEMENT
                                                              CORPORATION


By:  /s/ Robert G. Same                      By:  /s/ Ronald G. Anderson       
     --------------------------------             ------------------------------
     Robert G. Same, Secretary                    Ronald G. Anderson, President


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

1.   The AAL Capital Growth Fund (effective September 1, 1998)

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 0.65 of 1% on the first $500 million of average daily net assets, 0.575 of 1%
on  average  daily net  assets on the next $500  million  of  average  daily net
assets, 0.50 of 1% on average daily net assets over $1 billion.

2.   The AAL Bond Fund (effective September 1, 1998)

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 0.45 of 1% on average daily net assets.

3.   The AAL Municipal Bond Fund (effective September 1, 1998)

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 0.45 of 1% on average daily net assets.

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)

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.

7.   The AAL Mid Cap Stock Fund (effective September 1, 1998)

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 $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 (effective September 1, 1998)

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 0.45 of 1% on average daily net assets.

9.   The AAL International Fund (effective December 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 0.80 of 1% of average daily net assets.

10.  The AAL Small Cap Stock Fund (effective September 1, 1998)

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 $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 September 1, 1998)

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 0.55 of 1% on average daily net assets.

12.  The AAL Balanced Fund (effective September 1, 1998)

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 0.55 of 1% on average daily net assets.