<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>gullionfm4_102.txt
<DESCRIPTION>FORM 4 FOR JOSEPH M. GULLION
<TEXT>
1. Name and Address of Reporting Person
   Gullion, Joseph M.
   1100 N. Wood Dale Road
   Wood Dale, IL 60191-
2. Issuer Name and Ticker or Trading Symbol
   AAR CORP. (AIR)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
   12/2001
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   ( ) Director                   ( ) 10% Owner
   (X) Officer (give title below) ( ) Other (specify below)
   Executive Vice President and Chief Operating Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
<TABLE>
TABLE I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<CAPTION>
+---------------------------------+----------+-------------+-----------------------------+----------------+-----------+------------+
|1. Title of Security             |2. Trans- |3. Trans-    |4. Securities Acquired (A)   |5. Amount of    |6. Owner-  |7. Nature   |
|                                 |   action |   action    |   or Disposed of (D)        |   Securities   |   ship    |   of In-   |
|                                 |   Date   |   Code      |                             |   Beneficially |   Form:   |   direct   |
|                                 |          |             |                             |   Owned at     |   Direct  |   Bene-    |
|                                 |  (Month/ |             |                             |   End of       |   (D) or  |   ficial   |
|                                 |   Day/   +-------+-----+-----------+------+----------+   Month        |   Indirect|   Owner-   |
|                                 |   Year)  |Code   |V    |Amount     |A/D   |Price     |                |   (I)     |   ship     |
+---------------------------------+----------+-------+-----+-----------+------+----------+----------------+-----------+------------+
<S>                                <C>        <C>     <C>   <C>         <C>    <C>        <C>              <C>         <C>
Common Stock                       05/31/2001 J <F1>  V     267         A      $0.0000                     D
Common Stock                       10/10/2001 J <F1>  V     10000       A      $0.0000    20267            D
</TABLE>

<PAGE>

<TABLE>
TABLE II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
<CAPTION>
+-------------+--------+----------+---------+-----------+---------------------+----------------+----------+--------+-------+-------+
|1.           |2.      |3.        |4.       |5.         |6.                   |7.              |8.        |9.      |10.    |11.    |
|             |        |          |         |           |                     |                |          |Number  |Owner- |       |
|             |        |          |         |           |                     |                |          |of      |ship   |       |
|             |        |          |         |           |                     |                |          |Deriv-  |Form of|       |
|             |        |          |         |           |                     |Title and Amount|          |ative   |Deriv- |       |
|             |        |          |         |           |                     |of Underlying   |          |Secur-  |ative  |Nature |
|             |Conver- |          |         |Number of  |                     |Securities      |          |ities   |Secur- |of     |
|             |sion or |          |         |Derivative |Date Exercisable     +-------+--------+          |Benefi- |ity:   |In-    |
|             |Exercise|          |         |Securities |and Expiration Date  |       |Amount  |          |cially  |Direct |direct |
|             |Price of|Transac-  |Transac- |Acquired(A)|(Month/Day/Year)     |       |or      |          |Owned   |(D) or |Bene-  |
|Title of     |Deriv-  |tion Date |tion Code|Disposed(D)+----------+----------+       |Number  |Price of  |at End  |In-    |ficial |
|Derivative   |ative   |(Month/   +------+--+-----+-----+Date Exer-|Expira-   |       |of      |Derivative|of      |direct |Owner- |
|Security     |Security|Day/Year) |Code  |V |(A)  |(D)  |cisable   |tion Date |Title  |Shares  |Security  |Month   |(I)    |ship   |
+-------------+--------+----------+------+--+-----+-----+----------+----------+-------+--------+----------+--------+-------+-------+
<S>            <C>      <C>        <C>    <C><C>   <C>   <C>        <C>        <C>     <C>      <C>        <C>      <C>     <C>
Stock Option   $0       07/10/2001 J <F2> V  75000       07/10/2002 07/10/2011 Common  75000    $14.9000   75000    D
                                                                               Stock

Explanation of Responses:
<FN>
<F1>
Award of stock pursuant to Restricted Stock Agreement in transaction exempt
under Rule 16b-3.
<F2>
Grantee may elect to pay the exercise price of the option or any tax withholding
obligation in connection therewith by directing the Company to withhold a
portion of the shares otherwise distributable to the grantee upon exercise or by
transferring to the Company previously acquired shares, valued at their fair
market value on such taxable date.
</FN>
</TABLE>

SIGNATURE OF REPORTING PERSON
/s/ Joseph M. Gullion

DATE
01/09/2002

</TEXT>
</DOCUMENT>
