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<PAGE> PAGE 2
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SIGNATURE BRENDA KOELEMAY
TITLE VP/TREASURER
[DESCRIPTION] ACCOUNTANT'S REPORT ON INTERNAL CONTROL
Independent Auditors' Report on Internal Accounting Control and Consent
The Board of Directors
American National Funds Group
In planning and performing our audit of the financial statements of American
National Funds Group for the year ended December 31, 1995, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of American National Funds Group is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
the transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements does
not reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we
noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1995.
This report is intended solely for the use of management and the Securities
and Exchange Commission.
We consent to the use of this report in connection with the filing of the report
of American National Funds Group with the Securities and Exchange Commission on
Form N-SAR.
KPMG Peat Marwick LLP
Houston, Texas
February 16, 1996
[ARTICLE] 6
[CIK] 0000005533
[NAME] AMERICAN NATIONAL INCOME FUND, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 117,504,010
[INVESTMENTS-AT-VALUE] 140,491,361
[RECEIVABLES] 607,843
[ASSETS-OTHER] 120,218
[OTHER-ITEMS-ASSETS] 84
[TOTAL-ASSETS] 141,219,506
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 161,474
[TOTAL-LIABILITIES] 161,474
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 110,956,207
[SHARES-COMMON-STOCK] 6,244,669
[SHARES-COMMON-PRIOR] 6,043,256
[ACCUMULATED-NII-CURRENT] 181,441
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 688,364
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 22,987,351
[NET-ASSETS] 141,058,032
[DIVIDEND-INCOME] 4,271,258
[INTEREST-INCOME] 885,891
[OTHER-INCOME] 0
[EXPENSES-NET] 1,442,706
[NET-INVESTMENT-INCOME] 3,714,443
[REALIZED-GAINS-CURRENT] 6,691,546
[APPREC-INCREASE-CURRENT] 21,966,913
[NET-CHANGE-FROM-OPS] 32,372,902
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 3,750,365
[DISTRIBUTIONS-OF-GAINS] 6,611,754
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 560,583
[NUMBER-OF-SHARES-REDEEMED] 811,772
[SHARES-REINVESTED] 452,602
[NET-CHANGE-IN-ASSETS] 26,827,171
[ACCUMULATED-NII-PRIOR] 217,363
[ACCUMULATED-GAINS-PRIOR] 608,572
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 927,331
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1,442,706
[AVERAGE-NET-ASSETS] 128,445,843
[PER-SHARE-NAV-BEGIN] 18.90
[PER-SHARE-NII] .62
[PER-SHARE-GAIN-APPREC] 4.82
[PER-SHARE-DIVIDEND] .63
[PER-SHARE-DISTRIBUTIONS] 1.12
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 22.59
[EXPENSE-RATIO] 1.12
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
