AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
SUPPLEMENT DATED AUGUST 14, 1996 TO
PROSPECTUS DATED APRIL 30, 1996
Page 8, under the heading "Fee Waivers" is amended and restated in its entirety
as follows:
In order to improve the yield and total return of a Portfolio of the Fund, SM&R
may, from time to time, voluntarily waive or reduce all or any portion of its
advisory fee and/or assume certain or all expenses of such Portfolio. SM&R has
agreed to continue its undertaking to reimburse the Growth Portfolio and the
Money Market Portfolio for expenses in excess of 0.87%; the Balanced Portfolio
for expenses in excess of 0.90% and the Managed Portfolio for expenses in excess
of 0.93%, of each Portfolio's average daily net assets. Fee waivers and/or
reductions, other than those stated in the Administrative Service Agreement, may
be rescinded by SM&R at any time without notice to investors. Such reimburse-
ment obligation is more restrictive than required by California, the only State
having an expense reimbursement provision applicable to the Fund. Such reim-
bursements, when required, will be made monthly.
For the year ended December 31, 1995, the net compensation paid by each
Portfolio to SM&R, expressed as a percentage of average net assets, were
as follows: Growth Portfolio-.31%; Managed Portfolio-.43%; Balanced
Portfolio-.28%; and Money Market Portfolio-.41%.
For additional information about the expenses of the Fund, see the
Statement of Additional Information.
