<PAGE> PAGE 1
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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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 Investment Accounts, Inc.
In planning and performing our audit of the financial statements of American
National Investment Accounts, Inc. for the year ended December 31, 1996,
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 Investment Accounts, Inc. 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, 1996.
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 Investment Accounts, Inc. with the Securities and
Exchange Commission on Form N-SAR.
KPMG Peat Marwick LLP
Houston, Texas
February 7, 1997
[ARTICLE] 6
[CIK] 0000867050
[NAME] AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
[SERIES]
[NUMBER] 01
[NAME] GROWTH PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 5762431
[INVESTMENTS-AT-VALUE] 7256064
[RECEIVABLES] 10854
[ASSETS-OTHER] 641
[OTHER-ITEMS-ASSETS] 17484
[TOTAL-ASSETS] 7285043
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6774
[TOTAL-LIABILITIES] 6774
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 697458
[SHARES-COMMON-STOCK] 5009037
[SHARES-COMMON-PRIOR] 3774720
[ACCUMULATED-NII-CURRENT] 2517
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 75624
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1493633
[NET-ASSETS] 7278269
[DIVIDEND-INCOME] 96013
[INTEREST-INCOME] 68363
[OTHER-INCOME] 0
[EXPENSES-NET] 52848
[NET-INVESTMENT-INCOME] 111528
[REALIZED-GAINS-CURRENT] 128233
[APPREC-INCREASE-CURRENT] 802004
[NET-CHANGE-FROM-OPS] 1041765
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 108643
[DISTRIBUTIONS-OF-GAINS] 124776
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1338609
[NUMBER-OF-SHARES-REDEEMED] 265271
[SHARES-REINVESTED] 160979
[NET-CHANGE-IN-ASSETS] 2497094
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 72167
[OVERDISTRIB-NII-PRIOR] 368
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 30323
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 76061
[AVERAGE-NET-ASSETS] 6067988
[PER-SHARE-NAV-BEGIN] 1.27
[PER-SHARE-NII] .02
[PER-SHARE-GAIN-APPREC] .21
[PER-SHARE-DIVIDEND] .02
[PER-SHARE-DISTRIBUTIONS] .03
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.45
[EXPENSE-RATIO] 0.87
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000086050
[NAME] AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
[SERIES]
[NUMBER] 02
[NAME] MANAGED PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 5081642
[INVESTMENTS-AT-VALUE] 6245046
[RECEIVABLES] 11079
[ASSETS-OTHER] 606
[OTHER-ITEMS-ASSETS] 23344
[TOTAL-ASSETS] 6280075
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 6943
[TOTAL-LIABILITIES] 6943
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 498611
[SHARES-COMMON-STOCK] 4583281
[SHARES-COMMON-PRIOR] 3325669
[ACCUMULATED-NII-CURRENT] 2609
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 25227
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1163404
[NET-ASSETS] 6273132
[DIVIDEND-INCOME] 111437
[INTEREST-INCOME] 56476
[OTHER-INCOME] 0
[EXPENSES-NET] 48729
[NET-INVESTMENT-INCOME] 119184
[REALIZED-GAINS-CURRENT] 141375
[APPREC-INCREASE-CURRENT] 591472
[NET-CHANGE-FROM-OPS] 852031
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 116545
[DISTRIBUTIONS-OF-GAINS] 120983
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1283565
[NUMBER-OF-SHARES-REDEEMED] 199332
[SHARES-REINVESTED] 173379
[NET-CHANGE-IN-ASSETS] 2244689
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 4835
[OVERDISTRIB-NII-PRIOR] 30
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 26036
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 59512
[AVERAGE-NET-ASSETS] 5213254
[PER-SHARE-NAV-BEGIN] 1.21
[PER-SHARE-NII] .03
[PER-SHARE-GAIN-APPREC] .19
[PER-SHARE-DIVIDEND] .03
[PER-SHARE-DISTRIBUTIONS] .03
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.37
[EXPENSE-RATIO] 0.93
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000867050
[NAME] AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
[SERIES]
[NUMBER] 03
[NAME] BALANCED PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 3529905
[INVESTMENTS-AT-VALUE] 4225410
[RECEIVABLES] 33589
[ASSETS-OTHER] 610
[OTHER-ITEMS-ASSETS] 24706
[TOTAL-ASSETS] 4284315
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 3578
[TOTAL-LIABILITIES] 3578
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 195286
[SHARES-COMMON-STOCK] 3377686
[SHARES-COMMON-PRIOR] 2869276
[ACCUMULATED-NII-CURRENT] 2096
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 10164
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 695505
[NET-ASSETS] 4280737
[DIVIDEND-INCOME] 45867
[INTEREST-INCOME] 114798
[OTHER-INCOME] 0
[EXPENSES-NET] 34958
[NET-INVESTMENT-INCOME] 125707
[REALIZED-GAINS-CURRENT] 64625
[APPREC-INCREASE-CURRENT] 234882
[NET-CHANGE-FROM-OPS] 425214
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 122993
[DISTRIBUTIONS-OF-GAINS] 52838
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 506269
[NUMBER-OF-SHARES-REDEEMED] 136308
[SHARES-REINVESTED] 138449
[NET-CHANGE-IN-ASSETS] 881909
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 618
[OVERDIST-NET-GAINS-PRIOR] 1623
[GROSS-ADVISORY-FEES] 19354
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 57468
[AVERAGE-NET-ASSETS] 3872133
[PER-SHARE-NAV-BEGIN] 1.18
[PER-SHARE-NII] .04
[PER-SHARE-GAIN-APPREC] .10
[PER-SHARE-DIVIDEND] .04
[PER-SHARE-DISTRIBUTIONS] .01
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.27
[EXPENSE-RATIO] 0.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000867050
[NAME] AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
[SERIES]
[NUMBER] 04
[NAME] MONEY MARKET PORTFOLIO
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 2499989
[INVESTMENTS-AT-VALUE] 2499989
[RECEIVABLES] 116
[ASSETS-OTHER] 424
[OTHER-ITEMS-ASSETS] 35449
[TOTAL-ASSETS] 2535978
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 4103
[TOTAL-LIABILITIES] 4103
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 2531875
[SHARES-COMMON-PRIOR] 2398008
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 2531875
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 132240
[OTHER-INCOME] 0
[EXPENSES-NET] 21332
[NET-INVESTMENT-INCOME] 110908
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 110908
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 110908
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 49329
[NUMBER-OF-SHARES-REDEEMED] 26370
[SHARES-REINVESTED] 110908
[NET-CHANGE-IN-ASSETS] 133867
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 12287
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 29978
[AVERAGE-NET-ASSETS] 2457879
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .08
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .08
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] 0.87
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
