<PAGE>
AMERICAN
NATIONAL
INVESTMENT
ACCOUNTS
INC.
/ / GROWTH PORTFOLIO
/ / MANAGED PORTFOLIO
/ / BALANCED PORTFOLIO
/ / MONEY MARKET PORTFOLIO
SEMI-ANNUAL REPORT
JUNE 30, 1998
Form 9429
Rev. 6/98
<PAGE>
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC. One Moody Plaza, Galveston, Texas
77550
- --------------------------------------------------------------------------------
DIRECTORS
Ernest S. Barratt, Ph.D.
Allan W. Matthews
Lea McLeod Matthews
Michael W. McCroskey
Ann McLeod Moody
Edwin K. Nolan
Robert V. Shattuck, Jr.
Jamie G. Williams
Frank P. Williamson
OFFICERS
Michael W. McCroskey, President
Gordon D. Dixon, Vice President and
Portfolio Manager
William R. Berger, Vice President and
Portfolio Manager
Vera M. Young, Vice President and
Portfolio Manager, Money Market Portfolio
Brenda T. Koelemay, Vice President and Treasurer
Emerson V. Unger, Vice President
Teresa E. Axelson, Vice President and Secretary
INVESTMENT ADVISOR AND MANAGER
Securities Management & Research, Inc.
One Moody Plaza
Galveston, Texas 77550
CUSTODIAN
Securities Management & Research, Inc.
One Moody Plaza
Galveston, Texas 77550
LEGAL COUNSEL
Greer, Herz & Adams, L.L.P.
One Moody Plaza
Galveston, Texas 77550
UNDERWRITER AND REDEMPTION AGENT
Securities Management & Research, Inc.
One Moody Plaza
Galveston, Texas 77550
TRANSFER AGENT, REGISTAR AND DIVIDEND PAYING AGENT
Securities Management & Research, Inc.
One Moody Plaza
Galveston, Texas 77550
INDEPENDENT AUDITORS
Tait, Weller & Baker, CPA
8 Penn Center Plaza, Suite 800
Philadelphia, PA 19103-2108
1
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--2.42%
Chrysler Corporation 2,000 $ 112,750
Ford Motor Company 1,500 88,500
General Motors Corporation 2,000 133,625
----------
334,875
BANKS--6.79%
Banc One Corporation 3,300 184,181
Comerica, Incorporated 1,350 89,437
Dime Bancorp, Incorporated 7,000 209,562
First Union Corporation 1,600 93,200
Morgan (J.P.) & Company 500 58,563
NationsBank Corporation 2,000 153,000
Norwest Corporation 4,000 149,500
----------
937,443
BEVERAGES--2.05%
Anheuser-Busch Companies,
Incorporated 6,000 283,125
BROADCASTING--0.64%
MediaOne Group, Incorporated* 2,000 87,875
CHEMICALS--3.39%
Cabot Corporation 800 25,850
Hercules, Incorporated 2,600 106,925
Monsanto Company 3,500 195,562
Praxair, Incorporated 3,000 140,437
----------
468,774
COMMUNICATION EQUIPMENT--1.69%
Lucent Technologies, Incorporated 2,800 232,925
COMPUTER RELATED--4.38%
COMPAQ Computer Corporation 4,000 113,500
Cisco Systems, Incorporated* 1,700 156,506
Hewlett-Packard Company 1,900 113,763
Stratus Computer, Incorporated* 6,000 151,875
Sun Microsystems, Incorporated* 1,600 69,500
----------
605,144
COMPUTER SOFTWARE--8.35%
BMC Software, Incorporated* 3,200 166,200
First Data Corporation 5,700 189,881
MAPICS, Incorporated* 5,000 98,438
Microsoft Corporation* 3,900 422,662
Network Associates, Incorporated* 3,000 143,625
Synopsys, Incorporated* 2,900 132,675
----------
1,153,481
CONSTRUCTION--0.52%
Centex Corporation 1,900 71,725
COSMETICS/TOILETRIES--1.32%
Procter & Gamble Company 2,000 182,125
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
DIVERSIFIED--2.73%
AlliedSignal, Incorporated 3,200 $ 142,000
Coltec Industries, Incorporated* 5,600 111,300
U.S. Industries, Incorporated 5,000 123,750
----------
377,050
DRUGS--7.50%
Bristol-Myers Squibb Company 2,000 229,875
Merck & Company, Incorporated 1,000 133,750
Pfizer, Incorporated 3,200 347,800
Schering-Plough Corporation 2,400 219,900
Warner-Lambert Company 1,500 104,063
----------
1,035,388
ELECTRICAL EQUIPMENT--3.16%
General Electric Company 3,700 336,700
York International Corporation 2,300 100,194
----------
436,894
ELECTRONICS/INTRUMENTS--2.39%
Analog Devices, Incorporated* 4,700 115,444
Avnet, Incorporated 2,000 109,375
Cypress Semiconductor Corporation* 12,600 104,737
----------
329,556
ENVIRONMENTAL--0.56%
Waste Management, Incorporated 2,200 77,000
EXPLORATION & DRILLING--0.95%
Global Marine Incorporated* 2,500 46,719
Tidewater, Incorporated 1,500 49,500
Union Pacific Resources Group,
Incorporated 2,000 35,125
----------
131,344
FINANCIAL SERVICES--3.42%
Associates First Capital
Corporation 393 30,212
Countrywide Credit Industries,
Incorporated 3,000 152,250
Morgan Stanley, Dean Witter,
Discover and Company 1,600 146,200
Reliance Group Holdings,
Incorporated 8,200 143,500
----------
472,162
FOOD PRODUCERS--3.13%
IBP, Incorporated 2,500 45,312
Interstate Bakeries Corporation 4,500 149,344
McCormick & Company, Incorporated 2,000 71,438
Tyson Foods, Incorporated 3,600 78,075
Universal Foods Corporation 4,000 88,750
----------
432,919
</TABLE>
2
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
FOOD RETAILERS--1.58%
Albertson's, Incorporated 1,300 $ 67,356
Safeway, Incorporated* 3,700 150,544
----------
217,900
FURNITURE/APPLIANCES--0.50%
Whirlpool Corporation 1,000 68,750
INSURANCE COMPANIES--2.08%
American General Corporation 2,000 142,375
CIGNA Corporation 2,100 144,900
----------
287,275
LEISURE TIME--0.72%
Brunswick Corporation 4,000 99,000
MACHINERY/EQUIPMENT--1.79%
Flowserve Corporation 3,500 86,188
Foster Wheeler Corporation 1,000 21,437
Pall Corporation 6,800 139,400
----------
247,025
MEDICAL PRODUCTS/SUPPLIES--2.60%
Abbott Laboratories 2,000 81,750
Bergen Brunswig Corporation (Class
A) 2,500 115,938
Biomet, Incorporated* 4,900 162,006
----------
359,694
MEDICAL SERVICES--5.00%
Advanced Health Corporation* 10,400 57,200
Aetna Incorporated 2,000 152,250
Beckman Coulter, Incorporated 2,000 116,500
MedPartners, Incorporated * 4,000 32,000
PacifiCare Health Systems,
Incorporated (Class B)* 1,600 141,400
United Healthcare Corporation 3,000 190,500
----------
689,850
METALS & MINING--1.08%
Cyprus Amax Minerals Company 3,000 39,750
Kinross Gold Corporation* 33,616 109,252
----------
149,002
NATURAL GAS--1.17%
Enron Corporation 3,000 162,188
OIL DOMESTIC--2.55%
Amoco Corporation 2,000 83,250
Kerr-McGee Corporation 2,100 121,538
Murphy Oil Corporation 800 40,550
Unocal Corporation 3,000 107,250
----------
352,588
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
OIL INTERNATIONAL--2.14%
Chevron Corporation 1,000 $ 83,063
Societe Nationale Elf Aquitaine
ADR 3,000 213,000
----------
296,063
PAPER/FOREST PRODUCTS--0.74%
Caraustar Industries, Incorporated 2,900 83,738
Louisiana-Pacific Corporation 1,000 18,250
----------
101,988
PHOTOGRAPHY/IMAGING--2.58%
Xerox Corporation 3,500 355,687
PRINTING/PUBLISHING--0.56%
Banta Corporation 2,500 77,187
RESTAURANTS--0.58%
Applebee's International,
Incorporated 3,600 80,550
RETAIL--GENERAL--1.01%
Federated Department Stores,
Incorporated* 2,600 139,913
RETAIL--SPECIALTY--1.04%
Officemax, Incorporated* 4,300 70,950
Tiffany & Company 1,500 72,000
----------
142,950
SEMICONDUCTORS--1.66%
Intel Corporation 3,100 229,787
TELECOM--0.53%
U S West, Incorporated 1,554 73,038
TELEPHONE--1.54%
Alltel Corporation 2,000 93,000
MasTec, Incorporated* 5,000 119,375
----------
212,375
TRUCKING & SHIPPING--0.78%
USFreightways Corporation 3,300 108,384
----------
TOTAL COMMON STOCK--87.62%
(Cost $9,045,881) 12,100,999
----------
</TABLE>
3
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
FINANCIAL SERVICES--3.26%
Case Credit Corporation, 5.90%,
07/02/98 $ 450,000 $ 449,926
FOOD RETAILERS--2.89%
SuperValu, Incorporated, 6.10%,
07/07/98 400,000 399,593
FURNITURE/APPLIANCES--0.93%
Maytag Corporation, 5.85%,
07/06/98 128,000 127,896
STEEL--2.93%
Carpenter Technology Corporation,
6.00%, 07/09/98 405,000 404,460
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
UTILITY--MISCELLANEOUS--2.17%
Orange & Rockland Utilities,
Incorporated, 5.79%, 07/01/98 $ 300,000 $ 300,000
----------
TOTAL COMMERCIAL PAPER--12.18%
(Cost $1,681,875) 1,681,875
----------
TOTAL INVESTMENTS--99.80%
(Cost $10,727,756) 13,782,874
CASH AND OTHER ASSETS, LESS
LIABILITIES--0.20% 27,043
----------
NET ASSETS--100.00% $13,809,917
----------
----------
</TABLE>
ABBREVIATIONS
ADR -- American Depository Receipt
* -- Non-income producing securities
See notes to financial statements.
4
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--1.28%
Chrysler Corporation 700 $ 39,462
Ford Motor Company 1,318 77,762
General Motors Corporation 800 53,450
-----------
170,674
BANKS--7.76%
Banc One Corporation 2,750 153,484
Comerica, Incorporated 3,000 198,750
Dime Bancorp, Incorporated 4,000 119,750
First Union Corporation 2,400 139,800
Fleet Financial Group,
Incorporated 1,784 148,964
Morgan (J.P.) & Company 1,000 117,125
NationsBank Corporation 2,000 153,000
-----------
1,030,873
BEVERAGES--1.24%
Anheuser-Busch Companies,
Incorporated 3,500 165,156
BROADCASTING--0.33%
MediaOne Group, Incorporated* 1,000 43,938
CHEMICALS--1.45%
Hercules, Incorporated 2,300 94,588
Praxair, Incorporated 2,100 98,306
-----------
192,894
COMMUNICATIONS
EQUIPMENT--1.69%
Lucent Technologies, Incorporated 2,700 224,606
COMPUTER RELATED--4.91%
Cisco Systems, Incorporated* 1,700 156,506
Hewlett-Packard Company 1,600 95,800
Stratus Computer, Incorporated* 5,500 139,219
Sun Microsystems, Incorporated* 6,000 260,625
-----------
652,150
COMPUTER SOFTWARE--7.07%
First Data Corporation 5,200 173,225
MAPICS, Incorporated* 5,000 98,437
Microsoft Corporation* 3,800 411,825
Network Associates, Incorporated* 2,850 136,444
Synopsys, Incorporated* 2,600 118,950
-----------
938,881
CONSTRUCTION--0.54%
Centex Corporation 1,900 71,725
DIVERSIFIED--2.56%
AlliedSignal, Incorporated 2,900 128,687
Coltec Industries, Incorporated* 5,000 99,375
U.S. Industries, Incorporated 4,500 111,375
-----------
339,437
DRUGS--2.76%
Schering-Plough Corporation 4,000 366,500
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
ELECTRICAL EQUIPMENT--3.51%
Emerson Electric Company 1,000 $ 60,375
General Electric Company 3,500 318,500
York International Corporation 2,000 87,125
-----------
466,000
ELECTRIC POWER--1.03%
Allegheny Energy, Incorporated 800 24,100
DTE Energy Company 2,000 80,750
OGE Energy Corporation 1,200 32,400
-----------
137,250
ELECTRONICS/INSTRUMENTS--2.40%
Analog Devices, Incorporated* 3,500 85,969
Avnet, Incorporated 2,500 136,719
Cypress Semiconductor
Corporation* 11,500 95,593
-----------
318,281
ENVIRONMENTAL--0.53%
Waste Management, Incorporated 2,000 70,000
EXPLORATION & DRILLING--0.56%
Global Marine Incorporated* 1,600 29,900
Tidewater, Incorporated 900 29,700
Union Pacific Resources Group,
Incorporated 846 14,858
-----------
74,458
FINANCIAL SERVICES--3.03%
Associates First Capital
Corporation 345 26,522
Countrywide Credit Industries,
Incorporated 2,800 142,100
Morgan Stanley, Dean Witter,
Discover and Company 1,200 109,650
Reliance Group Holdings,
Incorporated 7,100 124,250
-----------
402,522
FOODS PRODUCERS--2.18%
IBP, Incorporated 4,500 81,562
Interstate Bakeries Corporation 4,100 136,069
McCormick & Company, Incorporated 2,000 71,438
-----------
289,069
FOODS RETAILERS--1.63%
Albertson's, Incorporated 1,500 77,719
Safeway, Incorporated* 3,400 138,337
-----------
216,056
FURNITURE/APPLIANCES--0.52%
Whirlpool Corporation 1,000 68,750
INSURANCE COMPANIES--0.93%
CIGNA Corporation 1,800 124,200
LEISURE TIME--0.56%
Brunswick Corporation 3,000 74,250
</TABLE>
5
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
MACHINERY/EQUIPMENT--1.53%
Flowserve Corporation 2,500 $ 61,563
Foster Wheeler Corporation 2,000 42,875
Pall Corporation 4,800 98,400
-----------
202,838
MEDICAL PRODUCTS/SUPPLIES--3.77%
Abbott Laboratories 6,000 245,250
Bergen Brunswig Corporation
(Class A) 2,500 115,938
Biomet, Incorporated* 4,200 138,862
-----------
500,050
MEDICAL SERVICES--3.48%
Advanced Health Corporation* 9,500 52,250
Aetna Incorporated 1,200 91,350
Beckman Coulter, Incorporated 1,000 58,250
MedPartners, Incorporated * 2,800 22,400
PacifiCare Health Systems,
Incorporated (Class B)* 1,400 123,725
United Healthcare Corporation 1,800 114,300
-----------
462,275
METALS & MINING--0.75%
Cyprus Amax Minerals Company 2,000 26,500
Kinross Gold Corporation* 22,411 72,836
-----------
99,336
NATURAL GAS--0.94%
Enron Corporation 2,300 124,344
OIL DOMESTIC--1.01%
Kerr-McGee Corporation 1,800 104,175
Murphy Oil Corporation 600 30,413
-----------
134,588
OIL INTERNATIONAL--1.43%
Societe Nationale Elf Aquitaine
ADR 1,000 71,000
Texaco, Incorporated 2,000 119,375
-----------
190,375
PAPER/FOREST PRODUCTS--0.81%
Caraustar Industries,
Incorporated 2,600 75,075
Weyerhaeuser Company 700 32,331
-----------
107,406
PHOTOGRAPHY/IMAGING--2.30%
Xerox Corporation 3,000 304,875
PRINTING/PUBLISHING--0.51%
Banta Corporation 2,200 67,925
REAL ESTATE/REITS--4.28%
CenterPoint Properties
Corporation 1,800 59,513
Crescent Real Estate Equities
Company 5,000 168,125
Equity Office Properties Trust 10,000 283,750
Health & Retirement Property
Trust 3,000 56,437
-----------
567,825
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
RESTAURANT--0.52%
Applebee's International,
Incorporated 3,100 $ 69,363
RETAIL--DISCOUNT--0.58%
Kmart Corporation* 4,000 77,000
RETAIL--GENERAL--1.01%
Federated Department Stores,
Incorporated* 2,500 134,531
RETAIL--SPECIALTY--0.98%
Officemax, Incorporated* 4,100 67,650
Tiffany & Company 1,300 62,400
-----------
130,050
SEMICONDUCTORS--1.56%
Intel Corporation 2,800 207,550
TELECOM--CELLULAR--0.78%
GTE Corporation 1,000 55,625
US West, Incorporated 1,027 48,269
-----------
103,894
TELEPHONE--1.35%
Alltel Corporation 1,800 83,700
MasTec, Incorporated* 4,000 95,500
-----------
179,200
TOBACCO--0.41%
UST, Incorporated 2,000 54,000
TRUCKING & SHIPPING--0.74%
USFreightways Corporation 3,000 98,531
-----------
TOTAL COMMON STOCK--77.21%
(Cost $7,861,007) 10,253,626
-----------
<CAPTION>
PREFERRED STOCK
<S> <C> <C>
FINANCIAL SERVICES--1.22%
Conseco Incorporated (Series D)
(Convertible) 1,000 162,000
OIL DOMESTIC--0.81%
Unocal Capital Trust
(Convertible) 2,000 107,750
-----------
TOTAL PREFERRED STOCK--2.03%
(Cost $167,289) 269,750
-----------
<CAPTION>
FACE
CORPORATE BONDS AMOUNT VALUE
<S> <C> <C>
ENVIRONMENTAL--1.34%
Sanifill Incorporated, 5.00%,
03/01/06 (Convertible) $ 100,000 177,750
-----------
TOTAL CORPORATE BONDS--1.34%
(Cost $97,152) 177,750
-----------
</TABLE>
6
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
COAL, GAS & PIPE--2.25%
Boston Gas Company, 6.20%,
07/10/98 $ 300,000 $ 299,535
ELECTRIC POWER--2.75%
Commonwealth Edison Company,
5.75%, 07/06/98 365,000 364,707
FINANCIAL SERVICES--4.52%
Case Credit Corporation,
5.90%, 07/02/98 600,000 599,902
FOOD PRODUCERS--1.21%
ConAgra Incorporated, 5.80%,
07/02/98 161,000 160,974
STEEL--4.23%
Carpenter Technology Corporation,
6.00%, 07/09/98 563,000 562,249
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
UTILITY--MISCELLANEOUS--4.38%
Orange & Rockland Utilities,
Incorporated, 5.79%, 07/01/98 $ 582,000 $ 582,000
-----------
TOTAL COMMERCIAL PAPER--19.34%
(Cost $2,569,367) 2,569,367
-----------
TOTAL INVESTMENTS--99.92%
(Cost $10,694,815) 13,270,493
-----------
CASH AND OTHER ASSETS, LESS
LIABILITIES--0.08% 10,126
-----------
NET ASSETS--100.00% $13,280,619
-----------
-----------
</TABLE>
ABBREVIATIONS
ADR -- American Depository Receipt
REIT -- Real Estate Investment Trust
* -- Non-income producing security
See notes to financial statements.
7
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--0.90%
Chrysler Corporation 200 $ 11,275
Ford Motor Company 500 29,500
General Motors Corporation 300 20,044
---------
60,819
BANKS--4.34%
Banc One Corporation 660 36,836
Comerica, Incorporated 900 59,625
Dime Bancorp, Incorporated 1,600 47,900
First Union Corporation 400 23,300
Morgan (J.P.) & Company 300 35,138
NationsBank Corporation 600 45,900
Norwest Corporation 1,200 44,850
---------
293,549
BEVERAGES--0.42%
Anheuser-Busch Companies,
Incorporated 600 28,313
BROADCASTING--0.39%
MediaOne Group, Incorporated* 600 26,363
CHEMICALS--1.08%
Cabot Corporation 600 19,388
Hercules, Incorporated 500 20,562
Praxair, Incorporated 700 32,769
---------
72,719
COMMUNICATIONS EQUIPMENT--1.23%
Lucent Technologies, Incorporated 1,000 83,187
COMPUTER RELATED--2.12%
Cisco Systems, Incorporated* 600 55,238
Hewlett-Packard Company 600 35,925
Sun Microsystems, Incorporated* 1,200 52,125
---------
143,288
COMPUTER SOFTWARE--4.17%
First Data Corporation 1,100 36,644
Microsoft Corporation* 1,300 140,887
Network Associates, Incorporated* 750 35,906
Synopsys, Incorporated* 1,500 68,625
---------
282,062
CONSTRUCTION--0.39%
Centex Corporation 700 26,425
COSMETICS & TOILETRIES--1.62%
Procter & Gamble Company 1,200 109,275
DIVERSIFIED--2.50%
AlliedSignal, Incorporated 1,400 62,125
Coltec Industries, Incorporated* 2,500 49,687
U.S. Industries, Incorporated 2,300 56,925
---------
168,737
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
DRUGS--8.39%
Bristol-Myers Squibb Company 800 $ 91,950
Pfizer, Incorporated 1,000 108,687
Schering-Plough Corporation 4,000 366,500
---------
567,137
ELECTRICAL EQUIPMENT--2.19%
General Electric Company 1,100 100,100
York International Corporation 1,100 47,919
---------
148,019
ELECTRIC POWER--0.84%
Allegheny Energy, Incorporated 400 12,050
DTE Energy Company 700 28,263
OGE Energy Corporation 600 16,200
---------
56,513
ELECTRONICS/INSTRUMENTS--1.21%
Analog Devices, Incorporated* 500 12,281
Avnet, Incorporated 1,000 54,687
Cypress Semiconductor Corporation* 1,800 14,963
---------
81,931
ENVIRONMENTAL--1.04%
Waste Management, Incorporated 2,000 70,000
EXPLORATION & DRILLING--0.56%
Global Marine Incorporated* 900 16,819
Tidewater, Incorporated 500 16,500
Union Pacific Resources Group,
Incorporated 254 4,461
---------
37,780
FINANCIAL SERVICES--2.78%
Associates First Capital Corporation 131 10,071
Countrywide Credit Industries,
Incorporated 1,400 71,050
Morgan Stanley, Dean Witter,
Discover and Company 400 36,550
Reliance Group Holdings,
Incorporated 4,000 70,000
---------
187,671
FOOD PRODUCERS--1.60%
IBP, Incorporated 900 16,313
Interstate Bakeries Corporation 2,100 69,694
Universal Foods Corporation 1,000 22,187
---------
108,194
FOOD RETAILERS--1.48%
Albertson's, Incorporated 600 31,087
Safeway, Incorporated* 1,700 69,169
---------
100,256
INSURANCE COMPANIES--0.93%
American General Corporation 300 21,356
CIGNA Corporation 600 41,400
---------
62,756
</TABLE>
8
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
LEISURE TIME--0.62%
Brunswick Corporation 1,700 $ 42,075
MACHINERY & EQUIPMENT--0.79%
Flowserve Corporation 900 22,162
Foster Wheeler Corporation 500 10,719
Pall Corporation 1,000 20,500
---------
53,381
MEDICAL PRODUCTS/SUPPLIES--3.81%
Abbott Laboratories 2,200 89,925
Bergen Brunswig Corporation (Class
A) 875 40,578
Biomet, Incorporated 2,500 82,656
Johnson & Johnson 600 44,250
---------
257,409
MEDICAL SERVICES--2.62%
Aetna Incorporated 400 30,450
Beckman Coulter, Incorporated 400 23,300
MedPartners, Incorporated* 1,200 9,600
PacifiCare Health Systems,
Incorporated (Class B)* 500 44,187
United Healthcare Corporation 1,100 69,850
---------
177,387
METALS & MINING--0.10%
Cyprus Amax Minerals Company 500 6,625
NATURAL GAS--1.04%
Enron Corporation 1,300 70,281
OIL DOMESTIC--0.57%
Amoco Corporation 400 16,650
Kerr-McGee Corporation 200 11,575
Murphy Oil Corporation 200 10,138
---------
38,363
OIL INTERNATIONAL--1.47%
Chevron Corporation 600 49,837
Societe Nationale Elf Aquitaine ADR 700 49,700
---------
99,537
PAPER/FOREST PRODUCTS--0.54%
Caraustar Industries, Incorporated 400 11,550
Louisiana-Pacific Corporation 600 10,950
Weyerhaeuser Company 300 13,856
---------
36,356
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
PRINTING/PUBLISHING--0.41%
Banta Corporation 900 $ 27,788
REAL ESTATE/REITS--0.31%
Health & Retirement Property Trust 1,100 20,694
RESTAURANT--0.17%
Applebee's International,
Incorporated 500 11,187
RETAIL--DISCOUNT--0.24%
Toys "R" Us, Incorporated* 700 16,494
RETAIL--GENERAL--0.72%
Federated Department Stores,
Incorporated* 900 48,431
RETAIL--SPECIALTY--0.70%
Officemax, Incorporated* 1,400 23,100
Tiffany & Company 500 24,000
---------
47,100
SEMICONDUCTORS--0.99%
Intel Corporation 900 66,713
TELECOM--0.84%
GTE Corporation 500 27,812
US West, Incorporated 616 28,952
---------
56,764
TELEPHONE--0.48%
Alltel Corporation 700 32,550
TOBACCO--0.28%
UST, Incorporated 700 18,900
TRUCKING & SHIPPING--0.24%
USFreightways Corporation 500 16,422
---------
TOTAL COMMON STOCK--57.12%
(Cost $2,599,810) 3,859,451
---------
<CAPTION>
PREFERRED STOCK
<S> <C> <C>
OIL DOMESTIC--0.40%
Unocal Capital Trust (Convertible) 500 26,938
---------
TOTAL PREFERRED STOCK--0.40%
(Cost $26,541) 26,938
---------
</TABLE>
9
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
BONDS AND NOTES AMOUNT VALUE
<S> <C> <C>
GOVERNMENT AGENCIES--17.52%
Federal Home Loan Mortgage
Corporation, 5.74%, 09/17/03 $ 100,000 $ 98,622
Federal Home Loan Mortgage
Corporation, 7.83%, 04/13/05 150,000 155,473
Federal Home Loan Mortgage
Corporation, 7.70%, 05/17/06 80,000 81,337
Federal Home Loan Mortgage
Corporation, Pool #540341, 9.00%,
09/01/19 5,189 5,499
Federal Home Loan Mortgage
Corporation, Pool #360100, 9.00%,
04/01/20 24,436 25,868
Federal National Mortgage
Association, 7.55%, 04/22/02 50,000 53,168
Federal National Mortgage
Association, 5.78%, 09/17/03 100,000 98,473
Federal National Mortgage
Association, 7.55%, 06/10/04 250,000 254,119
Federal National Mortgage
Association, 7.70%, 04/10/07 400,000 411,105
---------
1,183,664
U S TREASURY SECURITIES--12.73%
U S Treasury Bonds, 6.00%, 02/15/26 680,000 707,413
U S Treasury Notes, 5.875%, 02/15/04 150,000 152,813
---------
860,226
---------
TOTAL BONDS AND NOTES--30.25%
(Cost $1,887,614) 2,043,890
---------
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
FINANCIAL SERVICES--2.96%
Case Credit Corporation, 5.90%,
07/02/98 $ 200,000 $ 199,967
FOOD PRODUCERS--3.99%
ConAgra Incorporated, 6.07%,
07/01/98 270,000 270,000
STEEL--4.58%
Carpenter Technology Corporation,
6.00%, 07/09/98 310,000 309,586
---------
TOTAL COMMERCIAL PAPER--11.53%
(Cost $779,553) 779,553
---------
TOTAL INVESTMENTS--99.30%
(Cost $5,293,518) 6,709,832
CASH AND OTHER ASSETS, LESS LIABILITIES--0.70% 47,245
---------
NET ASSETS--100.00% $6,757,077
---------
---------
</TABLE>
ABBREVIATIONS
ADR -- American Depository Receipt
* -- Non-income producing securities
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
STATED RATE MATURITY FACE
(%) DATE AMOUNT VALUE
<S> <C> <C> <C> <C>
FEDERAL AGENCIES--
Federal Agricultural Mortgage Corporation 5.42 07/08/98 $ 310,000 $ 309,673
Federal Agricultural Mortgage Corporation 5.41 07/10/98 100,000 99,864
Federal Farm Credit Bank 5.37 07/01/98 450,000 450,000
Federal Farm Credit Bank 5.36 07/13/98 375,000 374,325
Federal Farm Credit Bank 5.40 07/22/98 250,000 249,211
Federal Farm Credit Bank 5.42 07/24/98 350,000 348,784
Federal Home Loan Bank 5.37 07/29/98 320,000 318,659
Federal Home Loan Mortgage Corporation 5.43 07/02/98 230,000 229,965
Federal Home Loan Mortgage Corporation 5.44 07/07/98 300,000 299,727
Federal Home Loan Mortgage Corporation 5.40 07/23/98 375,000 373,762
Federal Home Loan Mortgage Corporation 5.48 07/27/98 300,000 298,812
Federal Home Loan Mortgage Corporation 5.43 08/07/98 205,000 203,856
Federal National Mortgage Association 5.42 07/15/98 225,000 224,524
Federal National Mortgage Association 5.40 07/17/98 125,000 124,700
Federal National Mortgage Association 5.44 08/03/98 210,000 208,953
---------
TOTAL FEDERAL AGENCIES--100.14%
(Cost $4,114,815) 4,114,815
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.14%) (5,924)
---------
NET ASSETS--100.00% $4,108,891
---------
---------
</TABLE>
See notes to financial statements.
10
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH MANAGED BALANCED MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value $ 13,782,874 $ 13,270,493 $ 6,709,832 $4,114,815
Cash and cash equivalents 34,940 11,699 16,845 --
Receivable for:
Dividends 9,600 13,684 2,975 --
Interest 163 2,001 34,497 154
Expense reimbursement 100 -- 1,209 754
------------ ------------ ----------- ------------
TOTAL ASSETS 13,827,677 13,297,877 6,765,358 4,115,723
LIABILITIES
Accrued:
Investment advisory fee 5,579 5,058 2,665 1,337
Service fee 2,789 2,529 1,332 668
Other liabilities 9,392 9,671 4,284 4,827
------------ ------------ ----------- ------------
TOTAL LIABILITIES 17,760 17,258 8,281 6,832
------------ ------------ ----------- ------------
NET ASSETS $ 13,809,917 $ 13,280,619 $ 6,757,077 $4,108,891
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
SHARES OUTSTANDING 7,741,920 7,817,470 4,442,526 4,108,891
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
NET ASSET VALUE PER SHARE $ 1.78 $ 1.70 $ 1.52 $ 1.00
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
</TABLE>
STATEMENTS OF OPERATIONS Six Months Ended June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH MANAGED BALANCED MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 69,339 $ 82,224 $ 24,399 --
Interest 58,601 58,874 92,643 $ 90,493
------------ ------------ ----------- ------------
TOTAL INVESTMENT INCOME 127,940 141,098 117,042 90,493
EXPENSES
Investment advisory fees 30,390 27,114 14,653 7,523
Service fees 15,195 13,557 7,326 3,762
Custody and transaction fees 16,381 13,608 11,043 2,707
Directors' fees and expenses 7,510 7,639 6,468 5,918
Professional fees 4,332 4,031 3,727 3,481
Registration fees 369 374 133 62
Other 375 -- 908 1,000
------------ ------------ ----------- ------------
TOTAL EXPENSES 74,552 66,323 44,258 24,453
LESS EXPENSES REIMBURSED (19,357) (12,525) (16,911) (10,164)
------------ ------------ ----------- ------------
NET EXPENSES 55,195 53,798 27,347 14,289
------------ ------------ ----------- ------------
INVESTMENT INCOME--NET 72,745 87,300 89,695 76,204
------------ ------------ ----------- ------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 339,838 201,540 64,819 --
Change in unrealized appreciation of investments 920,370 592,615 388,182 --
------------ ------------ ----------- ------------
NET GAIN ON INVESTMENTS 1,260,208 794,155 453,001 --
------------ ------------ ----------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,332,953 $ 881,455 $ 542,696 $ 76,204
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
</TABLE>
See notes to financial statements.
11
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
--------------- -------------
1998 1997
--------------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 72,745 $ 157,371
Net realized gain on investments 339,838 875,594
Change in unrealized appreciation 920,370 641,115
--------------- -------------
Net increase in net assets resulting from operations 1,332,953 1,674,080
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (158,902)
Capital gains -- (775,516)
--------------- -------------
Total distributions to shareholders -- (934,418)
CAPITAL SHARE TRANSACTIONS--Net 1,350,048 3,108,985
--------------- -------------
TOTAL INCREASE 2,683,001 3,848,647
NET ASSETS
Beginning of period 11,126,916 7,278,269
--------------- -------------
End of period $ 13,809,917 $ 11,126,916
--------------- -------------
--------------- -------------
</TABLE>
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
--------------- -------------
1998 1997
--------------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 87,300 $ 156,264
Net realized gain on investments 201,540 630,123
Change in unrealized appreciation 592,615 819,659
--------------- -------------
Net increase in net assets resulting from operations 881,455 1,606,046
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (158,852)
Capital gains -- (513,633)
--------------- -------------
Total distributions to shareholders -- (672,485)
CAPITAL SHARE TRANSACTIONS--Net 2,616,178 2,576,293
--------------- -------------
TOTAL INCREASE 3,497,633 3,509,854
NET ASSETS
Beginning of period 9,782,986 6,273,132
--------------- -------------
End of period $ 13,280,619 $ 9,782,986
--------------- -------------
--------------- -------------
</TABLE>
See notes to financial statements.
12
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
--------------- ------------
1998 1997
--------------- ------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 89,695 $ 168,655
Net realized gain on investments 64,819 350,655
Change in unrealized appreciation 388,182 332,627
--------------- ------------
Net increase in net assets resulting from operations 542,696 851,937
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (168,712)
Capital gains -- (267,353)
--------------- ------------
Total distributions to shareholders -- (436,065)
CAPITAL SHARE TRANSACTIONS--Net 619,459 898,313
--------------- ------------
TOTAL INCREASE 1,162,155 1,314,185
NET ASSETS
Beginning of period 5,594,922 4,280,737
--------------- ------------
End of period $ 6,757,077 $5,594,922
--------------- ------------
--------------- ------------
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
--------------- ------------
1998 1997
--------------- ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 76,204 $ 123,016
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net (76,204) (123,016)
CAPITAL SHARE TRANSACTIONS--Net 1,288,222 288,794
--------------- ------------
TOTAL INCREASE 1,288,222 288,794
NET ASSETS
Beginning of period 2,820,669 2,531,875
--------------- ------------
End of period $ 4,108,891 $2,820,669
--------------- ------------
--------------- ------------
</TABLE>
See notes to financial statements.
13
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout the period.
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------------- -----------------------------------------------------
1998 1997 1996 1995 1994 1993
----------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.60 $ 1.45 $ 1.27 $ 1.04 $ 1.08 $ 1.07
Investment income--net 0.01 0.03 0.02 0.02 0.02 0.02
Net realized and unrealized gain (loss) on
investments during the period 0.17 0.27 0.21 0.27 0.05 0.06
------- --------- --------- --------- --------- ---------
Total from investment operations 0.18 0.30 0.23 0.29 0.07 0.08
Less distributions from
Investment income--net -- (0.03) (0.02) (0.02) (0.02) (0.02)
Capital gains -- (0.12) (0.03) (0.04) (0.09) (0.05)
------- --------- --------- --------- --------- ---------
Total distributions 0.00 (0.15) (0.05) (0.06) (0.11) (0.07)
------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period $ 1.78 $ 1.60 $ 1.45 $ 1.27 $ 1.04 $ 1.08
------- --------- --------- --------- --------- ---------
------- --------- --------- --------- --------- ---------
Total return 11.25%** 20.72% 17.98% 28.50% 6.91% 7.10%
------- --------- --------- --------- --------- ---------
------- --------- --------- --------- --------- ---------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 13,810 $ 11,127 $ 7,278 $ 4,781 $ 3,037 $ 2,748
Ratio of expenses to average net assets 0.87%*(1) 0.87%(1) 0.87%(1) 0.87%(1) 0.90%(1) 0.91%
Ratio of net investment income to average net
assets 1.14%* 1.69% 1.84% 1.99% 2.04% 1.65%
Portfolio turnover rate 20.74% 45.37% 21.24% 42.06% 46.18% 59.55%
Average commission rate 7.00% 7.00% 7.00% -- -- --
</TABLE>
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------------- -----------------------------------------------------
1998 1997 1996 1995 1994 1993
----------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.56 $ 1.37 $ 1.21 $ 1.00 $ 1.11 $ 1.05
Investment income--net 0.01 0.03 0.03 0.03 0.02 0.02
Net realized and unrealized gain (loss) on
investments during the period 0.13 0.28 0.19 0.24 -- 0.09
------- --------- --------- --------- --------- ---------
Total from investment operations 0.14 0.31 0.22 0.27 0.02 0.11
Less distributions from
Investment income--net -- (0.03) (0.03) (0.03) (0.03) (0.02)
Capital gains -- (0.09) (0.03) (0.03) (0.10) (0.03)
------- --------- --------- --------- --------- ---------
Total distributions 0.00 (0.12) (0.06) (0.06) (0.13) (0.05)
------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period $ 1.70 $ 1.56 $ 1.37 $ 1.21 $ 1.00 $ 1.11
------- --------- --------- --------- --------- ---------
------- --------- --------- --------- --------- ---------
Total return 8.97%** 22.41% 17.69% 27.19% 1.35% 10.97%
------- --------- --------- --------- --------- ---------
------- --------- --------- --------- --------- ---------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 13,281 $ 9,783 $ 6,273 $ 4,028 $ 2,795 $ 2,735
Ratio of expenses to average net assets 0.93%*(2) 0.93%(2) 0.93%(2) 0.93%(2) 0.98%(2) 1.00%
Ratio of net investment income to average net
assets 1.51%* 1.91% 2.29% 2.57% 2.36% 1.87%
Portfolio turnover rate 19.56% 35.08% 20.79% 30.87% 26.26% 46.39%
Average commission rate 7.00% 7.00% 7.00% -- -- --
</TABLE>
* Ratios annualized
** Returns are not annualized
(1) Expenses for the calculation are net of a reimbursement from Securities
Management & Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.17% (annualized), 1.09%,
1.25%, 1.32% and 1.13% for the six months ended June 30, 1998 and the years
ended December 31, 1997, 1996, 1995 and 1994, respectively.
(2) Expenses for the calculation are net of a reimbursement from Securities
Management & Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.15% (annualized), 1.10%,
1.14%, 1.26% and 1.23% for the six months ended June 30, 1998 and the years
ended December 31, 1997, 1996, 1995 and 1994, respectively.
See notes to financial statements.
14
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout the period.
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------------- -----------------------------------------------------
1998 1997 1996 1995 1994 1993
----------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.39 $ 1.27 $ 1.18 $ 0.99 $ 1.06 $ 1.07
Investment income--net 0.02 0.04 0.04 0.04 0.03 0.03
Net realized and unrealized gain (loss) on
investments during the period 0.11 0.20 0.10 0.19 (0.03) 0.02
------ --------- --------- --------- --------- ---------
Total from investment operations 0.13 0.24 0.14 0.23 0.00 0.05
Less distributions from
Investment income--net -- (0.05) (0.04) (0.04) (0.03) (0.03)
Capital gains -- (0.07) (0.01) -- (0.04) (0.03)
------ --------- --------- --------- --------- ---------
Total distributions 0.00 (0.12) (0.05) (0.04) (0.07) (0.06)
------ --------- --------- --------- --------- ---------
Net Asset Value, End of Period $ 1.52 $ 1.39 $ 1.27 $ 1.18 $ 0.99 $ 1.06
------ --------- --------- --------- --------- ---------
------ --------- --------- --------- --------- ---------
Total return 9.35%** 18.80% 12.23% 22.80% 0.15% 4.58%
------ --------- --------- --------- --------- ---------
------ --------- --------- --------- --------- ---------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 6,757 $ 5,595 $ 4,281 $ 3,399 $ 2,660 $ 2,585
Ratio of expenses to average net assets 0.90%*(1) 0.90%(1) 0.90%(1) 0.90%(1) 0.96%(1) 1.00%
Ratio of net investment income to average net
assets 2.93%* 3.43% 3.25% 3.19% 3.34% 2.65%
Portfolio turnover rate 7.83% 23.02% 16.71% 15.97% 46.14% 68.58%
Average commission rate 7.00% 7.00% 7.00% -- -- --
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------------- -----------------------------------------------------
1998 1997 1996 1995 1994 1993
----------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Investment income--net 0.02 0.05 0.08 0.05 0.02 0.02
------ --------- --------- --------- --------- ---------
Total from investment operations 0.02 0.05 0.08 0.05 0.02 0.02
Less distributions from
Investment income--net (0.02) (0.05) (0.08) (0.05) (0.02) (0.02)
------ --------- --------- --------- --------- ---------
Total distributions (0.02) (0.05) (0.08) (0.05) (0.02) (0.02)
------ --------- --------- --------- --------- ---------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ --------- --------- --------- --------- ---------
------ --------- --------- --------- --------- ---------
Total return 2.32%** 4.78% 4.61% 5.11% 3.36% 2.13%
------ --------- --------- --------- --------- ---------
------ --------- --------- --------- --------- ---------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 4,109 $ 2,821 $ 2,532 $ 2,398 $ 2,284 $ 2,194
Ratio of expenses to average net assets 0.87%*(2) 0.87%(2) 0.87%(2) 0.87%(2) 0.91%(2) 0.98%
Ratio of net investment income to average net
assets 4.63%* 4.62% 4.51% 5.03% 3.32% 2.11%
</TABLE>
* Ratios annualized
** Returns are not annualized
(1) Expenses for the calculation are net of a reimbursement from Securities
Management & Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.45% (annualized), 1.30%,
1.48%, 1.37% and 1.25% for the six months ended June 30, 1998 and the years
ended December 31, 1997, 1996, 1995 and 1994, respectively.
(2) Expenses for the calculation are net of a reimbursement from Securities
Management & Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.49% (annualized), 1.23%,
1.22%, 1.21%, 1.14% and 1.72% for the six months ended June 30, 1998 and the
years ended December 31, 1997, 1996, 1995, 1994 and 1992, respectively.
See notes to financial statements.
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
The American National Investment Accounts, Inc. (the "Fund") is a diversified
open-end management investment company registered as a series fund under the
Investment Company Act of 1940, as amended. The Fund is comprised of the Growth,
Managed, Balanced and Money Market Portfolios. Operations commenced March 1,
1991.
Shares of the Fund, other than the initial capitalization, will be sold only to
separate accounts of American National Insurance Company ("American National").
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
INVESTMENT VALUATIONS:
GROWTH, MANAGED AND BALANCED PORTFOLIOS
Investments listed on national exchanges are valued at the last sales price of
the day, or if there were no sales, then at the last bid price. Debt obligations
that are issued or guaranteed by the U.S. Government, its agencies, authorities,
and instrumentalities are valued on the basis of prices provided by an
independent pricing service. Prices provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect
appropriate factors such as yield, type of issue, coupon rate, maturity and
seasoning differential. Securities for which market quotations are not readily
available are valued as determined by the Board of Directors. Commercial paper
is stated at amortized cost, which is equivalent to fair value.
MONEY MARKET PORTFOLIO
Investments are valued at amortized cost (premiums and discounts are amortized
on a straight-line basis), which has been determined by the Fund's Board of
Directors to closely approximate the fair value of such securities. The Fund
intends to maintain a continuous net asset value per share of $1.00, rounded to
the nearest cent.
INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date (date order to buy
or sell is executed). Dividend income is recognized on the ex-dividend date, and
interest income is recognized on an accural basis. Realized gains and losses
from security transactions are reported on the basis of identified cost for
financial reporting and federal income tax purposes.
FEDERAL INCOME TAXES:
For federal income tax purposes, each portfolio is treated as a separate entity.
The Fund intends to comply with requirements of the Internal Revenue Code
relating to regulated investment companies and intend to distribute
substantially all of its taxable income to its shareholders. Therefore, no
provision for federal income taxes is recorded in the accompanying financial
statements.
CAPITAL STOCK TRANSACTIONS AND DISTRIBUTIONS TO SHAREHOLDERS:
Fund shares are sold in a continuous public offering at net asset value. The
Fund repurchases its shares at net asset value. Dividends and other
distributions are recorded by the Fund on the ex-dividend date and may be
reinvested at net asset value. For the Money Market Portfolio, distributions are
computed daily and distributed monthly.
EXPENSES:
Operating expenses directly attributable to a portfolio are charged to that
portfolio's operations. Expenses of the Fund which are not directly attributable
to the operations of any portfolio are prorated among all portfolios of the Fund
based on the relative net assets of each portfolio.
NOTE 2--INVESTMENT ADVISORY AND SERVICE FEES AND OTHER TRANSACTIONS WITH
AFFILIATES
The Fund has entered into an investment advisory agreement and an administrative
service agreement with Securities Management and Research, Inc. ("SM&R"). SM&R
is a wholly-owned subidiary of American National.
The investment advisory agreement provides SM&R with a monthly advisory fee
based on an annualized rate of 1/2 of 1% of the Fund's average daily net assets.
For its fee, SM&R will provide investment advice and, in general, will conduct
the management and investments of the Fund.
The administrative service agreement provides SM&R with a monthly service fee
based on an annualized rate of 1/4 of 1% of the Fund's average daily net assets.
For its fee, SM&R will provide certain administrative services for the Fund.
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
In addition to the investment advisory fee and the administrative fee, the Fund
is responsible for paying most other operating expenses including outside
director's fees and expenses, safekeeping fees, legal fees, auditing services,
insurance, interest and miscellaneous expenses.
All offering and organization costs were paid by American National. Effective
May 1, 1994, SM&R has agreed to reimburse the Fund for expenses of any kind
(exclusive of interest, commissions and other expenses incidental to portfolio
transactions) which exceed the following percentages of each portfolio's average
daily net assets:
<TABLE>
<S> <C>
Growth 0.87%
Managed 0.93%
Balanced 0.90%
Money Market 0.87%
</TABLE>
Prior to May 1, 1994, the reimbursement percentage was 1.50% of each portfolio's
average daily net assets.
As of June 30, 1998, SM&R and American National had the following ownership in
the Portfolios:
<TABLE>
<CAPTION>
AMERICAN NATIONAL AMERICAN NATIONAL
CORPORATE ACCOUNTS SEPARATE ACCOUNTS
SM&R ---------------------------- ----------------------------
------------------------------ PERCENT OF PERCENT OF
PERCENT OF SHARES SHARES
SHARES SHARES OUTSTANDING SHARES OUTSTANDING SHARES OUTSTANDING
<S> <C> <C> <C> <C> <C> <C>
Growth 361,270 4.66% 2,537,473 32.78% 4,843,177 62.56%
Managed 360,662 4.61% 2,529,561 32.36% 4,927,247 63.03%
Balanced 348,801 7.86% 2,444,017 55.01% 1,649,708 37.13%
Money Market 329,393 8.02% 2,306,927 56.14% 1,472,571 35.84%
</TABLE>
NOTE 3--COST, PURCHASES AND SALES OF INVESTMENTS
Investments have the same cost for tax and financial statement purposes.
Aggreggate purchases and sales of investments, other than commercial paper, were
as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
<S> <C> <C>
Growth $3,904,756 $2,238,992
Managed $2,651,302 $1,914,348
Balanced $ 989,786 $ 414,952
</TABLE>
Gross unrealized appreciation and depreciation as of June 30, 1998, were as
follows:
<TABLE>
<CAPTION>
APPRECIATION DEPRECIATION
<S> <C> <C>
Growth $3,612,663 $ 557,545
Managed $3,078,705 $ 503,027
Balanced $1,531,091 $ 114,777
</TABLE>
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
NOTE 4--CAPITAL STOCK
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
--------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
--------- ---------- --------- ---------
<S> <C> <C> <C> <C>
Sale of capital shares 997,502 $1,723,056 1,626,208 $2,618,935
Investment income dividends reinvested -- -- 101,211 158,902
Distributions made from net realized gains reinvested -- -- 493,960 775,516
--------- ---------- --------- ---------
Subtotals 997,502 1,723,056 2,221,379 3,553,353
Redemptions of capital shares (216,954) (373,008) (269,044) (444,368)
--------- ---------- --------- ---------
Net increase in capital shares outstanding 780,548 $1,350,048 1,952,335 $3,108,985
---------- ---------
---------- ---------
Shares outstanding at beginning of period 6,961,372 5,009,037
--------- ---------
Shares outstanding at end of period 7,741,920 6,961,372
--------- ---------
--------- ---------
THE COMPONENTS OF NET ASSETS AT JUNE 30, 1998, ARE AS
FOLLOWS:
Capital Stock--7,741,920 shares of $.01 par value
outstanding (115,000,000 authorized)(par and additional
paid-in capital) $10,185,296
Undistributed net investment income 72,745
Accumulated net realized gain on investments 496,758
Net unrealized appreciation of investments 3,055,118
----------
Net assets $13,809,917
----------
----------
</TABLE>
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
--------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
--------- ---------- --------- ---------
<S> <C> <C> <C> <C>
Sale of capital shares 1,745,088 $2,927,041 1,754,279 $2,697,284
Investment income dividends reinvested -- -- 103,150 158,852
Distributions made from net realized gains reinvested -- -- 333,200 513,633
--------- ---------- --------- ---------
Subtotals 1,745,088 2,927,041 2,190,629 3,369,769
Redemptions of capital shares (193,003) (310,863) (508,525) (793,476)
--------- ---------- --------- ---------
Net increase in capital shares outstanding 1,552,085 $2,616,178 1,682,104 $2,576,293
---------- ---------
---------- ---------
Shares outstanding at beginning of period 6,265,385 4,583,281
--------- ---------
Shares outstanding at end of period 7,817,470 6,265,385
--------- ---------
--------- ---------
THE COMPONENTS OF NET ASSETS AT JUNE 30, 1998, ARE AS
FOLLOWS:
Capital Stock--7,817,470 shares of $.01 par value
outstanding (120,000,000 authorized)(par and additional
paid-in capital) $10,270,545
Undistributed net investment income 87,300
Accumulated net realized gain on investments 347,096
Net unrealized appreciation of investments 2,575,678
----------
Net assets $13,280,619
----------
----------
</TABLE>
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
-------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Sale of capital shares 503,917 $ 744,543 588,279 $ 798,835
Investment income dividends reinvested -- -- 122,255 168,712
Distributions made from net realized gains reinvested -- -- 193,156 267,353
--------- --------- --------- ---------
Subtotals 503,917 744,543 903,690 1,234,900
Redemptions of capital shares (85,828) (125,084) (256,939) (336,587)
--------- --------- --------- ---------
Net increase in capital shares outstanding 418,089 $ 619,459 646,751 $ 898,313
--------- ---------
--------- ---------
Shares outstanding at beginning of period 4,024,437 3,377,686
--------- ---------
Shares outstanding at end of period 4,442,526 4,024,437
--------- ---------
--------- ---------
THE COMPONENTS OF NET ASSETS AT JUNE 30, 1998, ARE AS FOLLOWS:
Capital Stock--4,442,526 shares of $.01 par value
outstanding (115,000,000 authorized)(par and additional
paid-in capital) $5,090,746
Undistributed net investment income 89,695
Accumulated net realized gain on investments 160,322
Net unrealized appreciation of investments 1,416,314
---------
Net assets $6,757,077
---------
---------
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31, 1997
-------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Sales of capital shares 5,252,704 $5,252,704 420,449 $ 420,449
Investment income dividends reinvested 76,204 76,204 123,016 123,016
--------- --------- --------- ---------
Subtotals 5,328,908 5,328,908 543,465 543,465
Redemptions of capital shares (4,040,686) (4,040,686) (254,671) (254,671)
--------- --------- --------- ---------
Net increase in capital shares outstanding 1,288,222 $1,288,222 288,794 $ 288,794
--------- ---------
--------- ---------
Shares outstanding at beginning of period 2,820,669 2,531,875
--------- ---------
Shares outstanding at end of period 4,108,891 2,820,669
--------- ---------
--------- ---------
THE COMPONENTS OF NET ASSETS AT JUNE 30, 1998, ARE AS FOLLOWS:
Capital Stock--4,108,891 shares of $.01 par value
outstanding (1,050,000,000 authorized)(par and additional
paid-in capital) $4,108,891
---------
Net assets $4,108,891
---------
---------
</TABLE>
19
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000867050
<NAME> AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<SERIES>
<NUMBER> 01
<NAME> GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 10727756
<INVESTMENTS-AT-VALUE> 13782874
<RECEIVABLES> 9763
<ASSETS-OTHER> 100
<OTHER-ITEMS-ASSETS> 34940
<TOTAL-ASSETS> 13827677
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17760
<TOTAL-LIABILITIES> 17760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10107877
<SHARES-COMMON-STOCK> 7741920
<SHARES-COMMON-PRIOR> 6961372
<ACCUMULATED-NII-CURRENT> 72747
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 496758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3055118
<NET-ASSETS> 13809917
<DIVIDEND-INCOME> 69339
<INTEREST-INCOME> 58601
<OTHER-INCOME> 0
<EXPENSES-NET> 55195
<NET-INVESTMENT-INCOME> 72745
<REALIZED-GAINS-CURRENT> 339838
<APPREC-INCREASE-CURRENT> 920370
<NET-CHANGE-FROM-OPS> 1332953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 997502
<NUMBER-OF-SHARES-REDEEMED> (216954)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1350048
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 156920
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30390
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74552
<AVERAGE-NET-ASSETS> 12736232
<PER-SHARE-NAV-BEGIN> 1.60
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .17
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.78
<EXPENSE-RATIO> .87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>EXPENSES FOR THE CALCULATION ARE NET OF A REIMBURSEMENT FROM SECURITIES
MANAGEMENT & RESEARCH, INC. WITHOUT THIS REIMBURSEMENT, THE RATIO OF EXPENSES
TO AVERAGE NET ASSETS WOULD HAVE BEEN 1.17% (ANNUALIZED).
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000867050
<NAME> AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<SERIES>
<NUMBER> 02
<NAME> MANAGED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 10694815
<INVESTMENTS-AT-VALUE> 13270493
<RECEIVABLES> 15685
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 11699
<TOTAL-ASSETS> 13297877
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17258
<TOTAL-LIABILITIES> 17258
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10192370
<SHARES-COMMON-STOCK> 7817470
<SHARES-COMMON-PRIOR> 6265385
<ACCUMULATED-NII-CURRENT> 87300
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 347096
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2575678
<NET-ASSETS> 13280619
<DIVIDEND-INCOME> 82224
<INTEREST-INCOME> 58874
<OTHER-INCOME> 0
<EXPENSES-NET> 53798
<NET-INVESTMENT-INCOME> 87300
<REALIZED-GAINS-CURRENT> 201540
<APPREC-INCREASE-CURRENT> 592615
<NET-CHANGE-FROM-OPS> 881455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1745088
<NUMBER-OF-SHARES-REDEEMED> (193003)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2616178
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 145556
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66323
<AVERAGE-NET-ASSETS> 11664274
<PER-SHARE-NAV-BEGIN> 1.56
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.70
<EXPENSE-RATIO> 0.93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>EXPENSES FOR THE CALCULATION ARE NET OF A REIMBURSEMENT FROM SECURITIES
MANAGEMENT & RESEARCH, INC. WITHOUT THIS REIMBURSEMENT, THE RATIO OF EXPENSES
TO AVERAGE NET ASSETS WOULD HAVE BEEN 1.15% (ANNUALIZED).
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000867050
<NAME> AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<SERIES>
<NUMBER> 03
<NAME> BALANCE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 5293518
<INVESTMENTS-AT-VALUE> 6709832
<RECEIVABLES> 37472
<ASSETS-OTHER> 1209
<OTHER-ITEMS-ASSETS> 16845
<TOTAL-ASSETS> 6765358
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8281
<TOTAL-LIABILITIES> 8281
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5046321
<SHARES-COMMON-STOCK> 4442526
<SHARES-COMMON-PRIOR> 4024437
<ACCUMULATED-NII-CURRENT> 89695
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 160322
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1416314
<NET-ASSETS> 6757077
<DIVIDEND-INCOME> 24399
<INTEREST-INCOME> 92643
<OTHER-INCOME> 0
<EXPENSES-NET> 27347
<NET-INVESTMENT-INCOME> 89695
<REALIZED-GAINS-CURRENT> 64819
<APPREC-INCREASE-CURRENT> 388182
<NET-CHANGE-FROM-OPS> 542696
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 503917
<NUMBER-OF-SHARES-REDEEMED> (85828)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 619459
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 95503
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14653
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44258
<AVERAGE-NET-ASSETS> 6163200
<PER-SHARE-NAV-BEGIN> 1.39
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.52
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>EXPENSES FOR THE CALCULATION ARE NET OF A REIMBURSEMENT FROM SECURITIES
MANAGEMENT & RESEARCH, INC. WITHOUT THIS REIMBURSEMENT, THE RATIO OF EXPENSES
TO AVERAGE NET ASSETS WOULD HAVE BEEN 1.45% (ANNUALIZED).
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000867050
<NAME> AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<SERIES>
<NUMBER> 04
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 4114815
<INVESTMENTS-AT-VALUE> 4114815
<RECEIVABLES> 154
<ASSETS-OTHER> 754
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4115723
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6832
<TOTAL-LIABILITIES> 6832
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4067802
<SHARES-COMMON-STOCK> 4108891
<SHARES-COMMON-PRIOR> 2820669
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4108891
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 90493
<OTHER-INCOME> 0
<EXPENSES-NET> 14289
<NET-INVESTMENT-INCOME> 76204
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 76204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (76204)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5252704
<NUMBER-OF-SHARES-REDEEMED> (4040686)
<SHARES-REINVESTED> 76204
<NET-CHANGE-IN-ASSETS> 1288222
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7523
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24453
<AVERAGE-NET-ASSETS> 3318962
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>EXPENSES FOR THE CALCULATION ARE NET OF A REIMBURSEMENT FROM SECURITIES
MANAGEMENT & RESEARCH, INC. WITHOUT THIS REIMBURSEMENT, THE RATIO OF EXPENSES
TO AVERAGE NET ASSETS WOULD HAVE BEEN 1.49% (ANNUALIZED).
</FN>
</TABLE>
