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Previous: MORROW SNOWBOARDS INC, 8-K, 1999-03-09 |
Next: PIMCO FUNDS MULTI MANAGER SERIES, N-30D, 1999-03-09 |
<PAGE>
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC. 2450 South Shore Boulevard, League
City, TX 77573
- --------------------------------------------------------------------------------
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, Growth, Managed and Balanced Portfolios
Terry E. Frank, 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 and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
CUSTODIAN
Securities Management and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
LEGAL COUNSEL
Greer, Herz & Adams, L.L.P.
One Moody Plaza
Galveston, Texas 77550
UNDERWRITER AND REDEMPTION AGENT
Securities Management and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
TRANSFER AGENT, REGISTAR AND DIVIDEND PAYING AGENT
Securities Management and Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
INDEPENDENT AUDITORS
Tait, Weller & Baker, CPA
8 Penn Center Plaza, Suite 800
Philadelphia, PA 19103-2108
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--2.24%
DaimlerChrysler AG * 1,247 $ 119,790
Ford Motor Company 1,500 88,031
General Motors Corporation 2,000 143,125
-----------
350,946
BANKS--5.32%
Banc One Corporation 3,300 168,506
BankAmerica Corporation 2,000 120,250
Comerica, Incorporated 1,350 92,053
Dime Bancorp, Incorporated 7,000 185,062
First Union Corporation 1,600 97,300
Morgan (J.P.) & Company 500 52,531
Wells Fargo Company 3,000 119,813
-----------
835,515
BEVERAGES--2.51%
Anheuser-Busch Companies, Incorporated 6,000 393,750
CHEMICALS--2.33%
Cabot Corporation 800 22,350
Hercules, Incorporated 2,600 71,175
Monsanto Company 3,500 166,250
Praxair, Incorporated 3,000 105,750
-----------
365,525
COMMUNICATION EQUIPMENT--4.48%
Ascend Communications, Incorporated * 4,500 295,875
Lucent Technologies, Incorporated 2,800 308,000
Northern Telecom Limited 2,000 100,250
-----------
704,125
COMPUTER RELATED--2.38%
Cisco Systems, Incorporated* 2,550 236,672
Sun Microsystems, Incorporated* 1,600 137,000
-----------
373,672
COMPUTER SOFTWARE--9.26%
BMC Software, Incorporated* 3,200 142,600
HBO & Company 4,000 114,750
MAPICS, Incorporated* 5,000 82,500
Microsoft Corporation* 3,900 540,881
Network Associates, Incorporated* 3,000 198,750
Novell, Incorporated* 12,000 217,500
Synopsys, Incorporated* 2,900 157,325
-----------
1,454,306
CONSTRUCTION--0.55%
Centex Corporation 1,900 85,619
COSMETICS/TOILETRIES--1.16%
Procter & Gamble Company 2,000 182,625
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
DIVERSIFIED--2.19%
AlliedSignal, Incorporated 3,200 $ 141,800
Coltec Industries, Incorporated* 5,600 109,200
U.S. Industries, Incorporated 5,000 93,125
-----------
344,125
DRUGS--7.61%
Bristol-Myers Squibb Company 2,000 267,625
Merck & Company, Incorporated 1,000 147,687
Pfizer, Incorporated 3,200 401,400
Schering-Plough Corporation 4,800 265,200
Warner-Lambert Company 1,500 112,781
-----------
1,194,693
ELECTRICAL EQUIPMENT--3.00%
General Electric Company 3,700 377,631
York International Corporation 2,300 93,869
-----------
471,500
ELECTRONICS/INSTRUMENTS--0.77%
Avnet, Incorporated 2,000 121,000
ENVIRONMENTAL--0.47%
Waste Management, Incorporated 1,595 74,367
EXPLORATION & DRILLING--1.07%
Global Marine Incorporated* 2,500 22,969
Tidewater, Incorporated 3,500 81,156
Union Pacific Resources Group, Incorporated 7,000 63,438
-----------
167,563
FINANCIAL SERVICES--2.30%
Associates First Capital Corporation 786 33,307
Countrywide Credit Industries, Incorporated 3,000 150,563
Morgan Stanley, Dean Witter, Discover and Company 1,000 71,000
Reliance Group Holdings, Incorporated 8,200 105,575
-----------
360,445
FOOD PRODUCERS--3.44%
ConAgra, Incorporated 3,000 94,500
IBP, Incorporated 2,500 72,812
Interstate Bakeries Corporation 4,500 118,969
McCormick & Company, Incorporated 2,000 67,625
Tyson Foods, Incorporated 3,600 76,500
Universal Foods Corporation 4,000 109,750
-----------
540,156
FOOD RETAILERS--1.96%
Albertson's, Incorporated 1,300 82,794
Safeway, Incorporated* 3,700 225,469
-----------
308,263
FURNITURE/APPLIANCES--0.35%
Whirlpool Corporation 1,000 55,375
</TABLE>
1
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
INSURANCE COMPANIES--3.76%
<S> <C> <C>
American General Corporation 2,000 $ 156,000
CIGNA Corporation 2,100 162,356
Citigroup, Incorporated 5,500 272,250
-----------
590,606
LEISURE TIME--0.63%
Brunswick Corporation 4,000 99,000
MACHINERY/EQUIPMENT--1.97%
Deere & Company 2,000 66,250
Flowserve Corporation 3,500 57,969
Foster Wheeler Corporation 1,000 13,187
Pall Corporation 6,800 172,125
-----------
309,531
MEDICAL PRODUCTS/SUPPLIES--3.68%
Abbott Laboratories 2,000 98,000
Beckman Coulter, Incorporated 2,000 108,500
Bergen Brunswig Corporation (Class A) 5,000 174,375
Biomet, Incorporated 4,900 197,225
-----------
578,100
MEDICAL SERVICES--2.63%
Aetna, Incorporated 2,000 157,250
PacifiCare Health Systems, Incorporated (Class B)* 1,600 127,200
United Healthcare Corporation 3,000 129,188
-----------
413,638
METALS & MINING--0.50%
Kinross Gold Corporation* 33,616 77,737
NATURAL GAS--1.09%
Enron Corporation 3,000 171,188
OIL DOMESTIC--2.05%
Amoco Corporation 2,000 120,750
Kerr-McGee Corporation 2,100 80,325
Murphy Oil Corporation 800 33,000
Unocal Corporation 3,000 87,563
-----------
321,638
OIL INTERNATIONAL--4.01%
Chevron Corporation 1,000 82,937
Elf Aquitaine ADR 3,000 169,875
Royal Dutch Petroleum Company 5,000 239,375
Schlumberger Limited 3,000 138,375
-----------
630,562
PAPER/FOREST PRODUCTS--0.53%
Caraustar Industries, Incorporated 2,900 82,831
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
PHOTOGRAPHY/IMAGING--2.63%
Xerox Corporation 3,500 $ 413,000
PRINTING/PUBLISHING--0.44%
Banta Corporation 2,500 68,438
PROFESSIONAL SERVICE--0.97%
Service Corporation International 4,000 152,250
RETAIL - GENERAL--2.30%
Federated Department Stores, Incorporated* 2,600 113,262
J. C. Penney Company, Incorporated 5,300 248,437
-----------
361,699
RETAIL - SPECIALTY--2.49%
Group 1 Automotive, Incorporated* 10,000 260,000
Officemax, Incorporated* 4,300 52,675
Tiffany & Company 1,500 77,812
-----------
390,487
SEMICONDUCTORS--2.34%
Intel Corporation 3,100 367,544
STEEL--1.52%
Allegheny Teledyne, Incorporated 4,000 81,750
LTV Corporation 15,000 87,187
USX-U. S. Steel Group 3,000 69,000
-----------
237,937
TELECOM - CELLULAR--0.64%
U S West, Incorporated 1,554 100,427
TELEPHONE--1.36%
Alltel Corporation 2,000 119,625
MediaOne Group, Incorporated* 2,000 94,000
-----------
213,625
TRUCKING & SHIPPING--1.25%
Republic Services, Incorporated (Class A)* 5,400 99,563
USFreightways Corporation 3,300 96,113
-----------
195,676
TOTAL COMMON STOCK--90.18%
(Cost $10,124,834) 14,159,484
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT
<S> <C> <C>
CHEMICAL-SPECIALTY--1.67%
Eastman Kodak Company, 5.50%, 01/12/99 $262,000 261,559
ENERGY-MISCELLANEOUS--2.11%
Penn Fuel Corporation, 6.00%, 01/04/99 332,000 331,833
</TABLE>
2
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
UTILITY - MISCELLANEOUS--5.86%
Empire District Electric Company, 6.60%, 01/08/99 $722,000 $ 721,073
Orange & Rockland Utilities, Incorporated, 6.20%,
01/06/99 200,000 199,828
-----------
920,901
-----------
TOTAL COMMERCIAL PAPER--9.64%
(Cost $1,514,293) 1,514,293
-----------
TOTAL INVESTMENTS--99.82%
(Cost $11,639,127) 15,673,777
CASH AND OTHER ASSETS, LESS LIABILITIES--0.18% 28,152
-----------
NET ASSETS--100.00% $15,701,929
-----------
-----------
ABBREVIATIONS
ADR--American Depository Receipt
*--Non-income producing securities
</TABLE>
See notes to financial statements.
3
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--1.17%
DaimlerChrysler AG* 436 $ 41,883
Ford Motor Company 1,318 77,350
General Motors Corporation 800 57,250
-----------
176,483
BANKS--7.14%
Banc One Corporation 2,750 140,422
BankAmerica Corporation 2,000 120,250
Comerica, Incorporated 3,000 204,563
Dime Bancorp, Incorporated 4,000 105,750
First Union Corporation 2,400 145,950
Fleet Financial Group, Incorporated 3,568 159,445
Morgan (J.P.) & Company 500 52,531
TCF Financial Corporation 6,000 145,125
-----------
1,074,036
BEVERAGES--1.96%
Anheuser-Busch Companies, Incorporated 4,500 295,312
CHEMICALS--2.10%
Goodrich (B.F.) Company 5,000 179,375
Hercules, Incorporated 2,300 62,962
Praxair, Incorporated 2,100 74,025
-----------
316,362
COMMUNICATIONS EQUIPMENT--4.18%
Ascend Communications, Incorporated* 4,125 271,219
Lucent Technologies, Incorporated 2,700 297,000
Northern Telecom Limited 1,200 60,150
-----------
628,369
COMPUTER RELATED--4.99%
Cisco Systems, Incorporated* 2,550 236,672
Sun Microsystems, Incorporated* 6,000 513,750
-----------
750,422
COMPUTER SOFTWARE--7.32%
HBO & Company 2,100 60,244
MAPICS, Incorporated* 5,000 82,500
Microsoft Corporation* 3,800 527,013
Network Associates, Incorporated* 2,850 188,813
Novell, Incorporated* 5,600 101,500
Synopsys, Incorporated* 2,600 141,050
-----------
1,101,120
CONSTRUCTION--0.57%
Centex Corporation 1,900 85,619
DIVERSIFIED--2.06%
AlliedSignal, Incorporated 2,900 128,506
Coltec Industries, Incorporated* 5,000 97,500
U.S. Industries, Incorporated 4,500 83,813
-----------
309,819
DRUGS--2.94%
Schering-Plough Corporation 8,000 442,000
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
ELECTRICAL EQUIPMENT--3.32%
Emerson Electric Company 1,000 $ 60,500
General Electric Company 3,500 357,219
York International Corporation 2,000 81,625
-----------
499,344
ELECTRIC POWER--0.97%
Allegheny Energy, Incorporated 800 27,600
DTE Energy Company 2,000 85,750
UtiliCorp United, Incorporated 900 33,019
-----------
146,369
ELECTRONICS/INSTRUMENTS--1.01%
Avnet, Incorporated 2,500 151,250
ENVIRONMENTAL--0.45%
Waste Management, Incorporated 1,450 67,606
EXPLORATION & DRILLING--1.05%
Global Marine Incorporated* 1,600 14,700
Tidewater, Incorporated 3,900 90,431
Union Pacific Resources Group, Incorporated 5,846 52,979
-----------
158,110
FINANCIAL SERVICES--2.21%
Associates First Capital Corporation 690 29,239
Countrywide Credit Industries, Incorporated 2,800 140,525
Morgan Stanley, Dean Witter, Discover and Company 1,000 71,000
Reliance Group Holdings, Incorporated 7,100 91,412
-----------
332,176
FOODS PRODUCERS--2.88%
ConAgra, Incorporated 4,000 126,000
IBP, Incorporated 4,500 131,062
Interstate Bakeries Corporation 4,100 108,394
McCormick & Company, Incorporated 2,000 67,625
-----------
433,081
FOODS RETAILERS--2.01%
Albertson's, Incorporated 1,500 95,531
Safeway, Incorporated* 3,400 207,188
-----------
302,719
FURNITURE/APPLIANCES--0.37%
Whirlpool Corporation 1,000 55,375
INSURANCE COMPANIES--2.63%
CIGNA Corporation 1,800 139,163
Citigroup, Incorporated 5,200 257,400
-----------
396,563
LEISURE TIME--0.49%
Brunswick Corporation 3,000 74,250
</TABLE>
4
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
MACHINERY/EQUIPMENT--2.29%
Aeroquip-Vickers, Incorporated 3,000 $ 89,812
Deere & Company 2,000 66,250
Flowserve Corporation 2,500 41,406
Foster Wheeler Corporation 2,000 26,375
Pall Corporation 4,800 121,500
-----------
345,343
MEDICAL PRODUCTS/SUPPLIES--4.60%
Abbott Laboratories 6,000 294,000
Beckman Coulter, Incorporated 1,000 54,250
Bergen Brunswig Corporation (Class A) 5,000 174,375
Biomet, Incorporated 4,200 169,050
-----------
691,675
MEDICAL SERVICES--1.88%
Aetna Incorporated 1,200 94,350
PacifiCare Health Systems, Incorporated (Class B)* 1,400 111,300
United Healthcare Corporation 1,800 77,513
-----------
283,163
METALS & MINING--0.34%
Kinross Gold Corporation* 22,411 51,825
NATURAL GAS--0.87%
Enron Corporation 2,300 131,244
OIL DOMESTIC--0.62%
Kerr-McGee Corporation 1,800 68,850
Murphy Oil Corporation 600 24,750
-----------
93,600
OIL INTERNATIONAL--5.25%
Chevron Corporation 1,000 82,937
Elf Aquitaine ADR 1,000 56,625
Exxon Corporation 1,000 73,125
Royal Dutch Petroleum Company 6,000 287,250
Schlumberger Limited 4,000 184,500
Texaco, Incorporated 2,000 105,750
-----------
790,187
PAPER/FOREST PRODUCTS--0.73%
Caraustar Industries, Incorporated 2,600 74,262
Weyerhaeuser Company 700 35,569
-----------
109,831
PHOTOGRAPHY/IMAGING--2.35%
Xerox Corporation 3,000 354,000
PRINTING/PUBLISHING--0.40%
Banta Corporation 2,200 60,225
PROFESSIONAL SERVICE--1.97%
Service Corporation International 7,800 296,888
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
REAL ESTATE/REITS--3.04%
CenterPoint Properties Corporation 1,800 $ 60,862
Crescent Real Estate Equities Company 5,000 115,000
Equity Office Properties Trust 10,000 240,000
Health & Retirement Property Trust 3,000 42,188
-----------
458,050
RETAIL - DISCOUNT--0.41%
Kmart Corporation* 4,000 61,250
RETAIL - GENERAL--2.34%
Federated Department Stores, Incorporated* 2,500 108,906
J. C. Penney Company, Incorporated 5,200 243,750
-----------
352,656
RETAIL - SPECIALTY--0.78%
Officemax, Incorporated* 4,100 50,225
Tiffany & Company 1,300 67,438
-----------
117,663
SEMICONDUCTORS--2.21%
Intel Corporation 2,800 331,975
STEEL--1.54%
Allegheny Teledyne, Incorporated 4,000 81,750
LTV Corporation 14,000 81,375
USX-U. S. Steel Group 3,000 69,000
-----------
232,125
TELECOM - CELLULAR--0.87%
GTE Corporation 1,000 65,000
U S West, Incorporated 1,027 66,370
-----------
131,370
TELEPHONE--1.03%
Alltel Corporation 1,800 107,662
MediaOne Group, Incorporated* 1,000 47,000
-----------
154,662
TOBACCO--0.46%
UST, Incorporated 2,000 69,750
TRUCKING & SHIPPING--0.58%
USFreightways Corporation 3,000 87,375
-----------
TOTAL COMMON STOCK--86.38%
(Cost $9,533,674) 13,001,242
-----------
<CAPTION>
PREFERRED STOCK
<S> <C> <C>
FINANCIAL SERVICES--0.71%
Conseco Incorporated (Series D) (Convertible) 1,000 106,000
OIL DOMESTIC--0.65%
Unocal Capital Trust (Convertible) 2,000 97,750
-----------
TOTAL PREFERRED STOCK--1.36%
(Cost $167,289) 203,750
-----------
</TABLE>
5
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
CORPORATE BONDS AMOUNT VALUE
<S> <C> <C>
ENVIRONMENTAL--1.11%
Sanifill Incorporated, 5.00%, 03/01/06
(Convertible) $100,000 $ 166,625
-----------
TOTAL CORPORATE BONDS--1.11%
(Cost $97,306) 166,625
-----------
</TABLE>
<TABLE>
<CAPTION>
COMMERCIAL PAPER
<S> <C> <C>
CONSTRUCTION--1.66%
Centex Corporation, 6.55%, 01/06/99 250,000 249,772
CONTAINERS--1.99%
Crown Cork & Steel Company, Incorporated, 6.10%,
01/04/99 300,000 299,847
ELECTRIC POWER--0.66%
Indiana Michigan Power Company, 6.20%, 01/05/99 100,000 99,931
ENERGY MISCELLANEOUS--2.55%
Penn Fuel Corporation, 6.40%, 01/11/99 385,000 384,315
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
UTILITY - MISCELLANEOUS--4.08%
Empire District Electric Company, 6.60%, 01/08/99 $300,000 $ 299,615
Orange & Rockland Utilities, Incorporated, 6.50%,
01/07/99 314,000 313,659
-----------
613,274
-----------
TOTAL COMMERCIAL PAPER--10.94%
(Cost $1,647,139) 1,647,139
-----------
TOTAL INVESTMENTS--99.79%
(Cost $11,445,408) 15,018,756
CASH AND OTHER ASSETS, LESS LIABILITIES--0.21% 32,019
-----------
NET ASSETS--100.00% $15,050,775
-----------
-----------
ABBREVIATIONS
ADR--American Depository Receipt
REIT--Real Estate Investment Trust
*--Non-income producing security
</TABLE>
See notes to financial statements.
6
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--0.80%
DaimlerChrysler AG* 124 $ 11,912
Ford Motor Company 500 29,344
General Motors Corporation 300 21,469
-----------
62,725
BANKS--3.15%
Banc One Corporation 660 33,701
BankAmerica Corporation 600 36,075
Comerica, Incorporated 900 61,369
Dime Bancorp, Incorporated 1,600 42,300
First Union Corporation 400 24,325
Morgan (J.P.) & Company 200 21,013
Wells Fargo Company 700 27,956
-----------
246,739
BEVERAGES--0.50%
Anheuser-Busch Companies, Incorporated 600 39,375
CHEMICALS--0.70%
Cabot Corporation 600 16,762
Hercules, Incorporated 500 13,687
Praxair, Incorporated 700 24,675
-----------
55,124
COMMUNICATIONS EQUIPMENT--1.66%
Lucent Technologies, Incorporated 1,000 110,000
Northern Telecom Limited 400 20,050
-----------
130,050
COMPUTER RELATED--2.38%
Cisco Systems, Incorporated* 900 83,531
Sun Microsystems, Incorporated* 1,200 102,750
-----------
186,281
COMPUTER SOFTWARE--4.76%
HBO & Company 800 22,950
Microsoft Corporation* 1,300 180,294
Network Associates, Incorporated* 750 49,687
Novell, Incorporated* 2,100 38,062
Synopsys, Incorporated* 1,500 81,375
-----------
372,368
CONSTRUCTION--0.40%
Centex Corporation 700 31,544
COSMETICS & TOILETRIES--1.40%
Procter & Gamble Company 1,200 109,575
DIVERSIFIED--1.96%
AlliedSignal, Incorporated 1,400 62,037
Coltec Industries, Incorporated* 2,500 48,750
U.S. Industries, Incorporated 2,300 42,838
-----------
153,625
DRUGS--8.62%
Bristol-Myers Squibb Company 800 107,050
Pfizer, Incorporated 1,000 125,438
Schering-Plough Corporation 8,000 442,000
-----------
674,488
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
ELECTRICAL EQUIPMENT--2.01%
General Electric Company 1,100 $ 112,269
York International Corporation 1,100 44,894
-----------
157,163
ELECTRIC POWER--0.80%
Allegheny Energy, Incorporated 400 13,800
DTE Energy Company 700 30,012
UtiliCorp United, Incorporated 500 18,344
-----------
62,156
ELECTRONICS/INSTRUMENTS--0.77%
Avnet, Incorporated 1,000 60,500
ENVIRONMENTAL--0.87%
Waste Management, Incorporated 1,450 67,606
EXPLORATION & DRILLING--0.28%
Global Marine Incorporated* 900 8,269
Tidewater, Incorporated 500 11,594
Union Pacific Resources Group, Incorporated 254 2,302
-----------
22,165
FINANCIAL SERVICES--1.97%
Associates First Capital Corporation 262 11,102
Countrywide Credit Industries, Incorporated 1,400 70,262
Morgan Stanley, Dean Witter, Discover and Company 300 21,300
Reliance Group Holdings, Incorporated 4,000 51,500
-----------
154,164
FOOD PRODUCERS--1.40%
IBP, Incorporated 900 26,212
Interstate Bakeries Corporation 2,100 55,519
Universal Foods Corporation 1,000 27,437
-----------
109,168
FOOD RETAILERS--1.81%
Albertson's, Incorporated 600 38,213
Safeway, Incorporated* 1,700 103,594
-----------
141,807
INSURANCE COMPANIES--1.90%
American General Corporation 300 23,400
CIGNA Corporation 600 46,388
Citigroup, Incorporated 1,600 79,200
-----------
148,988
LEISURE TIME--0.54%
Brunswick Corporation 1,700 42,075
MACHINERY & EQUIPMENT--0.60%
Flowserve Corporation 900 14,906
Foster Wheeler Corporation 500 6,594
Pall Corporation 1,000 25,313
-----------
46,813
</TABLE>
7
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
MEDICAL PRODUCTS/SUPPLIES--4.36%
Abbott Laboratories 2,200 $ 107,800
Beckman Coulter, Incorporated 400 21,700
Bergen Brunswig Corporation (Class A) 1,750 61,031
Biomet, Incorporated 2,500 100,625
Johnson & Johnson 600 50,325
-----------
341,481
MEDICAL SERVICES--1.52%
Aetna, Incorporated 400 31,450
PacifiCare Health Systems, Incorporated (Class B)* 500 39,750
United Healthcare Corporation 1,100 47,369
-----------
118,569
NATURAL GAS--0.95%
Enron Corporation 1,300 74,181
OIL DOMESTIC--0.51%
Amoco Corporation 400 24,150
Kerr-McGee Corporation 200 7,650
Murphy Oil Corporation 200 8,250
-----------
40,050
OIL INTERNATIONAL--1.14%
Chevron Corporation 600 49,763
Elf Aquitaine ADR 700 39,637
-----------
89,400
PAPER/FOREST PRODUCTS--0.34%
Caraustar Industries, Incorporated 400 11,425
Weyerhaeuser Company 300 15,244
-----------
26,669
PRINTING/PUBLISHING--0.32%
Banta Corporation 900 24,638
PROFESSIONAL SERVICES--0.68%
Service Corporation International 1,400 53,287
REAL ESTATE/REITS--0.20%
Health & Retirement Property Trust 1,100 15,469
RETAIL - DISCOUNT--0.15%
Toys "R" Us, Incorporated* 700 11,812
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
RETAIL - GENERAL--1.34%
Federated Department Stores, Incorporated* 900 $ 39,206
J. C. Penney Company, Incorporated 1,400 65,625
-----------
104,831
RETAIL - SPECIALTY--0.55%
Officemax, Incorporated* 1,400 17,150
Tiffany & Company 500 25,937
-----------
43,087
SEMICONDUCTORS--1.36%
Intel Corporation 900 106,706
STEEL--0.85%
Allegheny Teledyne, Incorporated 1,000 20,438
LTV Corporation 4,000 23,250
USX-U. S. Steel Group 1,000 23,000
-----------
66,688
TELECOM - CELLULAR--0.92%
GTE Corporation 500 32,500
U S West, Incorporated 616 39,809
-----------
72,309
TELEPHONE--0.90%
Alltel Corporation 700 41,869
MediaOne Group, Incorporated* 600 28,200
-----------
70,069
TOBACCO--0.31%
UST, Incorporated 700 24,413
TRUCKING & SHIPPING--0.19%
USFreightways Corporation 500 14,562
-----------
TOTAL COMMON STOCK--55.87%
(Cost $2,779,351) 4,372,720
-----------
<CAPTION>
PREFERRED STOCK
<S> <C> <C>
OIL DOMESTIC--0.31%
Unocal Capital Trust (Convertible) 500 24,438
-----------
TOTAL PREFERRED STOCK--0.31%
(Cost $26,541) 24,438
-----------
</TABLE>
8
<PAGE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
BONDS AND NOTES AMOUNT VALUE
<S> <C> <C>
GOVERNMENT AGENCIES--12.51%
Federal Home Loan Mortgage Corporation, 7.83%,
04/13/05 $150,000 $ 155,056
Federal Home Loan Mortgage Corporation, 7.70%,
05/17/06 80,000 80,759
Federal Home Loan Mortgage Corporation, Pool
#540341, 9.00%, 09/01/19 5,106 5,400
Federal Home Loan Mortgage Corporation, Pool
#360100, 9.00%, 04/01/20 19,524 20,635
Federal National Mortgage Association, 7.55%,
04/22/02 50,000 53,628
Federal National Mortgage Association, 7.55%,
06/10/04 250,000 252,657
Federal National Mortgage Association, 7.70%,
04/10/07 400,000 410,811
-----------
978,946
U S TREASURY SECURITIES--11.50%
U S Treasury Bonds, 6.00%, 02/15/26 680,000 742,050
U S Treasury Notes, 5.875%, 02/15/04 150,000 158,297
-----------
900,347
-----------
TOTAL BONDS AND NOTES--24.01%
(Cost $1,684,163) 1,879,293
-----------
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
CHEMICAL - SPECIALTY--3.52%
Eastman Kodak Company, 5.50%, 01/12/99 $276,000 $ 275,535
CONSTRUCTION--1.28%
Centex Corporation, 6.55%, 01/06/99 100,000 99,909
ENERGY/MISCELLANEOUS--4.47%
Penn Fuel Corporation, 6.00%, 01/04/99 350,000 349,824
METAL PRODUCTS--2.51%
Reynolds Metals Company, 5.85%, 01/06/99 197,000 196,840
UTILITY/MISCELLANEOUS--6.66%
Empire District Electric Company, 6.60%, 01/08/99 380,000 379,512
Orange & Rockland Utilities, Incorporated, 6.50%,
01/07/99 142,000 141,846
-----------
521,358
-----------
TOTAL COMMERCIAL PAPER--18.44%
(Cost $1,443,466) 1,443,466
-----------
TOTAL INVESTMENTS--98.63%
(Cost $5,933,521) 7,719,917
CASH AND OTHER ASSETS, LESS LIABILITIES--1.37% 107,301
-----------
NET ASSETS--100.00% $ 7,827,218
-----------
-----------
ABBREVIATIONS
ADR--American Depository Receipt
*--Non-income producing securities
</TABLE>
SCHEDULE OF INVESTMENTS December 31, 1998
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
STATED MATURITY FACE
RATE(%) DATE AMOUNT VALUE
<S> <C> <C> <C> <C>
FEDERAL AGENCIES--
Federal Farm Credit Bank 4.85% 02/01/99 $ 500,000 $ 497,912
Federal Home Loan Bank 5.10% 01/13/99 271,000 270,538
Federal Home Loan Mortgage Corporation 5.10% 01/12/99 172,000 171,731
Federal Home Loan Mortgage Corporation 5.12% 01/04/99 565,000 564,758
Federal Home Loan Mortgage Corporation 5.10% 01/08/99 122,000 121,879
Federal Home Loan Mortgage Corporation 5.08% 01/06/99 319,000 318,775
Federal Home Loan Mortgage Corporation 5.08% 01/14/99 518,000 517,048
Federal Home Loan Mortgage Corporation 5.10% 01/15/99 580,000 578,848
Federal Home Loan Mortgage Corporation 5.14% 01/08/99 188,000 187,812
Federal National Mortgage Association 5.09% 01/21/99 729,000 726,937
Federal National Mortgage Association 5.14% 01/05/99 340,000 339,806
----------
TOTAL FEDERAL AGENCIES--98.67%
(Cost $4,296,044) 4,296,044
CASH AND OTHER ASSETS, LESS LIABILITIES--1.33% 57,776
----------
NET ASSETS--100.00% $4,353,820
----------
----------
</TABLE>
See notes to financial statements.
9
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES December 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH MANAGED BALANCED MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value $15,673,777 $15,018,756 $7,719,917 $4,296,044
Cash and cash equivalents 33,667 33,402 83,904 64,894
Receivable for:
Investment securities sold -- -- 945 --
Dividends 11,681 14,709 3,065 --
Interest 85 1,809 31,138 361
Expense reimbursement 182 -- 556 2,753
----------- ----------- ---------- ------------
TOTAL ASSETS 15,719,392 15,068,676 7,839,525 4,364,052
LIABILITIES
Accrued:
Investment advisory fee 5,606 5,272 2,777 1,600
Service fee 2,803 2,636 1,388 800
Audit fee 3,000 3,000 3,000 3,000
Shareholder reporting expense 2,000 2,000 2,000 2,000
Other liabilities 4,054 4,993 3,142 2,832
----------- ----------- ---------- ------------
TOTAL LIABILITIES 17,463 17,901 12,307 10,232
----------- ----------- ---------- ------------
NET ASSETS $15,701,929 $15,050,775 $7,827,218 $4,353,820
----------- ----------- ---------- ------------
----------- ----------- ---------- ------------
SHARES OUTSTANDING 8,683,588 8,577,638 5,094,868 4,353,820
----------- ----------- ---------- ------------
----------- ----------- ---------- ------------
NET ASSET VALUE PER SHARE $ 1.81 $ 1.75 $ 1.54 $ 1.00
----------- ----------- ---------- ------------
----------- ----------- ---------- ------------
</TABLE>
STATEMENTS OF OPERATIONS Year Ended December 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH MANAGED BALANCED MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 145,542 $ 176,256 $ 49,565 --
Interest 102,023 118,941 193,296 $ 205,046
---------- ---------- ---------- ------------
TOTAL INVESTMENT INCOME 247,565 295,197 242,861 205,046
EXPENSES
Investment advisory fees 63,214 57,632 30,684 16,655
Service fees 31,607 28,816 15,342 8,328
Custody and transaction fees 21,597 19,997 17,994 9,355
Directors' fees and expenses 10,571 10,571 10,571 10,474
Shareholder reporting expenses 2,875 2,875 2,875 2,875
Professional fees 3,379 3,379 3,379 3,379
Registration fees 507 507 507 507
Insurance expenses 375 376 376 376
---------- ---------- ---------- ------------
TOTAL EXPENSES 134,125 124,153 81,728 51,949
LESS EXPENSES REIMBURSED (19,150) (8,529) (22,488) (19,062)
---------- ---------- ---------- ------------
NET EXPENSES 114,975 115,624 59,240 32,887
---------- ---------- ---------- ------------
INVESTMENT INCOME--NET 132,590 179,573 183,621 172,159
---------- ---------- ---------- ------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain (loss) on investments 267,352 80,897 67,581 --
Change in unrealized appreciation of investments 1,899,902 1,590,285 758,264 --
---------- ---------- ---------- ------------
NET GAIN ON INVESTMENTS 2,167,254 1,671,182 825,845 --
---------- ---------- ---------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $2,299,844 $1,850,755 $1,009,466 $ 172,159
---------- ---------- ---------- ------------
---------- ---------- ---------- ------------
</TABLE>
See notes to financial statements.
10
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
----------------------------
1998 1997
------------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 132,590 $ 157,371
Net realized gain (loss) on investments 267,352 875,594
Change in unrealized appreciation 1,899,902 641,115
------------- -------------
Net increase in net assets resulting from operations 2,299,844 1,674,080
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net (131,790) (158,902)
Capital gains (495,322) (775,516)
------------- -------------
Total distributions to shareholders (627,112) (934,418)
CAPITAL SHARE TRANSACTIONS--Net 2,902,281 3,108,985
------------- -------------
TOTAL INCREASE 4,575,013 3,848,647
NET ASSETS
Beginning of year 11,126,916 7,278,269
------------- -------------
End of year $ 15,701,929 $ 11,126,916
------------- -------------
------------- -------------
</TABLE>
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
---------------------------
1998 1997
------------- ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 179,573 $ 156,264
Net realized gain (loss) on investments 80,897 630,123
Change in unrealized appreciation 1,590,285 819,659
------------- ------------
Net increase in net assets resulting from operations 1,850,755 1,606,046
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net (177,776) (158,852)
Capital gains (251,773) (513,633)
------------- ------------
Total distributions to shareholders (429,549) (672,485)
CAPITAL SHARE TRANSACTIONS--Net 3,846,583 2,576,293
------------- ------------
TOTAL INCREASE 5,267,789 3,509,854
NET ASSETS
Beginning of year 9,782,986 6,273,132
------------- ------------
End of year $ 15,050,775 $ 9,782,986
------------- ------------
------------- ------------
</TABLE>
See notes to financial statements.
11
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------
1998 1997
------------ ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 183,621 $ 168,655
Net realized gain (loss) on investments 67,581 350,655
Change in unrealized appreciation 758,264 332,627
------------ ------------
Net increase in net assets resulting from operations 1,009,466 851,937
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net (185,328) (168,712)
Capital gains (175,856) (267,353)
------------ ------------
Total distributions to shareholders (361,184) (436,065)
CAPITAL SHARE TRANSACTIONS--Net 1,584,014 898,313
------------ ------------
TOTAL INCREASE 2,232,296 1,314,185
NET ASSETS
Beginning of year 5,594,922 4,280,737
------------ ------------
End of year $ 7,827,218 $ 5,594,922
------------ ------------
------------ ------------
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------
1998 1997
------------ ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 172,159 $ 123,016
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net (172,159) (123,016)
CAPITAL SHARE TRANSACTIONS--Net 1,533,151 288,794
------------ ------------
TOTAL INCREASE 1,533,151 288,794
NET ASSETS
Beginning of year 2,820,669 2,531,875
------------ ------------
End of year $ 4,353,820 $ 2,820,669
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
12
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout the year.
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ 1.60 $ 1.45 $ 1.27 $ 1.04 $ 1.08
Investment income--net 0.02 0.03 0.02 0.02 0.02
Net realized and unrealized gain (loss) on
investments during the year 0.27 0.27 0.21 0.27 0.05
------------- ------------- ------ ------ ------
Total from investment operations 0.29 0.30 0.23 0.29 0.07
Less distributions from
Investment income--net (0.02) (0.03) (0.02) (0.02) (0.02)
Capital gains (0.06) (0.12) (0.03) (0.04) (0.09)
------------- ------------- ------ ------ ------
Total distributions (0.08) (0.15) (0.05) (0.06) (0.11)
------------- ------------- ------ ------ ------
Net Asset Value, End of Year $ 1.81 $ 1.60 $ 1.45 $ 1.27 $ 1.04
------------- ------------- ------ ------ ------
------------- ------------- ------ ------ ------
Total return 18.62% 20.72% 17.98% 28.50% 6.91%
------------- ------------- ------ ------ ------
------------- ------------- ------ ------ ------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of year (000's omitted) $ 15,702 $ 11,127 $ 7,278 $ 4,781 $ 3,037
Ratio of expenses to average net assets (1) 0.87% 0.87% 0.87% 0.87% 0.90%
Ratio of net investment income to average net
assets 1.00% 1.69% 1.84% 1.99% 2.04%
Portfolio turnover rate 25.75% 45.37% 21.24% 42.06% 46.18%
</TABLE>
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ 1.56 $ 1.37 $ 1.21 $ 1.00 $ 1.11
Investment income--net 0.02 0.03 0.03 0.03 0.02
Net realized and unrealized gain (loss) on
investments during the year 0.22 0.28 0.19 0.24 --
------------- ------ ------ ------ ------
Total from investment operations 0.24 0.31 0.22 0.27 0.02
Less distributions from
Investment income--net (0.02) (0.03) (0.03) (0.03) (0.03)
Capital gains (0.03) (0.09) (0.03) (0.03) (0.10)
------------- ------ ------ ------ ------
Total distributions (0.05) (0.12) (0.06) (0.06) (0.13)
------------- ------ ------ ------ ------
Net Asset Value, End of Year $ 1.75 $ 1.56 $ 1.37 $ 1.21 $ 1.00
------------- ------ ------ ------ ------
------------- ------ ------ ------ ------
Total return 15.85% 22.41% 17.69% 27.19% 1.35%
------------- ------ ------ ------ ------
------------- ------ ------ ------ ------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of year (000's omitted) $ 15,051 $ 9,783 $ 6,273 $ 4,028 $ 2,795
Ratio of expenses to average net assets (2) 0.93% 0.93% 0.93% 0.93% 0.98%
Ratio of net investment income to average net
assets 1.44% 1.91% 2.29% 2.57% 2.36%
Portfolio turnover rate 24.83% 35.08% 20.79% 30.87% 26.26%
</TABLE>
(1) Expenses for the calculation are net of a reimbursement from Securities
Management and Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.01%, 1.09%, 1.25%, 1.32%
and 1.13% for the years ended December 31, 1998, 1997, 1996, 1995 and 1994,
respectively.
(2) Expenses for the calculation are net of a reimbursement from Securities
Management and Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 0.99%, 1.10%, 1.14%, 1.26%
and 1.23% for the years ended December 31, 1998, 1997, 1996, 1995 and 1994,
respectively.
See notes to financial statements.
13
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of capital stock outstanding throughout the year.
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ 1.39 $ 1.27 $ 1.18 $ 0.99 $ 1.06
Investment income--net 0.04 0.04 0.04 0.04 0.03
Net realized and unrealized gain (loss) on
investments during the year 0.19 0.20 0.10 0.19 (0.03)
------ ------ ------ ------ ------
Total from investment
operations 0.23 0.24 0.14 0.23 0.00
Less distributions from
Investment income--net (0.04) (0.05) (0.04) (0.04) (0.03)
Capital gains (0.04) (0.07) (0.01) -- (0.04)
------ ------ ------ ------ ------
Total
distributions (0.08) (0.12) (0.05) (0.04) (0.07)
------ ------ ------ ------ ------
Net Asset Value, End of Year $ 1.54 $ 1.39 $ 1.27 $ 1.18 $ 0.99
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Total return 16.58% 18.80% 12.23% 22.80% 0.15%
------ ------ ------ ------ ------
------ ------ ------ ------ ------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of year (000's omitted) $ 7,827 $ 5,595 $ 4,281 $ 3,399 $ 2,660
Ratio of expenses to average net assets (1) 0.90% 0.90% 0.90% 0.90% 0.96%
Ratio of net investment income to average net
assets 2.79% 3.43% 3.25% 3.19% 3.34%
Portfolio turnover rate 14.14% 23.02% 16.71% 15.97% 46.14%
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------
1998 1997 1996 1995 1994
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Investment income--net 0.05 0.05 0.08 0.05 0.02
------ ------ ------ ------ ------
Total from investment
operations 0.05 0.05 0.08 0.05 0.02
Less distributions from
Investment income--net (0.05) (0.05) (0.08) (0.05) (0.02)
------ ------ ------ ------ ------
Total
distributions (0.05) (0.05) (0.08) (0.05) (0.02)
------ ------ ------ ------ ------
Net Asset Value, End of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Total return 4.65% 4.78% 4.61% 5.11% 3.31%
------ ------ ------ ------ ------
------ ------ ------ ------ ------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of year (000's omitted) $ 4,354 $ 2,821 $ 2,532 $ 2,398 $ 2,284
Ratio of expenses to average net assets (2) 0.87% 0.87% 0.87% 0.87% 0.91%
Ratio of net investment income to average net
assets 4.55% 4.62% 4.51% 5.03% 3.32%
</TABLE>
(1) Expenses for the calculation are net of a reimbursement from Securities
Management and Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.24%, 1.30%, 1.48%, 1.37%
and 1.25% for the years ended December 31, 1998, 1997, 1996, 1995 and 1994,
respectively.
(2) Expenses for the calculation are net of a reimbursement from Securities
Management and Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.37%, 1.23%, 1.22%, 1.21%
and 1.14% for the years ended December 31, 1998, 1997, 1996, 1995 and 1994,
respectively.
See notes to financial statements.
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS December 31, 1998
- --------------------------------------------------------------------------------
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.
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 year. 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 accrual 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. At December 31, 1998, the Growth Portfolio, Managed Portfolio and
the Balanced Portfolio had capital loss carryforwards that will expire in 2006
of approximately $70,000, $24,000 and $14,000, respectively.
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
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 subsidiary 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.
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 December 31, 1998, SM&R and American National had the following ownership
in the Portfolios:
<TABLE>
<CAPTION>
AMERICAN NATIONAL AMERICAN NATIONAL
SM&R CORPORATE ACCOUNTS SEPARATE ACCOUNTS
-------------------------- --------------------------- ---------------------------
PERCENT OF PERCENT OF PERCENT OF
SHARES SHARES SHARES
SHARES OUTSTANDING SHARES OUTSTANDING SHARES OUTSTANDING
<S> <C> <C> <C> <C> <C> <C>
Growth 378,834 4.36% 2,660,840 30.64% 5,643,914 65.00%
Managed 372,468 4.34% 2,612,361 30.46% 5,592,809 65.20%
Balanced 367,014 7.20% 2,571,632 50.48% 2,156,222 42.32%
Money Market 336,714 7.73% 2,358,195 54.17% 1,658,911 38.10%
</TABLE>
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
NOTE 3--COST, PURCHASES AND SALES OF INVESTMENTS
Investments have the same cost for tax and financial statement purposes.
Aggregate purchases and sales of investments, other than commercial paper, were
as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
<S> <C> <C>
Growth $ 5,750,232 $ 2,952,701
Managed $ 5,103,266 $ 2,567,109
Balanced $ 1,315,592 $ 784,395
</TABLE>
Gross unrealized appreciation and depreciation as of December 31,1998 were as
follows:
<TABLE>
<CAPTION>
APPRECIATION DEPRECIATION
<S> <C> <C>
Growth $ 4,775,115 $ 740,465
Managed $ 4,241,197 $ 667,849
Balanced $ 1,971,901 $ 185,505
</TABLE>
NOTE 4--CAPITAL STOCK
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997
----------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- --------- ---------
<S> <C> <C> <C> <C>
Sale of capital shares 1,744,719 $ 2,975,649 1,626,208 $2,618,935
Investment income dividends reinvested 75,309 131,790 101,211 158,902
Distributions made from net realized gains reinvested 315,491 495,322 493,960 775,516
---------- ----------- --------- ---------
Subtotals 2,135,519 3,602,761 2,221,379 3,553,353
Redemptions of capital shares (413,303) (700,480) (269,044) (444,368)
---------- ----------- --------- ---------
Net increase in capital shares outstanding 1,722,216 $ 2,902,281 1,952,335 $3,108,985
----------- ---------
----------- ---------
Shares outstanding at beginning of year 6,961,372 5,009,037
---------- ---------
Shares outstanding at end of year 8,683,588 6,961,372
---------- ---------
---------- ---------
The components of net assets at December 31, 1998, are as
follows:
Capital Stock--8,683,588 shares of $.01 par value outstanding
(115,000,000 authorized)(par and additional paid-in capital) $11,737,529
Accumulated net realized gain (loss) on investments (70,250)
Net unrealized appreciation of investments 4,034,650
-----------
Net assets $15,701,929
-----------
-----------
</TABLE>
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<TABLE>
<S> <C> <C> <C> <C>
MANAGED PORTFOLIO
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997
----------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- --------- ---------
<S> <C> <C> <C> <C>
Sale of capital shares 2,507,388 $ 4,170,741 1,754,279 $2,697,284
Investment income dividends reinvested 103,963 177,776 103,150 158,852
Distributions made from net realized gains reinvested 162,434 251,773 333,200 513,633
---------- ----------- --------- ---------
Subtotals 2,773,785 4,600,290 2,190,629 3,369,769
Redemptions of capital shares (461,532) (753,707) (508,525) (793,476)
---------- ----------- --------- ---------
Net increase in capital shares outstanding 2,312,253 $ 3,846,583 1,682,104 $2,576,293
----------- ---------
----------- ---------
Shares outstanding at beginning of year 6,265,385 4,583,281
---------- ---------
Shares outstanding at end of year 8,577,638 6,265,385
---------- ---------
---------- ---------
The components of net assets at December 31, 1998, are as follows:
Capital Stock--8,577,638 shares of $.01 par value outstanding
(120,000,000 authorized)(par and additional paid-in capital) $11,500,950
Accumulated net realized gain (loss) on investments (23,523)
Net unrealized appreciation of investments 3,573,348
-----------
Net assets $15,050,775
-----------
-----------
BALANCED PORTFOLIO
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997
----------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- --------- ---------
<S> <C> <C> <C> <C>
Sale of capital shares 1,000,879 $ 1,484,090 588,279 $ 798,835
Investment income dividends reinvested 123,552 185,328 122,255 168,712
Distributions made from net realized gains reinvested 123,843 175,856 193,156 267,353
---------- ----------- --------- ---------
Subtotals 1,248,274 1,845,274 903,690 1,234,900
Redemptions of capital shares (177,843) (261,260) (256,939) (336,587)
---------- ----------- --------- ---------
Net increase in capital shares outstanding 1,070,431 $ 1,584,014 646,751 $ 898,313
----------- ---------
----------- ---------
Shares outstanding at beginning of year 4,024,437 3,377,686
---------- ---------
Shares outstanding at end of year 5,094,868 4,024,437
---------- ---------
---------- ---------
The components of net assets at December 31, 1998, are as
follows:
Capital Stock--5,094,868 shares of $.01 par value outstanding
(115,000,000 authorized)(par and additional paid-in capital) $ 6,055,301
Accumulated net realized gain (loss) on investments (14,479)
Net unrealized appreciation of investments 1,786,396
-----------
Net assets $ 7,827,218
-----------
-----------
</TABLE>
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<TABLE>
<S> <C> <C> <C> <C>
MONEY MARKET PORTFOLIO
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997
----------------------- --------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- --------- ---------
<S> <C> <C> <C> <C>
Sales of capital shares 14,329,299 $14,329,299 420,449 $ 420,449
Investment income dividends reinvested 172,322 172,322 123,016 123,016
---------- ----------- --------- ---------
Subtotals 14,501,621 14,501,621 543,465 543,465
Redemptions of capital shares (12,968,470) (12,968,470) (254,671) (254,671)
---------- ----------- --------- ---------
Net increase in capital shares outstanding 1,533,151 $ 1,533,151 288,794 $ 288,794
----------- ---------
----------- ---------
Shares outstanding at beginning of year 2,820,669 2,531,875
---------- ---------
Shares outstanding at end of year 4,353,820 2,820,669
---------- ---------
---------- ---------
The components of net assets at December 31, 1998, are as
follows:
Capital Stock--4,353,820 shares of $.01 par value outstanding
(1,050,000,000 authorized)(par and additional paid-in capital) $ 4,353,820
-----------
Net assets $ 4,353,820
-----------
-----------
</TABLE>
19
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders
American National Investment Accounts, Inc.
We have audited the accompanying statements of assets and liabilities of
American National Investment Accounts, Inc. (comprised of Growth, Managed,
Balanced and Money Market portfolios), including the schedule of investments as
of December 31, 1998, the related statements of operations for the year then
ended, the statements of changes in net assets and the financial highlights for
each of the two years in the period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for each of
the three years in the period ended December 31, 1996 were audited by other
auditors whose report dated February 7, 1997, issued an unqualified opinion.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1998, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
American National Investment Accounts, Inc. as of December 31, 1998, the results
of its operations, the changes in its net assets and the financial highlights
for each of the periods indicated, in conformity with generally accepted
accounting principles.
Tait, Weller & Baker, CPA
Philadelphia, Pennsylvania
January 29, 1999
20
<PAGE>
AMERICAN
NATIONAL
INVESTMENT
ACCOUNTS
INC.
/ / GROWTH PORTFOLIO
/ / MANAGED PORTFOLIO
/ / BALANCED PORTFOLIO
/ / MONEY MARKET PORTFOLIO
ANNUAL REPORT
DECEMBER 31, 1998
"The discussions and the
financial statements
contained herein are
included for the general
information of our
shareholders. This annual
report is not authorized
for distribution to
prospective investors
unless preceded or
accompanied by an effective
prospectus."
Form 9429
12/98
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000867050
<NAME> AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<SERIES>
<NUMBER> 01
<NAME> GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 11639127
<INVESTMENTS-AT-VALUE> 15673777
<RECEIVABLES> 11948
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 33667
<TOTAL-ASSETS> 15719392
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17463
<TOTAL-LIABILITIES> 17463
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11650693
<SHARES-COMMON-STOCK> 8683588
<SHARES-COMMON-PRIOR> 6961372
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70250)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4034650
<NET-ASSETS> 15701929
<DIVIDEND-INCOME> 145542
<INTEREST-INCOME> 102023
<OTHER-INCOME> 0
<EXPENSES-NET> 114975
<NET-INVESTMENT-INCOME> 132590
<REALIZED-GAINS-CURRENT> 267352
<APPREC-INCREASE-CURRENT> 1899902
<NET-CHANGE-FROM-OPS> 2299844
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 131790
<DISTRIBUTIONS-OF-GAINS> 495322
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1744719
<NUMBER-OF-SHARES-REDEEMED> (413303)
<SHARES-REINVESTED> 390800
<NET-CHANGE-IN-ASSETS> 2902281
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 156920
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63214
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134125
<AVERAGE-NET-ASSETS> 13285904
<PER-SHARE-NAV-BEGIN> 1.60
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .27
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.81
<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 and Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.01%.
</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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 11445408
<INVESTMENTS-AT-VALUE> 15018756
<RECEIVABLES> 16518
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 33402
<TOTAL-ASSETS> 15068676
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17901
<TOTAL-LIABILITIES> 17901
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11415174
<SHARES-COMMON-STOCK> 8577638
<SHARES-COMMON-PRIOR> 6265385
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (23523)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3573348
<NET-ASSETS> 15050775
<DIVIDEND-INCOME> 176256
<INTEREST-INCOME> 118941
<OTHER-INCOME> 0
<EXPENSES-NET> 115624
<NET-INVESTMENT-INCOME> 179573
<REALIZED-GAINS-CURRENT> 80897
<APPREC-INCREASE-CURRENT> 1590285
<NET-CHANGE-FROM-OPS> 1850755
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 177776
<DISTRIBUTIONS-OF-GAINS> 251773
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2507388
<NUMBER-OF-SHARES-REDEEMED> (461532)
<SHARES-REINVESTED> 266397
<NET-CHANGE-IN-ASSETS> 3846583
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 145556
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57632
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 124153
<AVERAGE-NET-ASSETS> 12497832
<PER-SHARE-NAV-BEGIN> 1.56
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.75
<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 and Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 0.99%.
</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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 5933521
<INVESTMENTS-AT-VALUE> 7719917
<RECEIVABLES> 35704
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 83904
<TOTAL-ASSETS> 7839525
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12307
<TOTAL-LIABILITIES> 12307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6004352
<SHARES-COMMON-STOCK> 5094868
<SHARES-COMMON-PRIOR> 4024437
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14479)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1786396
<NET-ASSETS> 7827218
<DIVIDEND-INCOME> 49565
<INTEREST-INCOME> 193296
<OTHER-INCOME> 0
<EXPENSES-NET> 59240
<NET-INVESTMENT-INCOME> 183621
<REALIZED-GAINS-CURRENT> 67581
<APPREC-INCREASE-CURRENT> 758264
<NET-CHANGE-FROM-OPS> 1009466
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 185328
<DISTRIBUTIONS-OF-GAINS> 175856
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1000879
<NUMBER-OF-SHARES-REDEEMED> (177843)
<SHARES-REINVESTED> 247395
<NET-CHANGE-IN-ASSETS> 1584014
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 95503
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30684
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 81728
<AVERAGE-NET-ASSETS> 6586095
<PER-SHARE-NAV-BEGIN> 1.39
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.54
<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 and Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.24%.
</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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 4296044
<INVESTMENTS-AT-VALUE> 4296044
<RECEIVABLES> 3114
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 64894
<TOTAL-ASSETS> 4364052
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10232
<TOTAL-LIABILITIES> 10232
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4310282
<SHARES-COMMON-STOCK> 4353820
<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> 4353820
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 205046
<OTHER-INCOME> 0
<EXPENSES-NET> 32887
<NET-INVESTMENT-INCOME> 172159
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 172159
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 172159
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14329299
<NUMBER-OF-SHARES-REDEEMED> (12968470)
<SHARES-REINVESTED> 172322
<NET-CHANGE-IN-ASSETS> 1533151
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51949
<AVERAGE-NET-ASSETS> 3781699
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.05
<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<F1>
<FN>
<F1>Expenses for the calculation are net of a reimbursement from Securities
Management and Research, Inc. Without this reimbursement, the ratio of
expenses to average net assets would have been 1.37%.
</FN>
</TABLE>
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