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Previous: INVERNESS COUNSEL INC /NY/, 13F-HR, 1999-10-04 |
Next: FUISZ TECHNOLOGIES LTD, 8-K, 1999-10-04 |
<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 June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--1.79%
DaimlerChrysler AG 1,247 $ 110,827
Ford Motor Company 1,500 84,656
General Motors Corporation 2,000 132,000
-----------
327,483
AUTO PARTS MANUFACTURERS--0.14%
Delphi Automotive Systems Corporation 1,397 25,932
BANKS--3.79%
Bank of America Corporation 2,000 146,625
Comerica, Incorporated 1,350 80,241
Morgan (J.P.) & Company 500 70,250
PNC Bank Corporation 1,600 92,200
U.S. Bancorp 5,200 176,800
Wells Fargo Company 3,000 128,250
-----------
694,366
BEVERAGES--2.32%
Anheuser-Busch Companies, Incorporated 6,000 425,625
CHEMICALS--2.22%
Cabot Corporation 800 19,350
Hercules, Incorporated 2,600 102,212
Monsanto Company 3,500 138,031
Praxair, Incorporated 3,000 146,813
-----------
406,406
COMMUNICATION EQUIPMENT--5.74%
Lucent Technologies, Incorporated 13,025 878,373
Nortel Networks Corporation 2,000 173,625
-----------
1,051,998
COMPUTER RELATED--4.56%
Apple Computer, Incorporated* 1,900 87,994
Cisco Systems, Incorporated* 5,100 328,950
EMC Corporation* 3,600 198,000
Sun Microsystems, Incorporated* 3,200 220,400
-----------
835,344
COMPUTER SOFTWARE--7.80%
BMC Software, Incorporated* 3,200 172,800
Microsoft Corporation* 7,200 649,350
Network Associates, Incorporated* 3,000 44,062
Novell, Incorporated* 12,000 318,000
VERITAS Software Corporation* 2,600 246,838
-----------
1,431,050
COSMETICS/TOILETRIES--0.97%
Procter & Gamble Company 2,000 178,500
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
DIVERSIFIED--1.76%
AlliedSignal, Incorporated 3,200 $ 201,600
Coltec Industries, Incorporated* 5,600 121,450
-----------
323,050
DRUGS--5.56%
Bristol-Myers Squibb Company 4,000 281,750
Merck & Company, Incorporated 2,000 148,000
Pfizer, Incorporated 2,100 230,475
Schering-Plough Corporation 4,800 254,400
Warner-Lambert Company 1,500 104,063
-----------
1,018,688
ELECTRICAL EQUIPMENT--3.01%
General Electric Company 3,700 418,100
Solectron Corporation* 2,000 133,375
-----------
551,475
ENVIRONMENTAL--1.20%
Republic Services, Incorporated (Class A)* 5,400 133,650
Waste Management, Incorporated 1,595 85,731
-----------
219,381
EXPLORATION & DRILLING--1.99%
Global Marine, Incorporated* 2,500 38,594
Kerr-McGee Corporation 2,100 105,394
Tidewater, Incorporated 3,500 106,750
Union Pacific Resources Group, Incorporated 7,000 114,187
-----------
364,925
FINANCIAL SERVICES--2.60%
American General Corporation 2,000 150,750
Associates First Capital Corporation 786 34,830
Countrywide Credit Industries, Incorporated 3,000 128,250
Morgan Stanley, Dean Witter, Discover and Company 1,000 102,500
Reliance Group Holdings, Incorporated 8,200 60,987
-----------
477,317
FOOD PRODUCERS--3.47%
ConAgra, Incorporated 3,000 79,875
IBP, Incorporated 2,500 59,375
Interstate Bakeries Corporation 4,500 100,969
McCormick & Company, Incorporated 2,000 63,125
Smithfield Foods, Incorporated* 5,000 167,187
Tyson Foods, Incorporated 3,600 81,000
Universal Foods Corporation 4,000 84,500
-----------
636,031
FOOD RETAILERS--1.36%
Albertson's, Incorporated 1,300 67,031
Safeway, Incorporated* 3,700 183,150
-----------
250,181
</TABLE>
1
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
FURNITURE/APPLIANCES--1.44%
<S> <C> <C>
Black & Decker Corporation 3,000 $ 189,375
Whirlpool Corporation 1,000 74,000
-----------
263,375
HEALTHCARE DISTRIBUTORS--0.73%
Bergen Brunswig Corporation (Class A) 5,000 86,250
McKesson HBOC, Incorporated 1,480 47,545
-----------
133,795
HOMEBUILDING/SUPPLIES--0.39%
Centex Corporation 1,900 71,369
INSURANCE COMPANIES--3.52%
CIGNA Corporation 2,100 186,900
Citigroup, Incorporated 8,250 391,875
Conseco, Incorporated 2,200 66,962
-----------
645,737
LEISURE TIME--0.61%
Brunswick Corporation 4,000 111,500
MACHINERY/EQUIPMENT--0.79%
Deere & Company 2,000 79,250
Flowserve Corporation 3,500 66,281
-----------
145,531
MEDIA - TV/RADIO/CABLE--0.81%
MediaOne Group, Incorporated* 2,000 148,750
MEDICAL PRODUCTS/SUPPLIES--2.09%
Abbott Laboratories 2,000 91,000
Beckman Coulter, Incorporated 2,000 97,250
Biomet, Incorporated 4,900 194,775
-----------
383,025
MEDICAL SERVICES--2.63%
Aetna, Incorporated 2,000 178,875
PacifiCare Health Systems, Incorporated (Class B)* 1,600 115,100
United Healthcare Corporation 3,000 187,875
-----------
481,850
METALS & MINING--0.31%
Kinross Gold Corporation* 33,616 56,727
NATURAL GAS--1.34%
Enron Corporation 3,000 245,250
OIL DOMESTIC--0.86%
Murphy Oil Corporation 800 39,050
Unocal Corporation 3,000 118,875
-----------
157,925
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
OIL INTERNATIONAL--5.19%
BP Amoco p.l.c. 1,323 $ 143,545
Chevron Corporation 1,000 95,187
Elf Aquitaine ADR 3,000 220,688
Royal Dutch Petroleum Company 5,000 301,250
Schlumberger Limited 3,000 191,063
-----------
951,733
PHOTOGRAPHY/IMAGING--2.25%
Xerox Corporation 7,000 413,438
RETAIL - GENERAL--2.15%
Federated Department Stores, Incorporated* 2,600 137,638
J. C. Penney Company, Incorporated 5,300 257,381
-----------
395,019
RETAIL - SPECIALTY--1.43%
Group 1 Automotive, Incorporated* 10,000 211,250
Officemax, Incorporated* 4,300 51,600
-----------
262,850
SEMICONDUCTORS--1.62%
Intel Corporation 5,000 297,500
SPECIALTY PRINTING/SERVICES--0.29%
Banta Corporation 2,500 52,500
STEEL--1.48%
Allegheny Teledyne, Incorporated 4,000 90,500
LTV Corporation 15,000 100,313
USX-U. S. Steel Group 3,000 81,000
-----------
271,813
TELEPHONE--1.28%
Alltel Corporation 2,000 143,000
US West, Incorporated New 1,554 91,298
-----------
234,298
TRUCKING & SHIPPING--0.83%
USFreightways Corporation 3,300 152,831
TOTAL COMMON STOCK--82.32%
(Cost $9,901,613) 15,094,568
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT
<S> <C> <C>
ELECTRIC POWER--2.75%
Indiana Michigan Power Company, 5.80%, 07/02/99 $505,000 504,919
ENERGY - MISCELLANEOUS--3.68%
Penn Fuel Corporation, 5.15%, 07/01/99 674,000 674,000
</TABLE>
2
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
FINANCIAL SERVICES--3.52%
Case Credit, 5.50%, 07/06/99 $499,000 $ 498,618
Penn Power & Light Energy Trust, 5.47%, 07/21/99 148,000 147,550
-----------
646,168
PAPER/FOREST PRODUCT--2.00%
Potlatch Corporation, 5.20%, 07/08/99 367,000 366,628
RETAIL - SPECIALTY--5.76%
Mattel, Incorporated, 5.18%, 07/07/99 476,000 475,589
The Limited, Incorporated, 5.30%, 07/09/99 581,000 580,315
-----------
1,055,904
-----------
TOTAL COMMERCIAL PAPER--17.71%
(Cost $3,247,619) 3,247,619
-----------
TOTAL INVESTMENTS--100.03%
(Cost $13,149,232) 18,342,187
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.03%) (6,586)
-----------
NET ASSETS--100.00% $18,335,601
-----------
-----------
ABBREVIATIONS
ADR--American Depository Receipt
*--Non-income producing securities
</TABLE>
See notes to financial statements.
3
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--0.92%
DaimlerChrysler AG 436 $ 38,749
Ford Motor Company 1,318 74,385
General Motors Corporation 800 52,800
-----------
165,934
AUTO PARTS MANUFACTURERS--0.06%
Delphi Automotive Systems Corporation 559 10,376
BANKS--4.69%
Bank of America Corporation 2,000 146,625
Comerica, Incorporated 3,000 178,312
Morgan (J.P.) & Company 500 70,250
PNC Bank Corporation 2,400 138,300
TCF Financial Corporation 6,000 167,250
U.S. Bancorp 4,300 146,200
-----------
846,937
BEVERAGES--1.77%
Anheuser-Busch Companies, Incorporated 4,500 319,219
CHEMICALS--2.25%
Goodrich (B.F.) Company 5,000 212,500
Hercules, Incorporated 2,300 90,419
Praxair, Incorporated 2,100 102,769
-----------
405,688
COMMUNICATIONS EQUIPMENT--5.13%
Lucent Technologies, Incorporated 12,206 823,159
Nortel Networks Corporation 1,200 104,175
-----------
927,334
COMPUTER RELATED--7.43%
Cisco Systems, Incorporated* 5,100 328,950
EMC Corporation* 3,400 187,000
Sun Microsystems, Incorporated* 12,000 826,500
-----------
1,342,450
COMPUTER SOFTWARE--5.81%
Microsoft Corporation* 6,800 613,275
Network Associates, Incorporated* 2,850 41,859
Novell, Incorporated* 5,600 148,400
VERITAS Software Corporation* 2,600 246,838
-----------
1,050,372
CONSTRUCTION--0.16%
Foster Wheeler Corporation 2,000 28,250
DIVERSIFIED--1.61%
AlliedSignal, Incorporated 2,900 182,700
Coltec Industries, Incorporated* 5,000 108,437
-----------
291,137
DRUGS--2.35%
Schering-Plough Corporation 8,000 424,000
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
ELECTRICAL EQUIPMENT--3.71%
Emerson Electric Company 1,000 $ 62,875
General Electric Company 3,500 395,500
Solectron Corporation* 1,900 126,706
York International Corporation 2,000 85,625
-----------
670,706
ELECTRIC POWER--0.77%
Allegheny Energy, Incorporated 800 25,650
DTE Energy Company 2,000 80,000
UtiliCorp United, Incorporated 1,350 32,822
-----------
138,472
ENVIRONMENTAL--1.48%
Waste Management, Incorporated 4,982 267,783
EXPLORATION & DRILLING--1.82%
Global Marine Incorporated* 1,600 24,700
Kerr-McGee Corporation 1,800 90,337
Tidewater, Incorporated 3,900 118,950
Union Pacific Resources Group, Incorporated 5,846 95,363
-----------
329,350
FINANCIAL SERVICES--1.69%
Associates First Capital Corporation 690 30,576
Countrywide Credit Industries, Incorporated 2,800 119,700
Morgan Stanley, Dean Witter, Discover and Company 1,000 102,500
Reliance Group Holdings, Incorporated 7,100 52,806
-----------
305,582
FOODS PRODUCERS--2.93%
ConAgra, Incorporated 4,000 106,500
IBP, Incorporated 4,500 106,875
Interstate Bakeries Corporation 4,100 91,994
McCormick & Company, Incorporated 2,000 63,125
Smithfield Foods, Incorporated* 4,800 160,500
-----------
528,994
FOODS RETAILERS--1.36%
Albertson's, Incorporated 1,500 77,344
Safeway, Incorporated* 3,400 168,300
-----------
245,789
FURNITURE/APPLIANCES--1.39%
Black & Decker Corporation 2,800 176,750
Whirlpool Corporation 1,000 74,000
-----------
250,750
HEALTHCARE DISTRIBUTORS--0.61%
Bergen Brunswig Corporation (Class A) 5,000 86,250
McKesson HBOC Incorporated 777 24,961
-----------
111,211
HOMEBUILDING/SUPPLIES--0.39%
Centex Corporation 1,900 71,369
INSURANCE COMPANIES--3.87%
CIGNA Corporation 1,800 160,200
Citigroup, Incorporated 7,800 370,500
Conseco, Incorporated 5,520 168,015
-----------
698,715
</TABLE>
4
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
LEISURE TIME--0.46%
Brunswick Corporation 3,000 $ 83,625
MACHINERY/EQUIPMENT--0.70%
Deere & Company 2,000 79,250
Flowserve Corporation 2,500 47,344
-----------
126,594
MEDIA - TV/RADIO/CABLE--0.41%
MediaOne Group, Incorporated* 1,000 74,375
MEDICAL PRODUCTS/SUPPLIES--2.70%
Abbott Laboratories 6,000 273,000
Beckman Coulter, Incorporated 1,000 48,625
Biomet, Incorporated 4,200 166,950
-----------
488,575
MEDICAL SERVICES--1.78%
Aetna, Incorporated 1,200 107,325
PacifiCare Health Systems, Incorporated (Class B)* 1,400 100,712
United Healthcare Corporation 1,800 112,725
-----------
320,762
METALS & MINING--0.21%
Kinross Gold Corporation* 22,411 37,819
NATURAL GAS--1.04%
Enron Corporation 2,300 188,025
OIL DOMESTIC--0.16%
Murphy Oil Corporation 600 29,287
OIL INTERNATIONAL--5.46%
Chevron Corporation 1,000 95,187
Elf Aquitaine ADR 1,000 73,562
Exxon Corporation 1,000 77,125
Royal Dutch Petroleum Company 6,000 361,500
Schlumberger Limited 4,000 254,750
Texaco, Incorporated 2,000 125,000
-----------
987,124
PAPER/FOREST PRODUCTS--0.27%
Weyerhaeuser Company 700 48,125
PHOTOGRAPHY/IMAGING--1.96%
Xerox Corporation 6,000 354,375
REAL ESTATE/REITS--2.69%
Centerpoint Properties Corporation 1,800 65,925
Crescent Real Estate Equities Company 5,000 118,750
Equity Office Properties Trust 10,000 256,250
HRPT Properties Trust 3,000 45,938
-----------
486,863
RETAIL - DISCOUNT--0.36%
Kmart Corporation* 4,000 65,750
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
RETAIL - GENERAL--2.13%
Federated Department Stores, Incorporated* 2,500 $ 132,344
J. C. Penney Company, Incorporated 5,200 252,525
-----------
384,869
RETAIL - SPECIALTY--0.27%
Officemax, Incorporated* 4,100 49,200
SEMICONDUCTORS--1.51%
Intel Corporation 4,600 273,700
SPECIALTY PRINTING/SERVICES--0.26%
Banta Corporation 2,200 46,200
STEEL--1.47%
Allegheny Teledyne, Incorporated 4,000 90,500
LTV Corporation 14,000 93,625
USX-U. S. Steel Group 3,000 81,000
-----------
265,125
TELECOM - CELLULAR--0.42%
GTE Corporation 1,000 75,750
TELEPHONE--1.05%
Alltel Corporation 1,800 128,700
US West, Incorporated New 1,027 60,336
-----------
189,036
TOBACCO--0.32%
UST, Incorporated 2,000 58,500
TRUCKING & SHIPPING--0.77%
USFreightways Corporation 3,000 138,938
-----------
TOTAL COMMON STOCK--78.60%
(Cost $9,361,241) 14,202,890
-----------
<CAPTION>
CONVERTIBLE PREFERRED STOCK
<S> <C> <C>
OIL DOMESTIC--0.62%
Unocal Capital Trust 2,000 112,000
-----------
TOTAL CONVERTIBLE PREFERRED STOCK--0.62%
(Cost $106,164) 112,000
-----------
</TABLE>
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT
<S> <C> <C>
ELECTRIC POWER--7.13%
Indiana Michigan Power Company, 5.70%, 07/06/99 $550,000 549,564
Minnesota Power & Light Company, 5.45%, 07/02/99 739,000 738,888
-----------
1,288,452
ENERGY - MISCELLANEOUS--1.52%
Penn Fuel Corporation, 5.15%, 07/01/99 275,000 275,000
FINANCIAL SERVICES--1.36%
Case Credit, 5.42%, 07/14/99 246,000 245,518
</TABLE>
5
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
MANAGED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
PAPER/FOREST PRODUCT--1.92%
<S> <C> <C>
Potlatch Corporation, 5.20%, 07/08/99 $348,000 $ 347,648
RETAIL - SPECIALTY--5.61%
Mattel, Incorporated, 5.18%, 07/07/99 482,000 481,583
The Limited, Incorporated, 5.30%, 07/09/99 533,000 532,372
-----------
1,013,955
UTILITY - MISCELLANEOUS--3.04%
Orange & Rockland Utilities, Incorporated, 5.00%,
07/02/99 549,000 548,924
-----------
TOTAL COMMERCIAL PAPER--20.58%
(Cost $3,719,497) 3,719,497
-----------
TOTAL INVESTMENTS--99.80%
(Cost $13,186,902) 18,034,387
CASH AND OTHER ASSETS, LESS LIABILITIES--0.20% 35,209
-----------
NET ASSETS--100.00% $18,069,596
-----------
-----------
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 June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
AUTO & TRUCK MANUFACTURERS--0.66%
DaimlerChrysler AG 124 $ 11,020
Ford Motor Company 500 28,219
General Motors Corporation 300 19,800
-----------
59,039
AUTO PARTS MANUFACTURERS--0.04%
Delphi Automotive Systems Corporation 209 3,880
BANKS--2.38%
Bank of America Corporation 600 43,987
Comerica, Incorporated 900 53,494
Morgan (J.P.) & Company 200 28,100
PNC Bank Corporation 400 23,050
U.S. Bancorp 1,000 34,000
Wells Fargo Company 700 29,925
-----------
212,556
BEVERAGES--0.48%
Anheuser-Busch Companies, Incorporated 600 42,563
CHEMICALS--0.77%
Cabot Corporation 600 14,513
Hercules, Incorporated 500 19,656
Praxair, Incorporated 700 34,256
-----------
68,425
COMMUNICATIONS EQUIPMENT--1.90%
Lucent Technologies, Incorporated 2,000 134,875
Nortel Networks Corporation 400 34,725
-----------
169,600
COMPUTER RELATED--4.27%
Cisco Systems, Incorporated* 1,800 116,100
EMC Corporation* 1,800 99,000
Sun Microsystems, Incorporated* 2,400 165,300
-----------
380,400
COMPUTER SOFTWARE--2.64%
Microsoft Corporation* 500 45,094
Network Associates, Incorporated* 750 11,015
Novell, Incorporated* 2,100 55,650
VERITAS Software Corporation* 1,300 123,419
-----------
235,178
CONSTRUCTION--0.08%
Foster Wheeler Corporation 500 7,062
COSMETICS & TOILETRIES--1.20%
Procter & Gamble Company 1,200 107,100
DIVERSIFIED--1.60%
AlliedSignal, Incorporated 1,400 88,200
Coltec Industries, Incorporated* 2,500 54,219
-----------
142,419
DRUGS--4.04%
Bristol-Myers Squibb Company 1,600 112,700
Pfizer, Incorporated 1,000 109,750
Schering-Plough Corporation 2,600 137,800
-----------
360,250
ELECTRICAL EQUIPMENT--2.63%
General Electric Company 1,100 124,300
Solectron Corporation* 950 63,353
York International Corporation 1,100 47,094
-----------
234,747
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
ELECTRIC POWER--0.66%
Allegheny Energy, Incorporated 400 $ 12,825
DTE Energy Company 700 28,000
UtiliCorp United, Incorporated 750 18,234
-----------
59,059
ENVIRONMENTAL--0.87%
Waste Management, Incorporated 1,450 77,938
EXPLORATION & DRILLING--0.49%
Global Marine Incorporated* 900 13,894
Kerr-McGee Corporation 200 10,037
Tidewater, Incorporated 500 15,250
Union Pacific Resources Group, Incorporated 254 4,143
-----------
43,324
FINANCIAL SERVICES--1.73%
American General Corporation 300 22,612
Associates First Capital Corporation 262 11,610
Countrywide Credit Industries, Incorporated 1,400 59,850
Morgan Stanley, Dean Witter, Discover and Company 300 30,750
Reliance Group Holdings, Incorporated 4,000 29,750
-----------
154,572
FOOD PRODUCERS--1.53%
IBP, Incorporated 900 21,375
Interstate Bakeries Corporation 2,100 47,119
Smithfield Foods, Incorporated* 1,400 46,813
Universal Foods Corporation 1,000 21,125
-----------
136,432
FOOD RETAILERS--1.30%
Albertson's, Incorporated 600 30,938
Safeway, Incorporated* 1,700 84,150
-----------
115,088
HEALTHCARE DISTRIBUTORS--0.44%
Bergen Brunswig Corporation (Class A) 1,750 30,187
McKesson HBOC, Incorporated 296 9,509
-----------
39,696
HOMEBUILDING/SUPPLIES--0.30%
Centex Corporation 700 26,294
INSURANCE COMPANIES--2.25%
CIGNA Corporation 600 53,400
Citigroup, Incorporated 2,400 114,000
Conseco, Incorporated 1,100 33,481
-----------
200,881
LEISURE TIME--0.53%
Brunswick Corporation 1,700 47,388
MACHINERY & EQUIPMENT--0.19%
Flowserve Corporation 900 17,044
MEDIA - TV/RADIO/CABLE--0.50%
MediaOne Group, Incorporated* 600 44,625
MEDICAL PRODUCTS/SUPPLIES--3.11%
Abbott Laboratories 2,200 100,100
Beckman Coulter, Incorporated 400 19,450
Biomet, Incorporated 2,500 99,375
Johnson & Johnson 600 58,800
-----------
277,725
</TABLE>
7
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
MEDICAL SERVICES--1.58%
Aetna, Incorporated 400 $ 35,775
PacifiCare Health Systems, Incorporated (Class B)* 500 35,969
United Healthcare Corporation 1,100 68,887
-----------
140,631
NATURAL GAS--1.19%
Enron Corporation 1,300 106,275
OIL DOMESTIC--0.11%
Murphy Oil Corporation 200 9,763
OIL INTERNATIONAL--1.54%
BP Amoco p.l.c. 264 28,644
Chevron Corporation 600 57,112
Elf Aquitaine ADR 700 51,494
-----------
137,250
PAPER/FOREST PRODUCTS--0.23%
Weyerhaeuser Company 300 20,625
REAL ESTATE/REITS--0.19%
HRPT Properties Trust 1,100 16,844
RETAIL - GENERAL--1.30%
Federated Department Stores, Incorporated* 900 47,644
J. C. Penney Company, Incorporated 1,400 67,987
-----------
115,631
RETAIL - SPECIALTY--0.19%
Officemax, Incorporated* 1,400 16,800
SEMICONDUCTORS--0.93%
Intel Corporation 1,400 83,300
<CAPTION>
COMMON STOCK SHARES VALUE
<S> <C> <C>
SPECIALTY PRINTING/SERVICES--0.37%
Banta Corporation 900 $ 18,900
Toys "R" Us, Incorporated* 700 14,481
-----------
33,381
STEEL--0.86%
Allegheny Teledyne, Incorporated 1,000 22,625
LTV Corporation 4,000 26,750
USX-U. S. Steel Group 1,000 27,000
-----------
76,375
TELECOM - CELLULAR--0.42%
GTE Corporation 500 37,875
TELEPHONE--0.97%
Alltel Corporation 700 50,050
US West, Incorporated New 616 36,190
-----------
86,240
TOBACCO--0.23%
UST, Incorporated 700 20,475
TRUCKING & SHIPPING--0.26%
USFreightways Corporation 500 23,156
-----------
TOTAL COMMON STOCK--46.96%
(Cost $2,674,129) 4,187,906
-----------
<CAPTION>
CONVERTIBLE PREFERRED STOCK
<S> <C> <C>
OIL DOMESTIC--0.31%
Unocal Capital Trust 500 28,000
-----------
TOTAL CONVERTIBLE PREFERRED STOCK--0.31%
(Cost $26,541) 28,000
-----------
</TABLE>
8
<PAGE>
SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO, CONTINUED
<TABLE>
<CAPTION>
FACE
BONDS AND NOTES AMOUNT VALUE
<S> <C> <C>
CORPORATE BONDS--
AUTO PARTS MANUFACTURERS--1.03%
TRW, Incorporated, 6.30%, 05/15/08 $100,000 $ 92,187
BUILDING SUPPLIES--1.09%
Lafarge Corporation, 6.375%, 07/15/05 100,000 97,422
TELEPHONE--1.08%
US West Communications, Incorporated, 6.125%,
11/15/05 100,000 96,672
-----------
286,281
GOVERNMENT AGENCIES--15.74%
Federal Farm Credit Banks, 5.25%, 05/01/02 100,000 98,137
Federal Home Loan Bank, 4.875%, 01/22/02 250,000 243,802
Federal Home Loan Bank, 5.125%, 09/15/03 200,000 192,434
Federal Home Loan Bank, 5.25%, 04/25/02 150,000 147,231
Federal Home Loan Bank, 5.495%, 03/22/04 100,000 96,981
Federal Home Loan Mortgage Corporation, 7.83%,
04/13/05 150,000 152,133
Federal Home Loan Mortgage Corporation, Pool #
540341, 9.00%, 09/01/19 5,024 5,335
Federal Home Loan Mortgage Corporation, Pool #
360100, 9.00%, 04/01/20 15,390 16,323
Federal National Mortgage Association, 7.55%,
04/22/02 50,000 52,019
Federal National Mortgage Association, 7.70%,
04/10/07 400,000 399,165
-----------
1,403,560
U S TREASURY SECURITIES--9.11%
U S Treasury Bonds, 6.00%, 02/15/26 680,000 661,300
U S Treasury Notes, 5.875%, 02/15/04 150,000 150,797
-----------
812,097
-----------
TOTAL BONDS AND NOTES--28.05%
(Cost $2,447,091) 2,501,938
-----------
<CAPTION>
FACE
COMMERCIAL PAPER AMOUNT VALUE
<S> <C> <C>
ELECTRIC POWER--5.94%
Indiana Michigan Power Company, 5.70%, 07/06/99 $157,000 $ 156,876
Minnesota Power & Light Company, 5.45%, 07/02/99 373,000 372,943
-----------
529,819
ENERGY - MISCELLANEOUS--3.84%
Penn Fuel Corporation, 5.15%, 07/01/99 342,000 342,000
FINANCIAL SERVICES--3.07%
Case Credit, 5.42%, 07/14/99 274,000 273,463
PAPER/FOREST PRODUCT--1.43%
Potlatch Corporation, 5.20%, 07/08/99 128,000 127,870
RETAIL - SPECIALTY--8.88%
Mattel, Incorporated, 5.18%, 07/07/99 427,000 426,631
The Limited, Incorporated, 5.30%, 07/09/99 366,000 365,569
-----------
792,200
-----------
TOTAL COMMERCIAL PAPER--23.16%
(Cost $2,065,352) 2,065,352
-----------
TOTAL INVESTMENTS--98.48%
(Cost $7,213,113) 8,783,196
CASH AND OTHER ASSETS, LESS LIABILITIES--1.52% 135,225
-----------
NET ASSETS--100.00% $ 8,918,421
-----------
-----------
ABBREVIATIONS
ADR--American Depository Receipt
*--Non-income producing securities
</TABLE>
SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
STATED MATURITY FACE
RATE(%) DATE AMOUNT VALUE
<S> <C> <C> <C> <C>
FEDERAL AGENCIES--
Federal Farm Credit Bank 4.71 07/08/99 $ 603,000 $ 602,445
Federal Farm Credit Bank 4.74 07/01/99 451,000 451,000
Federal Farm Credit Bank 4.78 07/12/99 491,000 490,280
Federal Farm Credit Bank 4.90 08/19/99 329,000 326,802
Federal Home Loan Mortgage Corporation 4.74 07/02/99 803,000 802,894
Federal Home Loan Mortgage Corporation 4.77 07/20/99 237,000 236,400
Federal Home Loan Mortgage Corporation 4.81 07/16/99 645,000 643,704
Federal Home Loan Mortgage Corporation 4.83 07/13/99 386,000 385,376
Federal Home Loan Mortgage Corporation 5.00 07/06/99 325,000 324,774
Federal National Mortgage Association 4.73 07/19/99 500,000 498,811
Federal National Mortgage Association 4.85 07/07/99 618,000 617,500
----------
TOTAL FEDERAL AGENCIES--100.11%
(Cost $5,379,986) 5,379,986
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.11%) (5,792)
----------
NET ASSETS--100.00% $5,374,194
----------
----------
</TABLE>
See notes to financial statements.
9
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH MANAGED BALANCED MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value $18,342,187 $18,034,387 $8,783,196 $5,379,986
Cash and cash equivalents 836 37,810 98,539 218
Receivable for:
Investment securities sold -- -- 166 --
Dividends 9,180 14,890 2,533 --
Interest 43 -- 43,189 340
Expense reimbursement 647 37 1,848 1,833
----------- ----------- ---------- ------------
TOTAL ASSETS 18,352,893 18,087,124 8,929,471 5,382,377
LIABILITIES
Accrued:
Investment advisory fee 8,020 7,930 3,941 2,125
Service fee 4,010 3,965 1,970 1,063
Other liabilities 5,262 5,633 5,139 4,995
----------- ----------- ---------- ------------
TOTAL LIABILITIES 17,292 17,528 11,050 8,183
----------- ----------- ---------- ------------
NET ASSETS $18,335,601 $18,069,596 $8,918,421 $5,374,194
----------- ----------- ---------- ------------
----------- ----------- ---------- ------------
SHARES OUTSTANDING 9,352,407 9,383,977 5,649,326 5,374,194
----------- ----------- ---------- ------------
----------- ----------- ---------- ------------
NET ASSET VALUE PER SHARE $ 1.96 $ 1.93 $ 1.58 $ 1.00
----------- ----------- ---------- ------------
----------- ----------- ---------- ------------
</TABLE>
STATEMENTS OF OPERATIONS Six Months Ended June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH MANAGED BALANCED MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 83,417 $ 106,026 $ 25,691 --
Interest 61,217 73,544 120,385 $ 116,863
---------- ---------- ---------- ------------
TOTAL INVESTMENT INCOME 144,634 179,570 146,076 116,863
EXPENSES
Investment advisory fees 41,027 40,280 20,143 12,017
Service fees 20,514 20,140 10,071 6,008
Custody and transaction fees 10,271 11,275 10,581 7,404
Directors' fees and expenses 4,882 4,792 4,994 5,026
Professional fees 1,719 1,581 2,070 2,191
Registration fees 290 319 249 248
Insurance expenses 335 335 335 335
---------- ---------- ---------- ------------
TOTAL EXPENSES 79,038 78,722 48,443 33,229
LESS EXPENSES REIMBURSED (8,903) (4,547) (12,157) (12,204)
---------- ---------- ---------- ------------
NET EXPENSES 70,135 74,175 36,286 21,025
---------- ---------- ---------- ------------
INVESTMENT INCOME--NET 74,499 105,395 109,790 95,838
---------- ---------- ---------- ------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 168,286 203,222 343,039 --
Change in unrealized appreciation (depreciation) of investments 1,158,305 1,274,137 (216,313) --
---------- ---------- ---------- ------------
NET GAIN ON INVESTMENTS 1,326,591 1,477,359 126,726 --
---------- ---------- ---------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,401,090 $1,582,754 $ 236,516 $ 95,838
---------- ---------- ---------- ------------
---------- ---------- ---------- ------------
</TABLE>
See notes to financial statements.
10
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS YEAR
ENDED JUNE ENDED
30, DECEMBER 31,
------------- -------------
1999 1998
------------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 74,499 $ 132,590
Net realized gain on investments 168,286 267,352
Change in unrealized appreciation 1,158,305 1,899,902
------------- -------------
Net increase in net assets resulting from operations 1,401,090 2,299,844
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (131,790)
Capital gains -- (495,322)
------------- -------------
Total distributions to shareholders -- (627,112)
------------- -------------
CAPITAL SHARE TRANSACTIONS--Net 1,232,582 2,902,281
------------- -------------
TOTAL INCREASE 2,633,672 4,575,013
NET ASSETS
Beginning of period 15,701,929 11,126,916
------------- -------------
End of period $ 18,335,601 $ 15,701,929
------------- -------------
------------- -------------
</TABLE>
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
------------- -------------
1999 1998
------------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 105,395 $ 179,573
Net realized gain on investments 203,222 80,897
Change in unrealized appreciation 1,274,137 1,590,285
------------- -------------
Net increase in net assets resulting from operations 1,582,754 1,850,755
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (177,776)
Capital gains -- (251,773)
------------- -------------
Total distributions to shareholders -- (429,549)
CAPITAL SHARE TRANSACTIONS--Net 1,436,067 3,846,583
------------- -------------
TOTAL INCREASE 3,018,821 5,267,789
NET ASSETS
Beginning of period 15,050,775 9,782,986
------------- -------------
End of period $ 18,069,596 $ 15,050,775
------------- -------------
------------- -------------
</TABLE>
See notes to financial statements.
11
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
BALANCED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
------------ ------------
1999 1998
------------ ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 109,790 $ 183,621
Net realized gain on investments 343,039 67,581
Change in unrealized appreciation (depreciation) (216,313) 758,264
------------ ------------
Net increase in net assets resulting from operations 236,516 1,009,466
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net -- (185,328)
Capital gains -- (175,856)
------------ ------------
Total distributions to shareholders -- (361,184)
CAPITAL SHARE TRANSACTIONS--Net 854,687 1,584,014
------------ ------------
TOTAL INCREASE 1,091,203 2,232,296
NET ASSETS
Beginning of period 7,827,218 5,594,922
------------ ------------
End of period $ 8,918,421 $7,827,218
------------ ------------
------------ ------------
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
------------ ------------
1999 1998
------------ ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Investment income--net $ 95,838 $ 172,159
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income--net (95,838) (172,159)
CAPITAL SHARE TRANSACTIONS--Net 1,020,374 1,533,151
------------ ------------
TOTAL INCREASE 1,020,374 1,533,151
NET ASSETS
Beginning of period 4,353,820 2,820,669
------------ ------------
End of period $ 5,374,194 $4,353,820
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
12
<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,
------------ ---------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.81 $ 1.60 $ 1.45 $ 1.27 $ 1.04 $ 1.08
Investment income--net 0.01 0.02 0.03 0.02 0.02 0.02
Net realized and unrealized gain on investments
during the period 0.14 0.27 0.27 0.21 0.27 0.05
------------ ----------- ----------- ----------- ----------- -----------
Total from investment operations 0.15 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 Period $ 1.96 $ 1.81 $ 1.60 $ 1.45 $ 1.27 $ 1.04
------------ ----------- ----------- ----------- ----------- -----------
------------ ----------- ----------- ----------- ----------- -----------
Total return 8.29% 18.62% 20.72% 17.98% 28.50% 6.91%
------------ ----------- ----------- ----------- ----------- -----------
------------ ----------- ----------- ----------- ----------- -----------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 18,336 $ 15,702 $ 11,127 $ 7,278 $ 4,781 $ 3,037
Ratio of expenses to average net assets with
reimbursement 0.85% 0.87% 0.87% 0.87% 0.87% 0.90%
Ratio of expenses to average net assets without
reimbursement 0.96% 1.01% 1.09% 1.25% 1.32% 1.13%
Ratio of net investment income to average net
assets 0.90% 1.00% 1.69% 1.84% 1.99% 2.04%
Portfolio turnover rate 8.53% 25.75% 45.37% 21.24% 42.06% 46.18%
</TABLE>
MANAGED PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED JUNE
30, YEAR ENDED DECEMBER 31,
------------ ---------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.75 $ 1.56 $ 1.37 $ 1.21 $ 1.00 $ 1.11
Investment income--net 0.01 0.02 0.03 0.03 0.03 0.02
Net realized and unrealized gain on investments
during the period 0.17 0.22 0.28 0.19 0.24 --
------------ ----------- ----------- ----------- ----------- -----------
Total from investment operations 0.18 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 Period $ 1.93 $ 1.75 $ 1.56 $ 1.37 $ 1.21 $ 1.00
------------ ----------- ----------- ----------- ----------- -----------
------------ ----------- ----------- ----------- ----------- -----------
Total return 10.29% 15.85% 22.41% 17.69% 27.19% 1.35%
------------ ----------- ----------- ----------- ----------- -----------
------------ ----------- ----------- ----------- ----------- -----------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL DATA
Net Assets, end of period (000's omitted) $ 18,070 $ 15,051 $ 9,783 $ 6,273 $ 4,028 $ 2,795
Ratio of expenses to average net assets with
reimbursement 0.91% 0.93% 0.93% 0.93% 0.93% 0.98%
Ratio of expenses to average net assets without
reimbursement 0.96% 0.99% 1.10% 1.14% 1.26% 1.23%
Ratio of net investment income to average net
assets 1.29% 1.44% 1.91% 2.29% 2.57% 2.36%
Portfolio turnover rate 8.17% 24.83% 35.08% 20.79% 30.87% 26.26%
</TABLE>
See notes to financial statements.
13
<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,
------------ -------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.54 $ 1.39 $ 1.27 $ 1.18 $ 0.99 $ 1.06
Investment income--net 0.02 0.04 0.04 0.04 0.04 0.03
Net realized and unrealized gain on
investments during the period 0.02 0.19 0.20 0.10 0.19 (0.03)
------------ ------ ------ ------ ------ ------
Total from investment operations 0.04 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 Period $ 1.58 $ 1.54 $ 1.39 $ 1.27 $ 1.18 $ 0.99
------------ ------ ------ ------ ------ ------
------------ ------ ------ ------ ------ ------
Total return 2.60% 16.58% 18.80% 12.23% 22.80% 0.15%
------------ ------ ------ ------ ------ ------
------------ ------ ------ ------ ------ ------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL
DATA
Net Assets, end of period (000's
omitted) $ 8,918 $ 7,827 $ 5,595 $ 4,281 $ 3,399 $ 2,660
Ratio of expenses to average net
assets with reimbursement 0.90% 0.90% 0.90% 0.90% 0.90% 0.96%
Ratio of expenses to average net
assets without reimbursement 1.20% 1.24% 1.30% 1.48% 1.37% 1.25%
Ratio of net investment income to
average net assets 2.71% 2.79% 3.43% 3.25% 3.19% 3.34%
22.87% 14.14% 23.02% 16.71% 15.97% 46.14%
</TABLE>
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MONTHS
ENDED JUNE
30, YEAR ENDED DECEMBER 31,
------------ -------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ------------- ------------- ------------- ------------- -------------
<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 0.05 0.08 0.05 0.02
------------ ------ ------ ------ ------ ------
Total from investment operations 0.02 0.05 0.05 0.08 0.05 0.02
Less distributions from
Investment income--net (0.02) (0.05) (0.05) (0.08) (0.05) (0.02)
------------ ------ ------ ------ ------ ------
Total distributions (0.02) (0.05) (0.05) (0.08) (0.05) (0.02)
------------ ------ ------ ------ ------ ------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------ ------ ------ ------ ------
------------ ------ ------ ------ ------ ------
Total return 1.98% 4.65% 4.78% 4.61% 5.11% 3.31%
------------ ------ ------ ------ ------ ------
------------ ------ ------ ------ ------ ------
RATIOS (IN PERCENTAGES)/SUPPLEMENTAL
DATA
Net Assets, end of period (000's
omitted) $ 5,374 $ 4,354 $ 2,821 $ 2,532 $ 2,398 $ 2,284
Ratio of expenses to average net
assets with reimbursement 0.87% 0.87% 0.87% 0.87% 0.87% 0.91%
Ratio of expenses to average net
assets without reimbursement 1.37% 1.37% 1.23% 1.22% 1.21% 1.14%
Ratio of net investment income to
average net assets 3.96% 4.55% 4.62% 4.51% 5.03% 3.32%
</TABLE>
See notes to financial statements.
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) June 30, 1999
- --------------------------------------------------------------------------------
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 June 30, 1999 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 378,835 4.05% 2,660,840 28.45% 6,312,732 67.50%
Managed 372,468 3.97% 2,612,361 27.84% 6,399,148 68.19%
Balanced 367,014 6.50% 2,571,632 45.52% 2,710,680 47.98%
Money Market 343,435 6.39% 2,405,271 44.75% 2,625,488 48.86%
</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 $ 1,216,322 $ 1,607,518
Managed $ 1,107,165 $ 1,641,024
Balanced $ 1,460,395 $ 1,477,382
</TABLE>
Gross unrealized appreciation and depreciation as of June 30, 1999 were as
follows:
<TABLE>
<CAPTION>
APPRECIATION DEPRECIATION
<S> <C> <C>
Growth $ 5,825,134 $ 632,179
Managed $ 5,412,429 $ 564,944
Balanced $ 1,762,988 $ 192,905
</TABLE>
NOTE 4--CAPITAL STOCK
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
(Unaudited)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, 1998
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Sale of capital shares 881,758 $ 1,627,967 1,744,719 $ 2,975,649
Investment income dividends reinvested -- -- 75,309 131,790
Distributions made from net realized gains reinvested -- -- 315,491 495,322
---------- ----------- ---------- -----------
Subtotals 881,758 1,627,967 2,135,519 3,602,761
Redemptions of capital shares (212,939) (395,385) (413,303) (700,480)
---------- ----------- ---------- -----------
Net increase in capital shares outstanding 668,819 $ 1,232,582 1,722,216 $ 2,902,281
----------- -----------
----------- -----------
Shares outstanding at beginning of period 8,683,588 6,961,372
---------- ----------
Shares outstanding at end of period 9,352,407 8,683,588
---------- ----------
---------- ----------
The components of net assets at June 30, 1999, are as
follows:
Capital Stock--9,352,407 shares of $.01 par value
outstanding (115,000,000 authorized)(par and additional
paid-in capital) $12,970,111
Undistributed net investment income 74,499
Accumulated net realized gain on investments 98,036
Net unrealized appreciation of investments 5,192,955
-----------
Net assets $18,335,601
-----------
-----------
</TABLE>
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<TABLE>
<CAPTION>
MANAGED PORTFOLIO
(Unaudited)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, 1998
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Sale of capital shares 1,122,881 $ 2,006,479 2,507,388 $ 4,170,741
Investment income dividends reinvested -- -- 103,963 177,776
Distributions made from net realized gains reinvested -- -- 162,434 251,773
---------- ----------- ---------- -----------
Subtotals 1,122,881 2,006,479 2,773,785 4,600,290
Redemptions of capital shares (316,542) (570,412) (461,532) (753,707)
---------- ----------- ---------- -----------
Net increase in capital shares outstanding 806,339 $ 1,436,067 2,312,253 $ 3,846,583
----------- -----------
----------- -----------
Shares outstanding at beginning of period 8,577,638 6,265,385
---------- ----------
Shares outstanding at end of period 9,383,977 8,577,638
---------- ----------
---------- ----------
The components of net assets at June 30, 1999, are as follows:
Capital Stock--9,383,977 shares of $.01 par value
outstanding (120,000,000 authorized)(par and additional
paid-in capital) $12,937,017
Undistributed net investment income 105,395
Accumulated net realized gain on investments 179,699
Net unrealized appreciation of investments 4,847,485
-----------
Net assets $18,069,596
-----------
-----------
<CAPTION>
BALANCED PORTFOLIO
(Unaudited)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, 1998
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Sale of capital shares 712,136 $ 1,097,482 1,000,879 $ 1,484,090
Investment income dividends reinvested -- -- 123,552 185,328
Distributions made from net realized gains reinvested -- -- 123,843 175,856
---------- ----------- ---------- -----------
Subtotals 712,136 1,097,482 1,248,274 1,845,274
Redemptions of capital shares (157,678) (242,795) (177,843) (261,260)
---------- ----------- ---------- -----------
Net increase in capital shares outstanding 554,458 $ 854,687 1,070,431 $ 1,584,014
----------- -----------
----------- -----------
Shares outstanding at beginning of period 5,094,868 4,024,437
---------- ----------
Shares outstanding at end of period 5,649,326 5,094,868
---------- ----------
---------- ----------
The components of net assets at June 30, 1999, are as
follows:
Capital Stock--5,649,326 shares of $.01 par value
outstanding (115,000,000 authorized)(par and additional
paid-in capital) $ 6,909,988
Undistributed net investment income 109,790
Accumulated net realized gain on investments 328,560
Net unrealized appreciation of investments 1,570,083
-----------
Net assets $ 8,918,421
-----------
-----------
</TABLE>
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC.
<TABLE>
<CAPTION>
MONEY MARKET PORTFOLIO
(Unaudited)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, 1998
----------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Sales of capital shares 11,089,254 $11,089,254 14,329,299 $14,329,299
Investment income dividends reinvested 95,812 95,812 172,322 172,322
---------- ----------- ---------- -----------
Subtotals 11,185,066 11,185,066 14,501,621 14,501,621
Redemptions of capital shares (10,164,692) (10,164,692) (12,968,470) (12,968,470)
---------- ----------- ---------- -----------
Net increase in capital shares outstanding 1,020,374 $ 1,020,374 1,533,151 $ 1,533,151
----------- -----------
----------- -----------
Shares outstanding at beginning of period 4,353,820 2,820,669
---------- ----------
Shares outstanding at end of period 5,374,194 4,353,820
---------- ----------
---------- ----------
The components of net assets at June 30, 1999, are as
follows:
Capital Stock--5,374,194 shares of $.01 par value
outstanding (1,050,000,000 authorized)(par and additional
paid-in capital) $ 5,374,194
-----------
Net assets $ 5,374,194
-----------
-----------
</TABLE>
19
<PAGE>
AMERICAN
NATIONAL
INVESTMENT
ACCOUNTS
INC.
/ / GROWTH PORTFOLIO
/ / MANAGED PORTFOLIO
/ / BALANCED PORTFOLIO
/ / MONEY MARKET PORTFOLIO
SEMI-ANNUAL REPORT
JUNE 30, 1999
"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
Securities Management and
Research, Inc.
P.O. Box 58969
Houston, TX 77258-8969
FIRST-CLASS MAIL
U.S. POSTAGE
PAID
PERMIT NO. 89
GALVESTON, TEXAS
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