| AMERICAN NATIONAL INVESTMENT ACCOUNTS, INC. Proposed Liquidation and Dissolution The Board of Directors of American National Investment Accounts, Inc. has approved, subject to shareholder approval, the liquidation of the American National Growth Portfolio, the American National Equity Income Portfolio, the American National Balanced Portfolio and the American National Money Market Portfolio (together, the "Portfolios"). Following the liquidations the Portfolios will be closed and no longer exist. The Board of Directors made this decision based on several factors, including the relatively small asset size of the Portfolios, which prevent their efficient operation, their limited prospects for future growth, and the fact that each of the Portfolio's expense ratios would be higher if not for the continued fee waivers and expense reimbursements by Securities Management and Research, Inc., the Portfolios' investment adviser ("SM&R"). A Special Meeting of the Shareholders of the Portfolios will be held on Tuesday, April 13, 2010, to consider the liquidations. Mailing of Voting Instructions Forms to Policyowners of record at the close of business on February 19, 2010 began on March 19, 2010. Policyowners can vote via mail, Internet, or telephone. Variable product prospectus supplements will be mailed to Policyowners in late March. Enclosed with the variable product prospectus supplements will be a Transfer Request Form, which a Policyowner may use to provide instructions regarding the transfer of value in the American National Growth Subaccount, the American National Equity Income Subaccount, the American National Balanced Subaccount and the American National Money Market Subaccount (together the "Subaccounts"), and provide instructions regarding new premium/purchase payments for American National Insurance Company's variable insurance products. If the Shareholders approve the liquidations, on or about April 30, 2010, any value in the Subaccounts that previously invested in the Portfolios will be transferred to the Fidelity VIP Money Market Portfolio; upon close of business on April 30, 2010, the Subaccounts will be closed and no longer exist; and on April 30, 2010, the Portfolios will be liquidated and dissolved. |
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