0000912057-96-004861 Sample Contracts

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CUSTODIAN CONTRACT BETWEEN AMERICAN NATIONAL GROWTH FUND, INC. AND SECURITIES MANAGEMENT AND RESEARCH, INC.
Custodian Contract • March 21st, 1996 • American National Growth Fund Inc • Texas
SUB-CUSTODIAN AGREEMENT BETWEEN THE MOODY NATIONAL BANK OF GALVESTON, TEXAS AND SECURITIES MANAGEMENT AND RESEARCH, INC.
Sub-Custodian Agreement • March 21st, 1996 • American National Growth Fund Inc • Texas

Securities Management and Research, Inc. (the "Custodian") requests that The Moody National Bank of Galveston (the "Sub-Custodian") open a Custody Account (the "Account") for and in the name of the Custodian on behalf of the American National Growth Fund, Inc., American National Income Fund, Inc., and the Triflex Fund, Inc., (the "Funds Group") and requests that the Sub-Custodian hold all securities and other property now or hereafter deposited in or held by the Sub-Custodian for each Account (the "Property"). The Sub-Custodian agrees to open such Account and to provide safekeeping and accounting services, but no investment services for each such series of the Account.

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