SM&R Growth Fund

Fund Objective
The SM&R Growth Fund seeks to achieve long-term capital appreciation by investing in stocks of leading growth companies.

Fund Investment Strategy
Invests in the stocks of financially sound companies that have a proven ability to make and sustain a profit over time. An emphasis on companies with growth potential.

Investor Objective
Suitable for investors with long-term investment horizons who are comfortable with increased short-term risk and volatility, while striving for attractive long-term growth.

Risk / Reward

Low High

For more complete information, click here

Assets Under Management
as of
09/30/08

$76,054,261.00

Sectors for the period ended 09/30/08
Information Technology	16.50%
Health Care	14.96%
Financials	13.87%
Energy	13.76%
Industrials	13.55%
Consumer Staples	10.04%
Consumer Discretionary	7.30%
Telecommunication Services	3.15%
Utilities	3.09%
Materials	2.91%
CP, cash and Other assets-liabilities	0.87%

Top Ten Holdings for the period ended 09/30/08
#	Company Name	Percentage of Portfolio
1	Exxon Mobil Corp.	4.59%
2	Procter & Gamble Co. (The)	2.84%
3	General Electric Co.	2.82%
4	Cisco Systems, Inc.	2.50%
5	Eli Lilly and Co.	2.38%
6	PepsiCo, Inc.	2.25%
7	U.S. Bancorp	1.89%
8	Danaher Corp.	1.86%
9	Chevron Corp.	1.78%
10	PNC Financial Services Group, Inc.	1.77%
Total Percentage		24.68%
Total Holdings		126