SM&R Equity Income Fund

Fund Objective
The SM&R Equity Income Fund seeks current income with a secondary objective of long-term capital appreciation.

Fund Investment Strategy
Invests in some fixed income securities and the stocks of well-established companies with records of consistent and increasing dividend payments.

Investor Objective
Suitable for those wanting the opportunity for a good return on investment while limiting risk and still participating in potential overall stock market growth.

Risk / Reward

Low

High

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Assets Under Management
as of

09/30/08

$75,632,086.00

Sectors for the period ended 09/30/08
Financials	26.49%
Consumer Staples	14.71%
Energy	11.91%
Health Care	10.66%
Industrials	6.94%
Utilities	6.93%
Consumer Discretionary	6.62%
Information Technology	5.90%
Telecommunication Services	5.60%
Materials	3.07%
CP, cash and Other assets-liabilities	0.84%
State & Local Government	0.33%

Top Ten Holdings for the period ended 09/30/08
#	Company Name	Percentage of Portfolio
1	Exxon Mobil Corp.	3.79%
2	General Electric Co.	2.91%
3	Johnson & Johnson	2.65%
4	Bank of America Corp.	2.17%
5	Procter & Gamble Co. (The)	2.17%
6	Pfizer, Inc.	2.08%
7	Wells Fargo & Co.	1.98%
8	Citigroup Inc.	1.85%
9	JPMorgan Chase & Co.	1.85%
10	A T & T Corporation	1.84%
Total Percentage		23.29%
Total Holdings		138