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

12/31/09

$62,009,646.00

Sectors for the period ended 12/31/09
Financials	20.67%
Consumer Staples	14.21%
Energy	13.64%
Health Care	10.19%
Information Technology	8.83%
Industrials	8.82%
Consumer Discretionary	7.38%
Utilities	6.83%
Telecommunication Services	5.50%
Materials	2.83%
CP, cash and Other assets-liabilities	1.10%

Top Ten Holdings for the period ended 12/31/09
#	Company Name	Percentage of Portfolio
1	Exxon Mobil Corp.	3.40%
2	Pfizer, Inc.	2.69%
3	Johnson & Johnson	2.69%
4	Microsoft Corp.	2.21%
5	A T & T Corporation	2.17%
6	General Electric Co.	2.11%
7	JPMorgan Chase & Co.	2.01%
8	Procter & Gamble Co. (The)	1.92%
9	Verizon Communications Inc.	1.92%
10	International Business Machines Corporation	1.69%
Total Percentage		22.81%
Total Holdings		126