Data presented reflects past performance and is no guarantee of future results.  Current performance may be higher or lower than the performance shown.  An investment in mutual funds is subject to market fluctuations and the possible loss of principal.  For performance data current to the most recent month-end, please call SM&R at (877) 239-2049.  

As stated in the current prospectus, the Gross Expense Ratios are as follows:   For Class A shares:  SM&R Growth Fund 1.47%, SM&R Equity Income Fund 1.43%,  and SM&R Balanced Fund 1.54%.  For Class B shares: SM&R Growth Fund 2.03%, SM&R Equity Income Fund 1.95%,  and SM&R Balanced Fund 2.07%.  For Class T shares: SM&R Growth Fund 1.12%, SM&R Equity Income Fund 1.12%,  and SM&R Balanced Fund 1.20%.

Net Expense Ratios⁺ are as follows: For Class A shares:  SM&R Growth Fund 1.36%, SM&R Equity Income Fund 1.26%,  and SM&R Balanced Fund 1.30%.  For Class B shares: SM&R Growth Fund 1.86%, SM&R Equity Income Fund 1.76%, and SM&R Balanced Fund 1.80%.  For Class T shares: SM&R Growth Fund 1.13%, SM&R Equity Income Fund 1.13%, SM&R Balanced Fund 1.21%.

⁺Net Expense Ratio reflects the waiving of all or part of its fees, and in addition any reimbursements to the fund for a portion of its expenses.  If these reimbursements or waivers were not in effect, total returns would have been lower.  Until December 31, 2008, SM&R has voluntarily agreed to reimburse expenses incurred by the Growth, Equity Income, and Balanced, Funds to the extent that total expenses exceed certain average daily net assets. Please refer to the Fund’s most recent prospectus for additional information.

Class A shares reflect the current maximum initial sales charge of 5.00% and assume reinvestment of all dividends and capital gains distributions. Purchases of $1 million or more of Class A shares may be made without an initial sales charge. Redemptions of such shares within the first thirteen months after purchase, however, will be subject to a contingent deferred sales change of 1.00%.

Class B shares assume reinvestment of all dividends and capital gains distributions and reflect the applicable contingent deferred sales charge ("CDSC"), which is 5% in the first year, declining to 1% in the fifth year, and is eliminated thereafter.

Class T shares reflect the current maximum initial sales charge of 5.75% and assume reinvestment of all dividends and capital gains distributions

*Investing in funds that specialize in certain market sectors, market capitalization, or types of securities can be more risky than other funds.

 Important Legal Information  about these prices and returns are shown below.

 

Important Legal Information

You should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing.  Please read the prospectus, which contains this and other information about the investment company, carefully before you invest.

Returns for Class A, B, and T, shares in the SM&R Equity Funds will vary due to differences in expenses and sales charge structure.

 

Fixed Income Performance

Data presented reflects past performance and is no guarantee of future results.  Current performance may be higher or lower than the performance shown.  An investment in mutual funds is subject to market fluctuations and the possible loss of principal.  For performance data current to the most recent month-end, please call SM&R at (877) 239-2049.  

As stated in the current prospectus, the Gross Expense Ratios are as follows:   For Class A shares:  SM&R Government Bond Fund 1.76% and SM&R Tax Free Fund 2.63%.  For Class B shares: SM&R Government Bond Fund 2.25% and SM&R Tax Free Fund 2.69%.  For Class T shares:  SM&R Government Bond Fund 0.93% and SM&R Tax Free Fund 1.05%.  For Single Class shares: SM&R Primary Fund 0.97% and SM&R Money Market Fund 0.63%.

Net Expense Ratios⁺ are as follows: For Class A shares:  SM&R Government Bond Fund 0.73% and SM&R Tax Free Fund 0.75%.  For Class B shares: SM&R Government Bond Fund 1.23% and SM&R Tax Free Fund 1.25%.  For Class T shares: SM&R Government Bond Fund 0.73% and SM&R Tax Free Fund 0.75%.    For Single Class shares: SM&R Primary Fund 0.80% and SM&R Money Market Fund 0.50%.

⁺Net Expense Ratio reflects the waiving of all or part of its fees and in addition any reimbursements to the fund for a portion of its expenses.  If these reimbursements or waivers were not in effect, total returns would have been lower.  Until December 31, 2007, SM&R has voluntarily agreed to reimburse expenses incurred by the Government Bond, Tax Free, and Primary Funds to the extent that total expenses exceed certain average daily net assets.  Please refer to the Fund’s most recent prospectus for additional information.”

Class A shares reflect the current maximum initial sales charge of 4.75% and assume reinvestment of all dividends and capital gains distributions. Purchases of $1 million or more of Class A shares may be made without an initial sales charge. Redemptions of such shares within the first thirteen months after purchase, however, will be subject to a contingent deferred sales change of 1.00%.

Class B shares assume reinvestment of all dividends and capital gains distributions and reflect the applicable contingent deferred sales charge ("CDSC"), which is 3% in the first year, declining to 1% in the third year, and is eliminated thereafter.

Class T shares reflect the current maximum initial sales charge of 4.50% and assume reinvestment of all dividends and capital gains distributions.

*An investment in the Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  Although the Money Market Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money investing in the Money Market Fund. 

**May be subject to the alternative minimum tax (AMT).

 ***An investment in the Government Bond Fund is not insured or guaranteed by the U.S. Government, its agencies, or instrumentalities.

 Important Legal Information about these prices and returns are shown below.
 

Important Legal Information

You should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing.  Please read the prospectus, which contains this and other information about the investment company, carefully before you invest.

Returns for Class A, B, and T, shares in the SM&R Fixed Income Funds will vary due to differences in expenses and sales charge structure.

(1) Excluding sales charges. Returns are cumulative and would have been lower had sales charges been reflected.

(2) The 7-day money market yield more closely reflects the fund's current earnings than total return. The 7-day yield is for the current period ending

09/30/08

.

 

Risk is defined as volatility of returns. A high-risk investment policy provides an opportunity to achieve greater returns (rewards) than low-risk investment policy. A high-risk policy also creates the possibility of achieving lower returns than a low-risk investment policy, so it is said that a high-risk policy is more volatile.