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Supplement Dated November 1, 2000
To the Class T Prospectus and Statement of Additional Information of
SM&R EQUITY FUNDS
dated May 1, 2000
ELIMINATION OF CLASS C, CLASS J AND CLASS Y SHARES:
On pages 10, 29, and 37 of the Class T prospectus, there are references to other
classes of shares, specifically Class C, Class J and/or Class Y of these Funds
or another fund managed by Securities Management and Research, Inc. ("SM&R").
EFFECTIVE NOVEMBER 1, 2000, CLASS C, CLASS J AND CLASS Y SHARES ARE NO LONGER
AVAILABLE FOR SALE IN THE SM&R GROWTH FUND, INC., SM&R EQUITY INCOME FUND, INC.
AND SM&R BALANCED FUND, INC.
On the front page and on pages 1, 17, 18, 21, 24, 25 and 26 of the Statement of
Additional Information ("SAI") dated May 1, 2000, there are references made with
respect to Class C, Class J and/or Class Y shares. EFFECTIVE NOVEMBER 1, 2000,
CLASS C, CLASS J AND CLASS Y SHARES ARE NO LONGER AVAILABLE FOR SALE IN THE SM&R
GROWTH FUND, INC., SM&R EQUITY INCOME FUND, INC. AND SM&R BALANCED FUND, INC.
<PAGE>
Supplement Dated November 1, 2000
To the Classes A, B and C Prospectus and Statement of Additional Information of
SM&R EQUITY FUNDS
dated May 1, 2000
ELIMINATION OF CLASS C, CLASS J AND CLASS Y:
On the front page of the Class A, Class B, Class C prospectus, in the table of
contents, on pages 1, 2, 3, 5, 6, 7, 8, 9, 10, 12, 23, 24, 25, 28, 35 and on the
inside back page of the wrapper/cover, there are references to other classes of
shares, specifically Class C, Class J and/or Class Y of these Funds. EFFECTIVE
NOVEMBER 1, 2000, CLASS C, CLASS J AND CLASS Y SHARES ARE NO LONGER AVAILABLE
FOR SALE IN THE SM&R GROWTH FUND, INC., SM&R EQUITY INCOME FUND, INC. AND SM&R
BALANCED FUND, INC. OR ANY OTHER FUNDS MANAGED BY SECURITIES MANAGEMENT AND
RESEARCH, INC. ("SM&R").
On the front page and on pages 1, 17, 18, 21, 24, 25 and 26 of the Statement of
Additional Information ("SAI") dated May 1, 2000, there are references made with
respect to Class C, Class J and/or Class Y shares. EFFECTIVE NOVEMBER 1, 2000,
CLASS C, CLASS J AND CLASS Y SHARES ARE NO LONGER AVAILABLE FOR SALE IN THE SM&R
GROWTH FUND, INC., SM&R EQUITY INCOME FUND, INC. AND SM&R BALANCED FUND, INC.
