<PAGE> PAGE 1
000 A000000 06/30/2000
000 C000000 0000005533
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 SM&R EQUITY INCOME FUND, INC.
001 B000000 811-1916
001 C000000 2813342469
002 A000000 P.O. BOX 58969
002 B000000 HOUSTON
002 C000000 TX
002 D010000 77258
002 D020000 8969
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
008 B000001 A
008 C000001 801-8002
008 D010001 HOUSTON
008 D020001 TX
008 D030001 77258
008 D040001 8969
010 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
010 C010001 HOUSTON
010 C020001 TX
010 C030001 77258
010 C040001 8969
010 A000005 SECURITIES MANAGEMENT AND RESEARCH, INC.
010 C010005 GALVESTON
010 C020005 TX
010 C030005 77550
011 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
011 B000001 8-12745
<PAGE> PAGE 2
011 C010001 HOUSTON
011 C020001 TX
011 C030001 77258
011 C040001 8969
012 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
012 B000001 84-00749
012 C010001 HOUSTON
012 C020001 TX
012 C030001 77258
012 C040001 8969
013 A000001 TAIT, WELLER & BAKER
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
013 B040001 2108
015 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
015 B000001 C
015 C010001 HOUSTON
015 C020001 TX
015 C030001 77258
015 C040001 8969
015 E030001 X
018 000000 Y
019 A000000 Y
019 B000000 15
019 C000000 SM&R FUNDS
020 A000001 COWEN & COMPANY
020 B000001 13-5616116
020 C000001 28
020 A000002 DONALSON, LUFKIN & JENRETTE, INC.
020 B000002 13-2741729
020 C000002 20
020 A000003 LEHMAN BROTHERS INC.
020 B000003 13-2618466
020 C000003 10
020 A000004 PRUDENTIAL SECURITIES INC.
020 B000004 22-2347336
020 C000004 8
020 A000005 FIRST BOSTON CO. (THE)
020 B000005 13-5659485
020 C000005 5
020 A000006 BURNHAM SECURITIES
020 B000006 13-3435435
020 C000006 4
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 75
022 A000001 FIRST BOSTON (THE)
022 B000001 13-5659485
<PAGE> PAGE 3
022 C000001 77917
022 D000001 88145
022 A000002 GOLDMAN, SACHS & CO.
022 B000002 13-5108880
022 C000002 75021
022 D000002 71426
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 48983
022 D000003 53382
022 A000004 BANC ONE CAPITAL MARKETS, INC.
022 B000004 31-1017233
022 C000004 30340
022 D000004 52804
022 A000005 BANK OF AMERICA
022 B000005 36-0947896
022 C000005 37729
022 D000005 40576
022 A000006 LEHMAN BROTHERS, INC.
022 B000006 13-2618466
022 C000006 29173
022 D000006 30242
022 A000007 BERNSTEIN (SANFORD C.) AND CO., INC.
022 B000007 13-2625874
022 C000007 15624
022 D000007 15670
022 A000008 COWEN & COMPANY
022 B000008 13-5616116
022 C000008 16639
022 D000008 10089
022 A000009 DONALDSON, LUFKIN & JENRETTE, INC.
022 B000009 13-2741729
022 C000009 9249
022 D000009 3185
022 A000010 BURNHAM SECURITIES, INC.
022 B000010 13-3435435
022 C000010 1132
022 D000010 0
023 C000000 341807
023 D000000 366146
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
<PAGE> PAGE 4
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 1989
028 A020000 0
028 A030000 0
028 A040000 3924
028 B010000 980
028 B020000 0
028 B030000 0
028 B040000 7620
028 C010000 1375
028 C020000 1069
028 C030000 0
028 C040000 6381
028 D010000 801
028 D020000 0
028 D030000 0
028 D040000 5190
028 E010000 411
028 E020000 0
028 E030000 0
028 E040000 4600
028 F010000 678
028 F020000 2058
028 F030000 0
028 F040000 4080
028 G010000 6234
028 G020000 3127
028 G030000 0
028 G040000 31795
028 H000000 4214
029 000000 Y
030 A000000 141
030 B000000 5.75
030 C000000 0.00
031 A000000 30
031 B000000 0
032 000000 2
033 000000 109
034 000000 Y
035 000000 12
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
<PAGE> PAGE 5
039 000000 Y
040 000000 Y
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.750
048 B010000 100000
048 B020000 0.625
048 C010000 100000
048 C020000 0.500
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 300000
048 K020000 0.400
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
<PAGE> PAGE 6
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
<PAGE> PAGE 7
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 38633
071 B000000 23317
071 C000000 156497
071 D000000 15
072 A000000 6
072 B000000 683
072 C000000 2153
072 D000000 0
072 E000000 0
072 F000000 626
072 G000000 0
072 H000000 0
072 I000000 205
072 J000000 37
072 K000000 0
072 L000000 18
072 M000000 12
<PAGE> PAGE 8
072 N000000 20
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 9
072 S000000 6
072 T000000 24
072 U000000 0
072 V000000 0
072 W000000 20
072 X000000 978
072 Y000000 1
072 Z000000 1859
072AA000000 6588
072BB000000 0
072CC010000 0
072CC020000 6601
072DD010000 1766
072DD020000 88
072EE000000 1387
073 A010000 0.2645
073 A020000 0.4939
073 B000000 0.2028
073 C000000 0.0000
074 A000000 12
074 B000000 0
074 C000000 6580
074 D000000 0
074 E000000 0
074 F000000 166995
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 384
074 M000000 94
074 N000000 174065
074 O000000 0
074 P000000 148
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 339
074 S000000 0
074 T000000 173578
074 U010000 6470
074 U020000 427
074 V010000 25.22
074 V020000 24.67
<PAGE> PAGE 9
074 W000000 0.0000
074 X000000 8660
074 Y000000 0
075 A000000 0
075 B000000 180416
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL INS. CO.
080 C000000 3275
081 A000000 Y
081 B000000 7
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE BRENDA KOELEMAY
TITLE VP/TREASURER
[ARTICLE] 6
[CIK] 0000005533
[NAME] SM&R EQUITY INCOME FUND, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-2000
[PERIOD-END] JUN-30-2000
[INVESTMENTS-AT-COST] 140609285
[INVESTMENTS-AT-VALUE] 173575449
[RECEIVABLES] 383668
[ASSETS-OTHER] 62725
[OTHER-ITEMS-ASSETS] 43459
[TOTAL-ASSETS] 174065301
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 487053
[TOTAL-LIABILITIES] 487053
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 133805232
[SHARES-COMMON-STOCK] 6896312
[SHARES-COMMON-PRIOR] 7812261
[ACCUMULATED-NII-CURRENT] 84249
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 6653640
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 32966164
[NET-ASSETS] 173578248
[DIVIDEND-INCOME] 2152947
[INTEREST-INCOME] 682904
[OTHER-INCOME] 0
[EXPENSES-NET] 976972
[NET-INVESTMENT-INCOME] 1858879
[REALIZED-GAINS-CURRENT] 6587871
[APPREC-INCREASE-CURRENT] (6601218)
[NET-CHANGE-FROM-OPS] 1845532
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1853991
[DISTRIBUTIONS-OF-GAINS] 1387269
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 255955
[NUMBER-OF-SHARES-REDEEMED] 1295342
[SHARES-REINVESTED] 123438
[NET-CHANGE-IN-ASSETS] (23830488)
[ACCUMULATED-NII-PRIOR] 79361
[ACCUMULATED-GAINS-PRIOR] 1453038
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 625901
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 977755
[AVERAGE-NET-ASSETS] 180415597
[PER-SHARE-NAV-BEGIN] 25.30
[PER-SHARE-NII] 0.27
[PER-SHARE-GAIN-APPREC] 0.11
[PER-SHARE-DIVIDEND] (0.26)
[PER-SHARE-DISTRIBUTIONS] (0.20)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 25.22
[EXPENSE-RATIO] 1.05
</TABLE>
