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Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: SM&R EQUITY INCOME FUND, INC.
File Numbers: 002-35602
811-01916
Dear Sir or Madam:
Pursuant to paragraph (j) or Rule 497 (the "Rule") under the Securities
Act of 1933, the captioned registrant hereby certifies, in lieu of filing
under paragraph (c) of the Rule, that the forms of prospectus and Statement
of Additional Information that would have been filed under paragraph (c)
would not have differed from that contained in the registrant's most recent
amendment to the registration statement, Post-Effective Amendment No. 44.
SM&R EQUITY INCOME FUND, INC.
By: /s/ Teresa E. Axelson
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Teresa Axelson, Secretary
April 27, 2000
