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CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the use of our report dated October 1, 1999 on the
financial statements and financial highlights of SM&R Government Bond Fund,
SM&R Primary Fund, SM&R Tax Free Fund, and SM&R Money Market Fund, each a
series of shares of SM&R Investments Inc. (formerly SM&R Capital Funds, Inc).
Such financial statements and financial highlights appear in the 1999 Annual
Report to Shareholders which appears in the Statement of Additional
Information filed in the Post-Effective Amendment to the Registration
Statement on Form N-1A of SM&R Investments, Inc. We also consent to the
references to our Firm in the Registration Statement and Prospectus.
TAIT, WELLER & BAKER
Philadelphia, PA
August 29, 2000
