<PAGE>
Supplement Dated November 1, 2000
To the Class T Prospectus and Statement of Additional Information of
SM&R INVESTMENTS, INC.
dated December 31, 1999
ELIMINATION OF CLASS C, CLASS J AND CLASS Y SHARES:
On pages 11, 33, 40 and 41 of the Class T prospectus, there are references to
other classes of shares, specifically Class C, Class J and/or Class Y of this
Fund. EFFECTIVE NOVEMBER 1, 2000, CLASS C, CLASS J AND CLASS Y SHARES ARE NO
LONGER AVAILABLE FOR SALE IN THE SM&R GOVERNMENT BOND FUND AND SM&R TAX FREE
FUND.
On the front page of the Statement of Additional Information ("SAI") dated
December 31, 1999 (as amended September 1, 2000) and on pages 1, 29, 30, 36, 39,
40, 42, 43, 44 and 51, there are references made with respect to Class C shares.
EFFECTIVE NOVEMBER 1, 2000, CLASS C SHARES ARE NO LONGER AVAILABLE FOR SALE IN
THE SM&R GOVERNMENT BOND FUND AND SM&R TAX FREE FUND.
<PAGE>
Supplement Dated November 1, 2000
To the Classes A, B and C Prospectus and Statement of Additional Information of
SM&R INVESTMENTS, INC.
dated December 31, 1999
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 and on pages 1, 2, 6, 7, 8, 9, 10, 13, 21, 24, 25, 30, 37, 38 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 this Fund. EFFECTIVE
NOVEMBER 1, 2000, CLASS C, CLASS J AND CLASS Y SHARES ARE NO LONGER AVAILABLE
FOR SALE IN THE SM&R GOVERNMENT BOND FUND AND SM&R TAX FREE FUND.
On the front page of the Statement of Additional Information ("SAI") dated
December 31, 1999 (as amended September 1, 2000) and on pages 1, 29, 30, 36, 39,
40, 42, 43, 44 and 51, there are references made with respect to Class C shares.
EFFECTIVE NOVEMBER 1, 2000, CLASS C SHARES ARE NO LONGER AVAILABLE FOR SALE IN
THE SM&R GOVERNMENT BOND FUND AND SM&R TAX FREE FUND.
