0000912057-95-011299 Sample Contracts

EXHIBIT 99.B8b
Sub-Custodian Agreement • December 19th, 1995 • Sm&r Capital Funds Inc • Texas

Securities Management and Research, Inc. (the "Custodian") request that The Moody National Bank of Galveston (the "Sub- Custodian") open a Custody Account (the "Account") for and in the name of the Custodian on behalf of the SM&R Capital Funds, Inc. and all such series, as may be organized, under the (the "Fund") and requests that the Sub-Custodian hold all securities and other property now or hereafter deposited in or held by the Sub-Custodian for each such series of the Account (the "Property"). The Sub-Custodian agrees to open such Account and to provide safekeeping and accounting services, but no investment services for each such series of the Account.

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CUSTODIAN CONTRACT BETWEEN SM&R CAPITAL FUNDS, INC. AND SECURITIES MANAGEMENT AND RESEARCH, INC.
Custodian Contract • December 19th, 1995 • Sm&r Capital Funds Inc • Texas
UNDERWRITING AGREEMENT BETWEEN SM&R CAPITAL FUNDS, INC. AND SECURITIES MANAGEMENT AND RESEARCH, INC.
Underwriting Agreement • December 19th, 1995 • Sm&r Capital Funds Inc
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