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<PAGE> PAGE 2
012 C030001 77550
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015 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
084 B000000 0
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SIGNATURE BRENDA KOELEMAY
TITLE VP/TREASURER
[ARTICLE] 6
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] JUN-30-1995
[INVESTMENTS-AT-COST] 19,084,704
[INVESTMENTS-AT-VALUE] 20,656,150
[RECEIVABLES] 107,176
[ASSETS-OTHER] 32,062
[OTHER-ITEMS-ASSETS] 23,498
[TOTAL-ASSETS] 20,818,886
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 41,581
[TOTAL-LIABILITIES] 41,581
[SENIOR-EQUITY] 1,303,385
[PAID-IN-CAPITAL-COMMON] 17,470,806
[SHARES-COMMON-STOCK] 1,303,385
[SHARES-COMMON-PRIOR] 1,328,709
[ACCUMULATED-NII-CURRENT] 354,550
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 77,118
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 1,571,446
[NET-ASSETS] 20,777,305
[DIVIDEND-INCOME] 165,843
[INTEREST-INCOME] 269,142
[OTHER-INCOME] 0
[EXPENSES-NET] 123,126
[NET-INVESTMENT-INCOME] 311,859
[REALIZED-GAINS-CURRENT] 232,213
[APPREC-INCREASE-CURRENT] 1,884,376
[NET-CHANGE-FROM-OPS] 2,428,448
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 303,987
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 26,509
[NUMBER-OF-SHARES-REDEEMED] 70,606
[SHARES-REINVESTED] 18,773
[NET-CHANGE-IN-ASSETS] 1,754,778
[ACCUMULATED-NII-PRIOR] 346,678
[ACCUMULATED-GAINS-PRIOR] (155,095)
[OVERDISTRIB-NII-PRIOR] (312,930)
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 73,876
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 144,141
[AVERAGE-NET-ASSETS] 19,876,462
[PER-SHARE-NAV-BEGIN] 14.32
[PER-SHARE-NII] .24
[PER-SHARE-GAIN-APPREC] 1.61
[PER-SHARE-DIVIDEND] .23
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 15.94
[EXPENSE-RATIO] 1.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
