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SIGNATURE BRENDA KOELEMAY
TITLE VP/TREASURER
[ARTICLE] 6
[CIK] 0000275039
[NAME] SM&R BALANCED FUND, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
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[PERIOD-END] JUN-30-2000
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[APPREC-INCREASE-CURRENT] (1092486)
[NET-CHANGE-FROM-OPS] 1200803
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 407751
[DISTRIBUTIONS-OF-GAINS] 269894
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 113093
[NUMBER-OF-SHARES-REDEEMED] 144117
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[NET-CHANGE-IN-ASSETS] 552913
[ACCUMULATED-NII-PRIOR] 0
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[OVERDISTRIB-NII-PRIOR] 0
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[PER-SHARE-NAV-BEGIN] 20.67
[PER-SHARE-NII] 0.27
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[PER-SHARE-DIVIDEND] (0.26)
[PER-SHARE-DISTRIBUTIONS] (0.17)
[RETURNS-OF-CAPITAL] 0
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[EXPENSE-RATIO] 1.25
</TABLE>
