SM&R BALANCED FUND INC
NSAR-B, 2000-02-22
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<PAGE>      PAGE  1
000 B000000 12/31/1999
000 C000000 0000275039
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 SM&R BALANCED FUND, INC.
001 B000000 811-2818
001 C000000 2813342469
002 A000000 P.O. BOX 58969
002 B000000 HOUSTON
002 C000000 TX
002 D010000 77258
002 D020000 8969
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008 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
008 B000001 A
008 C000001 801-8002
008 D010001 HOUSTON
008 D020001 TX
008 D030001 77258
008 D040001 8969
010 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
010 C010001 HOUSTON
010 C020001 TX
010 C030001 77258
010 C040001 8969
011 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
011 B000001 8-12745
011 C010001 HOUSTON
011 C020001 TX
011 C030001 77258
011 C040001 8969
<PAGE>      PAGE  2
012 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
012 B000001 84-00749
012 C010001 HOUSTON
012 C020001 TX
012 C030001 77258
012 C040001 8969
013 A000001 TAIT, WELLER & BAKER
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
013 B040001 2108
015 A000001 SECURITIES MANAGEMENT AND RESEARCH, INC.
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018  000000 Y
019 A000000 Y
019 B000000   11
019 C000000 SM&R FUNDS
020 A000001 DONALDSON, LUFKIN & JENRETTE, INC.
020 B000001 13-2741729
020 C000001      2
020 A000002 OPPENHEIMER & CO., INC.
020 B000002 13-2798343
020 C000002      1
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000003 13-5674085
020 C000003      1
020 A000004 FIRST BOSTON (THE)
020 B000004 13-5659485
020 C000004      0
020 A000005 COWEN & COMPANY, INC.
020 B000005 13-5616116
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020 A000006 PAINEWEBBER, INC.
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020 A000007 BERNSTEIN (SANFORD C.) & CO., INC.
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020 C000007      0
020 A000008 LEHMAN BROTHERS, INC.
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020 A000009 PRUDENTIAL SECURITIES, INC.
020 B000009 22-2347336
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020 A000010 JEFFERIES & COMPANY, INC.
020 B000010 95-2622900
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020 C000010      0
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022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000001 13-5674085
022 C000001     47421
022 D000001     47497
022 A000002 GOLDMAN SACHS, & CO.
022 B000002 13-5108880
022 C000002     34015
022 D000002     33183
022 A000003 FIRST BOSTON (THE)
022 B000003 13-5659485
022 C000003     17085
022 D000003     16344
022 A000004 BANC ONE CAPITAL MARKETS, INC.
022 B000004 31-1017233
022 C000004     16062
022 D000004     14334
022 A000005 LEHMAN BROTHERS, INC.
022 B000005 13-2618466
022 C000005     14468
022 D000005     12996
022 A000006 BANK OF AMERICA
022 B000006 36-0947896
022 C000006     10594
022 D000006     10605
022 A000007 PRUDENTIAL SECURITIES, INC.
022 B000007 22-2347336
022 C000007      1025
022 D000007      2451
022 A000008 BERNSTEIN (SANFORD C.) & CO., INC.
022 B000008 13-2625874
022 C000008      1697
022 D000008      1700
022 A000009 DONALDSON LUFKIN & JENRETTE, INC.
022 B000009 13-2741729
022 C000009       753
022 D000009      1268
022 A000010 COASTAL SECURITIES LP
022 B000010 76-0487417
022 C000010       972
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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]                   12-MOS
[FISCAL-YEAR-END]                          DEC-31-1999
[PERIOD-END]                               DEC-31-1999
[INVESTMENTS-AT-COST]                         24528680
[INVESTMENTS-AT-VALUE]                        32699866
[RECEIVABLES]                                   337628
[ASSETS-OTHER]                                   44791
[OTHER-ITEMS-ASSETS]                               953
[TOTAL-ASSETS]                                33083238
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                        33639
[TOTAL-LIABILITIES]                              33639
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                      24579259
[SHARES-COMMON-STOCK]                          1600724
[SHARES-COMMON-PRIOR]                          1496411
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                         283147
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                       8171186
[NET-ASSETS]                                  33049599
[DIVIDEND-INCOME]                               249571
[INTEREST-INCOME]                               764019
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                  376971
[NET-INVESTMENT-INCOME]                         636619
[REALIZED-GAINS-CURRENT]                       1497455
[APPREC-INCREASE-CURRENT]                      1358236
[NET-CHANGE-FROM-OPS]                          3492310
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                       649291
[DISTRIBUTIONS-OF-GAINS]                       1225707
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                         220132
[NUMBER-OF-SHARES-REDEEMED]                     208281
[SHARES-REINVESTED]                              89462
[NET-CHANGE-IN-ASSETS]                         3682495
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                        11399
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                           222265
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                 422739
[AVERAGE-NET-ASSETS]                          29914403
[PER-SHARE-NAV-BEGIN]                            19.63
[PER-SHARE-NII]                                   0.42
[PER-SHARE-GAIN-APPREC]                           1.84
[PER-SHARE-DIVIDEND]                              0.42
[PER-SHARE-DISTRIBUTIONS]                         0.80
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                              20.67
[EXPENSE-RATIO]                                   1.25<F1>
<FN>
<F1>Expenses for the calculation are net of a reimbursement from Securities
Management and Research, Inc.  Without this reimbursement, the ratio of
expenses to average net assets would have been 1.41%.
</FN>
</TABLE>







REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE



The Board of Directors
SM&R Group Funds
League City, Texas


In planning and performing our audits of the financial statements of SM&R
Growth Fund, Inc. , SM&R Equity Income Fund, Inc., and SM&R Balanced Fund, Inc.
for the year ended December 31, 1999, we considered their internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.

The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures.   Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition, and that transactions are executed
in accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.

Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected.   Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the effective-
ness of the design and operation may deteriorate.

Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants.   A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions.   However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
December 31, 1999.

This report is intended solely for the information and use of management and
the Securities and Exchange Commission, and should not be used for any other
purpose.




Philadelphia, Pennsylvania		Tait, Weller and Baker
January 28, 2000





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