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<PAGE> PAGE 2
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SIGNATURE BRENDA T. KOELEMAY
TITLE VP/TREASURER
[ARTICLE] 6
[CIK] 0000005529
[NAME] SM&R GROWTH FUND, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 134297003
[INVESTMENTS-AT-VALUE] 214294836
[RECEIVABLES] 222470
[ASSETS-OTHER] 93341
[OTHER-ITEMS-ASSETS] 104225
[TOTAL-ASSETS] 214714872
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 372819
[TOTAL-LIABILITIES] 372819
[SENIOR-EQUITY] 0
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[SHARES-COMMON-STOCK] 34171884
[SHARES-COMMON-PRIOR] 35722663
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 5764899
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 79997833
[NET-ASSETS] 214342053
[DIVIDEND-INCOME] 1079465
[INTEREST-INCOME] 173240
[OTHER-INCOME] 0
[EXPENSES-NET] 851857
[NET-INVESTMENT-INCOME] 400848
[REALIZED-GAINS-CURRENT] 5713774
[APPREC-INCREASE-CURRENT] 14631417
[NET-CHANGE-FROM-OPS] 20746039
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (439038)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1576302
[NUMBER-OF-SHARES-REDEEMED] (3197917)
[SHARES-REINVESTED] 70836
[NET-CHANGE-IN-ASSETS] (9074156)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 51125
[OVERDISTRIB-NII-PRIOR] 0
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[PER-SHARE-NAV-BEGIN] 5.69
[PER-SHARE-NII] 0.01
[PER-SHARE-GAIN-APPREC] 0.58
[PER-SHARE-DIVIDEND] (0.01)
[PER-SHARE-DISTRIBUTIONS] 0
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[PER-SHARE-NAV-END] 6.27
[EXPENSE-RATIO] 0.85
</TABLE>
