<PAGE> PAGE 1
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<PAGE> PAGE 2
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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
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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SIGNATURE BRENDA T. KOELEMAY
TITLE VP/TREASURER
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 01
[NAME] GOVERNMENT BOND FUND
<TABLE>
<S> <C>
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</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 02
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<TABLE>
<S> <C>
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</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 03
[NAME] TAX FREE FUND
<TABLE>
<S> <C>
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[PERIOD-END] FEB-28-1999
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</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 04
[NAME] MONEY MARKET FUND
<TABLE>
<S> <C>
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[PERIOD-END] FEB-28-1999
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</TABLE>
