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<PAGE> PAGE 2
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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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070 P010400 N
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 2311
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 87
072 G000400 0
072 H000400 0
072 I000400 87
072 J000400 27
072 K000400 0
072 L000400 3
072 M000400 5
072 N000400 32
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 4
072 S000400 3
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 251
072 Y000400 64
072 Z000400 2124
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
<PAGE> PAGE 22
072DD010400 2124
072DD020400 0
072EE000400 0
073 A010400 0.0543
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 14
074 B000400 0
074 C000400 54246
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 19
074 M000400 0
074 N000400 54279
074 O000400 0
074 P000400 16
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 5
074 S000400 0
074 T000400 54258
074 U010400 54258
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 0.9999
074 X000400 298
074 Y000400 0
075 A000400 38073
075 B000400 0
076 000400 0.00
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>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] AUG-31-2000
[PERIOD-END] AUG-31-2000
[INVESTMENTS-AT-COST] 23350123
[INVESTMENTS-AT-VALUE] 22901388
[RECEIVABLES] 249535
[ASSETS-OTHER] 2782
[OTHER-ITEMS-ASSETS] 48412
[TOTAL-ASSETS] 23202117
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 57439
[TOTAL-LIABILITIES] 57439
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 23822097
[SHARES-COMMON-STOCK] 2303561
[SHARES-COMMON-PRIOR] 2321909
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (251720)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (448735)
[NET-ASSETS] 23144678
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 1577979
[OTHER-INCOME] 0
[EXPENSES-NET] 224958
[NET-INVESTMENT-INCOME] 1353021
[REALIZED-GAINS-CURRENT] (27911)
[APPREC-INCREASE-CURRENT] (91162)
[NET-CHANGE-FROM-OPS] 1233948
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1352926
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 47356
[NUMBER-OF-SHARES-REDEEMED] 196643
[SHARES-REINVESTED] 130939
[NET-CHANGE-IN-ASSETS] (192032)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (223809)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 114520
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 225060
[AVERAGE-NET-ASSETS] 22904606
[PER-SHARE-NAV-BEGIN] 10.10
[PER-SHARE-NII] 0.59
[PER-SHARE-GAIN-APPREC] (0.05)
[PER-SHARE-DIVIDEND] (0.59)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.05
[EXPENSE-RATIO] 0.98
</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 02
[NAME] PRIMARY FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] AUG-31-2000
[PERIOD-END] AUG-31-2000
[INVESTMENTS-AT-COST] 27106333
[INVESTMENTS-AT-VALUE] 26897528
[RECEIVABLES] 85573
[ASSETS-OTHER] 2782
[OTHER-ITEMS-ASSETS] 7064
[TOTAL-ASSETS] 26992947
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 198301
[TOTAL-LIABILITIES] 198301
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 26775122
[SHARES-COMMON-STOCK] 27055977
[SHARES-COMMON-PRIOR] 30907621
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (42231)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (208805)
[NET-ASSETS] 26794646
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 1767747
[OTHER-INCOME] 0
[EXPENSES-NET] 222727
[NET-INVESTMENT-INCOME] 1545020
[REALIZED-GAINS-CURRENT] (23912)
[APPREC-INCREASE-CURRENT] (157804)
[NET-CHANGE-FROM-OPS] 1363304
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1545020
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 21140119
[NUMBER-OF-SHARES-REDEEMED] 26441561
[SHARES-REINVESTED] 1449798
[NET-CHANGE-IN-ASSETS] (3861935)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (18319)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 138844
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 289736
[AVERAGE-NET-ASSETS] 27837662
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] 0.06
[PER-SHARE-GAIN-APPREC] (0.01)
[PER-SHARE-DIVIDEND] (0.06)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 0.99
[EXPENSE-RATIO] 0.80<F1>
<FN>
<F1>Ratio of expenses without reimbursement to average net assets is 1.04%.
</FN>
</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 03
[NAME] TAX FREE FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] AUG-31-2000
[PERIOD-END] AUG-31-2000
[INVESTMENTS-AT-COST] 10955394
[INVESTMENTS-AT-VALUE] 11161182
[RECEIVABLES] 154071
[ASSETS-OTHER] 3211
[OTHER-ITEMS-ASSETS] 55071
[TOTAL-ASSETS] 11373535
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 15986
[TOTAL-LIABILITIES] 15986
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 11121356
[SHARES-COMMON-STOCK] 1107713
[SHARES-COMMON-PRIOR] 1136944
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 19328
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 205788
[NET-ASSETS] 11357549
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 629833
[OTHER-INCOME] 0
[EXPENSES-NET] 85802
[NET-INVESTMENT-INCOME] 544031
[REALIZED-GAINS-CURRENT] 18893
[APPREC-INCREASE-CURRENT] 111378
[NET-CHANGE-FROM-OPS] 674302
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 544049
[DISTRIBUTIONS-OF-GAINS] 5055
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 26013
[NUMBER-OF-SHARES-REDEEMED] 108375
[SHARES-REINVESTED] 53131
[NET-CHANGE-IN-ASSETS] (299849)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5508
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 56294
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 126587
[AVERAGE-NET-ASSETS] 11258457
[PER-SHARE-NAV-BEGIN] 10.14
[PER-SHARE-NII] 0.49
[PER-SHARE-GAIN-APPREC] 0.12
[PER-SHARE-DIVIDEND] (0.49)
[PER-SHARE-DISTRIBUTIONS] (0.01)
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.25
[EXPENSE-RATIO] 0.75<F1>
<FN>
<F1>Ratio of expenses without reimbursement to average net asset is 1.11%.
</FN>
</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 04
[NAME] MONEY MARKET FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] AUG-31-2000
[PERIOD-END] AUG-31-2000
[INVESTMENTS-AT-COST] 54246038
[INVESTMENTS-AT-VALUE] 54246038
[RECEIVABLES] 13185
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 19539
[TOTAL-ASSETS] 54278762
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 21176
[TOTAL-LIABILITIES] 21176
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 53715010
[SHARES-COMMON-STOCK] 54257586
[SHARES-COMMON-PRIOR] 10681481
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 54257586
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 2311217
[OTHER-INCOME] 0
[EXPENSES-NET] 187045
[NET-INVESTMENT-INCOME] 2124172
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 2124172
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2124172
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 220566832
[NUMBER-OF-SHARES-REDEEMED] 179118352
[SHARES-REINVESTED] 2127625
[NET-CHANGE-IN-ASSETS] 43576105
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 86927
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 251038
[AVERAGE-NET-ASSETS] 38073402
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] 0.05
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] (0.05)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] 0.49<F1>
<FN>
<F1>Ratio of expenses without reimbursement to average net assets is 0.66%.
</FN>
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Directors
SM&R Investments, Inc.
League City, Texas
In planning and performing our audits of the financial statements of SM&R
Government Bond Fund, SM&R Primary Fund, SM&R Tax Free Fund and SM&R Money
Market Fund, each a series of shares of SM&R Investments, Inc., for the period
ended August 31, 2000, 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 August 31, 2000.
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.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
September 29, 2000
