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<PAGE> PAGE 2
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<PAGE> PAGE 4
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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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071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 6
072 B000400 765
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 33
072 G000400 0
072 H000400 0
072 I000400 33
072 J000400 10
072 K000400 0
072 L000400 0
072 M000400 4
072 N000400 8
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 2
072 S000400 2
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 1
072 X000400 95
072 Y000400 28
072 Z000400 698
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 698
072DD020400 0
072EE000400 0
<PAGE> PAGE 22
073 A010400 0.0300
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 631
074 B000400 0
074 C000400 63127
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 4
074 L000400 41
074 M000400 0
074 N000400 63803
074 O000400 0
074 P000400 20
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 1250
074 S000400 0
074 T000400 62533
074 U010400 62533
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 0.9999
074 X000400 245
074 Y000400 0
075 A000400 27126
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] 6-MOS
[FISCAL-YEAR-END] AUG-31-2000
[PERIOD-END] FEB-29-2000
[INVESTMENTS-AT-COST] 23085059
[INVESTMENTS-AT-VALUE] 22374288
[RECEIVABLES] 218310
[ASSETS-OTHER] 2782
[OTHER-ITEMS-ASSETS] 56068
[TOTAL-ASSETS] 22651448
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 45504
[TOTAL-LIABILITIES] 45504
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 23553464
[SHARES-COMMON-STOCK] 2276422
[SHARES-COMMON-PRIOR] 2321909
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (259513)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (710771)
[NET-ASSETS] 22605944
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 786391
[OTHER-INCOME] 0
[EXPENSES-NET] 115022
[NET-INVESTMENT-INCOME] 671369
[REALIZED-GAINS-CURRENT] (35673)
[APPREC-INCREASE-CURRENT] (353198)
[NET-CHANGE-FROM-OPS] 282498
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 671400
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 27731
[NUMBER-OF-SHARES-REDEEMED] 137890
[SHARES-REINVESTED] 64672
[NET-CHANGE-IN-ASSETS] (460842)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (223809)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 57344
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 121149
[AVERAGE-NET-ASSETS] 23057992
[PER-SHARE-NAV-BEGIN] 10.10
[PER-SHARE-NII] 0.29
[PER-SHARE-GAIN-APPREC] (0.17)
[PER-SHARE-DIVIDEND] (0.29)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.93
[EXPENSE-RATIO] 1.00<F1>
<FN>
<F1>Ratio of expenses without reimbursement to average net assets is 1.05%.
</FN>
</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC
[SERIES]
[NUMBER] 02
[NAME] PRIMARY FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] AUG-31-2000
[PERIOD-END] FEB-29-2000
[INVESTMENTS-AT-COST] 26661018
[INVESTMENTS-AT-VALUE] 26523938
[RECEIVABLES] 101491
[ASSETS-OTHER] 2782
[OTHER-ITEMS-ASSETS] 4564
[TOTAL-ASSETS] 26632775
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 57993
[TOTAL-LIABILITIES] 57993
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 26486835
[SHARES-COMMON-STOCK] 26725750
[SHARES-COMMON-PRIOR] 30907621
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (42231)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (137080)
[NET-ASSETS] 26574782
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 910887
[OTHER-INCOME] 0
[EXPENSES-NET] 119889
[NET-INVESTMENT-INCOME] 790998
[REALIZED-GAINS-CURRENT] (23912)
[APPREC-INCREASE-CURRENT] (86079)
[NET-CHANGE-FROM-OPS] 681007
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 790998
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 9714042
[NUMBER-OF-SHARES-REDEEMED] 14634772
[SHARES-REINVESTED] 738859
[NET-CHANGE-IN-ASSETS] (4153524)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (18319)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 74523
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 157556
[AVERAGE-NET-ASSETS] 30116866
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] 0.03
[PER-SHARE-GAIN-APPREC] (0.01)
[PER-SHARE-DIVIDEND] (0.03)
[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 asset is 1.05%.
</FN>
</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 03
[NAME] TAX FREE FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] AUG-31-2000
[PERIOD-END] FEB-29-2000
[INVESTMENTS-AT-COST] 11146791
[INVESTMENTS-AT-VALUE] 10943365
[RECEIVABLES] 168862
[ASSETS-OTHER] 3211
[OTHER-ITEMS-ASSETS] 70820
[TOTAL-ASSETS] 11186258
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 24111
[TOTAL-LIABILITIES] 24111
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 11342658
[SHARES-COMMON-STOCK] 1129469
[SHARES-COMMON-PRIOR] 1136944
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 11620
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (203426)
[NET-ASSETS] 11162147
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 320839
[OTHER-INCOME] 0
[EXPENSES-NET] 42621
[NET-INVESTMENT-INCOME] 278218
[REALIZED-GAINS-CURRENT] 11240
[APPREC-INCREASE-CURRENT] (297836)
[NET-CHANGE-FROM-OPS] (8378)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 278291
[DISTRIBUTIONS-OF-GAINS] 5055
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 15534
[NUMBER-OF-SHARES-REDEEMED] 50836
[SHARES-REINVESTED] 27827
[NET-CHANGE-IN-ASSETS] (78329)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 5508
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 27972
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 69791
[AVERAGE-NET-ASSETS] 11246561
[PER-SHARE-NAV-BEGIN] 10.14
[PER-SHARE-NII] 0.25
[PER-SHARE-GAIN-APPREC] (0.26)
[PER-SHARE-DIVIDEND] (0.25)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 9.88
[EXPENSE-RATIO] 0.75<F1>
<FN>
<F1>Ratio of expenses without reimbursement to average net assets is 1.24%.
</FN>
</TABLE>
[ARTICLE] 6
[CIK] 0000881166
[NAME] SM&R INVESTMENTS, INC.
[SERIES]
[NUMBER] 04
[NAME] MONEY MARKET FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] AUG-31-2000
[PERIOD-END] FEB-29-2000
[INVESTMENTS-AT-COST] 63126918
[INVESTMENTS-AT-VALUE] 63126918
[RECEIVABLES] 22321
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 653553
[TOTAL-ASSETS] 63802792
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1270245
[TOTAL-LIABILITIES] 1270245
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 61907222
[SHARES-COMMON-STOCK] 62532547
[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] 62532547
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 765135
[OTHER-INCOME] 0
[EXPENSES-NET] 66953
[NET-INVESTMENT-INCOME] 698182
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 698182
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 698182
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 98771349
[NUMBER-OF-SHARES-REDEEMED] 47623538
[SHARES-REINVESTED] 703255
[NET-CHANGE-IN-ASSETS] 51851066
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 33093
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 94588
[AVERAGE-NET-ASSETS] 27126116
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] 0.03
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] (0.03)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] 0.50<F1>
<FN>
<F1>Ratio of expenses without reimbursement to average net assets is 0.70%.
</FN>
</TABLE>
