N-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM N-Q
CERTIFIED QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:		811-06477
Exact name of registrant as specified in charter:		SM&R INVESTMENTS, INC.
Address or principal executive offices:		2450 South Shore Blvd., Suite 400, League City, TX  77573
Name and address of agent for service:		Securities Management and Research, Inc.
		P.O. Box 58969, Houston, TX  77258-8969
Registrant's telephone number, including area code:		1-800-231-4639
Date of fiscal year end:		8/31
Date of reporting period:		11/30/2009
Item 1.  Schedule of Investments
SM&R GROWTH FUND
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
SCHEDULE OF INVESTMENTS				November 30, 2009		(Unaudited)
SM&R GROWTH FUND
COMMON STOCKS				Shares		Value
CONSUMER DISCRETIONARY --
HOTELS, RESTAURANTS & LEISURE --		0.40%
Starwood Hotels & Resorts Worldwide, Inc.				8,685		$                278,094
HOUSEHOLD DURABLES --		0.44%
Newell Rubbermaid Inc.				20,880		302,969
MEDIA --		1.03%
Walt Disney Co. (The)				23,535		711,228
MULTILINE RETAIL --		0.65%
J.C. Penney Co., Inc.				9,630		276,766
Target Corp.				3,600		167,616
						444,382
SPECIALTY RETAIL --		2.39%
Bed Bath & Beyond Inc. *				7,200		268,992
Best Buy Co., Inc.				15,300		655,299
Home Depot, Inc. (The)				11,700		320,112
Limited Brands, Inc.				8,100		134,379
Lowe's Companies, Inc.				12,060		263,029
						1,641,811
			TOTAL CONSUMER DISCRETIONARY --	4.91%		3,378,484
CONSUMER STAPLES --
BEVERAGES --		3.34%
Coca-Cola Co. (The)				21,600		1,235,520
PepsiCo, Inc.				17,100		1,063,962
						2,299,482
FOOD & STAPLES RETAILING --		1.53%
CVS Caremark Corp.				18,000		558,180
Wal-Mart Stores, Inc.				9,000		490,950
						1,049,130
HOUSEHOLD PRODUCTS --		2.12%
Procter & Gamble Co. (The)				23,400		1,458,990
TOBACCO --
Philip Morris International Inc.		0.56%		7,988		384,143
			TOTAL CONSUMER STAPLES  --	7.55%		5,191,745
ENERGY --
ENERGY EQUIPMENT & SERVICES --		3.62%
Baker Hughes Inc.				12,600		513,324
Noble Corp.				11,700		483,327
Schlumberger Ltd.				15,300		977,517
Transocean Ltd. *				2,700		230,553
Weatherford International Ltd. *				16,920		282,564
						2,487,285
OIL, GAS & CONSUMABLE FUELS --		9.15%
Anadarko Petroleum Corp.				9,540		567,916
BP PLC ADR				10,530		602,105
Chevron Corp.				14,782		1,153,587
El Paso Corp.				41,220		394,063
Exxon Mobil Corp.				40,500		3,040,335
Royal Dutch Shell PLC, ADR				9,000		537,840
						6,295,846
			TOTAL ENERGY --	12.77%		8,783,131
EXCHANGE TRADED FUNDS --		7.64%
Powershares QQQ				103,000		4,486,680
SPDR Trust Series 1				7,000		769,160
						5,255,840
			TOTAL EXCHANGE TRADED FUNDS --	7.64%		5,255,840
FINANCIALS --
CAPITAL MARKETS --		3.31%
Bank of New York Mellon Corp.				18,450		491,508
Charles Schwab Corp. (The)				26,460		485,012
Goldman Sachs Group, Inc. (The)				3,600		610,776
Morgan Stanley				13,500		426,330
State Street Corp.				6,300		260,190
						2,273,816
COMMERCIAL BANKS --		2.83%
PNC Financial Services Group, Inc.				16,200		923,562
U.S. Bancorp				18,000		434,340
Wells Fargo & Co.				21,131		592,513
						1,950,415
CONSUMER FINANCE --		0.88%
American Express Co.				4,500		188,235
Discover Financial Services				6,750		104,355
NYSE Euronext				12,450		314,736
						607,326
DIVERSIFIED FINANCIAL SERVICES --		1.43%
Bank of America Corp.				17,367		275,267
Citigroup Inc.				34,700		142,617
JPMorgan Chase & Co.				13,298		565,032
						982,916
INSURANCE --		2.37%
Allstate Corp. (The)				5,670		161,085
Aspen Insurance Holdings Ltd.				9,315		241,352
Brown & Brown, Inc.				11,160		199,206
Hartford Financial Services Group, Inc. (The)				7,560		184,917
Principal Financial Group, Inc.				8,100		205,659
Prudential Financial, Inc.				7,650		381,352
RenaissanceRe Holdings Ltd.				4,860		258,941
						1,632,512
			TOTAL FINANCIALS --	10.82%		7,446,985
HEALTH CARE --
BIOTECHNOLOGY --		4.20%
Amgen Inc. *				5,400		304,290
Celgene Corp. *				16,560		918,252
Facet Biotech Corp. *				2,628		43,152
Genzyme Corp. *				10,800		547,560
Gilead Sciences, Inc. *				21,600		994,680
PDL BioPharma Inc.				13,140		85,410
						2,893,344
HEALTH EQUIPMENT & SUPPLIES --		1.92%
Covidien PLC				4,185		195,942
Given Imaging Ltd.				33,300		570,096
Hologic, Inc. *				16,200		234,414
Varian Medical Systems, Inc. *				6,840		319,702
						1,320,154
HEALTH CARE PROVIDERS & SERVICES --		0.76%
DaVita, Inc. *				4,523		267,942
UnitedHealth Group Inc.				9,000		258,030
						525,972
LIFE SCIENCES TOOLS & SERVICES --		0.41%
Thermo Fisher Scientific, Inc. *				5,965		281,727
PHARMACEUTICALS --		5.93%
Abbott Laboratories				12,510		681,670
Cephalon, Inc. *				7,125		391,519
Endo Pharmaceuticals Holdings Inc. *				10,305		227,019
Eli Lilly & Co.				37,080		1,361,948
Merck & Co. Inc.				34,200		1,238,382
Pfizer Inc.				9,751		177,176
						4,077,714
			TOTAL HEALTH CARE --	13.22%		9,098,911
INDUSTRIALS --
AEROSPACE & DEFENSE --		5.48%
Boeing Co. (The)				9,000		471,690
Goodrich Corp.				18,000		1,068,120
Honeywell International Inc.				13,050		502,034
Northrop Grumman Corp.				3,600		197,280
Rockwell Collins, Inc.				11,700		625,482
United Technologies Corp.				13,500		907,740
						3,772,346
AIR FREIGHT & LOGISTICS --		1.38%
FedEx Corp.				4,230		357,224
United Parcel Service, Inc. (Class B)				10,260		589,642
						946,866
CONSTRUCTION & ENGINEERING --		0.31%
Cemex SAB de C.V. ADR *				18,720		211,349
INDUSTRIAL CONGLOMERATES --		3.00%
3M Co.				9,000		696,960
General Electric Co.				75,825		1,214,716
Tyco International Ltd.				4,185		150,116
						2,061,792
MACHINERY --		2.66%
Barnes Group Inc.				8,640		134,006
Caterpillar Inc.				6,750		394,132
Danaher Corp.				18,400		1,304,928
						1,833,066
			TOTAL INDUSTRIALS --	12.83%		8,825,419
INFORMATION TECHNOLOGY --
COMMUNICATIONS EQUIPMENT --		5.82%
Arris Group Inc. *				20,700		206,793
Cisco Systems, Inc. *				76,050		1,779,570
Harris Corp.				11,790		517,581
Motorola, Inc.				27,810		222,758
Nokia ADR				30,690		406,949
QUALCOMM Inc.				13,500		607,500
Research In Motion Ltd. *				4,500		260,505
						4,001,656
COMPUTERS & PERIPHERALS --		5.60%
Apple Inc. *				6,475		1,294,417
EMC Corp. *				27,720		466,528
Hewlett-Packard Co.				18,450		905,157
International Business Machines Corp.				9,360		1,182,636
						3,848,738
ELECTRONIC EQUIPMENT & INSTRUMENTS --		0.35%
Agilent Technologies, Inc. *				8,370		242,060
INFORMATION TECHNOLOGY SERVICES --		0.23%
Amdocs Ltd. *				6,008		158,791
INTERNET SOFTWARE & SERVICES --		0.29%
Akamai Technologies, Inc. *				8,190		196,560
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT --		3.48%
Analog Devices, Inc.				14,040		421,060
Intel Corp.				45,000		864,000
KLA-Tencor Corp.				10,440		326,146
Linear Technology Corp.				13,680		368,950
Marvell Technology Group Ltd. *				13,050		201,231
Maxim Integrated Products, Inc.				12,240		215,424
						2,396,811
SOFTWARE --		4.55%
Intuit Inc. *				22,320		651,967
Microsoft Corp.				39,960		1,175,224
Oracle Corp.				59,130		1,305,590
						3,132,781
			TOTAL INFORMATION TECHNOLOGY --	20.32%		13,977,397
MATERIALS --
CHEMICALS --		2.13%
Monsanto Co.				3,488		281,656
PPG Industries, Inc.				16,200		962,766
Praxair, Inc.				2,700		221,481
						1,465,903
CONTAINERS & PACKAGING --		0.34%
Sealed Air Corp.				10,395		231,705
			TOTAL MATERIALS --	2.47%		1,697,608
TELECOMMUNICATION SERVICES --
DIVERSIFIED TELECOMMUNICATION SERVICES --		2.14%
AT&T Inc.				24,300		654,642
Verizon Communications Inc.				25,920		815,443
						1,470,085
WIRELESS TELECOMMUNICATION SERVICES --		0.22%
Rogers Communications, Inc.				5,040		152,510
			TOTAL TELECOMMUNICATION SERVICES --	2.36%		1,622,595
UTILITIES --
ELECTRIC UTILITIES --		1.39%
Allegheny Energy, Inc.				6,255		137,485
Ameren Corp.				8,100		210,519
Exelon Corp.				4,500		216,810
FPL Group, Inc.				3,600		187,092
Wisconsin Energy Corp.				4,500		202,950
						954,856
MULTI-UTILITIES --		0.82%
Dominion Resources, Inc.				9,000		327,420
Sempra Energy				4,500		239,130
						566,550
			TOTAL UTILITIES --	2.21%		1,521,406
			TOTAL COMMON STOCK --	97.10%
				(Cost $68,659,688)		66,799,521
MONEY MARKET FUND
SM&R Money Market Fund, 0.00% (a)				1,802,452		1,802,452
			TOTAL MONEY MARKET FUND --	2.62%
				(Cost $1,802,452)		1,802,452
			TOTAL INVESTMENTS --	99.72%
				(Cost $70,462,140)		68,601,973
			CASH AND OTHER ASSETS, LESS LIABILITIES --	0.28%		190,646
			NET ASSETS --	100.00%		$            68,792,619
* - Non-income producing securities
ABBREVIATIONS
ADR  - American Depositary Receipt
Notes to Schedule of Investments
(a)  The rate quoted is the annualized seven-day yield of the fund at November 30, 2009.  A complete listing of the fund's holdings are included in these financial statements.  This fund and the SM&R Growth Fund are affiliated by having the same investment adviser.
See notes to quarterly schedule of portfolio holdings.
SM&R EQUITY INCOME FUND
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
SCHEDULE OF INVESTMENTS				November 30, 2009		(Unaudited)
SM&R EQUITY INCOME FUND
COMMON STOCKS				Shares		Value
CONSUMER DISCRETIONARY --
HOTELS, RESTAURANTS & LEISURE --		2.06%
McDonald's Corp.				11,000		$                695,750
Starwood Hotels & Resorts Worldwide, Inc.				18,000		576,360
						1,272,110
HOUSEHOLD DURABLES --		1.38%
Newell Rubbermaid Inc.				20,000		290,200
Tupperware Brands Corp.				12,000		558,600
						848,800
MEDIA --		0.92%
CBS Corp. (Class B)				17,900		229,299
Walt Disney Co. (The)				11,100		335,442
						564,741
MULTILINE RETAIL --		1.05%
J.C. Penney Co., Inc				16,800		482,832
Target Corp.				3,500		162,960
						645,792
SPECIALTY RETAIL --		1.66%
Foot Locker, Inc.				20,000		189,800
Limited Brands, Inc.				35,000		580,650
TJX Companies, Inc. (The)				6,500		249,470
						1,019,920
			TOTAL CONSUMER DISCRETIONARY --	7.07%		4,351,363
CONSUMER STAPLES --
BEVERAGES --		2.56%
Coca-Cola Co. (The)				14,500		829,400
PepsiCo, Inc.				12,000		746,640
						1,576,040
FOOD PRODUCTS --		3.74%
ConAgra Foods, Inc.				31,000		687,890
H.J. Heinz Co.				14,000		594,300
Kraft Foods Inc. (Class A)				17,000		451,860
McCormick & Co., Inc. (b)				16,000		570,880
						2,304,930
FOOD & STAPLES RETAILING --		1.42%
Wal-Mart Stores, Inc.				16,000		872,800
HOUSEHOLD PRODUCTS --		4.46%
Colgate-Palmolive Co.				8,675		730,348
Kimberly-Clark Corp.				12,000		791,640
Procter & Gamble Co. (The)				19,650		1,225,177
						2,747,165
PERSONAL PRODUCTS --		1.13%
Alberto-Culver Co.				9,000		253,350
Avon Products, Inc.				13,000		445,250
						698,600
TOBACCO --		0.96%
Lorillard, Inc.				2,400		186,984
Philip Morris International Inc.				8,375		402,754
						589,738
			TOTAL CONSUMER STAPLES  --	14.27%		8,789,273
ENERGY --
ENERGY EQUIPMENT & SERVICES --		1.95%
Baker Hughes Inc.				6,850		279,069
Schlumberger Ltd.				9,500		606,955
Weatherford International Ltd. *				19,000		317,300
						1,203,324
OIL, GAS & CONSUMABLE FUELS --		11.90%
Anadarko Petroleum Corp.				12,000		714,360
Boardwalk Pipeline Partners, LP				14,500		409,335
BP PLC ADR				15,000		857,700
Chevron Corp.				13,101		1,022,402
Enterprise Products Partners L.P.				12,800		381,312
Exxon Mobil Corp.				31,000		2,327,170
Plains All American Pipeline, L.P.				8,000		404,800
Royal Dutch Shell PLC, ADR				14,000		836,640
Spectra Energy Corp.				19,300		374,613
						7,328,332
			TOTAL ENERGY --	13.85%		8,531,656
FINANCIALS --
CAPITAL MARKETS --		1.99%
Charles Schwab Corp. (The)				29,500		540,735
Morgan Stanley				13,250		418,435
State Street Corp.				6,400		264,320
						1,223,490
COMMERCIAL BANKS --		4.22%
Comerica Inc.				18,000		512,460
PNC Financial Services Group, Inc.				13,219		753,615
Regions Financial Corp.				17,782		104,203
U.S. Bancorp				23,000		554,990
Wells Fargo & Co.				24,000		672,960
						2,598,228
CONSUMER FINANCE --		0.45%
NYSE Euronext				11,000		278,080
DIVERSIFIED FINANCIAL SERVICES --		3.74%
Bank of America Corp.				47,000		744,950
Citigroup Inc.				68,400		281,124
JPMorgan Chase & Co.				30,000		1,274,700
						2,300,774
INSURANCE --		5.64%
Allstate Corp. (The)				8,000		227,280
Arthur J. Gallagher & Co.				13,000		291,200
Aspen Insurance Holdings Ltd.				20,825		539,576
Hartford Financial Services Group, Inc. (The)				5,950		145,537
Marsh & McLennan Companies, Inc.				12,350		278,492
Principal Financial Group, Inc.				17,050		432,899
Prudential Financial, Inc.				12,225		609,416
RenaissanceRe Holdings Ltd.				6,000		319,680
Travelers Companies, Inc. (The)				12,000		628,680
						3,472,760
REAL ESTATE INVESTMENT TRUSTS --		4.48%
AvalonBay Communities, Inc.				3,301		238,464
Boston Properties Inc.				3,700		247,826
BRE Properties, Inc.				8,600		269,438
Duke Realty Corp.				12,000		134,520
HCP, Inc.				7,000		219,100
Health Care REIT, Inc.				4,500		200,475
Liberty Property Trust				11,300		334,932
Mack-Cali Realty Corp.				6,000		184,140
National Retail Properties Inc.				9,000		180,360
ProLogis				6,000		78,480
Simon Property Group, Inc,				4,158		302,120
Weingarten Realty Investors				19,000		368,790
						2,758,645
THRIFTS & MORTGAGE FINANCE --		0.35%
New York Community Bancorp, Inc.				16,000		187,040
TrustCo Bank Corp NY				5,000		30,800
						217,840
			TOTAL FINANCIALS --	20.87%		12,849,817
HEALTH CARE --
BIOTECHNOLOGY --		0.70%
Genzyme Corp. *				4,000		202,800
Gilead Sciences, Inc. *				5,000		230,250
						433,050
HEALTH EQUIPMENT & SUPPLIES --		0.29%
Covidien PLC				3,750		175,575
PHARMACEUTICALS --		9.13%
Abbott Laboratories				13,500		735,615
Eli Lilly & Co.				20,350		747,455
Johnson & Johnson				26,000		1,633,840
Merck & Co. Inc.				23,000		832,830
Pfizer Inc.				92,005		1,671,731
						5,621,471
			TOTAL HEALTH CARE --	10.12%		6,230,096
INDUSTRIALS --
AEROSPACE & DEFENSE --		2.33%
Boeing Co. (The)				6,500		340,665
Northrop Grumman Corp.				4,000		219,200
United Technologies Corp.				13,000		874,120
						1,433,985
AIR FREIGHT & LOGISTICS --		0.75%
United Parcel Service, Inc. (Class B)				8,000		459,760
COMMERCIAL SERVICES & SUPPLIES --		0.81%
Pitney Bowes Inc.				11,925		274,752
Sovran Self Storage, Inc.				7,000		226,240
						500,992
INDUSTRIAL CONGLOMERATES --		3.75%
3M Co.				10,200		789,888
General Electric Co.				86,500		1,385,730
Tyco International Ltd.				3,750		134,513
						2,310,131
MACHINERY --		0.26%
Barnes Group Inc.				10,500		162,855
MARINE --		0.37%
Seaspan Corp.				25,000		227,500
ROAD & RAIL --		0.56%
Burlington Northern Santa Fe Corp.				3,500		344,050
			TOTAL INDUSTRIALS --	8.83%		5,439,273
INFORMATION TECHNOLOGY--
COMMUNICATIONS EQUIPMENT --		1.45%
Harris Corp.				12,750		559,725
Nokia ADR				8,000		106,080
QUALCOMM Inc.				5,075		228,375
						894,180
COMPUTERS & PERIPHERALS --		2.05%
Diebold, Inc.				10,000		251,400
International Business Machines Corp.				8,000		1,010,800
						1,262,200
ELECTRONIC EQUIPMENT & INSTRUMENTS --		0.36%
Tyco Electronics Ltd.				9,450		219,335
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT --		1.88%
Intel Corp.				45,000		864,000
Linear Technology Corp.				11,000		296,670
						1,160,670
SOFTWARE --		2.15%
Microsoft Corp.				45,000		1,323,450
			TOTAL INFORMATION TECHNOLOGY---	7.89%		4,859,835
MATERIALS --
CHEMICALS --		2.06%
E. I. du Pont de Nemours and Co.				6,100		210,938
PPG Industries, Inc.				7,200		427,896
Praxair, Inc.				2,700		221,481
Sensient Technologies Corp.				16,000		405,440
						1,265,755
METALS & MINING --		0.30%
Alcoa Inc.				15,000		187,800
PAPER & FOREST PRODUCTS --		0.38%
Potlatch Corp.				8,000		235,520
			TOTAL MATERIALS --	2.74%		1,689,075
TELECOMMUNICATION SERVICES --
DIVERSIFIED TELECOMMUNICATION SERVICES --		4.82%
AT&T Inc.				48,000		1,293,120
Frontier Communications Corp.				20,000		158,000
Verizon Communications Inc.				36,000		1,132,560
Windstream Corp.				39,000		386,880
						2,970,560
WIRELESS TELECOMMUNICATION SERVICES --		0.47%
Rogers Communications, Inc.				9,500		287,470
			TOTAL TELECOMMUNICATION SERVICES --	5.29%		3,258,030
UTILITIES --
ELECTRIC UTILITIES --		4.70%
Allegheny Energy, Inc.				5,000		109,900
Ameren Corp.				10,900		283,291
Consolidated Edison, Inc.				11,000		472,010
Duke Energy Corp.				33,000		550,440
FPL Group, Inc.				6,500		337,805
PPL Corp.				3,950		120,554
Pinnacle West Capital Corp.				11,000		385,990
Progress Energy, Inc.				8,000		312,720
Southern Co.				10,000		320,900
						2,893,610
GAS UTILITIES --		1.07%
Nicor Inc.				7,000		274,120
NiSource Inc.				27,000		384,750
						658,870
MULTI-UTILITIES --		0.77%
DTE Energy Co.				8,000		320,880
Sempra Energy				2,875		152,778
						473,658
			TOTAL UTILITIES --	6.54%		4,026,138
			TOTAL COMMON STOCK --	97.47%
				(Cost $63,515,662)		60,024,556
MONEY MARKET FUND
SM&R Money Market Fund, 0.00% (a)				1,351,395		1,351,395
			TOTAL MONEY MARKET FUND --	2.19%
				(Cost $1,351,395)		1,351,395
			TOTAL INVESTMENTS --	99.66%
				(Cost $64,867,057)		61,375,951
			CASH AND OTHER ASSETS, LESS LIABILITIES --	0.34%		209,182
			NET ASSETS --	100.00%		$            61,585,133
* - Non-income producing securities
ABBREVIATIONS
ADR -  American Depositary Receipt
Note to Schedule of Investments
(a)  The rate quoted is the annualized seven-day yield of the fund at November 30, 2009.  A complete listing of the fund's holdings are included in these financial statements.  This fund and the SM&R Equity Income Fund are affiliated by having the same investment adviser.
(b) Non-voting shares
See notes to quarterly schedule of portfolio holdings.
SM&R BALANCED FUND
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
SCHEDULE OF INVESTMENTS				November 30, 2009		(Unaudited)
SM&R BALANCED FUND
COMMON STOCKS				Shares		Value
CONSUMER DISCRETIONARY --
HOTELS, RESTAURANTS & LEISURE --		1.28%
McDonald's Corp.				2,500		$                158,125
Starwood Hotels & Resorts Worldwide, Inc.				3,000		96,060
Wyndham Worldwide Corp.				1,020		18,941
						273,126
HOUSEHOLD DURABLES --		0.26%
Newell Rubbermaid Inc.				3,800		55,138
MEDIA --		1.25%
CBS Corp. (Class B)				2,000		25,620
Viacom Inc. (Class B)  *				2,000		59,280
Walt Disney Co. (The)				6,000		181,320
						266,220
MULTILINE RETAIL --		1.45%
J.C. Penney Co., Inc.				4,025		115,678
Target Corp.				4,150		193,224
						308,902
SPECIALTY RETAIL --		2.57%
Best Buy Co., Inc.				3,000		128,490
Foot Locker, Inc.				4,800		45,552
Limited Brands, Inc.				7,600		126,084
Lowe's Companies, Inc.				5,800		126,498
TJX Companies, Inc. (The)				3,200		122,816
						549,440
			TOTAL CONSUMER DISCRETIONARY --	6.81%		1,452,826
CONSUMER STAPLES --
BEVERAGES --		1.75%
Coca-Cola Co. (The)				3,500		200,200
PepsiCo, Inc.				2,800		174,216
						374,416
FOOD PRODUCTS --		1.47%
ConAgra Foods, Inc.				2,050		45,490
H.J. Heinz Co.				2,825		119,921
Kraft Foods Inc. (Class A)				2,900		77,082
McCormick & Co., Inc. (c)				2,000		71,360
						313,853
FOOD & STAPLES RETAILING --		1.46%
CVS Caremark Corp.				3,000		93,030
Wal-Mart Stores, Inc.				4,000		218,200
						311,230
HOUSEHOLD PRODUCTS --		2.63%
Colgate-Palmolive Co.				1,475		124,180
Kimberly-Clark Corp.				2,200		145,134
Procter & Gamble Co. (The)				4,700		293,045
						562,359
PERSONAL PRODUCTS --		0.73%
Alberto-Culver Co.				1,800		50,670
Avon Products, Inc.				3,050		104,463
						155,133
TOBACCO --		0.69%
Lorillard, Inc.				625		48,694
Philip Morris International Inc.				2,050		98,584
						147,278
			TOTAL CONSUMER STAPLES  --	8.73%		1,864,269
ENERGY --
ENERGY EQUIPMENT & SERVICES --		1.78%
Baker Hughes Inc.				1,825		74,351
Schlumberger Ltd.				2,200		140,558
Transocean Ltd. *				900		76,851
Weatherford International Ltd. *				5,200		86,840
						378,600
OIL, GAS & CONSUMABLE FUELS --		7.40%
Anadarko Petroleum Corp.				4,000		238,120
BP PLC ADR				3,500		200,130
Chevron Corp.				3,051		238,100
Exxon Mobil Corp.				9,000		675,630
Royal Dutch Shell PLC, ADR				3,000		179,280
Spectra Energy Corp.				2,525		49,010
						1,580,270
			TOTAL ENERGY --	9.18%		1,958,870
FINANCIALS --
CAPITAL MARKETS --		3.01%
Bank of New York Mellon Corp.				4,350		115,884
Charles Schwab Corp. (The)				5,600		102,648
Goldman Sachs Group, Inc. (The)				1,150		195,109
Morgan Stanley				5,000		157,900
State Street Corp.				1,700		70,210
						641,751
COMMERCIAL BANKS --		1.99%
PNC Financial Services Group, Inc.				3,000		171,030
U.S. Bancorp				5,000		120,650
Wells Fargo & Co.				4,716		132,237
						423,917
CONSUMER FINANCE --		0.56%
Discover Financial Services				3,000		46,380
NYSE Euronext				2,925		73,944
						120,324
DIVERSIFIED FINANCIAL SERVICES --		2.31%
Bank of America Corp.				10,000		158,500
Citigroup Inc.				14,500		59,595
JPMorgan Chase & Co.				6,500		276,185
						494,280
INSURANCE --		3.27%
Allstate Corp. (The)				2,300		65,343
Aspen Insurance Holdings Ltd.				4,125		106,879
Hartford Financial Services Group, Inc. (The)				1,375		33,632
Principal Financial Group, Inc.				3,850		97,752
Prudential Financial, Inc.				3,000		149,550
RenaissanceRe Holdings Ltd.				1,700		90,576
Travelers Companies, Inc. (The)				2,950		154,550
						698,282
REAL ESTATE INVESTMENT TRUSTS --		0.11%
Host Hotels & Resorts Inc.				2,265		23,828
			TOTAL FINANCIALS --	11.25%		2,402,382
HEALTH CARE --
BIOTECHNOLOGY --		1.64%
Amgen Inc. *				1,300		73,255
Celgene Corp. *				2,575		142,784
Genzyme Corp. *				1,300		65,910
Gilead Sciences, Inc. *				1,500		69,075
						351,024
HEALTH CARE PROVIDERS & SERVICES --		1.10%
DaVita, Inc. *				925		54,797
Patterson Companies Inc. *				1,500		38,565
UnitedHealth Group Inc.				2,050		58,774
WellPoint Inc. *				1,550		83,746
						235,882
HEALTH EQUIPMENT & SUPPLIES --		0.60%
Covidien PLC				900		42,138
Hologic, Inc. *				1,750		25,322
Varian Medical Systems, Inc. *				1,300		60,762
						128,222
LIFE SCIENCES TOOLS & SERVICES --		0.34%
Thermo Fisher Scientific, Inc. *				1,525		72,026
PHARMACEUTICALS --		5.93%
Abbott Laboratories				2,500		136,225
Cephalon, Inc. *				1,675		92,041
Eli Lilly & Co.				3,850		141,411
Endo Pharmaceuticals Holdings Inc. *				1,750		38,553
Johnson & Johnson				5,000		314,200
Merck & Co. Inc.				5,300		191,913
Pfizer Inc.				19,334		351,299
						1,265,642
			TOTAL HEALTH CARE --	9.61%		2,052,796
INDUSTRIALS --
AEROSPACE & DEFENSE --		2.77%
Boeing Co. (The)				2,075		108,751
General Dynamics Corp.				1,300		85,670
Goodrich Corp.				1,700		100,878
L-3 Communications Holdings, Inc.				900		70,533
Northrop Grumman Corp.				1,200		65,760
Rockwell Collins, Inc.				1,225		65,488
United Technologies Corp.				1,400		94,136
						591,216
AIR FREIGHT & LOGISTICS --		0.82%
FedEx Corp.				875		73,894
United Parcel Service, Inc. (Class B)				1,775		102,009
						175,903
COMMERCIAL SERVICES & SUPPLIES --		0.19%
Pitney Bowes Inc.				1,725		39,744
INDUSTRIAL CONGLOMERATES --		2.33%
3M Co.				1,925		149,072
General Electric Co.				19,750		316,395
Tyco International Ltd.				900		32,283
						497,750
MACHINERY --		1.50%
Barnes Group Inc.				2,000		31,020
Caterpillar Inc.				1,100		64,229
Danaher Corp.				1,000		70,920
Illinois Tool Works Inc.				1,800		87,552
Ingersoll-Rand Co. Ltd (Class A)				1,900		67,203
						320,924
MARINE --		0.10%
Seaspan Corp.				2,250		20,475
ROAD & RAIL --		0.44%
Burlington Northern Santa Fe Corp.				950		93,385
			TOTAL INDUSTRIALS --	8.15%		1,739,397
INFORMATION TECHNOLOGY --
COMMUNICATIONS EQUIPMENT --		3.45%
Arris Group Inc. *				6,500		64,935
Cisco Systems, Inc. *				10,225		239,265
Harris Corp.				2,300		100,970
Motorola, Inc.				6,200		49,662
Nokia ADR				6,500		86,190
QUALCOMM Inc.				3,000		135,000
Research In Motion Ltd. *				1,050		60,785
						736,807
COMPUTERS & PERIPHERALS --		4.35%
Apple Inc. *				1,500		299,865
EMC Corp. *				6,000		100,980
Hewlett-Packard Co.				4,500		220,770
International Business Machines Corp.				2,425		306,399
						928,014
ELECTRONIC EQUIPMENT & INSTRUMENTS --		0.53%
Agilent Technologies, Inc. *				2,000		57,840
Tyco Electronics Ltd.				2,400		55,704
						113,544
INFORMATION TECHNOLOGY SERVICES --		0.45%
Amdocs Ltd. *				1,550		40,966
Global Payments Inc.				1,075		55,104
						96,070
INTERNET SOFTWARE & SERVICES --		0.21%
Akamai Technologies, Inc. *				1,900		45,600
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT --		1.65%
Intel Corp.				11,000		211,200
Linear Technology Corp.				2,000		53,940
Texas Instruments Inc.				3,400		85,986
						351,126
SOFTWARE --		3.29%
Electronic Arts Inc. *				1,500		25,335
Microsoft Corp.				17,000		499,970
Oracle Corp.				8,000		176,640
						701,945
			TOTAL INFORMATION TECHNOLOGY --	13.93%		2,973,106
MATERIALS --
CHEMICALS --		1.70%
E. I. du Pont de Nemours and Co.				1,550		53,599
International Flavors & Fragrances Inc.				900		36,648
Monsanto Co.				875		70,656
PPG Industries, Inc.				900		53,487
Praxair, Inc.				675		55,370
Sensient Technologies Corp.				3,700		93,758
						363,518
METALS & MINING --		0.18%
Nucor Corp.				700		29,687
United States Steel Corp.				200		8,932
						38,619
PAPER & FOREST PRODUCTS --		0.13%
MeadWestvaco Corp.				1,000		27,370
			TOTAL MATERIALS --	2.01%		429,507
TELECOMMUNICATION SERVICES --
DIVERSIFIED TELECOMMUNICATION SERVICES --		2.56%
AT&T Inc.				11,325		305,096
Verizon Communications Inc.				5,450		171,457
Windstream Corp.				7,100		70,432
						546,985
WIRELESS TELECOMMUNICATION SERVICES --		0.43%
American Tower Corp. (Class A) *				1,250		51,150
Rogers Communications, Inc.				1,300		39,338
						90,488
			TOTAL TELECOMMUNICATION SERVICES --	2.99%		637,473
UTILITIES --
ELECTRIC UTILITIES --		2.01%
Allegheny Energy, Inc.				1,600		35,168
Ameren Corp.				3,000		77,970
CenterPoint Energy, Inc.				2,000		26,540
Duke Energy Corp.				2,000		33,360
Exelon Corp.				1,400		67,452
FPL Group, Inc.				1,100		57,167
NRG Energy, Inc. *				1,250		29,925
PPL Corp.				925		28,231
Southern Co.				2,300		73,807
						429,620
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS --		0.45%
Constellation Energy Group Inc.				3,000		95,460
MULTI-UTILITIES --		0.17%
Sempra Energy				675		35,869
			TOTAL UTILITIES --	2.63%		560,949
			TOTAL COMMON STOCK --	75.29%
				(Cost $16,467,098)		16,071,575
				Face
				Amount
U S GOVERNMENT AGENCY SECURITIES --
U S GOVERNMENT AGENCY SECURITIES --		0.01%
Federal Home Loan Mortgage Corp., Pool #284839, 8.50%, 01/01/17				$                         2,375		$                    2,611
			TOTAL U S GOVERNMENT AGENCY SECURITIES --	0.01%
				(Cost $2,354)		2,611
CORPORATE BONDS
CONSUMER DISCRETIONARY --
DIVERSIFIED CONSUMER SERVICES --		2.12%
Hertz Corp., 7.40%, 03/01/11				455,000		452,725
			TOTAL CONSUMER DISCRETIONARY --	2.12%		452,725
FINANCIALS --
CAPITAL MARKETS --		5.06%
Ameriprise Financial, Inc., 5.65%, 11/15/15				500,000		546,974
Goldman Sachs Group Inc. (The), 5.30%, 02/14/12				500,000		533,102
						1,080,076
DIVERSIFIED FINANCIAL SERVICES --		1.64%
General Electric Capital Corp., 3.75%, 12/15/09 (b)				350,000		350,351
INSURANCE --		2.38%
Mony Group Inc. (The), 8.35%, 03/15/10 (b)				500,000		509,138
THRIFTS & MORTGAGE FINANCE --		1.12%
Washington Mutual, Inc., 4.20%, 01/15/10 (b)				250,000		238,750
			TOTAL FINANCIALS --	10.20%		2,178,315
INDUSTRIALS --
ELECTRICAL EQUIPMENT --		2.57%
Emerson Electric Co., 5.25%, 10/15/18				500,000		548,201
			TOTAL INDUSTRIALS --	2.57%		548,201
MATERIALS --
CONSTRUCTION MATERIALS --
Vulcan Materials, 6.40%, 11/30/17		2.47%		500,000		527,131
			TOTAL MATERIALS --	2.47%		527,131
			TOTAL CORPORATE BONDS  --	17.36%
				(Cost $3,507,679)		3,706,372
MONEY MARKET FUND				Shares
SM&R Money Market Fund, 0.00% (a)				1,490,785		$             1,490,785
			TOTAL MONEY MARKET FUND --	6.99%
				(Cost $1,490,785)		1,490,785
			TOTAL INVESTMENTS --	99.65%
				(Cost $21,467,916)		21,271,343
			CASH AND OTHER ASSETS, LESS LIABILITIES --	0.35%		75,522
			NET ASSETS --	100.00%		$            21,346,865
* - Non-income producing securities
ABBREVIATIONS
ADR  - American Depositary Receipt
Notes to Schedule of Investments
(a)  The rate quoted is the annualized seven-day yield of the fund at November 30, 2009.  A complete listing of the fund's holdings are included in these financial statements.  This fund and the SM&R Balanced Fund are affiliated by having the same investment adviser.
(b) Long term obligations that will mature in less than one year.
(c) Non-voting shares
See notes to quarterly schedule of portfolio holdings.
SM&R GOVERNMENT BOND FUND
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
SCHEDULE OF INVESTMENTS			###########		(Unaudited)
SM&R GOVERNMENT BOND FUND
				Interest/
			Maturity	Stated	Face	Value
CORPORATE BONDS			Date	Rate (%)	Amount
MATERIALS --
METALS & MINING --		3.17%
Carpenter Technology Corp.			05/15/13	6.625	$             1,000,000	$             1,037,238
			TOTAL MATERIALS --	3.17%		1,037,238
			TOTAL CORPORATE BONDS --	3.17%
				(Cost $999,756)		1,037,238
U S GOVERNMENT AGENCY AND U S GOVERNMENT SECURITIES
U S GOVERNMENT AGENCY SECURITIES --		23.10%
Federal Home Loan Mortgage Corp.			11/15/13	4.875	1,000,000	1,116,438
Federal National Mortgage Assoc. (b)			02/15/10	3.875	1,100,000	1,108,256
Federal National Mortgage Assoc.			12/15/10	4.750	1,900,000	1,984,977
Federal National Mortgage Assoc.			02/01/11	6.250	1,850,000	1,954,433
Federal National Mortgage Assoc.			03/15/11	5.500	1,300,000	1,383,489
Private Export Funding Corp. (b)			01/15/10	7.200	15,000	15,127
						7,562,720
U S GOVERNMENT SECURITIES --		44.65%
U S Treasury Bond			05/15/16	7.250	800,000	1,024,187
U S Treasury Bond			05/15/17	8.750	2,375,000	3,321,290
U S Treasury Note			08/31/11	4.625	1,500,000	1,607,520
U S Treasury Note			10/31/11	4.625	2,500,000	2,691,797
U S Treasury Note			11/15/12	4.000	2,000,000	2,172,032
U S Treasury Note			05/15/14	4.750	1,319,000	1,489,851
U S Treasury Note			02/15/15	4.000	600,000	657,469
U S Treasury Note			05/15/15	4.125	1,500,000	1,651,875
						14,616,021
			TOTAL U S GOVERNMENT AGENCY AND U S GOVERNMENT SECURITIES --	67.75%
				(Cost $20,606,837)		22,178,741
COMMERCIAL PAPER
FINANCIALS --
DIVERSIFIED FINANCIAL SERVICES --		5.80%
JPMorgan Chase & Co.			12/18/09	0.150	1,000,000	999,929
Nordea North America Inc.			12/18/09	0.170	900,000	899,928
						1,899,857
			TOTAL FINANCIALS --	5.80%		1,899,857
INDUSTRIALS --
ELECTRICAL EQUIPMENT --		3.97%
Sharp Electronics Corp.			12/4/2009	0.150	1,300,000	1,299,984
			TOTAL INDUSTRIALS --	3.97%		1,299,984
			TOTAL COMMERCIAL PAPER --	9.77%
				(Cost $3,199,841)		3,199,841
U S GOVERNMENT AGENCY
SHORT-TERM OBLIGATIONS
U S GOVERNMENT AGENCY SECURITIES --		18.33%
Federal Home Loan Bank			12/09/09	0.060	3,000,000	2,999,960
Federal National Mortgage Assoc.			12/01/09	0.090	3,000,000	3,000,000
						5,999,960
			TOTAL U S GOVERNMENT SHORT TERM OBLIGATIONS --	18.33%
				(Cost $5,999,960)		5,999,960
					Shares
MONEY MARKET FUND
SM&R Money Market Fund, 0.00% (a)					222,121	$                222,121
			TOTAL MONEY MARKET FUND --	0.68%
				(Cost $222,121)		222,121
			TOTAL INVESTMENTS --	99.70%
				(Cost $31,028,515)		32,637,901
			CASH AND OTHER ASSETS, LESS LIABILITIES --	0.30%		99,928
			NET ASSETS --	100.00%		$            32,737,829
Notes to Schedule of Investments:
(a)  The rate quoted is the annualized seven-day yield of the fund at November 30, 2009.  A complete listing of the fund's holdings are included in these financial statements.  This fund and the SM&R Government Bond Fund are affiliated by having the same investment adviser.
(b) Long Term obligations that will mature in less than one year.
See notes to quarterly schedule of portfolio holdings.
SM&R TAX FREE FUND
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
SCHEDULE OF INVESTMENTS			###########		(Unaudited)
SM&R TAX FREE FUND
				Interest/
			Maturity	Stated	Face	Value
MUNICIPAL BONDS			Date	Rate (%)	Amount
Rating (a)
	ALABAMA --	1.31%
WR/NR	Alabama Drinking Water Financing Authority, Revolving Fund Loan - Revenue Bonds, Series A		08/15/16	4.000	$                180,000	$                187,007
	CALIFORNIA --	0.14%
Baa1/A	California State - General Obligation Bonds Unlimited		06/01/11	5.250	20,000	20,410
	FLORIDA --	5.75%
A3/NR	Miami - Dade County, Florida Expressway Authority Toll System - Revenue Bonds, Prerefunded to 07/01/2010 (b)		07/01/29	6.375	400,000	417,868
A2/A	Miami - Dade County, Florida Solid Waste System - Revenue Bonds		10/01/18	4.750	400,000	402,352
						820,220
	HAWAII --	1.98%
Aa2/AA	Honolulu, Hawaii City & County - General Obligation Bonds Unlimited		07/01/13	5.000	250,000	282,022
	ILLINOIS --	2.68%
A1/NR	Rockford, Illinois - General Obligation Bonds Unlimited		12/15/18	4.500	180,000	180,148
A2/A+	State of Illinois - General Obligation Bonds Unlimited		03/01/19	5.000	200,000	202,612
						382,760
	INDIANA --	4.28%
WR/AA+	Aurora, Indiana Building Corp. - Revenue Bonds		07/15/13	4.500	405,000	447,995
Baa1/A	South Bend, Indiana Building Corp. - Revenue Bonds		02/01/13	4.500	150,000	161,736
						609,731
	LOUISIANA --	3.42%
WR/A	Monroe, Louisiana Sales and Use Tax - Revenue Bonds		07/01/16	4.000	200,000	205,952
Baa1/A	New Orleans, Louisiana Sewer Service - Revenue Bonds		06/01/18	5.000	300,000	281,766
						487,718
	MISSISSIPPI --	3.75%
NR/NR	Greenville Mississippi Public School District - General Obligation Bonds Unlimited		12/15/11	3.250	205,000	213,514
Aa3/AAA	Mississippi Development Bank Special Obligation Clinton Recreational Facilities & Municipal Building - Revenue Bonds (f)		11/01/10	4.500	310,000	321,036
						534,550
	NEW YORK --	4.36%
Aa3/AA	New York State Tollway Authority Highway & Bridge - Revenue Bonds, Series B (b) (f)		04/01/10	3.850	200,000	202,226
Aa2/AAA	Triborough Bridge & Tunnel Authority, New York - Revenue Bonds, General Purpose, Prerefunded, Series B to 01/01/2022 (b)		01/01/27	5.200	350,000	420,088
						622,314
	NORTH CAROLINA --	1.57%
Aaa/AAA	North Carolina State - General Obligation Bonds Unlimited		03/01/15	4.000	200,000	224,388
	OHIO --	2.39%
Aa2/AA	Ohio State Department of Administrative Services - Certificate Participation		09/01/15	5.250	300,000	340,884
	TEXAS --	27.34%
WR/AA	Aransas County, Texas Correctional Facility Improvements - General Obligation Bonds Limited		02/15/13	3.875	250,000	267,535
A1/AA-	Austin, Texas Community College District - Revenue Bonds (b) (f)		02/01/10	4.000	100,000	100,538
Aaa/AAA	Austin, Texas Independent School District - General Obligation Bonds Unlimited, Series A		08/01/12	3.750	150,000	161,398
Aa3/AAA	College Station, Texas Utility Systems - Revenue Bonds		02/01/13	4.125	200,000	211,642
Aa3/AAA	College Station, Texas Utility Systems - Revenue Bonds		02/01/14	4.250	65,000	68,470
Aa3/AA	El Paso, Texas Public Improvement - General Obligation Bonds Limited		08/15/17	4.000	270,000	280,786
Aa2/NR	Galveston County, Texas Public Improvements - General Obligation Bonds Unlimited (b) (f)		02/01/10	4.300	25,000	25,147
Aa2/NR	Galveston County, Texas Public Improvements - General Obligation Bonds Limited		02/01/11	4.375	125,000	130,227
A1/AA-	Jefferson County, Texas - Public Improvement Certificates of Obligation, Series B		08/01/16	4.125	255,000	266,725
Aa3/AA	League City, Texas Public Improvements - General Obligation Bonds Limited		02/15/13	4.750	100,000	107,480
Aa2/AA	Lubbock County, Texas - General Obligation Bonds Limited		02/15/17	5.500	250,000	284,578
Aa3/AA+	Lubbock, Texas Municipal Drainage Utility - General Obligation Bonds Limited		02/15/14	4.000	250,000	262,935
Aaa/AAA	Mission, Texas Consolidated Independent School District - General Obligation Bonds Unlimited		02/15/18	4.500	200,000	200,290
Aa3/AA	Montgomery County, Texas Public Improvements - General Obligation Bonds Limited		03/01/12	4.000	250,000	266,935
Aa3/AAA	Rockwall, Texas Waterworks & Sewer - General Obligation Bonds Limited		08/01/11	3.700	115,000	120,630
A2/A+	San Antonio, Texas River Authority Sewer Refunding and Improvement - Martinez Salatrillo, Revenue Bonds		07/01/12	3.750	100,000	105,581
Aaa/NR	Tarrant County Health Facilities Development Corp. - Health System Revenue Bonds, (Harris Methodist Health System), Series 1994 (c)		09/01/14	6.000	200,000	229,122
Aa1/AA+	Texas A&M University Revenue and Financing System - Revenue Refunding Bonds, Series A		05/15/17	5.000	250,000	269,548
Aaa/AAA	University of Texas Permanent University Fund - Revenue Bonds, Prerefunded, Series A To 07/01/2011 (b)		07/01/13	6.250	45,000	49,060
Aaa/AAA	University of Texas Permanent University Fund - Revenue Bonds, Prerefunded, Series A To 01/01/2013 (b)		07/01/13	6.250	55,000	61,347
Aaa/AAA	University of Texas Permanent University Fund - Revenue Bonds, Prerefunded, Series A To 01/01/2013 (b)		07/01/13	6.250	55,000	63,863
Aa3/AA	Waco, Texas - General Obligation Bonds Limited		02/01/16	4.000	250,000	258,208
NR /AAA	Wylie, Texas Independent School District - General Obligation Bonds Unlimited		08/15/12	4.375	100,000	105,894
						3,897,939
	UTAH --	0.04%
Aa2/AA	Utah State Housing Financial Agency - Single Family Revenue Bonds (d)		07/01/21	6.000	5,000	5,123
	WASHINGTON --	4.95%
Aa2/AA-	Seattle, Washington Municipal Light & Power - Revenue Bonds, Series B		06/01/24	5.000	100,000	100,006
Aa1/AA+	State of Washington - General Obligation Bonds Unlimited, Series B		05/01/18	5.500	300,000	340,668
Aa2/NR	Tumwater, Washington Office Building - Revenue Bonds		07/01/15	5.250	240,000	264,701
						705,375
			TOTAL MUNICIPAL BONDS --	63.96%
				(Cost $8,613,678)		9,120,441
U S GOVERNMENT AGENCY
SHORT-TERM OBLIGATIONS
U S GOVERNMENT AGENCY SECURITIES --		14.02%
Federal Home Loan Bank			12/07/09	0.050	2,000,000	1,999,983
			TOTAL U S GOVERNMENT AGENCY SHORT-TERM OBLIGATIONS --	14.02%
				(Cost $1,999,983)		1,999,983
COMMERCIAL PAPER
FINANCIALS --
DIVERSIFIED FINANCIAL SERVICES --		7.80%
JPMorgan Chase & Co.			12/17/09	0.150	712,000	711,953
Nordea North America Inc.			12/10/09	0.180	400,000	399,982
						1,111,935
			TOTAL FINANCIALS --	7.80%		1,111,935
INDUSTRIALS --
ELECTRICAL EQUIPMENT --		4.96%
Sharp Electronics Corp.			12/04/09	0.150	708,000	707,991
INDUSTRIAL COMGLOMERATES --		4.99%
General Electric Co.			12/30/09	0.120	712,000	711,931
			TOTAL INDUSTRIALS --	9.95%		1,419,922
			TOTAL COMMERCIAL PAPER --	17.75%
				(Cost $2,531,857)		2,531,857
					Shares
MONEY MARKET FUND
SM&R Money Market Fund, 0.00% (e)					508,588	508,588
			TOTAL MONEY MARKET FUND --	3.57%
				(Cost $508,588)		508,588
			TOTAL INVESTMENTS --	99.30%
				(Cost $13,654,106)		14,160,869
			CASH AND OTHER ASSETS, LESS LIABILITIES --	0.70%		99,312
			TOTAL NET ASSETS --	100.00%		$            14,260,181
Notes to Schedule of Investments:
(a) Ratings assigned by Moody's Investor's Service, Inc. ("Moody's") and Standard & Poor's Corp. ("S&P").  Ratings are unaudited.
(b) Collateral for these prerefunded bonds are U.S. Government or U.S. Treasury or state or local government securities.
(c) Issuer has defeased these bonds. Collateral for such defeasance is U.S. Government obligations.
(d) Security subject to the alternative minimum tax.
(e)  The rate quoted is the annualized seven-day yield of the fund at November 30, 2009.  A complete listing of the fund's holdings are included in these financial statements.  This fund and the SM&R Tax Free Fund are affiliated by having the same investment adviser.
(f) Long Term obligations that will mature in less than one year.
See notes to quarterly schedule of portfolio holdings.
SM&R PRIMARY FUND
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
SCHEDULE OF INVESTMENTS			###########		(Unaudited)
SM&R PRIMARY FUND
COMMON STOCKS					Shares	Value
INDUSTRIALS --
BUILDING PRODUCTS --		0.02%
Armstrong World Industries, Inc. *					110	$                    4,557
			TOTAL INDUSTRIALS --	0.02%		4,557
			TOTAL COMMON STOCK --	0.02%		4,557
				(Cost $0)
				Interest/
			Maturity	Stated	Face
U S GOVERNMENT AGENCY AND U S GOVERNMENT SECURITIES			Date	Rate (%)	Amount
U S GOVERNMENT SECURITIES --		4.60%
U S Treasury Bond			02/15/29	5.250	$             1,000,000	$             1,157,188
			TOTAL U S GOVERNMENT AGENCY AND U S GOVERNMENT SECURITIES --	4.60%
				(Cost $900,455)		1,157,188
COMMERCIAL PAPER
CONSUMER DISCRETIONARY --
AUTOMOBILES --		3.95%
Harley-Davidson Funding Corp.			12/11/09	0.300	993,000	992,917
HOUSEHOLD DURABLES --		4.26%
Stanley Works (The)			12/01/09	0.200	1,070,000	1,070,000
MEDIA --		4.77%
Time Warner Inc.			12/08/09	0.350	1,198,000	1,197,918
			TOTAL CONSUMER DISCRETIONARY --	12.98%		3,260,835
CONSUMER STAPLES --
BEVERAGES --		4.61%
Brown-Forman Corp.			12/04/09	0.150	1,159,000	1,158,986
FOOD PRODUCTS --		8.25%
Kraft Foods Inc.			12/15/09	0.440	1,024,000	1,023,825
McCormick & Co., Inc.			12/14/09	0.230	1,049,000	1,048,913
						2,072,738
			TOTAL CONSUMER STAPLES --	12.86%		3,231,724
ENERGY --
OIL, GAS & CONSUMABLE FUELS --		11.83%
Devon Energy Corp.			12/29/09	0.200	1,024,000	1,023,841
FMC Technologies, Inc.			12/03/09	0.350	962,000	961,981
XTO Energy, Inc.			12/28/09	0.250	985,000	984,815
						2,970,637
			TOTAL ENERGY --	11.83%		2,970,637
FINANCIALS --
CAPITAL MARKETS --		9.46%
CIGNA Corp.			12/09/09	0.300	1,173,000	1,172,922
Nationwide Health Properties, Inc.			12/10/09	0.250	1,203,000	1,202,925
						2,375,847
CONSUMER FINANCE --		4.98%
South Carolina Fuel Company Inc.			12/21/09	0.270	1,252,000	1,251,812
DIVERSIFIED FINANCIAL SERVICES --		4.35%
Nordea North America Inc.			12/18/09	0.170	1,094,000	1,093,912
INSURANCE --		8.70%
ING America Insurance Holdings			12/16/09	0.700	1,176,000	1,175,657
Prudential Financial, Inc.			12/31/09	0.353	1,009,000	1,008,706
						2,184,363
			TOTAL FINANCIALS --	27.49%		6,905,934
HEALTH CARE --
HEALTH CARE PROVIDERS & SERVICES --		4.15%
WellPoint Inc.			01/15/10	0.380	1,043,000	1,042,504
			TOTAL HEALTH CARE --	4.15%		1,042,504
INDUSTRIALS --
AIR FRIEGHT & LOGISTICS --		4.66%
NetJets Inc.			12/22/09	0.100	1,171,000	1,170,932
CONSTRUCTION & ENGINEERING --		4.36%
Eaton Corp.			12/30/09	0.300	1,096,000	1,095,735
MACHINERY --		4.22%
Harsco Corp.			12/17/09	0.250	1,059,000	1,058,882
			TOTAL INDUSTRIALS --	13.24%		3,325,549
MATERIALS --
PAPER & FOREST PRODUCTS --		4.45%
Avery Dennison Corp.			12/02/09	0.270	1,118,000	1,117,992
			TOTAL MATERIALS --	4.45%		1,117,992
UTILITIES --
ELECTRIC UTILITIES --		8.35%
Duke Energy Corp.			12/07/09	0.270	997,000	996,955
IDACORP, Inc.			01/04/10	0.400	1,100,000	1,099,584
						2,096,539
			TOTAL UTILITIES --	8.35%		2,096,539
			TOTAL COMMERCIAL PAPER --	95.35%
				(Cost $23,951,714)		23,951,714
			TOTAL INVESTMENTS --	99.97%
				(Cost $24,852,169)		25,113,459
			CASH AND OTHER ASSETS, LESS LIABILITIES --	0.03%		6,552
			TOTAL NET ASSETS --	100.00%		$            25,120,011
* - Non-income producing securities
See notes to quarterly schedule of portfolio holdings.
SM&R MONEY MARKET FUND
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
SCHEDULE OF INVESTMENTS			###########		(Unaudited)
SM&R MONEY MARKET FUND
				Interest/
			Maturity	Stated	Face	Value
COMMERCIAL PAPER			Date	Rate (%)	Amount
FINANCIALS --
CONSUMER FINANCE --		7.18%
American Honda Finance Corp.			12/22/09	0.140	$             2,531,000	$             2,530,793
Paccar Financial Corp.			01/21/10	0.170	1,356,000	1,355,674
						3,886,467
DIVERSIFIED FINANCIAL SERVICES --		5.89%
JPMorgan Chase & Co.			01/19/10	0.160	1,062,000	1,061,769
Nordea North America Inc.			12/03/09	0.160	2,122,000	2,121,981
						3,183,750
				TOTAL FINANCIALS --	13.07%	7,070,217
INDUSTRIALS --
INDUSTRIAL COMGLOMERATES --		3.87%
General Electric Co.			12/01/09	0.130	2,095,000	2,095,000
				TOTAL INDUSTRIALS --	3.87%	2,095,000
				TOTAL COMMERCIAL PAPER --	16.94%
					(Cost $9,165,217)	9,165,217
U S GOVERNMENT AGENCY
SHORT-TERM OBLIGATIONS
U S GOVERNMENT AGENCY SECURITIES --		83.09%
Federal Farm Credit Bank			12/31/09	0.030	8,173,000	8,172,796
Federal Home Loan Bank			12/02/09	0.060	1,719,000	1,718,997
Federal Home Loan Bank			12/04/09	0.100	1,066,000	1,065,991
Federal Home Loan Bank			12/07/09	0.050	1,858,000	1,857,985
Federal Home Loan Bank			12/09/09	0.060	2,791,000	2,790,962
Federal Home Loan Bank			12/11/09	0.030	5,990,000	5,989,950
Federal Home Loan Bank			12/15/09	0.050	4,000,000	3,999,922
Federal Home Loan Bank			12/16/09	0.065	7,163,000	7,162,806
Federal Home Loan Bank			12/18/09	0.060	3,879,000	3,878,890
Federal Home Loan Bank			01/08/10	0.060	2,442,000	2,441,845
Federal Home Loan Bank			01/22/10	0.040	1,924,000	1,923,889
Federal Home Loan Mortgage Corp.			12/14/09	0.070	1,115,000	1,114,972
Federal Home Loan Mortgage Corp.			01/26/10	0.040	2,829,000	2,828,824
						44,947,829
				TOTAL U S GOVERNMENT AGENCY SHORT-TERM OBLIGATIONS --	83.09%
					(Cost $44,947,829)	44,947,829
				TOTAL INVESTMENTS --	100.03%
					(Cost $54,113,046)	54,113,046
				LIABILITIES IN EXCESS OF OTHER ASSETS --	(0.03)%	(16,020)
				TOTAL NET ASSETS --	100.00%	$            54,097,026
See notes to quarterly schedule of portfolio holdings.
SM&R INVESTMENTS, INC.
NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
November 30, 2009
(Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
SM&R Investments, Inc. (the "Company"), is a diversified  open-end management investment company registered as a series fund under the Investment Company Act of 1940, as amended. The Company is comprised of the SM&R Growth Fund  ("Growth Fund"), SM&R Equity Income Fund ("Equity Income Fund"), SM&R Balanced Fund ("Balanced Fund"), SM&R Government Bond Fund ("Government Bond Fund"), SM&R Tax Free Fund ("Tax Free Fund"), SM&R Primary Fund ("Primary Fund") and SM&R Money Market Fund ("Money Market Fund").  The Government Bond Fund, Tax Free Fund, Primary Fund and Money Market Fund are collectively referred to as the "Fixed Income Funds", while the Growth Fund, Equity Income Fund and Balanced Fund are referred to as the "Equity Funds".
Security Valuation:
Investments in securities listed on national exchanges are valued at the last sales price of the day, or if there were no sales, then at the last bid price.  Other securities are valued based on market quotations or at fair value as determined by a pricing service approved by the Board of Directors.  Prices provided by the pricing service represent valuations at bid prices or on a basis determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data.  Securities for which market quotations are not readily available are valued as determined by the Board of Directors.  Commercial paper and short-term obligations are stated at amortized cost, which is equivalent to value.  Investments in the affiliated money market fund are valued at the net asset value per share.
Security Transactions and Related Investment Income:
The Company records security transactions based on trade date.  Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis.  Premiums and discounts on securities are amortized over the lives of the respective securities.  Withholding taxes on foreign dividends have been provided for in accordance with the Company's understanding of the applicable country's tax rules and rates.
NOTE 2 - INVESTMENTS INTO AFFILIATED MONEY MARKET FUND
The Company has received an exemptive order issued by the Securities and Exchange Commission ("SEC") allowing the Company to sweep uninvested cash into the SM&R Money Market Fund.  The SM&R Money Market Fund is one of the seven funds included in the Company and is therefore considered to be affiliated.  The transactions in investments in the affiliated money market fund for the three months ended November 30, 2009, were:
Purchases						$            15,220,865
Sales						$            12,431,485
NOTE 3 - COST, PURCHASES AND SALES OF INVESTMENT SECURITIES
Aggregate purchases and sales of investments in securities for the three months ended November 30, 2009, other than commercial paper, were as follows:
					Purchases	Sales
Growth Fund					$             1,483,099	$             2,843,320
Equity Income Fund					$             1,820,369	$             2,672,745
Balanced Fund					$                598,611	$                935,689
Government Bond Fund					$                           -	$                500,000
Tax Free Fund					$                           -	$                211,000
Primary Fund					$                           -	$                           -
Gross unrealized appreciation and depreciation as of November 30, 2009, based on the cost for federal income tax purposes is as follows:
						Net Appreciation
			Cost	Appreciation	Depreciation	(Depreciation)
Growth Fund			$70,462,140	$                 11,675,630	$            13,535,797	$            (1,860,167)
Equity Income Fund			$64,867,057	$                  9,182,076	$            12,673,182	$            (3,491,106)
Balanced Fund			$21,467,916	$                  2,598,492	$             2,795,065	$               (196,573)
Government Bond Fund			$31,028,515	$                  1,609,386	$                           -	$             1,609,386
Tax Free Fund			$13,654,106	$                     523,970	$                  17,207	$                506,763
Primary Fund			$24,852,169	$                     261,290	$                           -	$                261,290
NOTE 4 - DISCLOSURE ABOUT FAIR VALUE OF ASSETS
Effective September 1, 2007, the Funds adopted Statement of Financial Accounting Standards (FAS) 157.  FAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP) and expands disclosures about fair value measurement.  FAS 157 requires funds to classify their assets based on valuation method, using three levels.  Level 1 securities are valued based on quoted prices in active markets that are unadjusted.  Level 2 securities are valued based on external market ("significant observable") inputs, such as quoted prices for similar assets in active markets, quoted prices for identical or similar assets in non-active markets, or inputs derived from or corroborated by observable market data by correlation or other means.  They reflect assumptions market participants would use in pricing based on market data obtained from independent sources.  Level 3 securities are valued based on internal ("significant unobservable") inputs that are based on the funds own assumptions that market participants would use based on the best information available.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following tables present the valuation levels of the funds' securities as of November 30, 2009:
Growth Fund
			Market Value	Level 1	Level 2	Level 3
	Holdings
	Common Stock: Consumer Discretionary		$3,378,484	$3,378,484	$0	$0
	Common Stock: Consumer Staples		5,191,745	5,191,745	0	0
	Common Stock: Energy		8,783,131	8,783,131	0	0
	Common Stock: Exchange Traded Funds		5,255,840	5,255,840	0	0
	Common Stock: Financials		7,446,985	7,446,985	0	0
	Common Stock: Healthcare		9,098,911	9,098,911	0	0
	Common Stock: Industrials		8,825,419	8,825,419	0	0
	Common Stock: Information Technology		13,977,397	13,977,397	0	0
	Common Stock: Materials		1,697,608	1,697,608	0	0
	Common Stock: Telecomm. Services		1,622,595	1,622,595	0	0
	Common Stock: Utilities		1,521,406	1,521,406	0	0
	Investments in Money Market		1,802,452	1,802,452	0	0
	Total Growth Fund		$68,601,973	$68,601,973	$0	$0
	Equity Income Fund
			Market Value	Level 1	Level 2	Level 3
	Holdings
	Common Stock: Consumer Discretionary		$4,351,363	$4,351,363	$0	$0
	Common Stock: Consumer Staples		8,789,273	8,789,273	0	0
	Common Stock: Energy		8,531,656	8,531,656	0	0
	Common Stock: Financials		12,849,817	12,849,817	0	0
	Common Stock: Healthcare		6,230,096	6,230,096	0	0
	Common Stock: Industrials		5,439,273	5,439,273	0	0
	Common Stock: Information Technology		4,859,835	4,859,835	0	0
	Common Stock: Materials		1,689,075	1,689,075	0	0
	Common Stock: Telecomm. Services		3,258,030	3,258,030	0	0
	Common Stock: Utilities		4,026,138	4,026,138	0	0
	Investments in Money Market		1,351,395	1,351,395	0	0
	Total Equity Income Fund		$61,375,951	$61,375,951	$0	$0
	Balanced Fund
			Market Value	Level 1	Level 2	Level 3
	Holdings
	Corporate Debt Securities		$3,706,372	$0	$3,706,372	$0
	Residential Mortgage Backed Securities		2,611	0	2,611	0
	Common Stock: Consumer Discretionary		1,452,826	1,452,826	0	0
	Common Stock: Consumer Staples		1,864,269	1,864,269	0	0
	Common Stock: Energy		1,958,870	1,958,870	0	0
	Common Stock: Financials		2,402,382	2,402,382	0	0
	Common Stock: Healthcare		2,052,796	2,052,796	0	0
	Common Stock: Industrials		1,739,397	1,739,397	0	0
	Common Stock: Information Technology		2,973,106	2,973,106	0	0
	Common Stock: Materials		429,507	429,507	0	0
	Common Stock: Telecomm. Services		637,473	637,473	0	0
	Common Stock: Utilities		560,949	560,949	0	0
	Investments in Money Market		1,490,785	1,490,785	0	0
	Total Balanced Fund		$21,271,343	$17,562,360	$3,708,983	$0
	Government Bond Fund
			Market Value	Level 1	Level 2	Level 3
	Holdings
	U.S. Treasury & other U.S. Gov't. corporations and agencies		$28,178,701	$0	$28,178,701	$0
	Corporate Debt Securities		1,037,238	0	1,037,238	0
	Commercial Paper		3,199,841	0	3,199,841	0
	Investments in Money Market		222,121	222,121	0	0
	Total Government Bond Fund		$32,637,901	$222,121	$32,415,780	$0
	Tax Free Fund
			Market Value	Level 1	Level 2	Level 3
	Holdings
	U.S. Treasury & other U.S. Gov't. corporations and agencies		$1,999,983	$0	$1,999,983	$0
	States of the U.S. and Political Subdivisions of the States		9,120,441	0	9,120,441	0
	Commercial Paper		2,531,857	0	2,531,857	0
	Investments in Money Market		508,588	508,588	0	0
	Total Tax Free Fund		$14,160,869	$508,588	$13,652,281	$0
	Primary Fund
			Market Value	Level 1	Level 2	Level 3
	Holdings
	U.S. Treasury & other U.S. Gov't. corporations and agencies		$1,157,188	$0	$1,157,188	$0
	Common Stock: Industrials		4,557	4,557	0	0
	Commercial Paper		23,951,714	0	23,951,714	0
	Total Primary Fund		$25,113,459	$4,557	$25,108,902	$0
	Money Market Fund
			Market Value	Level 1	Level 2	Level 3
	Holdings
	U.S. Gov corporations and agencies Short Term		$44,947,829	$0	$44,947,829	$0
	Commercial Paper		9,165,217	0	9,165,217	0
	Investments in Money Market		7,866,685	7,866,685	0	0
	Total Money Market Fund		$61,979,731	$7,866,685	$54,113,046	$0
Money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940.  Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
NOTE 5 - SUBSEQUENT EVENTS
On December 23, 2009, the Board of Directors of SM&R Investments, Inc. approved a Plan of Liquidation for the SMR Primary Fund and SMR Tax Free Fund subject to the approval of the shareholders.  The Plan provides for the liquidations of each of the Funds' assets and the distribution to shareholders of the cash proceeds of the liquidation after paying or providing for the payment of all debts and liabilities of the Funds.
Item 2.  Controls and Procedures
(a)  The principal executive officer and the principal financial officer have concluded that the Registrant's disclosure controls and procedures were sufficient to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b)  There have been no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's last fiscal quarter that materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3.  Exhibits
Certifications of the principal executive officer and the principal financial officer as required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached.

EX-99.CERT

"Exhibit A"

Rule 30a-2(a)


I, Brenda T. Koelemay, certify that:
1. I have reviewed this report on Form N-Q of SM&R Investments, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of
 a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
 made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report
 fairly present in all material respects the investments of the registrant as
of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, is made known to us by others
within that entity, particularly during the period in which this report is
being prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.


Date:  January 27, 2010



/s/ Brenda T. Koelemay, Principal Financial Officer


"Exhibit A"

Rule 30a-2(a)


I, Michael W. McCroskey, certify that:
1. I have reviewed this report on Form N-Q of SM&R Investments, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of
 a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, is made known to us by others
within that entity, particularly during the period in which this report is
being prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and
5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.


Date:  January 27, 2010



/s/ Michael W. McCroskey, Principal Executive Officer

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.


SM&R Investments, Inc.


By:
	/s/ Michael W. McCroskey, Principal Executive Officer

Date:	January 27, 2010



Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By:
	/a/ Michael W. McCroskey, Principal Executive Officer

Date:	January 27, 2010


By:
	/s/ Brenda T. Koelemay, Principal Financial Officer

Date:	January 27, 2010