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001 A000000 MAIRS AND POWER GROWTH FUND, INC.
001 B000000 811-802
001 C000000 6512228478
002 A000000 332 MINNESOTA ST., SUITE W-1420
002 B000000 ST. PAUL
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<PAGE> PAGE 2
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020 A000001 PIPER JAFFRAY & HOPWOOD, INC.
020 B000001 41-0688685
020 C000001 96
020 A000002 DAIN BOSWORTH, INCORPORATED
020 B000002 41-0212020
020 C000002 56
020 A000003 GOLDMAN, SACHS & CO.
020 B000003 13-5108880
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020 A000004 MORGAN STANLEY & CO., INCORPORATED
020 B000004 13-2655998
020 C000004 24
020 A000005 SMITH BARNEY SHEARSON
020 B000005 13-2919773
020 C000005 19
020 A000006 EVEREN SECURITIES, INC.
020 B000006 36-3223831
020 C000006 18
020 A000007 PAINE WEBBER, INCORPORATED
020 B000007 04-1699435
020 C000007 6
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SIGNATURE GEORGE A. MAIRS, III
TITLE PRESIDENT
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SEMI-ANNUAL
REPORT DATED JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 376046145
<INVESTMENTS-AT-VALUE> 527985420
<RECEIVABLES> 596620
<ASSETS-OTHER> 97904
<OTHER-ITEMS-ASSETS> 29802674
<TOTAL-ASSETS> 558482618
<PAYABLE-FOR-SECURITIES> 1309829
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 352489
<TOTAL-LIABILITIES> 1662318
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403361477
<SHARES-COMMON-STOCK> 6015593
<SHARES-COMMON-PRIOR> 4760515
<ACCUMULATED-NII-CURRENT> 291785
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1143367
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29126561
<NET-ASSETS> 556820300
<DIVIDEND-INCOME> 3672035
<INTEREST-INCOME> 733705
<OTHER-INCOME> 0
<EXPENSES-NET> (2021556)
<NET-INVESTMENT-INCOME> 2384184
<REALIZED-GAINS-CURRENT> 1143367
<APPREC-INCREASE-CURRENT> 29126561
<NET-CHANGE-FROM-OPS> 32654112
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2095437)
<DISTRIBUTIONS-OF-GAINS> 3038
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1607151
<NUMBER-OF-SHARES-REDEEMED> (372655)
<SHARES-REINVESTED> 20583
<NET-CHANGE-IN-ASSETS> 144229681
<ACCUMULATED-NII-PRIOR> 45826
<ACCUMULATED-GAINS-PRIOR> 38597
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1538413
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2021556
<AVERAGE-NET-ASSETS> 497650
<PER-SHARE-NAV-BEGIN> 86.67
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.35)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 92.56
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
For period ending 6-30-98
File Number 811-802
Attachment Information
----------------------
77Q. 1. Exhibits
for 77C. Matters submitted to a vote of security holders
Attachment being filed with regard to this item is
referenced in the footnotes of the Mairs and Power
Growth Fund 2nd Quarter Report 1998; SUPPLEMENTARY
INFORMATION: 4) An annual meeting of shareholders was
held on May 18, 1998 for the purposes of ...(b) to
amend the Articles of Incorporation of the Fund to
increase the total number of authorized shares to
25,000,000.
Also see "Articles of Amendment" attached.
for 77L. Changes in accounting principles and practices
Attachment being filed with regard to this item is
referenced in the footnotes to the Mairs and Power
Growth Fund 2nd Quarter Report 1998; NOTE B: As of
January 1, 1998, the Fund has retroactively elected to
discontinue the use of the equalization method of
accounting. The now current method being applied is
more consistent with industry standard. The change has
no impact on the net asset value per share.
<PAGE>
ARTICLES OF AMENDMENT
TO
AMENDED AND RESTATED
ARTICLES OF INCORPORATION
OF
MAIRS AND POWER GROWTH FUND, INC.
Mairs and Power Growth Fund, Inc., a corporation
organized and existing under the laws of the State of
Minnesota (herein referred to as the "corporation"), in
accordance with the provisions of Minnesota Statutes, Section
302A.139, hereby certifies as follows:
1. The name of the corporation is Mairs and Power Growth
Fund, Inc.
2. Article VI of the Amended and Restated Articles of
Incorporation of the corporation is hereby amended to read in
its entirety as follows:
ARTICLE VI
The total authorized number of shares in
this corporation shall be twenty-five
million (25,000,000) shares which shall
have a par value of one cent ($.01) per
share.
3. The amendment of the Amended and Restated Articles of
Incorporation of the corporation has been duly adopted by the
Board of Directors and the shareholders pursuant to the
Minnesota Business Corporation Act, Minnesota Statutes,
Chapter 302A.
IN WITNESS WHEREOF, these Articles of Amendment of Mairs
and Power Growth Fund, Inc. are hereby executed on behalf of
the corporation this 9th day of June, 1998.
MAIRS AND POWER GROWTH FUND, INC.
By s/ George A. Mairs
----------------------------
Its President
----------------------------
