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001 A000000 MAIRS AND POWER BALANCED FUND
001 B000000 811-1048
001 C000000 6512228478
002 A000000 332 MINNESOTA ST., SUITE W-1420
002 B000000 ST. PAUL
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020 A000001 DAIN BOSWORTH, INCORPORATED
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020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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020 B000003 13-2741729
020 C000003 1
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020 B000004 39-6037917
020 C000004 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE WILLIAM B. FRELS
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> 18310254
<INVESTMENTS-AT-VALUE> 33447658
<RECEIVABLES> 223387
<ASSETS-OTHER> 8888
<OTHER-ITEMS-ASSETS> 910895
<TOTAL-ASSETS> 34590828
<PAYABLE-FOR-SECURITIES> 44808
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17948
<TOTAL-LIABILITIES> 17948
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18975381
<SHARES-COMMON-STOCK> 703860
<SHARES-COMMON-PRIOR> 316270
<ACCUMULATED-NII-CURRENT> 53613
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 300793
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15137404
<NET-ASSETS> 34528072
<DIVIDEND-INCOME> 220573
<INTEREST-INCOME> 350543
<OTHER-INCOME> 0
<EXPENSES-NET> (143300)
<NET-INVESTMENT-INCOME> 427817
<REALIZED-GAINS-CURRENT> 300793
<APPREC-INCREASE-CURRENT> 1931630
<NET-CHANGE-FROM-OPS> 2660240
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (374204)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 396262
<NUMBER-OF-SHARES-REDEEMED> (11656)
<SHARES-REINVESTED> 2982
<NET-CHANGE-IN-ASSETS> 5738480
<ACCUMULATED-NII-PRIOR> 73712
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (12830)
<GROSS-ADVISORY-FEES> 97649
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 143300
<AVERAGE-NET-ASSETS> 32026
<PER-SHARE-NAV-BEGIN> 91.03
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (1.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 49.06
<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 811-1048
Attachment Information
----------------------
77Q. 1. Exhibits
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
Balanced 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.
