<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000831115
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MILWAUKEE LAND COMPANY
001 B000000 811-5517
001 C000000 3122940497
002 A000000 547 W. JACKSON BOULEVARD, SUITE 1510
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60661
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010200 2
007 C010300 3
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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007 C011000 10
008 A000001 OFFITBANK
008 B000001 A
008 C000001 801-000000
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
012 A000001 LASALLE NATIONAL TRUST, N.A.
012 B000001 85-000000
012 C010001 CHICAGO
012 C020001 IL
012 C030001 60690
012 C040001 0000
013 A000001 ERNST & YOUNG LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60606
013 B040001 6301
015 A000001 NORWEST BANK MINNESOTA, N.A.
015 B000001 C
<PAGE> PAGE 2
015 C010001 MINNEAPOLIS
015 C020001 MN
015 C030001 55479
015 C040001 0047
015 E010001 X
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022 C000002 2542
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022 A000003 NORWEST BANK
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022 A000004 NATIONS BANK TRUST COMPANY
022 C000004 2246
022 D000004 549
022 A000005 LEHMAN BROTHERS
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022 D000005 0
022 A000006 CLARK, G.X. & COMPANY
022 C000006 809
022 D000006 330
022 A000007 DONALDSON, LUFKIN & JENRETT
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022 D000007 367
022 A000008 SMITH BARNEY
022 C000008 0
022 D000008 353
022 A000009 J.P. MORGAN SECURITIES
022 C000009 0
022 D000009 323
022 A000010 BANK OF NEW YORK
022 C000010 250
022 D000010 0
023 C000000 14700
023 D000000 7039
<PAGE> PAGE 3
024 000000 N
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<PAGE> PAGE 4
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<PAGE> PAGE 5
054 D000000 N
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<PAGE> PAGE 6
069 000000 N
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070 E010000 N
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070 H020000 N
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070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
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<PAGE> PAGE 7
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<PAGE> PAGE 8
074 U020000 0
074 V010000 10.59
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075 B000000 18785
076 000000 6.75
077 A000000 Y
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077 Q030000 N
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080 C000000 300
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084 B000000 0
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086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK $0.30 PAR VALUE PER SHARE
087 A020000 60230210
087 A030000 MWK
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE DAVE KOZISEK
TITLE
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from Registrant's
Report on Form N-SAR for the period ended June 30, 1996 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 22,186
<INVESTMENTS-AT-VALUE> 16,953
<RECEIVABLES> 1,566
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 823
<TOTAL-ASSETS> 19,352
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,653
<TOTAL-LIABILITIES> 1,653
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,973
<SHARES-COMMON-STOCK> 501
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10,200
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 512
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,487)
<NET-ASSETS> 17,699
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 374
<OTHER-INCOME> 212
<EXPENSES-NET> 571
<NET-INVESTMENT-INCOME> 15
<REALIZED-GAINS-CURRENT> 49
<APPREC-INCREASE-CURRENT> (1,334)
<NET-CHANGE-FROM-OPS> (1,270)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,270)
<ACCUMULATED-NII-PRIOR> 10,185
<ACCUMULATED-GAINS-PRIOR> 463
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (713)
<AVERAGE-NET-ASSETS> 18,785
<PER-SHARE-NAV-BEGIN> 11.35
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.77)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> (2.66)
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
