<PAGE> PAGE 1
000 A000000 06/30/97
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000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 U
001 A000000 MILWAUKEE LAND COMPANY
001 B000000 811-5517
001 C000000 3122940497
002 A000000 547 W. JACKSON BLVD. SUITE 1510
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60661
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
022 A000001 CUSTODIAL TRUST CO.
022 C000001 22169
022 D000001 0
022 A000002 BARCLAYS DE ZOETE
022 C000002 0
022 D000002 10673
022 A000003 CLARK G.X. & CO.
022 C000003 699
022 D000003 4804
022 A000004 NORWEST BANK
022 C000004 1585
022 D000004 1293
022 A000005 GOLDMAN SACHS
022 C000005 0
022 D000005 2429
022 A000006 SMITH BARNEY
022 C000006 0
022 D000006 1201
022 A000007 SPEAR LEEDS & KELLOGG
022 C000007 828
022 D000007 99
022 A000008 PAINE WEBBER JACKSON & CURTIS
022 C000008 0
022 D000008 564
022 A000009 DAIWA SECURITIES
022 C000009 249
022 D000009 274
022 A000010 MERRILL, LYNCH, PIERCE, FENNER & SMITH
022 C000010 0
<PAGE> PAGE 2
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023 C000000 25728
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<PAGE> PAGE 3
072 T000000 0
072 U000000 0
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072 X000000 760
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076 000000 9.75
<PAGE> PAGE 4
077 A000000 Y
077 C000000 Y
077 E000000 Y
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077 Q030000 N
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE DAVE KOZISEK
TITLE
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM REGISTRANT'S REPORT ON FORM N-SAR FOR THE SIX MONTHS ENDED
JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BT REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 25,898
<INVESTMENTS-AT-VALUE> 21,585
<RECEIVABLES> 284
<ASSETS-OTHER> 148
<OTHER-ITEMS-ASSETS> 190
<TOTAL-ASSETS> 22,207
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 3,000
<OTHER-ITEMS-LIABILITIES> 1,628
<TOTAL-LIABILITIES> 4,628
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,773
<SHARES-COMMON-STOCK> 501
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10,080
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 539
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,314)
<NET-ASSETS> 17,579
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 289
<OTHER-INCOME> 218
<EXPENSES-NET> 760
<NET-INVESTMENT-INCOME> (253)
<REALIZED-GAINS-CURRENT> (52)
<APPREC-INCREASE-CURRENT> 300
<NET-CHANGE-FROM-OPS> (5)
<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> (5)
<ACCUMULATED-NII-PRIOR> 10,332
<ACCUMULATED-GAINS-PRIOR> 590
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 760
<AVERAGE-NET-ASSETS> 17,104
<PER-SHARE-NAV-BEGIN> 10.52
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> 8.88
<AVG-DEBT-OUTSTANDING> 500
<AVG-DEBT-PER-SHARE> .30
</TABLE>
