ADVANTUS CORNERSTONE FUND INC
485BPOS, 1999-02-01
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<PAGE>
                                              File Numbers 33-80752 and 811-8586

                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549


                                      Form N-1A

             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  /X/  

                          Pre-Effective Amendment Number ___
   
                          Post-Effective Amendment Number 7
    
                                        and/or


         REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/  
   
                                  Amendment Number 8
    

                           ADVANTUS CORNERSTONE FUND, INC.
                  (Exact Name of Registrant as Specified in Charter)


                 400 ROBERT STREET NORTH, ST. PAUL, MINNESOTA  55101
                       (Address of Principal Executive Offices)
          REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (651) 665-3826


         ERIC J. BENTLEY, 400 ROBERT STREET NORTH, ST. PAUL, MINNESOTA 55101
                      (Name and Address of Agent for Service)  


                                       Copy to:
                              Michael J. Radmer, Esquire
                                 Dorsey & Whitney LLP
                                220 South Sixth Street
                          Minneapolis, Minnesota  55402-1498

   
IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (check appropriate box)
     /X/  immediately upon filing pursuant to paragraph (b)
     / /  On (date) pursuant to paragraph (b)
     / /  60 days after filing pursuant to paragraph (a)(1)
     / /  on (date) pursuant to paragraph (a)(1)
     / /  75 days after filing pursuant to paragraph (a)(2)
     / /  on (date) pursuant to paragraph (a)(2) of Rule 485.
IF APPROPRIATE, CHECK THE FOLLOWING BOX:
     / /  this post-effective amendment designates a new effective date    
          for a previously filed post-effective amendment.
    
<PAGE>

   
Part A and Part B to the Registration Statement on Form N-1A for Advantus 
Cornerstone Fund, Inc. are incorporated herein by reference, in their 
entirety, from Post-Effective Amendment Number 6 filed December 3, 1998.
    
<PAGE>

                              PART C. OTHER INFORMATION

ITEM 23.  EXHIBITS

     The exhibits to this Registration Statement are listed in the Exhibit Index
hereto and are incorporated herein by reference.

ITEM 24.  PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE FUND

Wholly-owned subsidiary of Minnesota Mutual Companies, Inc.:

     Securian Holding Company (Delaware)

Wholly-owned subsidiary of Securian Holding Company:

     Securian Financial Group, Inc. (Delaware)

Wholly-owned subsidiary of Securian Financial Group, Inc.

     Minnesota Life Insurance Company

Wholly-owned subsidiaries of Minnesota Life Insurance Company:

     Advantus Capital Management, Inc.
     HomePlus Insurance Company
     Northstar Life Insurance Company (New York)
     The Ministers Life Insurance Company
     Robert Street Energy, Inc.
     Capitol City Property Management, Inc.
     DataPlan Securities, Inc. (Ohio)
     MIMLIC Imperial Corporation
     MIMLIC Funding, Inc.
     MCM Funding 1997-1, Inc.
     MCM Funding 1998-1, Inc.
     Personal Finance Company (Delaware)
     MIMLIC Venture Corporation
     HomePlus Insurance Agency, Inc.
     Ministers Life Resources, Inc.
     Enterprise Holding Corporation
     Wedgewood Valley Golf, Inc.

Open-end registered investment company offering shares solely to separate
accounts of Minnesota Life Insurance Company:

     Advantus Series Fund, Inc.

Wholly-owned subsidiary of Advantus Capital Management, Inc.:

     Ascend Financial Services, Inc.

Wholly-owned subsidiaries of Ascend Financial Services, Inc.:

     MIMLIC Insurance Agency of Massachusetts, Inc. (Massachusetts)
     MIMLIC Insurance Agency of Texas, Inc. (Texas)
     Ascend Insurance Agency of Nevada, Inc. (Nevada)
     Ascend Insurance Agency of Oklahoma, Inc. (Oklahoma)

<PAGE>


Wholly-owned subsidiaries of Enterprise Holding Corporation:

     Financial Ink Corporation
     Oakleaf Service Corporation
     Concepts in Marketing Research Corporation
     Concepts in Marketing Services Corporation
     Lafayette Litho, Inc.

Wholly-owned subsidiary of HomePlus Insurance Agency, Inc.:

     HomePlus Insurance Agency of Texas, Inc. (Texas)

Majority-owned subsidiaries of MIMLIC Imperial Corporation:

     J. H. Shoemaker Advisory Corporation (Tennessee)
     Consolidated Capital Advisors, Inc. (Tennessee)

Majority-owned subsidiary of Ascend Financial Services, Inc.:

     MIMLIC Insurance Agency of Ohio, Inc. (Ohio)

Majority-owned subsidiaries of Minnesota Life Insurance Company:

     MIMLIC Life Insurance Company (Arizona)
     Advantus Enterprise Fund, Inc.
     Advantus International Balanced Fund, Inc.
     Advantus Venture Fund, Inc.

Fifty percent-owned subsidiary of MIMLIC Imperial Corporation:

     C.R.I. Securities, Inc.

Less than majority owned, but greater than 25% owned, subsidiaries of Minnesota
Life Insurance Company:

     Advantus Money Market Fund, Inc.
     MIMLIC Cash Fund, Inc.
     Advantus Cornerstone Fund, Inc.
     Advantus Index 500 Fund, Inc.

Less than 25% owned subsidiaries of Minnesota Life Insurance Company:

     Advantus Horizon Fund, Inc.
     Advantus Spectrum Fund, Inc.
     Advantus Mortgage Securities Fund, Inc.
     Advantus Bond Fund, Inc.

Unless indicated otherwise parenthetically, each of the above corporations is a
Minnesota corporation.

ITEM 25.  INDEMNIFICATION

     The Articles of Incorporation and Bylaws of the Registrant provide that 
the Registrant shall indemnify such persons, for such expenses and 
liabilities, in such manner, under such circumstances, to the full extent 
permitted by Section 302A.521, Minnesota Statutes, as now enacted or 
hereafter amended, provided that no such indemnification may be made if it 
would be in violation of Section 17(h) of the Investment Company Act of 1940, 
as now

<PAGE>

enacted or hereafter amended. Section 302A.521 of the Minnesota Statutes, as 
now enacted, provides that a corporation shall indemnify a person made or 
threatened to be made a party to a proceeding against judgments, penalties, 
fines, settlements and reasonable expenses, including attorneys' fees and 
disbursements, incurred by the person in connection with the proceeding, if, 
with respect to the acts or omissions of the person complained of in the 
proceeding, the person has not been indemnified by another organization for 
the same judgments, penalties, fines, settlements and reasonable expenses 
incurred by the person in connection with the proceeding with respect to the 
same acts or omissions; acted in good faith; received no improper personal 
benefit and the Minnesota Statute dealing with directors' conflicts of 
interest, if applicable, has been satisfied; in the case of a criminal 
proceeding, had no reasonable cause to believe the conduct was unlawful and 
reasonably believed that the conduct was in the best interests of the 
corporation or, in certain circumstances, reasonably believed that the 
conduct was not opposed to the best interests of the corporation.  

     Section 17(h) of the Investment Company Act of 1940 provides that 
neither the charter, certificate of incorporation, articles of association, 
indenture of trust, nor the by-laws of any registered investment company, nor 
any other instrument pursuant to which such a company is organized or 
administered, shall contain any provisions which protects or purports to 
protect any director or officer of such company against any liability to the 
company or to its security holders to which he would otherwise be subject by 
reason of willful misfeasance, bad faith, gross negligence or reckless 
disregard of duties involved in the conduct of his office.  The staff of the 
Securities and Exchange Commission has stated that it is of the view that an 
indemnification provision does not violate Section 17(h) if it precludes 
indemnification for any liability arising by reason of willful misfeasance, 
bad faith, gross negligence, or reckless disregard of duties ("Disabling 
conduct") and sets forth reasonable and fair means for determining whether 
indemnification shall be made.  In the staff's view, "reasonable and fair 
means" would include (1) a final decision on the merits by a court or other 
body before whom the proceeding was brought that the person to be indemnified 
("indemnitee") was not liable by reason of disabling conduct or, (2) in the 
absence of such a decision, a reasonable determination, based upon a review 
of the facts, that the indemnitee was not liable by reason of disabling 
conduct, by (a) the vote of a majority of a quorum of directors who are 
neither "interested persons" of the company as defined in Section 2(a)(19) of 
the Investment Company Act of 1940 nor parties to the proceeding 
("disinterested, non-party directors") or (b) an independent legal counsel in 
a written opinion.  The dismissal of either a court action or administrative 
proceeding against an indemnitee for insufficiency of evidence of any 
disabling conduct with which he has been charged would, in the staff's view, 
provide reasonable assurance that he was not liable by reason of disabling 
conduct.  The staff also believes that a determination by the vote of a 
majority of a quorum of disinterested, non-party directors would provide 
reasonable assurance that the indemnitee was not liable by reason of 
disabling conduct.

     Insofar as indemnification for liability arising under the Securities 
Act of 1933 may be permitted to directors, officers and controlling persons 
of the Registrant pursuant to the foregoing provisions, or otherwise, the 
Registrant has been advised that in the opinion of the Securities and 
Exchange Commission such indemnification is against public policy as 
expressed in the Act and is, therefore, unenforceable.  In the event that a 
claim for indemnification against such liabilities (other than the payment by 
the Registrant of expenses incurred or paid by a director, officer or 
controlling person of the Registrant in the successful defense of any action, 
suit or

<PAGE>

proceeding) is asserted by such director, officer or controlling person in 
connection with the securities being registered, the Registrant will, unless 
in the opinion of its counsel the matter has been settled by controlling 
precedent, submit to a court of appropriate jurisdiction the question whether 
such indemnification by it is against public policy as expressed in the Act 
and will be governed by the final adjudication of such issue.

ITEM 26.  BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER

Directors and Officers     Office with
Of Investment Adviser   Investment Adviser         Other Business Connections
- ----------------------  ------------------         --------------------------

William N. Westhoff     President, Treasurer       Vice President and Director,
                        and Director               Robert Street Energy, Inc.;
                                                   Senior Vice President and
                                                   Treasurer, Minnesota Life
                                                   Insurance Company;
                                                   President, MCM Funding
                                                   1997-1, Inc.; President, MCM
                                                   Funding 1998-1, Inc.

Frederick P. Feuerherm  Vice President,            Vice President, Minnesota 
                        Assistant Secretary        Life Insurance Company;
                        and Director               Vice President and Director,
                                                   MIMLIC Funding, Inc.; Vice
                                                   President and Assistant
                                                   Secretary, MCM Funding
                                                   1997-1, Inc.; Vice President
                                                   and Assistant Secretary, MCM
                                                   Funding 1998-1, Inc.

Guy M. de Lambert       Vice President,            Second Vice President, 
                        Secretary and              Minnesota Life Insurance
                        Director                   Company; President,
                                                   Secretary and Director,
                                                   Personal Finance Company;
                                                   President and Director,
                                                   Wedgewood Valley Golf, Inc.;
                                                   President and Director,
                                                   MIMLIC Venture Corporation;
                                                   President and Director,
                                                   MIMLIC Funding, Inc.;
                                                   President, Secretary and
                                                   Director, Robert Street
                                                   Energy, Inc.; Vice President
                                                   and Secretary, MCM Funding
                                                   1997-1, Inc.; Vice President
                                                   and Secretary, MCM Funding
                                                   1998-1, Inc.

Lynne M. Mills          Vice President             Second Vice President,
                                                   Minnesota Life Insurance
                                                   Company; Vice President and
                                                   Director, Robert Street
                                                   Energy, Inc.; Vice
                                                   President, MCM Funding
                                                   1997-1, Inc.; Vice

<PAGE>


                                                   President, MCM Funding
                                                   1998-1, Inc.

Dianne Orbison          Vice President             Second Vice President,
                                                   Minnesota Life Insurance
                                                   Company; Vice President and
                                                   Director, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MIMLIC Venture
                                                   Corporation; Vice President
                                                   and Director, MCM Funding
                                                   1998-1, Inc.

Richard W. Worthing     Vice President and         Vice President, MCM Funding
                        Head of Equities           1997-1, Inc.; Vice
                                                   President, MIMLIC Funding,
                                                   Inc.; Vice President, MCM
                                                   Funding 1998-1, Inc.; Second
                                                   Vice President, Minnesota
                                                   Life Insurance Company

James P. Tatera         Vice President,            Second Vice President,
                        Equity Portfolio           Minnesota Life Insurance 
                        Manager                    Company; Vice President,
                                                   MIMLIC Funding, Inc.; Vice
                                                   President and Assistant
                                                   Secretary, MCM Funding
                                                   1997-1, Inc.; Vice President
                                                   and Assistant Secretary, MCM
                                                   Funding 1998-1, Inc.

Marilyn Froelich        Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Director,
                                                   Investment Advisory,
                                                   Minnesota Life Insurance
                                                   Company

Loren Haugland          Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Senior
                                                   Investment Officer,
                                                   Minnesota Life Insurance
                                                   Company

Thomas A. Gunderson     Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Investment
                                                   Officer, Total Return,
                                                   Minnesota Life Insurance
                                                   Company

Kent R. Weber           Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding

<PAGE>


                                                   1998-1, Inc.; Investment
                                                   Officer, Total Return,
                                                   Minnesota Life Insurance
                                                   Company

Jeffrey R. Erickson     Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Investment
                                                   Officer, Total Return,
                                                   Minnesota Life Insurance
                                                   Company

Gary A. Aster           Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Investment
                                                   Officer, Equities, Minnesota
                                                   Life Insurance Company

Wayne R. Schmidt        Vice President             Secretary and Treasurer,
                                                   MIMLIC Funding, Inc.;
                                                   Assistant Secretary and
                                                   Treasurer, Robert Street
                                                   Energy, Inc.; Vice President
                                                   and Secretary, MIMLIC
                                                   Imperial Corporation; Vice
                                                   President and Assistant
                                                   Secretary, MCM Funding
                                                   1997-1, Inc.; Vice President
                                                   and Assistant Secretary, MCM
                                                   Funding 1998-1, Inc.;
                                                   Investment Officer - Fixed
                                                   Income PM, Minnesota Life
                                                   Insurance Company

Joseph R. Betlej        Vice President             Vice President, Secretary
                                                   and Director, Wedgewood
                                                   Valley Golf, Inc.; Vice
                                                   President and Secretary,
                                                   MIMLIC Venture Corporation;
                                                   Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Senior
                                                   Investment Officer,
                                                   Minnesota Life Insurance
                                                   Company

Steven Laude            Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Senior
                                                   Investment Officer - Fixed
                                                   Income, Minnesota Life
                                                   Insurance Company


<PAGE>

Erica Bergsland         Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Senior
                                                   Investment Officer -
                                                   Mortgage, Minnesota Life
                                                   Insurance Company

Thomas G. Meyer         Vice President             Vice President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.; Director,
                                                   Marketing Development,
                                                   Minnesota Life Insurance
                                                   Company

Rodney Hare             Vice President             Director of Institutional
                                                   Marketing, Minnesota Life
                                                   Insurance Company; Vice
                                                   President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.

Gary Kleist             Financial Vice             Director, Investment
                        President                  Operations, Minnesota Life
                                                   Insurance Company; Vice
                                                   President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding,
                                                   1998-1, Inc.

Sean O'Connell          Vice President             Senior Investment Officer -
                                                   Mortgage, Minnesota Life
                                                   Insurance Company; Vice
                                                   President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.

John Leiviska           Vice President             Senior Investment Officer -
                                                   Fixed Income, Minnesota Life
                                                   Insurance Company; Vice
                                                   President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.

Annette Masterson       Vice President             Senior Investment Officer -
                                                   Fixed Income, Minnesota Life
                                                   Insurance Company; Vice
                                                   President, MCM Funding
                                                   1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.

Mark L. Henneman        Vice President             Value Portfolio Manager,
                                                   Minnesota Life Insurance

<PAGE>


                                                   Company; Vice President, MCM
                                                   Funding 1997-1, Inc.; Vice
                                                   President, MCM Funding
                                                   1998-1, Inc.

Kevin J. Hiniker        Associate General          Investment Officer - Law
                        Counsel                    and Assistant Secretary,
                                                   Minnesota Life Insurance
                                                   Company; Assistant
                                                   Secretary, Robert Street
                                                   Energy, Inc.; Assistant
                                                   Secretary, MCM Funding
                                                   1997-1, Inc.; Assistant
                                                   Secretary, MCM Funding
                                                   1998-1, Inc.

ITEM 27.  PRINCIPAL UNDERWRITERS

     (a)  Ascend Financial Services, Inc. currently acts as a principal
underwriter for the following investment companies:

          Advantus Horizon Fund, Inc.
          Advantus Spectrum Fund, Inc.
          Advantus Mortgage Securities Fund, Inc.
          Advantus Money Market Fund, Inc.
          Advantus Bond Fund, Inc.
          Advantus Cornerstone Fund, Inc.
          Advantus Enterprise Fund, Inc.
          Advantus International Balanced Fund, Inc.
          Advantus Venture Fund, Inc.
          Advantus Index 500 Fund, Inc.
          MIMLIC Cash Fund, Inc.
          Variable Fund D
          Variable Annuity Account
          Minnesota Life Variable Life Account
          Group Variable Annuity Account
          Minnesota Life Variable Universal Life Account

     (b)  The name and principal business address, positions and offices with
Ascend Financial Services, Inc., and positions and offices with Registrant of
each director and officer of Ascend Financial Services, Inc. is as follows:

<TABLE>
<CAPTION>
                                        Positions and                  Positions and
Name and Principal                      Offices                        Offices
Business Address                        with Underwriter               with Registrant
- ----------------                        ----------------               ---------------
<S>                                     <C>                            <C>


Robert E. Hunstad                       Director                       None
Minnesota Life 
  Insurance Company
400 Robert Street North
St. Paul, Minnesota 55101

George I. Connolly                      President, Chief               None
Ascend Financial Services, Inc.         Executive Officer, Chief
400 Robert Street North                 Compliance Officer and
St. Paul, Minnesota 55101               Director

<PAGE>


Margaret Milosevich                     Vice President, Chief          Assistant 
Ascend Financial Services, Inc.         Operations Officer,            Secretary
400 Robert Street North                 Treasurer and Secretary
St. Paul, Minnesota 55101

Dennis E. Prohofsky                     Director                       None
Minnesota Life 
  Insurance Company
400 Robert Street North
St. Paul, Minnesota 55101

Thomas L. Clark                         Assistant Treasurer            Assistant
Ascend Financial Services, Inc.         and Assistant Secretary        Secretary
400 Robert Street North
St. Paul, Minnesota 55101

</TABLE>

          (a)  Not applicable.




ITEM 28.  LOCATION OF ACCOUNTS AND RECORDS

          The physical possession of the accounts, books and other documents
required to be maintained by Section 3(a) of the Investment Company Act of 1940
and Rules 31a-1 to 31a-3 promulgated thereunder is maintained by Minnesota Life,
400 Robert Street North, St. Paul, Minnesota 55101; except that the physical
possession of certain accounts, books and other documents related to the custody
of the Registrant's securities is maintained by the following custodian:

          U.S. Bank National Association
          180 East Fifth Street
          St. Paul, Minnesota  55101

ITEM 29.  MANAGEMENT SERVICES

          Not applicable.

ITEM 30.  UNDERTAKINGS

          (a)  Not applicable.

          (b)  Not applicable.

          (c)  The Registrant hereby undertakes to furnish, upon request and
without charge to each person to whom a prospectus is delivered, a copy of the
Registrant's latest annual report to shareholders containing the information
called for by Item 5A.

<PAGE>


                                      SIGNATURES

   
          Pursuant to the requirements of the Securities Act of 1933 and the 
Investment Company Act of 1940 the Registrant certifies that it meets all of 
the requirements for effectiveness of this Registration Statement pursuant to 
Rule 485(b) under the Securities Act of 1933 and has duly caused this 
Post-Effective Amendment to its Registration Statement to be signed on its 
behalf by the undersigned, thereto duly authorized, in the City of St. Paul 
and the State of Minnesota on the 1st day of February, 1999.
    

                                   ADVANTUS CORNERSTONE FUND, INC.
                                   Registrant


                                   By  
                                           ------------------------------
                                           William N. Westhoff, President


          Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to the Registration Statement has been signed below by
the following persons in the capacities and on the date indicated.


   
                                   President (principal        February 1, 1999
- -------------------------          executive officer)
  William N. Westhoff              and Director
                                   


                                   Director and Treasurer      February 1, 1999
- -------------------------          (principal financial
  Frederick P. Feuerherm           and accounting officer)
                                   


  Ralph D. Ebbott*            Director)
- -------------------------
  Ralph D. Ebbott                     )             By
                                                      ---------------------
                                      )                William N. Westhoff
                                      )                 Attorney-in-Fact
  Charles E. Arner*           Director)
- -------------------------
  Charles E. Arner                    )             Dated: February 1, 1999
                                      )
                                      )
  Ellen S. Berscheid*         Director)
- -------------------------
  Ellen S. Berscheid                  )
    

- -------------------




*Registrant's director executing power of attorney dated October 22, 1998, a
copy of which is filed herewith.

<PAGE>


                           ADVANTUS CORNERSTONE FUND, INC.
                                    EXHIBIT INDEX

Exhibit Number and Description:

(a)       Articles of Incorporation for the Registrant. (1)

(b)       Bylaws of the Registrant. (1)

(c)       Not applicable.

(d)       Investment Advisory Agreement between Advantus Capital Management,
          Inc. and the Registrant. (1)
   
(e)(1)    Underwriting and Distribution Agreement between the Registrant and
          Ascend Financial Services, Inc. (2)
    
   
(e)(2)    Form of Dealer Sales Agreement between Ascend Financial Services,
          Inc., principal underwriter for the Registrant, and dealers. (2)
    
(f)       Not applicable.

(g)       Custodian Agreement between the Registrant and First Trust National
          Association. (1)
   
(h)       Shareholder and Administrative Services Agreement between the
          Registrant and The Minnesota Mutual Life Insurance Company. (2)
    
   
(i)       Opinion and Consent of Dorsey & Whitney LLP. 
    
   
(j)       Consent of KPMG Peat Marwick LLP. (2)
    
(k)       Not applicable.

(l)(1)    Letter of Investment Intent regarding the Registrant's initial capital
          from MIMLIC Asset Management Company. (1)

(l)(2)    Letter of Investment Intent regarding the Registrant's initial capital
          from The Minnesota Mutual Life Insurance Company. (1)
   
(m)(1)    Plan of Distribution for Class A shares of the Registrant. (2)
    
(m)(2)    Plan of Distribution for Class B shares of the Registrant. (1)

(m)(3)    Plan of Distribution for Class C shares of the Registrant. (1)

(n)(1)    Financial Data Schedule for Class A shares of the Registrant.

(n)(2)    Financial Data Schedule for Class B shares of the Registrant.

(n)(3)    Financial Data Schedule for Class C shares of the Registrant.
   
(o)       Multiple Class Plan pursuant to Rule 18f-3. (2)
    
(p)       Power of Attorney to sign Registration Statement executed by Directors
          of Registrant.
- -------------------


<PAGE>

(1)  Incorporated by reference to the Registrant's Registration Statement on
Form N-1A filed January 26, 1996.
   
(2)  Incorporated by reference to the Registrant's Registration Statement on 
Form N-1A filed December 3, 1998.
    

<PAGE>

                                     [LETTERHEAD]

Advantus Cornerstone Fund, Inc.
400 Robert Street North
St. Paul, Minnesota 55101

Ladies and Gentlemen:

          We have acted as counsel to Advantus Cornerstone Fund, Inc., a
Minnesota corporation (the "Fund"), in connection with a Registration Statement
on Form N-1A (File Nos. 33-80752 and 811-8586) (the "Registration Statement")
relating to the sale by the Fund of an indefinite number of shares of the Fund's
Class A Common Shares, Class B Common Shares and Class C Common Shares, each
with a par value of $.01 per share (the "Shares").

          We have examined such documents and have reviewed such questions of
law as we have considered necessary and appropriate for the purposes of our
opinions set forth below.  In rendering our opinions set forth below, we have
assumed the authenticity of all documents submitted to us as originals, the
genuineness of all signatures and the conformity to authentic originals of all
documents submitted to us as copies.  We have also assumed the legal capacity
for all purposes relevant hereto of all natural persons and, with respect to all
parties to agreements or instruments relevant hereto other than the Fund, that
such parties had the requisite power and authority (corporate or otherwise) to
execute, deliver and perform such agreements or instruments, that such
agreements or instruments have been duly authorized by all requisite action
(corporate or otherwise), executed and delivered by such parties and that such
agreements or instruments are the valid, binding and enforceable obligations of
such parties.  As to questions of fact material to our opinions, we have relied
upon certificates of officers of the Fund and of public officials.  We have also
assumed that the Shares will be issued and sold as described in the Registration
Statement.

          Based on the foregoing, we are of the opinion that upon issuance,
delivery and payment for the Shares as described in the Registration Statement,
the Shares will be validly issued, fully paid and nonassessable.

<PAGE>

Advantus Cornerstone Fund, Inc.
January 29, 1999
Page 2

          We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the references to our firm under the caption
"Service Providers" in the Prospectus and under the caption "Investment Advisory
and Other Services" in the Statement of Additional Information, each
constituting part of the Registration Statement.

Dated: January 29, 1999

                                   Very truly yours,

                                   /s/ Dorsey & Whitney LLP



KLP

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM N-SAR
AND IS QUALIFIED IN ITS ENTIRETY BY REFERNCE TO SUCH FORM N-SAR.
</LEGEND>
<RESTATED> 
<CIK> 0000926023
<NAME> MULTI CLASS ADVANTUS CORNERSTONE FUND
<SERIES>
   <NUMBER> 100
   <NAME> CLASS A
<MULTIPLIER> 1000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             OCT-01-1997
<PERIOD-END>                               SEP-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          119,619
<INVESTMENTS-AT-VALUE>                         120,128
<RECEIVABLES>                                      517
<ASSETS-OTHER>                                      14
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 120,659
<PAYABLE-FOR-SECURITIES>                         2,306
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          250
<TOTAL-LIABILITIES>                              2,556
<SENIOR-EQUITY>                                     85
<PAID-IN-CAPITAL-COMMON>                       121,892
<SHARES-COMMON-STOCK>                            6,758
<SHARES-COMMON-PRIOR>                            5,746
<ACCUMULATED-NII-CURRENT>                           19
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (4,403)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           510
<NET-ASSETS>                                    93,833
<DIVIDEND-INCOME>                                2,472
<INTEREST-INCOME>                                  437
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,794
<NET-INVESTMENT-INCOME>                          1,115
<REALIZED-GAINS-CURRENT>                         (958)
<APPREC-INCREASE-CURRENT>                     (23,581)
<NET-CHANGE-FROM-OPS>                         (23,424)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        1,055
<DISTRIBUTIONS-OF-GAINS>                        10,893
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          1,800
<NUMBER-OF-SHARES-REDEEMED>                      1,343
<SHARES-REINVESTED>                                555
<NET-CHANGE-IN-ASSETS>                        (14,023)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       10,124
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,091
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,901
<AVERAGE-NET-ASSETS>                           109,202
<PER-SHARE-NAV-BEGIN>                            18.68
<PER-SHARE-NII>                                   0.16
<PER-SHARE-GAIN-APPREC>                         (3.04)
<PER-SHARE-DIVIDEND>                              0.16
<PER-SHARE-DISTRIBUTIONS>                         1.76
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.88
<EXPENSE-RATIO>                                   1.16
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM N-SAR
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM N-SAR.
</LEGEND>
<RESTATED> 
<CIK> 0000926023
<NAME> MULTI CLASS ADVANTUS CORNERSTONE FUND
<SERIES>
   <NUMBER> 101
   <NAME> CLASS B
<MULTIPLIER> 1000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             OCT-01-1997
<PERIOD-END>                               SEP-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          119,619
<INVESTMENTS-AT-VALUE>                         120,128
<RECEIVABLES>                                      517
<ASSETS-OTHER>                                      14
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 120,659
<PAYABLE-FOR-SECURITIES>                         2,306
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          250
<TOTAL-LIABILITIES>                              2,556
<SENIOR-EQUITY>                                     85
<PAID-IN-CAPITAL-COMMON>                       121,892
<SHARES-COMMON-STOCK>                            1,543
<SHARES-COMMON-PRIOR>                            1,156
<ACCUMULATED-NII-CURRENT>                           19
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (4,403)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           510
<NET-ASSETS>                                    21,176
<DIVIDEND-INCOME>                                2,472
<INTEREST-INCOME>                                  437
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,794
<NET-INVESTMENT-INCOME>                          1,115
<REALIZED-GAINS-CURRENT>                         (958)
<APPREC-INCREASE-CURRENT>                     (23,581)
<NET-CHANGE-FROM-OPS>                         (23,424)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           55
<DISTRIBUTIONS-OF-GAINS>                         2,298
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            706
<NUMBER-OF-SHARES-REDEEMED>                        463
<SHARES-REINVESTED>                                144
<NET-CHANGE-IN-ASSETS>                        (14,023)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       10,124
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,091
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,901
<AVERAGE-NET-ASSETS>                            23,593
<PER-SHARE-NAV-BEGIN>                            18.52
<PER-SHARE-NII>                                   0.03
<PER-SHARE-GAIN-APPREC>                         (3.02)
<PER-SHARE-DIVIDEND>                              0.04
<PER-SHARE-DISTRIBUTIONS>                         1.76
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.73
<EXPENSE-RATIO>                                   1.95
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM N-SAR
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM N-SAR.
</LEGEND>
<RESTATED> 
<CIK> 0000926023
<NAME> MULTI CLASS ADVANTUS CORNERSTONE FUND
<SERIES>
   <NUMBER> 102
   <NAME> CLASS C
<MULTIPLIER> 1000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             OCT-01-1997
<PERIOD-END>                               SEP-30-1998
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          119,619
<INVESTMENTS-AT-VALUE>                         120,128
<RECEIVABLES>                                      517
<ASSETS-OTHER>                                      14
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 120,659
<PAYABLE-FOR-SECURITIES>                         2,306
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          250
<TOTAL-LIABILITIES>                              2,556
<SENIOR-EQUITY>                                     85
<PAID-IN-CAPITAL-COMMON>                       121,892
<SHARES-COMMON-STOCK>                              226
<SHARES-COMMON-PRIOR>                              184
<ACCUMULATED-NII-CURRENT>                           19
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (4,403)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           510
<NET-ASSETS>                                     3,094
<DIVIDEND-INCOME>                                2,472
<INTEREST-INCOME>                                  437
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,794
<NET-INVESTMENT-INCOME>                          1,115
<REALIZED-GAINS-CURRENT>                         (958)
<APPREC-INCREASE-CURRENT>                     (23,581)
<NET-CHANGE-FROM-OPS>                         (23,424)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            7
<DISTRIBUTIONS-OF-GAINS>                           379
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            169
<NUMBER-OF-SHARES-REDEEMED>                        150
<SHARES-REINVESTED>                                 23
<NET-CHANGE-IN-ASSETS>                        (14,023)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       10,124
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            1,091
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,901
<AVERAGE-NET-ASSETS>                             3,621
<PER-SHARE-NAV-BEGIN>                            18.48
<PER-SHARE-NII>                                   0.03
<PER-SHARE-GAIN-APPREC>                         (3.04)
<PER-SHARE-DIVIDEND>                              0.03
<PER-SHARE-DISTRIBUTIONS>                         1.76
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              13.68
<EXPENSE-RATIO>                                   1.95
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<PAGE>

                                    POWER OF ATTORNEY
                              TO SIGN REGISTRATION STATEMENT


        The undersigned, Directors of Advantus Horizon Fund, Inc., Advantus 
Spectrum Fund, Inc., Advantus Mortgage Securities Fund, Inc., Advantus Money 
Market Fund, Inc., Advantus Bond Fund, Inc., Advantus Cornerstone Fund, Inc., 
Advantus Enterprise Fund, Inc., Advantus International Balanced Fund, Inc., 
Advantus Venture Fund, Inc., Advantus Index 500 Fund, Inc., Advantus Real 
Estate Securities Fund, Inc., MIMLIC Cash Fund, Inc., and Advantus Series 
Fund, Inc.  (the "Funds"), appoint William N. Westhoff, Eric J. Bentley, 
Donald F. Gruber and Michael J. Radmer, and each of them individually, as 
attorney-in-fact for the purpose of signing in their names and on their 
behalf as Directors of the Funds and filing with the Securities and Exchange 
Commission Registration Statements on Form N-1A, or any amendments thereto, 
for the purpose of registering shares of Common Stock of the Funds for sale 
by the Funds and to register the Funds under the Investment Company Act of 
1940.



Dated:  October 22, 1998                 /s/Charles E. Arner               
                                         -----------------------------------
                                                   Charles E. Arner



                                         /s/Ellen S. Berscheid             
                                         -----------------------------------
                                                  Ellen S. Berscheid



                                         /s/Ralph D. Ebbott             
                                         -----------------------------------
                                                 Ralph D. Ebbott



                                         /s/Frederick P. Feuerherm            
                                         -----------------------------------
                                                 Frederick P. Feuerherm



                                         /s/William N. Westhoff
                                         -----------------------------------
                                                William N. Westhoff


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