0000950131-97-002869 N-30B-2 1 19970331 19970429 NONE BAKER FENTRESS & CO ET AL 0000009235 0000 360767530 DE 1231 N-30B-2 40 811-02144 97589127 200 W MADISON ST STE 3510 CHICAGO IL 60606 3122369190 N-30B-2 1 000095013197002869-001-seq1-n-30b-2.txt 1ST QUARTER REPORT FOR BAKER, FENTRESS & COMPANY