0000950131-97-004918 N-30D 1 19970630 19970812 NONE BAKER FENTRESS & CO ET AL 0000009235 0000 360767530 DE 1231 N-30D 40 811-02144 97656102 200 W MADISON ST STE 3510 CHICAGO IL 60606 3122369190 N-30D 1 000095013197004918-001-seq1-n-30d.txt SEMI ANNUAL REPORT DTD 6/30/97