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CHICAGO MILWAUKEE REPORTS 1991 OPERATING RESULTS

 CHICAGO MILWAUKEE REPORTS 1991 OPERATING RESULTS
 CHICAGO, Feb. 26 /PRNewswire/ -- Chicago Milwaukee Corp.


(NYSE: CHG), a closed-end, non-diversified, management investment company, today reported results for the year ended Dec. 31, 1991.
 The net increase in net assets resulting from operations for the year ended Dec. 31, 1991, was $29.1 million.
 Net investment income totalled $17.5 million for 1991. This compared to $19.8 million for 1990. The results for 1990 include real estate operations which were transferred to Heartland Partners, L.P. on June 27, 1990.
 Net realized gains on sales of investments for 1991 totalled $8.2 million. This compared to $2.6 million in 1990.
 Net change in unrealized appreciation on investments at Dec. 31, 1991, resulted in an increase of approximately $3.4 million from Dec. 31, 1990.
 Net assets at Dec. 31, 1991, totalled $281.0 million. Net asset value per common share was $151.49 at Dec. 31, 1991, based on 1,671,238 shares outstanding.
 As of Dec. 31, 1991, the company has repurchased 471,200 shares of its common stock and 39,000 shares of its preferred stock for approximately $63.2 million under the company's stock repurchase program.
 On Dec. 1, 1991, the company paid a $2.50 per share cash dividend on its $5 prior preferred stock and on Dec. 27, 1991, the company paid a $12.04 per share cash dividend on its common stock. The common stock dividend was in accordance with the distribution requirements applicable to regulated investment companies to distribute substantially all of its annual taxable income. The company intends to elect to be treated as a "regulated investment company" for federal income tax purposes beginning with the 1991 taxable year.
 CHICAGO MILWAUKEE CORP. & SUBSIDIARY
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 Period ended Year
 Dec. 31, 1991
 Investment income $21,756,556
 Total expenses 4,231,930
 Net investment income 17,524,626
 Net realized and unrealized
 gain on investments 11,622,428
 Net increase in net assets
 from operations $29,147,054
 CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
 1991 1990
 Investment at fair value $289,110,053 $310,092,118
 All other assets 7,171,219 8,780,487
 Total assets 296,281,272 318,872,605
 Total liabilities 15,243,022 17,514,715
 Net assets $281,038,250 $301,357,890
 Net asset value per
 common share $ 151.49 $ 145.91
 Common shares outstanding 1,671,238 1,868,938
 -0- 2/26/92
 /CONTACT: Michael Millar of Dragonette, 312-565-4300; or Leon F. Fiorentino of Heartland Partners, 312-294-0440/
 (CHG) CO: Chicago Milwaukee Corp. ST: Illinois IN: FIN SU: ERN SH -- NY053 -- 2837 02/26/92 13:18 EST
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Date:Feb 26, 1992
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