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BAKER FENTRESS DECLARES YEAR-END $0.20 DIVIDEND PLUS $1.15 1991 CAPITAL GAIN DISTRIBUTION

 BAKER FENTRESS DECLARES YEAR-END $0.20 DIVIDEND
 PLUS $1.15 1991 CAPITAL GAIN DISTRIBUTION
 CHICAGO, Nov. 20 /PRNewswire/ -- Directors of Baker, Fentress & Company (NYSE: BKF), a Chicago-based closed-end fund, today declared a 1991 realized long-term capital gain distribution of $1.15 per share, payable Dec. 26, 1991, to shareholders of record Dec. 11. The directors also announced that any additional capital gain realized through the end of this year will be distributed to shareholders late in 1992.
 Shareholders will have the option of receiving this distribution in one of three forms: all in company shares, all in cash, or a combination of 70 percent company shares and 30 percent cash.
 The directors also declared a year-end dividend of $0.20 per share from undistributed net investment income, payable Dec. 26, 1991, to shareholders of record Dec. 11. During 1991 the company previously paid three $0.125 per share quarterly dividends from net investment income. The fourth-quarter dividend is included as part of the year-end dividend, resulting in total 1991 dividends of $0.575 per share.
 The company's policy is to pay annually to shareholders a total of dividends and capital gain distributions that equal at least 8 percent of the average net asset value for the 12-month period ended Oct. 31 of that year. For 1991, the relevant average net asset value was $20.43 per share, making the total 1991 calendar year distributions about 8.4 percent of the target payout.
 Because Baker Fentress stock trades at a discount to net asset value, total 1991 distributions as a percent of market price is even higher.
 -0- 11/20/91
 /CONTACT: James P. Koeneman, 312-236-9190, or Philip A. Urion, 312-346-0123, both for Baker Fentress/
 (BKF) CO: Baker, Fentress & Company ST: Illinois IN: FIN SU: DIV


CK -- NY068 -- 5491 11/20/91 14:26 EST
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Publication:PR Newswire
Date:Nov 20, 1991
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