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BAKER FENTRESS DECLARES YEAR-END $0.28 DIVIDEND; 1993 CAPITAL GAIN DISTRIBUTION TOTALS $1.76

 CHICAGO, Nov. 4 /PRNewswire/ -- Baker, Fentress & Company (NYSE: BKF), a closed-end fund, announced today that year-end distributions would total $2.04 per share, consisting of $1.76 in realized long-term capital gain and $0.28 from net investment income and net realized short-term gain. Payment will be made Dec. 21, 1993, on 24,197,843 shares expected to be of record on Nov. 30, 1993, which includes new shares issued during the company's recent rights offering.
 The $1.76 long-term gain distribution includes an aggregate of $13,916,243 declared Sept. 9, 1993, from long-term gain realized during the November-December 1992 period, but not distributed, and an aggregate $26,671,960 of 1993 gain declared on Nov. 4, 1993.
 The long-term gain distribution is payable in company shares, but shareholders will have the option of receiving the distribution all in cash, or in a combination of 70 percent company shares and 30 percent cash.
 The year-end dividend of $0.28 per share from net investment income and short-term gain, added to the $0.20 per share mid-year dividend the company paid on June 7, 1993, results in 1993 ordinary income dividends of $0.48 per share.
 The company's practice is to make calendar year distributions totaling at least 8 percent of average net assets for the 12-month period ended Oct. 31 of that year. For the 12 months ended Oct. 31, 1993, the company's average net assets were $433 million, or $17 per share (including the additional shares outstanding after the rights offering). The total 1993 calendar year distributions were 12.3 percent of the corresponding net assets.
 Because Baker, Fentress stock trades at a discount to net asset value, total 1993 distribution as a percent of the stock's average market price over the same period was 14.7 percent.
 -0- 11/4/93
 /CONTACT: James P. Koeneman, 312-236-9190, or Phillip A. Urion, 312-346-0123/
 (BKF)


CO: Baker, Fentress & Company ST: Illinois IN: FIN SU: DIV

JS -- NY079 -- 0772 11/04/93 13:26 EST
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Publication:PR Newswire
Date:Nov 4, 1993
Words:334
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