NEWS RELEASE FOR IMMEDIATE RELEASE
DATE:
THURSDAY, APRIL 4, 2002
FROM: BLUE CHIP VALUE FUND, INC.
1225 17TH STREET, 26TH FLOOR
DENVER, COLORADO 80202
CONTACT: MARGARET JURADO, INVESTOR RELATIONS
(800) 624-4190
SMOOTH TRANSITION ENSURED FOR BLUE CHIP VALUE FUND
Denver--Denver Investment Advisors LLC, investment adviser of the Denver-based Blue Chip Value Fund, Inc., has appointed Vice President and Research Analyst Mark M. Adelmann, CFA, CPA, portfolio manager replacing Charlotte T. Petersen, CFA, who will leave the firm on June 1, 2002 to spend more time with her family.
"Mr. Adelmann has been a key player in the management of the Blue Chip Value Fund since his arrival at the firm in 1995 and has worked closely with Ms. Petersen. He has been responsible for a significant part of the Fund?s success because of his strong analytical skills and extensive knowledge of accounting," said Jeffrey D. Adams, Executive Manager of Denver Investment Advisors. "This, along with Ms. Petersen?s commitment to remain with the firm until the changeover is finalized, makes Mr. Adelmann?s appointment a natural fit, and ensures a smooth transition." Prior to joining Denver Investment Advisors, Mr. Adelmann spent 15 years as an auditor with Deloitte & Touche.
Blue Chip Value Fund is a closed-end mutual fund that trades on the New York Stock Exchange (NYSE) under the ticker BLU. The Fund seeks a high level of total return by investing at least 80% of its assets in equity securities of well-established companies headquartered in the United States, such as those included in the Standard & Poor?s 500 Composite Stock Index. Normally, the Fund will have approximately 50 stocks within the portfolio.
Blue Chip Value Fund has built a longstanding track record of strong performance, producing annualized returns of (2.97%) and 14.07% for the one-year period, 9.75% and 10.90% for the five-year period, and 11.85% and 13.90% for the 10-year period, at NAV and Market Price, respectively, as of December 31, 2001. This compares to returns of (11.88%), 10.70%, and 12.94% for the Fund?s benchmark, the S&P 500 Index, over the same time periods.
Founded in 1958, Denver Investment Advisors LLC is recognized for providing research-driven investment management services to a diverse roster of institutional clients nationwide. With over $6 billion in assets under management, Denver Investment Advisors provides proven expertise across a full range of asset classes, including U.S. growth and value equity, international equity, U.S. fixed income and U.S. balanced.
# # #
Past performance is not indicative of future results. Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund?s dividend reinvestment plan. Rights offerings, if any, are assumed to be fully subscribed under the terms of the rights offering. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on the net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods. Blue Chip Value Fund shares are not insured by the FDIC, the Federal Reserve Board or any other agency and are subject to investment risk.