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Denver, Colorado
March 31, 2008

To Our Stockholders:

It is our pleasure to invite you to your Fund’s Annual Meeting of Stockholders to be held at the
offices of Denver Investment Advisors LLC, 1225 Seventeenth Street, 26th Floor, Denver, Colorado, on
Tuesday, May 6, 2008, at 11:00 AM (Mountain time). Formal notice of the meeting appears on the next
page and is followed by the Proxy Statement.

We hope you will find it convenient to attend, but we urge you, in any event, to complete and
return the enclosed proxy in the envelope provided. You may also choose to cast your vote by
telephone, instead of by mail. If you do attend, you may vote in person if you so desire.

The Annual Report of the Blue Chip Value Fund, Inc. for the year ended December 31, 2007 has
previously been mailed to stockholders of record. It is enclosed with this mailing to beneficial owners
of the Fund’s stock who may not have previously received it. The Annual Report is not to be considered
proxy soliciting material.


Todger Anderson, CFA 
President

YOUR VOTE IS IMPORTANT 
We consider the vote of each Stockholder important, whatever the number of shares held.  If you are unable to attend the meeting in person, please sign, date, and return your proxy in the enclosed envelope or you may cast your vote by telephone at your earliest convenience.  The prompt voting of your proxy will save expense to your Fund.

View a PDF of the complete Notice of Annual Meeting and Proxy Statement here.

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