Blue Chip Value Fund Suspends Managed Distribution Policy Effective Immediately
May 04 2009 - 2:00PM
Business Wire
At the regular meeting held on May 1, 2009, the Fund�s Board of
Directors concluded that it was in the best interest of
stockholders to suspend the Fund�s managed distribution policy
effective immediately. The managed distribution policy, which is at
the discretion of the Board of Directors, has been in place since
1989. The current policy of making quarterly distributions to
stockholders of an amount equal to 2.5% of the Fund�s net asset
value was first implemented in 1997.
The Board took this action after considering a number of factors
including, but not limited to, the outlook for the overall economy,
an assessment of current investment opportunities, the current
asset size and expense ratio of the Fund and the negative impact
that the current policy may have on the asset level and expense
ratio. The Fund will continue to pay out any net investment income
and net realized capital gains on an annual basis. As always, the
Board will continue to evaluate its distribution policy.
In addition, in an effort to reduce Fund expenses the Board
decided to prepare only two stockholder reports annually: the
Fund�s Annual and Semi-Annual Reports. Stockholders may continue to
review the investment adviser commentary and the Fund�s monthly
holdings on its website at www.blu.com.
The Board appreciates your understanding of these difficult
decisions and the confidence you have placed in the Fund.
For additional information on the Fund please visit
www.blu.com.
Blue Chip Value Fund, Inc. (NYSE:BLU)
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