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SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
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<NAME> BLUE CHIP VALUE FUND, INC.
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xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
The Annual Meeting of Stockholders of the Fund(the "Annual Meeting")
was held on May 12, 1998 pursuant to notice given to all stockholders
of record at the close of business on March 10, 1998. At the Annual
Meeting, stockholders were asked to approve the following:
PROPOSAL 1.
To elect two Class I directors, Todger Anderson and Robert J. Greenebaum
to serve until the Annual Meeting in the year 2001. The number of
shares voting for the election of Todger Anderson was 9,373,424 and
the number of shares withholding authority was 177,925. The number
of shares voting for the election of Robert J. Greenebaum was 9,337,944
and the number of shares withholding authority was 213,405.
The name of each other director whose term of office continued after
the Annual Meeting was Robert M. Inman, Richard C. Schulte, Kenneth
V. Penland and Roberta M. Wilson.
PROPOSAL 2.
To ratify the appointment by the Board of Directors of Ernst & Young LLP
as the Fund's independent auditors for the fiscal year ended December
31, 1998. The number of shares voting for the ratification of the
appointment of Ernst & Young LLP as independent auditors was
9,117,409, the number of shares voting against ratification was 294,384
and the number of shares abstaining was 139,556.
PROPOSAL 3.
To approve a change to the Fund's fundamental investment policies and
limitations regarding investment of 75% of its total assets in equity
securities of large domestic companies. The number of shares voting
for the proposal was 7,228,879 and the number of shares voting against
the proposal was 751,722, the number of shares abstaining was 283,070
and the number of broker non-votes was 1,287,678.
PROPOSAL 4.
To approve a change to the Fund's fundamental policy which prohibits
the purchase of securities on margin to permit the Fund to engage in
such transactions in certain limited circumstances. The number of
shares voting for the proposal was 6,582,155, the number of shares
voting against the proposal was 1,340,327, the number of shares
abstaining was 341,185 and the number of broker non-votes was 1,287,682.
PROPOSAL 5.
To approve the termination of the Fund's fundamental policy which
prohibits short sales of securities and to adopt a non-fundamental
policy to permit the Fund to engage in such transactions in certain
circumstances. The number of shares voting for the proposal was
6,496,459, the number of shares voting against the proposal was 1,385,590,
the number of shares abstaining was 381,598 and the number
of broker non-votes was 1,287,702.
PROPOSAL 6.
To approve the termination of the Fund's fundamental policies which
prohibit the purchase of warrants, rights, options or indices, and the
approval of an amendment to a fundamental policy to permit the purchase
of financial futures. The number of shares voting for the proposal was
6,510,347, the number of shares voting against the proposal was 1,327,531,
the number of shares abstaining was 425,789 and the number of broker
non-votes was 1,287,682.
PROPOSAL 7.
To approve a change to the Fund's fundamental policy prohibiting borrowing
in most circumstances to permit borrowing to the extent permitted under the
Investment Company Act of 1940, and the adoption of a non-fundamental
policy to permit leverage of up to 15% of the Fund's total assets and
certain other borrowings. The number of shares voting for the proposal
was 6,403,460, the number of shares voting against the proposal was
1,433,319, the number of shares abstaining was 426,890 and the number of
broker non-votes was 1,287,680.
