-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kd2Egs+ze4dElWXJSZ2dgRiI/SUYjqwKyE6N/FHB6GT5PafHSzD1HKfoqk4DJhfm jpqILFKn8yelVmy6uhqihw== 0001462180-10-000047.txt : 20100827 0001462180-10-000047.hdr.sgml : 20100827 20100827153148 ACCESSION NUMBER: 0001462180-10-000047 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100827 DATE AS OF CHANGE: 20100827 GROUP MEMBERS: ANDREW DAKOS GROUP MEMBERS: BROOKLYN CAPITAL MANAGEMENT GROUP MEMBERS: BULLDOG INVESTORS GROUP MEMBERS: PHILLIP GOLDSTEIN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BLUE CHIP VALUE FUND INC CENTRAL INDEX KEY: 0000810439 IRS NUMBER: 841055593 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-40429 FILM NUMBER: 101043857 BUSINESS ADDRESS: STREET 1: 1225 17TH STREET 26TH FLOOR CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3036232577 MAIL ADDRESS: STREET 1: 1225 17TH STREET 26TH FLOOR CITY: DENVER STATE: CO ZIP: 80202 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Bulldog Investors CENTRAL INDEX KEY: 0001462180 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: PARK 80 WEST PLAZA TWO STREET 2: SUITE 750 CITY: SADDLE BROOK STATE: NJ ZIP: 07663 BUSINESS PHONE: 201 556-0092 MAIL ADDRESS: STREET 1: PARK 80 WEST PLAZA TWO STREET 2: SUITE 750 CITY: SADDLE BROOK STATE: NJ ZIP: 07663 SC 13D 1 third.txt SCHEDULE 13D DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT 8/17/2010 1. NAME OF REPORTING PERSON Bulldog Investors, Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos 2. CHECK THE BOX IF MEMBER OF A GROUP a[X] b[] 3. SEC USE ONLY 4. SOURCE OF FUNDS WC 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ___________________________________________________________ 7. SOLE VOTING POWER 1,927,243 8. SHARED VOTING POWER 449,028 9. SOLE DISPOSITIVE POWER 2,376,271 _______________________________________________________ 10. SHARED DISPOSITIVE POWER 0 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 2,376,271 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ___________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 8.35% 14. TYPE OF REPORTING PERSON IA _______________________________________________________ Item 1. SECURITY AND ISSUER This Schedule 13D relates to the shares of Common Stock of Blue Chip Value Fund.("BLU" or the "Issuer"). The principal executive offices of BLU are located at 1225 17TH STREET 26TH FLOOR DENVER CO 80202 Item 2. IDENTITY AND BACKGROUND This statement is filed on behalf of Bulldog Investors, Brooklyn Capital Mangement, Phillip Goldstein, 60 Heritage Drive Pleasantville, NY 10570 a principal of Bulldog Investors and Andrew Dakos, Park 80 West,Saddle Brook, NJ 07663, also a principal of Bulldog Investors. Mr.Goldstein and Mr. Dakos are self-employed investment advisors. On January 31, 2007 the Acting Director of the Securities Division of the Massachusetts Secretary of State filed a complaint against Bulldog Investors, Messrs. Goldstein and Dakos and certain related parties (the Bulldog Parties) alleging that they violated Massachusetts law by making truthful information about certain unregistered investments available on a website and by sending an e-mail containing truthful material about such investments to an individual who requested it. On March 23, 2007 the Bulldog Parties filed a lawsuit in the Massachusetts Superior Court against the Secretary alleging that the enforcement action violated 42 U.S.C. 1983 because, among other things, it violated their First Amendment rights. On October 17, 2007 the Secretary issued an "obey the law" cease and desist order (the Order) and fined the Bulldog Parties $25,000. On November 15, 2007 the Bulldog Parties filed an appeal of the Order in the Massachusetts Superior Court. On February 12, 2009 the Massachusetts Superior Court upheld the Order. The Bulldog Parties further appealed the Order to the Massachusetts Appeals Court. On October 21, 2009 the Massachusetts Supreme Judicial Court (the SJC), the state's highest court, unilaterally transferred the case to itself. On July 2, 2010 the SJC upheld the Order except for the Bulldog Parties' First Amendment claim which it ruled must be decided in the appeal of the aforementioned 1983 lawsuit which Massachusetts Superior Court decided in the Secretary's favor on September 26, 2009. The Bulldog Parties filed an appeal of the September 26, 2009 decision in the 1983 lawsuit in the Massachusetts Appeals Court. On July 23, 2010, the SJC unilaterally transferred the appeal of the 1983 lawsuit to itself and the SJC will decide the appeal. The Bulldog Parties, whose place of business is in New Jersey, believe that the Order is void and unenforceable because, among other things, the Secretary lacked personal jurisdiction over them. The Secretary has not attempted to enforce the Order in New Jersey pursuant to the Uniform Enforcement of Foreign Judgments Act. If a New Jersey court determines that the Secretary lacked personal jurisdiction over the Bulldog Parties it will refuse to enforce the Order. ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATIONS Shares of the Issuer have been accumulated on behalf of managed accounts. ITEM 4. PURPOSE OF TRANSACTION The Fund has had poor long-term performance. Since its inception on April 15, 1987 through July 31, 2010, the Fund's total return has lagged that of its benchmark, the S&P 500 Index, by more than 2% per year. Consequently, the filing persons believe the board should replace Denver Investments, the Fund's current investment advisor. To this end, the filing persons intend to propose that the Fund terminate the existing advisory agreement with Denver Investments and enter into an new advisory agreement with Brooklyn Capital Management, a registered investment advisor that is affiliated with the filing persons. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER As per the N-CSR filed on March 5, 2010 there were 28,463,912 shares of common stock outstanding as of 12/31/2009 The percentage set forth in item 5 was derived using such number. Bulldog Investors, Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos beneficially own an aggregate of 2,376,271 shares of BLU or 8.35% of the outstanding shares.Power to dispose of and vote securities resides either with Mr. Goldstein, Mr. Dakos or with clients. c) During the past 60 days the following shares of BLU were purchased: Date: Shares: Price: 06/17/10 21,186 3.0832 06/18/10 7,800 3.0964 06/21/10 17,670 3.1115 06/23/10 11,723 3.0027 06/24/10 16,750 2.9750 06/25/10 30,500 2.9690 06/29/10 22,800 2.8587 07/01/10 62,100 2.7963 07/02/10 10,000 2.7789 07/06/10 42,200 2.8126 07/07/10 4,600 2.8402 07/08/10 2,906 2.9000 07/09/10 11,300 2.9300 07/14/10 24,518 2.9817 07/15/10 7,900 2.9549 07/23/10 38,600 2.9940 07/26/10 9,600 3.0400 07/28/10 11,200 3.0242 07/29/10 22,350 2.9916 07/30/10 6,367 2.9528 08/03/10 14,900 2.9900 08/04/10 42,800 3.0137 08/05/10 31,639 3.0226 08/06/10 500 3.0100 08/09/10 2,700 3.0185 08/10/10 25,300 2.9908 08/11/10 15,100 2.9281 08/12/10 37,223 2.9096 08/13/10 4,677 2.9159 08/16/10 41,776 2.9107 08/17/10 11,533 2.9530 08/18/10 60,800 2.9259 08/19/10 130,887 2.9207 08/20/10 167,864 2.9278 08/23/10 57,200 2.9569 08/24/10 135,358 2.9187 08/25/10 80,480 2.9079 08/26/10 125,000 2.9300 08/26/10 196,153 2.9318 d) Beneficiaries of managed accounts are entitled to receive any dividends or sales proceeds. e) NA ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. None. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS None After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: 08/27/2010 By: /s/ Phillip Goldstein Name: Phillip Goldstein By: /S/ Andrew Dakos Name: Andrew Dakos -----END PRIVACY-ENHANCED MESSAGE-----