DATE: MONDAY, APRIL 1, 2002
FROM: BLUE CHIP VALUE FUND, INC.
1225 17TH STREET, 26TH FLOOR
DENVER, COLORADO 80202
CONTACT: MARGARET JURADO, INVESTOR RELATIONS
(800) 624-4190

BLUE CHIP VALUE FUND DECLARES FIRST QUARTER DISTRIBUTION

DENVER, CO. (April 1, 2002) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.17 per share. This distribution is payable April 30, 2002, to stockholders of record April 17, 2002, and will have an ex-dividend date of April 15, 2002. The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of March 28, 2002, the Fund's N.A.V. was $6.92 and the stock closed at $7.02, a premium of 1.45%.

Blue Chip Value Fund, Inc. can be found on the Internet at www.blu.com.

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The stocks owned on March 28, 2002 by Blue Chip Value Fund, Inc. were:

Accenture Ltd
ACE Ltd
Allstate Corp
Alltel Corp
American Power Conversion
AON Corp
Apache Corp
Avnet Inc
BellSouth Corp
Bowater Inc
Bristol-Myers Squibb Co
Citigroup Inc
Conoco Inc
Dow Jones & Co Inc
Dynegy Inc
Federal Home Loan Mortgage Corp
FPL Group Inc
General Dynamics Corp
General Mills Inc
Hartford Financial Services Group Inc
Intel Corp
International Business Machines Corp
Interpublic Group Cos Inc
JP Morgan Chase & Co
Kraft Foods Inc
Lehman Bros Holdings Inc
Masco Corp
Microsoft Corp
Millipore Corp
Nationwide Financial Services
Ocean Energy Inc
Omnicare Inc
Parker Hannifin Corp
Philip Morris Cos Inc
Principal Financial Group
Raytheon Co
Reliant Resources Inc
Royal Dutch Pete Co
Safeway Inc
Sanmina-SCI Corp
Schering-Plough Corp
Starwood Hotels & Resorts Worldwide Inc
Sun Microsystems Inc
Target Corp
Telephone & Data Systems Inc
Tenet Healthcare Corp
TJX Companies Inc
Tricon Global Restaurants Inc
Union Pacific Corp
Viacom Inc

Blue Chip Value Fund, Inc. is a closed-end diversified management investment company whose objective is to seek a high level of total return through investment in a portfolio having at least 80% of its net assets in equity securities of large companies with headquarters in the United States. These stocks are included in, or similar in size to those included in, the Standard & Poor's 500 Composite Stock Price Index. The Fund will normally have approximately 50 stocks within the portfolio. The Fund features a Dividend Reinvestment and Cash Purchase Plan. Denver Investment Advisors LLC is the Fund's investment adviser.