Blue Chip Value Fund Declares First Quarter Distribution

DATE: THURSDAY, APRIL 1, 1999
FROM: BLUE CHIP VALUE FUND, INC.
1225 17TH STREET, 26TH FLOOR
DENVER, COLORADO 80202
CONTACT: JASPER FRONTZ, TREASURER
(800) 624-4190

BLUE CHIP VALUE FUND DECLARES FIRST QUARTER DISTRIBUTION

DENVER, CO. (April 1, 1999) The Directors of Blue Chip Value Fund, Inc., have declared a long-term capital gain distribution of $0.25 per share. This distribution is payable April 30, 1999, to stockholders of record April 16, 1999, and will have an ex-dividend date of April 14, 1999.

As of March 31, 1999, the N.A.V. was $10.04 and the stock closed at $9.625.

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

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The stocks owned on March 31, 1999, by the Blue Chip Value Fund, Inc. were:

Adobe Systems Inc.
Allergan Inc.
ALLTEL Corp.
American Stores Co.
Apple Computer Inc.
A T & T Corp.
Ball Corp.
BellSouth Corp.
Bristol-Myers Squibb Co.
Carnival Corp.
C. I. T. Group Inc.-Cl. A
Compaq Computer Corp.
CVS Corp.
Dayton Hudson Corp.
Dun & Bradstreet Corp.
DTE Energy Co.
Edison International
Equitable Cos. Inc.
General Dynamics Corp.
General Motors Corp.-E
Golden West Financial Corp.
GPU Inc.
Harley-Davidson Inc.

Hertz Corp.-Cl. A
Household International Inc.
Ingersoll-Rand Co.
Int'l Bus. Machines Corp.
Intimate Brands Inc.
Kmart Corp.
Kroger Co.
Lehman Bros. Holdings Inc.
Morgan Stanley Dean Witter & Co.
Motorola Inc.
Novell Inc.
Schering-Plough Corp.
Seagate Technology Inc.
Sprint Corp. (Fon Group)
SUPERVALU Inc.
Tyco International Ltd.
US WEST Inc.
Union Pacific Corp.
Unisys Corp.
United Technologies Corp.
Viacom Inc.-Cl. B
Waste Management Inc.

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Blue Chip Value Fund is a closed-end diversified management investment company whose objective is to seek a high level of total return through investment in a diversified portfolio of common stocks. The Fund consists of a well diversified portfolio of approximately 50 stocks with headquarters in the United States, such as those included in, or similar in size to those included in, the Standard and Poor's 500 Composite Stock Price Index. The Fund features a Dividend Reinvestment and Cash Purchase Plan. Denver Investment Advisors LLC is the Fund's investment adviser.