DATE: MONDAY, APRIL 3, 2000
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 3, 2000) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.23 per share. This distribution is payable April 28, 2000, to stockholders of record April 14, 2000, and will have an ex-dividend date of April 12, 2000. The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of March 31, 2000, the Fund's N.A.V. was $9.19 and the stock closed at $8.25, a discount of 10.23%.

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, 2000, by the Blue Chip Value Fund, Inc. were:

Abbott Laboratories
ACE Ltd.
Adobe Systems Inc.
Allergan Inc.
ALLTEL Corp.
Allmerica Financial Corp.
American Express Co.
Apple Computer Inc.
Atmel Corp.
AT&T Corp.
AXA Financial Inc.
Ball Corp.
BellSouth Corp.
Bristol-Myers Squibb Co.
Citigroup Inc.
Chase Manhattan Corp.
Computer Associates International Inc.
Columbia Energy Group
Coastal Corp.
Conseco Inc.
CVS Corp.
Delphia Automotive Systems
Dow Chemical Co.
Dynegy Inc.
El Paso Energy Corp.
Eli Lilly & Co.
General Dynamics Corp.
General Motors Corp.
Hertz Corp.-Cl. A
Household International Inc.
Ingersoll-Rand Co.
Intel Corp.
Intimate Brands Inc.
J.P. Morgan & Co.
Kerr-McGee Corp.
Lehman Bros. Holdings Inc.
Lucent Technologies Inc.
Merrill Lynch & Co.
Motorola Inc.
Novell Inc.
Parametric Technology Corp.
Phillips Petroleum Co.
Royal Dutch Petroleum Co.- ADR?s
Seagate Technology Inc.
Schering-Plough Corp.
Sprint Corp. (FON Group)
SUPERVALU Inc.
Target Corp.
TJX Companies Inc. 
Unisys Corp.
United Technologies Corp.
Viacom Inc.-Cl B

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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 capital appreciation and current income consistent with investment primarily in a diversified portfolio of common stocks. Blue Chip Value Fund will generally be fully invested in approximately 50 common stocks, as well as other equity securities believed by Denver Investment Advisors LLC, to represent the best values among those issued by large companies 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.

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