DENVER, CO.  (July 1, 2004)  The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.14 per share.  This distribution is payable July 30, 2004, to stockholders of record July 16, 2004, and will have an ex-dividend date of July 14, 2004.  The Fund currently pays a quarterly distribution equal to 2.5% of its Net Asset Value, rounded to the nearest penny. These fixed distributions are not related to the amount of the Fund’s net investment income or net realized capital gains or losses.

Of the total distribution, approximately $0.0005 represents net investment income and the remaining undesignated portion is paid from capital surplus.  If the Fund’s total distributions required by the fixed quarterly payout policy for the year exceed the Fund’s “current and accumulated earnings and profits”, the excess will be treated as non-taxable return of capital, reducing the stockholder’s adjusted cost basis. However, to the extent that current year net realized gains are offset by capital loss carryforwards, such excess distributions would be classified as taxable ordinary income rather than non-taxable return of capital. The actual determination of the source of the undesignated distributions can be made only at year-end. Shareholders will receive written notification regarding the components and tax treatment of all distributions for the calendar year in early 2005.

 As of June 30, 2004, the Fund's N.A.V. was $5.60 and the stock closed at $6.61, a premium of 18.0357%.

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

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The stocks owned on June 30, 2004 by Blue Chip Value Fund, Inc. were:

Abbott Laboratories
Allstate Corp
Alltel Corp
Altera Corp
AMBAC Financial Group Inc
Amgen Inc
American International Group Inc
American Power Conversion
Barr Pharmaceuticals Inc
Bowater Inc
Bunge Ltd
Cendant Corp
Citigroup Inc
Colgate Palmolive Co
Computer Sciences Corp
Darden Restaurants Inc
Dow Jones & Co Inc
Freddie Mac
General Dynamics Corp
Goldman Sachs Group Inc
Intel Corp
Kraft Foods Inc
Lehman Brothers Holdings Inc
Marathon Oil Corp
MBNA Corp
Medtronic Inc
Merrill Lynch & Co. Inc
Microsoft Corp
Mylan Laboratories
National Semiconductor Corp
Network Associates Inc
Occidental Petroleum Corp
Pacificare Health Systems
Parker Hannifin Corp
Pfizer Inc
Radian Group Inc
Raytheon Co
Starwood Hotels & Resorts Worldwide Inc
St. Paul Travelers Inc
Suncor Energy Inc
Target Corp
Teva Pharmaceutical Industries Ltd
TJX Companies Inc
Transocean Inc
Tyson Foods Inc
Viacom Inc
VeriSign Inc
Walt Disney Co
Willis Group Holdings Ltd