Blue Chip Value Fund Declares Second Quarter Distribution

DATE: THURSDAY, JULY 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 SECOND QUARTER DISTRIBUTION

DENVER, CO. (July 1, 1999) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.27 per share. This distribution is payable July 30, 1999, to stockholders of record July 16, 1999, and will have an ex-dividend date of July 14, 1999. The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of June 30, 1999, the Fund's N.A.V. was $10.69 and the stock closed at $10.125, a discount of 5.285%.

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, 1999 by the Blue Chip Value Fund were:

Adobe Systems Inc.
Adelphia Communications-Cl. A
Albertson's Inc.
Allergan Inc.
ALLTEL Corp.
Apple Computer Inc.
A T & T Corp.
Ball Corp.
BellSouth Corp.
Bristol-Myers Squibb Co.
Carnival Corp.
C. I. T. Group Inc.-Cl. A
CVS Corp.
Dayton Hudson Corp.
Delphia Automotive Systems
Dun & Bradstreet Corp.
DTE Energy Co.
Edison International
Equitable Cos. Inc.
General Dynamics Corp.
General Motors Corp.-E
Goldman Sachs Group Inc.
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.
J.P. Morgan & Co.
Kmart Corp.
Kroger Co.
Lehman Bros. Holdings Inc.
Morgan Stanley Dean Witter & Co.
Motorola Inc.
Novell Inc.
Phillips Petroleum Co.
Schering-Plough Corp.
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 securities which the investment adviser believes are undervalued or mispriced. The Fund consists of a well diversified portfolio of approximately 50 common stocks selected by combining quantitative research and portfolio management experience. The Fund features a Dividend Reinvestment and Cash Purchase Plan. Denver Investment Advisors LLC is the Fund's investment adviser.