Blue Chip Value Fund Declares Year-End Distribution

DATE: MONDAY, JULY 2, 2001
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 SECOND QUARTER DISTRIBUTION

DENVER, CO. (July 2, 2001) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.20 per share. This distribution is payable July 27, 2001, to stockholders of record July 13, 2001, and will have an ex-dividend date of July 11, 2001. The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of June 29, 2001, the Fund's N.A.V. was $7.95 and the stock closed at $8.05, a premium of 1.258%.

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

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The stocks owned on June 29, 2001, by the Blue Chip Value Fund, Inc. were:

Abbott Laboratories
Abitibi-Consolidated Inc
ALLTEL Corp
American Power Conversion
AON Corp
Apache Corp
Avnet Inc
BellSouth Corp
Bristol-Myers Squibb Co
Cendant Corp
Charter Communications Inc
Citigroup Inc
CMS Energy Corp
Conoco Inc
Delta Air Lines Inc
Dow Jones & Co Inc Dynegy Inc
El Paso Corp
Federal Home Loan Mortgage Corp
FedEx Corp
FPL Group Inc
General Dynamics Corp
Hartford Financial Services Group Inc
Host Marriott Corp
Intel Corp
International Business Machines Corp
Interpublic Group Cos Inc
J.P. Morgan Chase & Co
Knight Trading Group Inc
Kraft Foods Inc
Kroger Co
Lehman Bros. Holdings Inc
Microsoft Corp
Millipore Corp
Nationwide Financial Services Inc
Ocean Energy Inc
Omnicare Inc
Philip Morris Cos Inc
Providian Financial Corp
Raytheon Co
Reliant Resources Inc
Royal Dutch Pete Co.
Sandisk Corp
Sanmina Corp
Schering-Plough Corp
Sovereign Bancorp Inc
Target Corp
Telephone & Data Systems Inc
Tenet Healthcare Corp
TJX Companies Inc
Transocean Sedco Forex Inc
Tricon Global Restaurants Inc
Union Pacific Corp
Viacom Inc
Washington Mutual Inc
XL Capital Ltd

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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 portfolio having at least 75% of its assets in equity securities of well established companies with headquarters in the United States. These stocks are included in, or similar in size to those included in, the Standard and 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.