DATE: MONDAY, OCTOBER 1, 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 THIRD QUARTER DISTRIBUTION

DENVER, CO.  (October 1, 2001)  The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.17 per share.  This distribution is payable October 26, 2001, to stockholders of record October 12, 2001, and will have an ex-dividend date of October 10, 2001.  The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of September 28, 2001, the Fund's N.A.V. was $6.63 and the stock closed at $7.14, a premium of 7.69%.

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

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The stocks owned on September 28, 2001, by the Blue Chip Value Fund, Inc. were:

Abbott Laboratories
Abitibi-Consolidated Inc
Allstate Corp
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 
Dow Jones & Co Inc 
Dynegy Inc
Federal Home Loan Mortgage Corp
FedEx Corp
FPL Group Inc
General Dynamics Corp
Hartford Financial Services Group Inc
Intel Corp
International Business Machines Corp
Interpublic Group Cos Inc
JP Morgan Chase & Co
Kraft Foods Inc
Lehman Bros Holdings Inc
Microsoft Corp 
Millipore Corp
Nationwide Financial Services 
Ocean Energy Inc
Omnicare Inc
Philip Morris Cos Inc
Providian Financial Corp
Raytheon Co
Reliant Resources Inc
Royal Dutch Pete Co 
Safeway Inc
Sandisk Corp
Sanmina Corp
Schering-Plough Corp
Sun Microsystems Inc
Target Corp
Telephone & Data Systems Inc
Tenet Healthcare Corp
TJX Companies Inc
Tricon Global Restaurants Inc
Union Pacific Corp
Viacom Inc
Washington Mutual Inc
XL Capital Ltd

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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 & 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.  Denver Investment Advisors LLC also manages the Westcore Funds, a family of 12 no-load mutual funds.

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