DATE: THURSDAY, OCTOBER 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 THIRD QUARTER DISTRIBUTION

DENVER, CO. (October 1, 1999) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.24 per share. This distribution is payable October 29, 1999, to stockholders of record October 15, 1999, and will have an ex-dividend date of October 13, 1999. The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of September 30, 1999, the Fund's N.A.V. was $9.42 and the stock closed at $9.3125, a discount of 1.14%.

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

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The stocks owned on September 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.
AXA Financial Inc.
Ball Corp.
BellSouth Corp.
Bristol-Myers Squibb Co.
Carnival Corp.
Columbia Energy Group
Coastal Corp.
CVS Corp.
Dayton Hudson Corp.
Delphia Automotive Systems
Dow Chemical
DTE Energy Co.
Edison International
El Paso Energy
Eli Lilly & Co.
General Dynamics Corp.
General Motors Corp.
Goldman Sachs Group Inc.
Golden West Financial Corp.
Hertz Corp.-Cl. A
Household International Inc.
Ingersoll-Rand Co.
Int'l Bus. Machines Corp.
Intimate Brands Inc.
J.P. Morgan & Co.
Kerr-McGee
Kmart Corp.
Kroger Co.
Lehman Bros. Holdings Inc.
Morgan Stanley Dean Witter & Co.
Novell Inc.
Motorola Inc
Phillips Petroleum Co.
Royal Dutch Petroleum- ADR’s
Schering-Plough Corp.
Sprint Corp. (Fon Group)
SUPERVALU Inc.
Tyco International Ltd.
Union Pacific Corp.
Unisys Corp.
United Technologies Corp.
Viacom Inc.-Cl B

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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 those 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.

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