Blue Chip Value Fund Declares Year-End Distribution

DATE: FRIDAY, DECEMBER 14, 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 YEAR-END DISTRIBUTION

DENVER, CO. (December 14, 2001) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.17 per share. Of this amount, approximately $0.1651 is return of capital and $0.0049 is net investment income. This distribution is payable January 15, 2002, to stockholders of record December 31, 2001, and will have an ex-dividend date of December 27, 2001, and is considered a 2001 distribution for tax reporting purposes.

As of December 13, 2001, the N.A.V. was $6.89 and the stock closed at $7.64, a premium of 10.89%.

The following is a summary of the 2001 distributions:

	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gain	Return of Capital	Total
1st Quarter	$0.0108	$0.0000	$0.1892	$0.0000	$0.20
2nd Quarter	$0.0141	$0.0000	$0.1733	$0.0126	$0.20
3rd Quarter	$0.0078	$0.0000	$0.0000	$0.1622	$0.17
4th Quarter	$0.0049	$0.0000	$0.0000	$0.1651	$0.17
Total	$0.0376	$0.0000	$0.3625	$0.3399	$0.74

The above table represents preliminary estimates. The final designations will be included as a supplementary insert with the Form 1099-DIV mailed to shareholders in January 2002.

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

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Abbott Laboratories
ACE Ltd.
Alltel Corp.
Allstate Corp.
American Power Conversion
AON Corp.
Apache Corp.
Avnet Inc.
BellSouth Corp.
Bowater Inc.
Bristol-Myers Squibb Co.
Cendant Corp.
Charter Communications Inc.
Citigroup Inc.
Conoco Inc.
Dow Jones & Co. Inc.
Dynegy Inc.
Federal Home Loan Mortgage Corp.
FedEx Corp.
FPL Group Inc.
General Dynamics Corp.
Hartford Financial Serv. Group
Intel Corp.
International Business Machines Corp.
JP Morgan Chase & Co.
Kraft Foods Inc.
Lehman Bros. Holdings Inc.
Microsoft Corp.
Millipore Corp.
Mirant Corp.
Nationwide Financial Services Inc.
Ocean Energy Inc.
Omnicare Inc.
Omnicom Group Inc.
Philip Morris Cos. Inc.
Principal Financial Group
Raytheon Company
Reliant Resources Inc.
Royal Dutch Petroleum Co.
Safeway Inc.
Sanmina-SCI Corp.
Schering-Plough Corp.
Sun Microsystems Inc.
Target Corp.
Telephone & Data Systems Inc.
Tenet Healthcare Corp.
TJX Companies Inc.
Tricon Global Restaurants
Union Pacific Corp.
Viacom Inc.
Washington Mutual Inc.
XL Capital Ltd.

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.