Blue Chip Value Fund Declares Year-End Distribution

DATE: MONDAY, DECEMBER 18, 2000
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 AND
MAKES PRELIMINARY FILING FOR POSSIBLE RIGHTS OFFERING

DENVER, CO. (December 18, 2000) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.24 per share. Of this amount, approximately $0.2206 is long-term capital gain and $0.0194 is net investment income. This distribution is payable January 12, 2001, to stockholders of record December 29, 2000, and will have an ex-dividend date of December 27, 2000, and is taxable for 2000.

As of December 15, 2000, the N.A.V. was $8.07 and the stock closed at $7.83, a discount of 2.97%.

The following is a summary of the 2000 distributions:

	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gain	Total
1st Quarter	$0.0110	$0.0000	$0.2190	$0.23
2nd Quarter	$0.0126	$0.0000	$0.1974	$0.21
3rd Quarter	$0.0100	$0.0000	$0.2000	$0.21
4th Quarter	$0.0194	$0.0000	$0.2206	$0.24
Total	$0.0530	$0.0000	$0.8370	$0.89

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 2001.

On December 18, 2000 the Fund made a preliminary filing with the Securities and Exchange Commission for a possible rights offering. The decision to proceed, the terms and timing of the rights offering are still subject to approval by the Board of Directors. A subsequent press release will be issued when more details become available.

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

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The stocks owned on December 15, 2000, by the Blue Chip Value Fund, Inc. were:

Abbott Laboratories
ACE Ltd.
Alltel Corp
American Express Co.
Antec Corp.
Apache Corp.
Avnet Inc.
Avocent Corp.
BellSouth Corp.
Bristol-Myers Squibb Co.
Burlington Northern Santa Fe Corp.
Cendant Corp.
Charter Communications Inc.
Citigroup Inc.
Coastal Corp.
Conoco Inc.
Duke Energy Corp.
Dynegy Inc.
Federal Home Loan Mortgage Corp.
Gateway Inc.
General Dynamics Corp.
Intel Corp.
International Business Machines Corp.
Kimberly-Clark Corp.
Knight Trading Group Inc.
Lehman Bros. Holdings Inc.
MetLife Inc.
Microsoft Corp.
Motorola Inc.
Network Associates Inc.
Omnicare Inc.
Philip Morris Cos. Inc.
Providian Financial Corp.
Raytheon Company
Royal Dutch Petroleum Co.
Schering-Plough Corp.
Southern Energy Inc.
Target Corp.
Telephone & Data Systems Inc.
Tenet Healthcare Corp.
TJX Companies Inc.
Transocean Sedco Forex Inc.
USA Networks Inc.
Viacom Inc.
Washington Mutual Inc.
Wells Fargo & Company
Westwood One 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.