Blue Chip Value Fund Declares First Quarter Distribution.

Business Editors

DENVER--(BUSINESS WIRE)--April 2, 2001

The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.20 per share.

This distribution is payable April 27, 2001, to stockholders of record April 12, 2001, and will have an ex-dividend date of April 10, 2001. The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of March 30, 2001, the Fund's N.A.V. was $7.88 and the stock closed at $6.79, a discount of 13.83%.

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

The stocks owned on March 30, 2001, by the Blue Chip Value Fund, Inc. were:

  Abbott Laboratories ACE Ltd ALLTEL Corp American Power Conversion Apache Corp Avnet Inc BellSouth Corp Bristol-Myers Squibb Co Burlington Northern Santa Fe Corp Cendant Corp Charter Communications Inc - Cl A Citigroup Inc CMS Energy Corp Conoco Inc. - Cl B Duke Energy Corp. Dynegy Inc - Cl A El Paso Corp Federal Home Loan Mortgage Corp FedEx Corp 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 Kimberly-Clark Corp Knight Trading Group Inc Kroger Co Lehman Bros. Holdings Inc Microsoft Corp Omnicare Inc Philip Morris Cos. Inc Providian Financial Corp Raytheon Co - Cl B Royal Dutch Petroleum Co. - ADR's 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 UnumProvident Corp USA Networks Inc Viacom Inc- Cl B Washington Mutual Inc Wells Fargo & Co Westwood One Inc XL Capital Ltd 

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.