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SIGNATURE JAMES E. CINO
TITLE ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000810439
<NAME> BLUE CHIP VALUE FUND
<S> <C>
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<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 80578001
<INVESTMENTS-AT-VALUE> 111822046
<RECEIVABLES> 140318
<ASSETS-OTHER> 10491
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<TOTAL-ASSETS> 111972855
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 13932291
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<SHARES-COMMON-STOCK> 10960829
<SHARES-COMMON-PRIOR> 10960829
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
Independent Auditors Report on Internal Control
Shareholders and Board of Directors
Blue Chip Value Fund, Inc.
In planning and performing our audit of the financial
statements of Blue Chip Value Fund, Inc. (the Fund) for the
year ended December 31, 1996, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, not to provide assurance on the internal control
structure.
The management of Blue Chip Value Fund, Inc. is responsible
for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an
internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with managements authorization and recorded properly to
permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
the internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1996.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
January 10, 1997
