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SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
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<CIK> 0000810439
<NAME> BLUE CHIP VALUE FUND, INC.
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xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Report of Independent Auditors
To the Stockholders 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. for the year ended
December 31, 1997, we considered its internal control,
including control activities 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.
The management of Blue Chip Value Fund, Inc. is responsible
for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are
relevant to an audit pertain to the entitys objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 one or more of specific internal control
components does not reduce to a relatively low level the
risk that errors or fraud 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 internal
control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above at December 31, 1997.
This report is intended solely for the information and use
of the board of directors and management of Blue Chip Value
Fund, Inc. and the Securities and Exchange Commission.
ERNST & YOUNG LLP
January 14, 1998
Denver, Colorado
