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SIGNATURE JASPER FRONTZ
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> BLUE CHIP VALUE FUND, INC.
<MULTIPLIER> 1,000
<S> <C>
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<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
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</TABLE>
Report of Independent Auditors
To the Stockholders and
Board of Directors of
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, 1999, 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 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 entity's 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, error 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 the internal control components does not reduce to a
relatively low level the risk that misstatements caused by error
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,
1999.
This report is intended solely for the information and use of
management, the Board of Directors of Blue Chip Value Fund,
Inc., and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.
January 14, 2000
