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BLUE CHIP VALUE FUND, INC.
SUPPLEMENT DATED
SEPTEMBER 8, 1998
TO PROSPECTUS DATED
AUGUST 14, 1998
On September 1, 1998, the Fund suspended the offer of Rights pursuant to its
Prospectus dated August 14, 1998 because the net asset value on August 31,
1998 had declined more than 10% from its net asset value as of August 14,
1998. See "Possible Suspension or Withdrawal of the Offer" on page 6 of the
Prospectus. The net asset value per share on August 14, 1998 was $9.94, and on
August 31, 1998 was $8.67, a decline of 12.8%. The last reported sale prices
of a share of its Common Stock on the New York Stock Exchange on those dates
were $9.5625 and $8.5625, respectively.
The net asset value per share and last reported sale price of a share on
such Exchange on September 4, 1998 were $8.75 and $9.875, respectively. As an
example, the Subscription Price would have been $8.31 if the Subscription
Price had been determined on that date.
The Fund has reinstated the offering of Rights, with revised Pricing and
Expiration Dates as set forth below:
1. THE SUBSCRIPTION PRICE PER SHARE WILL BE THE LESSER OF 95% OF THE LAST
REPORTED SALE PRICE ON THE NEW YORK STOCK EXCHANGE OR 95% OF NET ASSET
VALUE ON OCTOBER 2, 1998 (THE "PRICING DATE") OF A SHARE OF THE FUND'S
COMMON STOCK.
2. THE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK TIME, ON OCTOBER 1, 1998
(THE "EXPIRATION DATE"). SINCE THE CLOSE OF THE OFFERING ON THE EXPIRATION
DATE IS PRIOR TO THE PRICING DATE, HOLDERS WHO CHOOSE TO EXERCISE THEIR
RIGHTS WILL NOT KNOW THE SUBSCRIPTION PRICE PER SHARE AT THE TIME THEY
EXERCISE SUCH RIGHTS.
Other terms and conditions of the offering of Rights remain the same,
including the record date (August 14, 1998), the aggregate number of shares
offered (1,836,513), and the rate (one share of Common Stock for each eight
(8) Rights held).
The table at the top of page 4 of the Prospectus is revised to read as
follows:
IMPORTANT DATES TO REMEMBER
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<CAPTION>
EVENT DATE
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<S> <C>
Record Date August 14, 1998
Subscription period August 19, 1998 through October 1, 1998
Expiration of the Offer October 1, 1998
Pricing Date October 2, 1998
Confirmation to participants October 9, 1998
Final payment for Shares October 16, 1998
</TABLE>
Stockholders are hereby notified that they may cancel any previous exercise
of Rights by returning the enclosed cancellation form so that it is received
by the Subscription Agent prior to 5:00 p.m., New York Time, October 1, 1998,
the Expiration Date.
Inquiries regarding the Offer should be directed to the Fund by calling 1-
800-624-4190.
Capitalized terms in this Supplement have meanings assigned to such terms in
the Prospectus.
