THE GABELLI VALUE FUND INC.
Supplement to Prospectus Dated May 1, 1995
for Missouri Residents
Investment in this investment company may involve a higher degree of
risk than investment in more traditional open-end investment companies because
the Fund may invest substantially in securities of companies that are involved
or may become involved in extraordinary transactions, including corporate
reorganizations, and because the Fund may invest up to 35% of its total
assets in lower rated securities, including securities of issuers that
are in default. See "Other Investments" in the accompanying Prospectus.
May 1, 1995
THE GABELLI VALUE FUND INC.
Supplement to Prospectus Dated May 1, 1995
for Ohio Residents
Investment in this investment company may involve a higher degree of
risk than investment in more traditional open-end, diversified investment
companies because the Fund may purchase securities of an issuer in which
affiliated parties (including the Fund's officers and directors) could own more
than 5% of the securities of such issuer and the Fund's investment restrictions
provide among other things that the Fund may not purchase the securities of any
one issuer (other than United States Government or any of its agencies or
instrumentalities) if immediately after such purchase, the Fund would own more
than 10% of the outstanding voting securities of such issuer, except that up to
50% of the value of the Fund's total assets may be invested without regard to
such 10% limitation. Ohio residents should be aware in this
regard the Fund does not meet the guidelines set forth in
paragraph (G) (1)(h) of Rule 1301:6-3-09 of the Rules of the Ohio
Division of Securities. Such guidelines provide that the foregoing
10% limitation should be applicable with respect to 75% of the Fund's
assets.
May 1, 1995
shared/3rdparty/gabvalue/pea's/1995stk.doc
