THE GABELLI VALUE FUND INC.
Supplement to Prospectus Dated May 1, 1996
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, 1996
THE GABELLI VALUE FUND INC.
Supplement to Prospectus Dated May 1, 1996
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, 1996
shared/3rdparty/gabvalue/pea's/96stick.doc
