THIRD AVENUE VALUE FUND, INC.
Supplement to the Prospectus
dated February 29, 1996
The following information supplements or replaces any contrary
information contained in the Section of the Fund's Prospectus entitled "More
About the Funds - Foreign Securities."
FOREIGN SECURITIES
The Fund may invest in foreign securities. Each Fund's foreign
securities investments will have characteristics similar to those of domestic
securities selected for the Fund. Each Fund intends to limit its investments in
foreign securities to companies issuing U.S. dollar-denominated American
Depository Receipts or who otherwise comply with SEC disclosure requirements. By
limiting its investments in this manner, the Fund seeks to avoid investing in
securities where there is no compliance with SEC requirements to provide public
financial information, or such information is unreliable as a basis for
analysis.
Foreign securities markets generally are not as developed or efficient
as those in the United States. Securities of some foreign issuers are less
liquid and more volatile than securities of comparable U.S. issuers. The Fund
will be subject to additional risks which include: possible adverse political
and economic developments, seizure or nationalization of foreign deposits and
adoption of governmental restrictions that may adversely affect the payment of
principal and interest on the foreign securities or currency blockage that would
restrict such payments from being brought back to the United States. Because
foreign securities often are purchased with and payable in foreign currencies,
the value of these assets as measured in U.S. dollars may be affected favorably
or unfavorably by changes in currency rates and exchange control regulations.
