Third Avenue Real Estate Value (TAREX)

Fund Fact Sheet 12-31-09 09-30-09 06-30-2009 03-31-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks long-term capital appreciation. The fund normally invests at least 80% of assets in equity and debt securities of companies in the real estate industry. Management seeks to acquire securities of well-financed companies at a substantial discount to the estimate of the issuing company's private market value or liquidation value. The fund is nondiversified.

Fund Management Michael Winer, Lead Manager since 17-Sep-98
Winer is a portfolio manager for Third Avenue. Winer serves as a director of Tejon Ranch Company. Previously, he was a vice president for Cantor Fitzgerald, L.P. Winer was a first vice president of Society for Savings, a Connecticut savings bank, and director of asset management for Pioneer Mortgage, where he directed the workout, collection and liquidation of distressed real estate loan and asset portfolios. Winer holds the Certified Public Accountant designation.