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2009 Paid Distribution Information

Record date:  December 21, 2009

Ex-dividend and payment date:  December 22, 2009

Fund
 Ordinary Income Per Share Short-Term Capital Gains Per Share-Treated as Ordinary Income Long-Term Capital Gains Per Share Total Distribution Per Share Reinvestment NAV
Third Avenue Value Fund
(TAVFX)

 $1.140 $0.000 $0.000 $1.140 $45.34
Third Avenue
Small-Cap Value Fund
(TASCX)
 $0.137 $0.000 $0.000 $0.137 $18.08
Third Avenue
Real Estate Value Fund
(TAREX)
 $0.260 $0.000 $0.000 $0.260 $20.22
Third Avenue
International Value Fund
(TAVIX)		 $0.180 $0.000 $0.000 $0.180 $15.28
Third Avenue
Focused Credit Fund -
Investor Class
(TFCVX)		 $0.112 $0.006 $0.000 $0.118 $10.43

Third Avenue
Focused Credit Fund -
Institutional Class
(TFCIX)

 $0.120 $0.006 $0.000 $0.126 $10.43


The information provided above does not represent final tax information and therefore, should not be used in completing your income tax returns. These distribution amounts, rounded off to three decimal places, are for informational purposes only.  Information necessary to complete your income tax returns for the calendar year ending December 31, 2009 will be issued by the Funds in the early part of 2010.

Please refer to the relevant Prospectus and SAI for more detailed information regarding performance and disclosures. Neither Third Avenue Management LLC, nor the Third Avenue Funds provide tax or legal advice. Please consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.

Mutual funds periodically distribute profits they earn to investors.  By law, if a fund has net gains from the sale of securities, or if it earns dividends and interest from securities, it must pass substantially all of those earnings to its shareholders or it will be subject to corporate income taxes and excise taxes. These taxes would, in effect, reduce investors' total return.

Please note that the Third Avenue Focused Credit Fund distribution is since inception on August 31, 2009. Investors should not draw any inference as to the amount of future Third Avenue Focused Credit Fund distributions based upon the amount of the current distribution. 
It is the responsibility of any person or persons in possession of this material to seek appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.


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