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Third Avenue Small-Cap Value Fund



Third Avenue Small-Cap Value Fund seeks long-term capital appreciation by investing in the securities of well-financed, well-managed small companies believed to be priced below their intrinsic value. The Fund intends to invest at least 80% of its total assets in the equity securities of small companies. The Fund considers a "small company" to be one whose market capitalization is in the range of capitalizations of companies in the Russell 2000 Index, the S&P Small Cap 600 Index, or the Dow Jones Wilshire U.S. Small-Cap Index at the time of the initial investment. The Fund may continue to hold or buy additional stock in a company that exceeds this range if the stock remains attractive, in the opinion of the adviser.

Portfolio Composition

Top 10 Holdings - By Issuer (as of August 31, 2008)
Issuer % of Net Assets
Sapporo Holdings, Ltd. 3.79%
Brookfield Asset Management, Inc. 3.31%
Lanxess AG 3.23%
Westlake Chemical Corp. 3.02%
Vail Resorts Inc. 2.89%
Parco Co., Ltd. 2.87%
National Western Life Insurance Co. 2.84%
St Mary Land & Exploration Co. 2.73%
Bristow Group, Inc. 2.54%
Alexander & Baldwin, Inc. 2.28%
Top 5 Industry Categories (as of August 31, 2008)
Real Estate Operating Companies 14.72%
Energy Services 9.02%
Forest Products & Paper 7.66%
Holding Companies 7.32%
Chemicals & Allied Products 6.25%
Cash & Equivalent 7.14%

Performance

Third Avenue Small-Cap Value Fund
Average Annual Returns*
As of 9/30/08
Since Inception** 9.90%
Ten Year 11.46%
Five Year 9.38%
Three Year 1.66%
Third Avenue Small-Cap Value Fund
Total Returns*
As of 9/30/08
Since Inception** 196.03%
Ten Year 195.93%
Five Year 56.59%
Three Year 5.06%
One Year -11.53%
Year-To-Date -8.24%
One Month -8.75%

If you should have any questions, please call 1-800-443-1021. Past performance is no guarantee of future results. Current performance may be lower or higher than performance quoted.

*Includes reinvestment of dividends, interest and capital gains.

**Inception date for Third Avenue Small-Cap Value Fund is 4/1/97.

Small-cap companies carry additional risks because their share prices maybe more volatile, and their securities less liquid than larger, more established companies. Such investments may increase the risk of greater price fluctuations.

The Third Avenue Small-Cap Value Fund is offered by prospectus only. Prospectuses contain more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Please read the prospectus carefully before you send money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. M.J. Whitman LLC Distributor.

This material is intended for United States residents, and not for use in any jurisdiction where the sales of these securities are not permitted.

FUND INFORMATION
Portfolio Manager: Curtis Jensen
Ticker: TASCX
CUSIP: 884116203
Inception Date: April 1, 1997
Blue Sky: All States
Sales Charge: No load
Expense Ratio: 1.12% (as of April 30, 2008)
Early Redemption Fee: 1.00%*
Minimum Initial Investment: $10,000 ($2,500 for IRAs)
Subsequent Investments: $1,000 ($200 Automatic Monthly Investment Plan, $200 IRAs)
Total Net Assets: $2.0billion (as of August 31, 2008)
NAV/share: $23.55 (as of August 31, 2008)
Number of Equity Holdings: 66 (as of August 31, 2008)
Median Market Cap: $943 million (as of August 31, 2008)
Portfolio Turnover: 17.0% (as of October 31, 2007)

*This fee is charged only on redemptions or exchanges of shares held less than one year.

Click here for Third Avenue Funds Prospectus.

Click here for Third Avenue Small-Cap Value Fund's most recent Shareholder Letter.

Click here for Third Avenue Small-Cap Value Fund's most recent Proxy Vote Record.

Click Here for Third Avenue Funds Privacy & Selective Disclosure Policy.