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Third Avenue

Third Avenue was established in 1986. The Management has utilized a disciplined fundamental, bottom-up approach to identify appropriate investments with the sole objective of delivering superior returns with limited investment risk, over the long term.

Avenue Third International Value Fund seeks long-term capital appreciation. While the fund may invest in companies situated anywhere in the world, most of its assets will be invested in the more developed countries, and at least 80 percent of its assets will be invested in securities of issuers situated outside of the United States. The fund is non-diversified. The minimum initial investment is 2,500 dollars and minimum subsequent investment is 200 dollars.

Third Avenue Real Estate Value Fund seeks long-term capital appreciation. The fund normally invests at least 80 percent of assets in equity and debt securities of companies in the real estate industry. The management seeks to acquire securities of well-financed companies at a considerable discount to the estimate of the issuing company's private market value or insolvency value. The fund is non-diversified.

Third Avenue Small-Cap Value Fund investment seeks long-term capital appreciation. The fund normally invests at least 80 percent of assets in equities of well-financed companies. They will invest in companies that have market capitalizations that are no greater than or less than the range of capitalizations of companies in the Russell 2000 Index or Small Cap 600 Index. The advisor seeks to identify issuers it judges to be undervalued. They may also seek securities of companies in industries that are momentarily depressed. This fund is non-diversified.

Third Avenue Value investment seeks long-term capital appreciation. The fund invests primarily in equity securities issued by companies that management believes to be undervalued and to have strong financial positions and responsible management. They may also invest in debt securities. The fund may invest a significant portion of assets in securities with comparatively inactive markets. They reserve the right to invest up to one third of assets in securities of foreign issuers. The fund is nondiversified.

They are guided by one proven value philosophy, which focuses on the strength of a company's balance sheet and the discounted price of its securities. Their belief is that a strong, well-managed company can survive difficult environments, and the price of its securities will eventually reflect its true intrinsic value.

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