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| Rating and Risk |
| Third Avenue Value Insti Cl TAVFX |
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| Morningstar Rating (Relative to Category) | 01-31-10 | | |
| | Morningstar Return | Morningstar Risk | Morningstar RatingTM | | 3-Year | Below Average | Above Average |  | | 5-Year | Average | Above Average |  | | 10-Year | High | Average |  | | Overall | Above Average | Above Average |  |  | | Morningstar Category: World Stock | Click here to see our Methodology | |
| Volatility
Measurements | Trailing 3-Yr
through 01-31-10 | *Trailing 5-Yr through 01-31-10 | | |
| Standard Deviation | 26.91 | | Sharpe Ratio | -0.28 | | Mean | -5.52 | | Bear Market Decile Rank* | 8 | |
| Modern
Portfolio Theory Statistics | Trailing 3-Yr
through 01-31-10 | | |
| | Standard Index MSCI EAFE NR USD | Best Fit Index MSCI AC World NR USD | | R-Squared | 85 | 89 | | Beta | 1.04 | 1.11 | | Alpha | -0.31 | -1.07 |
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| Total Returns |
| Third Avenue Value Insti Cl TAVFX |
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| Growth of $10,000 | 01-31-10 | | |
 | Fund: Third Avenue Value Insti Cl | |  | Category: World Stock | |  | Index: MSCI EAFE NR USD | | |
| Performance History | 01-31-10 | | |
| | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 01-10 | | Total Return % | 37.1 | 26.6 | 16.5 | 14.7 | 5.8 | -45.6 | 44.5 | -6.3 | | +/- Index | -1.5 | 6.4 | 3.0 | -11.7 | -5.4 | -2.2 | 12.7 | -1.9 | | +/- Category | -6.3 | 7.7 | 7.3 | 0.7 | 0.9 | -3.7 | 9.2 | -2.2 | | % Rank in Category | 76 | 6 | 7 | 37 | 45 | 74 | 18 | 95 | | Fund Category | SB | SB | MB | MB | MB | WS | WS | WS | | ||||||||
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| Trailing Total Returns | through 02-09-10 | | |
| | Total Return % | +/-
MSCI EAFE NR USD | +/-
MSCI World NR USD | % Rank in Cat | | 1-Day | 1.78 | 1.55 | 1.00 | 85 | | 1-Week | -4.19 | 0.64 | -0.41 | 95 | | 1-Month | -11.17 | -1.59 | -3.15 | 96 | | 3-Month | -5.30 | 2.30 | -0.75 | 84 | | Year-to-date | -7.66 | -0.19 | -2.00 | 97 | | 1-Year | 36.80 | 6.25 | 8.35 | 27 | | 3-Year Annualized | -9.57 | -0.37 | -1.47 | 74 | | 5-Year Annualized | 0.21 | -2.06 | -0.95 | 74 | | 10-Yr Annualized | 5.57 | 5.01 | 6.11 | 10 | | | | | | |
| Historical Quarterly Returns | | | |
| Q1 | Q2 | Q3 | Q4 | | 2009 | -10.71 | 31.32 | 18.14 | 4.32 | | 2008 | -12.05 | -6.01 | -13.66 | -23.79 | | 2007 | 3.18 | 4.45 | 2.97 | -4.70 | | 2006 | 6.74 | -1.21 | 2.80 | 5.81 | | 2005 | 5.13 | 1.86 | 7.12 | 1.57 | | 2004 | 8.95 | 2.21 | 1.26 | 12.27 | | 2003 | -4.63 | 18.55 | 9.75 | 10.47 |
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| Investor Returns |
| Third Avenue Value Insti Cl TAVFX |
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| What are Investor Returns? | | Morningstar investor returns (also known as dollar-weighted returns) measure how the typical investor in a fund fared over various time periods, incorporating the impact of cash inflows and outflows from all investors' purchases and sales. If investors bought a fund after it had posted big gains and sold at a low ebb, investor returns will be lower than the fund's total returns. If investors bought and sold at more opportune times, however, investor returns will be higher than the fund's total returns. (For more details, please click here.) | |
| | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | | Investor Return % | -15.7 | 36.7 | 26.8 | 15.5 | 13.9 | 5.1 | -44.9 | | Total Return % | -15.2 | 37.1 | 26.6 | 16.5 | 14.7 | 5.8 | -45.6 | | +/- Category * | 1.7 | -7.5 | 6.8 | 6.3 | 1.3 | 2.0 | -2.4 | | % Rank in Category * | 38 | 81 | 13 | 11 | 40 | 42 | 67 | | | | | | | | | |
| Investor Returns vs Total Returns | through 01-31-10 | | |
| | Investor Return % | Total Return % | Investor Return % Rank in Category | | 1-Year | 42.63 | 43.18 | 30 | | 3-Year Annualized | -11.39 | -8.76 | 71 | | 5-Year Annualized | -2.35 | 1.06 | 73 | | 10-Yr Annualized | 1.54 | 6.28 | 30 | | | | *Data refers to Investor Returns |
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| Tax Analysis |
| Third Avenue Value Insti Cl TAVFX |
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| | 3-Yr Avg % | 5-Yr Avg % | 10-Yr Avg % | | Pretax Return | -8.76 | 1.06 | 6.28 | | Tax-adjusted Return | -9.40 | -0.12 | 5.03 | | % Rank in Category | 66 | 68 | 8 | | Tax Cost Ratio | 0.70 | 1.17 | 1.18 | | | | | | | Potential Cap Gains Exposure % | -8.8 |
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| Sec Filing |
| Third Avenue Value Insti Cl TAVFX |
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| Portfolio |
| Third Avenue Value Insti Cl TAVFX |
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Style Box Details
| 10-31-09 | | |
| Size | | | Average Mkt Cap $Mil | 10,417 | | | |
 | | Market Capitalization | % of
Portfolio |
| Giant | 25.30 | | Large | 53.88 | | Medium | 13.10 | | Small | 4.37 | | Micro | 3.35 | | | |
| |  | | Investment Style History (as of 12-31) |
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 | | Valuations and Growth Rates | Stock Portfolio | Rel to MSCI EAFE NR USD | Rel to Category | | Price/Prospective Earnings | 22.3 | --- | 1.5 | | Price/Book | 1.0 | --- | 0.6 | | Price/Sales | 1.2 | --- | 1.4 | | Price/Cash Flow | 7.4 | --- | 1.2 | | Dividend Yield | 1.8 | --- | 0.5 |  |  |  | | Long-Term Earnings | 10.1 | ---
| 0.9 | | Historical Earnings | 2.6 | --- | -0.9 | | Sales Growth | 3.3 | --- | 82.5 | | Cash-Flow Growth | -22.9 | --- | -53.2 | | Book-Value Growth | -7.4 | --- | 2.4 | | | | | | | | Style Box Detail calculations do not include the fund´s short positions (if any). | |
 | | | | % Long | % Short | % Net Assets |
| Cash | 3.7 | 0.0
| 3.7 | | Stocks | 91.4 | 0.0
| 91.4 | | Bonds | 4.5 | 0.0
| 4.5 | | Other | 0.4 | 0.0 | 0.4 |  | | Foreign Stocks | 71.0 | 0.0 | 71.0 | | (as a % of assets) |
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| Sector Weightings | 10-31-09 |
 |  |  |  |  | | | % of Stocks | Rel to
MSCI EAFE NR USD | Rel to Cat Avg |  | Information | | | |  | Software | 0.00 | --- | 0.00 |  | Hardware | 1.66 | --- | 0.28 |  | Media | 0.00 | --- | 0.00 |  | Telecommunications | 0.62 | --- | 0.08 |  |  | Service | | | |  | Healthcare | 0.00 | --- | 0.00 |  | Consumer Services | 0.00 | --- | 0.00 |  | Business Services | 0.00 | --- | 0.00 |  | Financial Services | 68.67 | --- | 4.27 |  |  | Manufacturing | | | |  | Consumer Goods | 10.36 | --- | 0.69 |  | Industrial Materials | 11.32 | --- | 0.84 |  | Energy | 7.25 | --- | 0.84 |  | Utilities | 0.12 | --- | 0.03 | | | | | | | | Sector weighting calculations do not include the fund´s short positions (if any). | |
| International Exposure | 10-31-09 |
| Regional Exposure | % of
Assets | | Country Exposure | % of
Assets | | North America | 24.4 | | Hong Kong | 44.6 | | UK/Western Europe | 4.4 | | United States | 19.7 | | Japan | 9.4 | | Japan | 9.4 | | Latin America | 0.0 | | South Korea | 6.7 | | Asia ex-Japan | 52.5 | | Canada | 4.7 | | Other | 0.0 | | Not Classified | 9.3 | | | | | | | | International Exposure calculations do not include the fund´s short positions (if any). | | | | | | |
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| Holdings |
| Third Avenue Value Insti Cl TAVFX |
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| Number of Stock Holdings (Long) | 42 | | Annual Turnover % | 5 | | Number of Bond Holdings (Long) | 8 | | Yield % | 2.63 | | Number of Stock Holdings (Short) | --- | | % Assets in Top 10 Holdings | 69.36 | | Number of Bond Holdings (Short) | --- | | | | | | |
 |  | | Portfolio Holdings as of
10-31-09 |
| | | Top 25 holdings account for the fund's short positions (if any), which appear shaded. |
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| Management |
| Third Avenue Value Insti Cl TAVFX |
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| Manager Name | Martin J. Whitman | | Manager Start Date | 11-01-90 | | |
 | | Biography | | Martin Whitman is a veteran value investor with a long, distinguished history as a control investor. He is Co-Chief Investment Officer of Third Avenue Management and has successfully identified value in securities for more than 50 years. Mr. Whitman founded the predecessor to Third Avenue Funds in 1986 and M.J. Whitman LLC, a full-service broker-dealer affiliated with Third Avenue, in 1974. He has managed the flagship Third Avenue Value Fund since its inception.. Mr. Whitman has taught at the Yale School of Management for over 30 years. He is the author of The Aggressive Conservative Investor and Value Investing - A Balanced Approach. He received a Masters degree in Economics from the New School for Social Research and graduated from Syracuse University magna cum laude. Syracuse University's Whitman School of Management is named in his honor. Mr. Whitman is a CFA Charterholder. |
| |  | | Manager Name | Ian Lapey | | Manager Start Date | 07-17-09 | | |
 | | Biography | | Lapey is a portfolio manager of the company.
Lapey holds the Certified Public Accountant designation. |
 | | | Fund Inception | 11-01-90 | | Fund Advisor(s) |
Third Avenue Management LLC
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| Fees & Expenses |
| Third Avenue Value Insti Cl TAVFX |
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| Fees and Expenses | 12-31-09 | | |
| Initial |
None
| | Deferred |
None
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 | | Redemption Fees % | | | 0
-
60
days
| 1.00 | | More Than
60
days | 0.00 | | | |
 | | Maximum Fees % |
| Administrative |
0.00
| | Management | 0.90 | | | |
 | | Total Cost Projections | Cost per $10,000 |
| 3-Year |
$365 | | 5-Year |
$632 | | 10-Year |
$1398 | | | |
| | | 12b-1 |
0.00
| | Management | 0.90 | | Net Expense Ratio: Annual Report | 1.17 | | (As of 10-31-09) | | Net Expense Ratio: Prospectus | 1.15 | | | | | Expense Waivers: | | | | |
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| Purchase Info |
| Third Avenue Value Insti Cl TAVFX |
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| Analyst Report Archive |
| Third Avenue Value Insti Cl TAVFX |
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 | | Analyst Report Archive | | | |
| Date | Analyst Report | | Analyst | | 01-26-10 | Third Avenue's recent announcement isn't a sign of much change. | | Bridget B. Hughes, CFA | | | 07-29-09 | Despite a conservative approach to stock-picking, this mutual fund carries risk. | | Bridget B. Hughes, CFA | | | 03-03-09 | Marty Whitman and team should be able to take advantage of the current economic environment. | | Bridget B. Hughes, CFA | | | 12-31-08 | A tough year, yes, but we're optimistic about its future. | | Bridget B. Hughes, CFA | | | 09-30-08 | We'd encourage shareholders to stop selling this mutual fund. | | Bridget B. Hughes, CFA | | | 02-29-08 | Cheung Kong and Henderson Land Development will drive returns at this mutual fund. | | Bridget B. Hughes, CFA | | | 12-07-07 | This mutual fund is perfectly cut for times like these. | | Karen Dolan, CFA | | | 04-27-07 | This mutual fund will invest almost anywhere, and that's just fine. | | Kerry O'Boyle | | | 11-30-06 | Shareholders here face another year-end tax bite, though it's largely a result of the fund's history of success. | | Kerry O'Boyle | | | 07-03-06 | This mutual fund defies categorization; we just know it's good. | | Kerry O'Boyle | |  | | | | 01-26-06 | Investors here may have to watch out for the taxman going forward, but this remains a topnotch fund. | | Kerry O'Boyle | | | 12-27-05 | This standout mutual fund has changed categories, but not its unique approach to investing. | | Kerry O'Boyle | | | 04-29-05 | This offering treads its own path, much to the advantage of long-term investors. | | Kerry O'Boyle | | | 11-30-04 | Patience is a virtue. | | Christopher J. Traulsen, CFA | | | 07-01-04 | A blue light special pays off. | | Christopher J. Traulsen, CFA | | | 02-01-04 | A great fund that won't suit everyone. | | Christopher J. Traulsen, CFA | | | 12-04-03 | Is this fund too concentrated? | | Christopher J. Traulsen, CFA | | | 09-04-03 | Concentration is in the eye of the beholder. | | Christopher J. Traulsen, CFA | | | 06-11-03 | Blue-light special, anyone? | | Christopher J. Traulsen, CFA | | | 03-28-03 | Blue-light special, anyone? | | Christopher J. Traulsen, CFA | |  | | | | 10-11-02 | Longtime manager Marty Whitman makes this vulture-like investing fund a keeper. | | Christopher J. Traulsen, CFA | | | 06-03-02 | The sale of this fund's advisor isn't cause for alarm. | | Christopher J. Traulsen, CFA | | | 03-22-02 | Third Avenue Value Fund can require patience, but it's well worth the wait. | | Christopher J. Traulsen, CFA | | | 10-24-01 | For Third Avenue Value Fund, the market's September slump was a golden opportunity. | | Christopher J. Traulsen, CFA | | | 08-01-01 | Third Avenue Value Fund's recent struggles don't diminish its appeal. | | Christopher J. Traulsen, CFA | | | 02-19-01 | Third Avenue Value fund remains a vulture and a victor. | | William Samuel Rocco | | | 10-02-00 | Third Avenue Value Fund is looking for fresh prey. | | Christopher J. Traulsen, CFA | | | 04-19-00 | Third Avenue Value Fund looks a little out of character right now, but it's not a permanent condition. | | Christopher J. Traulsen, CFA | | | 12-03-99 | Redemptions continue to hamstring this fund, but they haven't kept it entirely on the sidelines. | | Christopher J. Traulsen, CFA | | | 07-07-99 | Third Avenue Value Fund has suffered at the hands of shareholders who don't share its patient philosophy. | | Kevin McDevitt, CFA | |  | | | | 02-05-99 | Third Avenue Value Fund has reopened its doors, but it hasn't sold out. | | Kevin McDevitt, CFA | | | 09-08-98 | Third Avenue Value Fund's closing has allowed it to put its money where its mouth is. | | Jon Hale | | | 03-20-98 | Third Avenue Value Fund might be getting a bit jealous of its younger sibling. | | William Samuel Rocco | | | 12-19-97 | Third Avenue Value Fund is circling. | | William Samuel Rocco | | | 08-01-97 | Third Avenue Value Fund buys stocks that stink, but its total returns are sweet. | | Russel Kinnel | | | 03-14-97 | Where there's smoke, there's Third Avenue Value Fund. | | Abhay Deshpande | | | 07-19-96 | The vulture is at it again. | | William Samuel Rocco | | | 03-01-96 | Third Avenue Value Fund goes where others fear to tread. | | William Samuel Rocco | | | 10-13-95 | Third Avenue Value Fund has produced Park Avenue results. | | William Samuel Rocco | | | 05-26-95 | Third Avenue Value Fund has taken its own advice--up to a point. | | Natalie Andrus | |  | | | | 01-06-95 | Third Avenue Value Fund continues to act as the market's buzzard. | | Natalie Andrus | | | 07-22-94 | Third Avenue Value Fund is adding to its heavy weights. | | Natalie Andrus | | | 03-04-94 | Third Avenue Value Fund is casting its net further these days. | | Natalie Andrus | | | 10-15-93 | Third Avenue Value Fund is an exemplary asset buyer. | | Amy C. Arnott | | | 05-28-93 | It's hard to fathom why Third Avenue Value Fund hasn't been discovered. | | Amy C. Arnott | | | 01-08-93 | Third Avenue Value Fund has had a banner year. | | Amy C. Arnott |
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Italics indicate Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees.
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