THIRD AVENUE VALUE FUND
THIRD AVENUE SMALL-CAP VALUE FUND
THIRD AVENUE HIGH YIELD FUND
THIRD AVENUE REAL ESTATE VALUE FUND
Supplement dated October 15, 1999 to Prospectus dated February 28, 1999
The following information supplements the information contained in, and replaces
the third sentence of, footnote ** to the Expenses table of Third Avenue Real
Estate Value Fund of the Funds' Prospectus February 28, 1999.
Effective October 15, 1999, the Adviser has agreed to reimburse Third Avenue
Real Estate Value Fund for all expenses incurred by the Fund in excess of 1.5%
of Fund assets. The Fund will repay the Adviser the amount of its reimbursement
for up to three years following the reimbursement to the extent Fund expenses
drop below 1.5%.
