Martin Whitman's Third Avenue Value Fund(TAVFX) Current Stock Portfolio

Martin J. Whitman is an investment advisor and a strong critic of the direction of recent changes in Generally Accepted Accounting Principles (GAAP) in the U.S. He is founder, Co-Chief Investment Officer, and Portfolio Manager of the Third Avenue Value Fund(TAVFX).

Current Portfolio....year to date since inception 11/1/90 is 10.50%


Top 10 Holdings - By Issuer (as of April 30, 2009)
Issuer - % of Net Assets

Henderson Land Development Co., Ltd.,12.52%;
Cheung Kong Holdings, 12.45%;
Toyota Industries Corp., 10.95%;
Posco (ADR), 5.99%;
Wheelock & Co., Ltd., 4.38%;
Nabors Industries, Ltd., 3.75%;
Wharf Holdings, Ltd., 3.58%;
Brookfield Asset Management, Inc., 3.45%;
Investor AB,3.32%
Bank of New York Mellon, 3.11%.

Martin Whitman Profile



Letter to Shareholder highlights.

"While cashflows turned positive this month, common
stock sales were made, during the quarter, in order to
maintain a cash position in excess of 5%. Management
reluctantly sold the Fund’s positions in Hutchison
Whampoa Common, St. Joe Common and Suncor
Common. The sales of MGIC Common and Radian
Common reflect a view that both companies may be
suffering permanent impairments, as the U.S. housing
market continues to deteriorate. Datascope Common was
sold in a take-over transaction at a profit."
-Stock Article Link