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TAF 3Q 2012 Report and Shareholder Letters

TAF 3Q 2012 Report and Shareholder Letters

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Published by VALUEWALK LLC
TAF 3Q 2012 Report and Shareholder Letters
TAF 3Q 2012 Report and Shareholder Letters

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categoriesBusiness/Law, Finance
Published by: VALUEWALK LLC on Sep 27, 2012
Copyright:Attribution Non-commercial

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12/13/2012

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Third Avenue Value FundThird Avenue Small-Cap Value FundThird Avenue Real Estate Value FundThird Avenue International Value FundThird Avenue Focused Credit Fund
PORTFOLIO MANAGER COMMENTARYANDTHIRD QUARTER REPORT
JULY 31, 2012
 
This publication does not constitute an offer or solicitation of any transaction in any securities. Any recommendation contained herein may not be suitable for all investors.Information contained in this publication has been obtained from sources we believe to bereliable, but cannot be guaranteed.The information in these portfolio manager letters represents the opinions of the individualportfolio manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed are those of the portfolio manager andmay differ from those of other portfolio managers or of the firm as a whole. Also, pleasenote that any discussion of the Funds’ holdings, the Funds’ performance, and the portfoliomanagers’ views are as ofJuly 31, 2012 (except as otherwise stated), and are subject tochange without notice.Third Avenue Funds are offered by prospectus only. Prospectuses contain more completeinformation on advisory fees, distribution charges, and other expenses and should be readcarefully before investing or sending money. Please read the prospectus and carefully consider investment objectives, risks, charges and expenses before you send money. Pastperformance is no guarantee of future results. Investment return and principal value willfluctuate so that an investor’s shares, when redeemed, may be worth more or less thanoriginal cost.If you should have any questions, please call 1-800-443-1021, or visit our web site at:www.thirdave.com, for the most recent month-end performance data or a copy of the Funds’prospectus. Current performance results may be lower or higher than performance numbersquoted in certain letters to shareholders.M.J. Whitman LLC, Distributor. Date of first use of portfolio manager commentary:August 28, 2012.
 
This booklet consists of two separate documents.
THIRD AVENUE FUNDSPORTFOLIO MANAGER COMMENTARY
_____________________________________________
CHAIRMAN’S LETTER
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
THIRD AVENUE VALUE FUND (TAVFX, TVFVX)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
THIRD AVENUE SMALL-CAP VALUE FUND (TASCX, TVSVX)
. . . . . . . . . . . . . . . . . . . . . . . . . . . 11
THIRD AVENUE REAL ESTATE VALUE FUND (TAREX, TVRVX)
. . . . . . . . . . . . . . . . . . . . . . . . . . 18
THIRD AVENUE INTERNATIONAL VALUE FUND (TAVIX, TVIVX)
. . . . . . . . . . . . . . . . . . . . . . . . . 23
THIRD AVENUE FOCUSED CREDIT FUND (TFCIX, TFCVX)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
THIRD AVENUE FUNDSTHIRD QUARTERREPORT
_____________________________________________
THIRD AVENUE VALUE FUND
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
THIRD AVENUE SMALL-CAP VALUE FUND
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
THIRD AVENUE REAL ESTATE VALUE FUND
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
THIRD AVENUE INTERNATIONAL VALUE FUND
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
THIRD AVENUE FOCUSED CREDIT FUND
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
NOTES TOPORTFOLIOS OF INVESTMENTS
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

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