Copyright © 2016 by Third Avenue Management LLC.

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 be reliable, but can not be guaranteed.

The information in these portfolio manager letters represented the opinions of the individual portfolio manager and was 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 and may have differed from those of other portfolio managers or of the firm as a whole. Also, please note that any discussion of the Funds’ holdings, and the portfolio managers’ views are as of the date of each letter. You should expect that portfolio holdings may have (and in the case of older letters will have) changed since this date. Portfolio manager views also may change over time. Please note that the quarterly letters were accompanied by a list of the Fund’s portfolio holdings and other information. Some references may be made. All Shareholder letters and accompanying material beginning with the letter dated October 31, 1995 are available at

Past performance is no guarantee of future results. Mutual Fund returns include reinvestment of all distributions. Returns are annualized for periods longer than one year. The returns represent past performance and current performance may be lower or higher than performance quoted above. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

Third Avenue Funds are offered by prospectus only. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses. Distributor of Third Avenue Funds: Foreside Financial Group, LLC. Prospectuses are available at our website at or by calling 212.906.1160.  Please read the Prospectus carefully before investing or sending money.


Dear Fellow Shareholders... Copyright © 2016 by Martin J. Whitman. All Rights Reserved.

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