home : taxes

2011 Mutual Fund Distribution Information

Record date:  December 19, 2011
Ex-dividend, reinvestment and payment date:  December 20, 2011
2011 Mutual Fund Distribution Information

The information provided above does not represent final tax information and therefore, should not be used in completing your income tax returns. These amounts are for informational purposes only. Information necessary to complete your income tax returns for the calendar year ending December 31, 2011 will be issued by the Funds in the early part of 2012.

Please refer to the relevant Prospectus and SAI for more detailed information regarding performance and disclosures. Neither Third Avenue Management LLC, nor the Third Avenue Funds provide tax or legal advice. Please consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.

Mutual funds periodically distribute income and profits they earn to investors. By law, if a Fund has net gains from the sale of securities, or if it earns dividends, interest or other income from securities, it must pass substantially all of those earnings to its shareholders or it will be subject to corporate income taxes and excise taxes. These taxes would, in effect, reduce investors' total return.

It is the responsibility of any person or persons in possession of this material to seek appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.



2011 Quarterly Focused Credit Fund Distribution Information

Third Avenue Focused Credit Fund
 First Quarter Second Quarter Third Quarter Fourth Quarter
Dates Record Date March 21st
Payable March 22nd 		Record Date June 20th
Payable June 21st 		Record Date September 19th
Payable September 20th 		Record Date 12/19
Payable 12/20
Institutional Class $0.17/share (Reinvestment Price $11.43)
 $0.1875/share (Reinvestment Price $11.22)
 $0.2025/share (Reinvestment Price $10.27)
 $0.67630/share (Reinvestment Price $9.42)
Investor Class $0.1640/share (Reinvestment Price $11.44)
 $0.1817/share (Reinvestment Price $11.23)
 $0.1966/share (Reinvestment Price $10.28)
 $0.6697/share (Reinvestment Price $9.43)


Please refer to the relevant Prospectus and SAI for additional information, including the effect of taxes on total returns. Neither Third Avenue Management LLC, nor the Third Avenue Funds provide tax or legal advice. Please consult with your attorney, accountant, and/or tax professional for advice concerning your particular situation.

By law, if a fund has net gains from the sale of securities, or if it earns dividends and interest from securities, it must pass substantially all of those earnings to its shareholders or it will be subject to corporate income taxes and excise taxes. These taxes would, in effect, reduce investors' total return. The equity mutual funds advised by Third Avenue generally pay these distributions annually. The Focused Credit Fund generally pays dividends quarterly and capital gains annually.

It is the responsibility of any person or persons in possession of this material to inform themselves of and to take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Investors should not draw any inference as to the amount of future Third Avenue Focused Credit Fund distributions based upon the amount of the current distribution.

The tax status of these distributions has not been finalized. Information for tax preparation purposes will be available in early 2012.