Performance is shown for the Third Avenue Real Estate Value Fund (Institutional Class). Past performance is no guarantee of future results; returns include reinvestment of all distributions. The video represents past performance and current performance may be lower or higher than performance quoted in the video. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. For the most recent quarter-end and month-end performance, please visit the Fund’s website at www.thirdave.com/pricing.

The gross expense ratio for the Fund’s institutional, investor and z share classes is 1.12%, 1.41%, and 1.03%, respectively, as of March 1, 2019. The Adviser has contractually agreed, for a period of one year from the date of the Prospectus, dated March 1, 2019, to defer receipt of advisory fees and/or reimburse Fund expenses in order to limit Net Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to 1.15%, 1.40% and 1.05% of the average daily net assets of the Institutional Class, Investor Class and Z Class, respectively, subject to later reimbursement by the respective classes in certain circumstances (the “Expense Limitation Agreement”). In general, for a period of up to 36 months from the time of any deferral, reimbursement, or payment pursuant to the above-described contractual expense limitations, the Adviser may recover from each class of the Fund fees deferred and expenses paid to the extent that such repayment would not cause the Net Annual Fund Operating Expenses of each class to exceed the contractual expense limitation amounts set forth above, but any repayment will not include interest. The Expense Limitation Agreement can only be terminated prior to expiration by the independent Trustees of the Fund.

Institutional shares are subject to minimum investments.

These materials do not constitute an offer to sell or a solicitation of an offer to purchase any securities. Third Avenue Funds are offered by prospectus only. Please visit www.thirdave.com to access and carefully read the Fund’s prospectus before investing as it contains important information, including full disclosures of investment objectives, advisory fees and expenses, and investment risks, including principal loss risk. Distributor of Third Avenue Funds: Foreside Fund Services, LLC.

FUND RISKS: In addition to general market conditions, the value of the Fund will be affected by the strength of the real estate markets. Factors that could affect the value of the Fund’s holdings include the following: overbuilding and increased competition, increases in property taxes and operating expenses, declines in the value of real estate, lack of availability of equity and debt financing to refinance maturing debt, vacancies due to economic conditions and tenant bankruptcies, losses due to costs resulting from environmental contamination and its related clean-up, changes in interest rates, changes in zoning laws, casualty or condemnation losses, variations in rental income, changes in neighborhood values, and functional obsolescence and appeal of properties to tenants. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.

Top 10 Holdings

Holdings and allocations are subject to change.