The fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-443-1021 or visiting www.thirdave.com. Read it carefully before investing.

Distributor of Third Avenue Funds: Foreside Fund Services, LLC

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 800-443 -1021 or visit the Fund’s website at www.thirdave.com.

Past performance does not guarantee future results. Mutual fund investing involves risk. Principal loss is possible. There can be no guarantee that any strategy will be successful. One cannot invest directly in an index.

‍THIRD AVENUE VALUE FUND RISKS: Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where the Fund invests, lack of diversification, and adverse general market conditions. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.

For the Third Avenue Glossary, please visit https://www.thirdave.com/glossary.

For the Fund’s top 10 holdings and standardized performance please visit www.thirdave.com/strategy-tavfx. Fund holdings are subject to change.

The Gross/Net expense ratio for the Value Fund’s institutional share class is 1.16%/1.16%, as of March 1, 2026. The adviser has contractually agreed to waive fees for a period of one year from the date of the prospectus, dated March 1, 2026.