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.

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 at www.thirdave.com/fund-literature.

As of May 29, 2026, Third Avenue Management held 1.40% of Harley-Davidson Inc. Holdings are subject to change and are not a recommendation to buy or sell any security.

Dividend Yield: Ratio that demonstrates a company's annual dividends relative to its shares' market price.

EBITDA: Short for earnings before interest, taxes, depreciation, and amortization, is an alternate measure of profitability to net income.

Price-to-earnings ratio ("P/E Ratio"): The P/E ratio for valuing a company that measures its current share price relative to its per-share earnings.

Past performance is not a guarantee of future results.

For a list of the top 10 holdings in the fund, please visit www.thirdave.com/strategy-tavfx. Fund holdings are subject to change.