Past performance is no guarantee of future results; returns include reinvestment of all distributions. The above represents past performance and current performance may be lower or higher than the performance quoted above. Investment return and principal value fluctuate so that an investor's shares, when redeemed, may be worth more or less that the original cost. For the most recent month-end performance, please visit the Fund's website www.thirdave.com. Click here for the Fund's standarized performance: https://www.thirdave.com/pricing.

For top 10 holdings and standardized performance click here.  Holdings are subject to change and are not a recommendation to buy or sell any security.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. Third Avenue Funds are offered by prospectus only. The prospectuses and summary prospectuses are available on this website or by calling (800) 443-1021.  Read the prospectus or summary prospectus carefully before investing.

Third Avenue Funds are distributed by 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. The Adviser’s use of its ESG framework could cause it to perform differently compared to funds that do not have such a policy. The criteria related to this ESG framework may result in the Fund’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.

The gross (net) expense ratio for the Fund’s Institutional and Z share classes is 1.54% (1.01%) and 1.48% (1.01%), respectively, as of March 1, 2025. The Advisor has contractually agreed to waive its fees and reimburse expenses so that the annual fund operating expenses for the Fund do not exceed 1.00% of the Fund’s average daily net assets until March 1, 2026. This limit does not apply to distribution fees pursuant to Rule 12b-1 Plans, brokerage commissions, taxes, interest, short-sale dividends, acquired fund fees and expenses, other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business. If fee waivers had not been made, returns would have been lower than reported.

Based on equity holdings only. P/E Trailing 12 Month – Weighted harmonic average of the ratio of current share price to trailing 12-months earnings per share of each security holding invested in the portfolio. P/E Adjusted Trailing 12 Month - Weighted harmonic average of the ratio of current share price to trailing 12 months earnings per share of each security holding invested in the portfolio with a positive trailing 12-months earnings per share. Price to Sales -Weighted harmonic average of the ratio of current share price to its trailing 12-months sales per share of each security holding invested in the portfolio. Price to Book - Weighted harmonic average of the ratio of current share price to its book value per share of each security holding invested in the portfolio. Price to Cash Flow - Weighted harmonic average of the ratio of current share price to its trailing 12-months cash flow per share of each security holding invested in the portfolio.

For the Third Avenue Glossary please visit here.