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Important Information & Disclosures:

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.

Performance for the Third Avenue Value Fund Institutional Class (Ticker: TAVFX/Inception Date 11/1/1990) as of 3/31/24: 1yr 20.07%, 5yr 15.16%, 10yr 8.33%, Inception 10.87%.

As of March 1, 2024. The Adviser has contractually agreed, for a period of one year from the date of the Prospectus, dated March 1, 2024, 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 1.20%, 1.45% and 1.11% 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. Gross Annual Fund Operating Expenses are 1.20%, 1.47% and 1.13% of the average daily net assets of the Institutional Class, Investor Class and Z Class, respectively.

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.

Holdings are subject to change and are not a recommendation to buy or sell any security, click here for Top Ten holdings.

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 FundServices, LLC.  

"Elite Investor" is an accolade that Citywire gives the top 3% of more than 10,000 equity managers whose investments are tracked using stringent criteria that take into account how much they outperform their market, how consistently they do so, and how much risk they take.