‍^¹Asset class group awards will be given to the best large and small groups separately. Large fund family groups with at least five equity, five bond, or three mixed-asset portfolios in the respective asset classes are eligible for a group award. Small fund family groups will need to have at least three distinct portfolios in one of the asset classes – equity, bond, or mixed-asset. The lowest average decile rank of the three years’ Consistent Return measure of the eligible funds per asset class and group will determine the asset class group award winner over the three-year period. In cases of identical results, the lower average percentile rank will determine the winner.

^²For the three-year period ended December 31, 2023, the Third Avenue Value Fund (managed by Matthew Fine since 2017) and the Third Avenue Real Estate Value Fund (managed by Jason Wolf and Ryan Dobratz since 2010 and 2013, respectively) were within the top percentile of performance for Funds within their Lipper categories. For the same period, the Third Avenue Small-Cap Value Fund (managed by Vic Cunningham since 2017) and the Third Avenue International Real Estate Value Fund (managed by Quentin Velleley since 2013) were within the top decile of performance for Funds within their Lipper categories.

About Third Avenue Management

Third Avenue Management is a New York City-based investment adviser founded in 1986 by legendary investor Martin J. Whitman. For more than 35 years, the Firm has consistently pursued a value approach to investing by focusing on the company’s balance sheet, the value of its underlying assets, the discounted price of its securities, and the ability of the enterprise to increase its corporate net worth over time. Today, the Firm is partnered with AMG (NYSE: AMG) and has more than $1.4 billion in assets under management across its five core strategies – Global Value, U.S. Small-Cap Value, Real Estate Value, International Real Estate, and International Value –which are available to investors through Mutual Funds, UCITS, Separate Accounts, and Sub-Advisory Arrangements.

Third Avenue Funds are offered only by prospectus. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses. Please read the Prospectus carefully before investing or sending money. For a current Prospectus please visit our website at www.thirdave.com, or call 800-443-1021. Distributor of Third Avenue Funds: Foreside Fund Services,LLC.

Past performance does not guarantee future results. Mutual fund investing involves risk. Principal loss is possible.

The U.S. Lipper Fund Award for Best Equity Small Fund Family is based on a review of 185 qualified fund management companies that were eligible for the three-year period ending on 11/30/23.  To qualify for Lipper's Overall Small Fund Family Group Award, small fund family groups must have at least three equity portfolios. The group award is given to the group with the lowest average decile ranking of its respective asset class results based on the three-year consistent return measure of the eligible funds.

Past performance does not guarantee future results.

View Top 10 Holdings, Standardized Performance and Active Share for the Third Avenue Real Estate Value Fund here.

View Top 10 Holdings, Standardized Performance and Active Share for the Third Avenue Small-Cap Value Fund here.

Active Share is the percentage of a fund’s portfolio that differs from the benchmark index.

The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe.