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Third Avenue Funds Prices and Performance

Past performance is no guarantee of future results. Mutual Fund returns include reinvestment of all distributions. Returns are annualized for periods longer than one year. The returns represent past performance and current performance may be lower or higher than performance quoted above. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

Third Avenue Funds are offered by prospectus only. The prospectus contains important information, including investment objectives, risks, advisory fees and expenses. Distributor of Third Avenue Funds: Foreside Financial Group, LLC. Prospectuses are provided on the individual Fund pages linked below or on the Fund Literature page. Please read the Prospectus carefully before investing or sending money. If you have any questions, please call us at 1-800-880-8442 or to reach BNY Shareholder Services, dial 1-800-443-1021.

Third Avenue Value Fund
*Inception dates: Institutional Class (TAVFX) 11/01/1990, Investor Class (TVFVX) 12/31/2009, Z Class (TAVZX) 3/1/2018
NET ASSET VALUE (NAV)
AS OF 3/20/2024		 PERIOD AND ANNUALIZED PERFORMANCE
AS OF 03/31/2024		 QUARTERLY PERFORMANCE
AS OF 12/31/2024
Current NAV Daily Return MTD Return YTD Return 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year 15 Year Inception* Quarter 1 Year 5 Year 10 Year Inception*
Institutional68.38 0.87% 5.33% 5.95% 7.95% 8.58% 8.58% 20.07% 16.03% 15.16% 8.33% 11.29% 10.87% 8.58% 20.07% 15.16% 8.33% 10.87%
Investor68.89 0.86% 5.31% 5.88% 7.92% 8.51% 8.51% 19.76% 15.72% 14.86% 8.06% N/A 7.94% 8.51% 19.76% 14.86% 8.06% 7.94%
Z Class68.36 0.89% 5.33% 5.99% 7.93% 8.61% 8.61% 20.16% 16.14% 15.27% N/A N/A 10.31% 8.61% 20.16% 15.27% N/A 10.31%
Performance figures for periods greater than 1 year are annualized. The gross expense ratio for the Fund’s institutional, investor and z share classes is 1.22%, 1.47% and 1.16%, respectively, as of March 1, 2023. Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where Fund invests, lack of diversification and adverse general market conditions.

Third Avenue Small-Cap Value Fund
*Inception dates: Institutional Class (TASCX) 04/01/1997, Investor Class (TVSVX) 12/31/2009, Z Class (TASZX) 3/1/2018
NET ASSET VALUE (NAV)
AS OF 3/20/2024		 PERIOD AND ANNUALIZED PERFORMANCE
AS OF 03/31/2024		 QUARTERLY PERFORMANCE
AS OF 12/31/2024
Current NAV Daily Return MTD Return YTD Return 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year 15 Year Inception* Quarter 1 Year 5 Year 10 Year Inception*
Institutional20.64 1.58% 3.98% 2.59% 7.76% 6.31% 6.31% 24.40% 10.54% 11.41% 8.21% 12.32% 8.90% 6.31% 24.40% 11.41% 8.21% 8.90%
Investor19.93 1.58% 4.02% 2.57% 7.72% 6.23% 6.23% 24.04% 10.25% 11.14% 7.94% N/A 9.51% 6.23% 24.04% 11.14% 7.94% 9.51%
Z Class20.74 1.57% 4.01% 2.62% 7.77% 6.33% 6.33% 24.53% 10.65% 11.52% N/A N/A 9.12% 6.33% 24.53% 11.52% N/A 9.12%
Performance figures for periods greater than 1 year are annualized. The gross expense ratio for the Fund’s institutional, investor and z share classes is 1.25%, 1.57% and 1.19%, respectively, as of March 1, 2023. Risks that could negatively impact returns include: fluctuations in currencies versus the US dollar, political/social/economic instability in foreign countries where Fund invests, lack of diversification, volatility associated with investing in small‐cap securities, and adverse general market conditions.

Third Avenue Real Estate Value Fund
*Inception dates: Institutional Class (TAREX) 09/17/1998, Investor Class (TVRVX) 12/31/2009, Z Class (TARZX) 3/1/2018
NET ASSET VALUE (NAV)
AS OF 3/20/2024		 PERIOD AND ANNUALIZED PERFORMANCE
AS OF 03/31/2024		 QUARTERLY PERFORMANCE
AS OF 12/31/2024
Current NAV Daily Return MTD Return YTD Return 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year 15 Year Inception* Quarter 1 Year 5 Year 10 Year Inception*
Institutional22.23 1.69% 2.40% 2.49% 2.72% 2.81% 2.81% 24.26% 3.16% 3.13% 3.73% 10.09% 8.68% 2.81% 24.26% 3.13% 3.73% 8.68%
Investor22.15 1.70% 2.36% 2.45% 2.68% 2.77% 2.77% 23.93% 2.90% 2.86% 3.47% N/A 6.37% 2.77% 23.93% 2.86% 3.47% 6.37%
Z Class22.16 1.70% 2.40% 2.50% 2.73% 2.82% 2.82% 24.33% 3.26% 3.22% N/A N/A 1.99% 2.82% 24.33% 3.22% N/A 1.99%
Performance figures for periods greater than 1 year are annualized. The gross expense ratio for the Fund’s institutional, investor and z share classes is 1.18%, 1.44% and 1.10%, respectively, as of March 1, 2023. Risks that could negatively impact returns include: overbuilding and increased competition, increases in property taxes and operating expenses, lack of financing, vacancies, environmental contamination and its related clean-up, changes in interest rates, casualty or condemnation losses, and variations in rental income.

Third Avenue International Real Estate Value Fund
*Inception dates: Institutional Class (REIFX) 03/19/2014, Z Class (REIZX) 4/20/2018
NET ASSET VALUE (NAV)
AS OF 3/20/2024		 PERIOD AND ANNUALIZED PERFORMANCE
AS OF 03/31/2024		 QUARTERLY PERFORMANCE
AS OF 12/31/2024
Current NAV Daily Return MTD Return YTD Return 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year 15 Year Inception* Quarter 1 Year 5 Year 10 Year Inception*
Institutional12.13 1.34% 4.12% -1.54% 3.95% -1.70% -1.70% 8.60% 2.00% 4.25% 5.07% N/A 5.05% -1.70% 8.60% 4.25% 5.07% 5.05%
Z Class12.51 1.30% 4.08% -1.57% 3.99% -1.65% -1.65% 8.69% 1.99% 4.26% N/A N/A 4.15% -1.65% 8.69% 4.26% N/A 4.15%
Performance figures for periods greater than 1 year are annualized. The gross expense ratio for the Fund’s institutional and z share classes is 1.59% and 1.52%, respectively, as of March 1, 2023. Risks that could negatively impact returns include: overbuilding and increased competition, increases in property taxes and operating expenses, lack of financing, vacancies, environmental contamination and its related clean-up, changes in interest rates, casualty or condemnation losses, and variations in rental income.