Real Estate Strategy Update & Outlook Video Highlight

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. Foreign Investment Risk/Emerging Market Risk/Foreign Currency Risk The Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of US companies due to smaller markets, less liquid ex-changes, differing reporting, accounting, auditing and taxation standards, exchange rate fluctuations vs the US Dollar, and political changes. Investment in Smaller Companies Risk The Fund may also be focused on smaller companies (having a market capitalization of less than US$1 billion). Smaller real estate company stocks can be more volatile and speculative than, and perform differently from, larger real estate company stocks. Certain securities generally trade in lower volume and may be less liquid than securities of large established companies. Leverage Risk/Short Sales Risk The Fund may use leverage in executing its investment strategy. Leverage will increase the volatility of the Fund’s performance and its risk. Stocks sold short have the risk of unlimited losses. Non-Diversification Risk The Fund is non-diversified and takes larger positions in a smaller number of issuers than a diversified fund. The change in the value of a single stock in the Fund’s portfolio may have a greater impact on the Fund’s net asset value than it would on a diversified fund. The Fund’s share price may fluctuate more than the share price of a comparable diversified fund.

Overall Morningstar rating, as of December 31, 2021, vs. 197 funds. REIFX was rated against the following numbers of Global Real Estate Category Funds over the following time periods: 197 funds in the last three years and 176 funds in the last five years. With respect to these Global Real Estate funds, REIFX received a Morningstar Rating of 3 stars for the three-year period and 4 stars for the five-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.

Morningstar Proprietary Ratings reflect risk-adjusted performance as of 11/30/21. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. REIFX was rated against the following numbers of Global Real Estate Category Funds over the following time periods: 198 funds in the last three years and 177 funds in the last five years. With respect to these Global Real Estate funds as of 11/30/2021, REIFX received a Morningstar Rating of 4 stars for the three-year period and 4 stars for the five-year period, respectively. Ratings for other share classes will vary.

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.

These materials do not constitute an offer to sell or a solicitation of an offer to purchase any securities. Third Avenue Funds are offered by prospectus only. Please click here to access and carefully read the Fund’s prospectus before investing as it contains important information, including full disclosures of investment objectives, advisory fees and expenses, and investment risks, including principal loss risk.

Distributor of Third Avenue Funds: Foreside Fund Services, LLC.

Top 10 holdings and standardized performance click here.

Definition: Compounding is the process in which an asset’s earnings, from either capital gains or interest, are reinvested to generate additional earnings over time.
Definition: Basis points (BPS) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.
Definition: Return of capital occurs when an investor receives a portion of their original investment that is not considered income or capital gains from the investment.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. For the most recent month-end performance, please call 800-443-1021.