Shareholder Letters - Third Avenue Management

Third Avenue Funds are distributed by Foreside Fund Services, LLC. 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.

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Third Avenue Value Fund

Third Avenue Small-Cap Fund

Third Avenue Real Estate Fund

Third Avenue International Real Estate Fund

ValueFund

Small-Cap Value Fund

Real Estate Value Fund

International Real Estate Value Fund

Value Fund

Small-Cap Value Fund

Real Estate Value Fund

International Real Estate Value Fund

Third Avenue
Value Fund

Value
Fund

Value
Fund