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 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. For the most recent month-end performance, please visit the Fund’s website at www.thirdave.com.

Institutional shares are subject to minimum investments.

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 visit www.thirdave.com 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.

FUND RISKS: Please be aware that small-cap investments are subject to higher volatility and lower financial resources than large-cap investments. The markets for these securities are also less liquid than those for larger companies. For a full disclosure of principal investment risks, please refer to the Fund’s Prospectus.

Top 10 holdings and additional fund information click here.

Holdings and allocations are subject to change.

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