Lipper designates award-winning funds in most individual classifications for the three-, five- and 10-year periods and fund family awards covering three years. Lipper Fund Awards are based on Lipper’s Consistent Return calculation. Lipper scores for Consistent Return reflect funds’ historical risk-adjusted returns relative to funds in the same Lipper classification and include each fund’s expenses and reinvested distributions, but exclude sales charges. Consistent Return values are calculated with all eligible share classes for each eligible classification. The highest Lipper Leader for Consistent Return value within each eligible classification determines the fund classification winner over three, five or 10 years. Lipper, a Thomson Reuters company, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. For a detailed explanation of the process, please review the Lipper Fund Awards methodology document at http://www2.thirdave.com/e/251612/2018-02-28/2cpd71/99578062

Lipper Fund Awards for Third Avenue Real Estate Value Fund (“TAREX”, a mutual fund available to U.S. investors only)

  • 2018 US:  TAREX was the top performer among 33 funds in Lipper’s Global Real Estate category based on five-year risk-adjusted performance.
  • 2016 US:  TAREX was the top performer among 33 funds in Lipper’s Global Real Estate category based on five-year risk-adjusted performance.
  • 2015 US:  TAREX was the top performer among 36 funds and 103 unique share classes in the Global Real Estate Category based on three-year risk-adjusted performance.

Lipper Fund Awards for Third Avenue Real Estate A1 USD Acc (“The Fund”, a share class of the Third Avenue Real Estate Value Fund UCITS, a sub-fund of Third Avenue Capital p.l.c., and is not available to US investors.

  • 2015 France:  The Fund was the top performer among 23 funds in Lipper’s Global Real Estate category based on three-year risk-adjusted performance.
  • 2015 Switzerland:  The Fund was the top performer among 31 funds in Lipper’s Global Real Estate category based on three-year risk-adjusted performance.
  • 2015 Germany:  The Fund was the top performer among 38 funds in Lipper’s Global Real Estate category based on three-year risk-adjusted performance.
  • 2015 Europe:  The Fund was the top performer among 31 funds in Lipper’s Global Real Estate category based on three-year risk-adjusted performance.
  • 2017 Switzerland: The Fund was the top performer among 28 funds in Lipper’s Global Real Estate category based on five-year risk adjusted performance.

Risks of investing in real estate 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.

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.  For current Fund performance or a copy of the Prospectus please visit our website: www.thirdave.com.  Please read the Prospectus carefully before investing or sending money. If you have any questions, please call us at 212.906.1160 or to reach BNY Shareholder Services, dial 1-800-443-1021.