The Strategy has outperformed its Benchmark by more than 425 basis points annually over the past decade

The Fund is recognized by Morningstar with a 5-Star Overall Rating and as a Silver Medalist in the Global Real Estate Category

Third Avenue Management LLC ("the Firm" or "Third Avenue"), a United States-based investment adviser and leading value investing firm, is pleased to announce that the Third Avenue International Real Estate Value Fund ("the Fund"; NASDAQ: REIFX) recently celebrated its 10-year anniversary.

Since making its first investments, the Fund has generated annualized returns exceeding its Benchmark¹ by more than 425 basis points per year². Alongside these results, the Fund has received a 5-Star overall rating³ from Morningstar (based on risk-adjusted returns out of 179 funds in the Global Real Estate category as of April 30, 2024) and been recognized with a Silver Medalist rating⁴.

The Fund's Portfolio Manager, Quentin Velleley, CFA, established the strategy in 2014 with the view that a rigorous, concentrated, and value-oriented investing approach could produce attractive risk-adjusted returns in the expansive universe of international listed real estate. The Fund’s specific focus on long-term, value-oriented opportunities provides a differentiated real estate exposure that can potentially benefit from pricing inefficiencies and uncorrelated returns often associated with international market investing.

"We are pleased with the International Real Estate Fund’s performance over the past decade and are grateful for the support our shareholders have provided during that time,” said Quentin Velleley. “We also believe that the Fund’s distinct style, the significant price-to-value disconnects in international real estate securities, and the limited number of competing strategies continue to provide an exciting backdrop for the decade ahead.”

To learn more about the Third Avenue International Real Estate Value Fund, please visit the strategy overview page at https://www.thirdave.com/strategy-reifx.

About Third Avenue Management

Third Avenue Management is a New York City-based investment adviser founded in 1986 by legendary value investor Martin J. Whitman. For more than 35 years, the Firm has consistently pursued a value approach to investing by focusing on the company’s balance sheet, the value of its underlying assets, the discounted price of its securities, and the ability of the enterprise to increase its corporate net worth over time. Today, the Firm is partnered with AMG (NYSE: AMG) and has $1.5 billion in assets under management across its five core strategies – Global Value, U.S. Small-Cap Value, Real Estate Value, International Real Estate, and International Value – which are available to investors through Mutual Funds, UCITS, Separate Accounts, and Sub-Advisory Arrangements.

Fund Performance:

As of March 1, 2024 REIFX Gross/Net Expense Ratio: 1.62%/1.00%, REIZX Gross/Net Expense Ratio: 1.54%/1.00%

The Adviser has contractually agreed to waive its fees and reimburse expenses so that the annual fund operating expenses for the Fund do not exceed 1.00% of the Fund’s average daily net assets until March 1, 2024. This limit does not apply to distribution fees pursuant to Rule 12b-1 Plans, brokerage commissions, taxes, interest, short-sale dividends, acquired fund fees and expenses, other expenditures capitalized in accordance with generally accepted accounting principles or other extraordinary expenses not incurred in the ordinary course of business. If fee waivers had not been made, returns would have been lower than reported.

Past performance is no guarantee of future results; returns include reinvestment of all distributions. The chart 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 call 1-800-673-0550.

Important Information

1. The FTSE EPRA Nareit Global Index and FTSE EPRA Nareit Global ex US Index are designed to track the performance of listed real estate companies and REITS in both developed and emerging markets. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs).
2. The Fund commenced investing in securities other than cash on May 8, 2014, which coincides with the Fund’s subscription of its first investors. The excess return of 429 basis points over the 10-year period reflects May 8, 2014 through May 8, 2024. Past performance is not a guarantee of future results.
3. Overall Morningstar rating, as of April 30, 2024, vs. 179 funds. REIFX was rated against the following numbers of Global Real Estate Category Funds over the following time periods: 179 funds in the last three years and 179 funds in the last five years. With respect to these Global Real Estate funds, REIFX received a Morningstar Rating of 5 stars for the three-year period and 5 stars for the five-year period, respectively. Ratings based on risk adjusted return. Past performance is no guarantee of future results.
4. The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

^©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

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. 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.

The fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 800-443-1021 or visiting www.thirdave.com. Read it carefully before investing.

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

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