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Avenue Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Investor Class (TVFVX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.36<span>%</span></td> </tr> </table> 74 0.0136 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>982,341,603</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">37</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>4,085,076</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13<span>%</span></td> </tr> </table> 982341603 37 4085076 0.13 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Oil &amp; Gas Production &amp; Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Building Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Automotive</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Metals &amp; Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Diversified Holding Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Transportation &amp; Logistics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Capital Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy - Refining &amp; Marketing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Media</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Materials/Diversified Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Others^</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Purchased Options</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^{^}</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Non-U.S. Real Estate Operating Companies, Consumer Products and Brokerages &amp; Exchanges.</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​⁺</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Ireland, Bermuda, South Korea, Mexico and Philippines.</div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11840039.jpg" style="width: 172.8pt;"/> </div> 0.173 0.096 0.095 0.092 0.086 0.070 0.058 0.054 0.041 0.025 0.023 0.022 0.022 0.045 0.002 0.083 0.013 1.000 Third Avenue Value Fund Institutional Class TAVFX This semi-annual shareholder report contains important information about the Third Avenue Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Institutional Class (TAVFX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>61</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.11<span>%</span></td> </tr> </table> 61 0.0111 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>982,341,603</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">37</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>4,085,076</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13<span>%</span></td> </tr> </table> 982341603 37 4085076 0.13 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Oil &amp; Gas Production &amp; Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Building Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Automotive</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Metals &amp; Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Diversified Holding Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Transportation &amp; Logistics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Capital Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy - Refining &amp; Marketing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Media</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Materials/Diversified Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Others^</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Purchased Options</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^{^}</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Non-U.S. Real Estate Operating Companies, Consumer Products and Brokerages &amp; Exchanges.</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​⁺</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Ireland, Bermuda, South Korea, Mexico and Philippines.</div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11840076.jpg" style="width: 172.8pt;"/> </div> 0.173 0.096 0.095 0.092 0.086 0.070 0.058 0.054 0.041 0.025 0.023 0.022 0.022 0.045 0.002 0.083 0.013 1.000 Third Avenue Value Fund Z Class TAVZX This semi-annual shareholder report contains important information about the Third Avenue Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Z Class (TAVZX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>58</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.06<span>%</span></td> </tr> </table> 58 0.0106 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>982,341,603</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">37</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>4,085,076</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13<span>%</span></td> </tr> </table> 982341603 37 4085076 0.13 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Oil &amp; Gas Production &amp; Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">17.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Building Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Automotive</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Metals &amp; Mining</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Diversified Holding Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Transportation &amp; Logistics</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Capital Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy - Refining &amp; Marketing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Media</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Materials/Diversified Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Commercial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Others^</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Purchased Options</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^{^}</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Non-U.S. Real Estate Operating Companies, Consumer Products and Brokerages &amp; Exchanges.</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​⁺</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Ireland, Bermuda, South Korea, Mexico and Philippines.</div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11840113.jpg" style="width: 172.8pt;"/> </div> 0.173 0.096 0.095 0.092 0.086 0.070 0.058 0.054 0.041 0.025 0.023 0.022 0.022 0.045 0.002 0.083 0.013 1.000 Third Avenue Small-Cap Value Fund Investor Class TVSVX This semi-annual shareholder report contains important information about the Third Avenue Small-Cap Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Investor Class (TVSVX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.41<span>%</span></td> </tr> </table> 77 0.0141 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>200,713,013</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">36</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>775,681</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25<span>%</span></td> </tr> </table> 200713013 36 775681 0.25 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Banks &amp; Thrifts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance &amp; Reinsurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Oil &amp; Gas Production &amp; Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consulting &amp; Information Technology Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Materials/Diversified Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Building Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Home Building</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy - Refining &amp; Marketing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Metals Manufacturing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Automotive</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Others^</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^{^}</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Commercial Services, Information Technology and Real Estate Services.</div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11839965.jpg" style="width: 172.8pt;"/> </div> 0.150 0.097 0.087 0.080 0.071 0.058 0.052 0.045 0.037 0.036 0.036 0.035 0.030 0.028 0.025 0.025 0.043 0.047 0.018 1.000 Third Avenue Small-Cap Value Fund Institutional Class TASCX This semi-annual shareholder report contains important information about the Third Avenue Small-Cap Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Institutional Class (TASCX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>63</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.16<span>%</span></td> </tr> </table> 63 0.0116 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>200,713,013</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">36</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>775,681</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25<span>%</span></td> </tr> </table> 200713013 36 775681 0.25 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Banks &amp; Thrifts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance &amp; Reinsurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Oil &amp; Gas Production &amp; Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consulting &amp; Information Technology Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Materials/Diversified Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Building Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Home Building</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy - Refining &amp; Marketing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Metals Manufacturing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Automotive</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Others^</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^{^}</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Commercial Services, Information Technology and Real Estate Services.</div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11839928.jpg" style="width: 172.8pt;"/> </div> 0.150 0.097 0.087 0.080 0.071 0.058 0.052 0.045 0.037 0.036 0.036 0.035 0.030 0.028 0.025 0.025 0.043 0.047 0.018 1.000 Third Avenue Small-Cap Value Fund Z Class TASZX This semi-annual shareholder report contains important information about the Third Avenue Small-Cap Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Z Class (TASZX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>58</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.06<span>%</span></td> </tr> </table> 58 0.0106 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>200,713,013</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">36</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>775,681</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25<span>%</span></td> </tr> </table> 200713013 36 775681 0.25 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Banks &amp; Thrifts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance &amp; Reinsurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Oil &amp; Gas Production &amp; Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consulting &amp; Information Technology Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Materials/Diversified Chemicals</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Building Products</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Home Building</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Equipment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy - Refining &amp; Marketing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Metals Manufacturing</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Automotive</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Others^</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^{^}</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Commercial Services, Information Technology and Real Estate Services.</div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11840002.jpg" style="width: 172.8pt;"/> </div> 0.150 0.097 0.087 0.080 0.071 0.058 0.052 0.045 0.037 0.036 0.036 0.035 0.030 0.028 0.025 0.025 0.043 0.047 0.018 1.000 Third Avenue Real Estate Value Fund Investor Class TVRVX This semi-annual shareholder report contains important information about the Third Avenue Real Estate Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Investor Class (TVRVX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.42<span>%</span></td> </tr> </table> 68 0.0142 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>305,633,775</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">36</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1,548,943</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9<span>%</span></td> </tr> </table> 305633775 36 1548943 0.09 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Homebuilder</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consulting/Management</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Mortgage Finance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Consulting/Management</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Homebuilder</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Hospitality</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Distribution</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Forest Products &amp; Paper</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Purchased <span style="white-space:nowrap">Options^**</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^**</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Amount less than 0.01%. </div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11839854.jpg" style="width: 172.8pt;"/> </div> 0.158 0.132 0.125 0.122 0.102 0.081 0.064 0.049 0.042 0.031 0.025 0.021 0.012 0.000 0.030 0.006 1.000 Third Avenue Real Estate Value Fund Institutional Class TAREX This semi-annual shareholder report contains important information about the Third Avenue Real Estate Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Institutional Class (TAREX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>56</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.17<span>%</span></td> </tr> </table> 56 0.0117 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>305,633,775</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">36</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1,548,943</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9<span>%</span></td> </tr> </table> 305633775 36 1548943 0.09 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Homebuilder</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consulting/Management</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Mortgage Finance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Consulting/Management</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Homebuilder</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Hospitality</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Distribution</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Forest Products &amp; Paper</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Purchased <span style="white-space:nowrap">Options^**</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^**</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Amount less than 0.01%. </div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11839817.jpg" style="width: 172.8pt;"/> </div> 0.158 0.132 0.125 0.122 0.102 0.081 0.064 0.049 0.042 0.031 0.025 0.021 0.012 0.000 0.030 0.006 1.000 Third Avenue Real Estate Value Fund Z Class TARZX This semi-annual shareholder report contains important information about the Third Avenue Real Estate Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Z Class (TARZX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>52</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.07<span>%</span></td> </tr> </table> 52 0.0107 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>305,633,775</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">36</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1,548,943</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">9<span>%</span></td> </tr> </table> 305633775 36 1548943 0.09 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Homebuilder</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consulting/Management</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">12.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Mortgage Finance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Consulting/Management</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Homebuilder</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Hospitality</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrial Distribution</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Forest Products &amp; Paper</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Purchased <span style="white-space:nowrap">Options^**</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^**</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Amount less than 0.01%. </div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11839891.jpg" style="width: 172.8pt;"/> </div> 0.158 0.132 0.125 0.122 0.102 0.081 0.064 0.049 0.042 0.031 0.025 0.021 0.012 0.000 0.030 0.006 1.000 Third Avenue International Real Estate Value Fund Institutional Class REIFX This semi-annual shareholder report contains important information about the Third Avenue International Real Estate Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Institutional Class (REIFX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.00<span>%</span></td> </tr> </table> 50 0.0100 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>111,782,824</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">26</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>235,211</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13<span>%</span></td> </tr> </table> 111782824 26 235211 0.13 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">62.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Homebuilder</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Consulting/Management</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​⁺</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Netherlands, Luxembourg, Singapore, Belgium, Thailand, Spain and Philippines.</div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11840150.jpg" style="width: 172.8pt;"/> </div> 0.629 0.218 0.073 0.030 0.047 0.003 1.000 Third Avenue International Real Estate Value Fund Z Class REIZX This semi-annual shareholder report contains important information about the Third Avenue International Real Estate Value Fund (the “Fund”) for the period of <span style="white-space:nowrap">November 1, 2025</span> to <span style="white-space:nowrap">April 30, 2026.</span> semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:9pt">https://www.thirdave.com/fund-literature</span>. You can also request this information by contacting us at 1-800-443-1021. https://www.thirdave.com/fund-literature 1-800-443-1021 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;">Class</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Z Class (REIZX)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom;">1.00<span>%</span></td> </tr> </table> 50 0.0100 <div style="font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>111,782,824</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">26</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>235,211</td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; font-family: 'Times New Roman'; width: 75%;">Portfolio turnover rate, as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">13<span>%</span></td> </tr> </table> 111782824 26 235211 0.13 <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(35, 69, 103);font-weight:normal;font-size:11.52pt;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund as of the report date.</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Summary of Investments by </b> <b>Sector</b>*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Operating Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">62.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Homebuilder</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">7.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Non-U.S. Real Estate Consulting/Management</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Short-Term Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:normal"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Other Assets less Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Total</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid;margin-top:6pt"> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">(% of Net Assets)</div></td> </tr> <tr style="break-inside:avoid-page;font-weight:normal;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;height:auto"> <td style="break-inside: avoid-page; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-kerning: none; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; width: 7%; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">​⁺</div></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: top; margin-bottom: 12pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'times new roman';color:rgb(0, 0, 0);font-size:8pt;line-height:9pt;text-align:left;margin-bottom:0px;">Includes Netherlands, Luxembourg, Singapore, Belgium, Thailand, Spain and Philippines.</div></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(35, 69, 103);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Country Concentration*</b> </div><div style="font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 2 Chart" src="g142720chartimages_11840187.jpg" style="width: 172.8pt;"/> </div> 0.629 0.218 0.073 0.030 0.047 0.003 1.000 (% of Net Assets) (% of Net Assets) (% of Net Assets) (% of Net Assets) Includes Commercial Services, Information Technology and Real Estate Services. (% of Net Assets) Includes Commercial Services, Information Technology and Real Estate Services. Amount less than 0.01%. (% of Net Assets) Amount less than 0.01%. Includes Non-U.S. Real Estate Operating Companies, Consumer Products and Brokerages & Exchanges. (% of Net Assets) Amount less than 0.01%. (% of Net Assets) (% of Net Assets) (% of Net Assets) Includes Non-U.S. Real Estate Operating Companies, Consumer Products and Brokerages & Exchanges. (% of Net Assets) Includes Non-U.S. Real Estate Operating Companies, Consumer Products and Brokerages & Exchanges. Includes Commercial Services, Information Technology and Real Estate Services. Includes Ireland, Bermuda, South Korea, Mexico and Philippines. Includes Netherlands, Luxembourg, Singapore, Belgium, Thailand, Spain and Philippines. Includes Ireland, Bermuda, South Korea, Mexico and Philippines. Includes Netherlands, Luxembourg, Singapore, Belgium, Thailand, Spain and Philippines. Includes Ireland, Bermuda, South Korea, Mexico and Philippines.