# EDGAR Filing Document

**Accession Number:** 0001089107
**File Stem:** 0001752724-23-035247
**Filing Date:** 2023-2
**Character Count:** 13646
**Document Hash:** eeb4aeb8ccc6232457340fcfe6bd5fe1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035247.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035247

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THIRD AVENUE VARIABLE SERIES TRUST
- **CENTRAL INDEX KEY:** 0001089107
- **IRS NUMBER:** 137200050
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09395
- **FILM NUMBER:** 23657208

**BUSINESS ADDRESS:**
- **STREET 1:** 622 THIRD AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2129061177

**MAIL ADDRESS:**
- **STREET 1:** 622 THIRD AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### Third Avenue Value Portfolio (Series ID: S000001468)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000003889 | Third Avenue Value Portfolio |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Third Avenue Variable Series Trust

- **b. Investment Company Act file number:** 811-09395

- **c. CIK number of Registrant:** 0001089107

- **d. LEI of Registrant:** 549300CUSZHRA7Y8VH78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 675 Third Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 800-443-1021

**Item A.2. Information about the Series.**

- **a. Name of Series:** Third Avenue Value Portfolio

- **b. EDGAR series identifier (if any):** S000001468

- **c. LEI of Series:** 549300HJBD8SQVSY7B69

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $72172519.81

**Total Liabilities:** $153764.01

**Net Assets:** $72018755.80

**Cash Not Reported:** $7722687.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003889 | 14.01%               | 9.78%                | 0.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $175688.90               | $7681432.95                                |
| Month 2  | $246389.02               | $5842179.61                                |
| Month 3  | $791557.45               | $-266094.27                                |

### Schedule of Portfolio Investments

| Name                           | Title                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hutchison Port Holdings Trust  | Hutchison Port Holdings Trust   | CUSIP: 000000000<br>LEI: 529900E8LS83XV4W6889 | Long             | EC               | CORP              | HK        |   4775200 | NS      | $923986.87    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG         | Mercedes-Benz Group AG          | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |     23311 | NS      | $1524421.70   | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Fila Holdings Corp             | Fila Holdings Corp              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     50904 | NS      | $1342934.14   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Tidewater Inc                  | Tidewater Inc                   | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |    127738 | NS      | $4707145.30   | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultrapar Participacoes SA      | Ultrapar Participacoes SA       | CUSIP: 000000000<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |    635447 | NS      | $1517682.97   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG               | Deutsche Bank AG                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |    272436 | NS      | $3062608.20   | 4.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Quinenco SA                    | Quinenco SA                     | CUSIP: 000000000<br>LEI: 2549000T5LJBJNWU8390 | Long             | EC               | CORP              | CL        |    356558 | NS      | $1206391.35   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiheiyo Cement Corp           | Taiheiyo Cement Corp            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     77000 | NS      | $1197505.44   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Warrior Met Coal Inc           | Warrior Met Coal Inc            | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    118551 | NS      | $4106606.64   | 5.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor | Old Republic International Corp | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     74441 | NS      | $1797750.15   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                    | Subsea 7 SA                     | CUSIP: 000000000<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | GB        |    283867 | NS      | $3287078.56   | 4.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA           | Dassault Aviation SA            | CUSIP: 000000000<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |      9788 | NS      | $1659977.54   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Comerica Inc                   | Comerica Inc                    | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     28181 | NS      | $1883899.85   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Interfor Corp                  | Interfor Corp                   | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |     88903 | NS      | $1378850.07   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Holdings Inc          | Hawaiian Holdings Inc           | CUSIP: 419879101<br>LEI: 529900TQUS2JVPSSPP86 | Long             | EC               | CORP              | US        |     58944 | NS      | $604765.44    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashmore Group PLC              | Ashmore Group PLC               | CUSIP: 000000000<br>LEI: 549300U3L59WB4YI2X12 | Long             | EC               | CORP              | GB        |    615096 | NS      | $1771873.19   | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Buzzi Unicem SpA               | Buzzi Unicem SpA                | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |    102650 | NS      | $1978078.91   | 2.75%             |  |  |  | No            |                  2 | On Loan: No      |
| S4 Capital PLC                 | S4 Capital PLC                  | CUSIP: 000000000<br>LEI: 21380068SP9V65KPQN68 | Long             | EC               | CORP              | GB        |   1443461 | NS      | $3300474.20   | 4.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Lazard Ltd                     | Lazard Ltd                      | CUSIP: 000000000<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     42643 | NS      | $1478432.81   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC      | Bank of Ireland Group PLC       | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    433893 | NS      | $4134705.41   | 5.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Five Point Holdings LLC        | Five Point Holdings LLC         | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91043 | NS      | $212130.19    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Sud Americana de Vapores S | Cia Sud Americana de Vapores SA | CUSIP: 000000000<br>LEI: 549300F26ZOE5LM26551 | Long             | EC               | CORP              | CL        |  16570331 | NS      | $1308826.62   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| easyJet PLC                    | easyJet PLC                     | CUSIP: 000000000<br>LEI: 2138001S47XKWIB7TH90 | Long             | EC               | CORP              | GB        |    467668 | NS      | $1834491.59   | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG       | Daimler Truck Holding AG        | CUSIP: 000000000<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |     29419 | NS      | $904390.96    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Genting Singapore Ltd          | Genting Singapore Ltd           | CUSIP: 000000000<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |   1915900 | NS      | $1367298.04   | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG    | Bayerische Motoren Werke AG     | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     36679 | NS      | $3247377.90   | 4.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp           | Capstone Copper Corp            | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    971089 | NS      | $3542968.73   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Hutchison Holdings Ltd      | CK Hutchison Holdings Ltd       | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | HK        |    356310 | NS      | $2134600.40   | 2.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd      | Seven & i Holdings Co Ltd       | CUSIP: 000000000<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |     30600 | NS      | $1311405.03   | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Cycle & Carriage Ltd   | Jardine Cycle & Carriage Ltd    | CUSIP: 000000000<br>LEI: 254900WEP6OCEXFWML09 | Long             | EC               | CORP              | SG        |     85500 | NS      | $1825574.56   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Valaris Ltd                    | Valaris Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27385 | NS      | $1851773.70   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp              | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    306873 | NS      | $1883393.38   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Third Avenue Variable Series Trust

**Signature:** T. Richard Keyes

**Name of Signer:** T. Richard Keyes

**Title:** Treasurer and Chief Financial Officer