# EDGAR Filing Document

**Accession Number:** 0001089107
**File Stem:** 0001752724-25-202666
**Filing Date:** 2025-8
**Character Count:** 14841
**Document Hash:** 4950dd323d346daf62855b81f713b8c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202666.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202666

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THIRD AVENUE VARIABLE SERIES TRUST
- **CENTRAL INDEX KEY:** 0001089107

**ORGANIZATION NAME:**
- **EIN:** 137200050
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09395
- **FILM NUMBER:** 251250919

**BUSINESS ADDRESS:**
- **STREET 1:** 675 THIRD AVENUE
- **STREET 2:** SUITE 2900-05
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2128885222

**MAIL ADDRESS:**
- **STREET 1:** 675 THIRD AVENUE
- **STREET 2:** SUITE 2900-05
- **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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $73949876.62

**Total Liabilities:** $125028.41

**Net Assets:** $73824848.21

**Cash Not Reported:** $734913.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003889 | 0.48%                | 4.59%                | 4.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $632192.86               | $-410197.67                                |
| Month 2  | $1030876.90              | $1217444.41                                |
| Month 3  | $76106.15                | $2830745.28                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Conduit Holdings Ltd                        | Conduit Holdings Ltd                        | CUSIP: 000000000<br>LEI: 21380085AE62D1BXSF19 | Long             | EC               | CORP              | BM        |    204462 | NS      | $1054313.58   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeol Ltd                                    | Jeol Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     59300 | NS      | $1804463.59   | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Misto Holdings Corp                         | Misto Holdings Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     52165 | NS      | $1378366.21   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                        | Capstone Copper Corp                        | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    642559 | NS      | $3944771.98   | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultrapar Participacoes SA                   | Ultrapar Participacoes SA                   | CUSIP: 000000000<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |    659047 | NS      | $2130066.69   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Horiba Ltd                                  | Horiba Ltd                                  | CUSIP: 000000000<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |     33500 | NS      | $2606068.12   | 3.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Quinenco SA                                 | Quinenco SA                                 | CUSIP: 000000000<br>LEI: 2549000T5LJBJNWU8390 | Long             | EC               | CORP              | CL        |    331858 | NS      | $1300181.62   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                                 | Subsea 7 SA                                 | CUSIP: 000000000<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | GB        |     96410 | NS      | $1809785.00   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Close Brothers Group PLC                    | Close Brothers Group PLC                    | CUSIP: 000000000<br>LEI: 213800W73SYHR14I3X91 | Long             | EC               | CORP              | GB        |    358316 | NS      | $1817921.04   | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Valaris Ltd                                 | Valaris Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51583 | NS      | $2172160.13   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                               | Tidewater Inc                               | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     67924 | NS      | $3133334.12   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiheiyo Cement Corp                        | Taiheiyo Cement Corp                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     94100 | NS      | $2334741.21   | 3.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Old Republic International Cor              | Old Republic International Corp             | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      7527 | NS      | $289337.88    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC                   | Bank of Ireland Group PLC                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    260514 | NS      | $3712357.13   | 5.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Harbour Energy PLC                          | Harbour Energy PLC                          | CUSIP: 000000000<br>LEI: 213800YPC42DYBKVPF97 | Long             | EC               | CORP              | GB        |    750327 | NS      | $2011409.06   | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Interfor Corp                               | Interfor Corp                               | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |     82480 | NS      | $759536.77    | 1.03%             |  |  |  | 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        |  27919593 | NS      | $1427109.64   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| S4 Capital PLC                              | S4 Capital PLC                              | CUSIP: 000000000<br>LEI: 21380068SP9V65KPQN68 | Long             | EC               | CORP              | GB        |   4102500 | NS      | $1430349.34   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Genting Singapore Ltd                       | Genting Singapore Ltd                       | CUSIP: 000000000<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |   3074400 | NS      | $1729162.01   | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Comerica Inc                                | Comerica Inc                                | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     15583 | NS      | $929525.95    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                        | Warrior Met Coal Inc                        | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     56104 | NS      | $2571246.32   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Jardine Cycle & Carriage Ltd                | Jardine Cycle & Carriage Ltd                | CUSIP: 000000000<br>LEI: 254900WEP6OCEXFWML09 | Long             | EC               | CORP              | SG        |    101300 | NS      | $1943103.70   | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Buzzi SpA                                   | Buzzi SpA                                   | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |     55726 | NS      | $3090568.84   | 4.19%             |  |  |  | No            |                  2 | On Loan: No      |
| easyJet PLC                                 | easyJet PLC                                 | CUSIP: 000000000<br>LEI: 2138001S47XKWIB7TH90 | Long             | EC               | CORP              | GB        |    322228 | NS      | $2358165.14   | 3.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                      | Mercedes-Benz Group AG                      | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |     29098 | NS      | $1695254.16   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Bolsa Mexicana de Valores SAB               | Bolsa Mexicana de Valores SAB de CV         | CUSIP: 000000000<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |    476298 | NS      | $1092735.16   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   5901819 | NS      | $5901818.95   | 7.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                            | Deutsche Bank AG                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |     88063 | NS      | $2610665.71   | 3.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp                                 | Subaru Corp                                 | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |    169500 | NS      | $2938518.99   | 3.98%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd                   | CK Hutchison Holdings Ltd                   | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | HK        |    421091 | NS      | $2592943.94   | 3.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                 | Bayerische Motoren Werke AG                 | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     41296 | NS      | $3677795.27   | 4.98%             |  |  |  | No            |                  2 | On Loan: No      |
| PALTAC Corp                                 | PALTAC Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     70000 | NS      | $1959900.12   | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                          | Lundin Mining Corp                          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    224582 | NS      | $2361677.43   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

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

**Signature:** Christine S. Catanzaro

**Name of Signer:** Christine S. Catanzaro

**Title:** Treasurer and Chief Financial Officer