# EDGAR Filing Document

**Accession Number:** 0001031661
**File Stem:** 0001193125-23-003279
**Filing Date:** 2023-1
**Character Count:** 310100
**Document Hash:** 4df28670aabee778b22998d66a805e3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-003279.hdr.sgml**: 20230106

**ACCESSION NUMBER**: 0001193125-23-003279

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230106

**DATE AS OF CHANGE**: 20230106

**EFFECTIVENESS DATE**: 20230106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THIRD AVENUE TRUST
- **CENTRAL INDEX KEY:** 0001031661
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08039
- **FILM NUMBER:** 23514501

**BUSINESS ADDRESS:**
- **STREET 1:** 622 THIRD AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2128886685

**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 FUND (Series ID: S000001464)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000003885 | Institutional Class | TAVFX           |
| C000085634 | Investor Class      | TVFVX           |
| C000199334 | Z Class             | TAVZX           |

### THIRD AVENUE SMALL-CAP VALUE FUND (Series ID: S000001465)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000003886 | Institutional Class | TASCX           |
| C000085635 | Investor Class      | TVSVX           |
| C000199335 | Z Class             | TASZX           |

### THIRD AVENUE REAL ESTATE VALUE FUND (Series ID: S000001466)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000003887 | Institutional Class | TAREX           |
| C000085636 | Investor Class      | TVRVX           |
| C000199336 | Z Class             | TARZX           |

### Third Avenue International Real Estate Value Fund (Series ID: S000071301)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000226241 | Z Class             | REIZX           |
| C000226242 | Institutional Class | REIFX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number <u>811-08039</u> 

<u>Third Avenue Trust</u> 

(Exact name of registrant as specified in charter)

<u>675 Third Avenue, Suite 2900-05, New York, NY 10017</u> 

(Address of principal executive offices) (Zip code)

Joel L. Weiss

JW Fund Management LLC

1636 N Cedar Crest Blvd.

Suite #161

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Allentown, PA 18104</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 443-1021</u>

Date of fiscal year end: <u>October</u> <u>31</u>

Date of reporting period: <u>October</u> <u>31, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1. Reports to Stockholders.** 

(a) The Report to Shareholders is attached herewith.

------

![LOGO](g445646g00b01.jpg)

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**Third Avenue Value Fund** 

**Third Avenue Small-Cap** 

**Value Fund** 

**Third Avenue Real Estate** 

**Value Fund** 

**Third Avenue International** 

**Real Estate Value Fund** 

ANNUAL REPORT

October 31, 2022

*The Funds are distributed by Foreside Fund Services, LLC. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Funds. The prospectus and additional information about the Funds can be found at www.thirdave.com and should be read carefully.* 

To read the latest calendar quarter Portfolio Manager Commentary, please visit

**www.thirdave.com** 

------

**THIRD AVENUE FUNDS** 

**Privacy Policy** 

Third Avenue Funds (the "Funds") respect your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms and from the transactions you make with us, our affiliates, or third parties. We do not disclose any information about you or any of our former customers to anyone, except to our affiliates (which may include the Funds' affiliated money management entities) and service providers, or as otherwise permitted by law. To protect your personal information, we permit access only to authorized employees. Be assured that we maintain physical, electronic and procedural safeguards that comply with federal standards to guard your personal information.

**Proxy Voting Policies and Procedures** 

The Funds have delegated the voting of proxies relating to their voting securities to the Funds' investment adviser pursuant to the adviser's proxy voting guidelines. A description of these proxy voting guidelines and procedures, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by August 31 each year (i) without charge, upon request, by calling (800) 443-1021, (ii) at the website of the Securities and Exchange Commission (the "SEC") at http://www.sec.gov, and (iii) on the Funds' website www.thirdave.com.

**Schedule of Portfolio Holdings—Form N-PORT** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at http://www.sec.gov.

------

## **Table of Contents**

------

---

| | |
|:---|:---|
|  [Third Avenue Value Fund](#tx445646_1) | Page 2 |
|  [Third Avenue Small-Cap Value Fund](#tx445646_2) | Page 13 |
|  [Third Avenue Real Estate Value Fund](#tx445646_3) | Page 25 |
|  [Third Avenue International Real Estate Value Fund](#tx445646_4) | Page 38 |
|  [Statements of Assets and Liabilities](#tx445646_5) | Page 48 |
|  [Statements of Operations](#tx445646_6) | Page 50 |
|  [Statements of Changes in Net Assets](#tx445646_7) | Page 51 |
|  [Financial Highlights](#tx445646_8) | Page 54 |
|  [Notes to Financial Statements](#tx445646_9) | Page 68 |
|  [Report of Independent Registered Public Accounting Firm](#tx445646_10) | Page 108 |
|  [Management of the Trust](#tx445646_11) | Page 110 |
|  [Schedule of Shareholder Expenses](#tx445646_12) | Page 114 |
|  [Federal Tax Status of Dividends and Distributions](#tx445646_13) | Page 116 |

---

------

**Third Avenue Trust** 

------

**Third Avenue Value Fund** 

**Portfolio Management Discussion** 

October 31, 2022 (Unaudited

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Average Annual Returns for the Periods**<br>**Ended October 31, 2022** | **Average Annual Returns for the Periods**<br>**Ended October 31, 2022** | **Average Annual Returns for the Periods**<br>**Ended October 31, 2022** | **Average Annual Returns for the Periods**<br>**Ended October 31, 2022** |
|  | <br>**One Year ended<br>10/31/22** | **Three<br>Year** | **Five<br>Year** | **Ten<br>Year** | **Since Inception<br>Z Class \*** |
|  Third Avenue Value Fund Investor Class† | 4.35% | 14.17% | 4.85% | &nbsp;&nbsp;&nbsp;&nbsp;6.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
|  Third Avenue Value Fund Institutional Class^ | 4.62% | 14.46% | 5.11% | &nbsp;&nbsp;&nbsp;&nbsp;6.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
|  Third Avenue Value Fund Z Class# | 4.75% | 14.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;5.04% |
|  MSCI World Index | (18.09%) | 6.62% | 6.92% | 9.52% | 6.39% |

---

\* The date used to calculate the Since Inception performance for the index is the inception date of the Z Class.

† Investor Class commenced investment operations on December 31, 2009.

^ Institutional Class commenced investment operations on November 1, 1990.

# Z Class commenced investment operations on March 1, 2018.

*Third Avenue Value Fund (the "Fund") has "Total Annual Fund Operating Expenses" of 1.47%, 1.22% and 1.16% for the Investor, Institutional and Z share classes, respectively. The Fund's "Net Annual Fund Operating Expenses" are 1.45%, 1.21% and 1.11% for the Investor, Institutional and Z share classes, respectively. These ratios are stated in the current prospectus dated March 1, 2022 and may differ from the actual expenses incurred by the Fund for the period covered by this report. Until March 1, 2023 (subject to renewal), whenever the Fund's normal operating expenses, including the investment advisory fee and most other operating expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items, exceeds the expense limitation of 1.40%, 1.15% and 1.05% for the Investor, Institutional and Z share classes, respectively, based on each share class' average daily net assets, Third Avenue Management LLC (the "Adviser") has agreed to waive a portion of its advisory fees and/or reimburse the Fund in an amount equal to that excess. The waived fees and reimbursed expenses may be paid to the Adviser during the following thirty-six month period after the applicable month in which a fee is waived or expense reimbursed by the Adviser, to the extent that the payment of such fees and expenses would not cause the Fund to exceed the expense limitations.* 

*The Fund is* ***offered by prospectus only****. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. The Fund's returns should be viewed in light of its investment objectives, policies and strategies and the periods selected.* 

*Distributed by Foreside Fund Services, LLC.* 

*If you should have any questions, or for updated information (including performance data current to the most recent month-end) or a copy of our prospectus, please call 1-800-443-1021 or go to our website at www.thirdave.com. Current performance may be lower or higher than performance quoted.* 

------

**Third Avenue Trust** 

------

**Third Avenue Value Fund** 

**Portfolio Management Discussion (continued)** 

**October 31, 2022 (Unaudited)** 

The Fund generated returns of 4.35%, 4.62% and 4.75% for the Investor, Institutional and Z share classes over the last fiscal year, respectively. The Fund's benchmark, the MSCI World Index, returned -18.09% over the same period.

During the twelve month period ending October 31, 2022, value strategies in general performed relatively better than broad market indices. For example, the MSCI World Value Index returned -7.64%, outperforming the MSCI World Growth Index by more than 10%. Furthermore, the Fund substantially outperformed both broad market indices, such as the MSCI World, and value-oriented indices, such as the MSCI World Value Index, over the one year period. While the Fund's strategy is definitively value-oriented, an opportunistic, bottom-up approach to global value investing typically results in a portfolio with very high active share relative to both broad market indices and value-oriented indices. For this particular one year time period, the Fund's substantial outperformance benefited from investments in oil service providers Tidewater, Inc. and Valaris, Ltd. Fund performance also benefited from strong contributions from top holdings Warrior Met Coal, Inc. and Bank of Ireland Group PLC. The Fund also held put options against the S&P 500 ETF Trust for several months during the year as means of managing market-related risk. That position benefited the Fund materially over the one year period. Furthermore, from a relative performance perspective, a complete absence of holdings of higher-priced, growth-oriented, U.S., large-cap equities was very beneficial as this area of global equity markets performed very poorly in absolute and relative terms. On the other hand, the Fund's holdings in two copper mining companies, Capstone Copper Corp. and Lundin Mining Corp. were among the Fund's largest detractors from performance as copper prices declined materially during the period. Investments in Buzzi Unicem SpA, Deutsche Bank AG and Five Point Holdings, LLC were also among the Fund's largest detractors over the one year period.

THE INFORMATION IN THE PORTFOLIO MANAGEMENT DISCUSSION REPRESENTS A FACTUAL OVERVIEW OF THE FUND'S PERFORMANCE AND IS NOT INTENDED TO BE A FORECAST OF FUTURE EVENTS, A GUARANTEE OF FUTURE RESULTS NOR INVESTMENT ADVICE. VIEWS EXPRESSED ARE THOSE OF THE INVESTMENT TEAM AND MAY DIFFER FROM THOSE OF OTHER INVESTMENT TEAMS OR THE FIRM AS A WHOLE. ALSO, PLEASE NOTE THAT ANY DISCUSSION OF THE PORTFOLIO'S

HOLDINGS, THE FUND'S PERFORMANCE, AND THE INVESTMENT TEAM'S VIEWS ARE AS OF OCTOBER 31, 2022, AND ARE SUBJECT TO CHANGE.

The Fund's performance may be influenced by a foreign country's political, social and economic situation. Other risks include currency fluctuations, less liquidity, lack of efficient trading markets, and different auditing and legal standards. These risks may result in more volatility for the Fund. These and other risks are described more fully in the Fund's prospectus.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 of the world's most developed markets. The MSCI World Index is not a security that can be purchased or sold, and its total returns are reflective of unmanaged portfolios. The returns include reinvestment of all distributions.

------

**Third Avenue Trust** 

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**Third Avenue Value Fund - Investor Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***VALUE FUND – INVESTOR CLASS (TVFVX)***

AND THE MSCI WORLD INDEX

FOR THE TEN YEARS ENDED OCTOBER 31, 2022

Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Year | 5 Year | 10 Year |
| 4.35% | 14.17% | 4.85% | 6.63% |

---

![LOGO](g445646g00b06.jpg)

\* Assumes reinvestment of all distributions

† Includes the use of derivatives.

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**Third Avenue Trust** 

------

**Third Avenue Value Fund - Investor Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue Value Fund - Institutional Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***VALUE FUND – INSTITUTIONAL CLASS (TAVFX)***

AND THE MSCI WORLD INDEX

FOR THE TEN YEARS ENDED OCTOBER 31, 2022

Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Year | 5 Year | 10 Year |
| 4.62% | 14.46% | 5.11% | 6.91% |

---

![LOGO](g445646g00b08.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

------

**Third Avenue Trust** 

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**Third Avenue Value Fund - Institutional Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

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**Third Avenue Value Fund - Z Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***VALUE FUND – Z CLASS (TAVZX)***

AND THE MSCI WORLD INDEX

FOR THE PERIOD FROM MARCH 1, 2018 (COMMENCEMENT OF INVESTMENT

OPERATIONS) THROUGH OCTOBER 31, 2022

Average Annual Total Return

---

| | | |
|:---|:---|:---|
| 1 Year | 3 Year | Since<br> Inception<br> (3/1/18) |
| 4.75% | 14.58% | 5.04% |

---

![LOGO](g445646g00b10.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

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**Third Avenue Trust** 

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**Third Avenue Value Fund - Z Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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**Third Avenue Trust** 

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**Third Avenue Value Fund** 

**Portfolio of Investments** 

**at October 31, 2022** 

---

| | | |
|:---|:---|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | **Security†** | **Value<br>(Note 1)** |
| **Common Stocks - 94.74%** | **Common Stocks - 94.74%** | **Common Stocks - 94.74%** |
|  | **Aerospace & Defense - 2.32%** |  |
| 93059 | Dassault Aviation S.A. (France) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13820980 |
|  | **Automotive - 7.87%** |  |
| 343693 | Bayerische Motoren Werke AG (Germany) | 26977131 |
| 268190 | Daimler Truck Holding AG (Germany) (a) | 7153321 |
| 221119 | Mercedes-Benz Group AG (Germany) | 12798719 |
|  |  | 46929171 |
|  | **Banks - 13.74%** |  |
| 5421483 | Bank of Ireland Group PLC (Ireland) | 39038086 |
| 261742 | Comerica, Inc. | 18452811 |
| 2567417 | Deutsche Bank AG (Germany) | 24471967 |
|  |  | 81962864 |
|  | **Building Products - 4.32%** |  |
| 959503 | Buzzi Unicem SpA (Italy) | 15924660 |
| 724600 | Taiheiyo Cement Corp. (Japan) | 9846672 |
|  |  | 25771332 |
|  | **Consumer Products - 1.82%** |  |
| 475470 | Fila Holdings Corp. (South Korea) | 10889581 |
|  | **Diversified Holding Companies - 7.20%** |  |
| 3427082 | CK Hutchison Holdings, Ltd. (Cayman Islands) | 17059444 |
| 813300 | Jardine Cycle & Carriage, Ltd. (Singapore) | 17082276 |
| 3318103 | Quinenco S.A. (Chile) | 8823657 |
|  |  | 42965377 |
|  | **Energy - Refining & Marketing - 2.60%** |  |
| 5949081 | Ultrapar Participacoes S.A. (Brazil) | 15501816 |
|  | **Financial Services - 4.86%** |  |
| 5869965 | Ashmore Group PLC (United Kingdom) | 13900729 |
| 399798 | Lazard, Ltd., Class A (Bermuda) | 15076382 |
|  |  | 28977111 |
|  | **Forest Products & Paper - 2.51%** |  |
| 842646 | Interfor Corp. (Canada) (a) | 14968278 |
|  | **Insurance - 2.79%** |  |
| 716482 | Old Republic International Corp. | 16629547 |
|  | **Media - 4.61%** |  |
| 13649201 | S4 Capital PLC (United Kingdom) (a) | 27495484 |

---

*The accompanying notes are an integral part of the financial statements.* 

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**Third Avenue Trust** 

------

**Third Avenue Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value<br>(Note 1)** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Metals & Mining - 13.53%** |  |
| 9218624 | Capstone Copper Corp. (Canada) (a) | $21382796 |
| 2911832 | Lundin Mining Corp. (Canada) | 15260748 |
| 1186835 | Warrior Met Coal, Inc. | 44079052 |
|  |  | 80722596 |
|  | **Non-U.S. Real Estate Operating Companies - 1.68%** |  |
| 17593700 | Genting Singapore, Ltd. (Singapore) | 10005056 |
|  | **Oil & Gas Production & Services - 15.36%** |  |
| 2711857 | Subsea 7, S.A. (Luxembourg) | 27055930 |
| 1351965 | Tidewater, Inc. (a) | 45831613 |
| 280150 | Valaris, Ltd. (Bermuda) (a) | 18750440 |
|  |  | 91637983 |
|  | **Retail - 1.83%** |  |
| 292400 | Seven & i Holdings Co., Ltd. (Japan) | 10914817 |
|  | **Transportation & Logistics - 1.80%** |  |
| 154880003 | Cia Sud Americana de Vapores S.A. (Chile) | 10752136 |
|  | **Transportation Infrastructure - 5.58%** |  |
| 4463031 | easyJet PLC (United Kingdom) (a) | 17770399 |
| 563792 | Hawaiian Holdings, Inc. (a) | 8135519 |
| 45401227 | Hutchison Port Holdings Trust (Singapore) | 7415155 |
|  |  | 33321073 |
|  | **U.S. Real Estate Operating Companies - 0.32%** |  |
| 841181 | Five Point Holdings, LLC, Class A (a) | 1917893 |
|  | **Total Common Stocks**<br> (Cost $491,037,318) | 565183095 |
|  | **Total Investment Portfolio - 94.74%**<br> (Cost $491,037,318) | 565183095 |
|  | **Other Assets less Liabilities - 5.26%** | 31366897 |
|  | **NET ASSETS - 100.00%.** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596549992 |

---

Notes:

(a) Non-income producing security.

† U.S. issuer unless otherwise noted.

*The accompanying notes are an integral part of the financial statements.* 

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**Third Avenue Trust** 

------

**Third Avenue Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

---

| | |
|:---|:---|
| Summary of Investments by Sector | % of<br>Net Assets |
|  Oil & Gas Production & Services | 15.36% |
|  Banks | 13.74 |
|  Metals & Mining | 13.53 |
|  Automotive | 7.87 |
|  Diversified Holding Companies | 7.20 |
|  Transportation Infrastructure | 5.58 |
|  Financial Services | 4.86 |
|  Media | 4.61 |
|  Building Products | 4.32 |
|  Insurance | 2.79 |
|  Energy - Refining & Marketing | 2.60 |
|  Forest Products & Paper | 2.51 |
|  Aerospace & Defense | 2.32 |
|  Retail | 1.83 |
|  Consumer Products | 1.82 |
|  Transportation & Logistics | 1.80 |
|  Non-U.S. Real Estate Operating Companies | 1.68 |
|  U.S. Real Estate Operating Companies | 0.32 |
|  Other Assets less Liabilities | 5.26 |
|  Total | 100.00% |

---

---

| | |
|:---|:---|
| Country Concentration | % of<br>Net Assets |
|  United States | 22.65% |
|  Germany | 11.97 |
|  United Kingdom | 9.92 |
|  Canada | 8.65 |
|  Ireland | 6.54 |
|  Singapore | 5.78 |
|  Bermuda | 5.67 |
|  Luxembourg | 4.53 |
|  Japan | 3.48 |
|  Chile | 3.28 |
|  Cayman Islands | 2.86 |
|  Italy | 2.67 |
|  Brazil | 2.60 |
|  France | 2.32 |
|  South Korea | 1.82 |
|  Total | 94.74% |

---

*The accompanying notes are an integral part of the financial statements.* 

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**Third Avenue Trust** 

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**Third Avenue Small-Cap Value Fund** 

**Portfolio Management Discussion** 

**October 31, 2022 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Average Annual Returns for the Periods Ended<br>October 31, 2022** | **Average Annual Returns for the Periods Ended<br>October 31, 2022** | **Average Annual Returns for the Periods Ended<br>October 31, 2022** | **Average Annual Returns for the Periods Ended<br>October 31, 2022** |
| | <br>**One Year ended<br>10/31/22** | **Three<br> Year** | **Five<br> Year** | **Ten<br> Year** | **Since Inception<br>Z Class \*** |
|  Third Avenue Small-Cap Value Fund Investor Class† | 1.23% | &nbsp;&nbsp;&nbsp;&nbsp;7.55% | &nbsp;&nbsp;&nbsp;&nbsp;5.24% | &nbsp;&nbsp;&nbsp;&nbsp;8.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
|  Third Avenue Small-Cap Value Fund Institutional Class^ | 1.51% | &nbsp;&nbsp;&nbsp;&nbsp;7.81% | &nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;9.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
|  Third Avenue Small-Cap Value Fund Z Class# | 1.61% | &nbsp;&nbsp;&nbsp;&nbsp;7.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;6.22% |
|  Russell 2000 Value Index | (10.73%) | &nbsp;&nbsp;&nbsp;&nbsp;8.08% | 5.31% | 9.37% | 6.16% |

---

\* The date used to calculate the Since Inception performance for the index is the inception date of the Z Class.

† Investor Class commenced investment operations on December 31, 2009.

^ Institutional Class commenced investment operations on April 1, 1997.

# Z Class commenced investment operations on March 1, 2018.

*Third Avenue Small-Cap Value Fund (the "Fund") has "Total Annual Fund Operating Expenses" of 1.52%, 1.24% and 1.17% for the Investor, Institutional and Z share classes, respectively. The Fund's "Net Annual Fund Operating Expenses" are 1.40%, 1.15% and 1.05% for the Investor, Institutional and Z share classes, respectively. These ratios are stated in the current prospectus dated March 1, 2022 and may differ from the actual expenses incurred by the Fund for the period covered by this report. Until March 1, 2023 (subject to renewal), whenever the Fund's normal operating expenses, including the investment advisory fee and most other operating expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items, exceeds the expense limitation of 1.40%, 1.15% and 1.05% for the Investor, Institutional and Z share classes, respectively, based on each share class' average daily net assets, Third Avenue Management LLC (the "Adviser") has agreed to waive a portion of its advisory fees and/or reimburse the Fund in an amount equal to that excess. The waived fees and reimbursed expenses may be paid to the Adviser during the following thirty-six month period after the applicable month in which a fee is waived or expense reimbursed by the Adviser, to the extent that the payment of such fees and expenses would not cause the Fund to exceed the expense limitations.* 

*The Fund* ***is offered by prospectus only****. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. The Fund's returns should be viewed in light of its investment objectives, policies and strategies and the periods selected.* 

*Distributed by Foreside Fund Services, LLC.* 

*If you should have any questions, or for updated information (including performance data current to the most recent month-end) or a copy of our prospectus, please call 1-800-443-1021 or go to our website at www.thirdave.com. Current performance may be lower or higher than performance quoted.* 

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund** 

**Portfolio Management Discussion (continued)** 

**October 31, 2022 (Unaudited)** 

The Fund generated returns of 1.23%, 1.51% and 1.61% for the Investor, Institutional and Z share classes over the last fiscal year, respectively. The Fund's benchmark, the Russell 2000 Value Index, returned -10.73% over the same period.

Fund Management has maintained a commitment to shareholders by positioning the portfolio within the context of the deep-value roots instilled by Third Avenue's late founder, Marty Whitman. As such, the Fund finds itself more concentrated among companies that trade at substantial discounts to what Fund Management deems to be their intrinsic net asset value. We remain committed to a concentrated portfolio of companies with what we believe are healthy balance sheets that are misunderstood by the market.

The Fund's top performer during the fiscal year was offshore oil services company, Tidewater, Inc. ("TDW"). TDW benefitted from a shift in spending to offshore exploration in response to higher oil prices. The spending shift is in the early stages after a sustained period of underinvestment. Egg producer, Cal-Maine Foods, Inc. ("CALM") also was a strong performer as consumers moved to cheaper forms of protein given rising inflation. In addition, industrial services companies, Comfort Systems USA, Inc. ("FIX") and EMCOR Group, Inc. ("EME") delivered exceptional operational performance as both benefitted from strong non-residential spending trends.

The Fund delivered healthy relative performance as it was positioned in well-capitalized companies anticipating higher interest rates and tighter credit in 2022. As the thesis played out, portfolio investments provided downside protection versus peer companies with weaker financial positions. With the exception of Financial Services, all sectors outperformed the Index in fiscal 2022. Financial Services lagged due to a large holding, regional bank UMB Financial Corp. ("UMBF": Financial Services) experiencing unexpected credit write-downs during the year. The setback was short-term in nature and inconsistent with long-term history. We expect UMBF to sustain its stellar credit underwriting and book value compounding in the future.

THE INFORMATION IN THE PORTFOLIO MANAGEMENT DISCUSSION REPRESENTS A FACTUAL OVERVIEW OF THE FUND'S PERFORMANCE AND IS NOT INTENDED TO BE A FORECAST OF FUTURE EVENTS, A GUARANTEE OF FUTURE RESULTS NOR INVESTMENT ADVICE. VIEWS EXPRESSED ARE THOSE OF THE INVESTMENT TEAM AND MAY DIFFER FROM THOSE OF OTHER INVESTMENT TEAMS OR THE FIRM AS A WHOLE. ALSO, PLEASE NOTE THAT ANY DISCUSSION OF THE PORTFOLIO'S HOLDINGS, THE FUND'S PERFORMANCE, AND THE INVESTMENT TEAM'S VIEWS ARE AS OF OCTOBER 31, 2022, AND ARE SUBJECT TO CHANGE.

Small-cap companies carry additional risks because their share prices may be more volatile, and their securities may be less liquid than larger, more established companies. Such investments may increase the risk of greater price fluctuations. These and other risks are described more fully in the Fund's prospectus.

The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Value Index is not a security

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund** 

**Portfolio Management Discussion (continued)** 

**October 31, 2022 (Unaudited)** 

that can be purchased or sold, and its total returns are reflective of unmanaged portfolios. The returns include reinvestment of all distributions.

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund - Investor Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***SMALL-CAP VALUE FUND – INVESTOR CLASS (TVSVX)***

AND THE RUSSELL 2000 VALUE INDEX

FOR THE TEN YEARS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return | Average Annual Total Return | Average Annual Total Return | Average Annual Total Return |
| 1 Year | 3 Year | 5 Year | 10 Year |
| 1.23% | 7.55% | 5.24% | 8.76% |

---

![LOGO](g445646g00b18.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund - Investor Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund - Institutional Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***SMALL-CAP VALUE FUND – INSTITUTIONAL CLASS (TASCX)***

AND THE RUSSELL 2000 VALUE INDEX

FOR THE TEN YEARS ENDED OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return | Average Annual Total Return | Average Annual Total Return | Average Annual Total Return |
| 1 Year | 3 Year | 5 Year | 10 Year |
| 1.51% | 7.81% | 5.50% | 9.03% |

---

![LOGO](g445646g00b20.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund - Institutional Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund - Z Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***SMALL-CAP VALUE FUND – Z CLASS (TASZX)***

AND THE RUSSELL 2000 VALUE INDEX

FOR THE PERIOD FROM MARCH 1, 2018 (COMMENCEMENT OF INVESTMENT

OPERATIONS) THROUGH OCTOBER 31, 2022

---

| | | |
|:---|:---|:---|
| Average Annual Total Return | Average Annual Total Return | Average Annual Total Return |
| 1 Year | 3 Year | Since<br> Inception<br> (3/1/18) |
| 1.61% | 7.95% | 6.22% |

---

![LOGO](g445646g00b22.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

<sup>(1)</sup> Represents TASZX.

<sup>(2)</sup> Represents Russell 2000 Value Index.

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund - Z Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund** 

**Portfolio of Investments** 

**at October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value**<br> **(Note 1)** |
| **Common Stocks - 91.53%** | **Common Stocks - 91.53%** | **Common Stocks - 91.53%** |
|  | **Bank & Thrifts - 20.25%** |  |
| 101965 | Prosperity Bancshares, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7297635 |
| 209426 | Southside Bancshares, Inc. | 7170746 |
| 128608 | UMB Financial Corp. | 10702758 |
| 182346 | Washington Trust Bancorp, Inc. | 8843781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34014920 |
|  | **Commercial Services - 1.86%** |  |
| 63558 | Madison Square Garden Entertainment Corp. (a) | 3116249 |
|  | **Conglomerates - 5.19%** |  |
| 2329 | Seaboard Corp. | 8725319 |
|  | **Consulting & Information Technology Services - 4.52%** |  |
| 63520 | ICF International, Inc. | 7598898 |
|  | **Consumer Discretionary - 7.29%** |  |
| 568084 | Hamilton Beach Brands Holding Co., Class A (b) | 6692030 |
| 174128 | Liberty Media Corp.-Liberty Braves, Class A (a) | 5552942 |
|  |  | 12244972 |
|  | **Consumer Staples - 0.96%** |  |
| 28403 | Cal-Maine Foods, Inc. | 1605054 |
|  | **Financials - 5.64%** |  |
| 88057 | Encore Capital Group, Inc. (a) | 4483862 |
| 2690179 | Westaim Corp. (The) (Canada) (a) | 4995892 |
|  |  | 9479754 |
|  | **Healthcare - 0.05%** |  |
| 2460 | Supernus Pharmaceuticals, Inc. (a) | 84304 |
|  | **Home Building - 3.28%** |  |
| 329062 | TRI Pointe Homes, Inc. (a) | 5511788 |
|  | **Industrial Equipment - 2.89%** |  |
| 31880 | Alamo Group, Inc. | 4848310 |
|  | **Industrial Services - 13.84%** |  |
| 42400 | Comfort Systems USA, Inc. | 5227072 |
| 45788 | EMCOR Group, Inc. | 6460687 |
| 100862 | MYR Group, Inc. (a) | 8826433 |
| 14863 | UniFirst Corp. | 2734941 |
|  |  | 23249133 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value**<br> **(Note 1)** |

---

---

| | | |
|:---|:---|:---|
|  **Common Stocks (continued)** | **Common Stocks (continued)** |  |
|  | **Insurance & Reinsurance - 4.46%** |  |
| 337035 | ProAssurance Corp. | $7485547 |
|  | **Materials - 2.26%** |  |
| 40292 | Chase Corp. | 3795909 |
|  | **Metals Manufacturing - 3.09%** |  |
| 64315 | Kaiser Aluminum Corp. | 5196009 |
|  | **Oil & Gas Production & Services - 8.85%** |  |
| 438541 | Tidewater, Inc. (a) | 14866540 |
|  | **Real Estate - 4.56%** |  |
| 126222 | FRP Holdings, Inc. (a) | 7652840 |
|  | **U.S. Real Estate Investment Trusts - 2.17%** |  |
| 144881 | InvenTrust Properties Corp. | 3651001 |
|  | **U.S. Real Estate Operating Companies - 0.37%** |  |
| 269797 | Five Point Holdings, LLC, Class A (a) | 615137 |
|  | **Total Common Stocks**<br> (Cost $97,907,059) | 153741684 |
|  **Closed-End Fund - 2.44%** | **Closed-End Fund - 2.44%** |  |
|  | **Financials - 2.44%** |  |
| 111210 | Central Securities Corp. | 4100313 |
|  | **Total Closed-End Fund**<br> (Cost $3,007,113) | 4100313 |
|  | **Total Investment Portfolio - 93.97%**<br> (Cost $100,914,172) | 157841997 |
|  | **Other Assets less Liabilities - 6.03%** | 10137033 |
|  | **NET ASSETS - 100.00%**. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167979030 |

---

Notes:

(a) Non-income producing security.

(b) Affiliated issuers - An affiliated person as defined in the Investment Company Act of 1940, includes, among
other things, ownership of 5% or more of the outstanding voting securities of such person.

† U.S. issuer unless otherwise noted.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

---

| | |
|:---|:---|
| Summary of Investments by Sector | % of<br>Net Assets |
|  Bank & Thrifts | 20.25% |
|  Industrial Services | 13.84 |
|  Oil & Gas Production & Services | 8.85 |
|  Financials | 8.08 |
|  Consumer Discretionary | 7.29 |
|  Conglomerates | 5.19 |
|  Real Estate | 4.56 |
|  Consulting & Information Technology Services | 4.52 |
|  Insurance & Reinsurance | 4.46 |
|  Home Building | 3.28 |
|  Metals Manufacturing | 3.09 |
|  Industrial Equipment | 2.89 |
|  Materials | 2.26 |
|  U.S. Real Estate Investment Trusts | 2.17 |
|  Commercial Services | 1.86 |
|  Consumer Staples | 0.96 |
|  U.S. Real Estate Operating Companies | 0.37 |
|  Healthcare | 0.05 |
|  Other Assets less Liabilities | 6.03 |
|  Total | 100.00% |

---

---

| | |
|:---|:---|
| Country Concentration | % of<br>Net Assets |
|  United States | 90.99% |
|  Canada | 2.98 |
|  Total | 93.97% |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio Management Discussion** 

**October 31, 2022 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Average Annual Returns for the Periods<br>Ended October 31, 2022** | **Average Annual Returns for the Periods<br>Ended October 31, 2022** | **Average Annual Returns for the Periods<br>Ended October 31, 2022** | **Average Annual Returns for the Periods<br>Ended October 31, 2022** |
|  | <br> **One Year ended <br>10/31/22** | **Three<br>Year** | **Five<br> Year** | **Ten<br>Year** | **Since Inception<br>Z Class \*** |
| Third Avenue Real Estate Value Fund Investor Class† | (24.84%) | (3.83%) | (2.67%) | 3.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Third Avenue Real Estate Value Fund Institutional Class^ | (24.64%) | (3.59%) | (2.43%) | 3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Third Avenue Real Estate Value Fund Z Class# | (24.55%) | (3.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | (2.88%) |
| FTSE EPRA/NAREIT Developed Index | (24.30%) | (5.47%) | 0.76% | 3.99% | 1.38% |

---

\* The date used to calculate the Since Inception performance for the index is the inception date of the Z Class.

† Investor Class commenced investment operations on December 31, 2009.

^ Institutional Class commenced investment operations on September 17, 1998.

# Z Class commenced investment operations on March 1, 2018.

*Third Avenue Real Estate Value Fund (the "Fund") has "Total Annual Fund Operating Expenses" of 1.43%, 1.16% and 1.08% for the Investor, Institutional and Z share classes, respectively. The Fund's "Net Annual Fund Operating Expenses" are 1.40%, 1.15% and 1.05% for the Investor, Institutional and Z share classes, respectively. These ratios are stated in the current prospectus dated March 1, 2022 and may differ from the actual expenses incurred by the Fund for the period covered by this report. Until March 1, 2023 (subject to renewal), whenever the Fund's normal operating expenses, including the investment advisory fee and most other operating expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items, exceeds the expense limitation of 1.40%, 1.15% and 1.05% for the Investor, Institutional and Z share classes, respectively, based on each share class' average daily net assets, Third Avenue Management LLC (the "Adviser") has agreed to waive a portion of its advisory fees and/or reimburse the Fund in an amount equal to that excess. The waived fees and reimbursed expenses may be paid to the Adviser during the following thirty-six month period after the applicable month in which a fee is waived or expense reimbursed by the Adviser, to the extent that the payment of such fees and expenses would not cause the Fund to exceed the expense limitations.* 

*The Fund* ***is offered by prospectus only****. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. The Fund's returns should be viewed in light of its investment objectives, policies and strategies and the periods selected.* 

*Distributed by Foreside Fund Services, LLC.* 

*If you should have any questions, or for updated information (including performance data current to the most recent month-end) or a copy of our prospectus, please call 1-800-443-1021 or go to our website at www.thirdave.com. Current performance may be lower or higher than performance quoted.* 

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio Management Discussion (continued)** 

**October 31, 2022 (Unaudited)** 

The Fund generated returns of -24.84%, -24.64% and -24.55% for the Investor, Institutional and Z share classes over the last fiscal year, respectively. The Fund's benchmark, the FTSE EPRA/NAREIT Developed Index, returned -24.30% over the same period.

During the year, global real estate markets (and security prices) were negatively impacted by an increase in benchmark interest rates and associated capital markets volatility which caused property market transaction activity to decline considerably leading to elevated capital value uncertainty for most property types within commercial real estate. Residential real estate was also negatively impacted by rising mortgage rates and a decrease in transaction volumes leading to publicly-traded residential investments experiencing share price declines.

Alongside these developments, the primary detractors to performance included the Fund's investments in real estate operating companies with significant development activities (Five Point Holdings, LLC and Trinity Place Holdings, Inc.), which are not components of the Fund's benchmark. There were also significant negative share price movements in Europe caused by the Russia/Ukraine conflict, including the UK, where the Fund had a larger weighting relative to benchmark. As a result, some of the other most significant detractors to performance included the Fund's UK investments such as Segro PLC and Savills PLC—both of which remain well-capitalized and strategically positioned long-term, in Fund Management's view.

The primary contributors to performance during the period included the Fund's investments in Real Estate Investment Trusts ("REITs") that were subject to private equity takeovers at meaningful share price premiums during the period (Preferred Apartment Communities, Inc. and CatchMark Timber Trust, Inc.). Other contributors to performance included certain Asia-based holdings (CK Asset Holdings, Ltd.) and the Fund's "special situation" investments in the common stock of US-based REIT InvenTrust Properties Corp., as well as the preferred equity of the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac").

THE INFORMATION IN THE PORTFOLIO MANAGEMENT DISCUSSION REPRESENTS A FACTUAL OVERVIEW OF THE FUND'S PERFORMANCE AND IS NOT INTENDED TO BE A FORECAST OF FUTURE EVENTS, A GUARANTEE OF FUTURE RESULTS NOR INVESTMENT ADVICE. VIEWS EXPRESSED ARE THOSE OF THE INVESTMENT TEAM AND MAY DIFFER FROM THOSE OF OTHER INVESTMENT TEAMS OR THE FIRM AS A WHOLE. ALSO, PLEASE NOTE THAT ANY DISCUSSION OF THE PORTFOLIO'S HOLDINGS, THE FUND'S PERFORMANCE, AND THE INVESTMENT TEAM'S VIEWS ARE AS OF OCTOBER 31, 2022, AND ARE SUBJECT TO CHANGE.

Real estate investments may be subject to special risks, including risks related to general and local economic conditions, and changes in real estate values that may have negative effects on issuers related to the real estate industry. The Fund's investments in small and medium capitalization stocks may experience more volatility than larger capitalization stocks. These and other risks are described more fully in the Fund's prospectus.

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio Management Discussion (continued)** 

**October 31, 2022 (Unaudited)** 

The FTSE EPRA/NAREIT Developed Index is designed to reflect the stock performance of companies engaged in specific aspects of the North American, European and Asian Real Estate markets. The FTSE EPRA/NAREIT Developed Index is not a security that can be purchased or sold, and its total returns are reflective of unmanaged portfolios. The returns include reinvestment of all distributions.

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund - Investor Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***REAL ESTATE VALUE FUND – INVESTOR CLASS (TVRVX)***

AND THE FTSE EPRA/NAREIT DEVELOPED INDEX

FOR THE TEN YEARS ENDED OCTOBER 31, 2022

Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Year | 5 Year | 10 Year |
| (24.84%) | (3.83%) | (2.67%) | 3.36% |

---

![LOGO](g445646g00b30.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund - Investor Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund - Institutional Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***REAL ESTATE VALUE FUND – INSTITUTIONAL CLASS (TAREX)***

AND THE FTSE EPRA/NAREIT DEVELOPED INDEX

FOR THE TEN YEARS ENDED OCTOBER 31, 2022

Average Annual Total Return

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Year | 5 Year | 10 Year |
| (24.64%) | (3.59%) | (2.43%) | 3.62% |

---

![LOGO](g445646g00b32.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund - Institutional Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund - Z Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***REAL ESTATE VALUE FUND – Z CLASS (TARZX)***

AND THE FTSE EPRA/NAREIT DEVELOPED INDEX

FOR THE PERIOD FROM MARCH 1, 2018 (COMMENCEMENT OF INVESTMENT

OPERATIONS) THROUGH OCTOBER 31, 2022

---

| | | |
|:---|:---|:---|
| Average Annual Total Return | Average Annual Total Return | Average Annual Total Return |
| 1 Year | 3 Year | Since<br> Inception<br> (3/1/18) |
| (24.55%) | (3.50%) | (2.88%) |

---

![LOGO](g445646g00b34.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund - Z Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio of Investments** 

**at October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount‡** | | **Security†** | **Value**<br> **(Note 1)** |
| **Corporate Bonds - 0.17%** | **Corporate Bonds - 0.17%** | **Corporate Bonds - 0.17%** |  |
|  |  | **U.S. Real Estate Operating Companies - 0.17%** |  |
| 643000 |  | Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, due 11/15/25 (a) | $532239 |
|  |  | **Total Corporate Bonds**<br> (Cost $515,440) | 532239 |
| **Term Loans - 0.00%** | **Term Loans - 0.00%** | **Term Loans - 0.00%** |  |
|  |  | **Non-U.S. Real Estate Operating Companies - 0.00%** |  |
| 40240 | <sup>EUR</sup> | Concrete Investment II, L.P. S.A.R.L., Term Loan, Tranche A2, 2.267% Cash or Payment-in-kind Interest, due 10/31/23 (Luxembourg)(b)(c)(d)(e) |  |
|  |  | **Total Term Loans**<br> (Cost $49,457) |  |
| **Shares** |  |  |  |
| **Common Stocks - 92.86%** | **Common Stocks - 92.86%** | **Common Stocks - 92.86%** |  |
|  |  | **Consulting/Management - 6.28%** |  |
| 172409 |  | CBRE Group, Inc., Class A (f) | 12230694 |
| 190707 |  | Fidelity National Financial, Inc. | 7510042 |
|  |  |  | 19740736 |
|  |  | **Forest Products & Paper - 10.06%** |  |
| 475914 |  | Rayonier, Inc., REIT | 16038302 |
| 503891 |  | Weyerhaeuser Co., REIT | 15585348 |
|  |  |  | 31623650 |
|  |  | **Industrial Services - 6.27%** |  |
| 34246 |  | AMERCO | 19697957 |
|  |  | **Non-U.S. Homebuilder - 3.87%** |  |
| 305838 |  | Berkeley Group Holdings PLC (United Kingdom) | 12168487 |
|  |  | **Non-U.S. Real Estate Consulting/Management - 1.61%** |  |
| 537336 |  | Savills PLC (United Kingdom) | 5076754 |
|  |  | **Non-U.S. Real Estate Investment Trusts - 9.02%** |  |
| 657717 |  | Big Yellow Group PLC (United Kingdom) | 8463221 |
| 4822603 |  | National Storage REIT (Australia) | 8069822 |
| 1315021 |  | Segro PLC (United Kingdom) | 11835194 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28368237 |
|  |  | **Non-U.S. Real Estate Operating Companies - 18.52%** |  |
| 507360 |  | Brookfield Asset Management, Inc., Class A (Canada) | 20096530 |

---

*The accompanying notes are an integral part of the financial statements.*

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value**<br> **(Note 1)** |
|  **Common Stocks (continued)** | **Common Stocks (continued)** |  |
|  | **Non-U.S. Real Estate Operating Companies (continued)** |  |
| 2790923 | CK Asset Holdings, Ltd. (Cayman Islands) | $15429816 |
| 2883776 | Grainger PLC (United Kingdom) | 7507149 |
| 227987 | Henderson Land Development Co., Ltd. (Hong Kong) | 558172 |
| 5111776 | Wharf Holdings Ltd. (The) (Hong Kong) | 14637551 |
|  |  | 58229218 |
|  | **Retail-Building Products - 4.46%** |  |
| 71858 | Lowe's Cos., Inc. | 14008717 |
|  | **U.S. Homebuilder - 12.09%** |  |
| 205028 | DR Horton, Inc. | 15762553 |
| 341093 | Lennar Corp., Class B | 22246085 |
|  |  | 38008638 |
|  | **U.S. Real Estate Investment Trusts - 16.45%** |  |
| 407493 | American Homes 4 Rent, Class A | 13015327 |
| 155465 | First Industrial Realty Trust, Inc. | 7404798 |
| 500630 | InvenTrust Properties Corp. | 12615876 |
| 168647 | Prologis, Inc. | 18677655 |
|  |  | 51713656 |
|  | **U.S. Real Estate Operating Companies - 4.23%** |  |
| 3388043 | Five Point Holdings, LLC, Class A (f) | 7724738 |
| 58568 | Stratus Properties, Inc. | 1731270 |
| 5067195 | Trinity Place Holdings, Inc. (f)(g)(h) | 3851068 |
| 1 | Trinity Place Holdings, Inc. Special Stock (b)(e)(f)(g)(h) |  |
|  |  | 13307076 |
|  | **Total Common Stocks**<br> (Cost $254,514,817) | 291943126 |
|  **Preferred Stocks - 4.96%** | **Preferred Stocks - 4.96%** |  |
|  | **Mortgage Finance - 4.55%** |  |
| 2437375 | Federal Home Loan Mortgage Corp., 8.375% (f) | 7433994 |
| 2103000 | Federal National Mortgage Association, 8.250% (f) | 6855780 |
|  |  | 14289774 |
|  | **U.S. Real Estate Investment Trusts - 0.41%** |  |
| 100675 | Diversified Healthcare Trust, 6.250% | 1284613 |
|  | **Total Preferred Stocks**<br> (Cost $9,980,782) | 15574387 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

---

| | |
|:---|:---|
| **Security†** | **Value**<br> **(Note 1)** |
| **Purchased Options - 0.00%** |  |
| **Total Purchased Options (see below for details)**<br>(Cost $60,000) | $10079 |
| **Total Investment Portfolio - 97.99%**<br> (Cost $265,120,496) | 308059831 |
| **Other Assets less Liabilities - 2.01%** | 6329320 |
| **NET ASSETS - 100.00%**. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314389151 |

---

Notes:

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may
be resold in transactions that are exempt from registration, normally to qualified institutional buyers.

(b) Security is fair valued by the Advisor in accordance with the policies established by the Board of Trustees.

(c) Payment-in-kind security. Income may be paid as additional securities or cash at the discretion of the issuer.

(d) Variable rate security. The rate disclosed is in effect as of October 31, 2022.

(e) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value
hierarchy.

(f) Non-income producing security.

(g) Affiliated issuer - An affiliated person as defined in the Investment Company Act of 1940, includes, among other
things, ownership of 5% or more of the outstanding voting securities of such person.

(h) Security subject to restrictions on resale. At October 31, 2022, the restricted securities had a total
market value of $3,851,068 or 1.22% of net assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares | Issuer | Acquisition Date | Cost | Market<br>Value<br>Per Unit |
| 5067195 | Trinity Place Holdings, Inc. | 11/30/15-10/02/13 | $22849649 | $0.76 |
| 1 | Trinity Place Holdings, Inc. Special Stock | 11/06/13 |  | 0.00 |

---

‡ Denominated in U.S. Dollars unless otherwise noted.

† U.S. issuer unless otherwise noted.

EUR: Euro.

REIT: Real Estate Investment Trust.

*The accompanying notes are an integral part of the financial statements.*

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

---

| | |
|:---|:---|
| Summary of Investments by Sector | % of<br>Net Assets |
|  Non-U.S. Real Estate Operating Companies | 18.52% |
|  U.S. Real Estate Investment Trusts | 16.86 |
|  U.S. Homebuilder | 12.09 |
|  Forest Products & Paper | 10.06 |
|  Non-U.S. Real Estate Investment Trusts | 9.02 |
|  Consulting/Management | 6.28 |
|  Industrial Services | 6.27 |
|  Mortgage Finance | 4.55 |
|  Retail-Building Products | 4.46 |
|  U.S. Real Estate Operating Companies | 4.40 |
|  Non-U.S. Homebuilder | 3.87 |
|  Non-U.S. Real Estate Consulting/Management | 1.61 |
|  Purchased Options<sup>\*</sup> | 0.00 |
|  Other Assets less Liabilities | 2.01 |
|  Total | 100.00% |

---

---

| | |
|:---|:---|
| Country Concentration | % of<br>Net Assets |
|  United States | 64.96% |
|  United Kingdom | 14.33 |
|  Canada | 6.39 |
|  Cayman Islands | 4.91 |
|  Hong Kong | 4.83 |
|  Australia | 2.57 |
|  Luxembourg\* | 0.00 |
|  Total | 97.99% |

---

\* Amount less than 0.01%. 

\* Amount less than 0.01%.

**Purchased Options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value** |
|  USD versus HKD, Call | JPMorgan Chase Bank, N.A. | 30000000 | $30000000 | 8.00 HKD | 02/06/23 | $10079 |
|  Total Purchased Options<br>(Cost $60,000) | Total Purchased Options<br>(Cost $60,000) |  |  |  |  | $10079 |

---

HKD: Hong Kong Dollar.

USD: United States Dollar.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund** 

**Portfolio Management Discussion** 

**October 31, 2022 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Average Annual Returns for the Periods**<br>**Ended October 31, 2022** | **Average Annual Returns for the Periods**<br>**Ended October 31, 2022** | **Average Annual Returns for the Periods**<br>**Ended October 31, 2022** | **Average Annual Returns for the Periods**<br>**Ended October 31, 2022** |
|  |<br>**One Year ended<br>10/31/22** | **Three<br>Year** | **Five<br>Year** | **Since<br>Inception<br>Institutional<br>Class** | **Since Inception<br>Z Class** |
| International Real Estate Value Fund Institutional Class^ | (21.14%) | 0.19% | 2.91% | 3.68% | N/A |
| International Real Estate Value Fund Z Class # | (21.17%) | 0.19% | N/A | N/A | 1.30% |
| FTSE EPRA NAREIT Global ex US Index | (31.52%) | (11.75%) | (4.45%) | (0.07%) | (6.28%) |

---

^ Institutional Class commenced investment operations on March 19, 2014.

# Z Class commenced investment operations on April 20, 2018.

*Third Avenue International Real Estate Value Fund (the "Fund") has "Total Annual Fund Operating Expenses" of 2.08% and 2.07% for the Institutional and Z share classes, respectively. The Fund's "Net Annual Fund Operating Expenses" are 1.00% and 1.00% for the Institutional and Z share classes, respectively. These ratios are stated in the current prospectus dated March 1, 2022 and may differ from the actual expenses incurred by the Fund for the period covered by this report. Until March 1, 2023 (subject to renewal), whenever the Fund's normal operating expenses, including the investment advisory fee and most other operating expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items, exceeds the expense limitation of 1.00% and 1.00% for the Institutional and Z share classes, respectively, based on each share class' average daily net assets, Third Avenue Management LLC (the "Adviser") has agreed to waive a portion of its advisory fees and/or reimburse the Fund in an amount equal to that excess.* 

*The Fund commenced operations on April 12, 2021 as a result of a reorganization in which the Fund acquired all of the assets and assumption of all stated liabilities, of the Third Avenue International Real Estate Value Fund, (formerly, REMS International Real Estate Value-Opportunity Fund), a series of the World Funds Trust (the "Predecessor Fund"). The reorganization was structured to qualify as a tax-free reorganization under the Internal Revenue Code of 1986. The Fund has adopted the historical performance and financial records of the Predecessor Fund. The Fund and the Predecessor Fund have the same investment objective and substantially similar investment management policies. The performance shown for periods prior to April 12, 2021 represents the performance for the Predecessor Fund.* 

*The Fund* ***is offered by prospectus only****. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. The Fund's returns should be viewed in light of its investment objectives, policies and strategies and the periods selected.* 

*Distributed by Foreside Fund Services, LLC.* 

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund** 

**Portfolio Management Discussion (continued)** 

**October 31, 2022 (Unaudited)** 

*If you should have any questions, or for updated information (including performance data current to the most recent month-end) or a copy of our prospectus, please call 1-800-443-1021 or go to our website at www.thirdave.com. Current performance may be lower or higher than performance quoted.* 

The Fund generated returns of -21.14%, and -21.17% for the Institutional and Z share classes over the last fiscal year respectively. The Fund's benchmark, the FTSE EPRA NAREIT Global ex US Index, returned -31.52% over the same period.

The Fund seeks to deliver attractive returns by investing in a broad set of public real estate securities outside the US. During the year, international real estate securities share price performance was negatively impacted by three main factors: (i) increases in interest rates and associated uncertainty in real estate asset values, (ii) negative geopolitical issues including the fall-out from conflict in Ukraine and ongoing COVID restrictions in Asia, and (iii) a strong US dollar, negatively impacting the Fund's returns which are in US dollars.

Over the year, the Fund's outperformance relative to the index was partly a result of avoiding investments that have high levels of debt (leverage ratios), and high earnings multiples. These companies and REITs are sensitive to rising interest rates. The Fund's main contributors to performance included a put option purchased to reduce volatility in the Fund's European exposure, an investment in Mexican logistics/industrial owner and developer Corp. Inmobiliaria Vesta S.A.B. de CV, and a German logistics/industrial company, VIB Vermoegen AG, which was subject to M&A activity.

The primary detractors during the period included the Fund's investment in pan Asia logistics owner/developer and asset manager ESR Group Ltd., Spanish homebuilder Aedas Homes S.A., and Hong Kong datacenter owner SUNeVision Holdings, Ltd.

THE INFORMATION IN THE PORTFOLIO MANAGEMENT DISCUSSION REPRESENTS A FACTUAL OVERVIEW OF THE FUND'S PERFORMANCE AND IS NOT INTENDED TO BE A FORECAST OF FUTURE EVENTS, A GUARANTEE OF FUTURE RESULTS NOR INVESTMENT ADVICE. VIEWS EXPRESSED ARE THOSE OF THE INVESTMENT TEAM AND MAY DIFFER FROM THOSE OF OTHER INVESTMENT TEAMS OR THE FIRM AS A WHOLE. ALSO, PLEASE NOTE THAT ANY DISCUSSION OF THE PORTFOLIO'S

HOLDINGS, THE FUND'S PERFORMANCE, AND THE INVESTMENT TEAM'S VIEWS ARE AS OF OCTOBER 31, 2022, AND ARE SUBJECT TO CHANGE.

Real estate investments may be subject to special risks, including risks related to general and local economic conditions, and changes in real estate values that may have negative effects on issuers related to the real estate industry. The Fund's investments in small and medium capitalization stocks may experience more volatility than larger capitalization stocks. These and other risks are described more fully in the Fund's prospectus.

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund** 

**Portfolio Management Discussion (continued)** 

**October 31, 2022 (Unaudited)** 

The FTSE EPRA NAREIT Global ex US Index is designed to track the performance of listed real estate companies and REITS in both developed and emerging markets. The FTSE EPRA NAREIT Global ex US Index is not a security that can be purchased or sold, and its total returns are reflective of unmanaged portfolios. The returns include reinvestment of all distributions.

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund - Institutional Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***INTERNATIONAL REAL ESTATE VALUE FUND – INSTITUTIONAL CLASS (REIFX)***

AND THE FTSE EPRA NAREIT GLOBAL ex US INDEX

FOR THE PERIOD FROM MARCH 19, 2014 (COMMENCEMENT OF INVESTMENT

OPERATIONS) THROUGH OCTOBER 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return | Average Annual Total Return | Average Annual Total Return | Average Annual Total Return |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | 3 Year | 5 Year | Since<br> Inception |
|  |  |  | (3/19/14) |
| (21.14%) | 0.19% | 2.91% | 3.68% |

---

![LOGO](g445646g00b43.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund - Institutional Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund - Z Class** 

**Comparison of a $10,000 Investment** 

**(Unaudited)** 

**Performance Illustration** 

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN ***THIRD AVENUE***

***INTERNATIONAL REAL ESTATE VALUE FUND – Z CLASS (REIZX)***

AND THE FTSE EPRA NAREIT GLOBAL ex US INDEX

FOR THE PERIOD FROM APRIL 20, 2018 (COMMENCEMENT OF INVESTMENT

OPERATIONS) THROUGH OCTOBER 31, 2022

---

| | | |
|:---|:---|:---|
| Average Annual Total Return | Average Annual Total Return | Average Annual Total Return |
| 1 Year | 3 Year | Since<br> Inception<br> (3/1/18) |
| (21.17%) | 0.19% | 1.30% |

---

![LOGO](g445646g00b45.jpg)

\* Assumes reinvestment of all distributions.

† Includes the use of derivatives.

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund - Z Class** 

**Comparison of a $10,000 Investment (continued)** 

**(Unaudited)** 

Past performance does not indicate future results. Performance reflects fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Total return would have been lower if the Adviser had not waived certain expenses. Also, the returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund** 

**Portfolio of Investments** 

**at October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value**<br> **(Note 1)** |
| **Common Stocks - 95.05%** | **Common Stocks - 95.05%** | **Common Stocks - 95.05%** |
|  | **Non-U.S. Homebuilder - 13.79%** |  |
| 74687 | Aedas Homes S.A. (Spain) (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969856 |
| 29009 | Berkeley Group Holdings PLC (United Kingdom) | 1154191 |
| 757000 | China Vanke Co., Ltd., Class H (China) | 971480 |
| 2387752 | Glenveagh Properties PLC (Ireland) (a)(b) | 2335617 |
|  |  | 5431144 |
|  | **Non-U.S. Real Estate Investment Trusts - 26.74%** |  |
| 193542 | Big Yellow Group PLC (United Kingdom) | 2490416 |
| 61658 | Boardwalk Real Estate Investment Trust (Canada) | 2194135 |
| 697885 | Ingenia Communities Group (Australia) | 1751264 |
| 1753520 | National Storage REIT (Australia) | 2934224 |
| 128646 | Segro PLC (United Kingdom) | 1157814 |
|  |  | 10527853 |
|  | **Non-U.S. Real Estate Operating Companies - 54.52%** |  |
| 364700 | Capitaland Investment, Ltd. (Singapore) | 775588 |
| 1303704 | Corp. Inmobiliaria Vesta S.A.B. de CV. (Mexico) | 2840605 |
| 138788 | CTP NV (Netherlands) | 1439517 |
| 956800 | ESR Group Ltd. (Cayman Islands) (a) | 1631681 |
| 700818 | Grainger PLC (United Kingdom) | 1824395 |
| 388254 | LOG Commercial Properties e Participacoes S.A. (Brazil) | 1700185 |
| 460300 | Mandarin Oriental International, Ltd. (Bermuda) (b) | 759495 |
| 85500 | Nomura Real Estate Holdings, Inc. (Japan) | 1932626 |
| 35186 | Shurgard Self Storage S.A. (Luxembourg) | 1532032 |
| 3142000 | SUNeVision Holdings, Ltd. (Cayman Islands) | 1664517 |
| 1856500 | Swire Pacific, Ltd., Class B (Hong Kong) | 1913029 |
| 213000 | Tosei Corp. (Japan) | 2031386 |
| 497448 | Wharf Holdings Ltd. (The) (Hong Kong) | 1424440 |
|  |  | 21469496 |
|  | **Total Common Stocks**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $39,196,349) | 37428493 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

---

| | |
|:---|:---|
| **Security†** | **Value**<br> **(Note 1)** |
| **Purchased Options - 0.52%** |  |
| **Total Purchased Options (see below for details)**<br>(Cost $297,000) | $205043 |
| **Total Investment Portfolio - 95.57%**<br>(Cost $39,493,349) | 37633536 |
| **Other Assets less Liabilities - 4.43%** | 1743701 |
| **NET ASSETS - 100.00%**. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39377237 |

---

Notes:

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may
be resold in transactions that are exempt from registration, normally to qualified institutional buyers.

(b) Non-income producing security.

† U.S. issuer unless otherwise noted.

REIT: Real Estate Investment Trust.

---

| | |
|:---|:---|
| Summary of Investments by Sector | % of<br>Net Assets |
|  Non-U.S. Real Estate Operating Companies | 54.52% |
|  Non-U.S. Real Estate Investment Trusts | 26.74 |
|  Non-U.S. Homebuilder | 13.79 |
|  Purchased Options | 0.52 |
|  Other Assets less Liabilities | 4.43 |
|  Total | 100.00% |

---

---

| | |
|:---|:---|
| Country Concentration | % of<br>Net Assets |
|  United Kingdom | 16.83% |
|  Australia | 11.90 |
|  Japan | 10.07 |
|  Hong Kong | 8.47 |
|  Cayman Islands | 8.37 |
|  Mexico | 7.21 |
|  Ireland | 5.93 |
|  Canada | 5.57 |
|  Brazil | 4.32 |
|  Luxembourg | 3.89 |
|  Netherlands | 3.66 |
|  China | 2.47 |
|  Spain | 2.46 |
|  Singapore | 1.97 |
|  Bermuda | 1.93 |
|  United States | 0.52 |
|  Total | 95.57% |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at October 31, 2022** 

**Purchased Options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value** |
|  Vanguard FTSE Europe ETF, Put | Goldman Sachs & Co. | 1100 | $5504400 | 50.00 USD | 12/16/22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205043 |
|  Total Purchased Options<br>(Cost $297,000) |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205043 |

---

ETF: Exchange Traded Fund.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Statements of Assets and Liabilities** 

**at October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Fund**  | **Small-Cap<br>Value Fund**  | **Real Estate<br>Value Fund**  | **International<br>Real Estate<br>Value Fund**  |
|  **Assets:** |  |  |  |  |
|  Investments at value (Notes 1 & 4): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<sup>†</sup> | $565183095 | $151149967 | $304198684 | $37428493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>‡</sup> |  | 6692030 | 3851068 |  |
|  Cash | 33204054 | 9037322 | 7074746 | 1747442 |
|  Purchased options at value\* |  |  | 10079 | 205043 |
|  Receivable for securities sold | 3005458 | 1738558 | 127003 |  |
|  Foreign tax reclaims receivable | 1981577 |  | 441713 | 99347 |
|  Dividends and interest receivables | 668763 | 79489 | 98850 | 31032 |
|  Receivable for fund shares sold | 82807 | 43656 | 112446 | 32765 |
|  Other assets | 7684 | 2003 | 321 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 604133438 | 168743025 | 315914910 | 39544785 |
|  **Liabilities** |  |  |  |  |
|  Interest payable (Note 1) | 637781 |  |  |  |
|  Payable to Adviser (Note 3) | 487579 | 159865 | 265487 | 89846 |
|  Payable for fund shares redeemed | 222499 | 26448 | 1055639 | 48 |
|  Payable for shareholder servicing fees (Note 3) | 57209 | 16282 | 52395 | 373 |
|  Payable for transfer agent fees | 56633 | 21172 | 33550 | 8670 |
|  Payable for auditing and tax fees | 46406 | 37748 | 43732 | 39318 |
|  Payable for accounting and administration fees | 40650 | 13786 | 24546 | 17486 |
|  Payable for reports to shareholders | 26332 | 10485 | 19479 | 7190 |
|  Distribution fees payable (Note 5) | 2245 | 563 | 4663 |  |
|  Payable for securities purchased |  | 465114 |  |  |
|  Payables to trustees and officers |  | 10 | 148 | 26 |
|  Accrued expenses | 45874 | 12522 | 26120 | 4591 |
|  IRS compliance fee for foreign tax claims (Note 1) | 5960238 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7583446 | 763995 | 1525759 | 167548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $596549992 | $167979030 | $314389151 | $39377237 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Statements of Assets and Liabilities (continued)** 

**at October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Fund** | **Small-Cap<br>Value Fund** | **Real Estate<br>Value Fund** | **International<br>Real Estate<br>Value Fund** |
|  **Summary of net assets:** |  |  |  |  |
|  Capital stock, $0.001 par value | $503670605 | $103465131 | $247532896 | $47575341 |
|  Total distributable earnings | 92879387 | 64513899 | 66856255 | (8198104) |
|  Net assets applicable to capital shares outstanding | $596549992 | $167979030 | $314389151 | $39377237 |
|  **Investor Class** |  |  |  |  |
|  Net assets | $11235016 | $2814414 | $22267820 | $— |
|  Outstanding shares of beneficial interest, unlimited number of shares authorized | 208599 | 143353 | 1130901 |  |
|  Net asset value, offering and redemption price per share | $53.86 | $19.63 | $19.69 | $— |
|  **Institutional Class** |  |  |  |  |
|  Net assets | $583136401 | $164492823 | $277923108 | $12074014 |
|  Outstanding shares of beneficial interest, unlimited number of shares authorized | 10840070 | 8134393 | 14041529 | 1143036 |
|  Net asset value, offering and redemption price per share | $53.79 | $20.22 | $19.79 | $10.56 |
|  **Z Class** |  |  |  |  |
|  Net assets | $2178575 | $671793 | $14198223 | $27303223 |
|  Outstanding shares of beneficial interest, unlimited number of shares authorized | 40490 | 33084 | 718282 | 2502233 |
|  Net asset value, offering and redemption price per share | $53.81 | $20.31 | $19.77 | $10.91 |
|  † Cost of unaffiliated issuers | $491037318 | $92696397 | $242210847 | $39196349 |
|  ‡ Cost of affiliated issuer | $— | $8217775 | $22849649 | $— |
|  \* Cost of purchased options | $— | $— | $60000 | $297000 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Statements of Operations** 

**For the Year Ended October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Fund**  | **Small-Cap<br>Value Fund**  | **Real Estate<br>Value Fund**  | **International<br>Real Estate<br>Value Fund**  |
|  **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - unaffiliated issuers\* | $21904918 | $2000917 | $6347955 | $1295376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims (Note 1) | 1861276 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - affiliated issuers (Note 4) |  | 192132 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest - unaffiliated issuers |  | 9836 | 6631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 27650 | 32257 | 24127 | 8983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income: | 23793844 | 2235142 | 6378713 | 1304359 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3) | 5554330 | 1472605 | 3773130 | 466743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees (Note 3) | 391741 | 106710 | 314152 | 7606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 333303 | 120919 | 166352 | 40268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense (Note 1) | 297379 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees | 205605 | 74900 | 139523 | 74193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officers' fees and expenses | 159710 | 42366 | 111337 | 6890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 49864 | 27803 | 29590 | 10225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 126592 | 30424 | 72820 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 81627 | 14148 | 40507 | 9920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and tax fees | 75602 | 39921 | 70969 | 42139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 102873 | 28824 | 74471 | 8772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 74440 | 62975 | 71243 | 38311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees (Note 5) | 45936 | 7318 | 74847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excise Tax Expense | 19341 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 72363 | 26047 | 53686 | 11258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7590706 | 2054960 | 4992627 | 719043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fees waived (Note 3) | (113684) | (166782) | (122346) | (252302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7477022 | 1888178 | 4870281 | 466741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 16316822 | 346964 | 1508432 | 837618 |
|  **Realized and unrealized gain/(loss) on investments, options, and foreign currency transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments - unaffiliated issuers | 9940528 | 9082833 | 42840204 | (584166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments - affiliated issuers |  | (549992) | (14511635) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on purchased options | 11046380 |  | (90666) | 370746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on written options |  |  | 185237 | (94872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on foreign currency transactions | (496623) |  | (45377) | (4988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments - unaffiliated issuers | (18230793) | (5952490) | (126678750) | (11252360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments - affiliated issuers (Note 4) |  | (359011) | (13644259) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on purchased options | (17209) |  | (5456) | 32075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on translation of other assets and liabilities denominated in foreign currency | (207474) |  | (62105) | (16890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investments, options, and foreign currency transactions | 2034809 | 2221340 | (112012807) | (11550455) |
|  **Net increase/(decrease) in net assets resulting from operations** | $18351631 | $2568304 | $(110504375) | $(10712837) |
| \* Net of foreign withholding taxes of | $2615697 | $— | $180162 | $129675 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value Fund** | **Value Fund** | **Small-Cap Value Fund** | **Small-Cap Value Fund** |
|  | **For the Year<br>Ended<br>October 31, 2022** | **For the Year<br>Ended<br>October 31, 2021** | **For the Year<br>Ended<br>October 31, 2022** | **For the Year<br>Ended<br>October 31, 2021** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $16316822 | $7894419 | $346964 | $120348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 20490285 | 28010711 | 8532841 | 14909973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized/(depreciation) | (18455476) | 227731965 | (6311501) | 42465555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 18351631 | 263637095 | 2568304 | 57495876 |
|  **Dividends and Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (293048) | (34458) | (259933) | (39659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (20694985) | (3706801) | (13615914) | (2252764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Z Class | (75195) | (12775) | (52207) | (7583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from dividends and distributions | (21063228) | (3754034) | (13928054) | (2300006) |
|  **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 105733953 | 40192678 | 13725575 | 12801433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 20269661 | 3591317 | 13428578 | 2216959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (130393782) | (114933398) | (21872723) | (30986368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from capital share transactions | (4390168) | (71149403) | 5281430 | (15967976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets | (7101765) | 188733658 | (6078320) | 39227894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 603651757 | 414918099 | 174057350 | 134829456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $596549992 | $603651757 | $167979030 | $174057350 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Statements of Changes in Net Assets (continued)** 

---

| | | |
|:---|:---|:---|
|  | **Real Estate Value Fund** | **Real Estate Value Fund** |
|  | **For the Year<br>Ended<br>October 31, 2022** | **For the Year<br>Ended<br>October 31, 2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1508432 | $2562363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 28377763 | 47624305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized/(depreciation) | (140390570) | 143612064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | (110504375) | 193798732 |
|  **Dividends and Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (3020824) | (345327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (36980388) | (4370604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Z Class | (2694651) | (384060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from dividends and distributions | (42695863) | (5099991) |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 23497312 | 38076262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 40543139 | 4866150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (99044321) | (195955310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from capital share transactions | (35003870) | (153012898) |
|  **Net Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets | (188204108) | 35685843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 502593259 | 466907416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $314389151 | $502593259 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Statements of Changes in Net Assets (continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **International Real Estate Value Fund** | **International Real Estate Value Fund** | **International Real Estate Value Fund** |
|  | **For the Year<br>Ended<br>October 31, 2022** | **For the Period from<br>January 1, 2021 through<br>October 31, 2021** | **For the Year<br>Ended<br>December 31, 2020** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $837618 | $532240 | $598714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (313280) | 2391841 | (7758473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized/(depreciation) | (11237175) | 2917618 | (2075469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | (10712837) | 5841699 | (9235228) |
|  **Dividends and Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (315736) |  | (394045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Z Class | (763586) |  | (468740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from dividends and distributions | (1079322) |  | (862785) |
|  **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 3797457 | 4794248 | 16268431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 978999 |  | 754503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees |  |  | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2282930) | (1340835) | (57379824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from capital share transactions | 2493526 | 3453413 | (40353883) |
|  **Net Increase (Decrease) in Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets | (9298633) | 9295112 | (50451896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at beginning of year | 48675870 | 39380758 | 89832654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of year | $39377237 | $48675870 | $39380758 |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Value Fund** | **Third Avenue Value Fund** | **Third Avenue Value Fund** | **Third Avenue Value Fund** | **Third Avenue Value Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Investor Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $53.43 | $32.43 | $39.81 | $43.74 | $55.94 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>@</sup> | 1.88 | 0.61 | 0.01 | 0.55 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | 0.28 | 20.60 | (5.14) | (2.94) | (5.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.16 | 21.21 | (5.13) | (2.39) | (4.68) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.40) | (0.21) | (0.86) | (0.04) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (1.33) |  | (1.39) | (1.50) | (6.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.73) | (0.21) | (2.25) | (1.54) | (7.52) |
|  Net asset value, end of year | $53.86 | $53.43 | $32.43 | $39.81 | $43.74 |
|  Total return<sup>2</sup> | 4.35 | 65.61 | (13.89)% | (5.32) | (10.06) |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $11235 | $9735 | $5237 | $6966 | $11506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement. | 1.47 | 1.47 | 1.52% | 1.51 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>3,</sup> <sup>#</sup> | 1.45 | 1.45 | 1.40% | 1.40 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.41 | 1.19 | 0.03% | 1.35 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 30 | 18 | 22% | 25 | 72 |

---

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

---

| | |
|:---|:---|
| 3 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.40%.  |

---

---

| | |
|:---|:---|
| 4 | The Fund incurred interest and excise tax expenses. For the year ended October 31, 2022, if interest and excise tax expenses had not been incurred, the ratios of operating expenses to average net assets would have been 1.40%.  |

---

---

| | |
|:---|:---|
| 5 | The Fund incurred interest expense. For the year ended October 31, 2021, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.40%.  |

---

---

| | |
|:---|:---|
| ^ | Investment income per share reflects special dividends received during the period which amounted to $0.26 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.93%.  |

---

‡ Investment income per share reflects special dividends received during the period which amounted to $0.41 per
share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.39%

---

| | |
|:---|:---|
| + | Investment income per share reflects a special dividend received during the period which amounted to $0.37 per share. Excluding the special dividends, the ratio of net investment income to average net assets would have been 0.44%.  |

---

---

| | |
|:---|:---|
| ± | Investment income per share reflects special dividends received during the period which amounted to $0.46 per share. Excluding the special dividends, the ratio of net investment income to average net assets would have been 0.37%.  |

---

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Value Fund** | **Third Avenue Value Fund** | **Third Avenue Value Fund** | **Third Avenue Value Fund** | **Third Avenue Value Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Institutional Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $53.40 | $32.40 | $39.82 | $43.81 | $56.05 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>@</sup> | 1.40 | 0.66 | 0.10 | 0.64 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | 0.89 | 20.64 | (5.12) | (2.95) | (5.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.29 | 21.30 | (5.02) | (2.31) | (4.56) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.57) | (0.30) | (1.01) | (0.18) | (1.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (1.33) |  | (1.39) | (1.50) | (6.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.90) | (0.30) | (2.40) | (1.68) | (7.68) |
|  Net asset value, end of year | $53.79 | $53.40 | $32.40 | $39.82 | $43.81 |
|  Total return<sup>2</sup> | 4.62 | 66.02 | (13.66)% | (5.10) | (9.83) |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $583136 | $591858 | $408449 | $627511 | $906235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.22 | 1.22 | 1.27% | 1.23 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>3,</sup> <sup>#</sup> | 1.20 | 1.21 | 1.15% | 1.15 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.62 | 1.32 | 0.30% | 1.57 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 30 | 18 | 22% | 25 | 72 |

---

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

---

| | |
|:---|:---|
| 3 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.15%.  |

---

---

| | |
|:---|:---|
| 4 | The Fund incurred interest and excise tax expenses. For the year ended October 31, 2022, if interest and excise tax expenses had not been incurred, the ratios of operating expenses to average net assets would have been 1.15%.  |

---

---

| | |
|:---|:---|
| 5 | The Fund incurred interest expense. For the year ended October 31, 2021, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.15%.  |

---

---

| | |
|:---|:---|
| ^ | Investment income per share reflects special dividends received during the period which amounted to $0.26 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.14%.  |

---

‡ Investment income per share reflects special dividends received during the period which amounted to $0.40 per
share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.52%.

---

| | |
|:---|:---|
| + | Investment income per share reflects a special dividend received during the period which amounted to $0.37 per share. Excluding the special dividends, the ratio of net investment income to average net assets would have been 0.66%.  |

---

---

| | |
|:---|:---|
| ± | Investment income per share reflects special dividends received during the period which amounted to $0.46 per share. Excluding the special dividends, the ratio of net investment income to average net assets would have been 0.57%.  |

---

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Value Fund**  | **Third Avenue Value Fund**  | **Third Avenue Value Fund**  | **Third Avenue Value Fund**  | **Third Avenue Value Fund**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | |
|  | **2022**  | **2021**  | **2020**  | **2019**  | **Period from<br>March 1, 2018<br>(commencement<br>of investment<br>operations)<br>through<br>October 31,**<br>**2018**  |
|  **Z Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $53.41 | $32.40 | $39.84 | $43.84 | $53.23 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>@</sup> | 1.45 | 0.71 | 0.10 | 0.70 | 0.27 <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | 0.90 | 20.64 | (5.09) | (2.96) | (6.20)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.35 | 21.35 | (4.99) | (2.26) | (5.93) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income  | (0.62) | (0.34) | (1.06) | (0.24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (1.33) |  | (1.39) | (1.50) | (3.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.95) | (0.34) | (2.45) | (1.74) | (3.46) |
|  Net asset value, end of year | $53.81 | $53.41 | $32.40 | $39.84 | $43.84 |
|  Total return<sup>2</sup> | 4.75 | 66.19 | (13.59)% | (4.99) | (12.00)%<sup>3</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $2179 | $2059 | $1232 | $2626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.16 | 1.16 | 1.15% | 1.12 | 1.09 %<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>5,</sup> <sup>#</sup> | 1.11 | 1.11 | 1.05% | 1.05 | 1.05 %<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 2.71 | 1.42 | 0.31% | 1.71 | 0.78 %<sup>4,\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 30 | 18 | 22% | 25 | 72 %<sup>3,8</sup> |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

3 Not annualized.

4 Annualized.

---

| | |
|:---|:---|
| 5 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.05%.  |

---

---

| | |
|:---|:---|
| 6 | The Fund incurred interest and excise tax expenses. For the year ended October 31, 2022, if interest and excise tax expenses had not been incurred, the ratios of operating expenses to average net assets would have been 1.05%.  |

---

---

| | |
|:---|:---|
| 7 | The Fund incurred interest expense. For the year ended October 31, 2021, if interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.05%.  |

---

8 Reflects portfolio turnover of the Fund for the year ended October 31, 2018

---

| | |
|:---|:---|
| ^ | Investment income per share reflects special dividends received during the period which amounted to $0.26 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 2.23%.  |

---

---

| | |
|:---|:---|
| ± | Investment income per share reflects special dividends received during the period which amounted to $0.40 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.62%.  |

---

‡ Investment income per share reflects a special dividend received during the period which amounted to $0.37 per
share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.80%.

\* Investment income per share reflects a special dividend received during the period which amounted to $0.34 per share. Excluding the special dividend, the ratio of net investment income/ (loss) to average net assets would have been (0.22%). 

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Investor Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $21.11 | $14.94 | $18.83 | $20.04 | $23.30 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>@</sup> | (0.01) | (0.05) | (0.06) | (0.13) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | 0.25 | 6.48 | (2.40) | 0.97<sup>1</sup> | (0.31)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | 6.43 | (2.46) | 0.84 | (0.43) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (1.72) | (0.26) | (1.43) | (2.05) | (2.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.72) | (0.26) | (1.43) | (2.05) | (2.83) |
|  Net asset value, end of year | $19.63 | $21.11 | $14.94 | $18.83 | $20.04 |
|  Total return<sup>2</sup> | 1.23% | 43.47% | (14.33)% | 6.12% | (2.23)% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $2814 | $3222 | $2195 | $3176 | $3684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.57% | 1.52% | 1.58% | 1.64% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>3,</sup> <sup>#</sup> | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | (0.03)% | (0.24)% | (0.37)% | (0.73)% | (0.57)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 20% | 37% | 21% | 44% |

---

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

---

| | |
|:---|:---|
| 3 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.40%.  |

---

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.*

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Institutional Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $21.66 | $15.29 | $19.20 | $20.34 | $23.55 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>@</sup> | 0.04 | 0.02 | (0.02) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | 0.26 | 6.61 | (2.46) | 1.00<sup>1</sup> | (0.31)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | 6.63 | (2.48) | 0.91 | (0.38) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (1.72) | (0.26) | (1.43) | (2.05) | (2.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.74) | (0.26) | (1.43) | (2.05) | (2.83) |
|  Net asset value, end of year | $20.22 | $21.66 | $15.29 | $19.20 | $20.34 |
|  Total return<sup>3</sup> | 1.51% | 43.79% | (14.15)% | 6.40% | (1.96)% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $164493 | $170187 | $132303 | $191280 | $236136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.25% | 1.24% | 1.29% | 1.34% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>6,</sup> <sup>#</sup> | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.22% | 0.08% | (0.12)% | (0.48)% | (0.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 20% | 37% | 21% | 44% |

---

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

---

| | |
|:---|:---|
| 3 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.15%.  |

---

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2022** | **2021** | **2020** | **2019** | **Period from<br>March 1, 2018<br>(commencement<br>of investment<br>operations)<br>through<br>October 31,**<br>**2018** |
|  **Z Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $21.75 | $15.33 | $19.22 | $20.35 | $20.56 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>@</sup> | 0.06 | 0.03 | 0.00<sup>1</sup> | (0.07) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | 0.26 | 6.65 | (2.46) | 0.99<sup>2</sup> | (0.18)<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 6.68 | (2.46) | 0.92 | (0.21) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (1.72) | (0.26) | (1.43) | (2.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.76) | (0.26) | (1.43) | (2.05) |  |
|  Net asset value, end of year | $20.31 | $21.75 | $15.33 | $19.22 | $20.35 |
|  Total return<sup>3</sup> | 1.61% | 44.00% | (14.03)% | 6.45% | (1.02)%<sup>4</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $672 | $648 | $331 | $431 | $450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.19% | 1.17% | 1.20% | 1.24% | 1.20%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>6,</sup> <sup>#</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.30% | 0.15% | (0.02)% | (0.38)% | (0.21)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 20% | 37% | 21% | 44%<sup>4,7</sup> |

---

---

| | |
|:---|:---|
| 1 | Amount less than $(0.01).  |

---

---

| | |
|:---|:---|
| 2 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 3 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

4 Not annualized.

5 Annualized.

---

| | |
|:---|:---|
| 6 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.05%.  |

---

7 Reflects portfolio turnover of the Fund for the year ended October 31, 2018

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Investor Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $28.57 | $19.60 | $28.79 | $28.66 | $34.35 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>@</sup> | 0.03 | 0.05 | 0.08 | 0.11 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | (6.51) | 9.07 | (4.77) | 2.66<sup>1</sup> | (3.78)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.48) | 9.12 | (4.69) | 2.77 | (3.64) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.08) | (0.15) | (0.22) | (0.36) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (2.32) |  | (4.28) | (2.28) | (1.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.40) | (0.15) | (4.50) | (2.64) | (2.05) |
|  Net asset value, end of year | $19.69 | $28.57 | $19.60 | $28.79 | $28.66 |
|  Total return<sup>2</sup> | (24.84) | 46.75 | (19.37)% | 10.94% | (11.50)% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $22268 | $36975 | $45401 | $110912 | $193069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.44 | 1.43 | 1.47% | 1.45% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>3</sup> | 1.40 | 1.40 | 1.40%<sup>#</sup> | 1.40%<sup>#</sup> | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.12 | 0.21 | 0.35% | 0.39% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 12 | 9 | 34% | 22% | 27% |

---

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

---

| | |
|:---|:---|
| 3 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.40%.  |

---

‡ Investment income per share reflects a special dividend received during the period which amounted to $0.05 per
share. Excluding the special dividend, the ratio of net investment income/(loss) to average net assets would have been -0.10%.

---

| | |
|:---|:---|
| ± | Investment income per share reflects a special dividend received during the period which amounted to $0.09 per share. Excluding the special dividend, the ratio of net investment income/(loss) to average net assets would have been -0.13%.  |

---

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Institutional Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $28.71 | $19.72 | $28.98 | $28.88 | $34.59 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>@</sup> | 0.09 | 0.13 | 0.17 | 0.18 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | (6.53) | 9.09 | (4.82) | 2.67<sup>1</sup> | (3.80)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.44) | 9.22 | (4.65) | 2.85 | (3.57) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.23) | (0.33) | (0.47) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (2.32) |  | (4.28) | (2.28) | (1.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.48) | (0.23) | (4.61) | (2.75) | (2.14) |
|  Net asset value, end of year | $19.79 | $28.71 | $19.72 | $28.98 | $28.88 |
|  Total return<sup>2</sup> | (24.64) | 47.05 | (19.14)% | 11.21% | (11.25)% |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $277923 | $434586 | $391651 | $863328 | $1245973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.18 | 1.16 | 1.18% | 1.17% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>3</sup> | 1.15 | 1.15 | 1.15%<sup>#</sup> | 1.15%<sup>#</sup> | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets. | 0.37 | 0.52 | 0.77% | 0.65% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 12 | 9 | 34% | 22% | 27% |

---

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

---

| | |
|:---|:---|
| 3 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.15%.  |

---

‡ Investment income per share reflects a special dividend received during the period which amounted to $0.05 per
share. Excluding the special dividend, the ratio of net investment income/(loss) to average net assets would have been 0.16%.

---

| | |
|:---|:---|
| ± | Investment income per share reflects a special dividend received during the period which amounted to $0.09 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.18%.  |

---

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** |
|  | | | | **Period from**<br> **March 1, 2018<br>(commencement**<br> **of investment<br>operations)**<br> **through** | **Period from**<br> **March 1, 2018<br>(commencement**<br> **of investment<br>operations)**<br> **through** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Z Class:** |  |  |  |  |  |
|  Net asset value, beginning of period | $28.68 | $19.70 | $28.98 | $28.90 | $33.13 |
|  Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>@</sup> | 0.11 | 0.16 | 0.22 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | (6.51) | 9.07 | (4.85) | 2.67<sup>1</sup> | (4.43)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.40) | 9.23 | (4.63) | 2.87 | (4.23) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.25) | (0.37) | (0.51) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain | (2.32) |  | (4.28) | (2.28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.51) | (0.25) | (4.65) | (2.79) |  |
|  Net asset value, end of year | $19.77 | $28.68 | $19.70 | $28.98 | $28.90 |
|  Total return<sup>2</sup> | (24.55) | 47.21 | (19.09)% | 11.30% | (12.77)%<sup>3</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $14198 | $31033 | $29855 | $55147 | $69096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.10 | 1.08 | 1.08% | 1.05% | 1.03%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement<sup>5</sup> | 1.05 | 1.05 | 1.05%<sup>#</sup> | 1.05% | 1.03%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.45 | 0.63 | 0.97% | 0.73% | 0.94%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 12 | 9 | 34% | 22% | 27%<sup>3,6</sup> |

---

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Conversely, total return would have been higher if the Adviser had not recovered previously waived expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

3 Not annualized.

4 Annualized.

---

| | |
|:---|:---|
| 5 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.05%.  |

---

6 Reflects portfolio turnover of the Fund for the year ended October 31, 2018

‡ Investment income per share reflects a special dividend received during the period which amounted to $0.05 per
share. Excluding the special dividend, the ratio of net investment income/(loss) to average net assets would have been 0.23%.

---

| | |
|:---|:---|
| ± | Investment income per share reflects a special dividend received during the period which amounted to $0.09 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been 0.29%.  |

---

@ Calculated based on the average number of shares outstanding during the period.

# The Adviser waived a portion of its fees.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** |
|  | **Year Ended**<br> **October 31,** | **Period from<br>January 1, 2021<br>through**<br> **October 31,** | | | | | |
|  | **Year Ended**<br> **October 31,** | **Period from<br>January 1, 2021<br>through**<br> **October 31,** | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021\*** |  | **2020** | **2019** | **2018** | **2017** |
|  **Institutional Class:\*\*** |  |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $13.70 | $11.93 |  | $11.80 | $9.85 | $11.72 | $9.48 |
|  Income/(loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>@</sup> | 0.22 | 0.16 | <sup>+</sup> | 0.12 | 0.12 | 0.22 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | (3.05) | 1.61 |  | 0.46<sup>1</sup> | 1.99<sup>1</sup> | (0.91)<sup>1</sup> | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations  | (2.83) | 1.77 |  | 0.58 | 2.11 | (0.69) | 2.57 |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) |  |  | (0.45) |  | (0.23) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain |  |  |  |  | (0.16) | (0.95) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.31) |  |  | (0.45) | (0.16) | (1.18) | (0.33) |
|  Net asset value, end of year | $10.56 | $13.70 |  | $11.93 | $11.80 | $9.85 | $11.72 |
|  Total return<sup>2</sup> | (21.14) | 14.84 | %<sup>3</sup> | 4.89% | 21.48% | (5.85)% | 27.11% |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $12074 | $13466 |  | $10672 | $73585 | $53596 | $55950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.59 | 2.08 | %<sup>4</sup> | 1.69%<sup>5</sup> | 1.67%<sup>5</sup> | 1.47%<sup>5</sup> | 1.38%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement | 1.00 | 1.00 | %<sup>4,6</sup> | 1.03%<sup>7</sup> | 1.19%<sup>7</sup> | 0.68%<sup>7</sup> | 0.26%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.79 | 1.44 | %<sup>4,+</sup> | 1.17% | 1.15% | 1.85% | 2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 29 | 35 | %<sup>3</sup> | 47% | 34% | 53% | 49% |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

3 Not annualized.

4 Annualized.

---

| | |
|:---|:---|
| 5 | Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and dividend and interest expenses, would have been 1.66%, 1.48%, 1.43% and 0.26% for the years ended December 31, 2020 through December 31, 2017, respectively.  |

---

---

| | |
|:---|:---|
| 6 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.00%.  |

---

---

| | |
|:---|:---|
| 7 | Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and dividend and interest expenses, would have been 1.00%, 1.00%, 0.63% and 0.25% for the years ended December 31, 2020 through December 31, 2017, respectively.  |

---

\* The Third Avenue International Real Estate Value Fund changed its fiscal year end from 12/31 to 10/31 and is reflecting operations beginning on January 1, 2021.

‡ Investment income per share reflects a special dividend received during the period which amounted to $0.02 per
share. Excluding the special dividend, the ratio of net investment income/(loss) to average net assets would have been 1.62%.

---

| | |
|:---|:---|
| + | Investment income per share reflects special dividends received during the year which amounted to $0.03 per share. Excluding the special dividends, the ratio of net investment income to average net assets would have been 1.16%.  |

---

\*\* Prior to June 28, 2017, Third Avenue International Real Estate Value Fund's Institutional Shares were named Founders Shares.

@ Calculated based on the average number of shares outstanding during the period.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** |
|  | **Year Ended** | **Period from<br>January 1, 2021<br>through** |  | | | **Period from<br>April 20, 2018<br>(commencement<br>of investment<br>operations)<br>through** |
|  | **October 31,** | **October 31,** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Years Ended December 31,**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Years Ended December 31,**  | **December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021<sup>\*</sup>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2020**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2019**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2018**  |
|  **Z Class:** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.15 | $12.32 |  | $11.93 | $9.96 | $12.01 |
|  Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>@</sup> | 0.23 | 0.16 | <sup>+</sup> | 0.13 | 0.13 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain/(loss) on investment transactions (both realized and unrealized) | (3.16) | 1.67 |  | 0.46 | 2.00 | (1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations  | (2.93) | 1.83 |  | 0.59 | 2.13 | (0.99) |
|  Less dividends and distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) |  |  | (0.20) |  | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gain |  |  |  |  | (0.16) | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions  | (0.31) |  |  | (0.20) | (0.16) | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees |  |  |  |  |  |  |
|  Net asset value, end of year | $10.91 | $14.15 |  | $12.32 | $11.93 | $9.96 |
|  Total return<sup>2</sup> | (21.17) | 14.85 | %<sup>3</sup> | 4.98% | 21.44 | (8.15)%<sup>3</sup> |
|  Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands) | $27303 | $35209 |  | $28709 | $16248 | $11160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers/expense offset arrangement | 1.52 | 2.07 | %<sup>4</sup> | 1.59%<sup>5</sup> | 1.59 | 1.40%<sup>4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers/expense offset arrangement | 1.00 | 1.00 | %<sup>4,6</sup> | 1.03%<sup>7</sup> | 1.19 | 0.73%<sup>4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.80 | 1.47 | %<sup>4,+</sup> | 1.17% | 1.15 | 1.79%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 29 | 35 | %<sup>3</sup> | 47% | 34 | 53%<sup>3</sup> |

---

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Financial Highlights (continued)** 

**Selected data (for a share outstanding throughout each period) and ratios are as follows:** 

---

| | |
|:---|:---|
| 1 | Includes redemption fees of less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2 | Performance figures reflect fee waivers, expense offset arrangement and/or recovery of previously waived fees, when applicable. Past performance is no guarantee of future results. Total return would have been lower if the Adviser had not waived certain expenses. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.  |

---

3 Not annualized.

4 Annualized.

---

| | |
|:---|:---|
| 5 | Ratio of total expenses before management fee waivers and reimbursements, excluding proxy costs and dividend and interest expenses, would have been 1.56%, 1.39% and 1.36% for the years ended December 31, 2020 through December 31, 2019 and for the period April 20, 2018 through December 31, 2018.  |

---

---

| | |
|:---|:---|
| 6 | As a result of an expense limitation, the ratio of expenses (exclusive of taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to average net assets will not exceed 1.00%.  |

---

---

| | |
|:---|:---|
| 7 | Ratio of total expenses net of management fee waivers and reimbursements, excluding proxy costs and dividend and interest expenses, would have been 1.00%, 1.00% and 0.68% for the years ended December 31, 2020 through December 31, 2019 and for the period April 20, 2018 through December 31, 2018.  |

---

\* The Third Avenue International Real Estate Value Fund changed its fiscal year end from 12/31 to 10/31 and is reflecting operations beginning on January 1, 2021.

‡ Investment income per share reflects a special dividend received during the period which amounted to $0.02 per
share. Excluding the special dividend, the ratio of net investment income/(loss) to average net assets would have been 1.62%.

---

| | |
|:---|:---|
| + | Investment income per share reflects special dividends received during the year which amounted to $0.03 per share. Excluding the special dividends, the ratio of net investment income to average net assets would have been 1.19%.  |

---

\*\* Amount less than $0.01. 

@ Calculated based on the average number of shares outstanding during the period.

*The accompanying notes are an integral part of the financial statements.* 

------

**Third Avenue Trust** 

------

**Notes to Financial Statements** 

**October 31, 2022** 

**1. SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

**Organization:** 

Third Avenue Trust (the "Trust") is an open-end, management investment company organized as a Delaware business trust pursuant to a Trust Instrument dated October 31, 1996. The Trust currently consists of the following separate investment series: Third Avenue Value Fund, Third Avenue Small-Cap Value Fund, Third Avenue Real Estate Value Fund and Third Avenue International Real Estate Value Fund (each a "Fund" and, collectively, the "Funds"). The Funds offer separate classes of shares, Institutional, Investor and Z Class. As of October 31, 2022, Third Avenue International Real Estate Value Fund Investor Class shares have not yet commenced operations. Third Avenue Value Fund, Third Avenue Small-Cap Value Fund and Third Avenue Real Estate Value Fund are diversified (within the meaning of Section 5(b)(1) of the Investment Company Act of 1940 as amended, (the "1940 Act")). Third Avenue International Real Estate Value Fund is non-diversified (within the meaning of Section 5(b)(2) of the 1940 Act). Third Avenue Management LLC (the "Adviser") provides investment advisory services to each of the Funds in the Trust. The Funds seek to achieve their investment objectives by adhering to a strict value discipline when selecting securities and other instruments. Each Fund has a distinct investment mandate.

Third Avenue Value Fund seeks to achieve its long-term capital appreciation objective mainly by acquiring common stocks of well-financed companies (meaning companies with high quality assets and conservative levels of liabilities) at a discount to what the Adviser believes is their intrinsic value. Adhering to this strict value discipline, the Fund generally seeks to construct a focused portfolio of high conviction opportunities. The Fund may invest in companies of any market capitalization and across all industries. The Fund may also acquire senior securities, such as convertible securities, preferred stocks and debt instruments (including high-yield and distressed securities that may be in default and may have any or no credit rating), that the Adviser believes are undervalued. The Fund invests in both domestic and foreign securities.

Third Avenue Small-Cap Value Fund seeks to achieve its long-term capital appreciation objective mainly by acquiring equity securities, including common stocks and convertible securities, of well-financed (meaning companies with high quality assets and conservative levels of liabilities) small companies at a discount to what the Adviser believes is their intrinsic value. Adhering to this strict value discipline, the Fund generally seeks to construct a focused portfolio of high conviction opportunities. Under normal circumstances, the Fund expects to invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in securities of companies that are considered small. The Fund considers a "small company" to be one whose market capitalization is between $50 million and the top range of capitalizations

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

of companies in the Russell 2000<sup>®</sup> Index or the S&P<sup>®</sup> Small Cap 600 Index at the time a new position is established (based on prior quarter-end data of the indexes). The Fund may also acquire senior securities of small companies, such as preferred stocks and debt instruments (including high-yield and distressed securities that may be in default and may have any or no credit rating), that the Adviser believes are undervalued. The Fund invests in both domestic and foreign securities.

Third Avenue Real Estate Value Fund seeks to achieve its long-term capital appreciation objective primarily by investing in equity securities, including common stocks and convertible securities, of well-financed (meaning companies with high quality assets and conservative levels of liabilities) real estate and real estate-related companies, or in companies which own significant real estate assets or derive a significant portion of gross revenues or net profits from real estate-related companies at the time of investment ("real estate companies"). Adhering to this strict value discipline, the Fund generally seeks to construct a focused portfolio of high conviction opportunities. The Fund seeks to acquire these securities at a discount to what the Adviser believes is their intrinsic value. Under normal circumstances, at least 80% of the Fund's net assets (plus the amount of any borrowing for investment purposes) will be invested in securities of real estate and real estate-related companies. The Fund may invest in companies of any market capitalization. The Fund may also acquire senior securities, such as preferred stocks and debt instruments (including high-yield, distressed and mortgage-backed securities that may be in default and may have any or no credit rating) of real estate companies or loans secured by real estate or real estate-related companies that the Adviser believes have above-average yield potential. The Fund invests in both domestic and foreign securities.

Third Avenue International Real Estate Value Fund seeks to achieve its long-term capital growth and current income objective primarily through investment in international public real estate securities, which may include equity real estate investment trusts (a "REIT" or "REITs"), mortgage REITs, REIT preferred securities, and other publicly traded companies whose primary business is in the real estate industry. This strategy may lead to investment in smaller capitalization companies (under $1 billion). The composition of the portfolio does not seek to mimic equity REIT indices. Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry outside of the United States. Equity securities can consist of shares of REITs and securities issued by other companies principally engaged in the real estate industry. Equity securities can also include securities convertible into common stocks where the conversion feature represents, in the Adviser's view, a significant element of a security's value, and preferred stocks.

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

Because of the Funds' disciplined and deliberate investing approach, there may be times when a Fund will have a significant cash position. A substantial cash position can adversely impact Fund performance in certain market conditions, and may make it more difficult for a Fund to achieve its investment objective.

**Accounting policies:** 

The policies described below are followed consistently by the Funds in the preparation of their financial statements and are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Trust is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 946-Investment Companies, which is part of U.S. GAAP.

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

**Security valuation:** 

Each Fund's equity securities and closed-end funds listed on an exchange market system will generally be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust's Board of Trustees ("Board of Trustees"). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are valued at amortized cost, which approximates market value. Any assets held by a Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that such Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when a Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of such Fund.

Securities that do not have a readily available current market value or that have been subject to a significant event occurring between the time of the last sales price and the close of the New York Stock Exchange (the "Exchange") are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

the security or asset cannot be valued pursuant to one of the adopted valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to the policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees. The Adviser's policy is intended to result in a calculation of each Fund's NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Adviser's procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of the Exchange, that materially affect the values of a Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, an exchange or market on which a security trades does not open for trading for the entire day and no other market prices are available.

Securities listed on certain non-U.S. exchanges that close at a substantially earlier time than the Exchange (such as most European or Asian exchanges) are fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets and are categorized as Level 2, as defined below. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the close of regular trading on the Exchange, as provided by an independent pricing service approved by the Board of Trustees.

Each Fund may fair value foreign securities if significant events that appear likely to affect the value of those securities occur between the time a foreign exchange closes and the time that a Fund prices its shares. Significant events may include: (i) a substantial gap between the closing time of a non-U.S. exchange and the close of the Exchange, (ii) events impacting a single issuer, (iii) governmental actions that affect securities in one sector or country, (iv) natural disasters or armed conflict, or (v) significant domestic or foreign market fluctuations. The Board of Trustees has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

**Fair value measurements:** 

In accordance with FASB ASC 820-10, Fair Value Measurements and Disclosures, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. Fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Funds. The Funds consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with U.S. GAAP.

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

<u>Equity securities (Common Stocks, Preferred Stocks and Warrants)</u>—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated prices received from independent pricing services or brokers that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

<u>U.S. Government Obligations</u>—U.S. Government obligations are valued by independent pricing services based on pricing models that evaluate the mean between the closing bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Government issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Government obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

<u>Corporate Bonds</u>—Corporate bonds are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services or brokers using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services or brokers based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector specific trends. To the extent that these inputs are observable, the values of corporate bonds and notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

<u>Term Loans</u>—Term loans are valued by independent pricing services based on the average of evaluated quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. Inputs may include quoted prices for similar investments in active markets, interest rates, coupon rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

relevant cash flows which are then discounted to calculate fair values. To the extent that these inputs are observable, the values of term loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

<u>Options (Purchased and Written)</u>—Options are valued by independent pricing services or by brokers based on pricing models that take into account, among other factors, foreign exchange rate, time until expiration, and volatility of the underlying foreign currency security. To the extent that these inputs are observable, the values of options are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

The following is a Summary by Level of Inputs used to value the Funds' investments as of October 31, 2022:

**Third Avenue Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at<br>10/31/22** | **Level 1<br>Quoted Prices** | **Level 2<br>Other<br>Significant<br>Observable<br>Inputs^** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
|  **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $13820980 | $— | $13820980 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive | 46929171 |  | 46929171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 81962864 | 18452811 | 63510053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 25771332 |  | 25771332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Products | 10889581 |  | 10889581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Holding Companies | 42965377 | 8823657 | 34141720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - Refining & Marketing | 15501816 | 15501816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 28977111 | 15076382 | 13900729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forest Products & Paper | 14968278 | 14968278 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 16629547 | 16629547 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 27495484 |  | 27495484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 80722596 | 80722596 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Operating Companies | 10005056 |  | 10005056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Production & Services | 91637983 | 64582053 | 27055930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail | 10914817 |  | 10914817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation & Logistics | 10752136 | 10752136 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | 33321073 | 8135519 | 25185554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Operating Companies | 1917893 | 1917893 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 565183095 | 255562688 | 309620407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Value of Investments** | $**565183095** | $**255562688** | $**309620407** | $**—** |

---

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

**Third Avenue Small-Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at<br>10/31/22** | **Level 1<br>Quoted Prices** | **Level 2<br>Other<br>Significant<br>Observable<br>Inputs^** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
|  **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank & Thrifts | $34014920 | $34014920 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services | 3116249 | 3116249 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conglomerates | 8725319 | 8725319 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consulting & Information Technology Services | 7598898 | 7598898 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 12244972 | 12244972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1605054 | 1605054 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 9479754 | 9479754 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 84304 | 84304 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Building | 5511788 | 5511788 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Equipment | 4848310 | 4848310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Services | 23249133 | 23249133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance & Reinsurance | 7485547 | 7485547 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 3795909 | 3795909 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals Manufacturing | 5196009 | 5196009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Production & Services | 14866540 | 14866540 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 7652840 | 7652840 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Investment Trusts | 3651001 | 3651001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Operating Companies | 615137 | 615137 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 153741684 | 153741684 |  |  |
|  **Closed-End Fund:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $4100313 | $4100313 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Closed-End Fund** | 4100313 | 4100313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Value of Investments** | $**157841997** | $**157841997** | $**—** | $**—** |

---

**Third Avenue Real Estate Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at<br>10/31/22** | **Level 1<br>Quoted Prices** | **Level 2**<br>**Other<br>Significant<br>Observable<br>Inputs^** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
|  **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consulting/Management | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19740736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19740736 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forest Products & Paper | 31623650 | 31623650 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Services | 19697957 | 19697957 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Homebuilder | 12168487 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12168487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Consulting/Management | 5076754 |  | 5076754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Investment Trusts | 28368237 |  | 28368237 |  |

---

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at<br>10/31/22** | **Level 1<br>Quoted Prices** | **Level 2<br>Other<br>Significant<br>Observable<br>Inputs^** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Operating Companies | $58229218 | $27603679 | $30625539 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail-Building Products | 14008717 | 14008717 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Homebuilder | 38008638 | 38008638 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Investment Trusts | 51713656 | 51713656 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Operating Companies | 13307076 | 13307076 |  | — \* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 291943126 | 215704109 | 76239017 |  |
|  **Corporate Bonds:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Operating Companies | 532239 |  | 532239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** | 532239 |  | 532239 |  |
|  **Preferred Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Finance | 14289774 | 14289774 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Investment Trusts | 1284613 | 1284613 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks** | 15574387 | 15574387 |  |  |
|  **Term Loans:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Operating Companies |  |  |  | — \* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Term Loans** |  |  |  |  |
|  **Purchased Options:** | 10079 |  | 10079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Purchased Options** | 10079 |  | 10079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Value of Investments** | $**308059831** | $**231278496** | $**76781335** | $**—** **<sup>\*</sup>** |

---

**Third Avenue International Real Estate Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at<br>10/31/22** | **Level 1<br>Quoted Prices** | **Level 2<br>Other<br>Significant<br>Observable<br>Inputs^** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
|  **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Homebuilder | $5431144 | $969856 | $4461288 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Investment Trusts | 10527853 | 2194135 | 8333718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Operating Companies | 21469496 | 7124680 | 14344816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 37428493 | 10288671 | 27139822 |  |
|  **Purchased Options:** | 205043 |  | 205043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Purchased Options** | 205043 |  | 205043 |  |

---

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at<br>10/31/22** | **Level 1<br>Quoted Prices** | **Level 2**<br>**Other<br>Significant**<br>**Observable<br>Inputs^** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Value of Investments** | $**37633536** | $**10288671** | $**27344865** | $**—** |

---

---

| | |
|:---|:---|
| ^ | Common stock securities categorized as Level 2 consist solely of securities listed on certain non-U.S. exchanges that close at a substantially earlier time than the Exchange (such as most European or Asian exchanges) that are fair valued daily by an independent fair value pricing service approved by the Board of Trustees.  |

---

\* Investments fair valued at zero.

For fair valuations using significant unobservable inputs, U.S. GAAP require each Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when each Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when each Fund had an amount of total transfers in or out of Level 3 during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

For the year ended October 31, 2022, there were no transfers in or out of Level 3.

**Information about Level 3 Fair Value Measurements** 

---

| | |
|:---|:---|
|  | Fair Value at |
| Third Avenue Real Estate Value Fund | 10/31/22 |
|  Other (a) | $— \* |

---

(a) Includes investments less than 0.50% of net assets of the Fund.

\* Investments fair valued at $0. 

There are significant unobservable inputs used in the fair value measurement of the Funds' Level 3 investments. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

**Security transactions and investment income:** 

Security transactions for financial statement purposes are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as the Funds become aware of the dividends. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. These amounts may subsequently be reclassified upon receipt of information from the issuer. Realized gains and losses from securities transactions are recorded on an identified cost basis.

**Foreign currency translation and foreign investments:** 

The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments and assets and liabilities denominated in foreign currencies: At the prevailing rates of exchange on the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment transactions and investment income: At the prevailing rates of exchange on the date of such transactions.

The net assets of the Funds are presented at market values using the foreign exchange rates at the close of the period. The Funds do not generally isolate that portion of the results of operations

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of the investments held.

Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of investments sold during the period. Accordingly, realized and unrealized foreign currency gains/(losses) are included in the reported net realized gain/(loss) and unrealized appreciation/(depreciation) on investments transactions and balances.

Net realized gains/(losses) on foreign currency transactions represent net foreign exchange gains/(losses) from disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains/(losses) from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/(depreciation) on the Statements of Assets and Liabilities.The change in net unrealized currency gains/(losses) for the period is reflected on the Statements of Operations.

Pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are generally treated as ordinary income.

**Payment-in-kind securities ("PIKs"):** 

The Funds may invest in PIKs. PIKs may make a payment at each payment date in either cash or additional securities. Those additional securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original securities.The daily market quotations of the original securities may include the accrued income (referred to as a "dirty" price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to dividends and interest receivable on the Statements of Assets and Liabilities.

For the year ended October 31, 2022,Third Avenue Real Estate Value Fund received additional debt securities with a principal amount of EUR 836 and cost of $0 with respect to PIK securities. Third Avenue Value Fund, Third Avenue Small-Cap Value Fund and Third Avenue International Real Estate Fund did not receive any in-kind payments with respect to PIK securities for the year ended October 31, 2022. Any in-kind payments with respect to PIK securities are included in interest income on the Statements of Operations.

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

**Term loans:** 

The Funds typically invest in loans which are structured and administered by a third party entity (the "Agent") that acts on behalf of a group of lenders that make or hold interests in the loan. These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium.These base lending rates are generally either the lending rate offered by one or more major European banks, such as the Euro Interbank Offered Rate ("Euribor"), the Secured Overnight Financing Rate ("SOFR"), or the prime rate offered by one or more major United States banks, or the certificate of deposit rate.

These securities are ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of term loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on October 31, 2022.

**Forward foreign currency contracts:** 

The Funds may be exposed to foreign currency risks associated with portfolio investments and therefore may use forward foreign currency contracts to hedge or manage these exposures. The Funds also may buy forward foreign currency contracts to gain exposure to currencies. Forward foreign currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/(depreciation) on forward foreign currency contracts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the Funds' portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts.

As of October 31, 2022, the Funds did not hold any forward foreign currency contracts.

**Option contracts:** 

The Funds may purchase and sell ("write") put and call options on various instruments including investments, indices, and foreign currencies to manage and hedge exchange rate risks within their portfolios and also to gain long or short exposure to the underlying instruments.

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

An option contract gives the buyer the right, but not the obligation, to buy (call) or sell (put) an underlying item at a fixed exercise price on a certain date or during a specified period. The cost of the underlying instruments acquired through the exercise of a call option is increased by the premiums paid.The proceeds from the underlying instruments sold through the exercise of a purchased put option are decreased by the premiums paid. Investments in over-the-counter option contracts require the Funds to fair value or mark-to market the options on a daily basis, which reflects the change in the market value of the contracts at the close of each day's trading. The cost of purchased options that expire unexercised are treated by the Funds, on expiration date, as realized losses on purchased options.

When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds, on the expiration date, as realized gains on written options. The difference between the premium and the amount paid on effecting an offsetting transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for an offsetting transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Funds have a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the security or currency purchased by the Funds. In purchasing and writing options, the Funds bear the market risk of an unfavorable change in the price of the underlying security or the risk that the Funds may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing a security or currency at a price different from the current market value. The Funds may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. When purchasing over-the-counter options, the Funds bear the risk of economic loss from counterparty default, equal to the market value of the option.

During the year ended October 31, 2022,Third Avenue Value Fund,Third Avenue Real Estate Value Fund and Third Avenue International Real Estate Value Fund used purchased and written put and call options for hedging purposes.

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

**Summary of derivatives information:** 

The following tables present the value of derivatives held as of October 31, 2022, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

**Third Avenue Real Estate Value Fund** 

---

| | | |
|:---|:---|:---|
|  | **Statements of Assets and** | |
| **Derivative Contract** | **Liabilities Location** | **Options** |
|  **Assets:** |  |  |
|  Foreign currency contracts | Purchased options at value | $10079 |
|  **Total** |  | $10079 |

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**Third Avenue International Real Estate Value Fund** 

---

| | | |
|:---|:---|:---|
|  | **Statements of Assets and** | |
| **Derivative Contract** | **Liabilities Location** | **Options** |
|  **Assets:** |  |  |
|  Equity contracts | Purchased options at value | $205043 |
|  **Total** |  | $205043 |

---

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**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

The following tables present the effect of derivatives on the Statements of Operations during the year ended October 31, 2022, by primary risk exposure:

**Third Avenue Value Fund** 

---

| | |
|:---|:---|
|  | **Amount of Change in Unrealized Appreciation/(Depreciation)**<br>**on Derivatives Recognized in Income** |
| **Derivative Contract** | **Purchased**<br>**Options** |
| Equity contracts | $(17209)(a) |
|  | **Amount of Realized Gain/(Loss)** |
|  | **on Derivatives Recognized in Income** |
|  | **Purchased** |
| **Derivative Contract** | **Options** |
| Equity contracts | $11,046,380(b) |

---

**Third Avenue Real Estate Value Fund** 

---

| | |
|:---|:---|
|  | **Amount of Change in Unrealized Appreciation/(Depreciation)**<br>**on Derivatives Recognized in Income** |
| **Derivative Contract** | **Purchased**<br>**Options** |
|  Foreign currency contracts | $(5456)(a) |

---

---

| | | |
|:---|:---|:---|
|  | **Amount of Realized Gain/(Loss)<br>on Derivatives Recognized in Income** | **Amount of Realized Gain/(Loss)<br>on Derivatives Recognized in Income** |
| **Derivative Contract** | **Purchased <br>Options** | **Written<br> Options** |
|  Equity contracts | $- | $185237 (c) |
|  Foreign currency contracts | $(90666)(b) | $- |

---

**Third Avenue International Real Estate Value Fund** 

---

| | |
|:---|:---|
|  | **Amount of Change in Unrealized Appreciation/(Depreciation)**<br>**on Derivatives Recognized in Income** |
| **Derivative Contract** | **Purchased**<br>**Options** |
|  Equity contracts | $32,075(a) |

---

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Amount of Realized Gain/(Loss)** | **Amount of Realized Gain/(Loss)** |
|  | **on Derivatives Recognized in Income** | **on Derivatives Recognized in Income** |
| **Derivative Contract** | **Purchased <br>Options** | **Written<br> Options** |
|  Equity contracts | $370,746(b) | $(94872)(c) |

---

(a) Included in "Net change in unrealized appreciation/(depreciation) on purchased options".

(b) Included in "Net realized gain/(loss) on purchased options".

(c) Included in "Net realized gain/(loss) on written options".

**Derivatives volume:** 

The table below discloses the volume of the Funds' options activities during the year ended October 31, 2022 (amounts denominated in U.S. Dollars unless otherwise noted, except number of contracts). Please refer to the tables in the "Summary of derivatives information" for derivative-related gains and losses associated with volume activity (measured at each month-end).

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Third Avenue**<br>**Value Fund** |<br>**Third Avenue**<br>**Real Estate**<br>**Value Fund** | **Third Avenue**<br>**International**<br>**Real Estate**<br>**Value Fund** |
|  **OTC Equity Options:** |  |  |  |
|  Average Number of Contracts - Purchased Options | 2169 |  | 1169 |
|  Average Notional - Purchased Options | $97278185 | $— | $6854546 |
|  Average Number of Contracts - Written Options |  | 106 | 238 |
|  Average Notional - Written Options | $— | $764838 | $3939781 |
|  **Foreign Currency Options:** |  |  |  |
|  Average Notional - Purchased Options | $— | $40476923 | $— |

---

**Floating rate obligations:** 

The Funds may invest in debt securities with interest payments or maturity values that are not fixed, but float in conjunction with an underlying index or price. These securities may be backed by corporate issuers. The indices and prices upon which such securities can be based

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

include interest rates and currency rates. Floating rate securities pay interest according to a coupon which is reset periodically.

**Dividends and distributions to shareholders:** 

The amount of dividends and distributions paid to shareholders from net investment income and net realized capital gains on disposition of securities, respectively, is determined in accordance with U.S. federal income tax law and regulations which may differ from U.S. GAAP. Such dividends and distributions are recorded on the ex-dividend date. The majority of dividends and capital gains distributions from a Fund may be automatically reinvested into additional shares of that Fund, based upon the discretion of the Fund's shareholders.

**Income tax information:** 

The Funds have complied and intend to continue to comply with the requirements of the Internal Revenue Code of 1986 applicable to regulated investment companies, and each Fund intends to distribute all of its taxable net investment income and net realized capital gains, if any, to its shareholders.Therefore, no provision for U.S. federal income taxes is included on the accompanying financial statements.

Income, including capital gains, from investments in foreign securities received by the Funds may be subject to income, withholding or other taxes imposed by foreign countries.

Management has analyzed the tax positions taken on the Funds' U.S. federal income tax returns for all open tax years (generally the current and prior three tax years), and has concluded that no provision for U.S. federal income tax is required in the Funds' financial statements. This conclusion may be subject to future review and adjustment at a later date based upon factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. The Funds are subject to possible examination by the relevant taxing authorities for tax years for which the applicable statutes of limitations have not expired.

**Expense allocation:** 

Expenses attributable to a specific Fund are charged to that Fund. Expenses attributable to the Trust are generally allocated using the ratio of each series' average net assets relative to the total average net assets of the Trust. Certain expenses are shared with the Third Avenue Variable Series Trust, an affiliated fund. Such costs are allocated using the ratio of the series' average net assets relative to the total average net assets of each series of theTrust andThird Avenue Variable Series Trust.

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

**Share class accounting:** 

Investment income, common expenses and realized/unrealized gains/(losses) are allocated to the three classes of shares of each Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

**Trustees' and officers' fees:** 

The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.

JW Fund Management LLC ("JWFM") provides a Principal Executive Officer and Principal Financial Officer to the Trust. Chenery Compliance Group, LLC ("Chenery")providesthe Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. Prior to December 1, 2022, ACA Group ("ACA"), operating through its subsidiary, Foreside Fund Officer Services LLC, provided theTrust with a Chief Compliance Officer and an Anti-Money Laundering Officer. Prior to December 7, 2021, Alaric Compliance Services LLC ("Alaric") provided the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust. ACA and Alaric were compensated for their services provided to the Trust through November 30, 2022 and December 7, 2021, respectively.

**Foreign withholding tax reclaims; Interest payable; Interest expense:** 

In consideration of recent decisions rendered by European Union ("EU") courts, the Third Avenue Value Fund has filed for additional prior year reclaims ("EU reclaims") related to taxes withheld by certain countries on dividend income. The Fund will record any EU reclaims only when certainty exists as to the likelihood of receipt and the potential timing of payment.

During the year ended October 31, 2022, the Fund recorded EU reclaims and related interest which is reflected as foreign withholding tax reclaims in the Statements of Operations.

For U.S. income tax purposes, EU reclaims received by the Fund reduce the amounts of foreign taxes that the Fund passes through to its shareholders. If EU reclaims received exceed foreign withholding taxes paid, the Fund will seek to enter into a closing agreement with the Internal Revenue Service ("IRS") to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued liabilities for the estimated total IRS compliance fee and interest payable related to foreign withholding tax claims, which are

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

disclosed in the Statements of Assets and Liabilities. The Fund has recorded the corresponding interest expense in the Statements of Operations. The actual IRS compliance fee may differ from the estimate and that difference may be material.

**2. INVESTMENTS** 

**Purchases and sales/conversions:** 

The aggregate cost of purchases and aggregate proceeds from sales and conversions of investments, excluding short-term investments, from unaffiliated and affiliated issuers (an affiliated person as defined in the 1940 Act, includes, among other things, ownership of 5% or more of the outstanding voting securities of such person) for the year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Third Avenue Value Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated | $173496576 | $168883607 |
|  Third Avenue Small-Cap Value Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated | 22071377 | 36046733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated | 4128893 |  |
|  Third Avenue Real Estate Value Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated | 48952524 | 115487339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated |  | 2998526 |
|  Third Avenue International Real Estate Value Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated | 16933085 | 12619688 |

---

**3. INVESTMENT ADVISORY SERVICES, ADMINISTRATION AND SERVICE FEE AGREEMENTS** 

Each Fund has an Investment Advisory Agreement with the Adviser for investment advice and certain management functions. The terms of the Investment Advisory Agreements provide the annual advisory fees based on the total average daily net assets for the Funds which are indicated as below. These fees are calculated daily and paid monthly.

---

| | |
|:---|:---|
| **Fund** | **Annual<br>Management<br>Fee** |
|  Third Avenue Value Fund | 0.90% |
|  Third Avenue Small-Cap Value Fund | 0.90% |
|  Third Avenue Real Estate Value Fund | 0.90% |
|  Third Avenue International Real Estate Value Fund | 1.00% |

---

Additionally, the Adviser pays certain expenses on behalf of the Funds, which are partially reimbursed by the Funds, including service fees due to third parties, and certain miscellaneous expenses. The Z Class of each Fund does not pay service fees due to third parties.

The following were amounts payable to the Adviser at October 31, 2022:

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Value Fund** |<br>**Small-Cap**<br>**Value Fund** |<br>**Real Estate**<br>**Value Fund** | **International**<br>**Real Estate**<br>**Value Fund** |
|  Advisory Fees | $487579 | $159458 | $265487 | $89826 |
|  Reimbursement for shareholder servicing fee |  | 407 |  | 20 |
|  Total | $487579 | $159865 | $265487 | $89846 |

---

Until March 1, 2023 (subject to renewal), whenever each Fund's normal operating expenses, including the investment advisory fee and most other operating expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary items, exceeds the expense limitation based on each Fund's average daily net assets, the Adviser has agreed to waive a portion of its advisory fees and/or reimburse each Fund in an amount equal to that excess. The table below reflects the expense limitations in effect during the year ended October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Termination<br>Date** |
|  | **Investor**<br>**Class** | **Institutional**<br>**Class** |<br>**Z Class** | **Termination<br>Date** |
|  Third Avenue Value Fund | 1.40% | 1.15% | 1.05% | March 1, 2023 |
|  Third Avenue Small-Cap Value Fund | 1.40% | 1.15% | 1.05% | March 1, 2023 |
|  Third Avenue Real Estate Value Fund | 1.40% | 1.15% | 1.05% | March 1, 2023 |
|  Third Avenue International Real Estate Value Fund | N/A | 1.00% | 1.00% | March 1, 2023 |

---

The waived fees and reimbursed expenses for all Funds except for the Third Avenue International Real Estate Value Fund may be paid to the Adviser during the following thirty-six month period after the applicable month in which a fee is waived or expense reimbursed by the Adviser, to the extent that the payment of such fees and expenses would not cause a Fund to exceed the expense limitations. No previously waived fees were paid to the Adviser during the year ended October 31, 2022. Below are the corresponding contingent liabilities to the Adviser in effect as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expenses Waived through** | **Expenses Waived through** | **Expenses Waived through** |
|  | | **Fiscal years ending** | |
|  | **October 31,<br>2020** | **October 31,**<br>**2021** | **October 31,<br>2022** |
| **Fund** | **Subject to**<br>**2023** | **Repayment until**<br>**2024** | **October 31,** <br> **2025** |
|  Third Avenue Value Fund | $564761 | $86922 | $113684 |
|  Third Avenue Small-Cap Value Fund | 212531 | 150761 | 166782 |
|  Third Avenue Real Estate Value Fund | 252422 | 74690 | 122346 |

---

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

The Bank of New York Mellon ("BNY Mellon") serves as administrator and provides certain custodial services for the Trust. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds' average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

Both the Trust and the Adviser have entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Funds and have agreed to compensate the intermediaries for providing those services. Certain of those services would be provided by the Funds if the shares of each customer were registered directly with the Funds' transfer agent. Accordingly, the Funds have agreed to reimburse a portion of the intermediary fees paid by the Adviser pursuant to provisions adopted by the Board. Each Fund pays a portion of the intermediary fees attributable to shares of the Fund not exceeding the estimated expense the Fund would have paid its transfer agent had each customer's shares been registered directly with the transfer agent instead of held through the intermediary accounts. The Adviser pays the remainder of the fees. The fees incurred by the Funds are reflected as shareholder servicing fees in the Statements of Operations. For the year ended October 31, 2022, such fees amounted to $391,741 for Third Avenue Value Fund, $106,710 for Third Avenue Small-Cap Value Fund, $314,152 for Third Avenue Real Estate Value Fund and $7,606 for Third Avenue International Real Estate Value Fund.

**4. RELATED PARTY TRANSACTIONS** 

**Investment in affiliates:** 

Any transactions in securities of affiliated issuers are executed at fair value under the same terms as an arms length transaction.

A summary of the Funds' transactions in securities of affiliated issuers for the year ended October 31, 2022 is set forth below:

------

**Third Avenue Small-Cap Value Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer:** |<br>**Value at**<br>**Oct. 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds from**<br>**Sales** |<br>**Net Realized**<br>**Gain/(Loss)** | **Net Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Value at**<br>**Oct. 31, 2022** |<br>**Investment**<br>**Income** |
|  Hamilton Beach Brands Holding Co., Class A \*\* | $4217865 | $4128893 | $745725 | $(549992) | $(359011) | $6692030 | $192132 |
|  **Total Affiliates** | $4217865 | $4128893 | $745725 | $(549992) | $(359011) | $6692030 | $192132 |

---

\*\* Not an affiliate at October 31, 2021.

------

**Third Avenue Real Estate Value Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Net Change in**<br> **Unrealized**<br> **Appreciation** | | |
|  | | | | | **Net Change in**<br> **Unrealized**<br> **Appreciation** | | |
|  | | | | | **Net Change in**<br> **Unrealized**<br> **Appreciation** | | |
| **Name of Issuer:** |<br>**Value at**<br>**Oct. 31, 2021** |<br>**Purchases**<br>**at Cost** |<br>**Proceeds from**<br>**Sales** |<br>**Net<br>Realized**<br>**Gain/(Loss)** | **(Depreciation)** |<br>**Value at**<br>**Oct. 31, 2022** |<br>**Investment**<br>**Income** |
|  Five Point Holdings, LLC, Class A\*\* | $32486694 | $— | $2967312 | $(14324675) | $(7469969) | $7724738 | $— |
|  Trinity Place Holdings, Inc. | $10243533 | $— | $31215 | $(186960) | $(6174290) | $3851068 | $— |
|  Trinity Place Holdings, Inc. Special Stock | — \* | $— |  |  |  | $— \* |  |
|  **Total Affiliates** | $42730227 | $— | $2998527 | $(14511635) | $(13644259) | $11575806 | $— |

---

\*\* No longer an affiliate at 10/31/22.

\* Investment fair valued at $0. 

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

**5. DISTRIBUTION EXPENSES** 

The Board has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that, as compensation for distribution and related services provided to Third Avenue Value Fund Investor Class, Third Avenue Small-Cap Value Fund Investor Class, Third Avenue Real Estate Value Fund Investor Class and Third Avenue International Real Estate Value Fund Investor Class, each Fund's Investor Class accrues a fee calculated at the annual rate of 0.25% of average daily net assets of the class. Such fees may be paid to institutions that provide distribution services. The amount of fees paid during any period may be more or less than the cost of distribution and other services provided. Financial Industry Regulatory Authority rules impose a ceiling on the cumulative distribution fees paid. The Plan complies with those rules. As of October 31, 2022 Third Avenue International Real Estate Value Fund Investor Class shares have not yet commenced operations.

For the year ended October 31, 2022, fees paid pursuant to the Plan were as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees** |
|  Third Avenue Value Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45936 |
|  Third Avenue Small-Cap Value Fund | 7318 |
|  Third Avenue Real Estate Value Fund | 74847 |

---

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

**6. CAPITAL SHARE TRANSACTIONS** 

Each Fund is authorized to issue an unlimited number of shares of each class of beneficial interest with $0.001 par value.

Transactions in capital stock of each class were as follows:

**Third Avenue Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2022** | **For the Year Ended**<br>**October 31, 2021** | **For the Year Ended**<br>**October 31, 2021** |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 939073 | $54401036 | 163908 | $8904128 |
|  Shares issued upon reinvestment of dividends and distributions | 5862 | 288994 | 806 | 33201 |
|  Shares redeemed | (918523) | (47570058) | (143999) | (7675429) |
|  Net increase in shares | 26412 | $7119972 | 20715 | $1261900 |
|  | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2021** | **For the Year Ended October 31,<br>2021** |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 939269 | $51217271 | 581901 | $31227447 |
|  Shares issued upon reinvestment of dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405242 | 19905472 | 86282 | 3545341 |
|  Shares redeemed | (1588848) | (82731134) | (2190629) | (107211248) |
|  Net decrease in shares | (244337) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11608391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1522446) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72438460) |

---

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2021** | **For the Year Ended October 31,<br>2021** |
|  | **Z Class** | **Z Class** | **Z Class** | **Z Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 2186 | $115646 | 1113 | $61103 |
|  Shares issued upon reinvestment of dividends and distributions | 1532 | 75195 | 311 | 12775 |
|  Shares redeemed | (1768) | (92590) | (913) | (46721) |
|  Net increase in shares | 1950 | $98251 | 511 | $27157 |
| **Third Avenue Small-Cap Value Fund** |  |  |  |  |
|  | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2021** | **For the Year Ended October 31,<br>2021** |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 19700 | $380435 | 159669 | $2977882 |
|  Shares issued upon reinvestment of dividends and distributions | 13405 | 259933 | 2296 | 39607 |
|  Shares redeemed | (42397) | (819456) | (156246) | (3220728) |
|  Net increase/(decrease)in shares | (9292) | $(179088) | 5719 | $(203239) |
|  | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2021** | **For the Year Ended October 31,<br>2021** |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 677023 | $13215767 | 470190 | $9588314 |
|  Shares issued upon reinvestment of dividends and distributions | 658125 | 13116439 | 122863 | 2169769 |
|  Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1056353) | (20940635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1389419) | (27665504) |
|  Net increase/(decrease)in shares | 278795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391571 | (796366) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15907421) |

---

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2021** | **For the Year Ended October 31,<br>2021** |
|  | **Z Class** | **Z Class** | **Z Class** | **Z Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 6486 | $129373 | 12617 | $235237 |
|  Shares issued upon reinvestment of dividends and distributions | 2612 | 52206 | 428 | 7583 |
|  Shares redeemed | (5797) | (112632) | (4836) | (100136) |
|  Net increase in shares | 3301 | $68947 | 8209 | $142684 |
| **Third Avenue Real Estate Value Fund** |  |  |  |  |
|  | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2021** | **For the Year Ended October 31,<br>2021** |
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 87100 | $2108816 | 139078 | $3460620 |
|  Shares issued upon reinvestment of dividends and distributions | 112513 | 2979346 | 15101 | 342800 |
|  Shares redeemed | (363113) | (8848777) | (1175994) | (28640422) |
|  Net decrease in shares | (163500) | $(3760615) | (1021815) | $(24837002) |
|  | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2022** | **For the Year Ended October 31,<br>2021** | **For the Year Ended October 31,<br>2021** |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 824598 | $20205775 | 1317916 | $33214343 |
|  Shares issued upon reinvestment of dividends and distributions | 1319301 | 35040635 | 182570 | 4157133 |
|  Shares redeemed | (3238283) | (78309232) | (6228606) | (155301978) |
|  Net decrease in shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1094384) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23062822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4728120) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117930502) |

---

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br>October 31, 2022** | **For the Year Ended<br>October 31, 2022** | **For the Year Ended<br>October 31, 2021** | **For the Year Ended<br>October 31, 2021** |
|  | **Z Class** | **Z Class** | **Z Class** | **Z Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 51335 | $1182721 | 57413 | $1401299 |
|  Shares issued upon reinvestment of dividends and distributions | 95214 | 2523158 | 16119 | 366217 |
|  Shares redeemed | (510304) | (11886312) | (507262) | (12012910) |
|  Net decrease in shares | (363755) | $(8180433) | (433730) | $(10245394) |

---

**Third Avenue International Real Estate Value Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br>October 31, 2022** | **For the Year Ended<br>October 31, 2022** | **Period from**<br>**January 1, 2021<br>through**<br>**October 31, 2021** | **Period from**<br>**January 1, 2021<br>through**<br>**October 31, 2021** | **For the Year Ended**<br>**December 31, 2020** | **For the Year Ended**<br>**December 31, 2020** |
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 218532 | $2765186 | 166499 | $2242613 | 583122 | $5640508 |
|  Shares issued upon reinvestment of dividends and distributions | 23505 | 311909 |  |  | 27490 | 328228 |
|  Shares redeemed | (81978) | (1005165) | (77696) | (964306) | (5954527) | (56960823) |
|  Net increase/(decrease)in shares | 160059 | $2071930 | 88803 | $1278307 | (5343915) | $(50992087) |

---

\* Redemption fees are netted with redemption amounts. 

------

**Third Avenue Trust** 

------

**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br>October 31, 2022** | **For the Year Ended<br>October 31, 2022** | **Period from**<br>**January 1, 2021**<br>**through**<br>**October 31, 2021** | **Period from**<br>**January 1, 2021**<br>**through**<br>**October 31, 2021** | **For the Year Ended**<br>**December 31, 2020** | **For the Year Ended**<br>**December 31, 2020** |
|  | **Z Class** | **Z Class** | **Z Class** | **Z Class** | **Z Class** | **Z Class** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares sold | 77683 | $1032271 | 187345 | $2551635 | 973236 | $10627923 |
|  Shares issued upon reinvestment of dividends and distributions | 48657 | 667090 |  |  | 34572 | 426275 |
|  Shares redeemed | (113075) | (1277765) | (28067) | (376529) | (39656) | (415994) |
|  Net increase in shares | 13265 | $421596 | 159278 | $2175106 | 968152 | $10638204 |

---

Certain shares of the Third Avenue International Real Estate Value Fund charged a redemption fee of 2.00% on proceeds redeemed less than 90 days following their acquisition. Effective April 12, 2021, the redemption fee was eliminated for the Third Avenue International Real Estate Value Fund.

As of October 31, 2022, a shareholder in the Third Avenue International Real Estate Value Fund held 61% of the total outstanding shares of the Fund. Transactions by that shareholder may have a material impact on the Fund.

**7. COMMITMENTS AND CONTINGENCIES** 

In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.

**8. RISKS RELATING TO CERTAIN INVESTMENTS** 

**Foreign securities and emerging markets risk:** 

Foreign securities from a particular country or region may be subject to currency fluctuations and controls, or adverse political, social, economic or other developments that are unique to that particular country or region. Therefore, the prices of foreign securities in particular countries or regions may, at times, move in a different direction from those of U.S. securities. From time to time, foreign capital markets may exhibit more volatility than those in the U.S., and the securities markets of emerging market countries can be extremely volatile. Emerging market countries can generally have economic structures that are less diverse and mature, and

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

political systems that are less stable, than those of developed countries, and, as a result, the securities markets of emerging market countries can be more volatile than more developed markets may be.

**High-yield and distressed risk:** 

The Funds' investments in high-yield debt securities (commonly known as "junk bonds") and distressed securities may expose the Funds to greater risks than if the Funds only owned higher-grade securities. The value of high-yield, lower quality securities is affected by the creditworthiness of the issuers of the securities and by general economic and specific industry conditions. The prices of high yield securities can fall in response to negative news about the issuer or its industry, or the economy in general to a greater extent than those of higher rated securities. Issuers of high-yield securities are not as strong financially as those with higher credit ratings, so the securities are usually considered speculative investments. These issuers are more vulnerable to financial setbacks and recession than are more creditworthy issuers, which may impair their ability to make interest and principal payments. The Funds may also invest in distressed securities, which the Adviser considers to be issued by companies that are, or might be, involved in reorganizations or financial restructurings, either out of court or in bankruptcy. The Funds' investments in distressed securities typically may involve the purchase of high-yield bonds, bank debt or other indebtedness of such companies.

**Debt securities risk:** 

The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates), which are at or near historic lows in the United States and in other countries. During periods of reduced market liquidity, a Fund may not be able to readily sell debt securities at prices at or near their perceived value. If a Fund needed to sell large blocks of debt securities to meet shareholder redemption requests or to raise cash, those sales could further reduce the prices of such securities.

Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect debt securities and, accordingly, will cause the value of a Fund's investments in these securities to decline. When interest rates fall, the values of already-issued securities generally rise, although investments in new securities may be at lower yields.The prices of high-yield debt securities, unlike investment grade securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates.

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

The rates on floating debt instruments adjust periodically with changes in market interest rates. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Economic and other developments can adversely affect debt securities markets.

**Market risk:** 

Prices of securities have historically fluctuated. The market value of a security may decline due to general market conditions that are not related to the particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Markets may additionally be impacted by negative external and/or direct and indirect economic factors such as pandemics, natural disasters, global trade policies and political unrest or uncertainties. A security's market value also may decline because of factors that affect the particular company, such as management performance, financial leverage, and reduced demand for the company's products or services, or factors that affect the company's industry, such as labor shortages or increased production costs and competitive conditions within an industry. The value of the Funds will similarly fluctuate and you could lose money.

**Liquidity risk:** 

Liquidity risk exists when particular investments are difficult to sell.The Funds may not be able to sell these investments at the best prices or at the value the Funds place on them. In such a market, the value of such investments and a Fund's share price may fall dramatically. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The market for high-yield debt securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Investments in foreign securities tend to have greater exposure to liquidity risk than U.S. securities. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Investments in private debt instruments, restricted securities, and securities having substantial market and/or credit risk may involve greater liquidity risk. An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of a Fund's shares, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund's share price and increase the Fund's liquidity risk, Fund expenses and/or taxable distributions.

**Loans and other direct debt instruments:** 

The Funds may invest in loans and other direct debt instruments issued by corporate borrowers. These loans represent amounts owed to lenders or lending syndicates (loans and loan participations) or to other parties. Direct debt instruments may involve a risk of loss in case

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

of default or insolvency of the borrower and may offer less legal protection to the Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The markets in loans are not regulated by federal securities laws or the SEC.

**Cash concentration risk:** 

The Funds' cash balances are held at major regional U.S. banks, JPMorgan Chase Bank, N.A. and The Bank of New York Mellon. The Funds' cash balances, which typically exceed Federal Deposit Insurance Corporation insurance coverage, subject the Funds to a concentration of credit risk. The Funds regularly monitor the credit ratings of these financial institutions in order to mitigate the credit risk that exists with the balances in excess of insured amounts.

**Off-balance sheet risk:** 

The Funds enter into derivatives which may represent off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular investment is greater than the value of such investment as reflected in the Statements of Assets and Liabilities.

**Focused investing risk:** 

Although Third Avenue Value Fund, Third Avenue Small-Cap Value Fund and Third Avenue Real Estate Value Fund are each a diversified investment company under the 1940 Act, each of these Fund's investments will normally be more focused than its peers and may emphasize investments in some issuers, industries, sectors or geographic regions more than others. To the extent that a Fund increases the relative emphasis of its investments in a particular issuer, industry, sector or geographic region, its share values may fluctuate in response to events affecting such issuer, industry, sector or geographic region. A Fund does not lose its status as a diversified investment company because of any subsequent discrepancy between the value of its various investments and the diversification requirements of the 1940 Act, so long as any such discrepancy existing immediately after the Fund's acquisition of any security or other property is neither wholly nor partly the result of such acquisition. Therefore, a Fund from time to time may have an investment portfolio that is considered "non-diversified" by the 1940 Act despite its classification as a diversified investment company.

The Third Avenue International Real Estate Value Fund is a non-diversified investment company under the 1940 Act. As such, the Fund's investments will normally be more focused than its peers and may emphasize investments in some issuers, industries, sectors or geographic regions more than others.

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

**Environmental, Social and Governance ("ESG") strategy risk:** 

The Third Avenue International Real Estate Value Fund's investment strategy takes into account the impact that real estate companies have on the environment and other sustainability considerations. The use of this ESG framework could cause the Third Avenue International Real Estate Value Fund to perform differently compared to funds that do not have such a policy. The criteria related to this ESG framework may result in this Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous to do so. In addition, there is a risk that the companies identified by the ESG framework do not operate as expected when addressing ESG issues. There are significant differences in interpretations of what it means for a company to have positive ESG characteristics. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.

**Counterparty risk:** 

The Funds are exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss to the Funds could exceed the value of the financial assets recorded in the Funds' financial statements. Financial assets, which potentially expose the Funds to counterparty risk, consist principally of cash due from counterparties and investments. The Adviser seeks to minimize the Funds' counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

At October 31, 2022, the Funds had counterparty concentration of credit risk primarily with Goldman Sachs & Co. and JPMorgan Chase Bank, N.A.

The Funds are party to International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") with select counterparties that govern transactions, over-the-counter derivatives and foreign exchange contracts entered into by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements of the Funds.

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

("Master Forward Agreements") between the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Funds' overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

**Collateral requirements:** 

For derivatives traded under an ISDA Master Agreement and/or Master Forward Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Portfolio of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer is required, which is determined at the close of business of a Fund and any additional required collateral is delivered to/pledged by a Fund on the next business day. Typically, a Fund and its counterparties are not permitted to sell, re-pledge or use the collateral they receive.To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

**Third Avenue Real Estate Value Fund** 

At October 31, 2022, the Fund's derivative assets and liabilities (by type) on a gross basis are as follows:

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  Derivative Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 10079 |  |
|  Derivatives not subject to a master netting agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to a MNA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The following table presents the Fund's derivative assets by counterparty net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Amount of**<br>**Assets**<br>**Subject to a**<br>**MNA by**<br> **Counterparty** | **Derivatives**<br>**Available**<br> **for Offset<sup>(1)</sup>** | **Net Amount<br> of Derivative <br>Assets<sup>(3)</sup>** |
|  JPMorgan Chase Bank, N.A | $10079 | $– $– $– $| 10079 |

---

**Third Avenue International Real Estate Value Fund** 

At October 31, 2022, the Fund's derivative assets and liabilities (by type) on a gross basis are as follows:

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  Derivative Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 205043 |  |
|  Derivatives not subject to a master netting agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to a MNA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The following table presents the Fund's derivative assets by counterparty net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of October 31, 2022:

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Amount of**<br>**Assets<br>Subject to a**<br>**MNA by**<br>**Counterparty** | **Derivatives**<br>**Available**<br>**for Offset<sup>(1)</sup>** | **Net Amount<br>of Derivative<br>Assets<sup>(3)</sup>** |
|  Goldman Sachs & Co. | $205043 | $– $– $– $| 205043 |

---

<sup>1</sup> The amount of derivatives for offset is limited to the amount of assets and/or liabilities that are subject to a MNA. 

<sup>2</sup> Excess of collateral received from or pledged to the individual counterparty may not be shown for financial reporting purposes.

<sup>3</sup> Net amount represents the net amount receivable from or payable to the counterparty in the event of default. 

**9. FEDERAL INCOME TAXES** 

The amount of dividends and distributions paid by the Funds from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax laws and regulations which may differ from U.S. GAAP. Such dividends and distributions are recorded by the Funds on the ex-dividend date. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on the net assets of the Funds. Capital accounts are not adjusted for temporary differences. These temporary differences are primarily due to investment partnership basis adjustments, PFICs marked to market, capital loss carryforwards, and losses deferred due to wash sales. Permanent differences are primarily due to the utilization of equalization debits, reclassification of certain transactions involving foreign securities and currencies, real estate investment trusts ("REITs"), distribution reclassifications, non-deductible excise taxes paid, non-deductible interest expenses related to foreign tax reclaims and other book to tax adjustments. For the year ended October 31, 2022, these adjustments were to increase paid-in capital by $5,879,089 and decrease total distributable earnings by $5,879,089 for the Third Avenue Value Fund, increase paid-in capital by $440,877 and decrease total distributable earnings by $440,877 for theThird Avenue Small-Cap Value Fund and increase paid-in capital by $3,087,947 and decrease total distributable earning by $3,087,947 for the Real Estate Value Fund and Third Avenue International Real Estate Fund did not have any adjustments between paid-in capital and total distributable earnings.

The tax character of dividends and distributions paid during the year ended October 31, 2022 was as follows:

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Net<br> Capital Gains** | **Total** |
|  Third Avenue Value Fund | $6267749 | $14795479 | $21063228 |
|  Third Avenue Small-Cap Value Fund | 505276 | 13422778 | 13928054 |
|  Third Avenue Real Estate Value Fund | 2705468 | 39990395 | 42695863 |
|  Third Avenue International Real Estate Value Fund | 1079322 |  | 1079322 |

---

The tax character of dividends and distributions paid during the year ended October 31, 2021 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Net<br> Capital Gains** | **Total** |
|  Third Avenue Value Fund | $3754034 | $— | $3754034 |
|  Third Avenue Small-Cap Value Fund(a) | 400024 | 1899982 | 2300006 |
|  Third Avenue Real Estate Value Fund | 171687 | 4928304 | 5099991 |
|  Third Avenue International Real Estate Value Fund |  |  |  |

---

The tax character of dividends and distributions paid by the Third Avenue International Real Estate Value Fund during the year ended December 31, 2020 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Net<br> Capital Gains** | **Total** |
|  Third Avenue International Real Estate Value Fund | $862785 | $– $| 862785 |

---

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

At October 31, 2022, the accumulated undistributed earnings on a tax basis were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Net<br> Capital Gains** | **Net<br> Capital Losses** |
|  Third Avenue Value Fund | $29391209 | $5405395 | $(8612401) |
|  Third Avenue Small-Cap Value Fund<sup>(a)</sup> | 85138 | 7934538 |  |
|  Third Avenue Real Estate Value Fund | 7655597 | 17239258 |  |
|  Third Avenue International Real Estate Value Fund | 832601 |  | (6758313) |

---

(a) Includes short-term capital gains, which are taxed as ordinary income.

This differs from the amount shown on the Statements of Assets and Liabilities primarily due to cumulative timing differences related to investment partnership basis adjustments, PFICs marked to market, capital loss carryforwards, deferred losses on wash sales and other timing differences.

For the year-ended October 31, 2022, Third Avenue Value Fund utilized $2,735,349 in net capital losses. As of October 31, 2022, Third Avenue Value Fund has long-term capital loss carryforwards of $8,612,401. Although there is no expiration date on the use of this carryforward, Third Avenue Value Fund will be subject to certain limitations on its use.

For the year-ended October 31, 2022, Third Avenue International Real Estate Value Fund utilized $47,158 in net capital losses. As of October 31, 2022, Third Avenue International Real Estate Value Fund has long-term capital loss carryforwards of $6,758,313, which can be carried forward indefinitely and retain the character of long term.

The U.S. federal income tax basis of the Funds' investments and the total unrealized appreciation/depreciation as of October 31, 2022 were as follows:

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**Third Avenue Trust** 

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**Notes to Financial Statements (continued)** 

**October 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tax Basis**<br>**of Investments** | **Appreciation** | **(Depreciation)** | **Total<br>Unrealized<br>Appreciation/<br>(Depreciation)** | **Other<br>Cost Basis<br>Adjustments** | **Total Net<br>Unrealized<br>Appreciation /<br>(Depreciation)** |
|  Third Avenue Value Fund | $498283115 | $128899012 | $(61999032) | $66899980 | $– $| 66899980 |
|  Third Avenue Small-Cap Value Fund | $101347774 | $60837519 | $(4343296) | $56494223 | $– $| 56494223 |
|  Third Avenue Real Estate Value Fund | $266060938 | $106916407 | $(64917514) | $41998893 | $– $| 41998893 |
|  Third Avenue International Real Estate Value Fund | $39885807 | $5493169 | $(7745440) | $(2252271) | $– $| (2252271) |

---

**10. THIRD AVENUE INTERNATIONAL REAL ESTATE VALUE FUND REORGANIZATION** 

Effective April 12, 2021, shareholders of the Third Avenue International Real Estate Value Fund, (formerly, REMS International Real Estate Value-Opportunity Fund), a series of the World Funds Trust (the "Predecessor Fund") received Institutional Class and Z Class shares of the Third Avenue International Real Estate Value Fund, a series of Third Avenue Trust (the "Successor Fund"), as applicable, equal to the aggregate net asset value and share quantity of the Predecessor Fund immediately prior to the reorganization. This equated to $10,852,364 net assets attributable to 860,589 Institutional Class shares and $30,985,142 net assets attributable to 2,379,628 Z Class shares. The reorganization was structured to qualify as a tax-free reorganization under the Internal Revenue Code of 1986. As such, the basis of the assets of the Successor Fund reflects the historical basis of the assets of the Predecessor Fund as of the date of the reorganization. The Successor Fund inherited the Predecessor Fund's historical performance and financial records. Accordingly, the Predecessor Fund's operating history prior to the reorganization is presented in the Successor Fund's financial statements and financial highlights.

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**Third Avenue Trust** 

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Third Avenue Trust and Shareholders of Third Avenue Value Fund, Third Avenue Small-Cap Value Fund, Third Avenue Real Estate Value Fund and Third Avenue International Real Estate Value Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting Third Avenue Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statement of**<br> **Operations** | **Statement of Changes**<br> **in Net Assets** | **Financial Highlights** |
| **Third Avenue Value Fund** | For the year ended | For the years ended | For each of the periods |
|  | October 31, 2022 | October 31, 2022 and 2021 | indicated therein |
| **Third Avenue Small-Cap Value Fund** |  |  |  |
| **Third Avenue Real Estate Value Fund** |  |  |  |
| **Third Avenue International Real Estate** | For the year ended | For the year ended October 31, | For the year ended October 31, |
| &nbsp;&nbsp;&nbsp;&nbsp; **Value Fund** | October 31, 2022 | 2022 and for the period | 2022 and for the period |
|  |  | January 1, 2021 through | January 1, 2021 through |
|  |  | October 31, 2021 | October 31, 2021 |

---

The financial statements of Third Avenue International Real Estate Value Fund, as of and for the year ended December 31, 2020 and the financial highlights for each of the periods ended on or prior to December 31, 2020 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated March 1, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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**Third Avenue Trust** 

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**Report of Independent Registered Public Accounting Firm (continued)** 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodians and broker; when a reply was not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, PA

December 29, 2022

We have served as the auditor of one or more investment companies in Third Avenue Funds since 1990.

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**Third Avenue Trust** 

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**Management of the Trust** 

**(Unaudited)** 

Information pertaining to the Trustees and officers of the Trust is set forth below. The fund complex includes four portfolios in the Third Avenue Trust and one portfolio in the Third Avenue Variable Series Trust. The Statement of Additional Information (SAI) includes additional information about the Trustees and is available upon request, without charge, by calling (800) 443-1021.

**Independent Trustees** 

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Correspondence intended for any Independent Trustee may be sent to: 301 Bellevue Parkway, 2nd Floor, Wilmington, DE 19809.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name & Date of**<br> **Birth** | **Term of Office**<br> **and Length of**<br> **Time Served\*** | **Position(s)**<br> **Held with**<br> **Registrant** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships<br>Held by Trustee** |
| **Robert J. Christian**<br> DOB: February 1949 | Trustee since 10/19 | Trustee | Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (''RSMC'') (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006. | Trustee of<br> FundVantage Trust<br> (registered investment<br> company with 36<br> portfolios); Trustee of<br> Optimum Fund Trust<br> (registered investment<br> company with 6<br> portfolios); Trustee of<br> Third Avenue Variable<br> Series Trust<br> (registered investment<br> company with 1<br> portfolio). |
| **Iqbal Mansur**<br> DOB: June 1955 | Trustee since 10/19 | Trustee | Retired since September 2020; Professor of Finance, Widener University from 1998 to August 2020; Member of the Investment Committee of ChristianaCare Health System from January 2022 to present. | Trustee of<br> FundVantage Trust<br> (registered investment<br> company with 36<br> portfolios); Trustee of<br> Third Avenue Variable<br> Series Trust<br> (registered investment<br> company with 1<br> portfolio). |

---

------

**Third Avenue Trust** 

------

**Management of the Trust (continued)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name & Date of**<br> **Birth** | **Term of Office**<br> **and Length of**<br> **Time Served\*** | **Position(s)**<br> **Held with**<br> **Registrant** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships<br>Held by Trustee** |
|  **Nicholas M. Marsini Jr.**<br> DOB: August 1955 | Trustee and Chairman<br> since 10/19 | Trustee and Chairman<br> of the Board | Retired since March 2016; President of PNC Bank Delaware from June 2011 to March 2016; Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive<br> Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010. | Trustee and Chairman<br> of the Board of<br> FundVantage Trust<br> (registered investment<br> company with 36<br> portfolios); Trustee of<br> Brinker Capital<br> Destinations Trust<br> (registered investment<br> company with 10<br> portfolios); Trustee<br> and Chairman of the<br> Board of Third Avenue<br> Variable Series Trust<br> (registered investment<br> company with 1<br> portfolio). |
|  **Nancy B. Wolcott**<br> DOB: November 1954 | Trustee since 10/19 | Trustee | Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007<br> to 2008; Executive Vice<br> President of PFPC Worldwide Inc. from 2006 to<br> 2007. | Trustee of<br> FundVantage Trust<br> (registered investment<br> company with 36<br> portfolios); Trustee of<br> Lincoln Variable<br> Insurance Products<br> Trust (registered<br> investment company<br> with 97 portfolios);<br> Trustee of Third<br> Avenue Variable Series<br> Trust (registered<br> investment company<br> with 1 portfolio). |

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**Third Avenue Trust** 

------

**Management of the Trust (continued)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Name & Date of**<br> **Birth** | **Term of Office**<br> **and Length of**<br> **Time Served\*** | **Position(s)**<br> **Held with**<br> **Registrant** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships<br>Held by Trustee** |
|  **Stephen M. Wynne**<br> DOB: January 1955 | Trustee since 10/19 | Trustee | Retired since December 2010; Chief Executive Officer of US Funds Services, BNY Mellon Asset Servicing from July 2010 to December 2010; Chief<br> Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010;<br> President, PNC Global<br> Investment Servicing from 2003<br> to 2008. | Trustee of<br> FundVantage Trust<br> (registered investment<br> company with 36<br> portfolios); Trustee of<br> Copeland Trust<br> (registered investment<br> company with 3<br> portfolios); Trustee of<br> Third Avenue Variable<br> Series Trust<br> (registered investment<br> company with 1<br> portfolio). |

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\* Each Trustee serve until his or her successor is duly elected and qualified.

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**Third Avenue Trust** 

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**Management of the Trust (continued)** 

**(Unaudited)** 

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| | | | |
|:---|:---|:---|:---|
| **Principal Trust Officers** | **Principal Trust Officers** | **Principal Trust Officers** | **Principal Trust Officers** |
| **Name & Date of**<br> **Birth** | **Position(s)**<br> **Held with**<br> **Registrant** | **Principal Occupation(s) During Past 5 Years** | **Other Directorships<br>Held by Officer** |
|  **Joel L. Weiss**<br> DOB: January 1963 | President, Chief<br> Executive Officer | President of JW Fund Management LLC since June 2016;<br> Vice President and Managing Director of BNY Mellon<br> Investment Servicing (US) Inc. and predecessor firms from<br> 1993 to June 2016. | N/A |
|  **Christine S.**<br> **Catanzaro**<br> DOB: August 1984 | Treasurer, Chief<br> Financial Officer | Financial Reporting Consultant from October 2020 to<br> September 2022; Senior Manager, Ernst & Young LLP<br> from March 2013 to October 2020. | N/A |
|  **T. Richard Keyes**<br> DOB: January 1957 | Vice President | President of TRK Fund Consulting LLC since July 2016; Head<br> of Tax — U.S. Fund Services of BNY Mellon Investment<br> Servicing (US) Inc. and predecessor firms February 2006<br> to July 2016. | N/A |
|  **Gabriella**<br> **Mercincavage**<br> DOB: June 1968 | Assistant Treasurer | Fund Administration Consultant since January 2019; Fund<br> Accounting and Tax Compliance Accountant to financial<br> services companies from November 2003 to July 2018. | N/A |
|  **Vincenzo A. Scarduzio**<br> DOB: April 1972 | Secretary | Director and Vice President Regulatory Administration of<br> The Bank of New York Mellon and predecessor firms since<br> 2001. | N/A |
|  **John J. Canning**<br> DOB: Noveber 1970 | Chief Compliance<br> Officer and<br> Anti-Money<br> Laundering Officer | Director of Chenery Compliance Group, LLC from March<br> 2021 to present; Senior Consultant of Foreside Financial<br> Group from August 2020 to March 2021; Chief Compliance<br> Officer & Chief Operating Officer of Schneider Capital<br> Management LP from May 2019 to July 2020; Chief<br> Operating Officer & Chief Compliance Officer of Context<br> Capital Partners, LP from March 2016 to March 2018 and<br> February 2019, respectively. | N/A |

---

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**Third Avenue Trust** 

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**Schedule of Shareholder Expenses** 

**(Unaudited)** 

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, shareholder servicing fees, distribution fees (if applicable) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period, May 1, 2022 and held for the six months ended October 31, 2022 for Third Avenue Value Fund, Third Avenue Small-Cap Value Fund, Third Avenue Real Estate Value Fund, Third Avenue International Real Estate Value Fund and all hypothetical data.

**Actual Expenses** 

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The example also assumes all dividends and distributions have been reinvested.

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**Third Avenue Trust** 

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**Schedule of Shareholder Expenses (continued)** 

**(Unaudited)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 01, 2022** | **Ending Account<br>Value<br>October 31,<br>2022** | **Expenses Paid<br>During the<br>Period<br>October 31,<br>2022** | **Annualized<br>Expense Ratio** |
|  **Third Avenue Value Fund** | **Third Avenue Value Fund** | **Third Avenue Value Fund** |  |  |
|  Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $966.80 | $7.23 | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1018.06 | $7.41 | 1.46% |
|  Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $968.20 | $6.01 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1019.37 | $6.17 | 1.21% |
|  Z Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $968.70 | $5.52 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1019.88 | $5.67 | 1.11% |
|  **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** | **Third Avenue Small-Cap Value Fund** |  |  |
|  Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1057.60 | $7.26 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1018.15 | $7.12 | 1.40% |
|  Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1059.20 | $5.97 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1019.41 | $5.85 | 1.15% |
|  Z Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1059.50 | $5.45 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1019.91 | $5.35 | 1.05% |
|  **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** | **Third Avenue Real Estate Value Fund** |  |  |
|  Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $806.00 | $6.38 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1018.14 | $7.13 | 1.40% |
|  Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $807.10 | $5.24 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1019.40 | $5.86 | 1.15% |
|  Z Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $807.60 | $4.79 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1019.90 | $5.35 | 1.05% |
|  **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** |  |  |
|  Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $833.50 | $4.62 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1020.16 | $5.09 | 1.00% |
|  Z Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $834.10 | $4.63 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | $1000.00 | $1020.16 | $5.09 | 1.00% |

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**Third Avenue Trust** 

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**Federal Tax Status of Dividends and Distributions** 

**(Unaudited)** 

The following information represents the tax status of dividends and distributions paid by the Funds during the fiscal year ended October 31, 2021. This information is presented to meet regulatory requirements and no current action on your part is required. The information reported below will differ from the actual amounts taxable to shareholders for the calendar year ending December 31, 2022.

Information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be issued by the Funds in the early part of 2022.

The Funds are required to make certain designations including to designate the portion of any distributions made to shareholders during their fiscal year beginning on November 1, 2020 and ending on October 31, 2021 that were from capital gains. Depending upon your instructions, distributions from the Funds were either paid to you in cash or reinvested into your account.

The following is the breakdown of the aggregate amount of dividends and distributions and deemed paid by each Fund during fiscal year ended October 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Third Avenue <br>Value Fund** | **Third Avenue<br>Small-Cap<br>Value Fund** | **Third Avenue<br>Real Estate<br>Value Fund** | **Third Avenue <br> International <br>Real Estate**<br>**Value Fund** |
|  Ordinary Income | $6267749 | $505276 | $2705468 | $1079322 |
|  Short-Term Capital Gains Distributions (treated as ordinary income) |  |  |  |  |
|  Long-Term Capital Gains Distributions | 14795479 | 13422778 | 39990395 |  |
|  Total Dividends and Distributions | $21063228 | $13928054 | $42695863 | $1079322 |

---

With respect to ordinary dividends paid by the Funds during their fiscal year ended October 31, 2022, the Funds designate the maximum allowable amounts under section 854 of the Internal Revenue Code of 1986. Such designated amounts shall not be less than the following with respect to ordinary dividends:

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| | | |
|:---|:---|:---|
|  | **Qualified**<br>**Dividend Income**<br>**for Individuals** | **Dividends Received**<br>**Deduction**<br>**for Corporations** |
|  Third Avenue Value Fund | $7428475 | 30% |
|  Third Avenue Small-Cap Value Fund | 559318 | 100% |
|  Third Avenue Real Estate Value Fund | 3047306 | 27% |
|  Third Avenue International Real Estate Value Fund | 1183548 | 0% |

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**Third Avenue Trust** 

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**Federal Tax Status of Dividends and Distributions (continued)** 

**(Unaudited)** 

The following Fund intends to elect to pass through to shareholders the income taxes paid to foreign countries which may be eligible for the foreign tax credit in accordance with Section 853 of the Internal Revenue Code of 1986.

Gross foreign source income and foreign tax expense for the year ended October 31, 2022 are as follows:

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| | | |
|:---|:---|:---|
|  | **Gross Foreign** | **Foreign Tax** |
|  | **Source Income** | **Pass Through** |
|  Third Avenue International Real Estate Value Fund | $1425051 | $104226 |

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**BOARD OF TRUSTEES** 

Robert J. Christian

Iqbal Mansur

Nicholas M. Marsini, Jr. — Chairman

Nancy B. Wolcott

Stephen M. Wynne

**OFFICERS** 

Joel L. Weiss — President, Chief Executive Officer

Christine S. Catanzaro — Treasurer, Chief Financial Officer

T. Richard Keyes — Vice President

Gabriella Mercincavage — Assistant Treasurer

Vincenzo A. Scarduzio — Secretary

John J. Canning — Chief Compliance Officer, Anti-Money Laundering Officer

**TRANSFER AGENT** 

BNY Mellon Investment Servicing (U.S.) Inc.

P.O. Box 9802

Providence, RI 02940-8002

800-443-1021 (toll-free)

**INVESTMENT ADVISER** 

Third Avenue Management LLC

675 Third Avenue, Suite 2900-05

New York, NY 10017

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

PricewaterhouseCoopers LLP

2001 Market Street,

Philadelphia, PA 19103

**CUSTODIANS** 

JPMorgan Chase Bank, N.A.

383 Madison Avenue

New York, NY 10179

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

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| | | |
|:---|:---|:---|
| ![LOGO](g445646g01b20.jpg)  | Third Avenue offers multiple investment solutions with unique exposures and return profiles. Our core strategies are<br>currently available through '40Act mutual funds and customized accounts. If you would like further information, please<br>contact a Relationship Manager at: | Third Avenue offers multiple investment solutions with unique exposures and return profiles. Our core strategies are<br>currently available through '40Act mutual funds and customized accounts. If you would like further information, please<br>contact a Relationship Manager at: |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>www.thirdave.com</u> | 675 Third Avenue, Suite 2900-05 | ![LOGO](g445646g03b20.jpg) 212.906.1160 |
|  ![LOGO](g445646g02b20.jpg) /third-ave-management | New York, NY 10017 | ![LOGO](g445646g04b20.jpg) clientservice@thirdave.com |

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(b) Not applicable.

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that
applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or
a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of
ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
Registrant or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

**Item 3. Audit Committee Financial Expert.** 

The Audit Committee of the Board of Trustees currently is comprised of Robert J. Christian, Iqbal Mansur, Nicholas M. Marsini, Jr., Nancy B. Wolcott and Stephen M. Wynne, each of whom is considered "independent" within the meaning set forth under Item 3 of Form N-CSR. The Board of Trustees has determined that Mr. Wynne is an "audit committee financial expert" as such term is defined by Item 3 of Form N-CSR.

The Registrant's Board of Trustees has determined that Mr. Wynne acquired the attributes necessary to be considered an audit committee financial expert through his experience as a chief executive officer (and other senior-level accounting and/or financial positions) of several large financial institutions and because he has co-authored a text book on mutual fund accounting.

**Item 4. Principal Accountant Fees and Services.** 

<u>Audit Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or

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engagements for those fiscal years were $145,061, without any out of pocket expenses, for the fiscal year ending October 31, 2022, and $143,153, without any out of pocket expenses, for the fiscal year ending October 31, 2021. <br>

<u>Audit-Related Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no fees billed in each of the last two fiscal years for assurance and related services by the
Trust's principal accountant that are reasonably related to the performance of the audit of the Trust's financial statements and are not reported above in Item 4(a). There were no audit-related services provided to the Trust's
investment adviser or any entity controlling, controlled by, or under common control with the Trust's investment adviser that provides ongoing services to the Trust ("Service Affiliates") during each of the last two years that were
required to be pre-approved by the Trust's Audit Committee.

<u>Tax Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning were $20,000 for the fiscal year ending October 31, 2022, and $60,000 for the fiscal year ending October 31, 2021.

<u>All Other Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There were no fees billed to the Trust in each of the last two fiscal years for products and services
provided by the Trust's principal accountant, other than the services reported above in Items 4(a) through (c).

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Registrant's Audit Committee Charter requires the Audit Committee to (i) (a) approve prior to appointment the engagement of independent registered public accounting firm to annually audit and provide their opinion on the Registrant's financial statements, (b) recommend to the Independent Trustees the selection, retention or termination of the Registrant's independent registered public accounting firm and, (c) in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent registered public accounting firm; and (ii) to approve prior to appointment the engagement of the independent registered public accounting firm to provide other audit services to the Registrant, or to provide non-audit services to the Registrant, its series, an investment adviser to its series or any entity controlling, controlled by, or under common control with an investment adviser to its series ("adviser-affiliate") that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The Audit Committee will not approve non-audit services that the Audit Committee believes may impair the independence of the Registrant's independent registered public accountant. The Audit Committee may delegate, to the extent permitted by law, pre-approved responsibilities to one or more members of the Audit Committee who shall report to the full Audit Committee.

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| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100.00%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were
$41,390 for the fiscal year ending October 31, 2022, and $127,000 for the fiscal year ending October 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

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**Item 10. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 11. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d445646dex99codeeth.htm)

---

| | |
|:---|:---|
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d445646dex99cert.htm)  |

---

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d445646dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Avenue Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Joel L. Weiss |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joel L. Weiss, President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/6/23</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Joel L. Weiss |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joel L. Weiss, President and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

Date   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/6/23</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christine S. Catanzaro |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christine S. Catanzaro, Treasurer and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

Date   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/6/23</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

**THIRD AVENUE TRUST** 

**THIRD AVENUE VARIABLE SERIES TRUST** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") applies to the President and Treasurer (the "Covered Officers" each of whom are set forth in Exhibit A) of Third Avenue Trust and Third Avenue Variable Series Trust (each, a "Trust" and collectively, the "Trusts") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Honest and Ethical Conduct and Ethically Handling Actual and Apparent Conflicts of Interest** 

**Overview.** The Covered Officers shall conduct their activities on behalf of the Trusts in an honest and ethical manner. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trusts.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "1940 Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" (as defined in Section 2(a)(3) of the 1940 Act) of the Trusts. The compliance programs and

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procedures of the Trusts and the covered service providers under Rule 38a-1 of the 1940 Act ("Service Providers") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of the Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship among the Trusts and the Service Providers. As a result, the Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on Service Providers and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship among the Trusts and the investment advisers and sub-advisers and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the 1940 Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trusts' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interests of a Covered Officer should not be placed improperly before the interests of the Trusts.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships improperly to influence investment decisions or financial
reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the Trusts to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should be reviewed by the Trusts' legal counsel, if material. Examples of these include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receipt of gifts, in excess of reasonable or business-appropriate;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trusts has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Service Providers or any
affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should be familiar with the disclosure requirements generally applicable to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts
to other persons, whether within or outside the Trusts, including to the Trusts' Board and independent auditor, and to government regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Trusts and the Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public
communications made by the Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he or she has received, read, and understands the Code (See Exhibit B for a form of affirmation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually affirm to the Board that he or she has complied with the requirements of the Code and report on the
Covered Officer's affiliations and relationships (see Exhibit C for a form of affirmation);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trusts' legal counsel promptly if he knows of any violation of the Code. Failure to do so is
itself a violation of the Code.

The Trusts' legal counsel is responsible for applying the Code to specific situations in which questions are presented under the Code. The Trust's legal counsel also has the authority to interpret the Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the independent trustees on the Board.

The Trusts will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Trusts' legal counsel will take all appropriate action to investigate any potential violations reported
to such counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Trusts' legal counsel believes that no violation has occurred, such
counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Trusts' legal counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board will consider appropriate action, which may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

The Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to the Code, they are superseded by the Code to the extent that they overlap or conflict with the provisions of the Code. The Trusts' and the Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Provider's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of the Code.

------

**VI.** **Amendments** 

Any amendments to the Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the Board, the Trusts' legal counsel and the Service Providers, as appropriate.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

*Adopted as of September 22, 2020.* 

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EXHIBIT A

**COVERED OFFICERS UNDER CODE OF ETHICS** 

---

| | |
|:---|:---|
| **Name** | **Title** |
| Joel L. Weiss | President |
| Christine S. Catanzaro | Treasurer |

---

------

EXHIBIT B

**THIRD AVENUE TRUST** 

**THIRD AVENUE VARIABLE SERIES TRUST** 

**PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS CODE OF ETHICS** 

**INITIAL CERTIFICATION** 

<u>Certification of Compliance with the Principal Executive and Financial Officers Code of Ethics</u>: under the Principal Executive and Financial Officers Code of Ethics ("Code") of Third Avenue Trust and Third Avenue Variable Series Trust (each, a "Trust" and collectively, the "Trusts"), the President and Treasurer of the Trusts are each deemed to be a "Covered Officer." Covered Officers are subject to the Code and, upon becoming a Covered Officer, must certify that they have received, read and understand the Code.

You must respond to the following questions and then submit this form upon completion to the Trusts' Chief Compliance Officer, or his/her delegate. The Code has been attached to this Initial Certification for your reference.

I hereby certify and understand that I am a Covered Officer under the Code.   <u> Yes ☐ No ☐ </u> <br> I have received, read and understand the Code and I recognize that I am subject to the requirements of the Code.   <u>Yes ☐ No ☐ </u>

**<u>Please note any exceptions to the above statements</u>:** 

---

| | |
|:---|:---|
| Signature: | Date: |
| Print Name: |  |
| Title: |  |

---

------

EXHIBIT C

**THIRD AVENUE TRUST** 

**THIRD AVENUE VARIABLE SERIES TRUST** 

**PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS CODE OF ETHICS** 

**ANNUAL CERTIFICATION** 

<u>Certification of Compliance with the Principal Executive and Financial Officers Code of Ethics</u>: under the Principal Executive and Financial Officers Code of Ethics ("Code") of Third Avenue Trust and Third Avenue Variable Series Trust (each, a "Trust" and collectively, the "Trusts") the President and Treasurer of the Trusts are each deemed to be a "Covered Officer." Covered Officers are subject to the Code and, on an annual basis, must (i) certify that they have complied with the Code and (ii) report on any affiliations and relationships.

You must respond to the following questions and then submit this form upon completion to the Trusts' Chief Compliance Officer, or his/her delegate. The Code has been attached to this Annual Certification for your reference.

---

| | |
|:---|:---|
| &nbsp;&nbsp; I hereby certify and understand that I am a Covered Officer.<br>| Yes ☐ No ☐  |
| &nbsp;&nbsp; I have read and I understand the Code and I recognize that I am subject to the requirements of the Code.<br>| Yes ☐ No ☐  |
| &nbsp;&nbsp; I agree that I am in compliance with the Code and any related policy statements.<br>| Yes ☐ No ☐  |
| &nbsp;&nbsp; I have disclosed all affiliations and relationships that may give rise to a conflict of interest.<br>| Yes ☐ No ☐  |

---

**<u>Please note any exceptions to the above statements</u>:** 

---

| | |
|:---|:---|
| Signature: | Date: |
| Print Name: |  |
| Title: |  |

---

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Joel L. Weiss, certify that:

1. I have reviewed this report on Form N-CSR of Third Avenue Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially

------

affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: <u>1/6/23</u>  | <u>/s/ Joel L. Weiss</u>  |
|  | Joel L. Weiss, President and<br> Chief Executive Officer<br> (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Christine S. Catanzaro, certify that:

1. I have reviewed this report on Form N-CSR of Third Avenue Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

Date: <u>1/6/23</u> /<u>s/ Christine S. Catanzaro</u> <br> Christine S. Catanzaro, Treasurer and Chief Financial Officer (principal financial officer)

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, Joel L. Weiss, President and Chief Executive Officer of Third Avenue Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: <u>1/6/23</u>  | <u>/s/ Joel L. Weiss</u>  |
|  | Joel L. Weiss, President and<br> Chief Executive Officer<br> (principal executive officer) |

---

I, Christine S. Catanzaro, Treasurer and Chief Financial Officer of Third Avenue Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: <u>1/6/23</u>  | <u>/s/ Christine S. Catanzaro</u>  |
|  | Christine S. Catanzaro, Treasurer and<br> Chief Financial Officer<br> (principal financial officer) |

---