# EDGAR Filing Document

**Accession Number:** 0001031661
**File Stem:** 0000940400-26-012467
**Filing Date:** 2026-3
**Character Count:** 89299
**Document Hash:** 6468f8a42eccf06402188a897746668a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-012467.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000940400-26-012467

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THIRD AVENUE TRUST
- **CENTRAL INDEX KEY:** 0001031661

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08039
- **FILM NUMBER:** 26819837

**BUSINESS ADDRESS:**
- **STREET 1:** THIRD AVENUE MANAGEMENT LLC
- **STREET 2:** 6 GRAND CENTRAL, 666 3RD AVE. STE 1040
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2128885222

**MAIL ADDRESS:**
- **STREET 1:** THIRD AVENUE MANAGEMENT LLC
- **STREET 2:** 6 GRAND CENTRAL, 666 3RD AVE. STE 1040
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### 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           |

## Nport-Ex

![](imgc8edcbc81.gif)

### Third Avenue Value Fund

### Third Avenue Small-Cap Value Fund

### Third Avenue Real Estate Value Fund

### Third Avenue International Real Estate Value Fund
FIRST QUARTER REPORT

January 31, 2026

*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<br> **www.thirdave.com**

------

#### Third Avenue Trust

------

#### Third Avenue Value Fund

#### Portfolio of Investments

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks - 86.49%** | **Common Stocks - 86.49%** | **Common Stocks - 86.49%** |
|  | **Automotive - 8.20%** | **Automotive - 8.20%** |
| 397966 | Bayerische Motoren Werke AG (Germany) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$40982676 |
| 1697700 | Subaru Corp. (Japan) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36446517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77429193 |
|  | **Banks - 6.04%** | **Banks - 6.04%** |
| 1501675 | Bank of Ireland Group PLC (Ireland) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30510236 |
| 3822516 | Close Brothers Group PLC (United Kingdom) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26535412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57045648 |
|  | **Brokerages & Exchanges - 1.03%** | **Brokerages & Exchanges - 1.03%** |
| 4828711 | Bolsa Mexicana de Valores S.A.B. de C.V. (Mexico) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9687263 |
|  | **Building Products - 10.34%** | **Building Products - 10.34%** |
| 370337 | Boise Cascade Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29926933 |
| 559942 | Buzzi SpA (Italy) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31872796 |
| 1317175 | Interfor Corp. (Canada) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9837822 |
| 942600 | Taiheiyo Cement Corp. (Japan) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25902043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97539594 |
|  | **Capital Equipment - 6.04%** | **Capital Equipment - 6.04%** |
| 239500 | Horiba, Ltd. (Japan) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28406061 |
| 708900 | Jeol, Ltd. (Japan) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28599166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57005227 |
|  | **Consumer Products - 1.81%** | **Consumer Products - 1.81%** |
| 525088 | Misto Holdings Corp. (South Korea) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17098585 |
|  | **Diversified Holding Companies - 8.95%** | **Diversified Holding Companies - 8.95%** |
| 927620 | Ayala Corp. (Philippines) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7971666 |
| 4199382 | CK Hutchison Holdings, Ltd. (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33860905 |
| 1019500 | Jardine Cycle & Carriage, Ltd. (Singapore) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25428571 |
| 3318103 | Quinenco S.A. (Chile) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17182308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84443450 |
|  | **Energy - Refining & Marketing - 3.38%** | **Energy - Refining & Marketing - 3.38%** |
| 6626149 | Ultrapar Participacoes S.A. (Brazil) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31904730 |
|  | **Insurance - 2.02%** | **Insurance - 2.02%** |
| 3614933 | Conduit Holdings, Ltd. (Bermuda) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19021419 |
|  | **Materials/Diversified Chemicals - 1.62%** | **Materials/Diversified Chemicals - 1.62%** |
| 157394 | Rogers Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15304992 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Value Fund

#### Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Media - 1.57%** | **Media - 1.57%** |
| 41051524 | S4 Capital PLC (United Kingdom) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$14832947 |
|  | **Metals & Mining - 12.04%** | **Metals & Mining - 12.04%** |
| 3551712 | Capstone Copper Corp. (Canada) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39360580 |
| 1631465 | Lundin Mining Corp. (Canada) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41156555 |
| 370322 | Warrior Met Coal, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33069755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113586890 |
|  | **Non-U.S. Real Estate Operating Companies - 2.02%** | **Non-U.S. Real Estate Operating Companies - 2.02%** |
| 32995800 | Genting Singapore, Ltd. (Singapore) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19050049 |
|  | **Oil & Gas Production & Services - 13.34%** | **Oil & Gas Production & Services - 13.34%** |
| 9028871 | Harbour Energy PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28918839 |
| 973870 | Subsea 7, S.A. (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24894155 |
| 677381 | Tidewater, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42329539 |
| 514424 | Valaris, Ltd. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29697698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125840231 |
|  | **Transportation & Logistics - 8.09%** | **Transportation & Logistics - 8.09%** |
| 279431968 | Cia Sud Americana de Vapores S.A. (Chile) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15365353 |
| 3695747 | easyJet PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24181170 |
| 701700 | PALTAC Corp. (Japan) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21959089 |
| 12964390 | TS Lines, Ltd. (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14869361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76374973 |
|  | **Total Common Stocks<br>(Cost $538,531,672)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816165191 |
| **Short-Term Investments - 12.18%** | **Short-Term Investments - 12.18%** | **Short-Term Investments - 12.18%** |
| 114970155 | Dreyfus Treasury Securities Cash Management, Institutional Shares, 3.580% (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114970155 |
|  | **Total Short-Term Investments<br>(Cost $114,970,155)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114970155 |
|  | **Total Investment Portfolio - 98.67%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $653,501,827)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931135346 |
|  | **Other Assets less Liabilities - 1.33% <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12507259 |
|  | **NET ASSETS - 100.00%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$943642605 |

---

---

| | |
|:---|:---|
| **Investor Class:** |  |
| Net assets applicable to 425,321 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$33764509 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79.39 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Value Fund

#### Portfolio of Investments (concluded)

#### January 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Institutional Class:** |  |
| Net assets applicable to 11,093,430 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$873107845 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78.70 |
| **Z Class:** |  |
| Net assets applicable to 467,448 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$36770251 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78.66 |

---

---

| | |
|:---|:---|
| Notes: | Notes: |
| (a) | Non-income producing security. |
| (b) | 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. |
| (c) | Rate disclosed represents 30-day yield at January 31, 2026. |
| † | U.S. issuer unless otherwise noted. |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Small-Cap Value Fund

#### Portfolio of Investments

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks - 90.98%** | **Common Stocks - 90.98%** | **Common Stocks - 90.98%** |
|  | **Banks & Thrifts - 15.05%** | **Banks & Thrifts - 15.05%** |
| 217305 | Flagstar Bank NA <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2872772 |
| 192282 | OceanFirst Financial Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605287 |
| 101965 | Prosperity Bancshares, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036605 |
| 116879 | Southside Bancshares, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762335 |
| 78101 | UMB Financial Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9929761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27206760 |
|  | **Building Products - 4.75%** | **Building Products - 4.75%** |
| 64213 | BlueLinx Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466656 |
| 50970 | Boise Cascade Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8585542 |
|  | **Consulting & Information Technology Services - 2.72%** | **Consulting & Information Technology Services - 2.72%** |
| 52760 | ICF International, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4919870 |
|  | **Consumer Discretionary - 4.57%** | **Consumer Discretionary - 4.57%** |
| 164438 | Atlanta Braves Holdings, Inc., Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238561 |
| 25700 | Atlanta Braves Holdings, Inc., Class C (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8264762 |
|  | **Energy - Refining & Marketing - 2.43%** | **Energy - Refining & Marketing - 2.43%** |
| 131050 | PBF Energy, Inc., Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384933 |
|  | **Financials - 5.21%** | **Financials - 5.21%** |
| 170678 | Encore Capital Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9421426 |
|  | **Healthcare - 10.19%** | **Healthcare - 10.19%** |
| 187494 | Catalyst Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556104 |
| 142405 | Collegium Pharmaceutical, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539238 |
| 152349 | Supernus Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7337128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18432470 |
|  | **Home Building - 2.87%** | **Home Building - 2.87%** |
| 155515 | TRI Pointe Homes, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186425 |
|  | **Industrial Equipment - 2.59%** | **Industrial Equipment - 2.59%** |
| 24009 | Alamo Group, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689198 |
|  | **Industrial Services - 8.10%** | **Industrial Services - 8.10%** |
| 34186 | MYR Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8547867 |
| 28376 | UniFirst Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14648707 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Small-Cap Value Fund

#### Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Information Technology - 2.19%** | **Information Technology - 2.19%** |
| 368974 | Cantaloupe, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3962781 |
|  | **Insurance & Reinsurance - 10.34%** | **Insurance & Reinsurance - 10.34%** |
| 21856 | Investors Title Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669884 |
| 1185076 | Octave Specialty Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719381 |
| 260225 | ProAssurance Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6302649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18691914 |
|  | **Materials/Diversified Chemicals - 5.41%** | **Materials/Diversified Chemicals - 5.41%** |
| 787909 | LSB Industries, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319674 |
| 25332 | Rogers Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9782958 |
|  | **Metals Manufacturing - 3.90%** | **Metals Manufacturing - 3.90%** |
| 57558 | Kaiser Aluminum Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057762 |
|  | **Oil & Gas Production & Services - 6.41%** | **Oil & Gas Production & Services - 6.41%** |
| 330144 | SandRidge Energy, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5232782 |
| 101786 | Tidewater, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11593389 |
|  | **U.S. Real Estate Operating Companies - 4.25%** | **U.S. Real Estate Operating Companies - 4.25%** |
| 962705 | Five Point Holdings, LLC, Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111963 |
| 107160 | FRP Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7674159 |
|  | **Total Common Stocks<br>(Cost $109,668,912)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164503056 |
| **Closed-End Funds - 2.93%** | **Closed-End Funds - 2.93%** | **Closed-End Funds - 2.93%** |
|  | **Financials - 2.93%** | **Financials - 2.93%** |
| 101812 | Central Securities Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304405 |
|  | **Total Closed-End Funds<br>(Cost $2,713,474)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304405 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Small-Cap Value Fund

#### Portfolio of Investments (concluded)

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Short-Term Investments - 6.19%** | **Short-Term Investments - 6.19%** | **Short-Term Investments - 6.19%** |
| 11184719 | Dreyfus Treasury Securities Cash Management, Institutional Shares, 3.580% (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$11184719 |
|  | **Total Short-Term Investments<br>(Cost $11,184,719)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11184719 |
|  | **Total Investment Portfolio - 100.10%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $123,567,105)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180992180 |
|  | **Other Assets less Liabilities - (0.10%) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173019) |
|  | **NET ASSETS - 100.00%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$180819161 |

---

---

| | |
|:---|:---|
| **Investor Class:** |  |
| Net assets applicable to 278,109 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5752041 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.68 |
| **Institutional Class:** |  |
| Net assets applicable to 8,017,124 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$172775881 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.55 |
| **Z Class:** |  |
| Net assets applicable to 105,709 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2291239 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.67 |

---

---

| | |
|:---|:---|
| Notes: | Notes: |
| (a) | Non-income producing security. |
| (b) | Rate disclosed represents 30-day yield at January 31, 2026. |
| † | U.S. issuer unless otherwise noted. |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Real Estate Value Fund

#### Portfolio of Investments

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks - 84.09%** | **Common Stocks - 84.09%** | **Common Stocks - 84.09%** |
|  | **Consulting/Management - 12.42%** | **Consulting/Management - 12.42%** |
| 135825 | CBRE Group, Inc., Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23135072 |
| 192920 | Fidelity National Financial, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10492919 |
| 31993 | Jones Lang LaSalle, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11450615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45078606 |
|  | **Forest Products & Paper - 2.26%** | **Forest Products & Paper - 2.26%** |
| 178085 | Rayonier, Inc., REIT <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049653 |
| 161405 | Weyerhaeuser Co., REIT <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210674 |
|  | **Hospitality - 1.98%** | **Hospitality - 1.98%** |
| 132551 | Accor S.A. (France) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7208278 |
|  | **Industrial Distribution - 1.53%** | **Industrial Distribution - 1.53%** |
| 19148 | WESCO International, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5542006 |
|  | **Industrial Services - 3.45%** | **Industrial Services - 3.45%** |
| 243939 | U-Haul Holding Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12516510 |
|  | **Non-U.S. Homebuilder - 3.50%** | **Non-U.S. Homebuilder - 3.50%** |
| 224850 | Berkeley Group Holdings PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12703764 |
|  | **Non-U.S. Real Estate Consulting/Management - 4.64%** | **Non-U.S. Real Estate Consulting/Management - 4.64%** |
| 34503 | FirstService Corp. (Canada) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356936 |
| 778251 | Savills PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11479835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16836771 |
|  | **Non-U.S. Real Estate Investment Trusts - 11.84%** | **Non-U.S. Real Estate Investment Trusts - 11.84%** |
| 890360 | Big Yellow Group PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12603763 |
| 1873362 | Ingenia Communities Group (Australia) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142398 |
| 2575021 | National Storage REIT (Australia) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934628 |
| 770423 | Segro PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8026711 |
| 1449846 | UNITE Group PLC (The) (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11276011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42983511 |
|  | **Non-U.S. Real Estate Operating Companies - 14.05%** | **Non-U.S. Real Estate Operating Companies - 14.05%** |
| 514653 | Brookfield Corp. (Canada) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23442444 |
| 2035326 | CK Asset Holdings, Ltd. (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11923223 |
| 114900 | Jardine Matheson Holdings, Ltd. (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8373673 |
| 2243392 | Wharf Holdings Ltd. (The) (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7248142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50987482 |
|  | **U.S. Homebuilder - 12.31%** | **U.S. Homebuilder - 12.31%** |
| 99956 | Champion Homes, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7834551 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Real Estate Value Fund

#### Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **U.S. Homebuilder (continued)** | **U.S. Homebuilder (continued)** |
| 73449 | DR Horton, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;$10932149 |
| 139102 | Lennar Corp., Class B <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14085468 |
| 94595 | PulteGroup, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11832889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44685057 |
|  | **U.S. Real Estate Investment Trusts - 11.76%** | **U.S. Real Estate Investment Trusts - 11.76%** |
| 261793 | American Homes 4 Rent, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199357 |
| 92239 | First Industrial Realty Trust, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352629 |
| 134259 | Prologis, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17528855 |
| 91072 | Sun Communities, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11605305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42686146 |
|  | **U.S. Real Estate Operating Companies - 4.35%** | **U.S. Real Estate Operating Companies - 4.35%** |
| 2960153 | Five Point Holdings, LLC, Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15718412 |
| 3475472 | TPHGreenwich Trust (a)(b)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 2100472 | Trinity Place Holdings, Inc. (a)(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15782687 |
|  | **Total Common Stocks<br>(Cost $228,466,147)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305221492 |
| **Preferred Stocks - 10.65%** | **Preferred Stocks - 10.65%** | **Preferred Stocks - 10.65%** |
|  | **Mortgage Finance - 10.65%** | **Mortgage Finance - 10.65%** |
| 1590101 | Federal Home Loan Mortgage Corp., 8.375% (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18938103 |
| 1521219 | Federal National Mortgage Association, 8.250% (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19730211 |
|  | **Total Preferred Stocks<br>(Cost $5,916,076)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38668314 |
| **Short-Term Investments - 4.59%** | **Short-Term Investments - 4.59%** | **Short-Term Investments - 4.59%** |
| 16671994 | Dreyfus Treasury Securities Cash Management, Institutional Shares, 3.580% (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16671994 |
|  | **Total Short-Term Investments<br>(Cost $16,671,994)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16671994 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Real Estate Value Fund

#### Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount‡** |  | **Security†** | **Value** |
| **Term Loans - 0.00%** | **Term Loans - 0.00%** | **Term Loans - 0.00%** | **Term Loans - 0.00%** |
|  |  | **Non-U.S. Real Estate Operating Companies - 0.00%** | **Non-U.S. Real Estate Operating Companies - 0.00%** |
| 47328 | EUR | Concrete Investment II, L.P. S.A.R.L., Term Loan, Tranche A2, 4.026% Cash or Payment-in-kind Interest, due 10/30/26 (Luxembourg)(b)(d)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
|  |  | **Total Term Loans<br>(Cost $49,456)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| **Purchased Options - 0.00%\*** | **Purchased Options - 0.00%\*** |
| **Total Purchased Options (see below for details)<br>(Cost $24,830)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| **Total Investment Portfolio - 99.33%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $251,128,503)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360561840 |
| **Other Assets less Liabilities - 0.67% <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432011 |
| **NET ASSETS - 100.00%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$362993851 |

---

---

| | |
|:---|:---|
| **Investor Class:** |  |
| Net assets applicable to 792,033 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$19670881 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.84 |
| **Institutional Class:** |  |
| Net assets applicable to 13,238,917 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$329952879 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.92 |
| **Z Class:** |  |
| Net assets applicable to 538,395 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$13370091 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.83 |

---

---

| | |
|:---|:---|
| Notes: | Notes: |
| (a) | Non-income producing security. |
| (b) | Security is fair valued by the Advisor in accordance with the policies established by the Board of Trustees. |
| (c) | Security subject to restrictions on resale.<br> At January 31, 2026, the restricted securities had a total market value of $64,275 or 0.02% of net assets. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;Issuer | &nbsp;&nbsp;&nbsp;Acquisition<br> Date | &nbsp;&nbsp;&nbsp;Cost | &nbsp;&nbsp;&nbsp;Market<br> Value<br> Per Unit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475472 | &nbsp;&nbsp;&nbsp;TPHGreenwich Trust | &nbsp;&nbsp;&nbsp;8/5/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100472 | &nbsp;&nbsp;&nbsp;Trinity Place Holdings, Inc. | &nbsp;&nbsp;&nbsp;10/2/13-6/11/19 | &nbsp;&nbsp;&nbsp;&nbsp;8185888 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue Real Estate Value Fund

#### Portfolio of Investments (concluded)

#### January 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Rate disclosed represents 30-day yield at January 31, 2026. |
| (f) | Payment-in-kind security. Income may be paid as additional securities or cash at the discretion of the issuer. |
| (g) | Variable rate security. The rate disclosed is in effect as of January 31, 2026. |
| † | U.S. issuer unless otherwise noted. |
| ‡ | Denominated in U.S. Dollars unless otherwise noted. |
| \* | Amount represents less than 0.01% of net assets. |

---

---

| |
|:---|
| <br> EUR: Euro. |
| REIT: Real Estate Investment Trust. |

---

**Purchased Options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value** |
| USD versus GBP, Call | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | 35000000 | &nbsp;&nbsp; $35000000 | &nbsp;&nbsp;1.21 USD | &nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40 |
| USD versus HKD, Call | &nbsp;&nbsp;JPMorgan Chase Bank, N.A. | 12000000 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;8.20 HKD | &nbsp;&nbsp;02/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Purchased Options<br> (Cost $24,830) | Total Purchased Options<br> (Cost $24,830) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40 |

---

---

| |
|:---|
| GBP: British Pound. |
| HKD: Hong Kong Dollar. |
| USD: United States Dollar. |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue International Real Estate Value Fund

#### Portfolio of Investments

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks - 93.53%** | **Common Stocks - 93.53%** | **Common Stocks - 93.53%** |
|  | **Non-U.S. Homebuilder - 4.78%** | **Non-U.S. Homebuilder - 4.78%** |
| 1739221 | Glenveagh Properties PLC (Ireland) (a)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4036585 |
|  | **Non-U.S. Real Estate Consulting/Management - 2.97%** | **Non-U.S. Real Estate Consulting/Management - 2.97%** |
| 169893 | Savills PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506060 |
|  | **Non-U.S. Real Estate Investment Trusts - 24.30%** | **Non-U.S. Real Estate Investment Trusts - 24.30%** |
| 294657 | Big Yellow Group PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171107 |
| 655216 | Helical PLC (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728668 |
| 1209968 | Ingenia Communities Group (Australia) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967255 |
| 194811 | Merlin Properties Socimi S.A. (Spain) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899413 |
| 85231 | Shurgard Self Storage, Ltd. (Luxembourg) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093696 |
| 207262 | UNITE Group PLC (The) (United Kingdom) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611956 |
| 107963 | Warehouses De Pauw CVA (Belgium) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20531297 |
|  | **Non-U.S. Real Estate Operating Companies - 61.48%** | **Non-U.S. Real Estate Operating Companies - 61.48%** |
| 4087800 | Amata Corp. PCL (Thailand) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030927 |
| 5503200 | Ayala Land, Inc. (Philippines) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984289 |
| 1225172 | Corp. Inmobiliaria Vesta S.A.B. de CV. (Mexico) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785021 |
| 182864 | CTP NV (Netherlands) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986564 |
| 5700200 | Genting Singapore, Ltd. (Singapore) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290997 |
| 488500 | Hongkong Land Holdings, Ltd. (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144863 |
| 1205589 | Lendlease Corp, Ltd. (Australia) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034520 |
| 538849 | LOG Commercial Properties e Participacoes S.A. (Brazil) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831063 |
| 503400 | Nomura Real Estate Holdings, Inc. (Japan) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345215 |
| 1037744 | StorageVault Canada, Inc. (Canada) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780127 |
| 288709 | Sun Hung Kai Properties, Ltd. (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4636347 |
| 3128745 | SUNeVision Holdings, Ltd. (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669374 |
| 2104587 | Swire Pacific, Ltd., Class B (Hong Kong) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418698 |
| 231419 | TAG Immobilien AG (Germany) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926105 |
| 400200 | Tosei Corp. (Japan) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51941159 |
|  | **Total Common Stocks<br>(Cost $64,802,076)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79015101 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Third Avenue International Real Estate Value Fund

#### Portfolio of Investments (concluded)

#### January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Short-Term Investments - 4.59%** | **Short-Term Investments - 4.59%** | **Short-Term Investments - 4.59%** |
| 3877141 | Dreyfus Treasury Securities Cash Management, Institutional Shares, 3.580% (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3877141 |
|  | **Total Short-Term Investments<br>(Cost $3,877,141)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877141 |
|  | **Total Investment Portfolio - 98.12%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,679,217)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82892242 |
|  | **Other Assets less Liabilities - 1.88% <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590325 |
|  | **NET ASSETS - 100.00%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$84482567 |

---

---

| | |
|:---|:---|
| **Institutional Class:** |  |
| Net assets applicable to 3,261,776 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$48083174 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.74 |
| **Z Class:** |  |
| Net assets applicable to 2,389,845 shares outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;$36399393 |
| Net asset value, offering and redemption price per share<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.23 |

---

---

| | |
|:---|:---|
| Notes: | 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. |
| (c) | Rate disclosed represents 30-day yield at January 31, 2026. |
| † | U.S. issuer unless otherwise noted. |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

#### Third Avenue Trust

------

#### Notes to the Quarterly Portfolio of Investments

#### January 31, 2026 (Unaudited)

#### Security valuation:
Third Avenue Trust (the "Trust"), an open end, management investment company organized as a Delaware business trust pursuant to a Trust Instrument dated October 31, 1996, 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"). 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 Net Asset Value ("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 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 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 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

------

#### Third Avenue Trust

------

#### Notes to the Quarterly Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)
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.

#### 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:

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;

------

#### Third Avenue Trust

------

#### Notes to the Quarterly Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)
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

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 is a Summary by Level of Inputs used to value the Funds' investments as of January 31, 2026:

------

#### Third Avenue Trust

------

#### Notes to the Quarterly Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)

#### Third Avenue Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total Value at<br> 1/31/26** | &nbsp;&nbsp;**Level 1<br> Quoted Prices** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs^** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automotive | &nbsp;&nbsp;&nbsp; $77429193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $77429193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57045648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57045648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Brokerages & Exchanges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9687263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9687263 | &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;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97539594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39764755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57774839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Capital Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57005227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57005227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Consumer Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17098585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17098585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Diversified Holding Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84443450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25153974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59289476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Energy - Refining & Marketing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31904730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31904730 | &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;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19021419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19021419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Materials/Diversified Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15304992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15304992 | &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;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14832947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14832947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; 113586890 | &nbsp;&nbsp;&nbsp;&nbsp; 113586890 | &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;Non-U.S. Real Estate Operating Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19050049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19050049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Oil & Gas Production & Services | &nbsp;&nbsp;&nbsp;&nbsp; 125840231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72027237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53812994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Transportation & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76374973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30234714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46140259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;816165191 | &nbsp;&nbsp;&nbsp;&nbsp;337664555 | &nbsp;&nbsp;&nbsp;&nbsp;478500636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Short-Term Investments:** | &nbsp;&nbsp;&nbsp;&nbsp; 114970155 | &nbsp;&nbsp;&nbsp;&nbsp; 114970155 | &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;**Total Short-Term Investments** | &nbsp;&nbsp;&nbsp;&nbsp;114970155 | &nbsp;&nbsp;&nbsp;&nbsp;114970155 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total Value of Investments** | &nbsp;&nbsp;**$931135346** | &nbsp;&nbsp;**$452634710** | &nbsp;&nbsp;**$478500636** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

------

#### Third Avenue Trust

------

#### Notes to the Quarterly Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)

#### Third Avenue Small-Cap Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total Value at<br> 1/31/26** | &nbsp;&nbsp;**Level 1<br> Quoted Prices** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs^** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Banks & Thrifts | &nbsp;&nbsp;&nbsp; $27206760 | &nbsp;&nbsp;&nbsp; $27206760 | &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;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8585542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8585542 | &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;Consulting & Information Technology Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4919870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4919870 | &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;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8264762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8264762 | &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;Energy - Refining & Marketing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4384933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4384933 | &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;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9421426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9421426 | &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;Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18432470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18432470 | &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;Home Building | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5186425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5186425 | &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;Industrial Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4689198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4689198 | &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;Industrial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14648707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14648707 | &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;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3962781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3962781 | &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;Insurance & Reinsurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18691914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18691914 | &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;Materials/Diversified Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9782958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9782958 | &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;Metals Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7057762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7057762 | &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;Oil & Gas Production & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11593389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11593389 | &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.S. Real Estate Operating Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7674159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7674159 | &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;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;164503056 | &nbsp;&nbsp;&nbsp;&nbsp;164503056 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Closed-End Funds:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304405 | &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;**Total Closed-End Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304405 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Short-Term Investments:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11184719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11184719 | &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;**Total Short-Term Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11184719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11184719 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total Value of Investments** | &nbsp;&nbsp;**$180992180** | &nbsp;&nbsp;**$180992180** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

------

#### Third Avenue Trust

------

#### Notes to the Quarterly Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)

#### Third Avenue Real Estate Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total Value at<br> 1/31/26** | &nbsp;&nbsp;**Level 1<br> Quoted Prices** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs^** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consulting/Management | &nbsp;&nbsp;&nbsp; $45078606 | &nbsp;&nbsp;&nbsp; $45078606 | &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;Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8210674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8210674 | &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;Hospitality | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7208278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7208278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Industrial Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5542006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5542006 | &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;Industrial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12516510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12516510 | &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;Non-U.S. Homebuilder | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12703764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12703764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Non-U.S. Real Estate Consulting/Management | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16836771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16836771 | &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;Non-U.S. Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42983511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42983511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Non-U.S. Real Estate Operating Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50987482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30690586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20296896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;U.S. Homebuilder | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44685057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44685057 | &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.S. Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42686146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42686146 | &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.S. Real Estate Operating Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15782687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15782687 | &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; —<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;305221492 | &nbsp;&nbsp;&nbsp;&nbsp;222029043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83192449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>\*</sup> |
| **Preferred Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38668314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38668314 | &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;**Total Preferred Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38668314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38668314 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Short-Term Investments:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16671994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16671994 | &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;**Total Short-Term Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16671994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16671994 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Term Loans:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. Real Estate Operating Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>\*</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;**Total Term Loans** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>\*</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>\*</sup> |
| **Purchased Options:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &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; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;**Total Purchased Options** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total Value of Investments** | &nbsp;&nbsp;**$360561840** | &nbsp;&nbsp;**$277369351** | &nbsp;&nbsp;&nbsp;**$83192489** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—<sup>\*</sup>** |

---

------

#### Third Avenue Trust

------

#### Notes to the Quarterly Portfolio of Investments (continued)

#### January 31, 2026 (Unaudited)

#### Third Avenue International Real Estate Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total Value at<br> 1/31/26** | &nbsp;&nbsp;**Level 1<br> Quoted Prices** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs^** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. Homebuilder | &nbsp;&nbsp;&nbsp;&nbsp; $4036585 | &nbsp;&nbsp;&nbsp;&nbsp; $4036585 | &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;Non-U.S. Real Estate Consulting/Management | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2506060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2506060 | &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;Non-U.S. Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20531297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20531297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Non-U.S. Real Estate Operating Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51941159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15845836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36095323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79015101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22388481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56626620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Short-Term Investments:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3877141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3877141 | &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;**Total Short-Term Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3877141 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total Value of Investments** | &nbsp;&nbsp;&nbsp;**$82892242** | &nbsp;&nbsp;&nbsp;**$26265622** | &nbsp;&nbsp;&nbsp;**$56626620** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

---

| | |
|:---|:---|
| <sup>^</sup> | 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. |
| <sup>\*</sup> | Investments fair valued at $0. |

---

For fair valuations using significant unobservable inputs, U.S. GAAP requires 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.

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

------

#### Third Avenue Trust

------

#### Notes to the Quarterly Portfolio of Investments (concluded)

#### January 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Information about Level 3 Fair Value Measurements** | **Information about Level 3 Fair Value Measurements** |
| Third Avenue Real Estate Value Fund | &nbsp;&nbsp;Fair Value at<br> 1/31/26 |
| Other (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$-\* |

---

(a) Includes investment 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.

#### Investment in affiliates:
A summary of the Funds' transactions in securities of affiliated issuers for the period ended January 31, 2026 is set forth below:

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Third Avenue Value Fund** | **Third Avenue Value Fund** | **Third Avenue Value Fund** |  |  |  |  |  |  |
| **Name of Issuer:** | **Shares Held at<br> Jan. 31, 2026** | **Value at<br> Oct. 31, 2025** | **Purchases<br> at Cost** | **Proceeds from<br> Sales** | **Net Realized<br> Gain/(Loss)** | **Net Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Value at<br> Jan. 31, 2026** | **Investment<br> Income** |
| S4 Capital PLC | 41051524 | &nbsp;&nbsp;&nbsp;&nbsp; $12700371 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2132576 | &nbsp;&nbsp;&nbsp;&nbsp; $14832947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Total Affiliates** |  | &nbsp;&nbsp;&nbsp;&nbsp;$12700371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2132576 | &nbsp;&nbsp;&nbsp;&nbsp;$14832947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-08039

- **c. CIK number of Registrant:** 0001031661

- **d. LEI of Registrant:** 549300NKE5HKXV94KS04

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

  - **Street Address 1:** 6 GRAND CENTRAL, 666 3RD AVE

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** Third Avenue Real Estate Value Fund

- **b. EDGAR series identifier (if any):** S000001466

- **c. LEI of Series:** ZC82Q2I2QTR7Q6IBYW55

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $363493029.36

**Total Liabilities:** $414449.36

**Net Assets:** $363078580.00

**Cash Not Reported:** $2200318.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003887 | 2.07%                | -2.39%               | 1.06%                |
| Class ID C000085636 | 2.08%                | -2.43%               | 1.06%                |
| Class ID C000199336 | 2.07%                | -2.39%               | 1.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2242652.40              | $5513665.41                                |
| Month 2  | $3612543.02              | $-13371994.19                              |
| Month 3  | $1229154.58              | $2589595.13                                |

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | USD CALL VERSUS GBP PUT                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |  35000000 | NC      | $40.25        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TPHGREENWICH TRUST                          | TPHGREENWICH TRUST                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3475472 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WESCO International Inc                     | WESCO International Inc                     | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     19148 | NS      | $5542005.64   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                       | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    261793 | NS      | $8199356.76   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage REIT                       | National Storage REIT                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   2575021 | NS      | $4934627.99   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Trinity Place Holdings Inc                  | Trinity Place Holdings Inc                  | CUSIP: 89656D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2100472 | NS      | $64274.44     | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Rayonier Inc                                | Rayonier Inc                                | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    178085 | NS      | $4049652.90   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In              | Fidelity National Financial Inc             | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    192920 | NS      | $10492918.80  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                           | U-Haul Holding Co                           | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    243939 | NS      | $12516510.09  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Asset Holdings Ltd                       | CK Asset Holdings Ltd                       | CUSIP: 000000000<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |   2035326 | NS      | $11923222.96  | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Ingenia Communities Group                   | Ingenia Communities Group                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1873362 | NS      | $6142397.94   | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | USD CALL VERSUS HKD PUT                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |  12000000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |  16434669 | NS      | $16434668.99  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Savills PLC                                 | Savills PLC                                 | CUSIP: 000000000<br>LEI: 213800WXICGMBWHTA933 | Long             | EC               | CORP              | GB        |    778251 | NS      | $11479834.97  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                        | Big Yellow Group PLC                        | CUSIP: 000000000<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               | CORP              | GB        |    890360 | NS      | $12603762.68  | 3.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Jones Lang LaSalle Inc                      | Jones Lang LaSalle Inc                      | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     31993 | NS      | $11450614.63  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust               | First Industrial Realty Trust Inc           | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92239 | NS      | $5352629.17   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                          | Champion Homes Inc                          | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99956 | NS      | $7834551.28   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                           | FirstService Corp                           | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     34503 | NS      | $5356935.78   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                               | DR Horton Inc                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     73449 | NS      | $10932149.16  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Point Holdings LLC                     | Five Point Holdings LLC                     | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2960153 | NS      | $15718412.43  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkeley Group Holdings PLC                 | Berkeley Group Holdings PLC                 | CUSIP: 000000000<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |    224850 | NS      | $12703764.25  | 3.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf Holdings Ltd/The                      | Wharf Holdings Ltd/The                      | CUSIP: 000000000<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |   2243392 | NS      | $7248142.51   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                              | PulteGroup Inc                              | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94595 | NS      | $11832888.55  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FANNIE MAE                                  | Federal National Mortgage Association       | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |   1521219 | NS      | $19730210.43  | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                   | Segro PLC                                   | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    770423 | NS      | $8026711.52   | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Communities Inc                         | Sun Communities Inc                         | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     91072 | NS      | $11605304.96  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                | Prologis Inc                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    134259 | NS      | $17528855.04  | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                             | Weyerhaeuser Co                             | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    161405 | NS      | $4161020.90   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                 | Lennar Corp                                 | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    139102 | NS      | $14085468.52  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                         | UNITE Group PLC/The                         | CUSIP: 000000000<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |   1449846 | NS      | $11276010.98  | 3.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group Inc                              | CBRE Group Inc                              | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    135825 | NS      | $23135072.25  | 6.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                             | Brookfield Corp                             | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    514653 | NS      | $23442444.15  | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CONCRETE INVEST II TERM LOAN TRAN A2        | CONCRETE INVEST II TERM LOAN TRAN A2        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | DE        |     47328 | PA      | $0.00         | 0.00%             | 2026-10-30      | Floating      | 4.03%                 | No            |                  3 | On Loan: No      |
| FREDDIE MAC                                 | Federal Home Loan Mortgage Corp             | CUSIP: 313400624<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |   1590101 | NS      | $18938102.91  | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                                    | Accor SA                                    | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |    132551 | NS      | $7208277.94   | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd               | Jardine Matheson Holdings Ltd               | CUSIP: 000000000<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | HK        |    114900 | NS      | $8373672.78   | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** Third Avenue Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer