# EDGAR Filing Document

**Accession Number:** 0001031661
**File Stem:** 0000940400-25-014710
**Filing Date:** 2025-12
**Character Count:** 15520
**Document Hash:** f38d23e71d09f691c837d9a1aaae70f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014710.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014710

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**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:** 251600323

**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 VALUE FUND (Series ID: S000001464)

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

## 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:** 675 Third Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

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

- **b. EDGAR series identifier (if any):** S000001464

- **c. LEI of Series:** 6GG153EV53G071KLNA79

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $828333706.03

**Total Liabilities:** $8500280.50

**Net Assets:** $819833425.53

**Cash Not Reported:** $6054917.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003885 | 8.56%                | 3.09%                | 0.74%                |
| Class ID C000085634 | 8.54%                | 3.07%                | 0.74%                |
| Class ID C000199334 | 8.57%                | 3.09%                | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3967686.49              | $56815870.34                               |
| Month 2  | $5901553.97              | $18257265.46                               |
| Month 3  | $2314252.08              | $3444399.90                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Harbour Energy PLC                          | Harbour Energy PLC                          | CUSIP: 000000000<br>LEI: 213800YPC42DYBKVPF97 | Long             | EC               | CORP              | GB        |   7821064 | NS      | $23150307.86  | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| PALTAC Corp                                 | PALTAC Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    701700 | NS      | $20694877.37  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Close Brothers Group PLC                    | Close Brothers Group PLC                    | CUSIP: 000000000<br>LEI: 213800W73SYHR14I3X91 | Long             | EC               | CORP              | GB        |   3586462 | NS      | $19783425.05  | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Warrior Met Coal Inc                        | Warrior Met Coal Inc                        | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |    562715 | NS      | $38174585.60  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                                 | Valaris Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    514424 | NS      | $28869474.88  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeol Ltd                                    | Jeol Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    594200 | NS      | $19969393.32  | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Rogers Corp                                 | Rogers Corp                                 | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |    157394 | NS      | $13778270.76  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC                   | Bank of Ireland Group PLC                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |   2609927 | NS      | $42732266.09  | 5.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |  45927659 | NS      | $45927658.93  | 5.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduit Holdings Ltd                        | Conduit Holdings Ltd                        | CUSIP: 000000000<br>LEI: 21380085AE62D1BXSF19 | Long             | EC               | CORP              | BM        |   3474876 | NS      | $15476234.96  | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Boise Cascade Co                            | Boise Cascade Co                            | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |    271872 | NS      | $19164257.28  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| easyJet PLC                                 | easyJet PLC                                 | CUSIP: 000000000<br>LEI: 2138001S47XKWIB7TH90 | Long             | EC               | CORP              | GB        |   3228199 | NS      | $20553296.61  | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Interfor Corp                               | Interfor Corp                               | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |   1317175 | NS      | $7428508.25   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                 | Bayerische Motoren Werke AG                 | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |    390148 | NS      | $36379291.92  | 4.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Comerica Inc                                | Comerica Inc                                | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |    141356 | NS      | $10813734.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Jardine Cycle & Carriage Ltd                | Jardine Cycle & Carriage Ltd                | CUSIP: 000000000<br>LEI: 254900WEP6OCEXFWML09 | Long             | EC               | CORP              | SG        |   1019500 | NS      | $25456492.82  | 3.11%             |  |  |  | No            |                  2 | On Loan: No      |
| S4 Capital PLC                              | S4 Capital PLC                              | CUSIP: 000000000<br>LEI: 21380068SP9V65KPQN68 | Long             | EC               | CORP              | GB        |  41051524 | NS      | $12700370.66  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ayala Corp                                  | Ayala Corp                                  | CUSIP: 000000000<br>LEI: 254900QJ68UH8GKNGI69 | Long             | EC               | CORP              | PH        |    927620 | NS      | $7376825.15   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Sud Americana de Vapores S              | Cia Sud Americana de Vapores SA             | CUSIP: 000000000<br>LEI: 549300F26ZOE5LM26551 | Long             | EC               | CORP              | CL        | 279431968 | NS      | $13904152.88  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Buzzi SpA                                   | Buzzi SpA                                   | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |    559942 | NS      | $33732691.01  | 4.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Horiba Ltd                                  | Horiba Ltd                                  | CUSIP: 000000000<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |    336100 | NS      | $31226436.12  | 3.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                        | Capstone Copper Corp                        | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |   6188203 | NS      | $55239600.41  | 6.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultrapar Participacoes SA                   | Ultrapar Participacoes SA                   | CUSIP: 000000000<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |   6626149 | NS      | $26406311.32  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                               | Tidewater Inc                               | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |    677381 | NS      | $34268704.79  | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                                 | Subsea 7 SA                                 | CUSIP: 000000000<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | GB        |    973870 | NS      | $17786122.03  | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Bolsa Mexicana de Valores SAB               | Bolsa Mexicana de Valores SAB de CV         | CUSIP: 000000000<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |   4828711 | NS      | $9205960.85   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiheiyo Cement Corp                        | Taiheiyo Cement Corp                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    942600 | NS      | $25574148.87  | 3.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Genting Singapore Ltd                       | Genting Singapore Ltd                       | CUSIP: 000000000<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |  30659900 | NS      | $17186386.22  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp                                 | Subaru Corp                                 | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |   1697700 | NS      | $36115386.61  | 4.41%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd                   | CK Hutchison Holdings Ltd                   | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | HK        |   4199382 | NS      | $27848097.80  | 3.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                            | Deutsche Bank AG                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |    413677 | NS      | $14797226.29  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Misto Holdings Corp                         | Misto Holdings Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    525088 | NS      | $13543904.97  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Quinenco SA                                 | Quinenco SA                                 | CUSIP: 000000000<br>LEI: 2549000T5LJBJNWU8390 | Long             | EC               | CORP              | CL        |   3318103 | NS      | $15172695.27  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                          | Lundin Mining Corp                          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   2239676 | NS      | $36025161.71  | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**Name of Applicant:** Third Avenue Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer