# EDGAR Filing Document

**Accession Number:** 0001031661
**File Stem:** 0001752724-23-067818
**Filing Date:** 2023-3
**Character Count:** 62227
**Document Hash:** 8f015e53000eafc27554314ddc88b120
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067818.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067818

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08039
- **FILM NUMBER:** 23763980

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

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

## Series and Classes Contracts Data

### THIRD AVENUE 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

**Third Avenue Trust** 

------

**Third Avenue Value Fund** 

**Portfolio of Investments** 

**at January 31, 2023 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks - 87.33%** | **Common Stocks - 87.33%** | **Common Stocks - 87.33%** |
|  | **Aerospace & Defense - 1.91%** |  |
| 93059 | Dassault Aviation S.A. (France) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15891068 |
|  | **Automotive - 7.57%** |  |
| 356708 | Bayerische Motoren Werke AG (Germany) | 36335953 |
| 279022 | Daimler Truck Holding AG (Germany) (a) | 9376153 |
| 230772 | Mercedes-Benz Group AG (Germany) | 17172212 |
|  |  | 62884318 |
|  | **Banks - 11.50%** |  |
| 3793879 | Bank of Ireland Group PLC (Ireland) | 40533202 |
| 261742 | Comerica, Inc. | 19188306 |
| 2686268 | Deutsche Bank AG (Germany) | 35850183 |
|  |  | 95571691 |
|  | **Building Products - 4.24%** |  |
| 959503 | Buzzi Unicem SpA (Italy) | 21606255 |
| 790300 | Taiheiyo Cement Corp. (Japan) | 13619564 |
|  |  | 35225819 |
|  | **Consumer Products - 1.81%** |  |
| 475470 | Fila Holdings Corp. (South Korea) | 15017712 |
|  | **Diversified Holding Companies - 6.97%** |  |
| 4171335 | CK Hutchison Holdings, Ltd. (Cayman Islands) | 26546175 |
| 893800 | Jardine Cycle & Carriage, Ltd. (Singapore) | 19815226 |
| 3318103 | Quinenco S.A. (Chile) | 11544417 |
|  |  | 57905818 |
|  | **Energy - Refining & Marketing - 2.23%** |  |
| 7137069 | Ultrapar Participacoes S.A. (Brazil) | 18558657 |
|  | **Financial Services - 4.49%** |  |
| 6121660 | Ashmore Group PLC (United Kingdom) | 20163262 |
| 427545 | Lazard, Ltd., Class A (Bermuda) | 17136004 |
|  |  | 37299266 |
|  | **Forest Products & Paper - 2.03%** |  |
| 842646 | Interfor Corp. (Canada) (a) | 16852287 |
|  | **Insurance - 2.28%** |  |
| 716482 | Old Republic International Corp. | 18907960 |
|  | **Media - 4.53%** |  |
| 13942680 | S4 Capital PLC (United Kingdom) (a) | 37664033 |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
|  | **Metals & Mining - 13.55%** |  |
| 9666121 | Capstone Copper Corp. (Canada) (a) | $47438856 |
| 2911832 | Lundin Mining Corp. (Canada) | 22037615 |
| 1137712 | Warrior Met Coal, Inc. | 43096530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112573001 |
|  | **Non-U.S. Real Estate Operating Companies - 1.60%** |  |
| 17593700 | Genting Singapore, Ltd. (Singapore) | 13324757 |
|  | **Oil & Gas Production & Services - 12.42%** |  |
| 2535141 | Subsea 7, S.A. (Luxembourg) | 31593133 |
| 1198143 | Tidewater, Inc. (a) | 51999406 |
| 269073 | Valaris, Ltd. (Bermuda) (a) | 19545463 |
|  |  | 103138002 |
|  | **Retail - 1.94%** |  |
| 341000 | Seven & i Holdings Co., Ltd. (Japan) | 16099604 |
|  | **Transportation & Logistics - 1.62%** |  |
| 154880003 | Cia Sud Americana de Vapores S.A. (Chile) | 13442368 |
|  | **Transportation Infrastructure - 6.39%** |  |
| 4579913 | easyJet PLC (United Kingdom) (a) | 27898967 |
| 1187211 | Hawaiian Holdings, Inc. (a) | 14626439 |
| 51170627 | Hutchison Port Holdings Trust (Singapore) | 10528510 |
|  |  | 53053916 |
|  | **U.S. Real Estate Operating Companies - 0.25%** |  |
| 809660 | Five Point Holdings, LLC, Class A (a) | 2088923 |
|  | **Total Common Stocks**<br> (Cost $506,393,157) | 725499200 |
| **Purchased Options - 0.70%** | **Purchased Options - 0.70%** |  |
|  | **Total Purchased Options (see below for details)**<br> (Cost $6,268,500) | 5845452 |
|  | **Total Investment Portfolio - 88.03%**<br> (Cost $512,661,657) | 731344652 |
|  | **Other Assets less Liabilities - 11.97%** | 99423758 |
|  | **NET ASSETS - 100.00%** | $830768410 |
|  | **Investor Class:** |  |
|  | Net assets applicable to $930,081 shares outstanding | $59468299 |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

---

| | |
|:---|:---|
|  Net asset value, offering and redemption price per share | $63.94 |
|  **Institutional Class:** |  |
|  Net assets applicable to $12,068,356 shares outstanding | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767907280 |
|  Net asset value, offering and redemption price per share | $63.63 |
|  **Z Class:** |  |
|  Net assets applicable to $53,349 shares outstanding | $3392831 |
|  Net asset value, offering and redemption price per share | $63.60 |

---

Notes:

(a) Non-income producing security.

† U.S. issuer unless otherwise noted.

---

| | |
|:---|:---|
| Summary of Investments by Sector | % of<br> Net Assets |
|  Metals & Mining | 13.55% |
|  Oil & Gas Production & Services | 12.42 |
|  Banks | 11.50 |
|  Automotive | 7.57 |
|  Diversified Holding Companies | 6.97 |
|  Transportation Infrastructure | 6.39 |
|  Media | 4.53 |
|  Financial Services | 4.49 |
|  Building Products | 4.24 |
|  Insurance | 2.28 |
|  Energy - Refining & Marketing | 2.23 |
|  Forest Products & Paper | 2.03 |
|  Retail | 1.94 |
|  Aerospace & Defense | 1.91 |
|  Consumer Products | 1.81 |
|  Transportation & Logistics | 1.62 |
|  Non-U.S. Real Estate Operating Companies | 1.60 |
|  U.S. Real Estate Operating Companies | 0.25 |
|  Purchased Options | 0.70 |
|  Other Assets less Liabilities | 11.97 |
|  Total | 100.00% |

---

---

| | |
|:---|:---|
| Country Concentration | % of<br> Net Assets |
|  United States | 18.75% |
|  Germany | 11.88 |
|  Canada | 10.39 |
|  United Kingdom | 10.32 |
|  Singapore | 5.26 |
|  Ireland | 4.88 |
|  Bermuda | 4.41 |
|  Luxembourg | 3.80 |
|  Japan | 3.58 |
|  Cayman Islands | 3.20 |
|  Chile | 3.01 |
|  Italy | 2.60 |
|  Brazil | 2.23 |
|  France | 1.91 |
|  South Korea | 1.81 |
|  Total | 88.03% |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

**Purchased Options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value** |
| SPDR S&P 500 ETF Trust | Goldman Sachs & Co. | 4500 | $182916005 | 380.00 USD | 09/15/23 | $5845452 |
| Total Purchased Options<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,268,500) | Total Purchased Options<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,268,500) |  |  |  |  | $5845452 |

---

ETF: Exchange Traded Fund.

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund** 

**Portfolio of Investments** 

**at January 31, 2023 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks - 91.21%** | **Common Stocks - 91.21%** |  |
|  | **Bank & Thrifts - 20.37%** |  |
| 101965 | Prosperity Bancshares, Inc. | $7735065 |
| 209426 | Southside Bancshares, Inc. | 7933057 |
| 128608 | UMB Financial Corp. | 11599156 |
| 182346 | Washington Trust Bancorp, Inc. | 7798938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35066216 |
|  | **Commercial Services - 2.47%** |  |
| 81238 | Madison Square Garden Entertainment Corp. (a) | 4247935 |
|  | **Conglomerates - 5.30%** |  |
| 2329 | Seaboard Corp. | 9130844 |
|  | **Consulting & Information Technology Services - 3.77%** |  |
| 63520 | ICF International, Inc. | 6491109 |
|  | **Consumer Discretionary - 7.83%** |  |
| 568084 | Hamilton Beach Brands Holding Co., Class A (b) | 7356688 |
| 174128 | Liberty Media Corp.-Liberty Braves, Class A (a) | 6117116 |
|  |  | 13473804 |
|  | **Financials - 7.27%** |  |
| 119531 | Encore Capital Group, Inc. (a) | 6660267 |
| 2690179 | Westaim Corp. (The) (Canada) (a) | 5863379 |
|  |  | 12523646 |
|  | **Healthcare - 0.06%** |  |
| 2460 | Supernus Pharmaceuticals, Inc. (a) | 100885 |
|  | **Home Building - 4.22%** |  |
| 329062 | TRI Pointe Homes, Inc. (a) | 7268980 |
|  | **Industrial Equipment - 2.90%** |  |
| 31880 | Alamo Group, Inc. | 4988264 |
|  | **Industrial Services - 12.35%** |  |
| 28902 | Comfort Systems USA, Inc. | 3498298 |
| 32597 | EMCOR Group, Inc. | 4832505 |
| 100862 | MYR Group, Inc. (a) | 9991390 |
| 14863 | UniFirst Corp. | 2949414 |
|  |  | 21271607 |
|  | **Insurance & Reinsurance - 4.84%** |  |
| 429762 | ProAssurance Corp. | 8333085 |
|  | **Materials - 2.21%** |  |
| 40292 | Chase Corp. | 3802759 |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
|  | **Metals Manufacturing - 3.27%** |  |
| 64315 | Kaiser Aluminum Corp. | $5628849 |
|  | **Oil & Gas Production & Services - 7.74%** |  |
| 307203 | Tidewater, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13332610 |
|  | **Real Estate - 4.12%** |  |
| 126222 | FRP Holdings, Inc. (a) | 7089890 |
|  | **U.S. Real Estate Investment Trusts - 2.09%** |  |
| 144881 | InvenTrust Properties Corp. | 3603190 |
|  | **U.S. Real Estate Operating Companies - 0.40%** |  |
| 269797 | Five Point Holdings, LLC, Class A (a) | 696076 |
|  | **Total Common Stocks**<br> (Cost $98,156,050) | 157049749 |
| **Closed-End Fund - 2.29%** | **Closed-End Fund - 2.29%** |  |
|  | **Financials - 2.29%** |  |
| 111210 | Central Securities Corp. | 3942395 |
|  | **Total Closed-End Fund**<br> (Cost $3,007,112) | 3942395 |
|  | **Total Investment Portfolio - 93.50%**<br> (Cost $101,163,162) | 160992144 |
|  | **Other Assets less Liabilities - 6.50%** | 11195038 |
|  | **NET ASSETS - 100.00%** | $172187182 |
|  | **Investor Class:** |  |
|  | Net assets applicable to 150,464 shares outstanding | $2971176 |
|  | Net asset value, offering and redemption price per share | $19.75 |
|  | **Institutional Class:** |  |
|  | Net assets applicable to 8,280,730 shares outstanding | $168507955 |
|  | Net asset value, offering and redemption price per share | $20.35 |
|  | **Z Class:** |  |
|  | Net assets applicable to 34,672 shares outstanding | $708051 |
|  | Net asset value, offering and redemption price per share | $20.42 |

---

Notes:

(a) Non-income producing security.

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

† U.S. issuer unless otherwise noted.

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Small-Cap Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

---

| | |
|:---|:---|
| Summary of Investments by Sector | % of<br> Net Assets |
|  Bank & Thrifts | 20.37% |
|  Industrial Services | 12.35 |
|  Financials | 9.56 |
|  Consumer Discretionary | 7.83 |
|  Oil & Gas Production & Services | 7.74 |
|  Conglomerates | 5.30 |
|  Insurance & Reinsurance | 4.84 |
|  Home Building | 4.22 |
|  Real Estate | 4.12 |
|  Consulting & Information Technology Services | 3.77 |
|  Metals Manufacturing | 3.27 |
|  Industrial Equipment | 2.90 |
|  Commercial Services | 2.47 |
|  Materials | 2.21 |
|  U.S. Real Estate Investment Trusts | 2.09 |
|  U.S. Real Estate Operating Companies | 0.40 |
|  Healthcare | 0.06 |
|  Other Assets less Liabilities | 6.50 |
|  Total | 100.00% |

---

---

| | |
|:---|:---|
| Country Concentration | % of<br> Net Assets |
|  United States | 90.09% |
|  Canada | 3.41 |
|  Total | 93.50% |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio of Investments** 

**at January 31, 2023 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount‡**  | | **Security†** | **Value** |
| **Corporate Bonds - 0.18%** | **Corporate Bonds - 0.18%** | **Corporate Bonds - 0.18%** |  |
|  |  | **U.S. Real Estate Operating Companies - 0.18%** |  |
| 643000 |  | Five Point Operating Co. LP / Five Point Capital Corp., 7.875%, due 11/15/25 (a) | $578769 |
|  |  | **Total Corporate Bonds**<br> (Cost $524,097) | 578769 |
| **Term Loans - 0.00%** | **Term Loans - 0.00%** | **Term Loans - 0.00%** |  |
|  |  | **Non-U.S. Real Estate Operating Companies - 0.00%** |  |
| 40611 | <sup>EUR</sup> | Concrete Investment II, L.P. S.A.R.L., Term Loan, Tranche A2, 4.492% Cash or Payment-in-kind Interest, due 10/31/23 (Luxembourg)(b)(c)(d)(e) |  |
|  |  | **Total Term Loans**<br> (Cost $49,456) |  |
| **Shares** |  |  |  |
| **Common Stocks - 94.64%** | **Common Stocks - 94.64%** | **Common Stocks - 94.64%** |  |
|  |  | **Consulting/Management - 6.95%** |  |
| 172613 |  | CBRE Group, Inc., Class A (f) | 14760138 |
| 170174 |  | Fidelity National Financial, Inc. | 7492761 |
|  |  |  | 22252899 |
|  |  | **Forest Products & Paper - 9.80%** |  |
| 425012 |  | Rayonier, Inc., REIT | 15466187 |
| 461937 |  | Weyerhaeuser Co., REIT | 15904491 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31370678 |
|  |  | **Industrial Services - 5.77%** |  |
| 298620 |  | U-Haul Holding Co. | 18451730 |
|  |  | **Non-U.S. Homebuilder - 4.11%** |  |
| 256533 |  | Berkeley Group Holdings PLC (United Kingdom) | 13136463 |
|  |  | **Non-U.S. Real Estate Consulting/Management - 3.50%** |  |
| 124499 |  | Brookfield Asset Management, Ltd. (Canada) (f) | 4064892 |
| 593763 |  | Savills PLC (United Kingdom) | 7143312 |
|  |  |  | 11208204 |
|  |  | **Non-U.S. Real Estate Investment Trusts - 9.26%** |  |
| 637245 |  | Big Yellow Group PLC (United Kingdom) | 9504641 |
| 4672496 |  | National Storage REIT (Australia) | 7689707 |
| 1207249 |  | Segro PLC (United Kingdom) | 12426943 |
|  |  |  | 29621291 |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
|  | **Non-U.S. Real Estate Operating Companies - 17.14%** |  |
| 497999 | Brookfield Corp. (Canada) | $18525563 |
| 2448923 | CK Asset Holdings, Ltd. (Cayman Islands) | 15657215 |
| 2794015 | Grainger PLC (United Kingdom) | 8942185 |
| 4505776 | Wharf Holdings Ltd. (The) (Hong Kong) | 11738146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54863109 |
|  | **Retail-Building Products - 3.83%** |  |
| 58863 | Lowe's Cos., Inc. | 12258220 |
|  | **U.S. Homebuilder - 13.08%** |  |
| 201245 | DR Horton, Inc. | 19860869 |
| 254738 | Lennar Corp., Class B | 21999174 |
|  |  | 41860043 |
|  | **U.S. Real Estate Investment Trusts - 16.81%** |  |
| 386061 | American Homes 4 Rent, Class A | 13238032 |
| 150626 | First Industrial Realty Trust, Inc. | 8035897 |
| 472618 | InvenTrust Properties Corp. | 11754009 |
| 160699 | Prologis, Inc. | 20775167 |
|  |  | 53803105 |
|  | **U.S. Real Estate Operating Companies - 4.39%** |  |
| 3310153 | Five Point Holdings, LLC, Class A (f) | 8540195 |
| 57455 | Stratus Properties, Inc. | 1265159 |
| 4909472 | Trinity Place Holdings, Inc. (f)(g)(h) | 4225833 |
| 1 | Trinity Place Holdings, Inc. Special Stock (b)(e)(f)(g)(h) |  |
|  |  | 14031187 |
|  | **Total Common Stocks**<br> (Cost $233,522,720) | 302856929 |
| **Preferred Stocks - 3.35%** | **Preferred Stocks - 3.35%** |  |
|  | **Mortgage Finance - 2.90%** |  |
| 2361500 | Federal Home Loan Mortgage Corp., 8.375% (f) | 4770230 |
| 2037550 | Federal National Mortgage Association, 8.250% (f) | 4523361 |
|  |  | 9293591 |
|  | **U.S. Real Estate Investment Trusts - 0.45%** |  |
| 100675 | Diversified Healthcare Trust, 6.250% | 1438646 |
|  | **Total Preferred Stocks**<br> (Cost $9,697,585) | 10732237 |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

---

| | |
|:---|:---|
| | **Value** |
| **Purchased Options - 0.00%** |  |
| **Total Purchased Options (see below for details)**<br> (Cost $60,000) | $— |
| **Total Investment Portfolio - 98.17%**<br> (Cost $243,853,858) | 314167935 |
| **Other Assets less Liabilities - 1.83%** | 5840951 |
| **NET ASSETS - 100.00%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320008886 |
| **Investor Class:** |  |
| Net assets applicable to 1,139,628 shares outstanding | $23147917 |
| Net asset value, offering and redemption price per share | $20.31 |
| **Institutional Class:** |  |
| Net assets applicable to 13,831,269 shares outstanding | $281790364 |
| Net asset value, offering and redemption price per share | $20.37 |
| **Z Class:** |  |
| Net assets applicable to 741,679 shares outstanding | $15070605 |
| Net asset value, offering and redemption price per share | $20.32 |

---

Notes:

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

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

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

(d) Variable rate security. The rate disclosed is in effect as of January 31, 2023.

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

(f) Non-income producing security.

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

(h) Security subject to restrictions on resale.

At January 31, 2023, the restricted securities had a total market value of $4,225,833 or 1.32% of net assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Shares  | Issuer | Acquisition<br>Date | Cost | Market<br>Value<br>Per Unit |
| 4909472 | Trinity Place Holdings, Inc. | 10/2/13-6/11/19 | $21666726 | $0.86 |
| 1 | Trinity Place Holdings, Inc. Special Stock | 11/6/13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |

---

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

† U.S. issuer unless otherwise noted.

EUR: Euro.

REIT: Real Estate Investment Trust.

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

---

| | |
|:---|:---|
| Summary of Investments by Sector | % of<br> Net Assets |
|  U.S. Real Estate Investment Trusts | 17.26% |
|  Non-U.S. Real Estate Operating Companies | 17.14 |
|  U.S. Homebuilder | 13.08 |
|  Forest Products & Paper | 9.80 |
|  Non-U.S. Real Estate Investment Trusts | 9.26 |
|  Consulting/Management | 6.95 |
|  Industrial Services | 5.77 |
|  U.S. Real Estate Operating Companies | 4.57 |
|  Non-U.S. Homebuilder | 4.11 |
|  Retail-Building Products | 3.83 |
|  Non-U.S. Real Estate Consulting/Management | 3.50 |
|  Mortgage Finance | 2.90 |
|  Purchased Options<sup>\*</sup>  | 0.00 |
|  Other Assets less Liabilities | 1.83 |
|  Total | 100.00% |

---

\* Amount less than 0.01%.

---

| | |
|:---|:---|
| Country Concentration | % of<br> Net Assets |
|  United States | 64.17% |
|  United Kingdom | 15.98 |
|  Canada | 7.06 |
|  Cayman Islands | 4.89 |
|  Hong Kong | 3.67 |
|  Australia | 2.40 |
|  Luxembourg | 0.00 |
|  Total | 98.17% |

---

**Purchased Options** 

---

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

---

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** 

**at January 31, 2023 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Security†** | **Value** |
| **Common Stocks - 95.48%** | **Common Stocks - 95.48%** | **Common Stocks - 95.48%** |
|  | **Lodging & Hotels - 3.76%** |  |
| 490800 | Mandarin Oriental International, Ltd. (Bermuda) (a) | $924301 |
| 904000 | Shangri-La Asia, Ltd. (Bermuda) (a) | 789291 |
|  |  | 1713592 |
|  | **Non-U.S. Homebuilder - 14.30%** |  |
| 74687 | Aedas Homes S.A. (Spain) (b) | 1258537 |
| 27425 | Berkeley Group Holdings PLC (United Kingdom) | 1404371 |
| 697500 | China Vanke Co., Ltd., Class H (China) | 1409997 |
| 2387752 | Glenveagh Properties PLC (Ireland) (a)(b) | 2442690 |
|  |  | 6515595 |
|  | **Non-U.S. Real Estate Investment Trusts - 25.05%** |  |
| 178537 | Big Yellow Group PLC (United Kingdom) | 2662916 |
| 56715 | Boardwalk Real Estate Investment Trust (Canada) | 2396391 |
| 697885 | Ingenia Communities Group (Australia) | 2298330 |
| 1587173 | National Storage REIT (Australia) | 2612072 |
| 140033 | Segro PLC (United Kingdom) | 1441444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11411153 |
|  | **Non-U.S. Real Estate Operating Companies - 52.37%** |  |
| 453200 | Capitaland Investment, Ltd. (Singapore) | 1373020 |
| 1148359 | Corp. Inmobiliaria Vesta S.A.B. de CV. (Mexico) | 3126039 |
| 153116 | CTP NV (Netherlands) | 2211434 |
| 956800 | ESR Group Ltd. (Cayman Islands) (b) | 1915597 |
| 641225 | Grainger PLC (United Kingdom) | 2052227 |
| 418254 | LOG Commercial Properties e Participacoes S.A. (Brazil) | 1509448 |
| 88200 | Nomura Real Estate Holdings, Inc. (Japan) | 1943968 |
| 37720 | Shurgard Self Storage S.A. (Luxembourg) | 1820147 |
| 3397000 | SUNeVision Holdings, Ltd. (Cayman Islands) | 1969904 |
| 1774000 | Swire Pacific, Ltd., Class B (Hong Kong) | 2453253 |
| 191100 | Tosei Corp. (Japan) | 2181751 |
| 497448 | Wharf Holdings Ltd. (The) (Hong Kong) | 1295918 |
|  |  | 23852706 |
|  | **Total Common Stocks**<br> (Cost $39,151,137) | 43493046 |
|  | **Total Investment Portfolio - 95.48%**<br> (Cost $39,151,137) | 43493046 |
|  | **Other Assets less Liabilities - 4.52%** | 2057093 |
|  | **NET ASSETS - 100.00%** | $45550139 |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Third Avenue International Real Estate Value Fund** 

**Portfolio of Investments (continued)** 

**at January 31, 2023 (Unaudited)** 

---

| | |
|:---|:---|
|  **Institutional Class:** |  |
|  Net assets applicable to 1,183,173 shares outstanding | $14138737 |
|  Net asset value, offering and redemption price per share | $11.95 |
|  **Z Class:** |  |
|  Net assets applicable to 2,545,477 shares outstanding | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31411402 |
|  Net asset value, offering and redemption price per share | $12.34 |

---

Notes:

(a) Non-income producing security.

(b) 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.

† U.S. issuer unless otherwise noted.

REIT: Real Estate Investment Trust.

---

| | |
|:---|:---|
| Summary of Investments by Sector | % of<br> Net Assets |
|  Non-U.S. Real Estate Operating Companies | 52.37% |
|  Non-U.S. Real Estate Investment Trusts | 25.05 |
|  Non-U.S. Homebuilder | 14.30 |
|  Lodging & Hotels | 3.76 |
|  Other Assets less Liabilities | 4.52 |
|  Total | 100.00% |

---

---

| | |
|:---|:---|
| Country Concentration | % of<br> Net Assets |
|  United Kingdom | 16.60% |
|  Australia | 10.78 |
|  Japan | 9.06 |
|  Cayman Islands | 8.53 |
|  Hong Kong | 8.23 |
|  Mexico | 6.86 |
|  Ireland | 5.36 |
|  Canada | 5.26 |
|  Netherlands | 4.86 |
|  Luxembourg | 4.00 |
|  Bermuda | 3.76 |
|  Brazil | 3.31 |
|  China | 3.10 |
|  Singapore | 3.01 |
|  Spain | 2.76 |
|  Total | 95.48% |

---

*See accompanying Notes to the Quarterly Portfolio of Investments.* 

------

**Third Avenue Trust** 

------

**Notes to the Quarterly Portfolio of Investments** 

**January 31, 2023 (Unaudited)** 

**Security valuation:** 

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

Securities that do not have a readily available current market value or that have been subject to a significant event occurring between the time of the last sales price and the close of the New York Stock Exchange (the "Exchange") are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the adopted valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to the policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees. The Adviser's policy is intended to result in a calculation of each Fund's NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Adviser's procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing.

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

------

**Third Avenue Trust** 

------

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

**January 31, 2023 (Unaudited)** 

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:

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

------

**Third Avenue Trust** 

------

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

**January 31, 2023 (Unaudited)** 

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

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

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

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

The following is a Summary by Level of Inputs used to value the Funds' investments as of January 31, 2023:

**Third Avenue Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at**<br>**1/31/23** | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Other**<br>**Significant**<br>**Observable**<br>**Inputs^** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |
|  **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $15891068 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15891068 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive | 62884318 |  | 62884318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 95571691 | 19188306 | 76383385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 35225819 |  | 35225819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Products | 15017712 |  | 15017712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Holding Companies | 57905818 | 11544417 | 46361401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - Refining & Marketing | 18558657 | 18558657 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 37299266 | 17136004 | 20163262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forest Products & Paper | 16852287 | 16852287 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 18907960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18907960 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37664033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37664033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2023 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at**<br>**1/31/23** | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Other**<br>**Significant**<br> **Observable** <br>**Inputs^** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | $112573001 | $112573001 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Operating Companies | 13324757 |  | 13324757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Production & Services | 103138002 | 71544869 | 31593133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail | 16099604 |  | 16099604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation & Logistics | 13442368 | 13442368 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure | 53053916 | 14626439 | 38427477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Operating Companies | 2088923 | 2088923 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 725499200 | 316463231 | 409035969 | **—** |
|  **Purchased Options:** | 5845452 |  | 5845452 | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Purchased Options** | 5845452 |  | 5845452 | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Value of Investments** | $&nbsp;&nbsp;&nbsp;&nbsp;731344652 | $&nbsp;&nbsp;&nbsp;&nbsp;316463231 | $&nbsp;&nbsp;&nbsp;&nbsp;414881421 | $**—** |
| <br> **Third Avenue Small-Cap Value Fund** | <br> **Third Avenue Small-Cap Value Fund** | <br> **Third Avenue Small-Cap Value Fund** | <br> **Third Avenue Small-Cap Value Fund** | <br> **Third Avenue Small-Cap Value Fund** |
| **Assets** | **Total Value at**<br>**1/31/23** | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Other**<br>**Significant**<br> **Observable** <br>**Inputs^** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |
|  **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank & Thrifts | $35066216 | $35066216 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services | 4247935 | 4247935 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conglomerates | 9130844 | 9130844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consulting & Information Technology Services | 6491109 | 6491109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 13473804 | 13473804 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 12523646 | 12523646 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 100885 | 100885 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Building | 7268980 | 7268980 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Equipment | 4988264 | 4988264 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Services | 21271607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21271607 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance & Reinsurance | 8333085 | 8333085 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 3802759 | 3802759 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals Manufacturing | 5628849 | 5628849 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Production & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13332610 | 13332610 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 7089890 | 7089890 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Investment Trusts | 3603190 | 3603190 |  |  |

---

------

**Third Avenue Trust** 

------

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

**January 31, 2023 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at**<br>**1/31/23** | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Other**<br> **Significant** <br> **Observable** <br>**Inputs^** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Operating Companies | $696076 | $696076 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 157049749 | 157049749 |  |  |
|  **Closed-End Fund:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $3942395 | $3942395 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Closed-End Fund** | 3942395 | 3942395 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Value of Investments** | $**160992144** | $**160992144** | $**—** | $**—** |
| <br> **Third Avenue Real Estate Value Fund** | <br> **Third Avenue Real Estate Value Fund** | <br> **Third Avenue Real Estate Value Fund** | <br> **Third Avenue Real Estate Value Fund** | <br> **Third Avenue Real Estate Value Fund** |
| **Assets** | **Total Value at**<br>**1/31/23** | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Other**<br>**Significant**<br>**Observable**<br>**Inputs^** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |
|  **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consulting/Management | $22252899 | $22252899 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forest Products & Paper | 31370678 | 31370678 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Services | 18451730 | 18451730 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Homebuilder | 13136463 |  | 13136463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Consulting/Management | 11208204 | 4064892 | 7143312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Investment Trusts | 29621291 |  | 29621291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Operating Companies | 54863109 | 27467748 | 27395361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail-Building Products | 12258220 | 12258220 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Homebuilder | 41860043 | 41860043 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Investment Trusts | 53803105 | 53803105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Operating Companies | 14031187 | 14031187 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 302856929 | 225560502 | 77296427 |  |
|  **Corporate Bonds:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Operating Companies | 578769 |  | 578769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** | 578769 |  | 578769 |  |
|  **Preferred Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Finance | 9293591 | 9293591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Real Estate Investment Trusts | 1438646 | 1438646 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks** | 10732237 | 10732237 |  |  |

---

------

**Third Avenue Trust** 

------

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

**January 31, 2023 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Total Value at<br>1/31/23** | **Level 1<br>Quoted Prices** | **Level 2**<br>**Other<br>Significant<br> Observable <br>Inputs^** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
|  **Term Loans:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Operating Companies | $— | $— | $— | $— <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Term Loans** |  |  |  |  |
|  **Purchased Options:** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Purchased Options** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Value of Investments** | $**314167935** | $**236292739** | $**77875196** | $**—** **<sup>\*</sup>** |
| **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** | **Third Avenue International Real Estate Value Fund** |
| **Assets** | **Total Value at**<br>**1/31/23** | **Level 1**<br>**Quoted Prices** | **Level 2**<br>**Other**<br>**Significant**<br> **Observable** <br>**Inputs^** | **Level 3**<br>**Significant**<br>**Unobservable**<br>**Inputs** |
|  **Common Stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodging & Hotels | $1713592 | $924301 | $789291 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Homebuilder | 6515595 | 3701227 | 2814368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Investment Trusts | 11411153 | 2396391 | 9014762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Real Estate Operating Companies | 23852706 | 6687714 | 17164992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 43493046 | 13709633 | 29783413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Value of Investments** | $**43493046** | $**13709633** | $**29783413** | $**—** |

---

---

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

---

\* Investments fair valued at zero.

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

------

**Third Avenue Trust** 

------

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

**January 31, 2023 (Unaudited)** 

For the period ended January 31, 2023, there were no transfers in or out of Level 3.

**Information about Level 3 Fair Value Measurements** 

---

| | |
|:---|:---|
| Third Avenue Real Estate Value Fund |  |
| Other (a) | $—\* |

---

(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, 2023 is set forth below:

------

**Third Avenue Small-Cap Value Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Issuer:** | **Value at**<br>**Oct. 31, 2022** | **Purchases** <br>**at Cost** | **Net Change in** <br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Value at**<br> **Jan. 31, 2023** | **Investment** <br>**Income** |
|  Hamilton Beach Brands Holding Co., Class A | $6692030 | $– $– $– $| 664658 | $7356688 | $59649 |
|  **Total Affiliates** | $6692030 | $– $– $– $| 664658 | $7356688 | $59649 |

---

------

**Third Avenue Real Estate Value Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer:** | **Value at**<br> **Oct. 31, 2022** | **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, 2023** | **Investment** <br>**Income** |
|  Trinity Place Holdings, Inc. | $3851068 | $– $| 111304 | $(1071619) | $1557688 | $4225833 | $— |
|  Trinity Place Holdings, Inc. Special Stock | — \* | – |  |  |  | — \* |  |
|  **Total Affiliates** | $3851068 | $– $| 111304 | $(1071619) | $1557688 | $4225833 | $— |

---

\* Investment fair valued at $0.

## 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 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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $320722543.44

**Total Liabilities:** $601964.16

**Net Assets:** $320120579.28

**Cash Not Reported:** $5447683.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000199336 | 5.26%                | -3.25%               | 9.66%                |
| Class ID C000003887 | 5.31%                | -3.28%               | 9.63%                |
| Class ID C000085636 | 5.28%                | -3.30%               | 9.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $473618.24               | $16157346.71                               |
| Month 2  | $4156010.22              | $-15582000.90                              |
| Month 3  | $1479485.46              | $26922091.00                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Stratus Properties Inc                    | Stratus Properties Inc                               | CUSIP: 863167201<br>LEI: 5493008I6ZRDZWT8ZZ15 | Long             | EC               | CORP              | US        |     57455 | NS      | $1265159.10   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Holdings Ltd/The                    | Wharf Holdings Ltd/The                               | CUSIP: 000000000<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |   4505776 | NS      | $11738146.54  | 3.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC               | Berkeley Group Holdings PLC                          | CUSIP: 000000000<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |    256533 | NS      | $13136463.20  | 4.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Lt            | Brookfield Asset Management Ltd                      | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |    124499 | NS      | $4064892.35   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Place Holdings Inc                | Trinity Place Holdings Inc                           | CUSIP: 89656D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4909472 | NS      | $4225832.93   | 1.32%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CBRE Group Inc                            | CBRE Group Inc                                       | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    172613 | NS      | $14760137.63  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINITY PLACE SPECIAL STOCK               | TRINITY PLACE SPECIAL STOCK                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fidelity National Financial In            | Fidelity National Financial Inc                      | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    170174 | NS      | $7492761.22   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                         | U-Haul Holding Co                                    | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    298620 | NS      | $18451729.80  | 5.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                              | Rayonier Inc                                         | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    425012 | NS      | $15466186.68  | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage REIT                     | National Storage REIT                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   4672496 | NS      | $7689707.42   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| InvenTrust Properties Corp                | InvenTrust Properties Corp                           | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |    472618 | NS      | $11754009.66  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                     | American Homes 4 Rent                                | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    386061 | NS      | $13238031.69  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC                               | Federal Home Loan Mortgage Corp                      | CUSIP: 313400624<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |   2361500 | NS      | $4770230.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                      | Big Yellow Group PLC                                 | CUSIP: 000000000<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               | CORP              | GB        |    637245 | NS      | $9504640.89   | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                  | Five Point Operating Co LP / Five Point Capital Corp | CUSIP: 33834YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    643000 | PA      | $578769.21    | 0.18%             | 2025-11-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd                     | CK Asset Holdings Ltd                                | CUSIP: 000000000<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |   2448923 | NS      | $15657214.96  | 4.89%             |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE                                | Federal National Mortgage Association                | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |   2037550 | NS      | $4523361.00   | 1.41%             |  |  |  | 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              | LU        |     40611 | PA      | $0.00         | 0.00%             | 2023-10-31      | Floating      | 3.60%                 | No            |                  3 | On Loan: No      |
| Brookfield Corp                           | Brookfield Corp                                      | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    497999 | NS      | $18525562.80  | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | USD CALL VERSUS HKD PUT                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |  30000000 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                  | Diversified Healthcare Trust                         | CUSIP: 25525P305<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    100675 | NS      | $1438645.75   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                 | Segro PLC                                            | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |   1207249 | NS      | $12426942.42  | 3.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Lowe's Cos Inc                            | Lowe's Cos Inc                                       | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     58863 | NS      | $12258219.75  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                               | Lennar Corp                                          | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    254738 | NS      | $21999173.68  | 6.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                              | Prologis Inc                                         | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    160699 | NS      | $20775166.72  | 6.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Savills PLC                               | Savills PLC                                          | CUSIP: 000000000<br>LEI: 213800WXICGMBWHTA933 | Long             | EC               | CORP              | GB        |    593763 | NS      | $7143312.14   | 2.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                           | Weyerhaeuser Co                                      | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    461937 | NS      | $15904490.91  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                             | DR Horton Inc                                        | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |    201245 | NS      | $19860869.05  | 6.20%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust             | First Industrial Realty Trust Inc                    | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150626 | NS      | $8035897.10   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Point Holdings LLC                   | Five Point Holdings LLC                              | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3310153 | NS      | $8540194.74   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger PLC                              | Grainger PLC                                         | CUSIP: 000000000<br>LEI: 2138007CEIRKZMNI2979 | Long             | EC               | CORP              | GB        |   2794015 | NS      | $8942185.22   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-17

**Name of Applicant:** Third Avenue Trust

**Signature:** T. Richard Keyes

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

**Title:** Treasurer and Chief Financial Officer