# EDGAR Filing Document

**Accession Number:** 0001031661
**File Stem:** 0000940400-25-014712
**Filing Date:** 2025-12
**Character Count:** 16262
**Document Hash:** db0eb49eb3246878eb640445bf50149b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014712.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014712

**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:** 251600325

**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           |

## 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:** 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:** $368378492.03

**Total Liabilities:** $460994.28

**Net Assets:** $367917497.75

**Cash Not Reported:** $2532304.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003887 | 6.92%                | 0.34%                | -1.32%               |
| Class ID C000085636 | 6.87%                | 0.34%                | -1.37%               |
| Class ID C000199336 | 6.90%                | 0.38%                | -1.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-555985.32              | $24251003.34                               |
| Month 2  | $5685405.15              | $-4901851.69                               |
| Month 3  | $-526963.35              | $-4547854.16                               |

### 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 HKD PUT                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |  12000000 | NC      | $0.12         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRINITY PLACE HOLDINGS INC                  | TPH GREENWICH TRUST UNITS                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3475472 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                       | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    179813 | NS      | $5682090.80   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage REIT                       | National Storage REIT                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   5466885 | NS      | $8226438.17   | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| WESCO International Inc                     | WESCO International Inc                     | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     19148 | NS      | $4969480.44   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Place Holdings Inc                  | Trinity Place Holdings Inc                  | CUSIP: 89656D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2100472 | NS      | $84018.88     | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Fidelity National Financial In              | Fidelity National Financial Inc             | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    165749 | NS      | $9155974.76   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                | Rayonier Inc                                | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    202154 | NS      | $4461538.78   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                           | U-Haul Holding Co                           | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    243939 | NS      | $11828602.11  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingenia Communities Group                   | Ingenia Communities Group                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1115309 | NS      | $4098701.76   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd                       | CK Asset Holdings Ltd                       | CUSIP: 000000000<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |   2035326 | NS      | $10069260.14  | 2.74%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | USD CALL VERSUS GBP PUT                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |  35000000 | NC      | $1154.65      | 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        |  19391251 | NS      | $19391250.98  | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Savills PLC                                 | Savills PLC                                 | CUSIP: 000000000<br>LEI: 213800WXICGMBWHTA933 | Long             | EC               | CORP              | GB        |    778251 | NS      | $10305674.45  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                        | Big Yellow Group PLC                        | CUSIP: 000000000<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               | CORP              | GB        |    890360 | NS      | $13023207.86  | 3.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Jones Lang LaSalle Inc                      | Jones Lang LaSalle Inc                      | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     48529 | NS      | $14805712.61  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust               | First Industrial Realty Trust Inc           | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133565 | NS      | $7383473.20   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                          | Champion Homes Inc                          | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99956 | NS      | $6819997.88   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                               | DR Horton Inc                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     73449 | NS      | $10949776.92  | 2.98%             |  |  |  | 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      | $17316895.05  | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkeley Group Holdings PLC                 | Berkeley Group Holdings PLC                 | CUSIP: 000000000<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |    224850 | NS      | $11911367.26  | 3.24%             |  |  |  | No            |                  2 | On Loan: No      |
| PulteGroup Inc                              | PulteGroup Inc                              | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94595 | NS      | $11339102.65  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Holdings Ltd/The                      | Wharf Holdings Ltd/The                      | CUSIP: 000000000<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |   2243392 | NS      | $5895343.91   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| FANNIE MAE                                  | Federal National Mortgage Association       | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |   1521219 | NS      | $25586903.58  | 6.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                   | Segro PLC                                   | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    770423 | NS      | $7069687.93   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Communities Inc                         | Sun Communities Inc                         | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     91072 | NS      | $11529715.20  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                | Prologis Inc                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    136715 | NS      | $16964964.35  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                             | Weyerhaeuser Co                             | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    139777 | NS      | $3214871.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                 | Lennar Corp                                 | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    139102 | NS      | $16420991.10  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                         | UNITE Group PLC/The                         | CUSIP: 000000000<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |   1449846 | NS      | $10814724.28  | 2.94%             |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group Inc                              | CBRE Group Inc                              | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    144925 | NS      | $22090917.75  | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                             | Brookfield Corp                             | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    533907 | NS      | $24586417.35  | 6.68%             |  |  |  | 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        |     46365 | PA      | $0.00         | 0.00%             | 2026-10-30      | Floating      | 4.07%                 | No            |                  3 | On Loan: No      |
| FREDDIE MAC                                 | Federal Home Loan Mortgage Corp             | CUSIP: 313400624<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |   1590101 | NS      | $25441616.00  | 6.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                                    | Accor SA                                    | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |    132551 | NS      | $6743251.39   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd               | Jardine Matheson Holdings Ltd               | CUSIP: 000000000<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | HK        |    114900 | NS      | $6746305.24   | 1.83%             |  |  |  | No            |                  2 | 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