# EDGAR Filing Document

**Accession Number:** 0001031661
**File Stem:** 0001752724-25-156264
**Filing Date:** 2025-6
**Character Count:** 17194
**Document Hash:** 6d92add7bf30a2d04eb4cc97ef60279c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-156264.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-156264

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**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:** 251073250

**BUSINESS ADDRESS:**
- **STREET 1:** 675 THIRD AVENUE
- **STREET 2:** SUITE 2900-05
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2128885222

**MAIL ADDRESS:**
- **STREET 1:** 675 THIRD AVENUE
- **STREET 2:** SUITE 2900-05
- **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:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $300019138.36

**Total Liabilities:** $381527.72

**Net Assets:** $299637610.64

**Cash Not Reported:** $689897.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003887 | -1.44%               | -3.05%               | -0.69%               |
| Class ID C000085636 | -1.45%               | -3.06%               | -0.74%               |
| Class ID C000199336 | -1.45%               | -3.02%               | -0.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3510778.29              | $-7922930.56                               |
| Month 2  | $1428046.79              | $-11612993.20                              |
| Month 3  | $3914944.55              | $-5783418.31                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLDMAN SACHS & CO. LLC                     | CBRE GROUP INC-A                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |       310 | NC      | $146160.39    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                    | Accor SA                                    | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |    105949 | NS      | $5220358.26   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Millrose Properties Inc                     | Millrose Properties Inc                     | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67741 | NS      | $1696234.64   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                     | WESCO International Inc                     | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     13877 | NS      | $2261395.92   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                       | American Homes 4 Rent                       | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    179813 | NS      | $6723208.07   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage REIT                       | National Storage REIT                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   5466885 | NS      | $8038587.26   | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Trinity Place Holdings Inc                  | Trinity Place Holdings Inc                  | CUSIP: 89656D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3475472 | NS      | $167170.20    | 0.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Fidelity National Financial In              | Fidelity National Financial Inc             | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    111702 | NS      | $7154513.10   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                | Rayonier Inc                                | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    241803 | NS      | $5914501.38   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                           | U-Haul Holding Co                           | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    235836 | NS      | $12923812.80  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Asset Holdings Ltd                       | CK Asset Holdings Ltd                       | CUSIP: 000000000<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |   2379586 | NS      | $9721479.88   | 3.24%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | USD CALL VERSUS HKD PUT                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |  12000000 | NC      | $15.24        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ingenia Communities Group                   | Ingenia Communities Group                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1115309 | NS      | $3956736.31   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   9557336 | NS      | $9557335.90   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Savills PLC                                 | Savills PLC                                 | CUSIP: 000000000<br>LEI: 213800WXICGMBWHTA933 | Long             | EC               | CORP              | GB        |    778251 | NS      | $9651056.47   | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Big Yellow Group PLC                        | Big Yellow Group PLC                        | CUSIP: 000000000<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               | CORP              | GB        |    851103 | NS      | $11458291.40  | 3.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Jones Lang LaSalle Inc                      | Jones Lang LaSalle Inc                      | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     48529 | NS      | $11035979.89  | 3.68%             |  |  |  | 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      |
| First Industrial Realty Trust               | First Industrial Realty Trust Inc           | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125038 | NS      | $5949308.04   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt              | Brookfield Asset Management Ltd             | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |     49113 | NS      | $2619196.29   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                               | DR Horton Inc                               | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     73449 | NS      | $9279546.66   | 3.10%             |  |  |  | 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      | $15570404.78  | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                     | CBRE GROUP INC-A                            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -310 | NC      | $-19773.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                 | Berkeley Group Holdings PLC                 | CUSIP: 000000000<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |    224850 | NS      | $12533881.01  | 4.18%             |  |  |  | No            |                  2 | On Loan: No      |
| PulteGroup Inc                              | PulteGroup Inc                              | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59764 | NS      | $6130591.12   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger PLC                                | Grainger PLC                                | CUSIP: 000000000<br>LEI: 2138007CEIRKZMNI2979 | Long             | EC               | CORP              | GB        |   1176206 | NS      | $3374474.56   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE                                  | Federal National Mortgage Association       | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |   1576378 | NS      | $18743134.42  | 6.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                   | Segro PLC                                   | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    523024 | NS      | $4757769.25   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Communities Inc                         | Sun Communities Inc                         | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     84014 | NS      | $10453862.02  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                | Prologis Inc                                | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    121143 | NS      | $12380814.60  | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                             | Weyerhaeuser Co                             | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    205751 | NS      | $5331008.41   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                                 | Lennar Corp                                 | CUSIP: 526057302<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |    122375 | NS      | $12649903.75  | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                         | UNITE Group PLC/The                         | CUSIP: 000000000<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    736038 | NS      | $8456356.37   | 2.82%             |  |  |  | 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        |  37000000 | NC      | $124.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CBRE Group Inc                              | CBRE Group Inc                              | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    154711 | NS      | $18902589.98  | 6.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Holdings Ltd/The                      | Wharf Holdings Ltd/The                      | CUSIP: 000000000<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |   2604188 | NS      | $6541462.31   | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Corp                             | Brookfield Corp                             | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    355938 | NS      | $19103192.46  | 6.38%             |  |  |  | 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        |     45879 | PA      | $0.00         | 0.00%             | 2025-10-30      | Floating      | 4.19%                 | No            |                  3 | On Loan: No      |
| FREDDIE MAC                                 | Federal Home Loan Mortgage Corp             | CUSIP: 313400624<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | EP               | USGSE             | US        |   1756695 | NS      | $19674984.00  | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-24

**Name of Applicant:** Third Avenue Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer