# EDGAR Filing Document

**Accession Number:** 0001031661
**File Stem:** 0000940400-25-014709
**Filing Date:** 2025-12
**Character Count:** 14869
**Document Hash:** 8d2199f7b814e4afd5a56f88fa6e0132
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014709.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000940400-25-014709

**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:** 251600322

**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 SMALL-CAP VALUE FUND (Series ID: S000001465)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000003886 | Institutional Class | TASCX           |
| C000085635 | Investor Class      | TVSVX           |
| C000199335 | Z Class             | TASZX           |

## 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 Small-Cap Value Fund

- **b. EDGAR series identifier (if any):** S000001465

- **c. LEI of Series:** 0JCLV283XKNBTMBH2S72

**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:** $168189094.81

**Total Liabilities:** $264104.82

**Net Assets:** $167924989.99

**Cash Not Reported:** $1037552.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003886 | 8.72%                | -2.39%               | -0.34%               |
| Class ID C000085635 | 8.70%                | -2.39%               | -0.41%               |
| Class ID C000199335 | 8.78%                | -2.37%               | -0.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1930578.39              | $12095600.35                               |
| Month 2  | $484447.12               | $-4663157.63                               |
| Month 3  | $214890.81               | $-752711.36                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FRP Holdings Inc                            | FRP Holdings Inc                            | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144524 | NS      | $3425218.80   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International Inc                       | ICF International Inc                       | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     46937 | NS      | $3768102.36   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                                | Visteon Corp                                | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      4179 | NS      | $447821.64    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                                 | Rogers Corp                                 | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |     25332 | NS      | $2217563.28   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp                               | Seaboard Corp                               | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |      1015 | NS      | $3420529.70   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   6836552 | NS      | $6836551.81   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                       | BlueLinx Holdings Inc                       | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |     46238 | NS      | $3025814.72   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                            | Boise Cascade Co                            | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     39037 | NS      | $2751718.13   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SandRidge Energy Inc                        | SandRidge Energy Inc                        | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |    330144 | NS      | $3932015.04   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambac Financial Group Inc                   | Ambac Financial Group Inc                   | CUSIP: 023139884<br>LEI: 5493000UC0RBBNDHI717 | Long             | EC               | CORP              | US        |    676612 | NS      | $5554984.52   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                               | MYR Group Inc                               | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     35465 | NS      | $7720730.50   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                            | UniFirst Corp/MA                            | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |     25878 | NS      | $3994269.30   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Southside Bancshares Inc                    | Southside Bancshares Inc                    | CUSIP: 84470P109<br>LEI: 549300TC83207VQA2K65 | Long             | EC               | CORP              | US        |    209426 | NS      | $5889059.12   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries Inc                          | LSB Industries Inc                          | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |    787909 | NS      | $6642072.87   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Point Holdings LLC                     | Five Point Holdings LLC                     | CUSIP: 33833Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    962705 | NS      | $5631824.25   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Investors Title Co                          | Investors Title Co                          | CUSIP: 461804106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21856 | NS      | $5651743.04   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp                   | OceanFirst Financial Corp                   | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    161920 | NS      | $2943705.60   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                          | UMB Financial Corp                          | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     97329 | NS      | $10402523.52  | 6.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc                | Collegium Pharmaceutical Inc                | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |    203008 | NS      | $7308288.00   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc                 | Atlanta Braves Holdings Inc                 | CUSIP: 047726104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164438 | NS      | $7093855.32   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc                 | Atlanta Braves Holdings Inc                 | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25700 | NS      | $1046504.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                               | Tidewater Inc                               | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |    101786 | NS      | $5149353.74   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                   | Prosperity Bancshares Inc                   | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101965 | NS      | $6711336.30   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                              | Cantaloupe Inc                              | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |    368974 | NS      | $3896365.44   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ProAssurance Corp                           | ProAssurance Corp                           | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |    363200 | NS      | $8698640.00   | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                        | Kaiser Aluminum Corp                        | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89330 | NS      | $8087044.90   | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                              | PBF Energy Inc                              | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |    131050 | NS      | $4477978.50   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                             | Alamo Group Inc                             | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     14869 | NS      | $2657387.68   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Securities Corp                     | Central Securities Corp                     | CUSIP: 155123102<br>LEI: 549300D87MQ4TEVRK235 | Long             | EC               | RF                | US        |    101812 | NS      | $5202593.20   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                        | Tri Pointe Homes Inc                        | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155515 | NS      | $4953152.75   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc                    | Encore Capital Group Inc                    | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |    170678 | NS      | $7096791.24   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc                | Supernus Pharmaceuticals Inc                | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |    189118 | NS      | $10426075.34  | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Third Avenue Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer