# EDGAR Filing Document

**Accession Number:** 0001089107
**File Stem:** 0000940400-26-006897
**Filing Date:** 2026-2
**Character Count:** 15259
**Document Hash:** b0269ecee4e10c0b5c8c4f2d4e5db17c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-006897.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000940400-26-006897

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THIRD AVENUE VARIABLE SERIES TRUST
- **CENTRAL INDEX KEY:** 0001089107

**ORGANIZATION NAME:**
- **EIN:** 137200050
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09395
- **FILM NUMBER:** 26663170

**BUSINESS ADDRESS:**
- **STREET 1:** THIRD AVENUE MANAGEMENT LLC
- **STREET 2:** 6 GRAND CENTRAL, 666 3RD AVE. STE 1040
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2128885222

**MAIL ADDRESS:**
- **STREET 1:** THIRD AVENUE MANAGEMENT LLC
- **STREET 2:** 6 GRAND CENTRAL, 666 3RD AVE. STE 1040
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### Third Avenue Value Portfolio (Series ID: S000001468)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000003889 | Third Avenue Value Portfolio |  |

## 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 Variable Series Trust

- **b. Investment Company Act file number:** 811-09395

- **c. CIK number of Registrant:** 0001089107

- **d. LEI of Registrant:** 549300CUSZHRA7Y8VH78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6 GRAND CENTRAL, 666 3RD AVE

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

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

- **b. EDGAR series identifier (if any):** S000001468

- **c. LEI of Series:** 549300HJBD8SQVSY7B69

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $85912989.35

**Total Liabilities:** $438883.97

**Net Assets:** $85474105.38

**Cash Not Reported:** $910364.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003889 | 0.73%                | 3.49%                | 2.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $712865.77               | $-160514.08                                |
| Month 2  | $2907084.48              | $-47175.79                                 |
| Month 3  | $744371.32               | $1618373.93                                |

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Harbour Energy PLC                          | Harbour Energy PLC                          | CUSIP: 000000000<br>LEI: 213800YPC42DYBKVPF97 | Long             | EC               | CORP              | GB        |    830579 | NS      | $2185243.48   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| PALTAC Corp                                 | PALTAC Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     68500 | NS      | $2111562.69   | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Close Brothers Group PLC                    | Close Brothers Group PLC                    | CUSIP: 000000000<br>LEI: 213800W73SYHR14I3X91 | Long             | EC               | CORP              | GB        |    370822 | NS      | $2607721.42   | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Warrior Met Coal Inc                        | Warrior Met Coal Inc                        | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     51444 | NS      | $4535817.48   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                                 | Valaris Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49682 | NS      | $2503972.80   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                                 | Rogers Corp                                 | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |     15576 | NS      | $1426294.32   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeol Ltd                                    | Jeol Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     58000 | NS      | $1864092.02   | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                   | Bank of Ireland Group PLC                   | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    145059 | NS      | $2774297.91   | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Conduit Holdings Ltd                        | Conduit Holdings Ltd                        | CUSIP: 000000000<br>LEI: 21380085AE62D1BXSF19 | Long             | EC               | CORP              | BM        |    348409 | NS      | $1837156.82   | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management | Dreyfus Treasury Securities Cash Management | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |   9052928 | NS      | $9052928.24   | 10.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                            | Boise Cascade Co                            | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     31572 | NS      | $2323699.20   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| easyJet PLC                                 | easyJet PLC                                 | CUSIP: 000000000<br>LEI: 2138001S47XKWIB7TH90 | Long             | EC               | CORP              | GB        |    326667 | NS      | $2240924.37   | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Interfor Corp                               | Interfor Corp                               | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |    129698 | NS      | $808870.26    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                 | Bayerische Motoren Werke AG                 | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     37725 | NS      | $4090724.43   | 4.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Cycle & Carriage Ltd                | Jardine Cycle & Carriage Ltd                | CUSIP: 000000000<br>LEI: 254900WEP6OCEXFWML09 | Long             | EC               | CORP              | SG        |     99500 | NS      | $2617893.46   | 3.06%             |  |  |  | No            |                  2 | On Loan: No      |
| S4 Capital PLC                              | S4 Capital PLC                              | CUSIP: 000000000<br>LEI: 21380068SP9V65KPQN68 | Long             | EC               | CORP              | GB        |   4102500 | NS      | $1130805.93   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Ayala Corp                                  | Ayala Corp                                  | CUSIP: 000000000<br>LEI: 254900QJ68UH8GKNGI69 | Long             | EC               | CORP              | PH        |     91870 | NS      | $730806.27    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Buzzi SpA                                   | Buzzi SpA                                   | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |     54114 | NS      | $3271251.39   | 3.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Sud Americana de Vapores S              | Cia Sud Americana de Vapores SA             | CUSIP: 000000000<br>LEI: 549300F26ZOE5LM26551 | Long             | EC               | CORP              | CL        |  27262361 | NS      | $1415715.61   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Horiba Ltd                                  | Horiba Ltd                                  | CUSIP: 000000000<br>LEI: 529900OOTWPYSNW0EC84 | Long             | EC               | CORP              | JP        |     24300 | NS      | $2480388.34   | 2.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                            | Deutsche Bank AG                            | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |     37158 | NS      | $1432037.27   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Tidewater Inc                               | Tidewater Inc                               | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     65362 | NS      | $3301434.62   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| TS Lines Ltd                                | TS Lines Ltd                                | CUSIP: 000000000<br>LEI: 8368006B8C0EXQ2JDM96 | Long             | EC               | CORP              | HK        |    549616 | NS      | $586642.82    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                        | Capstone Copper Corp                        | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    438156 | NS      | $4398957.91   | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                                 | Subsea 7 SA                                 | CUSIP: 000000000<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | GB        |     95264 | NS      | $1911949.59   | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Bolsa Mexicana de Valores SAB               | Bolsa Mexicana de Valores SAB de CV         | CUSIP: 000000000<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |    476298 | NS      | $978384.73    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiheiyo Cement Corp                        | Taiheiyo Cement Corp                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     92200 | NS      | $2290466.29   | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Genting Singapore Ltd                       | Genting Singapore Ltd                       | CUSIP: 000000000<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |   2998800 | NS      | $1689474.09   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Ultrapar Participacoes SA                   | Ultrapar Participacoes SA                   | CUSIP: 000000000<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |    639231 | NS      | $2438054.27   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Corp                                 | Subaru Corp                                 | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |    164100 | NS      | $3533273.99   | 4.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd                   | CK Hutchison Holdings Ltd                   | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | HK        |    405594 | NS      | $2757415.28   | 3.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Misto Holdings Corp                         | Misto Holdings Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     51306 | NS      | $1520715.82   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Quinenco SA                                 | Quinenco SA                                 | CUSIP: 000000000<br>LEI: 2549000T5LJBJNWU8390 | Long             | EC               | CORP              | CL        |    324932 | NS      | $1579861.20   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                          | Lundin Mining Corp                          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    187298 | NS      | $4025566.28   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-21

**Name of Applicant:** Third Avenue Variable Series Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer