N-Q 1 c82410_nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-08039

 

Third Avenue Trust

(Exact name of registrant as specified in charter)

 

622 Third Avenue, 32nd Floor, New York NY 10017  
 (Address of principal executive offices) (Zip code )

 

W. James Hall III, General Counsel, 622 Third Avenue, New York NY 10017

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 800-443-1021

 

Date of fiscal year end: October 31, 2015

Date of reporting period: July 31, 2015

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

Item 1. Schedule of Investments.

 

The Trust’s schedule of investments is as follows:

 

 

Third Avenue Value Fund

 

Third Avenue Small-Cap Value Fund

 

Third Avenue Real Estate Value Fund

 

Third Avenue International Value Fund

 

Third Avenue Focused Credit Fund

 

THIRD QUARTER REPORT

JULY 31, 2015

 

THIRD AVENUE FUNDS

 

Privacy Policy

 

Third Avenue Funds (the “Funds”) respect your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms and from the transactions you make with us, our affiliates, or third parties. We do not disclose any information about you or any of our former customers to anyone, except to our affiliates (which may include the Funds’ affiliated money management entities) and service providers, or as otherwise permitted by law. To protect your personal information, we permit access only by authorized employees. Be assured that we maintain physical, electronic and procedural safeguards that comply with federal standards to guard your personal information.

 

Proxy Voting Policies and Procedures

 

The Funds have delegated the voting of proxies relating to their voting securities to the Funds’ investment adviser pursuant to the adviser’s proxy voting guidelines. A description of these proxy voting guidelines and procedures, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available by August 31 each year (i) without charge, upon request, by calling (800) 443-1021, (ii) at the website of the Securities and Exchange Commission (“SEC”) at http://www.sec.gov, and (iii) on the Funds’ website www.thirdave.com.

 

Schedule of Portfolio Holdings—Form N-Q

 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

 

Third Avenue Trust

Third Avenue Value Fund
Portfolio of Investments
at July 31, 2015 (Unaudited)

 

Principal      Value 
Amount ($)   Security†  (Note 1) 
           
Corporate Bonds & Notes - 1.49%  
     Consumer Products - 0.81%     
 22,150,228   Home Products International, Inc., 2nd Lien, Convertible, 6.000% Payment-in-kind Interest, due 3/20/17 (a)(b)(c)(d)  $14,621,366 
     Oil & Gas Production & Services - 0.68%     
 17,665,000   BreitBurn Energy Partners L.P./ BreitBurn Finance Corp., 7.875%, due 4/15/22   12,277,175 
     Total Corporate Bonds & Notes
(Cost $34,779,167)
   26,898,541 
Claims - 0.47%
     Securities Brokerage - 0.47%     
 63,101,500   Lehman Brothers Holdings, Inc., SIPA Claims (e)   8,558,141 
     Total Claims
(Cost $9,465,225)
   8,558,141 
           
Shares         
           
Common Stocks & Warrants - 93.34%
     Agricultural Equipment - 3.58%     
 1,178,413   AGCO Corp.   64,824,499 
     Asset Management - 7.57%     
 2,279,413   Bank of New York Mellon Corp. (The)   98,926,524 
 1,091,856   Brookfield Asset Management, Inc., Class A (Canada)   38,029,345 
         136,955,869 
     Automotive - 4.82%     
 1,596,400   General Motors Co.   50,302,564 
 667,793   Toyota Industries Corp. (Japan)   37,017,291 
         87,319,855 
     Banks - 9.52%     
 1,988,349   Comerica, Inc.   94,307,393 
 2,086,998   KeyCorp   30,971,050 
 479,200   PNC Financial Services Group, Inc. (The)   47,047,856 
         172,326,299 
     Consumer Products - 3.66%     
 526,368   Home Products International, Inc. (a)(b)(d)(e)    
 4,823,425   Kingfisher PLC (United Kingdom)   27,169,663 
 1,479,930   Masco Corp.   39,055,353 
         66,225,016 
     Diversified Holding Companies - 9.27%     
 3,990,000   CK Hutchison Holdings, Ltd. (Hong Kong)   59,240,354 
 961,970   Investor AB, Class B (Sweden)   37,121,722 
 82,242,880   Lai Sun Garment International, Ltd. (Hong Kong)   10,821,013 
 421,832   Pargesa Holding S.A. (Switzerland)   28,397,156 
 6,203,000   Wheelock & Co., Ltd. (Hong Kong)   32,126,008 
         167,706,253 
     Electronic Components - 1.62%     
 441,900   Anixter International, Inc. (e)   29,258,199 
       Value 
Shares   Security†  (Note 1) 
         
    Financial Insurance - 0.02%    
 37   Manifold Capital LLC (a)(b)(d)(e)  $285,000 
     Forest Products & Paper - 5.22%     
 3,080,090   Weyerhaeuser Co., REIT   94,527,962 
     Insurance & Reinsurance - 7.29%     
 81,573   Alleghany Corp. (e)   39,655,082 
 1,051,888   Loews Corp.   40,087,452 
 73,999   White Mountains Insurance Group, Ltd. (Bermuda)   52,243,294 
         131,985,828 
     Manufactured Housing - 5.21%     
 1,291,281   Cavco Industries, Inc. (b)(e)   94,366,815 
     Materials - 2.96%     
 2,941,600   Canfor Corp. (Canada) (e)   53,508,173 
     Media & Entertainment - 2.87%     
 972,000   CBS Corp., Class B, Non-Voting Shares   51,972,840 
     Non-U.S. Real Estate Operating Companies - 1.84%     
 3,990,000   Cheung Kong Property Holdings, Ltd. (Hong Kong) (e)   33,248,713 
     Oil & Gas Production & Services - 8.82%     
 1,061,000   Apache Corp.   48,657,460 
 943,606   Devon Energy Corp.   46,633,008 
 1,299,649   Total S.A. (France)   64,337,293 
         159,627,761 
     Semiconductor & Related - 2.30%     
 2,082,168   NVIDIA Corp.   41,539,252 
     Senior Housing - 2.12%     
 1,159,500   Brookdale Senior Living, Inc. (e)   38,414,235 
     Software - 2.92%     
 2,322,155   Symantec Corp.   52,805,805 
     Steel & Specialty Steel - 2.71%     
 1,180,432   POSCO, ADR (South Korea)   49,011,537 
     Telecommunications - 3.41%     
 16,353,677   Vodafone Group PLC (United Kingdom)   61,765,234 
     U.S. Real Estate Operating Companies - 1.68%     
 1,221,894   Tejon Ranch Co. (b)(e)   30,327,409 
 200,255   Tejon Ranch Co., Warrants, expire 8/31/16 (b)(e)   96,163 
         30,423,572 
     Utilities - 3.93%     
 3,606,707   Covanta Holding Corp.   71,196,396 
     Total Common Stocks & Warrants
(Cost $1,521,599,244)
   1,689,295,113 


 

See accompanying notes to the Portfolios of Investments.

1

Third Avenue Trust

Third Avenue Value Fund
Portfolio of Investments (continued)
at July 31, 2015 (Unaudited)

 

Investment      Value 
Amount ($)   Security†  (Note 1) 
         
Limited Partnership – 0.00%(f)
    Insurance & Reinsurance - 0.00%(f)    
 1,805,000   Insurance Partners II Equity Fund, L.P. (a)(e)  $49,841 
     Total Limited Partnership
(Cost $0)
   49,841 
           
Principal         
Amount ($)         
           
Short-Term Investment – 2.21%
     U.S. Government Obligations - 2.21%     
 40,000,000   U.S. Treasury Bills, 0.040%, due 8/20/15(g)   39,999,261 
     Total Short-Term Investment
(Cost $39,999,261)
   39,999,261 
     Total Investment Portfolio - 97.51%
(Cost $1,605,842,897)
   1,764,800,897 
     Other Assets less Liabilities - 2.49%   45,148,112 
     NET ASSETS - 100.00%  $1,809,949,009 
     Investor Class:     
     Net assets applicable to 580,082 shares outstanding  $32,432,997 
     Net asset value, offering and redemption price per share  $55.91 
     Institutional Class:     
     Net assets applicable to 31,736,057 shares outstanding  $1,777,516,012 
     Net asset value, offering and redemption price per share  $56.01 

 

Notes:

(a) Fair-valued security.
(b) Affiliated issuers - as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of these issuers).
(c) Payment-in-kind (“PIK”) security. Income may be paid in additional securities.
(d) Security subject to restrictions on resale.
   
Shares/
Principal
Amount ($)
  Issuer  Aquisition
Date
  Cost  Market
Value
Per Unit
526,368  Home Products International, Inc.  5/30/07  $54,667,471  $0.00  
$22,150,228  Home Products International, Inc., 2nd Lien, Convertible, 6.000% Payment-in-kind Interest, due 3/20/17  3/16/07 - 4/1/15  22,150,228  66.01  
37  Manifold Capital LLC  9/24/97-11/10/06  37,712,514  7,702.70  
  At July 31, 2015, these restricted securities had a total market value of $14,906,366 or 0.83% of net assets of the Fund.
   
(e) Non-income producing security.
(f) Amount represents less than 0.01% of net assets.
(g) Annualized yield at date of purchase.
U.S. issuer unless otherwise noted.

ADR: American Depositary Receipt.

REIT: Real Estate Investment Trust.

SIPA: Securities Investor Protection Act of 1970.

 

Country Concentration

 

   % of
   Net Assets
United States*   65.24%
Hong Kong   7.48 
Canada   5.06 
United Kingdom   4.91 
France   3.55 
Bermuda   2.89 
South Korea   2.71 
Sweden   2.05 
Japan   2.05 
Switzerland   1.57 
Total   97.51%

* Includes cash equivalents.


 

See accompanying notes to the Portfolios of Investments.

2

Third Avenue Trust

Third Avenue Small-Cap Value Fund
Portfolio of Investments

at July 31, 2015 (Unaudited)

 

       Value 
Shares   Security†  (Note 1) 
         
Common Stocks - 96.77%
    Asset Management - 1.87%    
 165,132   Legg Mason, Inc.  $8,147,613 
     Auto Parts and Services - 5.35%     
 155,700   Dorman Products, Inc. (a)   8,217,846 
 225,604   Standard Motor Products, Inc.   8,250,338 
 68,164   Visteon Corp. (a)   6,784,363 
         23,252,547 
     Bank & Thrifts - 11.24%     
 72,471   City National Corp.   6,515,868 
 198,650   Commerce Bancshares, Inc.   9,354,428 
 115,200   Cullen/Frost Bankers, Inc.   8,346,240 
 169,563   Prosperity Bancshares, Inc.   9,256,444 
 159,391   UMB Financial Corp.   8,737,815 
 670,975   Valley National Bancorp   6,656,072 
         48,866,867 
     Business Services - 1.88%     
 285,433   Viad Corp.   8,183,364 
     Chemicals & Industrial Materials - 1.19%     
 420,036   SunCoke Energy, Inc.   5,162,242 
     Consulting and Information Technology Services - 7.47%     
 210,192   FTI Consulting, Inc. (a)   8,601,057 
 424,566   Genpact, Ltd. (Bermuda) (a)   9,429,611 
 170,381   ICF International, Inc. (a)   6,246,167 
 187,830   Syntel, Inc. (a)   8,206,293 
         32,483,128 
     Consumer Products & Services - 4.97%     
 559,982   1-800-Flowers.com, Inc., Class A (a)   5,571,821 
 174,315   CST Brands, Inc.   6,603,052 
 153,458   VCA, Inc. (a)   9,442,271 
         21,617,144 
     Diversified Holding Companies - 3.64%     
 579,165   Dundee Corp., Class A (Canada) (a)   4,866,784 
 1,557,923   JZ Capital Partners, Ltd. (Guernsey)   10,948,159 
         15,814,943 
     Electronic Components - 5.40%     
 139,556   Anixter International, Inc. (a)   9,240,003 
 241,911   Ingram Micro, Inc., Class A (a)   6,587,237 
 282,750   Insight Enterprises, Inc. (a)   7,631,422 
         23,458,662 
     Energy Exploration and Production - 1.88%     
 327,338   EP Energy Corp., Class A (a)   2,739,819 
 154,551   Noble Energy, Inc.   5,444,832 
         8,184,651 
     Energy Services - 1.92%     
 23,426   SEACOR Holdings, Inc. (a)   1,479,820 
 96,552   SemGroup Corp., Class A   6,863,882 
         8,343,702 
     Forest Products & Paper - 2.36%     
 473,005   Interfor Corp. (Canada) (a)   5,844,524 
       Value 
Shares   Security†  (Note 1) 
         
    Forest Products & Paper (continued)    
 216,711   PH Glatfelter Co.  $4,423,072 
         10,267,596 
     Healthcare - 3.39%     
 144,700   Patterson Cos., Inc.   7,258,152 
 55,907   Teleflex, Inc.   7,490,979 
         14,749,131 
     Home Building - 2.23%     
 383,534   WCI Communities, Inc. (a)   9,680,398 
     Industrial Capital Equipment Manufacturers - 3.20%     
 250,500   Barnes Group, Inc.   9,751,965 
 166,879   Rofin-Sinar Technologies, Inc. (a)   4,161,962 
         13,913,927 
     Industrial Equipment - 6.61%     
 257,200   Actuant Corp., Class A   5,931,032 
 162,006   Alamo Group, Inc.   8,511,795 
 86,767   CIRCOR International, Inc.   4,150,066 
 64,171   EnerSys   4,007,479 
 166,321   LSB Industries, Inc. (a)   6,138,908 
         28,739,280 
     Industrial Services - 11.27%     
 239,857   ABM Industries, Inc.   7,905,687 
 146,518   Cubic Corp.   6,501,004 
 166,383   EMCOR Group, Inc.   7,958,099 
 55,546   Multi-Color Corp.   3,547,167 
 345,644   Tetra Tech, Inc.   9,207,956 
 50,310   UniFirst Corp.   5,575,354 
 204,619   World Fuel Services Corp.   8,317,762 
         49,013,029 
     Insurance & Reinsurance - 5.27%     
 13,343   Alleghany Corp. (a)   6,486,432 
 212,785   HCC Insurance Holdings, Inc.   16,418,491 
         22,904,923 
     Metals Manufacturing - 2.08%     
 107,276   Kaiser Aluminum Corp.   9,059,458 
     Securities Trading/Processing Services - 1.39%     
 111,048   Broadridge Financial Solutions, Inc.   6,026,575 
     Software and Services - 5.39%     
 443,587   Allscripts Healthcare Solutions, Inc. (a)   6,414,268 
 301,398   CSG Systems International, Inc.   9,373,478 
 257,355   Progress Software Corp. (a)   7,638,296 
         23,426,042 
     Specialty Pharmaceuticals - 0.91%     
 55,456   ANI Pharmaceuticals, Inc. (a)   3,939,040 
     U.S. Real Estate Investment Trusts - 0.91%     
 122,119   Tanger Factory Outlet Centers, Inc.   3,966,425 
     U.S. Real Estate Operating Companies - 4.95%     
 143,227   Alico, Inc.   6,419,434 
 203,867   Brookdale Senior Living, Inc. (a)   6,754,114 
 103,065   Forestar Group, Inc. (a)   1,319,232 


 

See accompanying notes to the Portfolios of Investments.

3

Third Avenue Trust

Third Avenue Small-Cap Value Fund
Portfolio of Investments (continued)

at July 31, 2015 (Unaudited)

 

       Value 
Shares   Security†  (Note 1) 
         
Common Stocks (continued)
    U.S. Real Estate Operating Companies (continued)    
 64,039   Vail Resorts, Inc.  $7,024,438 
         21,517,218 
     Total Common Stocks
(Cost $329,099,224)
   420,717,905 
     Total Investment Portfolio - 96.77%
(Cost $329,099,224)
   420,717,905 
     Other Assets less Liabilities - 3.23%   14,043,832 
     NET ASSETS - 100.00%  $434,761,737 
     Investor Class:     
     Net assets applicable to 436,491 shares outstanding  $10,260,828 
     Net asset value, offering and redemption price per share  $23.51 
     Institutional Class:     
     Net assets applicable to 17,951,266 shares outstanding  $424,500,909 
     Net asset value, offering and redemption price per share  $23.65 

 

Notes:

(a) Non-income producing security.
U.S. issuer unless otherwise noted.

 

Country Concentration

 

   % of
   Net Assets
United States   89.62%
Guernsey   2.52 
Canada   2.46 
Bermuda   2.17 
Total   96.77%

 

See accompanying notes to the Portfolios of Investments.

4

Third Avenue Trust

Third Avenue Real Estate Value Fund

Portfolio of Investments

at July 31, 2015 (Unaudited)

 

Principal
Amount
      Security†  Value
(Note 1)
 
              
Term Loans - 0.09%  
        Non-U.S. Real Estate Operating Companies - 0.09%     
        Concrete Investment I, Term Loan
(Netherlands):
     
 50,450  EUR   Tranche A2, 1.911% Cash or Payment-in-kind Interest, due 3/31/16 (a)(b)(c)  $55,406 
 19,273  EUR   Tranche A3, 2.000% Cash or Payment-in-kind Interest, due 3/31/16 (a)(b)(c)   21,167 
        Concrete Investment II, Term Loan (Netherlands):     
 34,600  EUR   Tranche A2, 1.911% Cash or Payment-in-kind Interest, due 3/31/16 (a)(b)(c)   37,999 
 4,818  EUR   Tranche A3, 2.000% Cash or Payment-in-kind Interest, due 3/31/16 (a)(b)(c)   5,292 
        IVG Immobilien AG, Term Loan (Netherlands):     
 1,081,276  EUR   Tranche A1, 9.432% Cash or Payment-in-kind Interest, due 9/30/17 (a)(b)(c)   1,187,511 
 1,596,094  EUR   Tranche A2, 9.432% Cash or Payment-in-kind Interest, due 9/30/18 (a)(b)(c)   1,752,909 
        Total Term Loans
(Cost $3,770,909)
   3,060,284 
              
Shares            
              
Common Stocks & Warrants - 81.11%     
          Banks - 4.89%     
 1,939,049      PNC Financial Services Group, Inc., Warrants, expire 12/31/18 (d)   60,478,938 
 1,156,551      Wells Fargo & Co., Warrants, expire 10/28/18 (d)   27,699,397 
 2,773,300      Zions Bancorporation   86,499,227 
            174,677,562 
        Forest Products & Paper - 8.21%     
 4,931,300      Rayonier, Inc., REIT   121,309,980 
 5,603,058      Weyerhaeuser Co., REIT   171,957,850 
            293,267,830 
        Lodging & Hotels - 2.38%     
 450,000      Hyatt Hotels Corp., Class A (d)   25,123,500 
 6,848,517      Millennium & Copthorne Hotels PLC (United Kingdom)   59,677,871 
            84,801,371 
        Non-U.S. Diversified Holding Companies - 2.12%     
 5,109,000      CK Hutchison Holdings, Ltd. (Hong Kong)   75,854,379 
        Non-U.S. Real Estate Consulting/Management - 2.55%     
 6,002,254      Countrywide PLC (United Kingdom)   48,835,392 
 2,752,003      Savills PLC (United Kingdom)   42,095,525 
            90,930,917 
Shares     Security†  Value
(Note 1)
 
               
        Non-U.S. Real Estate Investment Trusts - 9.89%      
  12,070,176     Dexus Property Group (Australia)  $ 68,640,701 
  366,031     Gecina S.A. (France)    46,892,521 
  9,910,908     Hammerson PLC (United Kingdom)    101,840,829 
  8,839,052     Segro PLC (United Kingdom)    61,949,973 
  1,249,353     Wereldhave N.V. (Netherlands)    73,887,648 
             353,211,672 
        Non-U.S. Real Estate Operating Companies - 22.24%      
  2,319,189     Brookfield Asset Management, Inc., Class A (Canada)    80,777,353 
  7,601,500     Cheung Kong Property Holdings, Ltd. (Hong Kong) (d)    63,343,382 
  14,625,450     City Developments, Ltd. (Singapore)    99,468,199 
  32,115,300     Global Logistic Properties, Ltd. (Singapore)    53,843,489 
  14,967,134     Globe Trade Centre S.A. (Poland) (d)    23,410,326 
  10,406,000     Hang Lung Group, Ltd. (Hong Kong)    46,913,780 
  14,173,122     Henderson Land Development Co., Ltd. (Hong Kong)    93,606,265 
  11,373,967     Hysan Development Co., Ltd. (Hong Kong)    48,710,151 
  135,653,174     Inmobiliaria Colonial S.A. (Spain) (d)    100,860,148 
  16,480,805     Westfield Corp., REIT (Australia)    120,828,076 
  11,975,500     Wheelock & Co., Ltd. (Hong Kong)    62,022,409 
             793,783,578 
        Real Estate Consulting/Management - 2.02%      
  1,584,200     Realogy Holdings Corp. (d)    72,112,784 
        Retail-Building Products - 2.35%      
  1,206,930     Lowe’s Cos., Inc.    83,712,665 
        Senior Housing - 1.74%      
  1,873,595     Brookdale Senior Living, Inc. (d)    62,072,202 
        U.S. Real Estate Investment Trusts - 16.60%      
  3,460,150     Equity Commonwealth (d)    90,655,930 
  6,223,431     First Industrial Realty Trust, Inc. (e)    130,318,645 
  1,624,562     Macerich Co. (The)    128,600,328 
  1,253,782     Post Properties, Inc.    71,390,347 
  2,031,678     Tanger Factory Outlet Centers, Inc.    65,988,901 
  1,084,694     Vornado Realty Trust    105,811,900 
             592,766,051 
        U.S. Real Estate Operating Companies - 6.12%      
  6,579,688     Forest City Enterprises, Inc., Class A (d)    153,635,715 
  703,900     Kennedy-Wilson Holdings, Inc.    17,822,748 
  941,627     Tejon Ranch Co. (d)    23,371,182 
  139,089     Tejon Ranch Co., Warrants, expire 8/31/16 (d)     66,790 
  3,369,445     Trinity Place Holdings, Inc. (a)(d)(f)    23,444,345 
             218,340,780 
        Total Common Stocks & Warrants
(Cost $2,245,549,992)
    2,895,531,791 
Preferred Stocks - 0.73%   
        Non-U.S. Real Estate Operating Companies - 0.73%      
  189,696     Concrete Investment II SCA (Luxembourg) (d)    26,250,023 
        Total Preferred Stocks
(Cost $27,535,807)
    26,250,023 


 

See accompanying notes to the Portfolios of Investments.

5

Third Avenue Trust

Third Avenue Real Estate Value Fund

Portfolio of Investments (continued)

at July 31, 2015 (Unaudited)

 

Units       Security†  Value
(Note 1)
                
Private Equities - 3.08%   
         U.S. Real Estate Operating Companies - 3.08%      
  28,847,217      Newhall Holding Co. LLC, Class A Units (d)(e)   $ 109,980,014 
         Total Private Equities
(Cost $75,516,192)
    109,980,014 
                
Notional
Amount‡
             
                
Purchased Options - 0.04%   
         Foreign Currency Put Options - 0.01%      
  40,000,000  AUD   Australian Currency, strike 0.7301 AUD, expire 8/11/15 (d)    207,252 
  47,000,000  AUD   Australian Currency, strike 0.6825 AUD, expire 9/10/15 (d)    85,140 
              292,392 
         Foreign Currency Call Options - 0.03%      
  380,000,000      U.S. Currency, strike 8.1400 HKD, expire 8/1/17 (d)    1,026,190 
         Total Purchased Options
(Cost $1,575,500)
    1,318,582 
                
Principal             
Amount($)             
                
Short-Term Investments - 13.02%     
         U.S. Government Obligations - 13.02%      
  465,000,000      U.S. Treasury Bills, 0.010%-0.040%, due 8/20/15-10/22/15 (g)    464,987,078 
         Total Short-Term Investments
(Cost $464,991,552)
    464,987,078 
         Total Investment Portfolio - 98.07%
(Cost $2,818,939,952)
    3,501,127,772 
         Other Assets less Liabilities - 1.93% (h)    68,870,477 
         NET ASSETS - 100.00%  $ 3,569,998,249 
         Investor Class:      
         Net assets applicable to 14,101,561 shares outstanding  $ 454,247,643 
         Net asset value, offering and redemption price per share  $ 32.21 
         Institutional Class:      
         Net assets applicable to 96,101,972 shares outstanding  $ 3,115,750,606 
         Net asset value, offering and redemption price per share  $ 32.42 

 

Notes:

(a) Fair-valued security.
(b) Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(c) Variable rate security. The rate disclosed is in effect as of July 31, 2015.
(d) Non-income producing security.
(e) Affiliated issuers - as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of these issuers).
(f) Security subject to restrictions on resale.

 

 Shares   Issuer  Aquisition
Date
   Cost    Market
Value
Per Unit
 
 3,369,445   Trinity Place Holdings, Inc.  10/2/13 - 11/6/13  $13,477,776   $6.96 
At July 31, 2015, the restricted security had a total market value of $23,444,345 or 0.66% of net assets of the Fund.

 

(g) Annualized yield at date of purchase.
(h) Includes restricted cash received from counterparties as collateral management for forward foreign currency contracts and options.
U.S. issuer unless otherwise noted.
Denominated in U.S. Dollars unless otherwise noted.
AUD: Australian Dollar.
EUR: Euro.
REIT: Real Estate Investment Trust.

 

Country Concentration    
   % of
Net Assets
United States*   58.74%
Hong Kong   10.97 
United Kingdom   8.81 
Australia   5.32 
Singapore   4.29 
Spain   2.82 
Canada   2.26 
Netherlands   2.16 
France   1.31 
Luxembourg   0.73 
Poland   0.66 
Total   98.07%

* Includes cash equivalents.

 

Schedule of Written Options

 

Notional Amount     Security  Expiration Date   Strike Price  Value 
40,000,000 AUD   Australian Currency, Call  8/11/15   0.7950 AUD  $(4)
47,000,000 AUD   Australian Currency, Call  9/10/15   0.7850 AUD   (11,177)
      (Premiums received $293,000)         $(11,181)

 

AUD: Australian Dollar.

 

Schedule of Forward Foreign Currency Contracts

 

Contracts to Sell   Counterparty  Settlement
Date
  Settlement
Value
  Value at
7/31/15
  Unrealized Appreciation
113,000,000 EUR  Goldman Sachs & Co.  8/27/2015   $124,830,603  $124,143,743  $686,860
113,000,000 EUR  Morgan Stanley & Co. LLC  8/27/2015    124,827,710   124,143,743   683,967
                  $1,370,827

 

EUR: Euro.


 

See accompanying notes to the Portfolios of Investments.

6

Third Avenue Trust

Third Avenue International Value Fund
Portfolio of Investments

at July 31, 2015 (Unaudited)

 

Principal
Amount‡
     Security†  Value
(Note 1)
 
             
Corporate Bonds & Notes - 2.16%     
       Oil & Gas Production & Services - 2.16%     
 5,200,000     Petroleum Geo-Services ASA, 7.375%, due 12/15/18 (Norway) (a)  $4,836,000 
       Total Corporate Bonds & Notes (Cost $4,708,383)   4,836,000 
Foreign Government Bonds - 3.52%     
 11,000,000  SGD  Singapore Government Bond, 0.500%, due 4/1/18 (Singapore)   7,878,048 
       Total Foreign Government Bonds (Cost $7,916,040)   7,878,048 
             
Shares           
             
Common Stocks - 87.33%     
       Agricultural Equipment - 1.98%     
 494,600     CNH Industrial N.V. (Netherlands)   4,436,562 
       Automotive - 4.86%     
 50,880     Daimler AG (Germany)   4,547,986 
 99,943     Leoni AG (Germany)   6,329,994 
           10,877,980 
       Building & Construction Products/Services - 5.97%     
 9,907,153     Tenon, Ltd. (New Zealand) (b)(c)   13,341,029 
       Capital Goods - 1.97%     
 108,306     Nexans S.A. (France) (b)   4,405,797 
       Diversified Holding Companies - 11.74%     
 442,684     CK Hutchison Holdings, Ltd. (Hong Kong)   6,572,621 
 4,075,126     GP Investments, Ltd., BDR (Brazil) (b)   7,771,893 
 236,633     Leucadia National Corp.   5,565,608 
 94,170     Pargesa Holding S.A. (Switzerland)   6,339,396 
           26,249,518 
       Engineering/Construction - 1.59%     
 277,400     Amec Foster Wheeler PLC (United Kingdom)   3,552,245 
       Financials - 3.13%     
 736,924     BinckBank N.V. (Netherlands)   6,993,389 
       Food & Beverage - 2.46%     
 1,410,092     C&C Group PLC (Ireland)   5,494,549 
       Forest Products & Paper - 8.10%     
 56,796,558     Rubicon, Ltd. (New Zealand) (b)(c)   11,622,351 
 211,543     Weyerhaeuser Co., REIT   6,492,255 
           18,114,606 
       Insurance - 4.02%     
 12,719     White Mountains Insurance Group, Ltd. (Bermuda)   8,979,614 
       Investment Technology Services - 2.06%     
 87,818     Otsuka Corp. (Japan)   4,612,863 
       Media - 3.95%     
 335,699     Vivendi S.A. (France)   8,824,385 

 

Shares     Security†  Value
(Note 1)
 
             
       Metals & Mining - 6.77%     
 873,604     Antofagasta PLC (Chile)  $7,735,355 
 10,528,312     Capstone Mining Corp. (Canada) (b)   7,406,084 
           15,141,439 
       Non-U.S. Real Estate Operating Companies - 1.65%     
 442,684     Cheung Kong Property Holdings, Ltd. (Hong Kong) (b)   3,688,891 
       Oil & Gas Production & Services - 5.50%     
 1,685,119     Petroleum Geo-Services ASA (Norway)   7,690,717 
 13,899,800     Vard Holdings, Ltd. (Singapore) (b)   4,610,131 
           12,300,848 
       Real Estate - 9.70%     
 1,713,642     Atrium European Real Estate, Ltd. (Austria)   7,970,297 
 3,048,500     Global Logistic Properties, Ltd. (Singapore)   5,111,018 
 1,367,034     Oberoi Realty, Ltd. (India)   5,610,497 
 429,138     Segro PLC, REIT (United Kingdom)   3,007,685 
           21,699,497 
       Retail & Restaurants - 2.78%     
 1,461,400     Arcos Dorados Holdings, Inc., Class A (Argentina)   6,210,950 
       Telecommunications - 6.83%     
 1,522,855     Telefonica Deutschland Holding AG (Germany)   9,457,844 
 1,537,292     Vodafone Group PLC (United Kingdom)   5,806,107 
           15,263,951 
       Transportation Infrastructure - 2.27%     
 1,339,889     Santos Brasil Participacoes S.A. (Brazil)   5,087,270 
       Total Common Stocks
(Cost $227,289,578)
   195,275,383 
            
Principal
Amount ($)
           
             
Short-Term Investment - 3.58%     
       U.S. Government Obligations - 3.58%     
 8,000,000     U.S. Treasury Bills, 0.040%, due 8/20/15 (d)   7,999,852 
       Total Short-Term Investment
(Cost $7,999,852)
   7,999,852 
       Total Investment Portfolio - 96.59%
(Cost $247,913,853)
   215,989,283 
       Other Assets less Liabilities - 3.41%   7,625,651 
       NET ASSETS - 100.00%  $223,614,934 
       Investor Class:     
       Net assets applicable to 411,368 shares outstanding  $6,506,995 
       Net asset value, offering and redemption price per share  $15.82 
       Institutional Class:     
       Net assets applicable to 13,737,608 shares outstanding  $217,107,939 
       Net asset value, offering and redemption price per share  $15.80 


 

See accompanying notes to the Portfolios of Investments.

7

Third Avenue Trust

Third Avenue International Value Fund

Portfolio of Investments (continued)

at July 31, 2015 (Unaudited)

 

Notes:

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.
(b) Non-income producing security.
(c) Affiliated issuers - as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of these issuers).
(d) Annualized yield at date of purchase.
U.S. issuer unless otherwise noted.
Denominated in U.S. Dollars unless otherwise noted.
BDR: Brazilian Depositary Receipt.
REIT:  Real Estate Investment Trust.
SGD: Singapore Dollar.

 

Country Concentration    
   % of
Net Assets
New Zealand   11.16%
Germany   9.09 
United States*   8.97 
Singapore   7.87 
France   5.92 
Brazil   5.75 
Norway   5.60 
United Kingdom   5.53 
Netherlands   5.11 
Hong Kong   4.59 
Bermuda   4.02 
Austria   3.56 
Chile   3.46 
Canada   3.31 
Switzerland   2.84 
Argentina   2.78 
India   2.51 
Ireland   2.46 
Japan   2.06 
Total   96.59%
* Includes cash equivalents.     


 

See accompanying notes to the Portfolios of Investments.

8

Third Avenue Trust

Third Avenue Focused Credit Fund
Portfolio of Investments

at July 31, 2015 (Unaudited)

 

Principal
Amount‡/Units
     Security†  Value
(Note 1)
 
           
Corporate Bonds & Notes - 57.60%     
       Chemicals - 0.00%     
 17,809,061     Reichhold Industries, Inc., due 5/8/17 (a)(b)(c)  $ 
       Consumer Products - 6.23%     
       Ideal Standard International S.A. (Luxembourg):     
 27,905,497  EUR  Series B, 11.750% Cash or 15.750% Payment-in-kind Interest, due 5/1/18 (d)   28,961,599 
 33,180,416  EUR  Series C, 11.750% Cash or 17.750% Payment-in-kind Interest, due 5/1/18 (d)(e)   25,872,664 
 83,000,000     Sun Products Corp. (The), 7.750%, due 3/15/21 (a)   75,737,500 
           130,571,763 
       Energy - 5.70%     
 8,500,000     American Eagle Energy Corp., due 9/1/19 (a)(b)   2,698,750 
 30,285,000     CHC Helicopter S.A., 9.250%, due 10/15/20 (Luxembourg)   19,685,250 
 35,000,000     Energy XXI Gulf Coast, Inc., 11.000%, due 3/15/20 (a)   26,512,500 
       Global Geophysical Services, Inc., Escrow:     
 15,599,000     due 5/1/14 (b)(c)(f)    
 45,925,000     due 5/1/17 (b)(c)(f)    
       Hercules Offshore, Inc.:     
 10,000,000     10.250%, due 4/1/19 (a)   3,050,000 
 32,380,000     8.750%, due 7/15/21 (a)   9,875,900 
 3,000,000     7.500%, due 10/1/21 (a)   885,000 
 5,000,000     6.750%, due 4/1/22 (a)   1,487,500 
 20,150,000     IronGate Energy Services LLC, 11.000%, due 7/1/18 (a)   14,105,000 
 20,000,000     Linn Energy LLC / Linn Energy Finance Corp., 8.625%, due 4/15/20   12,400,000 
 3,000,000     Lone Pine Resources, Inc., Escrow, due 2/15/17 (b)(c)    
 5,000,000     Magnum Hunter Resources Corp., 9.750%, due 5/15/20   3,850,000 
 16,075,000     McDermott International, Inc., 8.000%, due 5/1/21 (Panama) (a)   13,945,062 
 22,847,000     Quicksilver Resources, Inc., due 7/1/21 (b)   2,227,583 
 10,106,000  CAD  Southern Pacific Resource Corp., due 1/25/18 (Canada) (a)(b)   270,452 
 17,500  ^  US Shale Solutions, Inc., 12.500%, due 9/1/17 (a)   8,575,000 
           119,567,997 
       Financials - 1.78%     
 30,000,000     DFC Finance Corp., 10.500%, due 6/15/20 (a)   21,225,000 
       Lehman Brothers Holdings, Inc.:     
 31,000,000     due 9/26/08 (b)   3,332,500 
 17,185,861     due 10/14/08 (b)   1,847,480 
 10,000,000     due 10/22/08 (b)   1,075,000 
 25,000,000     due 11/24/08 (b)   2,687,500 
 12,205,000     due 12/23/08 (b)   1,312,038 
 6,771,301     due 4/3/09 (b)   727,915 
 30,000,000     due 1/14/11 (b)   3,262,500 
Principal
Amount‡/Units
     Security†  Value
(Note 1)
 
           
       Financials (continued)     
       Lehman Brothers Holdings, Inc.:     
 10,000,000     due 1/24/13 (b)  $1,112,500 
 7,113,000     due 2/9/17 (b)   755,756 
           37,338,189 
       Food & Beverage - 1.85%     
 39,007,000     American Seafoods Group LLC / American Seafoods Finance, Inc., 10.750%, due 5/15/16 (a)   38,714,448 
       Gaming & Entertainment - 4.14%     
 105,000,000     Caesars Entertainment Operating Co., Inc., due 12/15/18 (b)   33,075,000 
       Codere Finance Luxembourg S.A. (Luxembourg):     
 42,378,000  EUR  due 6/15/15 (b)   34,440,793 
 26,910,000     due 2/15/19 (a)(b)   19,240,650 
           86,756,443 
       Healthcare - 1.98%     
       InVentiv Health, Inc.:     
 32,000,000     10.000% Cash or 12.000% Payment-in-kind Interest, due 8/15/18 (a)(d)   33,760,000 
 8,000,000     11.000%, due 8/15/18 (a)   7,720,000 
           41,480,000 
       Home Construction - 1.99%     
 46,312,000     New Enterprise Stone & Lime Co., Inc., 11.000%, due 9/1/18   41,680,800 
       Manufacturing - 5.61%     
 20,000,000     Associated Materials LLC / AMH New Finance, Inc., 9.125%, due 11/1/17   17,100,000 
       Euramax International, Inc.:     
 31,000,000     9.500%, due 4/1/16   31,038,750 
 10,000,000     12.000%, due 8/15/20 (a)   10,012,500 
 59,535,000     Liberty Tire Recycling LLC, 2nd Lien, 11.000% Payment-in-kind Interest, due 3/31/21 (a)(c)(d)(f)   59,535,000 
           117,686,250 
       Media/Cable - 4.81%     
 43,000,000     Cengage Learning Acquisitions, Inc., Escrow, due 4/15/20 (b)(c)    
 151,500,000     iHeartCommunications, Inc., 12.000% Cash plus 2.000% Payment-in-kind Interest, due 2/1/21 (d)   100,747,500 
           100,747,500 
       Metals & Mining - 4.15%     
 10,000,000     AK Steel Corp., 7.625%, due 10/1/21   7,100,000 
 116,582,098  EUR  Boats Investments Netherlands B.V., 11.000% Payment-in-kind Interest, due 3/31/17 (Netherlands) (d)   39,691,227 
 2,500,000     FMG Resources (August 2006) Pty, Ltd., 9.750%, due 3/1/22 (Australia) (a)   2,306,250 


 

See accompanying notes to the Portfolios of Investments.

9

Third Avenue Trust

Third Avenue Focused Credit Fund
Portfolio of Investments (continued)

at July 31, 2015 (Unaudited)

 

Principal
Amount‡/Units
     Security†  Value
(Note 1)
 
             
Corporate Bonds & Notes (continued)     
       Metals & Mining (continued)     
       New World Resources N.V. (Netherlands):     
 34,966,026  EUR  8.000% Cash or 11.000% Payment-in-kind Interest, due 4/7/20 (a)(d)  $22,848,843 
 13,403,643  EUR  4.000% Cash or 8.000% Payment-in-kind Interest, due 10/7/20 (a)(d)   1,214,445 
 37,000,000     Noranda Aluminum Acquisition Corp., 11.000%, due 6/1/19   13,782,500 
           86,943,265 
       Paper & Related Products - 0.19%     
 10,000,000     Verso Paper Holdings LLC / Verso Paper, Inc., 11.750%, due 1/15/19   4,100,000 
       Retailers - 2.00%     
       Claire’s Stores, Inc.:     
 2,500,000     8.875%, due 3/15/19   1,106,250 
 115,250,000     7.750%, due 6/1/20 (a)   40,913,750 
           42,020,000 
       Services - 7.22%     
 129,771,112     Affinion Group Holdings, Inc., 13.750% Cash or 14.500% Payment-in-kind Interest, due 9/15/18 (d)   45,419,889 
 41,552,020     Affinion Investments LLC, 13.500%, due 8/15/18   19,217,809 
       Altegrity, Inc.:     
 118,871,840     due 7/1/20 (a)(b)   61,813,357 
 35,740,000     due 7/1/20 (a)(b)   18,584,800 
 6,500,000     Constellis Holdings LLC / Constellis Finance Corp., 9.750%, due 5/15/20 (a)   6,223,750 
           151,259,605 
          Technology - 1.08%     
       Advanced Micro Devices, Inc.:     
 15,000,000     6.750%, due 3/1/19   10,987,500 
 12,500,000     7.000%, due 7/1/24   8,375,000 
 28,118,000     THQ, Inc., due 8/15/14 (b)   3,233,570 
           22,596,070 
       Telecommunications - 2.68%     
 55,555,000     Intelsat Luxembourg S.A., 7.750%, due 6/1/21 (Luxembourg)   44,374,556 
 14,000,000     Sprint Capital Corp., 6.875%, due 11/15/28   11,900,000 
           56,274,556 
       Transportation Services - 1.49%     
 32,500,000     CEVA Group PLC, 9.000%, due 9/1/21 (United Kingdom) (a)   31,159,375 
       Utilities - 4.70%     
 4,000,000     Energy Future Holdings Corp., due 11/15/34 (b)   4,220,000 
 70,000,000     Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc., due 12/1/18 (a)(b)   78,750,000 
       Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc.:     
 60,000,000     due 11/1/15 (b)   9,300,000 
Principal Amount‡/Units     Security†  Value
(Note 1)
 
             
       Utilities (continued)     
       Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc.:     
 40,000,000     due 11/1/16 (b)  $6,200,000 
           98,470,000 
       Total Corporate Bonds & Notes
(Cost $1,643,403,802)
   1,207,366,261 
Term Loans - 11.35%     
       Chemicals - 1.93%     
 4,292,000     Reichhold Holdings International B.V., DIP Loan, 12.000% Cash or 14.000% Payment-in-kind Interest, due 3/31/17 (Netherlands)(c)(d)   4,292,000 
       Reichhold Holdings, Inc.:     
 1,900,212     DIP Loan, 12.000% Cash or 14.000%, Payment-in-kind Interest,
due 3/17/17 (c)(d)
   1,900,212 
 2,577,000     Term Loan, 15.000% Cash or Payment-in-kind Interest,
due 3/31/17 (c)(d)
   2,577,000 
 34,278,662     Vertellus Specialties, Inc., Term Loan, 10.500%, due 10/10/19 (g)   31,622,066 
           40,391,278 
       Energy - 1.37%     
 14,424,934     Global Geophysical Services, Inc., Term Loan B, 15.500% Cash or Payment-in-kind Interest, due 8/9/17 (c)(d)(f)   14,424,934 
 15,000,000     Templar Energy LLC, Term Loan B, 2nd Lien, 8.500%, due 11/25/20 (g)   9,424,995 
 5,000,000     W & T Offshore, Inc., Term Loan, 2nd Lien, 9.000%, due 5/5/20   4,800,000 
           28,649,929 
       Financials - 0.09%     
       Concrete Investment I, Term Loan (Netherlands):     
 32,255  EUR  Tranche A2, 1.911% Cash or Payment-in-kind Interest, due 3/31/16 (c)(d)(g)   35,424 
 12,322  EUR  Tranche A3, 2.000% Cash or Payment-in-kind Interest, due 3/31/16 (c)(d)(g)   13,533 
       Concrete Investment II, Term Loan (Netherlands):     
 22,196  EUR  Tranche A2, 1.911% Cash or Payment-in-kind Interest, due 3/31/16 (c)(d)(g)   24,377 
 3,081  EUR  Tranche A3, 2.000% Cash or Payment-in-kind Interest, due 3/31/16 (c)(d)(g)   3,383 
       IVG Immobilien AG, Term Loan (Netherlands):     
 702,628  EUR  Tranche A1, 9.432% Cash or Payment-in-kind Interest, due 9/30/17 (c)(d)(g)   771,661 


 

See accompanying notes to the Portfolios of Investments.

10

Third Avenue Trust

Third Avenue Focused Credit Fund
Portfolio of Investments (continued)

at July 31, 2015 (Unaudited)

 

Principal
Amount‡/Units
     Security†  Value
(Note 1)
 
             
Term Loans (continued)     
       Financials (continued)     
       IVG Immobilien AG, Term Loan (Netherlands):     
 1,048,717  EUR  Tranche A2, 9.432% Cash or Payment-in-kind Interest, due 9/30/18 (c)(d)(g)  $1,151,752 
           2,000,130 
       Gaming & Entertainment - 2.38%     
 12,468,354     AP Gaming I LLC, Term Loan, 9.250%, due 12/20/20 (g)   12,406,012 
 20,000,000     Land Holdings LLC, Term Loan, 12.000%, due 6/27/20   20,000,000 
 18,258,582     Majestic Star Casino LLC, Term Loan, 1st Lien, 12.500% Cash or 14.500% Payment-in-kind Interest, due 6/1/20 (d)   17,528,239 
           49,934,251 
       Healthcare - 0.87%     
 19,412,400     Rural/Metro Corp., Term Loan, 8.000% Cash plus 1.000% Payment-in-kind Interest, due 6/30/18 (d)(g)   18,247,656 
       Manufacturing - 1.15%     
 25,000,000     Liberty Tire Recycling LLC, Term Loan, 9.000%, due 3/31/21 (f)(g)   24,125,000 
       Media/Cable - 0.17%     
 5,000,000     Getty Images, Inc., Term Loan, 1st Lien, 4.750%, due 10/18/19 (g)   3,553,125 
       Metals & Mining - 0.50%     
 9,840,618     Allied Nevada Gold Corp., DIP Loan, 12.000% Cash or Payment-in-kind Interest, due 3/12/16 (c)(d)   10,529,462 
       Retailers - 0.67%     
 26,614,423     Weight Watchers International, Inc., Term Loan, 4.000%, due 4/2/20 (g)   13,959,265 
       Services - 2.22%     
 31,545,293     Altegrity, Inc., DIP Loan A, 12.000% Cash or Payment-in-kind Interest, due 8/7/15 (c)(d)   31,545,293 
       Education Management LLC:     
 8,875,618     Term Loan A, 5.500%, due 7/2/20 (g)   6,109,381 
 15,285,509     Term Loan B, 8.500%, due 7/2/20 (g)   8,884,702 
           46,539,376 
       Total Term Loans
(Cost $253,103,693)
   237,929,472 
Claims - 1.29%     
       Financials - 1.29%     
 200,000,000     Lehman Brothers Holdings, Inc., SIPA Claims (h)   27,125,000 
       Total Claims
(Cost $35,218,345)
   27,125,000 
Principal
Amount‡/Units
             Security†  Value
(Note 1)
 
               
Municipal Bonds - 0.07%      
      Gaming & Entertainment - 0.07%        
 5,200,000    New York City, NY, Industrial Development Agency Civic Facility Revenue, Bronx Parking Development Co. LLC OID, due 10/1/37 (b)    $1,521,000  
      Total Municipal Bonds
(Cost $3,058,314)
    1,521,000  
               
Shares             
               
Convertible Preferred Stocks - 0.60%        
      Transportation Services - 0.60%    
 4,435    CEVA Holdings LLC, Series A-1 (e)(h)    4,656,981  
 10,196    CEVA Holdings LLC, Series A-2 (e)(h)    7,850,666  
           12,507,647  
      Total Convertible Preferred Stocks
(Cost $17,733,657)
    12,507,647  
Preferred Stocks - 3.31%      
      Energy - 0.15%        
 1,122,431    Lone Pine Resources, Inc. (Canada) (c)(h)    3,120,358  
      Financials - 2.78%        
 120,774    Concrete Investment II SCA (Luxembourg) (h)    16,712,637  
 100,000    Federal Home Loan Mortgage Corp. 5.300% (h)    636,250  
 60,000    Federal Home Loan Mortgage Corp., Series G (g)(h)    372,000  
 89,283    Federal Home Loan Mortgage Corp., Series H, 5.100% (h)    647,302  
 63,188    Federal Home Loan Mortgage Corp., Series K, 5.790% (h)    445,475  
 52,500    Federal Home Loan Mortgage Corp., Series L (g)(h)    325,500  
 207,640    Federal Home Loan Mortgage Corp., Series M (g)(h)    1,214,694  
 23,500    Federal Home Loan Mortgage Corp., Series N (g)(h)    142,175  
 336,223    Federal Home Loan Mortgage Corp., Series P, 6.000% (h)    2,518,310  
 224,580    Federal Home Loan Mortgage Corp., Series R, 5.700% (h)    1,605,747  
 165,000    Federal Home Loan Mortgage Corp., Series S (g)(h)    1,112,100  
 100,000    Federal Home Loan Mortgage Corp., Series U, 5.900% (h)    400,000  
 637,722    Federal Home Loan Mortgage Corp., Series V, 5.570% (h)    2,582,774  
 392,089    Federal Home Loan Mortgage Corp., Series W, 5.660% (h)    1,842,818  
 203,813    Federal Home Loan Mortgage Corp., Series X, 6.020% (h)    849,900  
 100,000    Federal Home Loan Mortgage Corp., Series Y, 6.550% (h)    430,000  
 500,000    Federal Home Loan Mortgage Corp., Series Z, 8.375% (g)(h)    2,500,000  


 

See accompanying notes to the Portfolios of Investments.

11

Third Avenue Trust

Third Avenue Focused Credit Fund
Portfolio of Investments (continued)

at July 31, 2015 (Unaudited)

 

Shares   Security†  Value
(Note 1)
 
           
Preferred Stocks (continued)    
     Financials (continued)     
 96,750   Federal National Mortgage Association, Series H, 5.810% (h)  $736,268 
 478,000   Federal National Mortgage Association, Series M, 4.750% (h)   3,752,300 
 1,293,000   Federal National Mortgage Association, Series O (g)(h)   11,119,800 
 100,000   Federal National Mortgage Association, Series P (g)(h)   409,000 
 564,650   Federal National Mortgage Association, Series S, 8.250% (g)(h)   2,766,785 
 750,000   Federal National Mortgage Association, Series T, 8.250% (h)   5,220,000 
         58,341,835 
     Services - 0.38%     
 118,341   Education Management LLC, Class A-1 (h)   3,254,377 
 335,501   Education Management LLC, Class A-2 (h)   4,613,139 
         7,867,516 
     Total Preferred Stocks
(Cost $93,595,647)
   69,329,709 
Private Equities - 1.30%    
     Automotive - 0.39%     
 10,000,000   International Automotive Components Group LLC (h)   8,125,000 
     Chemicals - 0.70%     
 29,055   Reichhold Cayman L.P. (c)(h)   14,643,593 
     Consumer Products - 0.18%     
 1,451,633,736,280   Ideal Standard International Equity S.A. Alpecs (Luxembourg) (e)(h)   3,866,070 
     Energy - 0.03%     
 19,700   Thunderbird Resources L.P. (c)(h)(i)   553,567 
     Total Private Equities
(Cost $30,651,290)
   27,188,230 
Common Stocks & Warrants - 10.66%     
     Chemicals - 2.80%     
 867,448   MPM Holdings, Inc. (h)   23,312,665 
 1,310,842   MPM Holdings, Inc., Restricted Shares (e)(h)   35,228,879 
 478,500   Phosphate Holdings, Inc. (f)(h)   31,485 
         58,573,029 
     Energy - 1.18%     
 124,461   Geokinetics Holdings USA, Inc. (c)(e)(h)   10,274,256 
 3,786,564   Global Geophysical Services, Inc. (c)(f)(h)   8,709,097 
 262,913   Global Geophysical Services, Inc., Warrants (c)(f)(h)    
 374,199   Lone Pine Resources Canada, Ltd. (Canada) (c)(h)   972,917 
 374,199   Lone Pine Resources, Inc. (c)(h)    
 1,122,431   Lone Pine Resources, Inc., Multiple Voting Shares (c)(h)    
 5,000   New Gulf Resources LLC, Warrants (h)   125,000 
 50,000   Platinum Energy Solutions, Inc. (c)(e)(h)   947,500 
Shares   Security†  Value
(Note 1)
 
           
     Energy (continued)     
 10,874   Platinum Energy Solutions, Inc., Warrants (c)(e)(h)  $ 
 53   Thunderbird Resources Equity, Inc. (c)(h)   3,647,500 
 17,500   US Shale Solutions, Inc., Warrants (a)(c)(h)    
         24,676,270 
     Financials - 1.18%     
 3,725,000   Federal Home Loan Mortgage Corp. (h)   8,381,250 
 1,700,000   Rescap Liquidating Trust   16,252,000 
         24,633,250 
     Manufacturing - 1.04%     
 3,430,293   Liberty Tire Recycling LLC (c)(f)(h)   21,782,360 
 42,750   Liberty Tire Recycling LLC, Warrants, expire 12/12/19 (c)(f)(h)    
         21,782,360 
     Media/Cable - 1.73%     
 971,678   Cengage Learning Holdings II, Inc.   25,870,927 
 2,311,360   Radio One, Inc. Class D (f)(h)   5,639,718 
 681,637   Spanish Broadcasting System, Inc. Class A (f)(h)   4,703,295 
         36,213,940 
     Metals & Mining - 0.07%     
 2,334,038   Noranda Aluminum Holding Corp.   1,517,125 
     Services - 0.02%     
 499,061   Affinion Group, Inc., Warrants, Series A (h)   274,484 
 6,422,764   Affinion Group, Inc., Warrants, Series B (h)   128,455 
         402,939 
     Technology - 0.02%     
 250,000   Advanced Micro Devices, Inc. (h)   482,500 
     Transportation Services - 0.17%     
 4,710   CEVA Holdings LLC (e)(h)   3,626,631 
     Utilities - 2.45%     
 32,549,441   EME Reorganization Trust   423,143 
 4,509,571   Longview Power LLC (f)(h)   51,014,522 
         51,437,665 
     Total Common Stocks & Warrants
(Cost $267,012,911)
   223,345,709 
           
Closed-End Funds - 3.44%    
     Financials - 3.44%     
 309,983   Ares Dynamic Credit Allocation Fund, Inc.   4,690,043 
 2,009,188   BlackRock Corporate High Yield Fund, Inc.   21,257,209 
 842,356   BlackRock Credit Allocation Income Trust   10,478,908 
 835,639   First Trust High Income Long/Short Fund   12,618,149 
 425,826   Neuberger Berman High Yield Strategies Fund, Inc.   4,811,834 
 586,170   New America High Income Fund, Inc. (The)   4,988,307 
 554,048   Western Asset High Yield Defined Opportunity Fund, Inc.   8,310,166 


 

See accompanying notes to the Portfolios of Investments.

12

Third Avenue Trust

Third Avenue Focused Credit Fund
Portfolio of Investments (continued)

at July 31, 2015 (Unaudited)

 

Shares   Security†  Value
(Note 1)
 
           
Closed-End Funds (continued)    
     Financials (continued)     
 1,025,669   Western Asset Managed High Income Fund, Inc.  $4,953,981 
         72,108,597 
     Total Closed-End Funds
(Cost $81,727,331)
   72,108,597 
           
Principal
Amount($)
         
           
Short-Term Investments - 3.58%    
     U.S. Government Obligations - 3.58%     
 75,000,000   U.S. Treasury Bills, 0.020% - 0.030%, due 8/6/15-8/20/15(j)   74,999,056 
     Total Short-Term Investments
(Cost $74,999,056)
   74,999,056 
     Total Investment Portfolio - 93.20%
(Cost $2,500,504,046)
   1,953,420,681 
     Other Assets less Liabilities - 6.80% (k)(l)   142,585,075 
     NET ASSETS - 100.00%  $2,096,005,756 
     Investor Class:     
     Net assets applicable to 66,613,767 shares outstanding  $594,784,326 
     Net asset value, offering and redemption price per share  $8.93 
     Institutional Class:     
     Net assets applicable to 168,336,917 shares outstanding  $1,501,221,430 
     Net asset value, offering and redemption price per share  $8.92 

 

Notes:

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.
(b) Issue in default.
(c) Fair-valued security.
(d) Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer.
(e) Security subject to restrictions on resale.
Shares/
Principal Amount1
    Issuer  Aquisition
Date
    Cost    Market
Value
Per Unit
 
 4,710    CEVA Holdings LLC    5/29/13    $5,355,643   $769.99 
 4,435    CEVA Holdings LLC, Series A-1, Convertible Preferred    5/29/13     4,435,224    1,050.05 
 10,196    CEVA Holdings LLC, Series A-2, Convertible Preferred    5/29/13     13,298,434    769.98 
 124,461    Geokinetics Holdings USA, Inc.    5/22/13-5/14/14     13,060,780    82.55 
 1,451,633,736,280    Ideal Standard International Equity S.A. Alpecs    10/31/14     9,915,530    0.002
 33,180,416  EUR Ideal Standard International S.A., Series C, 11.750% Cash or 17.750% Payment-in-kind Interest, due 5/1/18    10/31/14-5/1/15     39,995,128    77.98 
 1,310,842    MPM Holdings, Inc., Restricted Shares    10/24/14     21,367,809    26.88 
 50,000    Platinum Energy Solutions, Inc.    10/4/13     1,225,746    18.95 
 10,874    Platinum Energy Solutions, Inc., Warrants    10/4/13     9,743    0.00 

 

EUR: Euro.

1) Denominated in U.S. Dollars unless otherwise noted.
2) Amount less than $0.01.

At July 31, 2015, these restricted securities had a total market value of $92,323,647 or 4.40% of net assets of the Fund.

(f) Affiliated issuers - as defined under the Investment Company Act of 1940 (ownership of 5% or more of the outstanding voting securities of these issuers).
(g) Variable rate security. The rate disclosed is in effect as of July 31, 2015.
(h) Non-income producing security.
(i) Security is held in the blocker, created to hold the investment for the Fund.
(j) Annualized yield at date of purchase.
(k) A portion is segregated for future fund commitment.
(l) Includes restricted cash pledged to counterparty as collateral management for forward foreign currency contracts.
U.S. issuer unless otherwise noted.
^ Expressed in units.
Denominated in U.S. Dollars unless otherwise noted.
CAD:  Canadian Dollar.
DIP: Debtor-In-Possession.
EUR: Euro.
OID: Original Issue Discount.
SIPA: Securities Investor Protection Act of 1970.

 

Country Concentration

 

   % of
Net Assets
United States*     78.17%
Luxembourg     9.22 
Netherlands     3.34 
United Kingdom     1.49 
Panama     0.66 
Canada     0.21 
Australia     0.11 
Total     93.20%

 

* Includes cash equivalents.

 

Schedule of Forward Foreign Currency Contracts

 

Contracts to Buy   Counterparty  Settlement
Date
  Settlement
Value
   Value at
7/31/15
   Unrealized
Depreciation
 
8,760,000 EUR  Goldman Sachs & Co.  8/27/2015  $9,661,272   $9,623,887   $(37,385)
                      
Contracts to Sell   Counterparty  Settlement
Date
   Settlement
Value
    Value at
7/31/15
    Unrealized
Appreciation/
(Depreciation)
 
13,500,000 EUR  Goldman Sachs & Co.  8/21/2015  $14,815,461   $14,830,229    $ (14,768)
74,800,000 EUR  Goldman Sachs & Co.  8/27/2015   82,736,751    82,176,566    560,185 
74,800,000 EUR  JPMorgan Chase Bank, N.A.  8/27/2015   82,719,599    82,176,566    543,033 
20,000,000 EUR  Macquaire Bank, Ltd.  8/27/2015   22,106,400    21,972,344    134,056 
                   $1,222,506 

 

EUR: Euro.


 

See accompanying notes to the Portfolios of Investments.

13

Third Avenue Trust

Notes to Portfolios of Investments

July 31, 2015 (Unaudited)

 

1. SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

Organization:

Third Avenue Trust (the “Trust”) is an open-end, management investment company organized as a Delaware business trust pursuant to a Trust Instrument dated October 31, 1996. The Trust currently consists of five non-diversified (within the meaning of Section 5(b)(2) of the Investment Company Act), separate investment series: Third Avenue Value Fund, Third Avenue Small-Cap Value Fund, Third Avenue Real Estate Value Fund, Third Avenue International Value Fund and Third Avenue Focused Credit Fund (each a “Fund” and, collectively, the “Funds”). Third Avenue Management LLC (the “Adviser”) provides investment advisory services to each of the Funds in the Trust. The Funds seek to achieve their investment objectives by adhering to a strict value discipline when selecting securities and other instruments. Each Fund has a distinct investment approach.

 

Accounting policies:

The policies described below are followed consistently by the Funds and are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Trust is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 946-Investment Companies, which is part of U.S. GAAP.

 

Security valuation:

Generally, the Funds’ investments are valued at market value. Securities traded on a principal stock exchange, including The NASDAQ Stock Market, Inc. (“NASDAQ”), are valued at the last quoted sales price, the NASDAQ official closing price, or in the absence of closing sales prices on that day, securities are valued at the mean between the closing bid and asked price. In accordance with procedures approved by the Trust’s Board of Trustees (the “Board”), the Funds have retained a third party provider that, under certain circumstances, applies a statistical model to provide fair value pricing for foreign equity securities with principal markets that are no longer open when a Fund calculates its net asset value (“NAV”), and certain events have occurred after the principal markets have closed but prior to the time as of which the Funds compute their NAVs. Debt instruments with maturities greater than 60 days, including floating rate loan securities, are valued on the basis of prices obtained from a pricing service approved as reliable by the Board or otherwise pursuant to policies and procedures approved by the Board. Investments in derivative instruments are valued independently by service providers or by broker quotes based on pricing models. Short-term cash investments are valued at cost, plus accrued interest, which approximates market value. Short-term debt securities with 60 days or less to maturity may be valued at amortized cost.

 

The Adviser has established a Valuation Committee (the “Committee”) which is responsible for overseeing the pricing and valuation of all securities held in the Funds. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

 

Each Fund may invest up to 15% of its total net assets in securities which are not readily marketable, including those which are restricted as to disposition under applicable securities laws (“restricted securities”). Restricted securities and other securities and assets for which market quotations are not readily available are valued at “fair value”, as determined in good faith by the Committee as authorized by the Board, under procedures established by the Board. At July 31, 2015, such securities had a total fair value of $14,956,207 or 0.83% of net assets of Third Avenue Value Fund, $26,504,629 or 0.74% of net assets of Third Avenue Real Estate Value Fund, and $191,455,179 or 9.13% of net assets of Third Avenue Focused Credit Fund. There were no fair valued securities for Third Avenue Small-Cap Value Fund and Third Avenue International Value Fund at July 31, 2015. Among the factors that may be considered by the Committee in determining fair value are: the type of security, trading in unrestricted securities of the same issuer, the financial condition of the issuer, the percentage of the Fund’s beneficial ownership of the issuer’s common stocks and debt securities, comparable multiples of similar issuers, the operating results of the issuer and the discount from market value of any similar unrestricted securities of the issuer at the time of purchase and liquidation values of the issuer. The fair values determined in accordance with these procedures may differ significantly from the amounts which would be realized upon disposition of the securities.

 

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

14

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

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:

 

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;

 

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;

 

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 are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with U.S. GAAP.

 

Equity Securities (Common Stocks, Preferred Stocks, and Warrants)—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services or brokers that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

U.S. Government Obligations—U.S. Government obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Government issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Government obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

Corporate Bonds & Notes—Corporate bonds and notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services or brokers using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services or brokers based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector specific trends. To the extent that these inputs are observable, the values of corporate bonds and notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

Forward Foreign Currency Contracts—Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

Claims—Claims are valued by brokers based on pricing models that take into account, among other factors, both cash and non-cash assets. The valuation is derived from expected cash flow of the claims and the non-cash assets, which include all real estate, private equity or other securities within the estate. To the extent that these inputs are observable, the values of the claims are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

Term Loans—Term loans are valued by independent pricing services based on the average of evaluated quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. Inputs may include quoted prices for similar investments in

15

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

active markets, interest rates, coupon rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. To the extent that these inputs are observable, the values of term loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

Municipal Bonds—Municipal bonds are valued by independent pricing services based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-ask lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable, the values of municipal bonds are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

Options (Written and Purchased)—Options are valued by independent pricing services or by brokers based on pricing models that take into account, among other factors, foreign exchange rate, time until expiration, and volatility of the underlying foreign currency security. To the extent that these inputs are observable, the values of options are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

The following is a summary by level of inputs used to value the Funds’ investments as of July 31, 2015:

 

    Third Avenue
Value Fund
    Third Avenue
Small-Cap
Value Fund
    Third Avenue
Real Estate
Value Fund
    Third Avenue
International
Value Fund
    Third Avenue
Focused
Credit Fund
 
Level 1: Quoted Prices†                         
Investments in Securities:                         
Common Stocks & Warrants:                         
Chemicals  $   $   $   $   $31,485 
Consumer Products   66,225,016                 
Diversified Holding Companies   167,706,253    4,866,784        26,249,518     
U.S. Real Estate Operating Companies   30,423,572    21,517,218    194,896,435         
Utilities   71,196,396                423,143 
Other**   1,353,458,876    383,385,744    2,677,191,011    144,062,485    62,846,815 
Preferred Stocks:                         
Financials                   36,269,761 
Closed-End Funds:                         
Financials                   72,108,597 
Total for Level 1 Securities  $1,689,010,113   $409,769,746   $2,872,087,446   $170,312,003   $171,679,801 
Level 2: Other Significant Observable Inputs†                         
Investments in Securities:                         
Common Stocks                         
Building & Construction Products/Services  $   $   $   $13,341,029   $ 
Chemicals                   58,541,544 
Diversified Holding Companies       10,948,159             
Forest Products & Paper               11,622,351     
Services                   402,939 
Utilities                   51,014,522 
Preferred Stocks:                         
Financials                   5,359,437 
Services                   4,613,139 
Debt Securities issued by the U.S. Treasury and other government corporations and agencies:                         
Municipal Bonds                   1,521,000 
Corporate Bonds & Notes   12,277,175            4,836,000    1,089,763,428 
Term Loans                   85,959,546 
Claims   8,558,141                27,125,000 
Purchased Options:                         
Foreign Currency Put Options           292,392         
Foreign Currency Call Options           1,026,190         
Foreign Government Bonds               7,878,048     
Short Term Investments:                         
U.S. Government Obligations   39,999,261        464,987,078    7,999,852    74,999,056 
Total for Level 2 Securities   60,834,577    10,948,159    466,305,660    45,677,280    1,399,299,611 
16

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

    Third Avenue
Value Fund
    Third Avenue
Small-Cap
Value Fund
    Third Avenue
Real Estate
Value Fund
    Third Avenue
International
Value Fund
    Third Avenue
Focused
Credit Fund
 
Level 3: Significant Unobservable Inputs                         
Investments in Securities:                         
Common Stocks & Warrants:                         
Consumer Products  $*  $   $   $   $ 
Energy                   24,676,270*
Financial Insurance   285,000                 
Manufacturing                   21,782,360*
Transportation Services                   3,626,631 
U.S. Real Estate Operating Companies           23,444,345         
Limited Partnerships:                         
Insurance & Reinsurance   49,841                 
Convertible Preferred Stocks:                         
Transportation Services                   12,507,647 
Preferred Stocks:                         
Energy                   3,120,358 
Financials                   16,712,637 
Non-U.S. Real Estate Operating Companies           26,250,023         
Services                   3,254,377 
Corporate Bonds & Notes   14,621,366                117,602,833*
Term Loans           3,060,284        151,969,926 
Private Equities:                         
Automotive                   8,125,000 
Chemicals                   14,643,593 
Consumer Products                   3,866,070 
Energy                   553,567 
U.S. Real Estate Operating Companies           109,980,014         
Total for Level 3 Securities   14,956,207        162,734,666        382,441,269 
Total Value of Investments  $1,764,800,897   $420,717,905   $3,501,127,772   $215,989,283   $1,953,420,681 
Investments in Other Financial Instruments:                         
Level 2: Other Significan Observable Inputs                         
Written Foreign Currency Options  $   $   $(11,181)  $   $ 
Forward Foreign Currency Contracts-Assets           1,370,827        1,237,274 
Forward Foreign Currency Contracts-Liabilities                   (52,153)
Total Appreciation/(Depreciation) or Value of Other Financial Instruments  $   $   $1,359,646   $   $1,185,121 

 

The value of securities that was transferred from Level 2 on October 31, 2014 to Level 1 on July 31, 2015 for Third Avenue Focused Credit Fund was $6,572,073. The transfer was due to the availability of quoted prices in active market at period end. The value of securities that was transferred from Level 1 on October 31, 2014 to Level 2 on July 31, 2015 for Third Avenue Focused Credit Fund was $4,137,254. The transfer was due to lack of quoted prices in active market at period end.
* Includes investments fair valued at zero.
** Please refer to the Portfolios of Investments for industry specifics of the portfolio holdings.

 

Transfers from Level 1 to Level 2, or from Level 2 to Level 1 are recorded utilizing values of the beginning of the period.

17

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

 

Third Avenue Value Fund

 

   Common
Stocks
  Corporate
Bonds & Notes
  Limited
Partnerships
  Total
Balance as of 10/31/14 (fair value)                    
Consumer Products  $ —*   $4,507,464   $   $4,507,464 
Financial Insurance   259,000            259,000 
Insurance & Reinsurance   40,800        92,941    133,741 
Payment-in-kind                    
Consumer Products       645,152        645,152 
Sales                    
Insurance & Reinsurance   (49,673)           (49,673)
Net change in unrealized gain/(loss)                    
Consumer Products       9,468,750        9,468,750 
Financial Insurance   26,000            26,000 
Insurance & Reinsurance   11,870,336        (43,100)   11,827,236 
Net realized gain/(loss)                    
Insurance & Reinsurance   (11,861,463)           (11,861,463)
Balance as of 7/31/15 (fair value)                    
Consumer Products   *   14,621,366        14,621,366 
Financial Insurance   285,000            285,000 
Insurance & Reinsurance           49,841    49,841 
Total  $285,000   $14,621,366   $49,841   $14,956,207 
Net change in unrealized gain/(loss) related to securities still held as of July 31, 2015   $9,451,650 

 

* Investments fair valued at zero.

 

Third Avenue Real Estate Value Fund

 

   Common  Preferred  Private      
   Stocks  Stocks  Equities  Term Loans  Total
Balance as of 10/31/14 (fair value)                         
Non-U.S. Real Estate Operating Companies  $   $33,993,569   $   $3,337,522   $37,331,091 
U.S. Real Estate Operating Companies   19,295,656        100,965,259        120,260,915 
Payment-in-kind                         
Non-U.S. Real Estate Operating Companies               139,901    139,901 
Net change in unrealized gain/(loss)                         
Non-U.S. Real Estate Operating Companies       (7,743,546)       (417,139)   (8,160,685)
U.S. Real Estate Operating Companies   4,148,689        9,014,755        13,163,444 
Balance as of 7/31/15 (fair value)                         
Non-U.S. Real Estate Operating Companies       26,250,023        3,060,284    29,310,307 
U.S. Real Estate Operating Companies   23,444,345        109,980,014        133,424,359 
Total  $23,444,345   $26,250,023   $109,980,014   $3,060,284   $162,734,666 
Net change in unrealized gain/(loss) related to securities still held as of July 31, 2015        $5,002,759 

 

Third Avenue Focused Credit Fund

 

   Corporate
Bonds & Notes
  Term Loans  Common
Stocks
and Warrants
  Preferred and
Convertible
Preferred
Stocks
  Private
Equities
and Claims
  Total
Balance as of 10/31/14 (fair value)                              
Automotive  $   $   $   $   $10,625,000(c)  $10,625,000 
Chemicals       57,938,000    71,883,570            129,821,570 
Consumer Products   61,765,296                4,354,901(c)   66,120,197 
Energy   22,979,360*   40,703,101    21,193,777*   3,120,358(a)   1,043,306(c)   89,039,902 
Financials       2,147,439        21,642,730(a)       23,790,169 
Food & Beverage                   9,431,221*(d)   9,431,221 
Gaming & Entertainment       19,600,000                19,600,000 
Healthcare       21,296,632                21,296,632 
Media/Cable   *                    
18

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

Third Avenue Focused Credit Fund (continued)

 

   Corporate
Bonds & Notes
  Term Loans  Common
Stocks
and Warrants
  Preferred and
Convertible
Preferred
Stocks
  Private
Equities
and Claims
  Total
Metals & Mining  $41,652,303   $   $   $   $   $41,652,303 
Services           1,005,503            1,005,503 
Technology   4,358,290                    4,358,290 
Transportation Services           4,533,288    15,623,470(b)       20,156,758 
Utilities       70,353,585                70,353,585 
Transfer in/(out) of Level 3^                              
Chemicals   65,009,764        (71,883,570)           (6,873,806)
Energy   (16,012,500)                   (16,012,500)
Metals & Mining   (41,652,303)                   (41,652,303)
Services           (1,005,503)           (1,005,503)
Purchases                              
Chemicals       7,960,860            9,965,778(c)   17,926,638 
Energy      28,540,640    26,615,862           55,156,502 
Gaming & Entertainment       17,345,653                17,345,653 
Manufacturing   59,101,778    23,750,000    1,743,600           84,595,378 
Metals & Mining       12,058,342                12,058,342 
Services       31,545,293        8,267,095(a)       39,812,388 
Utilities       5,066,895                5,066,895 
Sales                              
Chemicals   (49,798,789)   (57,872,500)               (107,671,289)
Consumer Products   (5,236,445)                   (5,236,445)
Energy   (6,966,860)   (47,575,176)               (54,542,036)
Food & Beverage                   (14,819,694)(d)   (14,819,694)
Healthcare       (2,790,000)               (2,790,000)
Metals & Mining       (2,306,491)               (2,306,491)
Utilities       (77,308,654)               (77,308,654)
Bond discount/(premium)                              
Chemicals   (115,161)   459,404                344,243 
Consumer Products   1,269,311                    1,269,311 
Energy   228    441,379                441,607 
Gaming & Entertainment       58,939                58,939 
Healthcare       196,315                196,315 
Payment-in-kind                              
Chemicals       234,712                234,712 
Consumer Products   11,145,232                    11,145,232 
Energy       485,519                485,519 
Financials       123,113                123,113 
Healthcare       112,261                112,261 
Manufacturing   10,452    9,388                19,840 
Metals & Mining       88,767                88,767 
Return of capital                              
Energy           (261,000)           (261,000)
Food & Beverage                   (497,284)(d)   (497,284)
Net change in unrealized gain/(loss)                              
Automotive                   (2,500,000)(c)   (2,500,000)
Chemicals   4,937,813    (3,074,510)           4,677,815(c)   6,541,118 
Consumer Products   (14,001,850)               (488,831)(c)   (14,490,681)
Energy   (39,404)   (413,913)   (22,872,369)       (489,739)(c)   (23,815,425)
Financials       (270,422)       (4,930,093)(a)       (5,200,515)
Food & Beverage                   21,364,846(d)   21,364,846 
Gaming & Entertainment       523,647                523,647 
Healthcare       (495,424)               (495,424)
Manufacturing   422,770    365,612    20,038,760            20,827,142 
Metals & Mining       688,844                688,844 
Services               (5,012,718)(a)       (5,012,718)
Technology   (1,124,720)                   (1,124,720)
19

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

Third Avenue Focused Credit Fund (continued)

 

   Corporate
Bonds & Notes
  Term Loans  Common
Stocks
and Warrants
  Preferred and
Convertible
Preferred
Stocks
  Private
Equities
and Claims
  Total
Transportation Services  $   $   $(906,657)  $(3,115,823)(b)  $   $(4,022,480)
Utilities       (4,868,956)               (4,868,956)
Net realized gain/(loss)                              
Chemicals   (20,033,627)   3,123,246                (16,910,381)
Consumer Products   (107,281)                   (107,281)
Energy   39,176    (2,956,616)               (2,917,440)
Food & Beverage                   (15,479,089)(d)   (15,479,089)
Healthcare       (72,128)               (72,128)
Utilities       6,757,130                6,757,130 
Balance as of 7/31/15 (fair value)                              
Automotive                   8,125,000(c)   8,125,000 
Chemicals   *   8,769,212            14,643,593(c)   23,412,805 
Consumer Products   54,834,263                3,866,070(c)   58,700,333 
Energy   *   19,224,934    24,676,270*   3,120,358(a)   553,567(c)   47,575,129 
Financials       2,000,130        16,712,637(a)       18,712,767 
Food & Beverage                        
Gaming & Entertainment       37,528,239                37,528,239 
Healthcare       18,247,656                18,247,656 
Manufacturing   59,535,000    24,125,000    21,782,360*           105,442,360 
Media/Cable   *                    
Metals & Mining       10,529,462                10,529,462 
Services       31,545,293        3,254,377(a)       34,799,670 
Technology   3,233,570                    3,233,570 
Transportation Services           3,626,631    12,507,647(b)       16,134,278 
Utilities                        
Total  $117,602,833   $151,969,926   $50,085,261   $35,595,019   $27,188,230   $382,441,269 
Net change in unrealized gain/(loss) related to securities still held as of July 31, 2015      $(27,430,805)

 

^ Transfers in/out of level 3 are recorded utilizing values as of the beginning of the period. The transfers are due to increase/decrease in trading activities at period end.
* Includes investments fair valued at zero.
Includes investments acquired through corporate actions with zero cost.
(a) Preferred Stocks
(b) Convertible Preferred Stocks
(c) Private Equities
(d) Claims
20

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

Quantitative Information about Level 3 Fair Value Measurements
(amounts in thousands)

 

Third Avenue Value Fund  Fair Value at
7/31/15
  Valuation Technique(s)  Unobservable Inputs(s)   Range
(Weighted
Average)
Corporate Bonds    $14,621     Book Value  Restructuring value    $66.01
Other (b)   335           
   $14,956           
Third Avenue Real Estate Value Fund  Fair Value at
7/31/15
  Valuation Technique(s)  Unobservable Inputs(s)   Range
(Weighted
Average)
Private Equities  $109,980   Broker Quote  #  $3.81
Preferred Stocks   26,250   Broker Quote  #  $138.38
Common Stocks   23,445   Option Pricing Model (a)  Share volatility   0.60% (N/A)
Term Loans   3,060   Book Value  Restructuring value   $109.82-$109.84
   $162,735           
Third Avenue Focused Credit Fund  Fair Value at
7/31/15
  Valuation Technique(s)  Unobservable Inputs(s)   Range
(Weighted
Average)
Term Loans  $84,701   Broker Quote  #   $94.00-$100.00
Term Loans   67,269   Book Value  Restructuring value   1.0x (1.0x)
Corporate Bonds   59,535   Book Value  Restructuring value   1.0x (1.0x)
Corporate Bonds   58,068   Broker Quote  #   $11.50-$103.78
Common Stocks   46,334   Book Value  Restructuring value   $2.30-$68,820.74
Preferred Stocks   19,967   Broker Quote  #   $27.50-$138.38
Private Equities   15,197   Book Value  Restructuring value   $28.10-$504.00
Convertible Preferred Stocks   12,508   Broker Quote  #   $769.98-$1,050.05
Private Equities   11,991   Broker Quote  #   $0.00*-$0.81
Other (b)   6,871           
   $382,441           

 

# Valuation techniques and significant unobservable inputs used by third-party pricing vendors or brokers, which are described in Note 1, were not provided to the Adviser. The appropriateness of fair values for these securities is based on results of back testing, broker due diligence, unchanged price review and consideration of macro or security specific events.
(a) Represents amounts used when the reporting entity has determined that market participants would take into account premiums and discounts, as applicable, when pricing the investments.
(b) Includes securities less than 0.50% within each respective Fund.
* Amount less than $0.01.
  The significant unobservable inputs used in the fair value measurement of the Funds’ investments are listed above. 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. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability may decrease (increase) the fair value measurement.

 

Security transactions and investment income:

Security transactions are accounted for on a trade date basis.

 

Foreign currency translation and foreign investments:

The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

 

  Investments and assets and liabilities denominated in foreign currencies: At the prevailing rates of exchange on the valuation date.
     
  Investment transactions: At the prevailing rates of exchange on the date of such transactions.

 

Payment-in-kind securities:

The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a “dirty” price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable.

 

Term loans:

The Funds typically invest in loans which are structured and administered by a third party entity (the “Agent”) that acts on behalf of a group of lenders that make or hold interests in the loan. These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate.

21

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

These securities are generally considered to be restricted, as the Funds are ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of term loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on July 31, 2015.

 

Forward foreign exchange contracts:

The Funds may be exposed to foreign currency risks associated with portfolio investments and therefore may use forward foreign currency contracts to hedge or manage these exposures. The Funds also may buy forward foreign currency contracts to gain exposure to currencies. Forward foreign currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/(depreciation) on investments and foreign currency translations. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

 

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the Funds’ portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts.

 

During the period ended July 31, 2015, Third Avenue Real Estate Value Fund and Third Avenue Focused Credit Fund used forward foreign currency contracts for hedging against foreign currency risks.

 

Option contracts:

The Funds may purchase and sell (“write”) put and call options on various instruments including investments, indices, and foreign currency to manage and hedge exchange rate risks within their portfolios and also to gain long or short exposure to the underlying instruments.

 

An option contract gives the buyer the right, but not the obligation, to buy (call) or sell (put) an underlying item at a fixed exercise price on a certain date or during a specified period. The cost of the underlying instruments acquired through the exercise of a call option is increased by the premiums paid. The proceeds from the underlying instruments sold through the exercise of a purchased put option are decreased by the premiums paid. Investments in over-the-counter option contracts require the Funds to fair value or mark-to market the options on a daily basis, which reflects the change in the market value of the contracts at the close of each day’s trading. The cost of purchased options that expire unexercised are treated by the Funds, on expiration date, as realized losses on investments or foreign currency transactions.

 

When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds, on the expiration date, as realized gains on written options or foreign currency. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Funds have a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the security or currency purchased by the Funds. In purchasing and writing options, the Funds bear the market risk of an unfavorable change in the price of the underlying security or the risk that the Funds may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing a security or currency at a price different from the current market value. The Funds may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. When purchasing over-the-counter options, the Funds bear the risk of economic loss from counterparty default, equal to the market value of the option.

 

During the period ended July 31, 2015,Third Avenue Real Estate Value Fund used purchased options on foreign currency for hedging purposes and/or to protect against losses in foreign currencies.

 

During the period ended July 31, 2015, Third Avenue Value Fund used written put options on equities to gain long exposure to the underlying instruments and enhance the yield of the Fund. Third Avenue Real Estate Value Fund used written call options on foreign currency for hedging purposes and written put options on equities to gain long exposure to the underlying instruments. As of July 31, 2015, the Third Avenue Value Fund and Third Avenue Real Estate Value Fund no longer held any written put options on equities.

22

Third Avenue Trust

Notes to Portfolios of Investments (continued)

July 31, 2015 (Unaudited)

 

2. INVESTMENTS

 

Unrealized appreciation/(depreciation):

The following information is based upon the book basis of investment securities as of July 31, 2015:

 

   Third Avenue Value
Fund
   Third Avenue
Small-Cap Value
Fund
   Third Avenue Real
Estate Value Fund
   Third Avenue
International Value
Fund
   Third Avenue
Focused Credit
Fund
 
Gross unrealized appreciation  $356,802,037   $112,515,521   $739,445,073   $36,014,417   $121,091,877 
Gross unrealized depreciation   (197,844,037)   (20,896,840)   (57,257,253)   (67,938,987)   (668,175,242)
Net unrealized appreciation/(depreciation)  $158,958,000   $91,618,681   $682,187,820   $(31,924,570)  $(547,083,365)
Aggregrate book cost  $1,605,842,897   $329,099,224   $2,818,939,952   $247,913,853   $2,500,504,046 

 

3. COMMITMENTS AND CONTINGENCIES

At July 31, 2015, Third Avenue Focused Credit Fund had the following commitments and contingencies.

 

Issuer  Type   Amount of
Commitment
   Funded
Commitment
   Value of
Segregated Cash
Allied Nevada Gold Corp.   Debtor-In-Possession Loan    $12,700,334    $9,840,618    $2,859,716 
Hercules Offshore, Inc.   Debtor-In-Possession Loan    40,000,000    0    40,000,000 

 

In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

 

Third Avenue Focused Credit Fund is a plaintiff in two separate litigations each pertaining to counterparties not performing their contractual obligations. The Fund is seeking damages from both counterparties.

 

Third Avenue Focused Credit Fund is a defendant in an action initiated by the issuer of bonds currently held by the Fund pertaining to the validity of a notice of default sent to the issuer. The Fund expects the risk of any loss from this action to be remote.

 

For additional information regarding the accounting policies of the Funds, refer to the most recent financial statements in the N-CSR filing at www.sec.gov.

23
BOARD OF TRUSTEES
David M. Barse   Patrick Reinkemeyer
William E. Chapman, II   Martin Shubik
Lucinda Franks   Charles C. Walden
Edward J. Kaier   Martin J. Whitman
Eric Rakowski    

 

OFFICERS

 

Martin J. Whitman — Chairman of the Board
David M. Barse — President, Chief Executive Officer
Vincent J. Dugan — Chief Financial Officer, Treasurer
Michael A. Buono — Controller
W. James Hall — General Counsel, Secretary
Joseph J. Reardon — Chief Compliance Officer

TRANSFER AGENT


BNY Mellon Investment Servicing (U.S.) Inc.
P.O. Box 9802
Providence, RI 02940-8002
610-239-4600
800-443-1021 (toll-free)

INVESTMENT ADVISER

Third Avenue Management LLC
622 Third Avenue
New York, NY 10017

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017

CUSTODIAN

JPMorgan Chase Bank, N.A.
14201 Dallas Parkway, 2nd Floor
Dallas, TX 75254

 

 

 



ABOUT THIRD AVENUE MANAGEMENT

Third Avenue Management LLC is a New York-based global asset manager that
has adhered to a proven value investment philosophy since its founding in 1986.
Third Avenue’s disciplined approach seeks to maximize long-term, risk-adjusted
returns by focusing on corporate financial stability, and price conscious,
opportunistic security selection throughout the capital structure.

If you would like further information about Third Avenue Funds, please contact
your relationship manager or email clientservice@thirdave.com

 

 

622 Third Avenue, 31st floor | New York, New York 10017
www.thirdave.com

 

Item 2. Controls and Procedures.

 

(a)The Trust’s principal executive officer and principal financial officer have evaluated the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) within 90 days of this filing and have concluded that the Trust’s disclosure controls and procedures (required by Rule 30a-3(b) under the Act) are reasonably designed to ensure that information required to be disclosed by the Trust in this Form N-Q is recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Trust in the report that it files or submits on Form N-Q is accumulated and communicated to the Trust’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b)The Trust’s principal executive officer and principal financial officer are aware of no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s most recently ended fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Separate certifications of the Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Act.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant): Third Avenue Trust
   

By:

/s/ David M. Barse
   
Name: David M. Barse
   
Title: Principal Executive Officer
   
Date: September 23, 2015

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ David M. Barse
   
Name: David M. Barse
   
Title: Principal Executive Officer
   
Date: September 23, 2015

 

By: /s/ Vincent J. Dugan
   
Name: Vincent J. Dugan
   
Title: Principal Financial Officer
   
Date: September 23, 2015