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: 811-08939

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, 2009

Date of reporting period: January 31, 2009

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, 450 Fifth Street, NW, 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 pursuant to Rule 30(b)1-5 under the Investment Company Act of 1940, as amended, is as follows:

Third Avenue Value Fund

Third Avenue Small-Cap Value Fund

Third Avenue Real Estate Value Fund

Third Avenue International Value Fund

FIRST QUARTER REPORT

January 31, 2009

THIRD AVENUE FUNDS

Privacy Policy

Third Avenue Funds (the “Funds”) respects 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) on the website of the Securities and Exchange Commission (“SEC”) at http://www.sec.gov., and (iii) 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 January 31, 2009
(Unaudited)

Principal Amount (†)			Value (Note 1)
Corporate Bonds - 8.95%
		Auto & Related - 2.03%
2,005,000		General Motors Corp., step bond, 0.000% until 3/15/16 (7.750% thereafter), due 3/15/36	$	170,425
		GMAC LLC:
20,367,000		7.750%, due 1/19/10		17,626,742
37,652,000		7.250%, due 3/2/11		27,502,565
50,002,000	EUR	5.375%, due 6/6/11		41,934,559
				87,234,291
		Consumer Products - 0.34%
15,086,010		Home Products International, Inc., 2nd Lien, Convertible, PIK, 6.000%, due 3/20/17 (b)		14,647,007
		Financial Insurance - 4.87%
360,167,000		MBIA Insurance Corp., 14.000%, due 1/15/33 (d) (h)		209,063,257
		Financial Services - 0.17%
8,250,000		CIT Group, Inc., 4.750%, due 12/15/10		7,112,490
		Home Development - 0.24%
		Standard Pacific Corp.:
9,800,000		6.250%, due 4/1/14		5,341,000
9,415,000		7.000%, due 8/15/15		5,037,025
				10,378,025
		Telecommunications - 0.31%
		Nortel Networks (Canada) *:
18,500,000		zero coupon due 7/15/11		3,098,750
11,500,000		1.750%, due 4/15/12		1,955,000
28,750,000		2.125%, due 4/15/14		4,887,500
15,000,000		10.750%, due 7/15/16		2,512,500
5,000,000		10.750%, due 7/15/16 (d)		837,500
				13,291,250
Principal				Value
Amount (†)				(Note 1)
		U.S. Real Estate Operating Companies - 0.99%
		Forest City Enterprises, Inc.:
54,500,000		3.625%, due 10/15/11	$	32,351,200
20,778,000		7.625%, due 6/1/15		8,415,090
5,826,000		6.500%, due 2/1/17		1,893,450
				42,659,740
		Total Corporate Bonds
		(Cost $495,334,560)		384,386,060
Shares
Preferred Stocks - 0.03%
		Auto Supply - 0.02%
759,866		ISE Corp. Series B (a) (b)		—
977,469		ISE Corp. Series C (a) (b)		1,064,464
				1,064,464
		Financial Insurance - 0.00%
6,045,667		CGA Group, Ltd. Series C (Bermuda) (a) (b)		—
		Insurance & Reinsurance - 0.01%
4,775		Ecclesiastical Insurance, 8.625% (United Kingdom)		6,650
1,022,245		RS Holdings Corp., Convertible, Class A (a) (b)		347,103
				353,753
		Total Preferred Stocks (Cost $14,103,694)		1,418,217
Common Stocks - 82.90%
		Annuities & Mutual Fund Management & Sales - 3.30%
5,500,000		Bank of New York Mellon Corp. (The)		141,570,000
		Auto Supply - 0.00%
217,210		ISE Corp. (a) (b)		—

See accompanying notes to the Portfolios of Investments.

1

Third Avenue Trust
Third Avenue Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

			Value
Shares			(Note 1)
Common Stocks (continued)
	Automotive - 8.64%
18,576,400	Toyota Industries Corp. (Japan) (c)	$	371,169,114
	Consumer Products - 0.00%#
526,368	Home Products International, Inc. (a) (b) (c)		26,319
	Depository Institutions - 0.55%
218,500	Carver Bancorp, Inc. (c)		1,061,910
19,558,450	Chong Hing Bank, Ltd. (Hong Kong)		22,616,298
			23,678,208
	Diversified Operations - 7.97%
10,000,000	Brookfield Asset Management, Inc., Class A (Canada)		157,800,000
12,713,000	Hutchison Whampoa, Ltd. (Hong Kong)		64,687,443
48,526,822	Wharf (Holdings), Ltd. (The) (Hong Kong)		119,908,990
			342,396,433
	Electronics Components - 0.71%
3,346,783	AVX Corp.		30,522,661
	Financial Insurance - 3.35%
25,707,362	Ambac Financial Group, Inc. (c)		29,306,393
3,806,722	Manifold Capital Holdings, Inc. (a) (b) (c) (f)		38,067
19,349,845	MBIA, Inc. (a) (c)		74,690,402
2,000,000	MGIC Investment Corp.		5,520,000
10,649,350	Radian Group, Inc. (c)		34,290,907
			143,845,769
	Financial Services - 0.21%
3,250,000	CIT Group, Inc.		9,067,500
	Healthcare Services - 0.42%
342,300	Datascope Corp.		18,153,880
			Value
Shares			(Note 1)
	Holding Companies - 20.68%
83,370	Capital Southwest Corp.	$	7,641,694
53,819,000	Cheung Kong Holdings, Ltd. (Hong Kong)		496,568,779
3,951,800	Guoco Group, Ltd. (Hong Kong)1		22,789,046
10,665,000	Investor AB, Class A (Sweden)		118,431,415
2,200,000	Jardine Matheson Holdings, Ltd. (Hong Kong) 1		43,604,000
359,250	Pargesa Holding SA (Switzerland)		23,078,370
3,317,350	RHJ International (Belgium) (a)		15,642,987
90,996,500	Wheelock & Co., Ltd. (Hong Kong)		160,061,192
			887,817,483
	Home Development - 0.71%
1,000,000	MDC Holdings, Inc.		30,640,000
	Industrial & Agricultural Equipment - 0.19%
360,100	Mestek, Inc. (a)		2,700,750
360,100	Omega Flex, Inc.		5,617,560
			8,318,310
	Insurance & Reinsurance - 0.01%
127,500	Olympus Re Holdings, Ltd. (Bermuda) (a) (b)		501,075
32,089	RS Holdings Corp., Class A (a) (b)		10,896
			511,971
	Mutual Holding Companies - 0.34%
637,122	Brooklyn Federal Bancorp, Inc.		7,919,426
50,920	Colonial Bankshares, Inc. (a)		381,900
490,036	FedFirst Financial Corp. (a) (c)		2,244,365
205,511	Gouverneur Bancorp, Inc. (c)		965,902
274,157	Home Federal Bancorp, Inc. (c)		1,973,930
242,800	SFSB, Inc. (a) (c)		1,183,650
			14,669,173

See accompanying notes to the Portfolios of Investments.

2

Third Avenue Trust
Third Avenue Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

Shares		Value (Note 1)
Common Stocks (continued)
	Non-U.S. Real Estate Operating Companies - 14.06%
24,220,000	Hang Lung Group, Ltd. (Hong Kong)	$	78,009,814
30,534,000	Hang Lung Properties, Ltd. (Hong Kong)		68,641,771
119,598,738	Henderson Land Development Co., Ltd. (Hong Kong) (c)		456,847,283
			603,498,868
	Oil & Gas Production & Services - 5.69%
2,000,630	Cimarex Energy Co.		49,695,649
776,800	EnCana Corp. (Canada)		34,443,312
11,090,000	Nabors Industries, Ltd. (Bermuda) (a)		121,435,500
2,000,000	Suncor Energy, Inc. (Canada)		38,500,000
			244,074,461
	Steel & Specialty Steel - 5.18%
3,500,000	POSCO, ADR (South Korea)		222,320,000
	Telecommunications - 1.03%
10,000,000	Sycamore Networks, Inc. (a)		23,500,000
5,008,450	Tellabs, Inc. (a)		20,684,898
			44,184,898
	U.S. Real Estate Operating Companies - 6.31%
18,975,821	FNC Realty Corp. (a) (b)		11,556,275
11,348,745	Forest City Enterprises, Inc., Class A (c)		76,717,516
22,500	Forest City Enterprises, Inc., Class B		155,700
4,475,900	St. Joe Co. (The) (a)		107,645,395
3,420,106	Tejon Ranch Co. (a) (c)		74,729,316
			270,804,202
Shares		Value (Note 1)
	Utilities, Utility Service Companies & Waste Management - 3.55%
8,816,889	Covanta Holding Corp. (a) (c)	$	152,444,011
	Total Common Stocks (Cost $5,084,423,749)		3,559,713,261
Investment Amount ($) or Partnership Units
Limited Partnerships - 0.13%
	Infrastructure - 0.12%
400,000	Brookfield Infrastructure Partners LP 2		5,280,000
	Insurance & Reinsurance - 0.01%
1,805,000	Insurance Partners II Equity Fund, L.P. (a) (b)		303,988
	Total Limited Partnerships (Cost $8,007,814)		5,583,988
Principal Amount ($)
Short Term Investments - 8.36%
	Repurchase Agreement - 3.70%
158,873,509	JPMorgan Securities, Inc., 0.20%, dated 1/30/09, due 2/2/09 (e) (g)		158,873,509
	U.S. Government Obligations - 4.66%
200,000,000	U.S. Treasury Bill, 0.19%‡, due 4/30/09		199,888,400
	Total Short Term Investments (Cost $358,779,812)		358,761,909

See accompanying notes to the Portfolios of Investments.

3

Third Avenue Trust
Third Avenue Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

	Value (Note 1)
Total Investment Portfolio - 100.37% (Cost $5,960,649,629)	$	4,309,863,435
Liabilities in excess of Other Assets - (0.37%)		(15,887,029	)
NET ASSETS - 100.00%
(Applicable to 138,141,731 shares outstanding)	$	4,293,976,406
NET ASSET VALUE PER SHARE	$	31.08

Notes:
ADR:	American Depository Receipt.
EUR:	Euro.
PIK:	Payment-in-kind.
(a)	Non-income producing security.
(b)	Fair-valued 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)	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.
(e)	Repurchase agreement collateralized by U.S. Treasury Inflation Indexed Bond, par value $147,545,000, due 1/15/25, value $163,464,762.
(f)	Security is subject to restrictions on resale.
(g)	A portion of this security is segregated for future fund commitments.
(h)	Variable rate security.
*	Issuer in default.
#	Amount represents less than 0.01% of total net assets.
†	Denominated in U.S. Dollars unless otherwise noted.
‡	Annualized yield at date of purchase.
1	Incorporated in Bermuda.
2	Bermuda exempted limited partnership.

Country Concentration

	% of Net Assets
United States		38.65	%
Hong Kong		35.72
Japan		8.64
Canada		5.68
South Korea		5.18
Bermuda		2.84
Sweden		2.76
Switzerland		0.54
Belgium		0.36
United Kingdom		—	#
Total		100.37	%

See accompanying notes to the Portfolios of Investments.

4

Third Avenue Trust
Third Avenue Small-Cap Value Fund
Portfolio of Investments
at January 31, 2009
(Unaudited)

Principal Amount ($)		Value (Note 1)
Corporate Debt Instruments - 5.21%
	Building & Construction - 0.75%
15,000,000	Ply Gem Industries, Inc., 11.750%, due 6/15/13	$	8,400,000
	Financial Insurance - 2.00%
38,500,000	MBIA Insurance Corp., 14.000%, due 1/15/33 (f) (g)		22,347,787
	Oil & Gas - 1.40%
22,475,000	W & T Offshore, Inc., 8.250%, due 6/15/14 (f)		15,620,125
	Transportation - 1.06%
26,000,000	Saint Acquisition Term Loan B, 3.688%, due 5/6/14 (g)		11,919,388
	Total Corporate Debt Instruments (Cost $72,772,653)		58,287,300
Shares
Common Stocks, Rights & Warrants - 89.06%
	Aerospace & Defense - 0.28%
283,997	Herley Industries, Inc. (a)		3,163,727
	Agriculture - 3.49%
5,175,287	Viterra, Inc. (Canada) (a)		39,038,862
	Auto Parts - 0.13%
143,823	Superior Industries International, Inc.		1,477,062
	Cable Television Equipment - 1.01%
782,200	CommScope, Inc. (a)		11,279,324
	Chemicals & Allied Products - 5.13%
2,300,812	Lanxess AG (Germany)		33,588,196
1,735,372	Westlake Chemical Corp.		23,722,535
			57,310,731
Shares		Value (Note 1)
	Computer Peripherals - 2.20%
815,109	Imation Corp.	$	7,939,162
703,383	Lexmark International, Inc., Class A (a)		16,656,109
			24,595,271
	Consumer Products - 2.76%
782,071	JAKKS Pacific, Inc. (a)		14,343,182
1,447,785	K-Swiss, Inc., Class A (c)		15,520,255
598,694	Russ Berrie & Co., Inc. (a)		1,023,767
			30,887,204
	Diversified Media - 0.06%
398,036	Journal Communications, Inc., Class A		712,484
	Electronics Components - 3.13%
766,242	Bel Fuse, Inc., Class B (c)		11,677,528
971,965	Electronics for Imaging, Inc. (a)		8,640,769
836,355	Park Electrochemical Corp.		14,678,030
			34,996,327
	Energy/Services - 8.05%
1,215,028	Bristow Group, Inc. (a)		29,391,527
1,700,615	Bronco Drilling Co., Inc. (a) (c)		8,979,247
2,190,422	Pioneer Drilling Co. (a)		10,886,397
437,400	Precision Drilling Trust (Canada)		2,173,878
925,740	Tidewater, Inc.		38,520,041
			89,951,090
	Forest Products & Paper - 3.79%
1,927,500	Canfor Corp. (Canada) (a)		11,396,024
21,530,352	Catalyst Paper Corp. (Canada) (a) (b) (c) (e)		5,850,286
1,765,706	Glatfelter		15,379,299
3,390,400	TimberWest Forest Corp. (Canada)		9,372,849
3,390,400	TimberWest Forest Corp. Rights (Canada) (a)		304,134
			42,302,592

See accompanying notes to the Portfolios of Investments.

5

Third Avenue Trust
Third Avenue Small-Cap Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

Shares		Value (Note 1)
Common Stocks, Rights & Warrants (continued)
	Healthcare Services - 2.92%
3,321,822	Cross Country Healthcare, Inc. (a) (c)	$	24,880,447
323,230	Pharmaceutical Product Development, Inc.		7,721,965
			32,602,412
	Holding Companies - 7.39%
737,267	Ackermans & van Haaren NV (Belgium)		32,181,556
2,102,287	Brookfield Asset Management, Inc., Class A (Canada)		33,174,089
3,111,000	JZ Capital Partners, Ltd. (Guernsey)		2,282,580
495,300	Leucadia National Corp. (a)		7,885,176
158,571,369	PYI Corp., Ltd. (Hong Kong)1 (a) (c)		7,002,968
9,556,561	PYI Corp., Ltd. Warrants, expires 9/25/09 (Hong Kong)1 (a)		14,789
			82,541,158
	Industrial Equipment - 1.96%
278,671	Alamo Group, Inc.		3,497,321
2,578,586	Wacker Construction Equipment AG (Germany)		18,356,920
			21,854,241
	Insurance & Reinsurance - 2.58%
190,022	Arch Capital Group, Ltd. (Bermuda) (a)		11,429,823
59,974	E-L Financial Corp., Ltd. (Canada)		17,426,085
			28,855,908
	Life Insurance - 3.32%
780,879	FBL Financial Group, Inc., Class A		8,050,863
233,674	National Western Life Insurance Co., Class A (c)		29,005,954
			37,056,817
Shares		Value (Note 1)
	Metals Manufacturing - 5.33%
2,126,051	Encore Wire Corp. (c)	$	35,101,102
986,637	Kaiser Aluminum Corp.		24,508,063
			59,609,165
	Non-U.S. Real Estate Investment Trusts - 1.02%
1,321,161	Derwent London PLC (United Kingdom)		11,413,191
	Non-U.S. Real Estate Operating Companies - 8.58%
5,390,500	Parco Co., Ltd. (Japan) (c)		49,145,370
10,148,000	Sapporo Holdings, Ltd. (Japan)		46,741,935
			95,887,305
	Oil & Gas - 5.97%
1,175,806	Cimarex Energy Co.		29,207,021
1,938,450	St. Mary Land & Exploration Co.		37,509,008
			66,716,029
	Retail - 1.24%
1,734,078	Haverty Furniture Cos., Inc. (c)		13,907,306
	Securities Trading Services - 2.81%
1,445,902	Investment Technology Group, Inc. (a)		31,347,155
	Semiconductor Equipment Manufacturers & Related - 1.16%
98,728	Coherent, Inc. (a)		1,785,990
1,774,506	Electro Scientific Industries, Inc. (a) (c)		11,214,878
			13,000,868
	Software - 4.25%
352,557	Sybase, Inc. (a)		9,628,332
2,046,960	Synopsys, Inc. (a)		37,868,760
			47,497,092

See accompanying notes to the Portfolios of Investments.

6

Third Avenue Trust
Third Avenue Small-Cap Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

Shares		Value (Note 1)
Common Stocks, Rights & Warrants (continued)
	Telecommunications Equipment - 1.83%
3,858,740	Sycamore Networks, Inc. (a)	$	9,068,039
2,754,223	Tellabs, Inc. (a)		11,374,941
			20,442,980
	Transportation - 1.73%
712,991	Genesee & Wyoming, Inc., Class A (a)		19,371,966
	U.S. Real Estate Operating Companies - 6.94%
1,381,839	Alexander & Baldwin, Inc.		30,455,732
278,397	Alico, Inc.		7,795,116
773,842	Forest City Enterprises, Inc., Class A		5,231,172
322,646	Tejon Ranch Co. (a)		7,049,815
1,160,651	Vail Resorts, Inc. (a)		27,066,381
			77,598,216
	Total Common Stocks, Rights & Warrants (Cost $1,446,043,677)		995,416,483
Investment Amount ($)
Limited Partnerships - 0.17%
	Holding Companies - 0.17%
1,000,000	AP Alternative Assets, L.P. (Guernsey) (b)		1,876,250
	Total Limited Partnerships (Cost $20,000,000)		1,876,250
Notional Amount ($)		Value (Note 1)
Purchased Options - 0.82%
	Foreign Currency Put Options - 0.82%
75,000,000	Euro Currency, strike 1.435 EUR, expires 7/15/09	$	9,111,900
	Total Purchased Options (Cost $1,299,375)		9,111,900
Principal Amount ($)
Short Term Investments - 5.26%
	Repurchase Agreement - 0.79%
8,812,101	JPMorgan Securities, Inc., 0.20%, dated 1/30/09, due 2/2/09 (d)		8,812,101
	U.S. Government Obligations - 4.47%
50,000,000	U.S. Treasury Bill, 0.98%†, due 5/7/09		49,969,600
	Total Short Term Investments (Cost $58,682,701)		58,781,701
	Total Investment Portfolio - 100.52% (Cost $1,598,798,406)		1,123,473,634
	Liabilities in excess of Other Assets - (0.52%)		(5,836,939	)
	NET ASSETS - 100.00%
	(Applicable to 83,876,027 shares outstanding)	$	1,117,636,695
	NET ASSET VALUE PER SHARE	$	13.32

See accompanying notes to the Portfolios of Investments.

7

Third Avenue Trust
Third Avenue Small-Cap Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

Notes:
EUR: Euro.
(a)	Non-income producing security.
(b)	Fair-valued 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)	Repurchase agreement collateralized by U.S. Treasury Inflation Indexed Bond, par value $8,185,000, due 1/15/25, value $9,068,142.
(e)	Security is subject to restrictions on resale.
(f)	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.
(g)	Variable rate security.
†	Annualized yield at date of purchase.
1	Incorporated in Bermuda.
Country Concentration

	% of Net Assets
United States		70.75	%
Canada		10.62
Japan		8.58
Germany		4.65
Belgium		2.88
Bermuda		1.02
United Kingdom		1.02
Hong Kong		0.63
Guernsey		0.37
Total		100.52	%

See accompanying notes to the Portfolios of Investments.

8

Third Avenue Trust
Third Avenue Real Estate Value Fund
Portfolio of Investments
at January 31, 2009
(Unaudited)

Principal Amount ($)		Value (Note 1)
Corporate Debt Instruments - 11.81%
	Land Development - 1.93%
87,961,093	Landsource Communities Development Term Loan B, PIK, 8.250%, due 5/31/09 (f)	$	15,801,595
3,000,000	Landsource Communities Development (Revolver), 0.750%, due 5/31/09 (f)		2,775,000
			18,576,595
	Non-U.S. Real Estate Operating Companies - 0.44%
6,215,000	Brookfield Asset Management, Inc., 7.125%, due 6/15/12 (Canada)		4,235,100
	U.S. Real Estate Investment Trusts - 6.74%
12,500,000	Brandywine Operating Partnership LP, 3.875%, due 10/15/26		7,765,625
	Developers Diversified Realty Corp.:
10,000,000	3.500%, due 8/15/11		4,525,000
20,000,000	3.000%, due 3/15/12		8,550,000
	iStar Financial, Inc.:
5,000,000	2.336%, due 9/15/09 (f)		3,256,250
20,000,000	5.150%, due 3/1/12		8,204,700
25,000,000	Macerich Co. (The), 3.250%, due 3/15/12 (d)		13,093,750
	ProLogis:
14,000,000	2.250%, due 4/1/37		7,402,500
19,929,000	1.875%, due 11/15/37		9,715,387
5,000,000	2.625%, due 5/15/38		2,412,500
			64,925,712
Principal Amount ($)		Value (Note 1)
	U.S. Real Estate Operating Companies - 2.70%
18,200,000	Forest City Enterprises, Inc., 3.625%, due 10/15/11	$	10,803,520
383,500	Forest City Enterprises, Inc., $25 par, 7.375%, due 2/1/34		3,854,175
3,000,000	General Growth Properties Term Loan A, 1.700%, due 2/24/10 (f)		860,001
19,400,000	LNR Property Corp. Term Loan B, 3.920%, due 7/12/11 (f)		10,443,660
			25,961,356
	Total Corporate Debt Instruments (Cost $162,715,601)		113,698,763
Shares
Preferred Stocks - 0.24%
	U.S. Real Estate Investment Trusts - 0.24%
125,000	RAIT Financial Trust, 7.750% Series A		718,750
250,000	RAIT Financial Trust, 8.375% Series B		1,631,250
			2,350,000
	Total Preferred Stocks (Cost $9,375,000)		2,350,000
Common Stocks - 85.58%
	Homebuilders - 1.10%
408,775	Avatar Holdings, Inc. (a)		10,607,711
	Non-U.S. Real Estate Consulting/Management - 1.20%
3,309,535	Savills PLC (United Kingdom)		11,568,226

See accompanying notes to the Portfolios of Investments.

9

Third Avenue Trust
Third Avenue Real Estate Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

Shares		Value (Note 1)
Common Stocks (continued)
	Non-U.S. Real Estate Investment Trusts - 8.87%
5,521,808	British Land Co. PLC (United Kingdom)	$	36,038,664
2,770,168	Derwent London PLC (United Kingdom)		23,930,813
4,333,630	Hammerson PLC (United Kingdom)		25,376,587
			85,346,064
	Non-U.S. Real Estate Operating Companies - 50.75%
5,073,126	Brookfield Asset Management, Inc., Class A (Canada)		80,053,928
3,215,850	Brookfield Properties Corp. (Canada)		17,333,432
17,419,000	Capitaland, Ltd. (Singapore) (a)		26,974,342
3,362,300	Daibiru Corp. (Japan)		29,794,806
21,894,000	Hang Lung Properties, Ltd. (Hong Kong)		49,218,672
18,390,000	Henderson Land Development Co., Ltd. (Hong Kong)		70,246,741
5,701,000	Hongkong Land Holdings, Ltd. (Hong Kong)1		12,200,140
1,845,100	Killam Properties, Inc. (Canada) (c)		8,260,631
3,000,000	Mitsubishi Estate Co., Ltd. (Japan)		39,340,228
3,150,000	Mitsui Fudosan Co., Ltd. (Japan)		40,624,189
2,840,200	Parco Co., Ltd. (Japan)		25,894,199
5,467,268	Quintain Estates & Development PLC (United Kingdom)		1,956,051
10,000,000	Wharf (Holdings), Ltd. (The) (Hong Kong)		24,709,838
30,708,500	Wheelock & Co., Ltd. (Hong Kong)		54,015,694
20,845,000	Wheelock Properties, Ltd. (Hong Kong)		7,852,744
			488,475,635

Shares		Value (Note 1)
	U.S. Real Estate Investment Trusts - 9.05%
646,743	Associated Estates Realty Corp.	$	4,798,833
714,775	Cousins Properties, Inc.		6,868,988
3,566,792	ProLogis (a)		35,703,588
782,782	Vornado Realty Trust		39,773,153
			87,144,562
	U.S. Real Estate Operating Companies - 14.61%
500,500	Consolidated-Tomoka Land Co. (c)		14,539,525
12,982,327	FNC Realty Corp. (a) (b)		7,906,237
7,192,223	Forest City Enterprises, Inc., Class A (c)		48,619,428
1,978,228	St. Joe Co. (The) (a)		47,576,383
785,584	Tejon Ranch Co. (a)		17,165,010
2,411,373	Thomas Properties Group, Inc. (c)		4,822,746
			140,629,329
	Total Common Stocks (Cost $1,221,069,859)		823,771,527
Principal Amount ($)
Short Term Investments - 5.18%
	Repurchase Agreement - 3.62%
34,825,021	JPMorgan Securities, Inc., 0.20%, dated 1/30/09, due 2/2/09 (e)		34,825,021
	U.S. Government Obligations - 1.56%
15,000,000	U.S. Treasury Bill, 0.09%†, due 3/5/09		14,998,756
	Total Short Term Investments (Cost $49,823,777)		49,823,777

See accompanying notes to the Portfolios of Investments.

10

Third Avenue Trust
Third Avenue Real Estate Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

	Value (Note 1)
Total Investment Portfolio - 102.81% (Cost $1,442,984,237)	$	989,644,067
Liabilities in excess of Other Assets - (2.81%)		(27,068,082	)
NET ASSETS - 100.00%
(Applicable to 71,506,234 shares outstanding)	$	962,575,985
NET ASSET VALUE PER SHARE	$	13.46

Notes:
PIK: Payment-in-kind.
(a)	Non-income producing security.
(b)	Fair-valued 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)	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.
(e)	Repurchase agreement collateralized by U.S. Treasury Inflation Indexed Note, par value $31,010,000, due 7/15/13, value $35,835,702.
(f)	Variable rate security.
†	Annualized yield at date of purchase.
1	Incorporated in Bermuda.
Country Concentration

	% of Net Assets
United States		41.56	%
Hong Kong		22.67
Japan		14.09
Canada		11.42
United Kingdom		10.27
Singapore		2.80
Total		102.81	%

See accompanying notes to the Portfolios of Investments.

11

Third Avenue Trust
Third Avenue International Value Fund
Portfolio of Investments
at January 31, 2009
(Unaudited)

Shares		Value (Note 1)
Common Stocks and Warrants - 89.23%
	Advertising - 2.71%
1,312,400	Asatsu-DK, Inc. (Japan)	$	26,130,862
	Agriculture - 10.52%
10,592,624	ABB Grain, Ltd. (Australia) (c)		44,075,575
155,356	United International Enterprises, Ltd. (Denmark)1		6,880,193
6,713,664	Viterra, Inc. (Canada) (a)		50,643,337
			101,599,105
	Building & Construction Products/Services - 4.05%
330,387	Imerys SA (France)		13,118,086
10,646,300	Nippon Sheet Glass Co., Ltd. (Japan)		26,048,755
			39,166,841
	Corporate Services - 0.70%
22,522,784	Boardroom, Ltd. (Singapore) (c)		6,713,866
	Diversified Operations - 6.87%
2,070,626	Antarchile S.A. (Chile)		21,478,130
6,642,287	CSR, Ltd. (Australia)		5,879,634
5,371,200	Hutchison Whampoa, Ltd. (Hong Kong)		27,330,228
344,189	Lundbergforetagen AB, Class B (Sweden)		11,690,676
			66,378,668
	Electronics Components - 5.85%
21,719,300	WBL Corp., Ltd. (Singapore) (c)		56,477,086
	Food & Beverage - 0.64%
15,018,000	Vitasoy International Holdings, Ltd. (Hong Kong)		6,141,364
	Forest Products & Paper - 3.66%
59,271,095	Catalyst Paper Corp. (Canada) (a) (b) (c) (e)		16,105,304
12,000,000	Catalyst Paper Corp. (Canada) (a) (b) (c) (e) (f)		3,260,673
Shares			Value (Note 1)
	Forest Products & Paper (continued)
44,893,185	Rubicon, Ltd. (New Zealand) (a) (c)	$	15,996,456
			35,362,433
	Holding Companies - 8.54%
761,561	Compagnie Nationale a Portefeuille (Belgium)		35,903,180
4,811,400	Guoco Group, Ltd. (Hong Kong)2		27,746,145
680,000	LG Corp. (South Korea) (a)		18,831,155
			82,480,480
	Insurance - 16.00%
297,027	Allianz SE (Germany)		24,903,965
13,249,502	BRIT Insurance Holdings PLC (United Kingdom)		38,683,980
1,158,611	Montpelier Re Holdings, Ltd. (Bermuda)		16,382,760
243,689	Munich Re (Germany)		32,182,907
582,871	Sampo Oyj, Class A (Finland)		9,356,587
2,520,050	Sompo Japan Insurance, Inc. (Japan)		15,713,979
654,800	Tokio Marine Holdings, Inc. (Japan)		17,343,653
			154,567,831
	Metals & Mining - 3.77%
3,792,832	Dundee Precious Metals, Inc. (Canada) (a) (c)		5,722,111
5,745,000	Dundee Precious Metals, Inc. (Canada) (a) (c) (f)		8,667,278
512,500	Dundee Precious Metals, Inc. Warrants, expires 6/29/12 (Canada) (a) (e)		43,884
2,360,000	Dundee Precious Metals, Inc. Warrants, expires 11/20/15 (Canada) (a) (e)		1,058,512
524,932	Newmont Mining Corp.		20,881,795
			36,373,580

See accompanying notes to the Portfolios of Investments.

12

Third Avenue Trust
Third Avenue International Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

Shares			Value (Note 1)
Common Stocks and Warrants (continued)
	Non-U.S. Real Estate Operating Companies - 7.42%
2,735,600	Daibiru Corp. (Japan)	$	24,241,344
95,915,023	GuocoLeisure, Ltd. (Singapore)2 (c)		20,464,985
10,494,000	Liu Chong Hing Investment, Ltd. (Hong Kong)		4,267,862
1,760,000	Mitsui Fudosan Co., Ltd. (Japan)		22,697,959
			71,672,150
	Oil & Gas Production & Services - 1.04%
227,335	EnCana Corp. (Canada)		10,080,034
	Other Financial - 3.51%
90,231,000	Yuanta Financial Holding Co., Ltd. (Taiwan)		33,927,963
	Pharmaceuticals - 4.42%
781,113	GlaxoSmithKline PLC (United Kingdom)		13,776,436
514,600	Sanofi-Aventis SA (France)		28,942,649
			42,719,085
	Securities Brokerage - 1.44%
97,017,800	Asia Plus Securities Public Co., Ltd. (Thailand)		3,029,922
409,500	Capital Nomura Securities Public Co., Ltd., NVDR (Thailand)		173,713
38,126,960	Hotung Investment Holdings, Ltd. (Singapore)2		3,240,792
652,300	Ichiyoshi Securities Co., Ltd. (Japan)		3,736,566
4,077,900	KGI Securities Public Co., Ltd., NVDR (Thailand)		82,752
13,575,158	President Securities Corp. (Taiwan)		3,636,833
			13,900,578
Shares			Value (Note 1)
	Technology - Hardware - 1.68%
76,232,750	United Microelectronics Corp. (Taiwan)	$	16,273,363
	Telecommunications - 3.79%
49,496,693	Netia S.A. (Poland) (a) (c)		36,602,970
	Transportation - 2.62%
5,233,000	Seino Holdings Co., Ltd. (Japan)		25,354,506
	Total Common Stocks and Warrants (Cost $1,409,463,644)		861,922,765
Notional Amount ($)
Purchased Options - 0.49%
	Foreign Currency Put Options - 0.49%
75,000,000	Euro Currency, strike 1.260 EUR, expires 2/1/10		4,748,700
	Total Purchased Options (Cost $4,681,875)		4,748,700
Principal Amount ($)
Short Term Investments - 10.10%
	Repurchase Agreement - 10.10%
97,548,100	JPMorgan Securities, Inc., 0.20%, dated 1/30/09, due 2/2/09 (d)		97,548,100
	Total Short Term Investments (Cost $97,548,100)		97,548,100

See accompanying notes to the Portfolios of Investments.

13

Third Avenue Trust
Third Avenue International Value Fund
Portfolio of Investments (continued)
at January 31, 2009
(Unaudited)

		Value (Note 1)
Total Investment Portfolio - 99.82% (Cost $1,511,693,619)	$	964,219,565
Other Assets less Liabilities - 0.18%		1,785,439
NET ASSETS - 100.00%
(Applicable to 89,698,582 shares outstanding)	$	966,005,004
NET ASSET VALUE PER SHARE	$	10.77

Notes:
EUR: Euro.
NVDR: Non-Voting Depository Receipt.
(a)	Non-income producing security.
(b)	Fair-valued 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)	Repurchase agreement collateralized by U.S. Treasury Inflation Indexed Bond, par value $90,595,000, due 1/15/25, value $100,369,990.
(e)	Security is subject to restrictions on resale.
(f)	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.
1	Incorporated in Bahamas.
2	Incorporated in Bermuda.

Country Concentration
	% of Net Assets
Japan	16.69	%
United States*	12.75
Canada	9.90
Singapore	9.00
Hong Kong	6.78
Germany	5.91
Taiwan	5.57
United Kingdom	5.43
Australia	5.17
France	4.35
Poland	3.79
Belgium	3.72
Chile	2.22
South Korea	1.95
Bermuda	1.70
New Zealand	1.66
Sweden	1.21
Finland	0.97
Denmark	0.71
Thailand	0.34
Total	99.82	%

* Includes cash equivalents.

See accompanying notes to the Portfolios of Investments.

14

Third Avenue Trust
Notes to Portfolios of Investments
January 31, 2009
(Unaudited)

1. SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization:

Third Avenue Trust (the “Trust”) is an open-end, non-diversified management investment company organized as a Delaware business trust pursuant to a Trust Instrument dated October 31, 1996. The Trust currently consists of four, 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 and Third Avenue International Value Fund (each a “Fund” and, collectively, the “Funds”).

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.

Security valuation:

Generally, the Funds’ investments are valued at market value. Securities traded on a principal stock exchange or the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) are valued at the last quoted sales price, the NASDAQ official close 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 may adjust the prices of securities traded in foreign markets, as appropriate, to reflect the fair value as of the time the Funds’ net asset values are calculated. Temporary cash investments are valued at cost, plus accrued interest, which approximates market. Short-term debt securities with original or remaining maturities in excess of 60 days are valued at the mean of their quoted bid and asked prices. Short-term debt securities with 60 days or less to maturity are amortized to maturity based on their cost.

Each Fund may invest up to 15% of their 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 Funds’ Valuation Committee as authorized by the Board of the Funds, under procedures established by the Board. At January 31, 2009, such securities had a total fair value of $28,495,194 or 0.66% of net assets of Third Avenue Value Fund, $7,726,536 or 0.69% of net assets of Third Avenue Small-Cap Value Fund, $7,906,237 or 0.82% of net assets of Third Avenue Real Estate Value Fund and $19,365,977 or 2.00% of net assets of Third Avenue International Value Fund. Among the factors considered by the Funds’ Valuation 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 stock and debt securities, the operating results of the issuer, 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. Restricted securities

15

Third Avenue Trust
Notes to Portfolios of Investments (continued)
January 31, 2009
(Unaudited)

often have costs associated with subsequent registration. The restricted securities currently held by the Funds are not expected to incur any material future registration costs.

Adoption of Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”):

In September 2006, the Financial Accounting Standards Board issued FAS 157 effective for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The Funds have adopted FAS 157 as of November 1, 2008. The three levels of the fair value hierarchy under FAS 157 are described below:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to value the Funds’ net assets as of January 31, 2009 is as follows:

	Investments in Securities (Market Value)
Valuation Inputs	Value Fund			Small-Cap Value Fund			Real Estate Value Fund			International Value Fund
Level 1—Quoted Prices	$	1,693,281,636		$	816,022,502		$	389,352,692		$	245,490,521
Level 2—Other Significant Observable Inputs		2,588,086,605	*		299,724,596	*		592,385,138	*		699,363,067	*
Level 3—Significant Unobservable Inputs		28,495,194			7,726,536			7,906,237			19,365,977
Total Market Value of Investments	$	4,309,863,435		$	1,123,473,634		$	989,644,067		$	964,219,565

*Includes certain securities trading primarily outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

16

Third Avenue Trust
Notes to Portfolios of Investments (continued)
January 31, 2009
(Unaudited)

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

	Investments in Securities (Market Value)
	Value Fund			Small-Cap Value Fund			Real Estate Value Fund		International Value Fund
Balance as of 11/1/08	$	28,520,062		$	10,152,263		$	7,737,467	$	22,600,027
Change in unrealized appreciation/(depreciation)†		(24,868	)		(2,425,727	)		168,770		(3,234,050	)
Balance as of 1/31/09	$	28,495,194		$	7,726,536		$	7,906,237	$	19,365,977

†Net unrealized depreciation during the period on Level 3 investments held at January 31, 2009 was $132,507,781 for the Third Avenue Value Fund, $55,041,772 for the Third Avenue Small Cap Value Fund, $2,820,452 for the Third Avenue Real Estate Value Fund and $117,205,650 for the Third Avenue International Value Fund.

Repurchase agreements:

The Funds may invest excess cash in repurchase agreements whereby the Funds purchase securities, which serve as collateral, with an agreement to resell such collateral at the maturity date of the repurchase agreement. Securities pledged as collateral for repurchase agreements are held by the Funds’ custodian bank until maturity of the repurchase agreement. Provisions in the agreements require that the market value of the collateral is at least equal to the repurchase value in the event of default. In the event of default, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.

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 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.

Security transactions:

Security transactions are accounted for on a trade date basis.

17

Third Avenue Trust
Notes to Portfolios of Investments (continued)
January 31, 2009
(Unaudited)

2. INVESTMENTS

The following information is based upon the book basis of investment securities as of January 31, 2009:

	Value Fund			Small-Cap Value Fund			Real Estate Value Fund			International Value Fund
Gross unrealized appreciation	$	365,197,261		$	74,331,995		$	71,151,265		$	23,703,537
Gross unrealized depreciation		(2,015,983,455	)		(549,656,767	)		(524,491,435	)		(571,177,591	)
Net unrealized depreciation	$	(1,650,786,194	)	$	(475,324,772	)	$	(453,340,170	)	$	(547,474,054	)
Aggregate book cost	$	5,960,649,629		$	1,598,798,406		$	1,442,984,237		$	1,511,693,619

3. COMMITMENTS AND CONTINGENCIES

Third Avenue Value Fund has committed a $1,755,000 capital investment to RS Holdings of which $1,022,245 has been funded as of January 31, 2009. Under certain circumstances this commitment may be payable to RS Holdings, although the Adviser believes that this commitment is no longer enforceable. Accordingly, Third Avenue Value Fund has segregated securities valued at $732,755 to meet this contingency.

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.

18

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Board of Trustees

Jack W. Aber

David M. Barse

William E. Chapman II

Lucinda Franks

Edward J. Kaier

Marvin Moser

Eric Rakowski

Martin Shubik

Charles C. Walden

Martin J. Whitman

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

PNC Global 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

Custodial Trust Company

101 Carnegie Center

Princeton, NJ 08540

Third Avenue Funds

622 Third Avenue

New York, NY 10017

Phone (212) 888-5222

Toll Free (800) 443-1021

Fax (212) 888-6757

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 and Rule 15d-15(b) under the Securities Exchange Act of 1934) were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(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 recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications of the Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

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:	February 20, 2009

     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.

(Registrant): Third Avenue Trust

By:	/s/ David M. Barse
Name:	David M. Barse
Title:	Principal Executive Officer
Date:	February 20, 2009

By:	/s/ Vincent J. Dugan
Name:	Vincent J. Dugan
Title:	Principal Financial Officer
Date:	February 20, 2009