THIRD AVENUE TRUST
N-18F1, 1997-04-16
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              SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549
                               
                         FORM N-18F-1
                               
       NOTIFICATION OF ELECTION PURSUANT TO RULE 18F-1
           UNDER THE INVESTMENT COMPANY ACT OF 1940






                      Third Avenue Trust
                               
                   Exact Name of Registrant


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              SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549
                               
                         FORM N-18F-1
                               
       NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1
           UNDER THE INVESTMENT COMPANY ACT OF 1940

          The undersigned open-end investment company, registered with the
Securities and Exchange Commission (the "Commission"), under the Investment
Company Act of 1940 (the "1940 Act") hereby notifies the Commission that it
elects to commit itself to pay in cash all redemptions by a shareholder of
record as provided by Rule 18f-1 under the 1940 Act (the "Rule").  It is
understood that this election is irrevocable while such Rule is in effect
unless the Commission by order upon application permits the withdrawal of
this Notification of Election.

                           SIGNATURE


     Pursuant to the requirements of Rule 18f-1 under the 1940 Act, the
registrant has caused this notification of election to be duly executed on
its behalf in the City of New York and the State of New York on the        
 th day of April, 1997.


     Signature:     Third Avenue Trust
                   (Name of Registrant)


     By:     /s/ Martin J. Whitman
                 Martin J. Whitman
                 President
                 ( Title )

Attest:     /s/ Ian M. Kirschner
                Ian M. Kirschner     
                General Counsel and Secretary
                ( Title )



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