<PAGE> PAGE 1
000 A000000 04/30/99
000 C000000 0001031661
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THIRD AVENUE TRUST
001 B000000 811-08039
001 C000000 2128886685
002 A000000 767 THIRD AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
002 D020000 2023
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 THIRD AVENUE VALUE FUND
007 C030100 N
007 C010200 2
007 C020200 THIRD AVENUE SMALL-CAP VALUE FUND
007 C030200 N
007 C010300 3
007 C020300 THIRD AVENUE HIGH YIELD FUND
007 C030300 N
007 C010400 4
007 C020400 THIRD AVENUE REAL ESTATE VALUE FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 EQSF ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-27792
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10017
008 D04AA01 2023
010 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
<PAGE> PAGE 2
010 C03AA01 19406
010 C04AA01 0903
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA01 84-1761
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
012 C04AA01 0903
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 M.J. WHITMAN, INC.
014 B00AA01 8-43018
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 M.J. WHITMAN, INC.
020 B000001 13-3796763
020 C000001 485
020 A000002 INSTINET CORPORATION
020 B000002 13-3443395
020 C000002 44
020 A000003 BLACK AND COMPANY, INC.
020 B000003 93-0479581
020 C000003 3
020 A000004 BERNO, GAMBAL & BARBEE, INC.
020 C000004 2
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 534
022 A000001 BEAR STERNS & CO., INC.
022 B000001 13-3299429
022 C000001 960617
022 D000001 778600
022 A000002 FUJI SECURITIES INC.
022 B000002 36-2880742
022 C000002 52365
022 D000002 34953
022 A000003 SALOMON SMITH BARNEY INC.
022 B000003 13-1912900
022 C000003 38095
022 D000003 23811
022 A000004 SHERWOOD SECURITIES CORP.,INC
022 B000004 13-2616318
022 C000004 1075
022 D000004 19387
<PAGE> PAGE 3
022 A000005 KNIGHT SECURITIES, LP
022 B000005 13-3224016
022 C000005 0
022 D000005 6234
022 A000006 NEEDHAM & COMPANY , INC.
022 B000006 13-3255839
022 C000006 0
022 D000006 5594
022 A000007 OPPENHEIMER & CO.
022 B000007 13-2798343
022 C000007 500
022 D000007 4932
022 A000008 NOMURA SECURITIES INT'L
022 B000008 13-2642206
022 C000008 3155
022 D000008 0
022 A000009 NBC BANK
022 C000009 0
022 D000009 1778
022 A000010 WARBURG, BRINKMAN, WIRTZ & CO.
022 C000010 492
022 D000010 147
023 C000000 1077398
023 D000000 887750
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
<PAGE> PAGE 4
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.900
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
<PAGE> PAGE 5
060 A00AA00 N
060 B00AA00 N
061 00AA00 1000
077 A000000 N
078 000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
080 C00AA00 1700
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
015 A000101 CUSTODIAL TRUST CO.
015 B000101 C
015 C010101 PRINCETON
015 C020101 NJ
015 C030101 08540
015 C040101 6231
015 E010101 X
024 000100 Y
025 A000101 RAYMOND JAMES FINANCIAL, INC.
025 B000101 59-1237041
025 C000101 E
025 D000101 23422
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 26055
028 A020100 0
028 A030100 0
<PAGE> PAGE 6
028 A040100 36156
028 B010100 18249
028 B020100 18680
028 B030100 0
028 B040100 58202
028 C010100 23493
028 C020100 0
028 C030100 0
028 C040100 68091
028 D010100 20430
028 D020100 0
028 D030100 0
028 D040100 68330
028 E010100 22874
028 E020100 0
028 E030100 0
028 E040100 91842
028 F010100 19239
028 F020100 0
028 F030100 0
028 F040100 88625
028 G010100 130340
028 G020100 18680
028 G030100 0
028 G040100 411246
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
<PAGE> PAGE 7
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 C000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 59259
071 B000100 298013
071 C000100 1473247
071 D000100 4
072 A000100 6
<PAGE> PAGE 8
072 B000100 5392
072 C000100 7566
072 D000100 0
072 E000100 0
072 F000100 6734
072 G000100 111
072 H000100 27
072 I000100 411
072 J000100 87
072 K000100 129
072 L000100 82
072 M000100 29
072 N000100 54
072 O000100 0
072 P000100 0
072 Q000100 62
072 R000100 38
072 S000100 48
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 470
072 X000100 8282
072 Y000100 0
072 Z000100 4676
072AA000100 63733
072BB000100 0
072CC010100 17179
072CC020100 0
072DD010100 19923
072DD020100 0
072EE000100 0
073 A010100 0.4020
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 993
074 B000100 14359
074 C000100 3060
074 D000100 36648
074 E000100 21105
074 F000100 1240889
074 G000100 0
074 H000100 0
074 I000100 23108
074 J000100 0
074 K000100 0
074 L000100 10063
074 M000100 144
074 N000100 1350369
074 O000100 0
<PAGE> PAGE 9
074 P000100 993
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 5226
074 S000100 0
074 T000100 1344150
074 U010100 42611
074 U020100 0
074 V010100 31.54
074 V020100 0.00
074 W000100 0.0000
074 X000100 51598
074 Y000100 0
075 A000100 0
075 B000100 1490418
076 000100 0.00
015 A000201 CUSTODIAL TRUST COMPANY
015 B000201 C
015 C010201 PRINCETON
015 C020201 NJ
015 C030201 08540
015 C040201 6231
015 E010201 X
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 9105
028 A020200 0
028 A030200 0
028 A040200 5481
028 B010200 5330
028 B020200 0
028 B030200 0
028 B040200 10859
028 C010200 6365
028 C020200 1086
028 C030200 0
028 C040200 8444
028 D010200 4327
028 D020200 0
028 D030200 0
028 D040200 5442
028 E010200 6064
<PAGE> PAGE 10
028 E020200 0
028 E030200 0
028 E040200 8065
028 F010200 3929
028 F020200 0
028 F030200 0
028 F040200 8828
028 G010200 35120
028 G020200 1086
028 G030200 0
028 G040200 47119
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 C000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
<PAGE> PAGE 11
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 Y
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 10004
071 B000200 12797
071 C000200 123214
071 D000200 8
072 A000200 6
072 B000200 436
072 C000200 899
072 D000200 0
072 E000200 0
072 F000200 635
072 G000200 10
072 H000200 27
072 I000200 51
072 J000200 15
072 K000200 7
072 L000200 12
072 M000200 25
072 N000200 13
072 O000200 0
<PAGE> PAGE 12
072 P000200 0
072 Q000200 24
072 R000200 16
072 S000200 16
072 T000200 0
072 U000200 5
072 V000200 0
072 W000200 45
072 X000200 901
072 Y000200 0
072 Z000200 434
072AA000200 3019
072BB000200 0
072CC010200 2658
072CC020200 0
072DD010200 1131
072DD020200 0
072EE000200 0
073 A010200 0.0880
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 104
074 B000200 9569
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 123567
074 G000200 0
074 H000200 0
074 I000200 81
074 J000200 604
074 K000200 0
074 L000200 915
074 M000200 8920
074 N000200 143760
074 O000200 456
074 P000200 96
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 9584
074 S000200 0
074 T000200 133624
074 U010200 12078
074 U020200 0
074 V010200 11.06
074 V020200 0.00
074 W000200 0.0000
074 X000200 6487
<PAGE> PAGE 13
074 Y000200 0
075 A000200 0
075 B000200 140859
076 000200 0.00
015 A000301 CUSTODIAL TRUST COMPANY
015 B000301 C
015 C010301 PRINCETON
015 C020301 NJ
015 C030301 08540
015 C040301 6231
015 E010301 X
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 328
028 A020300 0
028 A030300 0
028 A040300 475
028 B010300 195
028 B020300 136
028 B030300 0
028 B040300 482
028 C010300 573
028 C020300 0
028 C030300 0
028 C040300 30
028 D010300 117
028 D020300 0
028 D030300 0
028 D040300 147
028 E010300 158
028 E020300 133
028 E030300 0
028 E040300 383
028 F010300 265
028 F020300 0
028 F030300 0
028 F040300 262
028 G010300 1636
028 G020300 269
028 G030300 0
028 G040300 1779
028 H000300 0
037 000300 Y
038 000300 8
<PAGE> PAGE 14
039 000300 N
040 000300 N
041 000300 N
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 52.5
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 27.0
062 Q000300 0.0
062 R000300 21.4
063 A000300 0
063 B000300 8.7
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
<PAGE> PAGE 15
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 Y
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 885
071 B000300 428
071 C000300 8107
071 D000300 5
072 A000300 6
072 B000300 302
072 C000300 72
072 D000300 0
072 E000300 0
072 F000300 37
072 G000300 6
072 H000300 28
072 I000300 14
072 J000300 4
072 K000300 1
072 L000300 7
072 M000300 24
072 N000300 20
072 O000300 0
072 P000300 0
072 Q000300 14
072 R000300 10
072 S000300 3
072 T000300 0
072 U000300 1
072 V000300 0
072 W000300 1
072 X000300 170
072 Y000300 92
<PAGE> PAGE 16
072 Z000300 296
072AA000300 90
072BB000300 0
072CC010300 725
072CC020300 0
072DD010300 308
072DD020300 0
072EE000300 0
073 A010300 0.3500
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 134
074 B000300 0
074 C000300 0
074 D000300 6849
074 E000300 1814
074 F000300 32
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 19
074 L000300 168
074 M000300 356
074 N000300 9372
074 O000300 250
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 502
074 S000300 0
074 T000300 8620
074 U010300 916
074 U020300 0
074 V010300 9.41
074 V020300 0.00
074 W000300 0.0000
074 X000300 377
074 Y000300 0
075 A000300 0
075 B000300 8250
076 000300 0.00
015 A000401 CUSTODIAL TRUST COMPANY
015 B000401 C
015 C010401 PRINCETON
015 C020401 NJ
015 C030401 08540
015 C040401 6231
<PAGE> PAGE 17
015 E010401 X
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 1475
028 A020400 0
028 A030400 0
028 A040400 16
028 B010400 1054
028 B020400 26
028 B030400 0
028 B040400 389
028 C010400 573
028 C020400 0
028 C030400 0
028 C040400 1
028 D010400 417
028 D020400 0
028 D030400 0
028 D040400 174
028 E010400 390
028 E020400 0
028 E030400 0
028 E040400 332
028 F010400 2165
028 F020400 0
028 F030400 0
028 F040400 59
028 G010400 6074
028 G020400 26
028 G030400 0
028 G040400 971
028 H000400 0
037 000400 Y
038 000400 1
039 000400 N
040 000400 N
041 000400 N
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
<PAGE> PAGE 18
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 C000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
<PAGE> PAGE 19
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 3544
071 B000400 0
071 C000400 2463
071 D000400 0
072 A000400 6
072 B000400 15
072 C000400 73
072 D000400 0
072 E000400 0
072 F000400 14
072 G000400 6
072 H000400 28
072 I000400 13
072 J000400 5
072 K000400 0
072 L000400 4
072 M000400 25
072 N000400 26
072 O000400 0
072 P000400 0
072 Q000400 12
072 R000400 9
072 S000400 10
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 152
072 Y000400 122
072 Z000400 58
072AA000400 0
072BB000400 0
072CC010400 308
072CC020400 0
072DD010400 26
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0970
073 B000400 0.0000
<PAGE> PAGE 20
073 C000400 0.0000
074 A000400 1820
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 4248
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 29
074 L000400 211
074 M000400 203
074 N000400 6511
074 O000400 39
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 290
074 S000400 0
074 T000400 6182
074 U010400 549
074 U020400 0
074 V010400 11.26
074 V020400 0.00
074 W000400 0.0000
074 X000400 226
074 Y000400 0
075 A000400 0
075 B000400 3269
076 000400 0.00
SIGNATURE MICHELLE WHALEN
TITLE MGR. COMPLIANCE
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001031661
<NAME> THIRD AVENUE TRUST
<SERIES>
<NUMBER> 1
<NAME> THIRD AVENUE VALUE FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-1-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 1063594516
<INVESTMENTS-AT-VALUE> 1339168560
<RECEIVABLES> 10063083
<ASSETS-OTHER> 144052
<OTHER-ITEMS-ASSETS> 993504
<TOTAL-ASSETS> 1350369199
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6219416
<TOTAL-LIABILITIES> 6219416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1019279321
<SHARES-COMMON-STOCK> 42610839
<SHARES-COMMON-PRIOR> 51081171
<ACCUMULATED-NII-CURRENT> 2376674
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 46936143
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 275557645
<NET-ASSETS> 1344149783
<DIVIDEND-INCOME> 7566515
<INTEREST-INCOME> 5391894
<OTHER-INCOME> 0
<EXPENSES-NET> 8282308
<NET-INVESTMENT-INCOME> 4676101
<REALIZED-GAINS-CURRENT> 63732812
<APPREC-INCREASE-CURRENT> 17178898
<NET-CHANGE-FROM-OPS> 85587811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19923161
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4160194
<NUMBER-OF-SHARES-REDEEMED> (13209018)
<SHARES-REINVESTED> 578492
<NET-CHANGE-IN-ASSETS> (196561283)
<ACCUMULATED-NII-PRIOR> 17623734
<ACCUMULATED-GAINS-PRIOR> (16796669)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6734248
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8282308
<AVERAGE-NET-ASSETS> 1508901480
<PER-SHARE-NAV-BEGIN> 30.16
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.67
<PER-SHARE-DIVIDEND> (.40)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.54
<EXPENSE-RATIO> 1.11
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001031661
<NAME> THIRD AVENUE TRUST
<SERIES>
<NUMBER> 2
<NAME> THIRD AVENUE SMALL CAP FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-1-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 149715631
<INVESTMENTS-AT-VALUE> 133217352
<RECEIVABLES> 1519040
<ASSETS-OTHER> 13247
<OTHER-ITEMS-ASSETS> 9010713
<TOTAL-ASSETS> 143760352
<PAYABLE-FOR-SECURITIES> 456201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9680236
<TOTAL-LIABILITIES> 10136437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147770447
<SHARES-COMMON-STOCK> 12077920
<SHARES-COMMON-PRIOR> 13096406
<ACCUMULATED-NII-CURRENT> 132454
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2216675
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16495661)
<NET-ASSETS> 133623915
<DIVIDEND-INCOME> 898482
<INTEREST-INCOME> 436358
<OTHER-INCOME> 0
<EXPENSES-NET> 900806
<NET-INVESTMENT-INCOME> 434034
<REALIZED-GAINS-CURRENT> 3019143
<APPREC-INCREASE-CURRENT> 2657377
<NET-CHANGE-FROM-OPS> 6110554
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1130515
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3169623
<NUMBER-OF-SHARES-REDEEMED> (4284849)
<SHARES-REINVESTED> 96740
<NET-CHANGE-IN-ASSETS> (5933306)
<ACCUMULATED-NII-PRIOR> 828935
<ACCUMULATED-GAINS-PRIOR> (802468)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 635056
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 900806
<AVERAGE-NET-ASSETS> 142293079
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .45
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> 1.28
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001031661
<NAME> THIRD AVENUE TRUST
<SERIES>
<NUMBER> 3
<NAME> THIRD AVENUE HIGH YIELD FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-1-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 9892219
<INVESTMENTS-AT-VALUE> 8694590
<RECEIVABLES> 186443
<ASSETS-OTHER> 417
<OTHER-ITEMS-ASSETS> 491104
<TOTAL-ASSETS> 9372554
<PAYABLE-FOR-SECURITIES> 250000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 502292
<TOTAL-LIABILITIES> 752292
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9735622
<SHARES-COMMON-STOCK> 916197
<SHARES-COMMON-PRIOR> 904440
<ACCUMULATED-NII-CURRENT> 43103
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 39166
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1197629)
<NET-ASSETS> 8620262
<DIVIDEND-INCOME> 72359
<INTEREST-INCOME> 301878
<OTHER-INCOME> 0
<EXPENSES-NET> 78315
<NET-INVESTMENT-INCOME> 295922
<REALIZED-GAINS-CURRENT> 89791
<APPREC-INCREASE-CURRENT> 724866
<NET-CHANGE-FROM-OPS> 1110579
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 307685
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177654
<NUMBER-OF-SHARES-REDEEMED> (195641)
<SHARES-REINVESTED> 29744
<NET-CHANGE-IN-ASSETS> 929026
<ACCUMULATED-NII-PRIOR> 54866
<ACCUMULATED-GAINS-PRIOR> (50625)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37096
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169893
<AVERAGE-NET-ASSETS> 8311902
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> .92
<PER-SHARE-DIVIDEND> (.35)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> 1.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001031661
<NAME> THIRD AVENUE TRUST
<SERIES>
<NUMBER> 4
<NAME> THIRD AVENUE REAL ESTATE VALUE FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-1-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 3920571
<INVESTMENTS-AT-VALUE> 4247935
<RECEIVABLES> 240782
<ASSETS-OTHER> 10763
<OTHER-ITEMS-ASSETS> 2011710
<TOTAL-ASSETS> 6511190
<PAYABLE-FOR-SECURITIES> 38741
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 290572
<TOTAL-LIABILITIES> 329313
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5817375
<SHARES-COMMON-STOCK> 549035
<SHARES-COMMON-PRIOR> 69355
<ACCUMULATED-NII-CURRENT> 38576
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1448)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 327374
<NET-ASSETS> 6181877
<DIVIDEND-INCOME> 73306
<INTEREST-INCOME> 14879
<OTHER-INCOME> 0
<EXPENSES-NET> 29850
<NET-INVESTMENT-INCOME> 58335
<REALIZED-GAINS-CURRENT> 83
<APPREC-INCREASE-CURRENT> 307982
<NET-CHANGE-FROM-OPS> 366400
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 26438
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 569411
<NUMBER-OF-SHARES-REDEEMED> (92204)
<SHARES-REINVESTED> 2473
<NET-CHANGE-IN-ASSETS> 5468925
<ACCUMULATED-NII-PRIOR> 6679
<ACCUMULATED-GAINS-PRIOR> (1531)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14139
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 151693
<AVERAGE-NET-ASSETS> 3168100
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.26
<EXPENSE-RATIO> 1.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>