13F-HR 1 tam093011.txt FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F-HR COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2011 Check here if Amendment: | |; Amendment Number: This Amendment (Check only one): | | is a restatement. |_| adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Third Avenue Management LLC Address: 622 Third Avenue, 32nd Floor New York, NY 10017 Form 13F File Number: 028-5110 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Willard James Hall Title: General Counsel Phone: 212-888-2290 Signature, Place, and Date of Signing: Willard James Hall New York, New York November 14, 2011 Report Type (Check one only): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 139 Form 13F Information Table Value Total: $3,968,647 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file nember(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name 1 028-10561 AIC Investment Services Inc. FORM 13F INFORMATION TABLE

VALUE SHRS OR SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MNGRS SOLE SHARED NONE AbitibiBowater Inc. COM NEW 003687209 7873 524895 SH X 524895 0 0 Acadia Realty Trust COM SH BEN INT 004239109 374 19999 SH X 19999 0 0 Aeropostale Inc. COM 007865108 7858 726950 SH X 726950 0 0 Alamo Group, Inc. COM 011311107 16866 811254 SH X 811254 0 0 Alexander & Baldwin, Inc. COM 014482103 45767 1252865 SH X 1252675 0 190 Alico, Inc. COM 016230104 5135 261434 SH X 261434 0 0 Alto Palermo S.A. SPON ADR 02151P107 661 44100 SH X 44100 0 0 American Eagle Outfitters COM 02553E106 21617 1844457 SH X 1844457 0 0 American Int'l Group, Inc. COM 026874784 8407 383000 SH X 383000 0 0 Annaly Capital Mgmt, Inc. COM 035710409 10171 611600 SH X 611600 0 0 Applied Materials, Inc. COM 038222105 7462 721000 SH OTHER 1 721000 0 0 Applied Materials, Inc. COM 038222105 45036 4351296 SH X 4186671 0 164625 Arch Capital Group Ltd. ORD G0450A105 32268 987536 SH X 987536 0 0 AVX Corporation COM 002444107 20290 1709387 SH OTHER 1 1709387 0 0 AVX Corporation COM 002444107 48521 4087670 SH X 3952929 0 134741 Bank of New York Mellon Corp. COM 064058100 26093 1403579 SH OTHER 1 1403579 0 0 Bank of New York Mellon Corp. COM 064058100 161421 8683224 SH X 8538591 0 144633 Barclays Bank PLC ETN DJUBS AGRI37 06739H206 3277 62989 SH X 62989 0 0 Bel Fuse Inc. CL B 077347300 19729 1265520 SH X 1265520 0 0 Bristow Group Inc. COM 110394103 70740 1667209 SH X 1662909 0 4300 Broadridge Financial Solutions Inc. COM 11133T103 35829 1779011 SH X 1776336 0 2675 Brookfield Asset Mgmt. CL A LTD VT SH 112585104 709 25718 SH OTHER 1 25718 0 0 Brookfield Asset Mgmt. CL A LTD VT SH 112585104 334333 12135503 SH X 12125726 0 9777 Brookfield Infrastructure Part. L.P. LP INT UNIT G16252101 10174 418000 SH X 418000 0 0 Brookfield Properties COM 112900105 517 37550 SH X 37550 0 0 Capital Southwest COM 140501107 9476 128048 SH X 128048 0 0 Capstead Mortgage Corporation COM NO PAR 14067E506 144 12500 SH X 12500 0 0 Carver Bancorp, Inc. COM 146875109 87 218500 SH X 218500 0 0 Cavco Industries, Inc. COM 149568107 31076 902336 SH X 902336 0 0 Cedar Shopping Centers COM 150602209 1446 465000 SH X 465000 0 0 Cenovus Energy Inc. COM 15135U109 10489 341550 SH OTHER 1 341550 0 0 Cenovus Energy Inc. COM 15135U109 83739 2726763 SH X 2646586 0 80177 Cimarex Energy Co. COM 171798101 7730 138781 SH X 138781 0 0 CIT Group Inc. COM 125581801 1519 50000 SH X 50000 0 0 Colonial Financial Services COM 19566B101 591 47859 SH X 47859 0 0 ConocoPhillips COM 20825C104 1290 20378 SH X 20378 0 0 Consolidated Tomoka Land Co. COM 210226106 260 9900 SH OTHER 1 9900 0 0 Consolidated Tomoka Land Co. COM 210226106 13503 514200 SH X 514200 0 0 Covanta Holding Corporation COM 22282E102 140679 9261289 SH X 9261289 0 0 Cowen group Inc COM 223622101 4761 1756780 SH X 1756780 0 0 Cross Country Healthcare Inc. COM 227483104 21395 5118303 SH X 5118303 0 0 Cumulus Media Inc. COM 231082108 108 38025 SH X 38025 0 0 Denison Mines Corp. COM 248356107 633 588900 SH X 588900 0 0 Electro Scientific Industries, Inc. COM 285229100 11995 1008791 SH X 1008791 0 0 Electronics for Imaging Inc. COM 286082102 29439 2185500 SH X 2175150 0 10350 Encana Corporation COM 292505104 18558 966050 SH OTHER 1 966050 0 0 Encana Corporation COM 292505104 76576 3986269 SH X 3798603 0 187666 Encore Wire Corporation COM 292562105 25642 1245962 SH X 1245962 0 0 Excel Trust, Inc. COM 30068C109 7306 759493 SH X 759493 0 0 Fedfirst Financial Corporation COM 31429C101 3318 232032 SH X 232032 0 0 First Industrial Realty Trust, Inc. COM 32054K103 356 44440 SH OTHER 1 44440 0 0 First Industrial Realty Trust, Inc. COM 32054K103 25600 3199968 SH X 3199968 0 0 First Niagara Financial Group, Inc. COM 33582V108 5440 594559 SH X 594559 0 0 First Potomac Realty Trust COM 33610F109 552 44300 SH X 44300 0 0 Forest City Enterprises Inc. CL A 345550107 718 67392 SH OTHER 1 67392 0 0 Forest City Enterprises Inc. CL A 345550107 212192 19905455 SH X 19901980 0 3475 Forest City Enterprises Inc. CL B CONV 345550305 280 25800 SH X 25800 0 0 General Growth Properties, Inc. COM 370023103 132 10917 SH OTHER 1 10917 0 0 General Growth Properties, Inc. COM 370023103 14946 1235217 SH X 1235217 0 0 General Motors Co. COM 37045V100 7698 381467 SH X 381467 0 0 Glatfelter P. H. Co. COM 377316104 37125 2810356 SH X 2810356 0 0 Haemonetics Corporation COM 405024100 1549 26492 SH X 26492 0 0 Haverty Furniture Companies Inc. COM 419596101 19987 2000651 SH X 2000651 0 0 HCC Insurance Holdings COM 404132102 43152 1595276 SH X 1595276 0 0 ICF International, Inc. COM 44925C103 18942 1007001 SH X 1007001 0 0 Imation Corp. COM 45245A107 2118 289779 SH X 289779 0 0 Ingram Micro Inc. CL A 457153104 45851 2842588 SH X 2842588 0 0 Insteel Industries Inc. COM 45774W108 8807 874624 SH X 874624 0 0 Intel Corporation COM 458140100 11198 525000 SH X 525000 0 0 Investment Technology Group COM 46145F105 41554 4244554 SH X 4237129 0 7425 Irsa Inversiones Y Rep S A GDR 450047204 720 82814 SH X 82814 0 0 Jakks Pacific, Inc. COM 47012E106 18031 951515 SH X 951515 0 0 Kaiser Aluminum Corp. COM PAR $0.01 483007704 41334 933458 SH X 933458 0 0 Kearny Financial Corp. COM 487169104 6038 682994 SH X 682994 0 0 Keycorp COM 493267108 6692 1128566 SH OTHER 1 1128566 0 0 Keycorp COM 493267108 78199 13186992 SH X 13172792 0 14200 Kimco Realty Corp COM 49446R109 343 22845 SH X 22845 0 0 Kinross Gold Corporation COM 496902404 62906 4210099 SH X 3966475 0 243624 K-Swiss Inc. CL A 482686102 15409 3625677 SH X 3625677 0 0 Lennar Corp. CL A 526057104 308 22731 SH OTHER 1 22731 0 0 Lennar Corp. CL A 526057104 32801 2422538 SH X 2422538 0 0 Leucadia National Corporation COM 527288104 74147 3269281 SH X 3119454 0 149827 Lexmark International Inc. CL A 529771107 36894 1364914 SH X 1364914 0 0 Liberty Media-Starz Group LIB STAR COM A 53071M708 34378 540871 SH X 540871 0 0 Lowe's Companies Inc. COM 548661107 484 25000 SH OTHER 1 25000 0 0 Lowe's Companies Inc. COM 548661107 58614 3030700 SH X 3030700 0 0 Madison Square Garden Inc. CL A 55826P100 37730 1654842 SH X 1654842 0 0 Mantech International Corp. COM 564563104 34339 1094293 SH X 1094293 0 0 MDC Holdings Inc. COM 552676108 4005 236434 SH X 235209 0 1225 MEMC Electronic Materials, Inc. COM 552715104 20650 3940911 SH X 3940911 0 0 Minerals Technologies Inc. COM 603158106 3098 62868 SH OTHER 1 62868 0 0 Minerals Technologies Inc. COM 603158106 20396 413972 SH X 413972 0 0 Montpelier Re Holdings Ltd. SHS G62185106 34304 1940272 SH X 1940272 0 0 Nabors Industries SHS G6359F103 34201 2789648 SH X 2789648 0 0 Nat'l Western Life Insurance Co. CL A 638522102 14252 105182 SH X 105182 0 0 Newmont Mining Corporation COM 651639106 50587 804237 SH X 740578 0 63659 Oshkosh Corporation COM 688239201 29586 1879678 SH X 1879678 0 0 Park Electrochemical Corporation COM 700416209 24609 1151560 SH X 1151560 0 0 Pharmaceutical Product Dev. Inc. COM 717124101 44683 1741349 SH X 1739414 0 1935 Pioneer Drilling Co. COM 723655106 8921 1242524 SH X 1242524 0 0 Posco ADR 693483109 26959 354677 SH OTHER 1 354677 0 0 Posco ADR 693483109 307343 4043460 SH X 4011290 0 32170 Prologis Inc. COM 74340W103 344 14180 SH X 14180 0 0 Provident Energy Ltd COM 74386V100 5717 700566 SH X 700566 0 0 PS Business Parks, Inc. COM 69360J107 302 6100 SH X 6100 0 0 Ryland Group Inc. COM 783764103 70 6557 SH OTHER 1 6557 0 0 Ryland Group Inc. COM 783764103 9031 847965 SH X 847965 0 0 Sanderson Farms Inc. COM 800013104 283 5950 SH X 5950 0 0 Sanofi- Aventis SPON ADR 80105N105 690 21029 SH X 20729 0 300 Scorpio Tankers COM Y7542C106 8620 1632548 SH X 1632548 0 0 Seacor Holdings Inc. COM 811904101 38533 480402 SH X 480402 0 0 SemGroup Corporation COM 81663A105 18815 942632 SH X 942632 0 0 Sensient Technologies Corp. COM 81725T100 9565 293854 SH X 293854 0 0 Skyline Corporation COM 830830105 11405 1194189 SH X 1194189 0 0 Stanley Furniture Company, Inc. COM 854305208 10748 3643481 SH X 3643481 0 0 Superior Industries Int'l, Inc. COM 868168105 36798 2381773 SH X 2381773 0 0 Sycamore Networks, Inc. COM NEW 871206405 13277 735576 SH OTHER 1 735576 0 0 Sycamore Networks, Inc. COM NEW 871206405 63146 3498383 SH X 3449625 0 48758 Synopsys Inc. COM 871607107 32501 1334191 SH X 1334191 0 0 Tejon Ranch Co. COM 879080109 441 18482 SH OTHER 1 18482 0 0 Tejon Ranch Co. COM 879080109 113789 4767011 SH X 4767011 0 0 Telefex Inc. COM 879369106 30773 572312 SH X 572312 0 0 Tellabs, Inc. COM 879664100 9056 2111042 SH OTHER 1 2111042 0 0 Tellabs, Inc. COM 879664100 100490 23424188 SH X 23398563 0 25625 Terreno Realty Corp. COM 88146M101 3220 250990 SH X 250990 0 0 Thomas Properties Group Inc. COM 884453101 209 91500 SH OTHER 1 91500 0 0 Thomas Properties Group Inc. COM 884453101 17364 7615679 SH X 7615679 0 0 Tidewater Inc. COM 886423102 19565 465281 SH X 465281 0 0 UniFirst Corporation COM 904708104 15498 342199 SH X 342199 0 0 United Microelectronics Corp. SPON ADR 910873405 93 48905 SH X 48905 0 0 Vail Resorts Inc. COM 91879Q109 49261 1303541 SH X 1303541 0 0 Vornado Realty Trust SH BEN INT 929042109 531 7116 SH OTHER 1 7116 0 0 Vornado Realty Trust SH BEN INT 929042109 48850 654652 SH X 654652 0 0 Westlake Chemical Corp. COM 960413102 19479 568234 SH X 568234 0 0 Westwood Holdings Group Inc. COM 961765104 18719 541784 SH X 541784 0 0 Weyerhaeuser Company COM 962166104 415 26658 SH OTHER 1 26658 0 0 Weyerhaeuser Company COM 962166104 109363 7032990 SH X 6793450 0 239540 White Mountains Insurance Grp COM G9618E107 7184 17705 SH OTHER 1 17705 0 0 White Mountains Insurance Grp COM G9618E107 40457 99709 SH X 92699 0 7010