13F-HR 1 tam033112.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: March 31, 2012 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 May 14, 2012 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: 126 Form 13F Information Table Value Total: $4,312,136 (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 5368 375915 SH X 375915 0 0 Acadia Realty Trust COM SH BEN INT 004239109 451 19999 SH X 19999 0 0 Aeropostale Inc. COM 007865108 11911 550944 SH X 550944 0 0 Alamo Group, Inc. COM 011311107 20476 681178 SH X 681178 0 0 Alexander & Baldwin, Inc. COM 014482103 61606 1271530 SH X 1271340 0 190 Alico, Inc. COM 016230104 5339 231041 SH X 231041 0 0 Alleghany Corp. COM 017175100 6100 18534SH OTHER 1 18534 0 0 Alleghany Corp. COM 017175100 47039 142933SH X 142933 0 0 American Eagle Outfitters COM 02553E106 28666 1667597 SH X 1667597 0 0 Annaly Capital Mgmtt, Inc. COM 035710409 184 11600 SH X 11600 0 0 Applied Materials, Inc. COM 038222105 12350 992730SH OTHER 1 992730 0 0 Applied Materials, Inc. COM 038222105 53335 4287357SH X 4040232 0 247,12 Arch Capital Group Ltd. ORD G0450A105 19616 526737 SH X 526737 0 0 AVX Corporation COM 002444107 7411 558887SH OTHER 1 558887 0 0 AVX Corporation COM 002444107 41210 3107861SH X 3107861 0 0 Bank of New York Mellon Corp. COM 064058100 34218 1418079SH OTHER 1 1418079 0 0 Bank of New York Mellon Corp. COM 064058100 202099 8375439SH X 8230806 0 144,63 Bel Fuse Inc. CL B 077347300 20855 1180233 SH X 1180233 0 0 Bristow Group Inc. COM 110394103 66318 1389436 SH X 1385136 0 4300 Broadridge Fin'l Solutions Inc. COM 11133T103 47066 1968461 SH X 1965786 0 2675 Brookfield Asset Mgmt. CL A LTD VT SH 112585104 13748 435468SH OTHER 1 435468 0 0 Brookfield Asset Mgmt. CL A LTD VT SH 112585104 312540 9899896SH X 9890119 0 9,777 Brookfield Properties COM 112900105 655 37550 SH X 37550 0 0 Capital Southwest COM 140501107 13771 145648 SH X 145648 0 0 Capstead Mortgage Corp. COM NO PAR 14067E506 164 12500 SH X 12500 0 0 Carver Bancorp, Inc. COM 146875109 74 10400 SH X 10400 0 0 Cavco Industries, Inc. COM 149568107 39540 848871 SH X 848871 0 0 Cedar Shopping Centers COM 150602209 2734 534000 SH X 534000 0 0 Cenovus Energy Inc. COM 15135U109 43616 1213569 SH X 1213569 0 0 Cimarex Energy Co. COM 171798101 10251 135833 SH X 135833 0 0 Cloud Peak Energy Inc. COM 18911Q102 26504 1663794 SH X 1663794 0 0 Compass Minerals Int'l COM 20451N101 27804 387573 SH X 387573 0 0 ConocoPhillips COM 20825C104 1420 18683 SH X 18683 0 0 Consolidated Tomoka Land Co. COM 210226106 162 5435SH OTHER 1 5435 0 0 Consolidated Tomoka Land Co. COM 210226106 15215 511420SH X 511420 0 0 Covanta Holding Corporation COM 22282E102 150209 9255039 SH X 9255039 0 0 Cowen group Inc- Class A COM 223622101 5943 2192974 SH X 2192974 0 0 Cross Country Healthcare Inc. COM 227483104 14640 2922138 SH X 2922138 0 0 Devon Energy Corp. COM 25179M103 47544 668505 SH X 639005 0 29500 Electro Scientific Industries, InCOM 285229100 20053 1335995 SH X 1335995 0 0 Electronics for Imaging Inc. COM 286082102 39745 2391368 SH X 2381018 0 10350 EMCOR Group, Inc. COM 29084Q100 18990 685080 SH X 685080 0 0 Encana Corporation COM 292505104 18983 966050SH OTHER 1 966050 0 0 Encana Corporation COM 292505104 74055 3768703SH X 3704748 0 63,955 Encore Wire Corporation COM 292562105 19892 669095 SH X 669095 0 0 Excel Trust, Inc. COM 30068C109 9932 822154 SH X 822154 0 0 First Industrial Realty Trust, InCOM 32054K103 506 40995SH OTHER 1 40995 0 0 First Industrial Realty Trust, InCOM 32054K103 47361 3834876SH X 3834876 0 0 First Niagara Financial Group, InCOM 33582V108 5313 539984 SH X 539984 0 0 First Potomac Realty Trust COM 33610F109 536 44300 SH X 44300 0 0 Forest City Enterprises Inc. CL A 345550107 1055 67392SH OTHER 1 67392 0 0 Forest City Enterprises Inc. CL A 345550107 309389 19756649SH X 19753174 0 3,475 Forest City Enterprises Inc. CL B CONV 345550305 400 25800 SH X 25800 0 0 General Growth Properties, Inc. COM 370023103 181 10674SH OTHER 1 10674 0 0 General Growth Properties, Inc. COM 370023103 15434 908414SH X 908414 0 0 General Motors Co. COM 37045V100 5937 231467 SH X 231467 0 0 Glatfelter P. H. Co. COM 377316104 38933 2467254 SH X 2467254 0 0 Haemonetics Corporation COM 405024100 22982 329818 SH X 329818 0 0 Haverty Furniture Companies Inc. COM 419596101 12307 1108762 SH X 1108762 0 0 HCC Insurance Holdings COM 404132102 31766 1019126 SH X 1019126 0 0 ICF International, Inc. COM 44925C103 26821 1057211 SH X 1057211 0 0 Ingram Micro Inc. CL A 457153104 61129 3293569 SH X 3293569 0 0 Insteel Industries Inc. COM 45774W108 10560 869139 SH X 869139 0 0 Intel Corporation COM 458140100 10822 385000 SH X 385000 0 0 Investment Technology Group COM 46145F105 39027 3263088 SH X 3255663 0 7425 J&J Snack Foods Corporation COM 466032109 14863 283317 SH X 283317 0 0 Jakks Pacific, Inc. COM 47012E106 15133 867234 SH X 867234 0 0 Kaiser Aluminum Corp. COM PAR $0.01 483007704 32213 681614 SH X 681614 0 0 Kearny Financial Corp. COM 487169104 5377 551444 SH X 551444 0 0 Keycorp COM 493267108 10581 1244771SH OTHER 1 1244771 0 0 Keycorp COM 493267108 117510 13824702SH X 13645502 0 179,20 Kimco Realty Corp COM 49446R109 440 22845 SH X 22845 0 0 Kinross Gold Corporation COM NO PAR 496902404 28331 2904170 SH X 2904170 0 0 Leucadia National Corporation COM 527288104 84968 3255479 SH X 3251154 0 4325 Lexmark International Inc. CL A 529771107 49414 1486584 SH X 1486584 0 0 Liberty Media-Starz Group LIB STAR COM A 53071M708 44591 505854 SH X 505854 0 0 Lowe's Companies Inc. COM 548661107 575 18335SH OTHER 1 18335 0 0 Lowe's Companies Inc. COM 548661107 69256 2207025SH X 2207025 0 0 Madison Square Garden Inc. CL A 55826P100 61959 1811679 SH X 1811679 0 0 Mantech International Corp. COM 564563104 50629 1469211 SH X 1469211 0 0 MDC Holdings Inc. COM 552676108 315 12210 SH X 12210 0 0 MEMC Electronic Materials, Inc. COM 552715104 9004 2494141 SH X 2494141 0 0 Minerals Technologies Inc. COM 603158106 4799 73368SH OTHER 1 73368 0 0 Minerals Technologies Inc. COM 603158106 25250 386019SH X 386019 0 0 Montpelier Re Holdings Ltd. SHS G62185106 14354 742976 SH X 742976 0 0 Newmont Mining Corporation COM 651639106 24820 484102 SH X 484102 0 0 Oshkosh Corporation COM 688239201 39528 1706008 SH X 1706008 0 0 Park Electrochemical Corp. COM 700416209 16159 534531 SH X 534531 0 0 Pioneer Drilling Co. COM 723655106 24266 2757449 SH X 2757449 0 0 Posco ADR 693483109 28347 338677SH OTHER 1 338677 0 0 Posco ADR 693483109 308553 3686410SH X 3655740 0 30,670 Precision Drilling Corp, COM 74022D308 20937 2088400 SH X 2088400 0 0 Prologis Inc. COM 74340W103 241 6680 SH X 6680 0 0 PS Business Parks, Inc. COM 69360J107 400 6100 SH X 6100 0 0 Sanofi- Aventis SPON ADR 80105N105 706 18210 SH X 17910 0 300 Scorpio Tankers COM Y7542C106 11827 1675248 SH X 1675248 0 0 Seacor Holdings Inc. COM 811904101 58540 611193 SH X 611193 0 0 SemGroup Corporation COM 81663A105 43070 1478026 SH X 1478026 0 0 Sensient Technologies Corp. COM 81725T100 27359 719961 SH X 719961 0 0 Skyline Corporation COM 830830105 2564 335134 SH X 335134 0 0 Stanley Furniture Company, Inc. COM 854305208 13385 2794404 SH X 2794404 0 0 Stepan Company COM 858586100 15716 178993 SH X 178993 0 0 Superior Industries Int'l, Inc. COM 868168105 44651 2285114 SH X 2285114 0 0 Sycamore Networks, Inc. COM NEW 871206405 11249 634076SH OTHER 1 634076 0 0 Sycamore Networks, Inc. COM NEW 871206405 51791 2919438SH X 2917729 0 1,709 Tejon Ranch Co. COM 879080109 529 18482SH OTHER 1 18482 0 0 Tejon Ranch Co. COM 879080109 88787 3100114SH X 3100114 0 0 Telefex Inc. COM 879369106 50064 818706 SH X 818706 0 0 Tellabs, Inc. COM 879664100 8550 2111042SH OTHER 1 2111042 0 0 Tellabs, Inc. COM 879664100 91729 22649175SH X 22623550 0 25,625 Terreno Realty Corp. COM 88146M101 341 23800SH OTHER 1 23800 0 0 Terreno Realty Corp. COM 88146M101 4180 292090SH X 292090 0 0 Thomas Properties Group Inc. COM 884453101 300 65300SH OTHER 1 65300 0 0 Thomas Properties Group Inc. COM 884453101 34893 7601979SH X 7601979 0 0 Tidewater Inc. COM 886423102 1146 21210 SH X 21210 0 0 UniFirst Corporation COM 904708104 26346 428049 SH X 428049 0 0 Vail Resorts Inc. COM 91879Q109 64618 1494066 SH X 1494066 0 0 Vantage Drilling Co. COM G93205113 560 350000 SH X 350000 0 0 Vornado Realty Trust SH BEN INT 929042109 472 5611SH OTHER 1 5611 0 0 Vornado Realty Trust SH BEN INT 929042109 55122 654652SH X 654652 0 0 Westlake Chemical Corp. COM 960413102 20548 317145 SH X 317145 0 0 Westwood Holdings Group Inc. COM 961765104 20362 525734 SH X 525734 0 0 Weyerhaeuser Company COM 962166104 537 24498SH OTHER 1 24498 0 0 Weyerhaeuser Company COM 962166104 139378 6358482SH X 6349655 0 8,827 White Mtns Insurance Group COM G9618E107 8883 17705SH OTHER 1 17705 0 0 White Mtns Insurance Group COM G9618E107 50861 101374SH X 101374 0 0