13F-HR 1 tam092008.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, 2008 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, 2008 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: 156 Form 13F Information Table Value Total: $8,138,351 (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 MANAGERS SOLE SHARED NONE Acadia Realty Trust COM 00423910 1459 57700 SH SOLE 57700 0 0 Alamo Group, Inc. COM 01131110 32916 1930544 SH SOLE 1863993 0 66551 Alexander & Baldwin, Inc. COM 01448210 79798 1812364 SH SOLE 1812364 0 0 Alico, Inc. COM 01623010 13204 278397 SH SOLE 278397 0 0 Alliance Data Systems Corp. COM 01858110 2982 47050 SH SOLE 47050 0 0 Alto Palermo S.A. ADR 02151P10 830 99144 SH SOLE 99144 0 0 Ambac Financial Group COM 02313910 63268 27153859 SH SOLE 27153859 0 0 American Land Lease Inc. COM 02711810 512 26350 SH SOLE 26350 0 0 Applied Materials, Inc. COM 03822210 9827 649483 SH SOLE 632883 0 16600 Arch Capital Group Ltd. COM G0450A10 35483 485874 SH SOLE 485874 0 0 Aspen Insurance Holdings Ltd COM G0538410 14047 510818 SH SOLE 510818 0 0 Associated Estates Realty Corp. COM 04560410 9947 763404 SH SOLE 763404 0 0 Avatar Holdings Inc. COM 05349410 13490 408775 SH SOLE 408775 0 0 AVX Corporation COM 00244410 161635 15862113 SH SOLE 15186845 0 675268 AVX Corporation COM 00244410 24490 2403367 SH OTHER 1 2403367 0 0 Bank of New York Mellon Corp. COM 06405810 285852 8773850 SH SOLE 8478410 0 295440 Bank of New York Mellon Corp. COM 06405810 30024 921545 SH OTHER 1 921545 0 0 Barclays Bank PLC ETN IPTH AGRI 06739H20 6379 132472 SH SOLE 132472 0 0 Bel Fuse Inc. CL A 07734720 2855 103808 SH SOLE 103808 0 0 Bel Fuse Inc. CL B 07734730 32204 1131140 SH SOLE 1131140 0 0 Berkshire Hills Bancorp Inc. COM 08468010 12506 390800 SH SOLE 390800 0 0 Borland Software Corporation COM 09984910 5534 3617207 SH SOLE 3617207 0 0 Bristow Group Inc. COM 11039410 95882 2833391 SH SOLE 2776191 0 57200 Bronco Drilling Co. Inc. COM 11221110 61886 6055391 SH SOLE 6055391 0 0 Brookfield Asset Mgmt. CL A 11258510 642810 23426031 SH SOLE 23243535 0 182496 Brookfield Asset Mgmt. CL A 11258510 935 34068 SH OTHER 1 34068 0 0 Brookfield Infrastructure Part. L.P. UNIT G1625210 8971 570326 SH SOLE 567559 0 2767 Brookfield Properties COM 11290010 53129 3354107 SH SOLE 3328607 0 25500 Brookfield Properties COM 11290010 409 25800 SH OTHER 1 25800 0 0 Brookline Bancorp Inc. COM 11373M10 57129 4466667 SH SOLE 4299314 0 167353 Brooklyn Federal Bancorp Inc. COM 11403910 9423 637122 SH SOLE 637122 0 0 California First National Bank COM 13022210 105 10470 SH SOLE 10470 0 0 Capital Southwest COM 14050110 17688 124521 SH SOLE 124521 0 0 Carver Bancorp, Inc. COM 14687510 1475 218500 SH SOLE 218500 0 0 Cavco Industries, Inc. COM 14956810 29460 814943 SH SOLE 814943 0 0 CBRE Realty Finance Inc. COM 12498B30 1188 1080103 SH SOLE 1080103 0 0 Cimarex Energy Co. COM 17179810 281343 5752252 SH SOLE 5738602 0 13650 CIT Group Inc. COM 12558110 73605 10575480 SH SOLE 10106580 0 468900 Coachmen Industries, Inc. COM 18987310 2212 1340484 SH SOLE 1340484 0 0 Coherent Inc. COM 19247910 16955 476934 SH SOLE 476934 0 0 Colonial Bankshares Inc. COM 19557210 556 50920 SH SOLE 50920 0 0 Commscope Inc. COM 20337210 37618 1085962 SH SOLE 1085962 0 0 Consolidated Tomoka Land Co. COM 21022610 24316 563000 SH SOLE 563000 0 0 Cousins Properties Inc COM 22279510 50118 1986453 SH SOLE 1965008 0 21445 Covanta Holding Corporation COM 22282E10 218723 9136289 SH SOLE 9136289 0 0 Cross Country Healthcare Inc. COM 22748310 70675 4338560 SH SOLE 4338560 0 0 Crystal River Capital Inc. COM 22939330 3083 1526382 SH SOLE 1526382 0 0 Datascope Corporation COM 23811310 17673 342300 SH SOLE 342300 0 0 Deltic Timber Corp. COM 24785010 11999 188551 SH SOLE 188551 0 0 Eastgroup Properties Inc. COM 27727610 50403 1038371 SH SOLE 1038371 0 0 Electro Scientific Industries, Inc. COM 28522910 52476 3690290 SH SOLE 3680715 0 9575 Electronics for Imaging Inc. COM 28608210 78858 5660985 SH SOLE 5601785 0 59200 Encana Corporation COM 29250510 74880 1139200 SH SOLE 1139200 0 0 Encana Corporation COM 29250510 28307 430650 SH OTHER 1 430650 0 0 Encore Wire Corporation COM 29256210 68648 3790590 SH SOLE 3790590 0 0 Fair Isaac Corporation COM 30325010 323 14000 SH SOLE 14000 0 0 FBL Financial Group, Inc. CL A 30239F10 34029 1220122 SH SOLE 1220122 0 0 Fedfirst Financial Corporation COM 31429X10 2989 490036 SH SOLE 490036 0 0 First Potomac Realty Trust COM 33610F10 1145 66600 SH SOLE 66600 0 0 Fording Canadian Coal Trust TR UNIT 34542510 8300 100000 SH SOLE 100000 0 0 Forest City Enterprises Inc. CL A 34555010 621281 20256961 SH SOLE 19950122 0 306839 Forest City Enterprises Inc. CL A 34555010 1123 36622 SH OTHER 1 36622 0 0 Forest City Enterprises Inc. CL B CONV 34555030 800 25800 SH SOLE 25800 0 0 Genesee & Wyoming Inc. CL A 37155910 8958 238760 SH SOLE 238760 0 0 Geneva Acquisition Corp WTS EXP 02/12/201037185Y11 22 320000 SH SOLE 320000 0 0 Geneva Acquisition Corp UNIT 37185Y10 712 127100 SH SOLE 127100 0 0 Glatfelter P. H. Co. COM 37731610 56520 4174273 SH SOLE 4174273 0 0 Gouverneur Bancorp Inc. COM 38358410 1449 205511 SH SOLE 205511 0 0 GSI Group Inc. COM 36229U10 5307 1503449 SH SOLE 1503449 0 0 Haverty Furniture Companies Inc. COM 41959610 52806 4615918 SH SOLE 4615918 0 0 Herley Industries, Inc. COM 42739810 39896 2333085 SH SOLE 2333085 0 0 HKN INC COM 40420K10 374 47478 SH SOLE 47478 0 0 IDT Corporation CL B CL B 44894730 1393 1301700 SH SOLE 1301700 0 0 Imation Corp. COM 45245A10 23398 1034392 SH SOLE 1034392 0 0 Industrias Bachoco, S.A. DE C.V. ADR B 45646310 5350 219006 SH SOLE 219006 0 0 Ingram Micro Inc. CL A 45715310 9890 615450 SH SOLE 615450 0 0 Insteel Industries Inc. COM 45774W10 9412 692534 SH SOLE 692534 0 0 Intel Corporation COM 45814010 11425 610000 SH SOLE 610000 0 0 Investment Technology Group COM 46145F10 16667 547729 SH SOLE 547729 0 0 Irsa Inversiones Y Rep S A GDR 45004720 6907 950000 SH SOLE 950000 0 0 Jakks Pacific, Inc. COM 47012E10 30930 1241658 SH SOLE 1241658 0 0 Jefferies Group COM 47231910 19569 894400 SH SOLE 894400 0 0 JER Investors Trust Inc. COM 46614H30 2942 610474 SH SOLE 610474 0 0 Journal Communications Inc. CL A 48113010 18253 3740471 SH SOLE 3694946 0 45525 Kaiser Aluminum Corporation COM 48300770 31384 730715 SH SOLE 730715 0 0 Kearny Financial Corporation COM 48716910 11807 964607 SH SOLE 964607 0 0 K-Swiss Inc., CL A CL A 48268610 81809 4701639 SH SOLE 4701639 0 0 Leapfrog Enterprises Inc. CL A 52186N10 6648 629562 SH SOLE 629562 0 0 Legg Mason Inc. COM 52490110 162346 4265534 SH SOLE 4181637 0 83897 Leucadia National Corporation COM 52728810 32146 707437 SH SOLE 707437 0 0 Lexmark International Inc. CL A 52977110 80616 2475165 SH SOLE 2475165 0 0 Louisiana Pacific Corporation COM 54634710 63673 6846588 SH SOLE 6437013 0 409575 Lundin Mining Corporation COM 55037210 2539 854300 SH SOLE 854300 0 0 MBIA Inc. COM 55262C10 338515 28446605 SH SOLE 28032747 0 413858 MBIA Inc. COM 55262C10 28482 2393417 SH OTHER 1 2393417 0 0 MDC Holdings Inc. COM 55267610 80872 2210218 SH SOLE 2179713 0 30505 Media & Entertainment Holdings, Inc. UNIT 58439W20 1508 201000 SH SOLE 201000 0 0 MGIC Investment Corporation COM 55284810 15631 2223490 SH SOLE 2223490 0 0 Montpelier Re Holdings Ltd. COM G6218510 99171 6006724 SH SOLE 5627362 0 379362 Nabors Industries COM G6359F10 278010 11156102 SH SOLE 11156102 0 0 National Western Life Insurance Co. CL A 63852210 80103 330909 SH SOLE 330909 0 0 NewAlliance Bancshares, Inc. COM 65020310 70923 4718749 SH SOLE 4604774 0 113975 Newmont Mining Corporation COM 65163910 55988 1444490 SH SOLE 1328252 0 116238 Omega Flex Inc. COM 68209510 8120 360100 SH SOLE 360100 0 0 Origen Financial Inc. COM 68619E20 1173 953481 SH SOLE 953481 0 0 Park Electrochemical Corporation COM 70041620 31886 1315422 SH SOLE 1315422 0 0 Patriot Transportation Holdings COM 70337B10 4540 57471 SH SOLE 57471 0 0 Pfizer Inc. COM 71708110 1623 88000 SH SOLE 88000 0 0 Pharmaceutical Product Dev. Inc. COM 71712410 20870 504726 SH SOLE 504726 0 0 Phoenix Companies Inc. COM 71902E10 14374 1555600 SH SOLE 1555600 0 0 Pioneer Drilling Co. COM 72365510 77980 5863123 SH SOLE 5863123 0 0 Polaris Acquisition Corporation UNIT 73104R20 910 100000 SH SOLE 100000 0 0 Posco ADR 69348310 366156 3921556 SH SOLE 3864856 0 56700 Posco ADR 69348310 32296 345888 SH OTHER 1 345888 0 0 Precision Drilling Trust TR UNIT 74021510 7248 437400 SH SOLE 437400 0 0 Prologis Trust SH BEN INT 74341010 83562 2024760 SH SOLE 2011560 0 13200 Prologis Trust SH BEN INT 74341010 606 14675 SH OTHER 1 14675 0 0 Proshares Trust ETF ULTRA XIN CH25 74347R32 8790 93513 SH SOLE 93513 0 0 Proshares Trust ETF ULTR SHRT MSCI 74347R35 9195 94742 SH SOLE 94742 0 0 PS Business Parks, Inc. COM 69360J10 1273 22100 SH SOLE 22100 0 0 Radian Group Inc. COM 75023610 74092 14700883 SH SOLE 14589687 0 111196 Raymond James Financial COM 75473010 83408 2529062 SH SOLE 2529062 0 0 Resource Capital Corporation COM 76120W30 2260 372949 SH SOLE 372949 0 0 Russ Berrie and Company, Inc. COM 78223310 13560 1767927 SH SOLE 1759602 0 8325 Skyline Corporation COM 83083010 40100 1517212 SH SOLE 1517212 0 0 St. Mary Land & Exploration COM 79222810 98877 2773546 SH SOLE 2773546 0 0 Standex International Corporation COM 85423110 13334 480500 SH SOLE 480500 0 0 Stanley Furniture Company, Inc. COM 85430520 17351 1900482 SH SOLE 1900482 0 0 Stoneleigh Partners WTS 86192312 234 1667900 SH SOLE 1667900 0 0 Suncor Energy Inc. COM 86722910 87533 2070800 SH SOLE 2070800 0 0 Superior Industries Int'l, Inc. COM 86816810 63683 3323738 SH SOLE 3323738 0 0 Superior Industries Int'l, Inc. COM 86816810 19286 1006594 SH OTHER 1 1006594 0 0 Sybase Inc. COM 87113010 28767 939489 SH SOLE 939489 0 0 Sycamore Networks, Inc. COM 87120610 107557 33299402 SH SOLE 33299402 0 0 Sycamore Networks, Inc. COM 87120610 23779 7361892 SH OTHER 1 7361892 0 0 Synopsys Inc. COM 87160710 40098 2009921 SH SOLE 2009921 0 0 Tailwind Financial Inc. Units UNIT 87402320 1213 156100 SH SOLE 156100 0 0 Tejon Ranch Co. COM 87908010 180180 4850073 SH SOLE 4843973 0 22000 Tejon Ranch Co. COM 87908010 591 15900 SH OTHER 1 0 0 Tellabs, Inc. COM 87966410 117656 28979361 SH SOLE 28725236 0 254125 The St. Joe Company COM 79014810 474 12123 SH OTHER 1 12123 0 0 The St. Joe Company COM 79014810 486048 12434073 SH SOLE 12383873 0 50200 Thomas Properties Group Inc. COM 88445310 25896 2563949 SH SOLE 2563949 0 0 Tidewater Inc. COM 88642310 67385 1217215 SH SOLE 1217215 0 0 Transforma Acquisition Group WTS EXP 12/19/201089366E11 22 100000 SH SOLE 100000 0 0 Triad Guaranty Inc. COM 89592510 2067 1300000 SH SOLE 1300000 0 0 United Microelectronics Corp. ADR 91087340 969 496689 SH SOLE 496689 0 0 United Refining Energy Corp. WTS EXP 12/11/201191136011 100 500000 SH SOLE 500000 0 0 United Refining Energy Corp. UNIT 12/11/2011 91136020 4515 500000 SH SOLE 500000 0 0 USG Corporation COM 90329340 98506 3847884 SH SOLE 3822659 0 25225 Vail Resorts Inc. COM 91879Q10 53142 1520506 SH SOLE 1520506 0 0 Vornado Realty Trust SH BEN INT 92904210 74826 822715 SH SOLE 816415 0 6300 Vornado Realty Trust SH BEN INT 92904210 450 4950 SH OTHER 1 4950 0 0 Westlake Chemical Corp. COM 96041310 98558 4686536 SH SOLE 4686536 0 0 Westwood Holdings Group Inc. COM 96176510 31661 667946 SH SOLE 667946 0 0 Whiting Petroleum Corporation COM 96638710 13055 183200 SH SOLE 183200 0 0