13F-HR 1 tam032005.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, 2005 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 15, 2005 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: 0 Form 13F Information Table Entry Total: 179 Form 13F Information Table Value Total: $7,879,332 (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.] NONE FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------- -------- -------- -------- ---------------------------- ------ ------------------- INVESTMENT VOTING AUTHORITY DISCRETION (SHARES) SHARED MARKET SOLE SHARED OTHER SOLE SHARED NONE SECURITY DESCRIPTION CLASS CUSIP SHARES VALUE (A) (B) (C) MGR (A) (B) (C) 3 Com Corp COM 885535104 100,000 356 X 100,000 0 0 Acadia Realty Trust COM 004239109 1,660,500 26,701 X 1,657,400 0 3,100 Ace Limited ORD G0070K103 87,035 3,592 X 87,035 0 0 Acmat Corp.- Class A CL A 004616207 200,678 2,498 X 200,678 0 0 Advanced Power Technology COM 00761E108 532,700 3,782 X 532,700 0 0 Affordable Residential Communities REIT 008273104 2,156,200 27,276 X 2,156,200 0 0 Agree Realty Corporation COM 008492100 31,600 853 X 31,600 0 0 Agrium, Inc. COM 008916108 3,921,850 71,574 X 3,848,650 0 73,200 Alamo Group, Inc. COM 011311107 3,124,368 77,297 X 2,306,409 0 817,959 Alexander & Baldwin, Inc. COM 014482103 1,956,440 80,605 X 1,956,440 0 0 Alico, Inc. COM 016230104 295,975 15,598 X 295,975 0 0 Ambac Financial Group COM 023139108 300,090 22,432 X 300,000 0 90 American Financial Realty Trust SBI 02607P305 2,884,350 42,198 X 2,883,300 0 1,050 American Land Lease Inc. COM 027118108 462,708 10,707 X 458,908 0 3,800 American Power Conversion Corp COM 029066107 5,012,509 130,877 X 4,930,380 0 82,129 AMN Healthcare Services Inc. COM 001744101 724,544 11,527 X 724,544 0 0 Analogic Corporation COM 032657207 112,775 4,878 X 108,575 0 4,200 Anthracite Capital Inc. COM 037023108 555,025 6,183 X 555,025 0 0 Applied Materials, Inc. COM 038222105 1,884,595 30,625 X 1,834,426 0 50,169 Arch Capital Group Ltd. COM G0450A105 1,998,103 80,004 X 1,953,628 0 44,475 Ascential Software Corp COM 04362P108 1,280,682 23,731 X 1,280,682 0 0 Associated Estates Realty Corporation COM 045604105 1,777,825 17,725 X 1,777,825 0 0 Astoria Financial Corp. COM 046265104 159,000 4,023 X 159,000 0 0 Avatar Holdings Inc. COM 053494100 743,340 34,825 X 740,540 0 2,800 AVX Corp. COM 002444107 14,746,50 180,645 X 12,764,948 0 1,981,55 Banco Latinoamericano Exportaciones, S. COM P16994132 285,000 5,825 X 285,000 0 0 Bandag, Incorporated COM 059815100 438,100 20,582 X 429,700 0 8,400 BankAtlantic Bankcorp, Inc. CL A 065908501 835,000 14,529 X 835,000 0 0 Bedford Property Investors CL A 076446301 72,700 1,587 X 72,700 0 0 BelFuse Inc. CL B CL B 077347300 827,372 25,069 X 820,972 0 6,400 BelFuse Inc. CL. A CL A 077347201 290,438 7,043 X 290,438 0 0 Blockbuster Inc. CL A 093679108 50,000 442 X 50,000 0 0 BPP Liquidating Trust COM 12232C108 959,000 77 X 959,000 0 0 Brascan Corporation CL A 10549P606 10,244,72 386,738 X 10,119,820 0 124,905 British Land Company PLC ORD 0136701 3,166,203 47,807 X 3,166,203 0 0 Brookfield Homes Corp COM 112723101 313,915 13,250 X 312,795 0 1,120 Brookfield Properties COM 112900105 1,865,650 71,828 X 1,860,550 0 5,100 Brookline Bancorp, Inc. COM 11373M107 4,255,272 63,404 X 4,051,947 0 203,325 Canadian Natural Resources COM 136385101 442,300 25,131 X 432,475 0 9,825 Canfor Corporation COM 2173416 1,715,750 20,955 X 1,715,750 0 0 Capital Lease Funding Inc. COM 140288101 407,000 4,497 X 407,000 0 0 Capital Southwest COM 140501107 284,394 22,496 X 279,424 0 4,970 Carver Bancorp, Inc. COM 146875109 218,500 4,086 X 218,500 0 0 Catellus Development Corp. COM 149113102 9,040,262 240,923 X 8,299,747 0 740,515 Cavco Industries, Inc. COM 149568107 312,720 7,562 X 312,720 0 0 Cementos Argos SA COM 2184173 593,282 2,449 X 593,282 0 0 Cie Generale de Geophysique ORD 4215394 345,603 30,240 X 319,403 0 26,200 CIT Group Inc. COM 125581108 1,080,420 41,056 X 633,915 0 446,505 Coachman Industries, Inc. COM 189873102 271,000 3,686 X 271,000 0 0 Coherent Inc. COM 192479103 936,837 31,628 X 936,837 0 0 Commercial Federal Corp. COM 201647104 61,543 1,702 X 61,543 0 0 Commscope, Inc. COM 203372107 2,680,550 40,101 X 2,645,300 0 35,250 Compagnie Generale de Geophysique ADR 204386106 193,400 3,338 X 193,400 0 0 Comverse Technology, Inc. COM 205862402 4,076,353 102,806 X 3,995,853 0 80,500 Concord Camera Corp. COM 206156101 250,000 453 X 250,000 0 0 Consolidated Tomoka Land Company COM 210226106 661,020 37,830 X 658,545 0 2,475 Credence Systems COM 225302108 6,948,917 54,966 X 6,555,667 0 393,250 Cresud S.A. ADR ADR 226406106 281,836 3,870 X 281,836 0 0 Cresud SA Comericial Ind WTS WTS P3311R150 200,000 301 X 200,000 0 0 Criimi Mae Inc. COM 226603504 1,096,369 22,037 X 1,093,569 0 2,800 Cross Country Healthcare Inc. COM 227483104 3,246,157 54,406 X 3,148,307 0 97,850 CRT Properties Inc COM 22876P109 2,808,211 61,163 X 2,800,011 0 8,200 Danielson Holding Corp. COM 236274106 4,535,622 78,239 X 4,535,622 0 0 Datascope Corp. COM 238113104 386,961 11,833 X 377,999 0 8,962 Del Monte Pacific Ltd. ORD 6168485 17,071,00 6,825 X 17,071,000 0 0 Deltic Timber COM 247850100 403,150 15,763 X 403,150 0 0 Dress Barn, Inc. COM 261570105 1,051,985 19,167 X 1,051,985 0 0 Electro Scientific Industries, Inc. COM 285229100 3,876,438 75,164 X 3,737,026 0 139,412 Electronics for Imaging COM 286082102 3,389,165 60,463 X 3,249,690 0 139,475 Encana Corp. COM 292505104 1,678,725 118,216 X 1,204,175 0 474,550 ESG Re Limited COM G31215109 118,449 9 X 118,449 0 0 Fairmont Hotels & Resorts Inc COM 305204109 819,300 27,152 X 817,550 0 1,750 FBL Financial Group, Inc. CL A 30239F106 472,500 13,230 X 472,500 0 0 Feldman Mall Properties, Inc. COM 314308107 100,000 1,211 X 100,000 0 0 First Potomac Realty Trust SBI 33610F109 568,300 12,986 X 567,400 0 900 Florida East Coast Industries, Inc. COM 340632108 55,032 2,338 X 55,032 0 0 Fording Canadian Coal Trust UNIT 345425102 701,307 64,436 X 701,307 0 0 Forest City Enterprise Cl A CL A 345550107 6,938,696 442,631 X 6,373,319 0 565,377 Forest City Enterprise Cl B CL B 345550305 15,525 1,011 X 15,525 0 0 FSI International, Inc. COM 302633102 237,913 1,006 X 227,463 0 10,450 GEAC Computer Corp LTD COM 368289104 4,745,527 42,289 X 4,443,727 0 301,800 Gemstar-TV Guide International, Incorpo COM 36866W106 10,000 44 X 10,000 0 0 Golar LNG LTD COM 7139695 1,155,200 14,584 X 1,155,200 0 0 Haynes International Inc. COM 420877201 445,714 8,469 X 445,714 0 0 Herley Industries, Inc. COM 427398102 525,436 8,990 X 525,436 0 0 Hollywood Entertainment Corporation COM 436141105 809,146 10,656 X 809,146 0 0 Hutchinson Technology Inc. COM 448407106 697,585 24,262 X 697,585 0 0 Industrias Bachoco, S.A. DE C.V. ADR 456463108 610,000 8,967 X 610,000 0 0 Ingram Micro Inc. COM 457153104 203,700 3,396 X 203,700 0 0 Instinet Group Inc. COM 457750107 12,508,34 73,549 X 11,194,695 0 1,313,65 Investment Technology Group. COM 46145F105 132,800 2,324 X 132,800 0 0 Irsa Investments and Representations In COM 450047204 361,800 4,541 X 361,800 0 0 IXYS Corp COM 46600W106 220,570 2,523 X 220,570 0 0 Jakks Pacific, Inc. COM 47012E106 3,659,371 78,567 X 3,563,177 0 96,194 Jefferies Group COM 472319102 451,030 16,995 X 451,030 0 0 Jones Lang Lasalle COM 48020Q107 1,204,250 56,178 X 1,204,250 0 0 Kemet Corporation COM 488360108 1,473,178 11,417 X 1,410,343 0 62,835 K-Swiss Incl Cl A CL A 482686102 932,658 30,806 X 932,658 0 0 Leapfrog Enterprises Inc. CL A 52186N106 4,041,150 45,867 X 3,853,975 0 187,175 Legg Mason Inc. COM 524901105 2,535,037 198,088 X 2,478,780 0 56,257 Leucadia National Corp. COM 527288104 727,662 24,995 X 726,512 0 1,150 Levitt Corporation CL A 52742P108 208,750 5,352 X 208,750 0 0 Lindsay Manufacturing Co. COM 535555106 1,021,200 19,484 X 1,021,200 0 0 MBIA Inc. COM 55262C100 2,283,493 119,381 X 2,244,907 0 38,586 Mestek Inc. COM 590829107 360,100 8,120 X 360,100 0 0 Millea Holdings, Inc. ADR ADR 60032R106 3,313,774 240,249 X 3,254,554 0 59,220 Montpelier Re Holdings Ltd. COM G62185106 737,500 25,923 X 737,500 0 0 Nabors Industries COM G6359F103 1,636,912 96,807 X 1,602,983 0 33,929 National Western Life Insurance Co. CL A 638522102 99,395 16,991 X 99,395 0 0 NewAlliance Bancshares, Inc. COM 650203102 4,954,263 69,360 X 4,703,083 0 251,180 Noranda Inc. COM 655422103 788,200 15,937 X 788,200 0 0 Nortel Inversora-ADR PFD B ADR 656567401 295,400 2,806 X 295,400 0 0 NTL Inc. COM 62940M104 11,500 732 X 11,500 0 0 Nuveen Investments, Inc., CL A CL A 67090F106 489,900 16,813 X 489,900 0 0 On Assignment, Inc. COM 682159108 877,338 4,474 X 877,338 0 0 One Liberty Properties COM 682406103 995,475 18,576 X 994,875 0 600 Origen Financial Inc. COM 68619E208 1,721,559 11,896 X 1,673,209 0 48,350 Pan American Silver Corp COM 697900108 13,000 206 X 13,000 0 0 Parexel International Corp COM 699462107 3,711,090 87,211 X 3,595,250 0 115,840 Park Electrochemical Corp. COM 700416209 967,050 19,592 X 967,050 0 0 Pfizer Inc. COM 717081103 188,000 4,939 X 188,000 0 0 Pharmaceutical Product Development Inc. COM 717124101 937,263 45,410 X 937,263 0 0 Planar Systems Inc. COM 726900103 247,200 2,230 X 247,200 0 0 Pogo Producing Co COM 730448107 1,250,650 61,582 X 1,250,650 0 0 Posco ADR ADR 693483109 2,702,275 133,384 X 2,304,675 0 397,600 Precision Drilling Corp COM 74022D100 243,700 18,195 X 243,700 0 0 Prime Group Realty Trust COM 74158J103 628,900 4,503 X 628,900 0 0 Prologis Trust SBI 743410102 2,604,198 96,616 X 2,601,678 0 2,520 PS Business Parks, Inc. COM 69360J107 1,898,325 76,502 X 1,896,975 0 1,350 Quanta Services, Inc. COM 74762E102 9,640,500 73,557 X 9,638,500 0 2,000 Radian Group Inc. COM 750236101 2,405,628 114,845 X 2,363,091 0 42,537 Rait Investment Trust SBI 749227104 264,000 7,080 X 264,000 0 0 Raymond James Financial COM 754730109 1,634,646 49,530 X 1,634,646 0 0 RTI International Metals, Inc. COM 74973W107 302,600 7,081 X 302,600 0 0 Russ Berrie and Company, Inc. COM 782233100 2,191,170 41,961 X 2,115,470 0 75,700 Safety Insurance Group, Inc. COM 78648T100 175,000 5,418 X 175,000 0 0 Scientific-Atlanta, Inc. COM 808655104 213,600 6,028 X 213,600 0 0 Sears Holding Corp. COM 812350106 3234500 385,860 X 3234500 0 0 Skyline Corporation COM 830830105 287,800 11,077 X 287,800 0 0 Smedvig ASA-A CL A 4564665 3,482,900 47,738 X 3,395,425 0 0 St. Jude Medical Inc. COM 790849103 365,150 13,145 X 365,150 0 0 St. Mary Land & Exploration COM 792228108 801,600 40,120 X 804,550 0 -2,950 Standex International Corp COM 854231107 480,500 13,118 X 480,500 0 0 Stewart Information Services COM 860372101 479,800 18,002 X 479,800 0 0 Suncor Energy Inc. COM 867229106 1,186,700 47,717 X 1,162,325 0 24,375 Superior Industries International, Inc. COM 868168105 3,986,266 105,277 X 3,837,012 0 149,254 SWS Group Inc. COM 78503N107 187,590 3,007 X 187,590 0 0 Sybase Inc. COM 871130100 509,700 9,409 X 509,700 0 0 Sycamore Networks, Inc. COM 871206108 15,760,83 56,109 X 15,049,413 0 711,425 Synopsys Inc. COM 871607107 1,013,638 18,347 X 1,013,638 0 0 TD Banknorth Inc. COM 87235A101 34,087 1,065 X 34,087 0 0 Tejon Ranch Co. COM 879080109 4,396,828 196,099 X 4,392,825 0 4,003 Telecom Corp of New Zealand Ltd ADR ADR 879278208 87,075 3,019 X 87,075 0 0 Telecom Corp of New Zealand ORD COM 6881436 10,043,44 43,307 X 9,374,359 0 669,084 Tellabs, Inc. COM 879664100 10,363,09 75,651 X 9,931,524 0 431,575 The Buckle, Inc. COM 118440106 131,500 4,591 X 131,500 0 0 The First American Corporation COM 318522307 1,048,800 34,547 X 1,048,800 0 0 The Keith Companies, Inc. COM 487539108 597,583 10,338 X 597,583 0 0 The Phoenix Companies COM 71902E109 4,647,900 59,400 X 4,634,815 0 13,085 The St. Joe Company COM 790148100 7,808,274 525,497 X 7,739,834 0 68,440 Thomas Properties Group INC COM 884453101 2,219,006 27,471 X 2,212,806 0 6,200 Tidewater Inc. COM 886423102 680,100 26,429 X 680,100 0 0 Tompkins Trustco Inc. COM 890110109 49,731 2,116 X 49,731 0 0 Toronto-Dominion Bank COM 891160509 16,354 676 X 16,354 0 0 Trammell Crow Company COM 89288R106 6,663,482 137,068 X 6,658,682 0 4,800 Trenwick Group Ltd. COM G9032C109 295,217 2 X 295,217 0 0 Trinity Industries COM 896522109 1,482,940 41,774 X 1,467,815 0 15,125 Triquint Semiconductor, Inc. COM 89674K103 500,600 1,692 X 500,600 0 0 TXU Corp. COM 873168108 400,000 31,852 X 400,000 0 0 Unite Group plc COM 0692861 6,049,915 33,698 X 6,045,315 0 4,600 Valuevision International COM 92047K107 120,000 1,484 X 120,000 0 0 Vishay Intertecnology, Inc. COM 928298108 552,917 6,873 X 548,417 0 4,500 Vornado Realty Trust SBI 929042109 1,561,900 108,193 X 1,560,575 0 1,325 Wellsford Real Properties, Inc. COM 950240200 1,578,150 22,962 X 1,574,300 0 3,850 Westwood Holdings Group Inc. COM 961765104 897,421 17,033 X 897,421 0 0 White Mountains Insurance Group COM G9618E107 61,650 37,514 X 61,650 0 0 Whiting Petroleum Corporation COM 966387102 1,934,875 78,904 X 1,922,250 0 12,625 Willbros Group, Inc. COM 969199108 1,652,475 33,380 X 1,652,475 0 0 Woronoco Bancorp, Inc. COM 981630106 390,800 13,440 X 390,800 0 0