13F-HR 1 tam092007.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, 2007 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, 2007 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: 194 Form 13F Information Table Value Total: $13,142,456 (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

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4COLUMN COLUMN 6 COLUMN 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) A.S.V. Inc. COM 001963107 1505160 21117 X 1505160 0 0 ACA Capital Holdings Inc. ORD COM 000833103 4609419 27510 X 4609419 0 0 Acadia Realty Trust COM 004239109 2633260 71440 X 2594760 0 38500 Ace Limited ORD G0070K103 87035 5272 X 87035 0 0 Agrium, Inc. COM 8916108 768000 41764 X 768000 0 0 Alamo Group, Inc. COM 011311107 2499961 61474 X 1822174 0 677787 Alexander & Baldwin, Inc. COM 014482103 2846067 142673 X 2846067 0 0 Alico, Inc. COM 016230104 418531 18139 X 418531 0 0 Alliance Data Systems Corp. COM 018581108 2023160 156674 X 2023160 0 0 Alto Palermo S.A. ADR ADR 02151P107 100000 1733 X 100000 0 0 Ambac Financial Group COM 023139108 537495 33814 X 528395 0 9100 American Financial Realty Trust SBI 02607P305 5690733 45810 X 5611733 0 79000 AMERICAN FIN'L REALTY 4.375% 07/15/2024 NOTE 02607PAB3 3500000 3277 X 3500000 0 0 American Land Lease Inc. COM 027118108 365413 8211 X 363713 0 1700 Applied Materials, Inc. COM 038222105 1759899 36430 X 1724220 0 35679 Arch Capital Group Ltd. COM G0450A105 1530814 113908 X 1528514 0 2300 Aspen Insurance Holdings Ltd COM 2172372 215000 6001 X 215000 0 0 Associated Estates Realty Corporation COM 045604105 1348100 17579 X 1348100 0 0 Avatar Holdings Inc. COM 053494100 408775 20410 X 408775 0 0 AVX Corporation COM 002444107 18097679 269249 X 15936956 0 2162099 AVX Corporation COM 002444107 1376 22146 X 1 0 0 0 Bank of New York Mellon Corp. COM 064058100 10137233 406501 X 9190046 0 948116 Bank of New York Mellon Corp. COM 064058100 929 40998 X 1 0 0 0 Bel Fuse Inc. CL A CL A 077347201 282117 10771 X 282117 0 0 Bel Fuse Inc. CL B CL B 077347300 1079789 37425 X 1078914 0 875 Berkshire Hills Bancorp Inc. COM 084680107 390800 11814 X 390800 0 0 Bois d Arc Energy, Inc. COM 09738U103 48600 932 X 48600 0 0 Borland Software Corporation COM 099849101 10837422 47143 X 10837422 0 0 Bristow Group Inc. COM 110394103 1702999 74438 X 1654799 0 48200 Bronco Drilling Co. Inc. COM 112211107 5080927 75198 X 5080927 0 0 Brookfield Asset Mgmt. CL A CL A 112585104 25248820 972080 X 25043715 0 205105 Brookfield Properties COM 112900105 3467237 86334 X 3437987 0 29250 Brookline Bancorp, Inc. COM 11373M107 5793375 67145 X 5497386 0 295989 Brooklyn Federal Bancorp Inc. COM 114039100 637122 8821 X 637122 0 0 California First National Bank COM 130222102 239259 3108 X 239259 0 0 Canadian Natural Resources COM 136385101 26520 2009 X 26520 0 0 Capital Lease Funding Inc. COM 140288101 49300 505 X 49300 0 0 Capital Southwest COM 140501107 123811 15199 X 123811 0 0 Carver Bancorp, Inc. COM 146875109 218500 3427 X 218500 0 0 Castlepoint Holdings Ltd. COM Castle 587218 6753 X 587218 0 0 Cavco Industries, Inc. COM 149568107 508967 17050 X 508967 0 0 CBRE Realty Finance Inc. REIT 12498B307 500000 2950 X 500000 0 0 Ceridian Corp. New COM 156779100 1259200 43745 X 1259200 0 0 Cimarex Energy Co. COM 171798101 8637368 321742 X 8523568 0 113800 CIT Group Inc. COM 125581108 495160 19905 X 493510 0 1650 Clifton Savings Bancorp Inc. COM 18712Q103 50000 592 X 50000 0 0 CNX Gas Corp. COM 12618H309 535800 15415 X 535800 0 0 Coachmen Industries, Inc. COM 189873102 2225692 14912 X 2225692 0 0 Coherent Inc. COM 192479103 861155 27626 X 861155 0 0 Marr COM 195572102 36890 428 X 36890 0 0 Commscope Inc. COM 203372107 1163162 58437 X 1163162 0 0 Comstock Resources, Inc. COM 205768203 4286768 132204 X 4215068 0 71700 Consolidated Tomoka Land Company COM 210226106 607150 40807 X 606150 0 1000 Cousins Properties Inc REIT 222795106 26500 778 X 26500 0 0 Covanta Holding Corporation COM 22282E102 8816889 216102 X 8816889 0 0 Cresud S.A. ADR ADR 226406106 39385 895 X 39385 0 0 CRM Holdings, Ltd. COM B0VFQQ1 45500 287 X 45500 0 0 Cross Country Healthcare Inc. COM 227483104 2171413 37935 X 2171413 0 0 Crystal River Capital Inc. REIT 229393301 345563 5809 X 316063 0 29500 Datascope Corporation COM 238113104 342300 11573 X 342300 0 0 Deltic Timber Corp. COM 247850100 1105190 62907 X 1105190 0 0 Eastgroup Properties Inc. REIT 277276101 397041 17970 X 396441 0 600 Electro Scientific Industries, Inc. COM 285229100 3852139 92297 X 3785389 0 66750 Electronics for Imaging Inc. COM 286082102 3661220 98340 X 3546720 0 114500 Encana Corporation COM 292505104 3116211 162551 X 2451799 0 664901 Encana Corporation COM 292505104 489 30217 X 1 0 0 0 Encore Wire Corporation COM 292562105 1476013 37092 X 1476013 0 0 Fair Isaac Corporation COM 303250104 337082 12172 X 337082 0 0 FBL Financial Group, Inc. CL A 30239F106 507500 20041 X 507500 0 0 Fedfirst Financial Corporation COM 31429X105 350805 3196 X 350805 0 0 First Potomac Realty Trust SBI 33610F109 1398000 30476 X 1398000 0 0 Fording Canadian Coal Trust UNIT 345425102 2994953 116144 X 2912680 0 82273 Forest City Enterprises Inc. CL A CL A 345550107 17463110 963265 X 16919325 0 543785 Forest City Enterprises Inc. CL B CL B 345550305 26000 1431 X 26000 0 0 Geneva Acquisition Corp - Warrant WTS 37185Y112 320000 125 X 320000 0 0 Geneva Acquisition Corp Unit UNIT 37185Y104 160000 890 X 160000 0 0 Glatfelter P. H. Co. COM 377316104 5246370 77856 X 5246370 0 0 Golar LNG Ltd. COM 7139695 1688700 38057 X 1688700 0 0 Gouverneur Bancorp Inc. COM 383584109 205511 2312 X 205511 0 0 Greenlight Capital RE Ltd. Cl A COM 4095J1094 427848 8677 X 427848 0 0 GSI Group Inc. COM 36229U102 2714984 30679 X 2714984 0 0 Handleman Company COM 410252100 3695938 11273 X 3695938 0 0 Haverty Furniture Companies Inc. COM 419596101 4874494 42749 X 4874494 0 0 Haynes International Inc. COM 420877201 445714 38051 X 445714 0 0 Herley Industries, Inc. COM 427398102 2804342 41953 X 2804342 0 0 HKN INC (f.k.a. Harken Energy Corp.) COM 2677480 47478 439 X 47478 0 0 Home Federal Bancorp Inc/ LA COM 43708F101 129500 1295 X 129500 0 0 Hutchinson Technology Inc. COM 448407106 100022 2461 X 100022 0 0 IDT Corporation CL B CL B 448947309 3620200 30301 X 3620200 0 0 IDT Corporation CL C CL C 448947101 449743 3557 X 449743 0 0 Industrias Bachoco, S.A. DE C.V. ADR 456463108 740409 22434 X 740409 0 0 Ingram Micro Inc. COM 457153104 1580800 30999 X 1580800 0 0 Insteel Industries Inc. COM 45774W108 1007749 15469 X 1007749 0 0 Intel Corporation COM 458140100 5224185 135097 X 5109560 0 114625 Investment Technology Group COM 46145F105 132800 5708 X 132800 0 0 Investor Bancorp Inc COM 46146P102 305713 4329 X 305713 0 0 Irsa Investments and Representations Inc. S COM 450047204 495300 7860 X 495300 0 0 Jakks Pacific, Inc. COM 47012E106 3042981 81278 X 3042981 0 0 Jefferies Group COM 472319102 894400 24891 X 894400 0 0 JER Investors Trust Inc. REIT 46614H301 2393915 29804 X 2358515 0 35400 Journal Communications Inc. Cl A COM 481130102 5625689 53332 X 5428539 0 197150 KAPSTONE PAPER & PKG WTS WTS 48562P111 300000 678 X 300000 0 0 Kapstone Paper and Packaging COM 48562P103 1160000 8329 X 1160000 0 0 Kearny Financial Corp. COM 487169104 1482965 18967 X 1482965 0 0 K-Swiss Inc., CL A CL A 482686102 3039345 69631 X 3039345 0 0 Lake Shore Bancorp Inc COM 510700107 50000 524 X 50000 0 0 Leapfrog Enterprises Inc. CL A 52186N106 5832378 48117 X 5630178 0 202200 Legg Mason Inc. COM 524901105 2899196 244373 X 2828773 0 70423 Leucadia National Corporation COM 527288104 1011934 48795 X 1011934 0 0 Lexmark International Inc. CL A CL A 529771107 1645065 68320 X 1645065 0 0 Liberty Media Holdings - Cap Srs A COM SER A 53071M302 49375 6163 X 49375 0 0 Liberty Media Interactive Cl A COM SER A 53071M104 261875 5031 X 261875 0 0 Louisiana Pacific Corp. COM 546347105 4704391 79834 X 4472716 0 231675 Lundin Mining Corp COM 550372106 929300 11886 X 929300 0 0 MBIA Inc. COM 55262C100 6697298 408870 X 6676848 0 20450 MDC Holdings Inc. COM 552676108 2521117 103215 X 2462037 0 59080 Media & Entertainment Holdings, Inc. UNIT 58439W207 550000 4483 X 550000 0 0 Mercer Int'l Inc. SBI COM 588056101 1223818 11565 X 1223818 0 0 Microsoft Corporation COM 594918104 2000000 58920 X 2000000 0 0 Millea Holdings, Inc. ADR ADR 60032R106 7205931 289453 X 7194057 0 11874 Mirant Corp. COM 60467R100 861208 35034 X 861208 0 0 Montpelier Re Holdings Ltd. COM G62185106 4014956 71065 X 3832939 0 182017 MVC Capital Inc. COM 553829102 365000 6763 X 365000 0 0 Nabors Industries COM G6359F103 10972286 337617 X 10968136 0 4150 National Western Life Insurance Co. CL A 638522102 279315 71493 X 279315 0 0 NewAlliance Bancshares, Inc. COM 650203102 10049235 147523 X 9706879 0 342356 Newmont MNG Corp COM 651639106 827386 37009 X 751255 0 76131 Nuveen Investments, Inc., CL A CL A 67090F106 4142751 256602 X 4091601 0 51150 Ocean Shore Holding Company COM 67501P107 55641 625 X 55641 0 0 Omega Flex Inc. COM 682095104 360100 6014 X 360100 0 0 One Liberty Properties COM 682406103 914300 17783 X 914300 0 0 Origen Financial Inc. COM 68619E208 2286900 13836 X 2172700 0 114200 Parexel International Corporation COM 699462107 598000 24679 X 598000 0 0 Park Electrochemical Corporation COM 700416209 1095255 36779 X 1095255 0 0 Patriot Transportation Holdings COM 70337B102 73838 7261 X 73838 0 0 Pfizer Inc. COM 717081103 5552292 116509 X 5369426 0 183650 Pfizer Inc. COM 717081103 784 19152 X 1 0 0 0 Pharmaceutical Product Development Inc. COM 717124101 1839726 65200 X 1839726 0 0 Phoenix Companies Inc. COM 71902E109 4264875 60177 X 4263075 0 1800 Pioneer Drilling Co. COM 723655106 4894691 59617 X 4894691 0 0 Pogo Producing Company COM 730448107 4905422 224954 X 4906092 0 0 Pogo Producing Company COM 730448107 670 35609 X 1 0 0 0 Posco ADR ADR 693483109 4119447 709129 X 3894500 0 225100 Posco ADR ADR 693483109 153 27332 X 1 0 0 0 Precision Drilling Trust TR UNIT 740215108 437400 8376 X 437400 0 0 Prologis Trust SBI 743410102 3400148 225600 X 3363826 0 36322 PS Business Parks, Inc. COM 69360J107 950240 54021 X 949840 0 400 Quadra Realty Trust Inc. COM 746945104 2410433 22971 X 2357933 0 52500 Radian Group Inc. COM 750236101 10189662 237215 X 9880705 0 308957 Rait Investment Trust SBI 749227104 3407900 28047 X 3381500 0 26400 Raymond James Financial COM 754730109 2444062 80287 X 2444062 0 0 Reis, Inc. (f.k.a. Wellsford Real Propertie COM 950240200 324025 2382 X 324025 0 0 Resource Capital Corporation REIT 76120W302 67900 765 X 67900 0 0 Rockville Financial Inc. COM 774186100 470138 6704 X 470138 0 0 Russ Berrie and Company, Inc. COM 782233100 2647327 44475 X 2576327 0 71000 Sears Holding Corporation COM 812350106 234006 29766 X 234006 0 0 Skyline Corporation COM 830830105 1013515 30487 X 1013515 0 0 St. Jude Medical Inc. COM 790849103 363000 15997 X 363000 0 0 St. Mary Land & Exploration COM 792228108 2701703 96370 X 2701703 0 0 STANDARD PAC CORP NE BOND 85375CAR2 1000000 710 X 1000000 0 0 Standex International Corporation COM 854231107 480500 9937 X 480500 0 0 Stanley Furniture Company, Inc. COM 854305208 2609177 42399 X 2609177 0 0 Stewart Information Services COM 860372101 479800 16443 X 479800 0 0 Stoneleigh Partners Warrants WTS 861923126 1750000 1348 X 1750000 0 0 Suncor Energy Inc. COM 867229106 1050000 99551 X 1050000 0 0 Superior Industries International, Inc. COM 868168105 4789589 89430 X 4746631 0 43625 Superior Industries International, Inc. COM 868168105 667 14471 X 1 0 0 0 SWS Group Inc. COM 78503N107 281385 4978 X 281385 0 0 Sybase Inc. COM 871130100 1094025 25305 X 1094025 0 0 Sycamore Networks, Inc. COM 871206108 19047976 77525 X 19047976 0 0 Synopsys Inc. COM 871607107 1600779 43349 X 1600779 0 0 Tailwind Financial Inc. Units UNIT 874023203 375000 3113 X 375000 0 0 Technitrol, Inc. COM 878555101 172700 4654 X 172700 0 0 Tejon Ranch Co. COM 879080109 4522665 187238 X 4499665 0 23000 Tellabs, Inc. COM 879664100 12789929 121760 X 12493904 0 296025 The First American Corporation COM 318522307 1000000 36620 X 1000000 0 0 The St. Joe Company COM 790148100 15165776 509722 X 15004651 0 161125 The Toronto-Dominion Bank COM 891160509 16354 1254 X 16354 0 0 Thomas Properties Group Inc. COM 884453101 2771269 33255 X 2690169 0 81100 Tidewater Inc. COM 886423102 708415 44517 X 708415 0 0 Tompkins Trustco Inc. COM 890110109 54704 2172 X 54704 0 0 Transforma Acquisition Group WTS 89366E118 100000 99 X 100000 0 0 Tribune Co COM 896047107 50000 1366 X 50000 0 0 Trinity Industries COM 896522109 1500350 56323 X 1500350 0 0 USG Corporation COM 903293405 4913149 184489 X 4650842 0 262307 Vail Resorts Inc. COM 91879Q109 853490 53164 X 852690 0 800 Vishay Intertecnology, Inc. COM 928298108 555000 7232 X 555000 0 0 Vornado Realty Trust SBI 929042109 1337143 146217 X 1324768 0 12375 Wauwatosa Holdings Inc. COM 94348P108 72085 1171 X 72085 0 0 Westlake Chemical Corp. COM 960413102 2925816 74111 X 2925816 0 0 Westwood Holdings Group Inc. COM 961765104 761303 26120 X 761303 0 0 White Mountains Insurance Group COM G9618E107 60750 31575 X 60750 0 0 Whiting Petroleum Corporation COM 966387102 1592283 70777 X 1592283 0 0 Willbros Group, Inc. COM 969199108 214200 7283 X 214200 0 0