13F-HR 1 tam032008.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, 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 May 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: 188 Form 13F Information Table Value Total: $10,536,993 (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 5COLUMN 6 COLUMN 7 COLUMN 8 ------------------- ----------- -------- ------------------------------- ------ ------------------- INVESTMENT VOTING AUTHORITY DISCRETION (SHARES) SHARED MARKET SOLESHAREDOTHER SOLE SHARED NONE SECURITY DESCRIPTION CLASS CUSIP SHARES VALUE (A) (B) (C) MGR (A) (B) (C) AbitibiBowater Inc COM 003687100 25000 323 X 25000 0 0 ACA Capital Holdings Inc. COM 000833103 4609419 1245 X 4609419 0 0 Acadia Realty Trust COM 004239109 2564610 61935 X 2541110 0 23500 Alamo Group, Inc. COM 011311107 2552834 54299 X 1876170 0 676664 Alexander & Baldwin, Inc. COM 014482103 1842364 79369 X 1842364 0 0 Alico, Inc. COM 016230104 353836 15622 X 353836 0 0 Alliance Data Systems Corp. COM 018581108 3098470 147208 X 3098470 0 0 Allianz SE COM 5231485DE 111058 22082 X 98585 0 12473 Alto Palermo S.A. ADR ADR 02151P107 99144 1487 X 99144 0 0 Ambac Financial Group COM 023139108 10243859 58902 X 10243859 0 0 American Fin'l Realty 4.375% 07/15/2024 NOTE 02607PAB3 5000000 4944 X 5000000 0 0 American Land Lease Inc. COM 027118108 43928 904 X 42228 0 1700 Applied Materials, Inc. COM 038222105 1523759 29729 X 1505584 0 18175 Arch Capital Group Ltd. COM G0450A105 812040 55763 X 809765 0 2275 Associated Estates Realty Corp. COM 045604105 1348100 15422 X 1348100 0 0 Avatar Holdings Inc. COM 053494100 408775 17819 X 408775 0 0 AVX Corporation COM 002444107 16889821 216359 X 17035264 2292350 AVX Corporation COM 002444107 2437793 31228 X 1 0 0 0 Bank of New York Mellon Corp. COM 064058100 8878829 370513 X 8905321 822316 Bank of New York Mellon Corp. COM 064058100 848808 35421 X 1 0 0 0 Bel Fuse Inc. CL A CL A 077347201 264488 8302 X 264488 0 0 Bel Fuse Inc. CL B CL B 077347300 1200334 33441 X 1200334 0 0 Berkshire Hills Bancorp Inc. COM 084680107 390800 9844 X 390800 0 0 Borland Software Corporation COM 099849101 10173141 20550 X 10173141 0 0 Bristow Group Inc. COM 110394103 1563474 83912 X 1555974 0 7500 Bronco Drilling Co. Inc. COM 112211107 6105963 98367 X 6105963 0 0 Brookfield Asset Mgmt. CL A 112585104 25461520 683132 X 25364710 105778 Brookfield Asset Mgmt. CL A 112585104 8968 241 X 1 0 0 0 Brookfield Infrastructure Partners L.P. UNIT G16252101 982708 16657 X 978688 0 4020 Brookfield Properties COM 112900105 3463562 66881 X 3447812 0 29250 Brookfield Properties COM 112900105 13500 261 X 1 0 0 0 Brookline Bancorp Inc COM 11373M107 5298378 60825 X 5222175 0 76203 Brooklyn Federal Bancorp Inc. COM 114039100 637122 7716 X 637122 0 0 California First National Bank COM 130222102 270307 2833 X 270307 0 0 Capital Southwest COM 140501107 128811 15936 X 128811 0 0 Carver Bancorp, Inc. COM 146875109 218500 2552 X 218500 0 0 Castlepoint Holdings Ltd. COM G19522112 622218 6054 X 622218 0 0 Cavco Industries, Inc. COM 149568107 736815 25818 X 736815 0 0 CBRE Realty Finance Inc. REIT 12498B307 719769 2901 X 719769 0 0 Cimarex Energy Co. COM 171798101 6269853 343212 X 6248878 0 20975 CIT Group Inc. COM 125581108 8545645 101266 X 8414345 0 131300 Coachmen Industries, Inc. COM 189873102 2199811 6555 X 2199811 0 0 Coherent Inc. COM 192479103 838236 23378 X 838236 0 0 Colonial Bankshares Inc. COM 195572102 50920 527 X 50920 0 0 Commscope Inc. COM 203372107 1163162 40513 X 1163162 0 0 Consolidated Tomoka Land Co. COM 210226106 563150 31565 X 562150 0 1000 Cousins Properties Inc REIT 222795106 2018696 49882 X 1998951 22945 Cousins Properties Inc REIT 222795106 3200 79 X 1 0 0 0 Covanta Holding Corporation COM 22282E102 8816889 242464 X 8816889 0 0 CRM Holdings, Ltd. COM G2554P103 45500 228 X 45500 0 0 Cross Country Healthcare Inc. COM 227483104 4651705 57542 X 4651705 0 0 Crystal River Capital Inc. REIT 229393301 563075 5028 X 561575 0 1500 Datascope Corporation COM 238113104 342300 14181 X 342300 0 0 Deltic Timber Corp. COM 247850100 1055190 58774 X 1055190 0 0 Eastgroup Properties Inc. REIT 277276101 1060171 49256 X 1059571 0 600 Electro Scientific Industries, Inc. COM 285229100 3247464 53518 X 3237714 0 9750 Electronics for Imaging Inc. COM 286082102 5588949 83387 X 5522349 0 66600 Encana Corporation COM 292505104 1344200 101823 X 1792850 0 Encana Corporation COM 292505104 448650 33985 X 1 0 0 0 Encore Wire Corporation COM 292562105 3964861 72200 X 3964861 0 0 Fair Isaac Corporation COM 303250104 351082 7555 X 351082 0 0 FBL Financial Group, Inc. CL A 30239F106 507000 14444 X 507000 0 0 Fedfirst Financial Corporation COM 31429X105 490036 4168 X 490036 0 0 First Potomac Realty Trust COM 33610F109 1542686 23711 X 1542686 0 0 Fording Canadian Coal Trust TR UNIT 345425102 2860841 149336 X 2749557 0 111284 Forest City Enterprises Inc. CL A CL A 345550107 20123413 740541 X 19446280 687833 Forest City Enterprises Inc. CL A CL A 345550107 10700 394 X 1 0 0 0 Forest City Enterprises Inc. CL B CL B CONV 345550305 26000 936 X 26000 0 0 Genesee & Wyoming Inc. CL A 371559105 677911 23320 X 677911 0 0 Geneva Acquisition Corp - Warrant WTS 37185Y112 320000 42 X 320000 0 0 Geneva Acquisition Corp Unit UNIT 37185Y104 160000 901 X 160000 0 0 Glatfelter P. H. Co. COM 377316104 5246370 79273 X 5246370 0 0 Golar LNG Ltd. COM 7139695 20000 362 X 20000 0 0 Gouverneur Bancorp Inc. COM 383584109 205511 1911 X 205511 0 0 Greenlight Capital RE Ltd. Cl A CL A 4095J1094 427848 7958 X 427848 0 0 GSI Group Inc. COM 36229U102 1955523 15214 X 1955523 0 0 Handleman Company COM 410252100 4168672 4460 X 4168672 0 0 Haverty Furniture Companies Inc. COM 419596101 4918971 52338 X 4918971 0 0 Herley Industries, Inc. COM 427398102 2858593 29558 X 2858593 0 0 HKN INC (f.k.a. Harken Energy Corp.) COM 40420K103 47478 415 X 47478 0 0 Home Federal Bancorp Inc/ LA COM 43708F101 274157 2193 X 274157 0 0 IAMGOLD Corporation COM 450913108 1018700 7555 X 1018700 0 0 IDT Corporation CL B CL B 448947309 3237000 12527 X 3237000 0 0 IDT Corporation CL C CL C 448947101 449743 1502 X 449743 0 0 Imation Corp. COM 45245A107 913465 20772 X 913465 0 0 Industrias Bachoco, S.A. DE C.V. ADR 456463108 608089 17580 X 608089 0 0 Ingram Micro Inc. CL A 457153104 615450 9743 X 615450 0 0 Insteel Industries Inc. COM 45774W108 1778085 20679 X 1778085 0 0 Intel Corporation COM 458140100 4210000 89168 X 4210000 0 0 Investor Bancorp Inc COM 46146P102 205713 3158 X 205713 0 0 iPath Dow Jones AIG Agri. Total Return ETN IPTH AGRI 06739H206 132472 7652 X 132472 0 0 Irsa Investments and Rep. Inc. GDR 450047204 800000 11240 X 800000 0 0 Jakks Pacific, Inc. COM 47012E106 2082664 57419 X 2082664 0 0 Jefferies Group COM 472319102 894400 14427 X 894400 0 0 JER Investors Trust Inc. REIT 46614H301 2316215 19642 X 2316215 0 0 Journal Communications Inc. Cl A COM 481130102 4662434 34409 X 4622034 0 40400 KAPSTONE PAPER & PKG WTS WTS 48562P111 300000 507 X 300000 0 0 Kapstone Paper and Packaging COM 48562P103 436103 2887 X 436103 0 0 Kearny Financial Corp. COM 487169104 1314938 14399 X 1314938 0 0 K-Swiss Inc., CL A CL A 482686102 5126571 81102 X 5126571 0 0 Leapfrog Enterprises Inc. CL A 52186N106 4054058 28581 X 4025458 0 28600 Legg Mason Inc. COM 524901105 4067311 227688 X 4039301 0 28010 Leucadia National Corporation COM 527288104 807737 36526 X 807737 0 0 Lexmark International Inc. CL A CL A 529771107 2611565 80227 X 2611565 0 0 Liberty Media Holdings - Cap Srs A CAP COM SER A 53071M302 49375 777 X 49375 0 0 Liberty Media Interactive Cl A INT COM SER A 53071M104 261875 4227 X 261875 0 0 Louisiana Pacific Corp. COM 546347105 7675516 70461 X 7508466 0 167050 Lundin Mining Corp COM 550372106 729300 4975 X 729300 0 0 MBIA Inc. COM 55262C100 31492040 384833 X 32545982 1680855 MBIA Inc. COM 55262C100 2734797 33419 X 1 0 0 0 MDC Holdings Inc. COM 552676108 2158686 94529 X 2141011 0 17675 Media & Entertainment Holdings, Inc. UNIT 58439W207 325000 2431 X 325000 0 0 Media & Entertainment Holdings, Inc. WTS 58439w116 550000 99 X 550000 0 0 MGIC Investment Corp. COM 552848103 2223490 23413 X 2223490 0 0 Microsoft Corporation COM 594918104 2000000 56760 X 2000000 0 0 Mirant Corp. COM 60467R100 716229 26064 X 716229 0 0 Montpelier Re Holdings Ltd. COM G62185106 6396265 102660 X 5980551 0 415714 MVC Capital Inc. COM 553829102 365000 5563 X 365000 0 0 Nabors Industries COM G6359F103 10703000 361440 X 10703000 0 0 National Western Life Insurance Co. CL A 638522102 328563 71229 X 328563 0 0 NewAlliance Bancshares, Inc. COM 650203102 9183705 112592 X 9075880 0 107825 Newmont MNG Corp COM 651639106 1510776 68438 X 1390511 0 120265 Ocean Shore Holding Company COM 67501P107 48089 464 X 48089 0 0 Omega Flex Inc. COM 682095104 360100 3869 X 360100 0 0 One Liberty Properties COM 682406103 603657 9713 X 603657 0 0 Origen Financial Inc. COM 68619E208 2346715 2816 X 2346715 0 0 Park Electrochemical Corporation COM 700416209 1113459 28783 X 1113459 0 0 Patriot Transportation Holdings COM 70337B102 90000 7060 X 90000 0 0 Pfizer Inc. COM 717081103 1507495 31552 X 1454870 0 52625 Pharmaceutical Product Dev. Inc. COM 717124101 650918 27273 X 650918 0 0 Phoenix Companies Inc. COM 71902E109 3983978 48644 X 3983978 0 0 Pioneer Drilling Co. COM 723655106 7702238 122697 X 7702238 0 0 Polaris Acquisition Corp. Unit UNIT 73104R201 200000 1830 X 200000 0 0 Posco ADR ADR 693483109 4005706 476599 X 4022994 227600 Posco ADR ADR 693483109 244888 29137 X 1 0 0 0 Precision Drilling Trust TR UNIT 740215108 437400 10148 X 437400 0 0 Prologis Trust SBI 743410102 2382949 140260 X 2372929 14320 Prologis Trust SBI 743410102 4300 253 X 1 0 0 0 PS Business Parks, Inc. COM 69360J107 957222 49680 X 956822 0 400 Pzena Investment Management CL A 74731Q103 190300 2154 X 190300 0 0 Radian Group Inc. COM 750236101 15318152 100640 X 15021071 0 297081 Rait Investment Trust SBI 749227104 3352000 23263 X 3350600 0 1400 Raymond James Financial COM 754730109 2444062 56165 X 2444062 0 0 Reis, Inc. COM 75936P105 309191 1654 X 309191 0 0 Resource Capital Corporation REIT 76120W302 1000000 7570 X 1000000 0 0 Rockville Financial Inc. COM 774186100 83421 1143 X 83421 0 0 Russ Berrie and Company, Inc. COM 782233100 2478477 34847 X 2449377 0 29100 Sears Holding Corporation COM 812350106 25000 2552 X 25000 0 0 Skyline Corporation COM 830830105 1265163 35197 X 1265163 0 0 St. Mary Land & Exploration COM 792228108 2875703 110715 X 2875703 0 0 Standex International Corporation COM 854231107 480500 10734 X 480500 0 0 Stanley Furniture Company, Inc. COM 854305208 2861268 35508 X 2861268 0 0 Stoneleigh Partners Warrants WTS 861923126 1750000 630 X 1750000 0 0 Suncor Energy Inc. COM 867229106 1000000 96350 X 1000000 0 0 Superior Industries International, Inc. COM 868168105 3733427 77469 X 4713345 0 Superior Industries International, Inc. COM 868168105 979918 20333 X 1 0 0 0 SWS Group Inc. COM 78503N107 281385 3441 X 281385 0 0 Sybase Inc. COM 871130100 1227771 32290 X 1227771 0 0 Sycamore Networks, Inc. COM 871206108 21250167 77776 X 24909525 0 Sycamore Networks, Inc. COM 871206108 3659358 13393 X 1 0 0 0 Synopsys Inc. COM 871607107 1625952 36925 X 1625952 0 0 Tailwind Financial Inc. WTS WTS 874023112 375000 49 X 375000 0 0 Tailwind Financial Inc. Units UNIT 874023203 187500 1438 X 187500 0 0 Technitrol, Inc. COM 878555101 172700 3995 X 172700 0 0 Tejon Ranch Co. COM 879080109 4503190 168059 X 4480190 0 23000 Tellabs, Inc.` COM 879664100 23199631 126438 X 23086506 0 113125 The St. Joe Company COM 790148100 14403593 618346 X 14350966 57150 The St. Joe Company COM 790148100 4523 194 X 1 0 0 0 Thomas Properties Group Inc. COM 884453101 2563349 22506 X 2560249 0 3100 Tidewater Inc. COM 886423102 1204715 66392 X 1204715 0 0 Transforma Acq. Group WTS 89366E118 100000 25 X 100000 0 0 Triad Guaranty Inc. COM 895925105 1300000 6500 X 1300000 0 0 Trinity Industries COM 896522109 1243450 33138 X 1243450 0 0 UltraShort FTSE/Xinhua China ULTRA XIN CH25 74347R321 58274 5436 X 58274 0 0 UltraShort MSCI Emerging Mkts ULTR SHRT MSCI 74347R354 58278 4797 X 58278 0 0 United Financial Bancorp Inc. COM 91030R103 275000 3047 X 275000 0 0 United Microelectronics Corp. ADR ADR 910873405 1627200 5500 X 1627200 0 0 United Refining Energy Corporation UNIT 911360204 1000000 9050 X 500000 0 500000 USG Corporation COM 903293405 6015401 221487 X 5705008 0 310393 Vail Resorts Inc. COM 91879Q109 1100990 53167 X 1100990 0 0 Vishay Intertecnology, Inc. COM 928298108 555000 5028 X 555000 0 0 Vornado Realty Trust SBI 929042109 1332843 114905 X 1326368 9875 Vornado Realty Trust SBI 929042109 3400 293 X 1 0 0 0 Wauwatosa Holdings Inc. COM 94348P108 72085 858 X 72085 0 0 Westlake Chemical Corp. COM 960413102 6155960 80335 X 6155960 0 0 Westwood Holdings Group Inc. COM 961765104 730822 27552 X 730822 0 0 White Mountains Insurance Group COM G9618E107 53198 25535 X 53198 0 0 Whiting Petroleum Corporation COM 966387102 663667 42906 X 663667 0 0