13F-HR 1 tam062008.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: June 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 August 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: 169 Form 13F Information Table Value Total: $9,722,970 (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 4 COLUMN 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) Acadia Realty Trust SBI 004239109 2562110 59313 X 2541110 0 21000 Alamo Group, Inc. COM 011311107 2489015 51249 X 1825170 0 663845 Alexander & Baldwin, Inc. COM 014482103 1837364 83692 X 1837364 0 0 Alico, Inc. COM 016230104 340201 11791 X 340201 0 0 Alliance Data Systems Corp. COM 018581108 2865183 162026 X 2865183 0 0 Alto Palermo S.A. ADR 02151P107 99144 1190 X 99144 0 0 Ambac Financial Group COM 023139108 28578859 38296 X 2857885 0 0 American Land Lease Inc. COM 027118108 42228 802 X 42228 0 0 Applied Materials, Inc. COM 038222105 1441259 27514 X 1423084 0 18175 Arch Capital Group Ltd. COM G0450A105 523874 34743 X 523874 0 0 Aspen Insurance Holdings Ltd COM G05384105 710818 16825 X 710818 0 0 Associated Estates Realty Co COM 045604105 1348100 14438 X 1348100 0 0 Avatar Holdings Inc. COM 053494100 408775 12382 X 408775 0 0 AVX Corporation COM 002444107 16892744 191057 X 1703018 02290350 AVX Corporation COM 002444107 2427793 27458 X 1 0 0 0 Bancolombia S.A. ADR ADR 2082567 10600 333 X 10600 0 0 Bank of New York Mellon Corp COM 064058100 9191129 347700 X 9221238 0 833699 Bank of New York Mellon Corp COM 064058100 863808 32678 X 1 0 0 0 Bel Fuse Inc. CL A CL A 077347201 177876 4981 X 177876 0 0 Bel Fuse Inc. CL B CL B 077347300 1100257 27187 X 1100257 0 0 Berkshire Hills Bancorp Inc. COM 084680107 390800 9242 X 390800 0 0 Borland Software Corp COM 099849101 3747188 5096 X 3747188 0 0 Bristow Group Inc. COM 110394103 1531641 75801 X 1518691 0 12950 Bronco Drilling Co. Inc. COM 112211107 6166451 113339 X 6166451 0 0 Brookfield Asset Mgmt. CL A 112585104 24459019 795897 X 2436416 0 109821 Brookfield Asset Mgmt. CL A 112585104 14968 487 X 1 0 0 0 Brookfield Infrastructure Pa UNIT G16252101 575940 11288 X 572534 0 3406 Brookfield Properties COM 112900105 3365232 59868 X 3364432 0 25500 Brookfield Properties COM 112900105 24700 439 X 1 0 0 0 Brookline Bancorp Inc COM 11373M107 5187055 49536 X 5075777 0 111278 Brooklyn Federal Bancorp Inc COM 114039100 637122 7677 X 637122 0 0 California First Natl Bank COM 130222102 277592 2665 X 277592 0 0 Capital Southwest COM 140501107 127521 13292 X 127521 0 0 Carver Bancorp, Inc. COM 146875109 218500 1912 X 218500 0 0 Cavco Industries, Inc. COM 149568107 708732 23197 X 708732 0 0 CBRE Realty Finance Inc. REIT 12498B307 1080103 3716 X 1080103 0 0 Cimarex Energy Co. COM 171798101 5324396 370951 X 5304921 0 19475 CIT Group Inc. COM 125581108 10628999 72383 X 1041774 0 211250 CIT Group Inc. 8.75% PFD SER C 125581603 104900 4288 X 104900 0 0 Coachmen Industries, Inc. COM 189873102 1709004 3623 X 1709004 0 0 Coherent Inc. COM 192479103 685409 20487 X 685409 0 0 Colonial Bankshares Inc. COM 195572102 50920 535 X 50920 0 0 Commscope Inc. COM 203372107 1035962 54668 X 1035962 0 0 Consolidated Tomoka Land Co. COM 210226106 564650 23749 X 564650 0 0 Cousins Properties Inc REIT 222795106 2004021 46293 X 1985776 0 21445 Cousins Properties Inc REIT 222795106 3200 74 X 1 0 0 0 Covanta Holding Corporation COM 22282E102 9136289 243848 X 9136289 0 0 Cross Country Healthcare Inc COM 227483104 4408560 63527 X 4408560 0 0 Crystal River Capital Inc. REIT 229393301 2389755 8747 X 2389755 0 0 Datascope Corporation COM 238113104 342300 16088 X 342300 0 0 Deltic Timber Corp. COM 247850100 916999 49069 X 916999 0 0 Eastgroup Properties Inc. REIT 277276101 1039571 44598 X 1039571 0 0 Electro Scientific Ind., Inc COM 285229100 3771093 53436 X 3761343 0 9750 Electronics for Imaging Inc. COM 286082102 5916191 86376 X 5834616 0 81575 Encana Corporation COM 292505104 1224200 111317 X 1522850 0 0 Encana Corporation COM 292505104 298650 27156 X 1 0 0 0 Encore Wire Corporation COM 292562105 3964861 84015 X 3964861 0 0 Fair Isaac Corporation COM 303250104 351082 7292 X 351082 0 0 FBL Financial Group, Inc. CL A 30239F106 683823 13594 X 683823 0 0 Fedfirst Financial Corp COM 31429X105 490036 2680 X 490036 0 0 First Potomac Realty Trust COM 33610F109 1542686 23511 X 1542686 0 0 Fording Canadian Coal Trust TR UNIT 345425102 171019 16351 X 171019 0 0 Forest City Enterprises Inc. CL A 345550107 20475053 659707 X 1979991 0 702458 Forest City Enterprises Inc. CL A 345550107 27322 880 X 1 0 0 0 Forest City Enterprises Inc. CL B CONV 345550305 25800 831 X 25800 0 0 Genesee & Wyoming Inc. CL A 371559105 632911 21532 X 632911 0 0 Geneva Acquisition Corp WTS EXP 02/12/2010 37185Y112 320000 58 X 320000 0 0 Geneva Acquisition Corp UNIT 37185Y104 160000 928 X 160000 0 0 Glatfelter P. H. Co. COM 377316104 4847090 65484 X 4847090 0 0 Gouverneur Bancorp Inc. COM 383584109 205511 1675 X 205511 0 0 Greenlight Capital RE Ltd. Cl A 4095J1094 81490 1863 X 81490 0 0 GSI Group Inc. COM 36229U102 1955523 15175 X 1955523 0 0 Handleman Company COM 410252100 4146672 7464 X 4146672 0 0 Haverty Furniture Co.'s Inc. COM 419596101 4615918 46344 X 4615918 0 0 Herley Industries, Inc. COM 427398102 2666093 35406 X 2666093 0 0 HKN INC COM 40420K103 47478 548 X 47478 0 0 IDT Corporation CL B CL B 448947309 3008100 5114 X 3008100 0 0 IDT Corporation CL C CL C 448947101 449743 679 X 449743 0 0 Imation Corp. COM 45245A107 913465 20937 X 913465 0 0 Industrias Bachoco, S A B DE ADR B 456463108 277847 8224 X 277847 0 0 Ingram Micro Inc. CL A 457153104 615450 10924 X 615450 0 0 Insteel Industries Inc. COM 45774W108 974981 17852 X 974981 0 0 Intel Corp COM 458140100 4290000 92149 X 4290000 0 0 iPath-Barclays Bk PLC ETN IPTH AGRI 06739H206 132472 8865 X 132472 0 0 Irsa Inversiones Y Rep S A GDR 450047204 800000 9016 X 800000 0 0 Jakks Pacific, Inc. COM 47012E106 1291658 28223 X 1291658 0 0 Jefferies Group COM 472319102 894400 15044 X 894400 0 0 JER Investors Trust Inc. REIT 46614H301 2332215 14693 X 2332215 0 0 Journal Communications Inc. CL A 481130102 4508649 21732 X 4466474 0 42175 Kearny Financial Corp. COM 487169104 1129936 12429 X 1129936 0 0 K-Swiss Inc., CL A CL A 482686102 5317616 78169 X 5317616 0 0 Leapfrog Enterprises Inc. CL A 52186N106 2491971 20733 X 2462971 0 29000 Legg Mason Inc. COM 524901105 4266329 185884 X 4228519 0 37810 Leucadia National Corp COM 527288104 707437 33207 X 707437 0 0 Lexmark International Inc. CL A 529771107 2614065 87388 X 2614065 0 0 Louisiana Pacific Corp. COM 546347105 7428828 63071 X 7213153 0 215675 Lundin Mining Corp COM 550372106 729300 4471 X 729300 0 0 MBIA Inc. COM 55262C100 35159410 154349 X 3700808 02144411 MBIA Inc. COM 55262C100 3993081 17530 X 1 0 0 0 MDC Holdings Inc. COM 552676108 2312223 90315 X 2290493 0 21730 Media & Entertainment Hlds, UNIT 58439W207 325000 2470 X 325000 0 0 Media & Entertainment Hlds, WTS 58439w116 550000 198 X 550000 0 0 MGIC Investment Corp. COM 552848103 2223490 13586 X 2223490 0 0 Microsoft Corp COM 594918104 2070000 56946 X 2070000 0 0 Montpelier Re Holdings Ltd. COM G62185106 6338237 93489 X 5942968 0 395269 MVC Capital Inc. COM 553829102 126750 1735 X 126750 0 0 Nabors Industries COM G6359F103 10853000 534293 X 1085300 0 0 Nat'l Western Life Insurance CL A 638522102 330909 72304 X 330909 0 0 NewAlliance Bancshares, Inc. COM 650203102 8123155 101377 X 7984230 0 138925 Newmont MNG Corp COM 651639106 1506576 78583 X 1387791 0 118785 Omega Flex Inc. COM 682095104 360100 5474 X 360100 0 0 One Liberty Properties COM 682406103 373362 6090 X 373362 0 0 Origen Financial Inc. COM 68619E208 1094796 1631 X 1094796 0 0 Park Electrochemical Corp COM 700416209 1207746 29360 X 1207746 0 0 Patriot Transportation Holdi COM 70337B102 90000 7200 X 90000 0 0 Pfizer Inc. COM 717081103 1469520 25673 X 1404920 0 64600 Pharmaceutical Product Dev. COM 717124101 595918 25565 X 595918 0 0 Phoenix Companies Inc. COM 71902E109 3522745 26808 X 3522745 0 0 Pioneer Drilling Co. COM 723655106 6101371 114767 X 6101371 0 0 Polaris Acquisition Corp. UNIT 73104R201 100000 955 X 100000 0 0 Posco ADR ADR 693483109 4102706 532449 X 4149994 0 227600 Posco ADR ADR 693483109 274888 35675 X 1 0 0 0 Precision Drilling Trust TR UNIT 740215108 437400 11915 X 437400 0 0 Prologis Trust SBI 743410102 2050634 111452 X 2047159 0 13200 Prologis Trust SBI 743410102 9725 529 X 1 0 0 0 PS Business Parks, Inc. COM 69360J107 956822 49372 X 956822 0 0 Radian Group Inc. COM 750236101 15052591 21826 X 1474088 0 311706 Rait Financial Trust SBI 749227104 3000000 22260 X 3000000 0 0 Raymond James Financial COM 754730109 2529062 66742 X 2529062 0 0 Reis, Inc. COM 75936P105 309191 1697 X 309191 0 0 Resource Capital Corporation REIT 76120W302 634057 4572 X 634057 0 0 Russ Berrie and Company, Inc COM 782233100 2087590 16638 X 2058490 0 29100 Sears Holding Corporation COM 812350106 25000 1842 X 25000 0 0 Skyline Corporation COM 830830105 1462259 34363 X 1462259 0 0 St. Mary Land & Exploration COM 792228108 2291815 148143 X 2291815 0 0 Standex International Corp COM 854231107 480500 9966 X 480500 0 0 Stanley Furniture Company, I COM 854305208 2681549 28961 X 2681549 0 0 Stoneleigh Partners Warrants WTS 861923126 1750000 788 X 1750000 0 0 Suncor Energy Inc. COM 867229106 2050800 119192 X 2050800 0 0 Superior Industries Int'l, I COM 868168105 3278738 55345 X 4275332 0 0 Superior Industries Int'l, I COM 868168105 996594 16823 X 1 0 0 0 Sybase Inc. COM 871130100 939489 27640 X 939489 0 0 Sycamore Networks, Inc. COM 871206108 32056827 103223 X 3763295 0 0 Sycamore Networks, Inc. COM 871206108 5576123 17955 X 1 0 0 0 Synopsys Inc. COM 871607107 1555952 37203 X 1555952 0 0 Tailwind Financial Inc. WTS EXP 04/11/2010 874023112 375000 71 X 375000 0 0 Tailwind Financial Inc. UNIT 874023203 187500 1481 X 187500 0 0 Tejon Ranch Co. COM 879080109 4727395 170469 X 4717695 0 22000 Tejon Ranch Co. COM 879080109 12300 444 X 1 0 0 0 Tellabs, Inc. COM 879664100 24951431 116024 X 2480680 0 144625 The St. Joe Company COM 790148100 14325898 491665 X 1427709 0 60625 The St. Joe Company COM 790148100 11823 406 X 1 0 0 0 Thomas Properties Group Inc. COM 884453101 2584249 25429 X 2584249 0 0 Tidewater Inc. COM 886423102 1217215 79155 X 1217215 0 0 Transforma Acquisition Group WTS EXP 12/19/2010 89366E118 100000 30 X 100000 0 0 Triad Guaranty Inc. COM 895925105 1300000 1352 X 1300000 0 0 Trinity Industries COM 896522109 354650 12303 X 354650 0 0 UltraShort FTSE Proshares Tr ULTRA XIN CH25 74347R321 93513 7903 X 93513 0 0 UltraShort MSCI Proshares Tr ULTR SHRT MSCI 74347R354 94742 7162 X 94742 0 0 United Microelectronics Corp ADR 910873405 604000 1764 X 604000 0 0 United Refining Energy Corp WTS EXP 12/11/2011 911360113 500000 305 X 500000 0 0 United Refining Energy Corp UNIT 12/11/2011 911360204 500000 4695 X 500000 0 0 USG Corp COM 903293405 5743080 169823 X 5400134 0 342946 Vail Resorts Inc. COM 91879Q109 1383595 59259 X 1383595 0 0 Vornado Realty Trust SBI 929042109 1297368 114168 X 1295468 0 9000 Vornado Realty Trust SBI 929042109 7100 625 X 1 0 0 0 Westlake Chemical Corp. COM 960413102 6440788 95710 X 6440788 0 0 Westwood Holdings Group Inc. COM 961765104 723822 28808 X 723822 0 0 Whiting Petroleum Corp COM 966387102 303427 32188 X 303427 0 0