Third Avenue Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABM Industries Inc	COM	000957100	17,538	650,038	SH		SOLE		650,038	0	0
Acadia Realty Trust	COM SH BEN INT	004239109	562	19,999	SH		SOLE		19,999	0	0
Actuant Corp.	CL A	00508X203	25,549	739,062	SH		SOLE		739,062	0	0
AGCO Corp.	COM	001084102	5,841	103,900	SH		OTR	1	103,900	0	0
AGCO Corp.	COM	001084102	50,743	902,578	SH		SOLE		900,559	0	2,019
AK Steel Corp.	COM	001547108	5,663	711,375	SH		SOLE		711,375	0	0
Alamo Group, Inc.	COM	011311107	24,051	444,650	SH		SOLE		444,650	0	0
Alico, Inc.	COM	016230104	12,207	325,613	SH		SOLE		325,613	0	0
Alleghany Corp.	COM	017175100	6,655	15,189	SH		OTR	1	15,189	0	0
Alleghany Corp.	COM	017175100	88,101	201,088	SH		SOLE		201,088	0	0
Allied Nevada Gold	COM	019344100	7,376	1,961,723	SH		SOLE		1,961,723	0	0
Allscripts Healthcare Sol., Inc.	COM	01988P108	32,514	2,025,793	SH		SOLE		2,025,793	0	0
Ally Financial Inc.	COM	02005N100	3,335	139,500	SH		SOLE		139,500	0	0
American Homes 4 Rent	CL A	02665T306	12,187	686,217	SH		SOLE		686,217	0	0
American Intl Group, Inc.	COM	026874784	546	10,000	SH		SOLE		10,000	0	0
Annaly Capital Mgmt, Inc.	COM	035710409	151	13,215	SH		SOLE		13,215	0	0
Apache Corp	COM	037411105	9,585	95,255	SH		OTR	1	95,255	0	0
Apache Corp	COM	037411105	126,588	1,258,078	SH		SOLE		1,256,205	0	1,873
Arch Capital Group Ltd.	COM	G0450A105	22,585	393,189	SH		SOLE		393,189	0	0
Arcos Dorados Holdings, Inc.	COM	G0457F107	19,109	1,706,142	SH		SOLE		1,706,142	0	0
Ares Dynamic Cr Allocation Fd, Inc.	COM	04014F102	6,107	335,357	SH		SOLE		335,357	0	0
AVX Corporation	COM	002444107	10,884	819,541	SH		SOLE		819,541	0	0
Axiall Corporation	COM	05463D100	49,057	1,037,796	SH		SOLE		1,037,796	0	0
Bank of NY Mellon Corp.	COM	064058100	24,542	654,790	SH		OTR	1	654,790	0	0
Bank of NY Mellon Corp.	COM	064058100	163,928	4,373,754	SH		SOLE		4,366,384	0	7,370
BlackRock Corp Hi Yld Fd III Inc	COM	09255P107	4,143	337,088	SH		SOLE		337,088	0	0
BlackRock Credit Allctn Inc Tr	COM	092508100	14,431	1,049,551	SH		SOLE		1,049,551	0	0
Blucora, Inc.	COM	095229100	12,796	678,111	SH		SOLE		678,111	0	0
Bristow Group Inc.	COM	110394103	22,305	276,667	SH		SOLE		273,539	0	3,128
Broadridge Financial Sol. Inc.	COM	11133T103	14,257	342,387	SH		SOLE		342,387	0	0
Brookdale Sr Living Inc.	COM	112463104	343	10,299	SH		OTR	1	10,299	0	0
Brookdale Sr Living Inc.	COM	112463104	61,180	1,835,033	SH		SOLE		1,835,033	0	0
Brookfield Asset Mgmt.	CL A LTD VT SH	112585104	605	13,749	SH		OTR	1	13,749	0	0
Brookfield Asset Mgmt.	CL A LTD VT SH	112585104	146,686	3,332,269	SH		SOLE		3,330,341	0	1,928
Brookfield Property Part. L.P	UNIT LTD PARTN	G16249107	557	26,692	SH		SOLE		26,692	0	0
Cal Maine Foods, Inc.	COM	128030202	15,527	208,915	SH		SOLE		208,915	0	0
Capital One Financial	W EXP 11/14/2018	14040H139	608	15,000	SH		SOLE		15,000	0	0
Capital Southwest	COM	140501107	7,648	212,372	SH		SOLE		212,372	0	0
Capstead Mortgage Corp.	COM NO PAR	14067E506	164	12,500	SH		SOLE		12,500	0	0
Cavco Industries, Inc.	COM	149568107	147,304	1,726,891	SH		SOLE		1,726,891	0	0
Cedar Shopping Centers Inc.	COM	150602209	500	80,000	SH		SOLE		80,000	0	0
City National Corp.	COM	178566105	19,809	261,475	SH		SOLE		261,475	0	0
Comerica Inc.	W EXP 11/14/2018	200340115	2,738	130,000	SH		SOLE		130,000	0	0
Comerica Inc.	COM	200340107	13,531	269,758	SH		OTR	1	269,758	0	0
Comerica Inc.	COM	200340107	114,711	2,286,903	SH		SOLE		2,284,403	0	2,500
Commerce Bancshares, Inc	COM	200525103	25,815	555,166	SH		SOLE		555,166	0	0
CommonWealth REIT	COM SH BEN INT	203233101	515	19,576	SH		OTR	1	19,576	0	0
CommonWealth REIT	COM SH BEN INT	203233101	63,283	2,404,352	SH		SOLE		2,404,352	0	0
Consolidated Tomoka Ld Co.	COM	210226106	274	5,966	SH		OTR	1	5,966	0	0
Consolidated Tomoka Ld Co.	COM	210226106	11,585	252,402	SH		SOLE		252,402	0	0
Cooper Tire & Rubber Co.	COM	216831107	19,803	660,100	SH		SOLE		660,100	0	0
Covanta Holding Corp.	COM	22282E102	136,488	6,622,428	SH		SOLE		6,622,428	0	0
CSG Systems International, Inc.	COM	126349109	29,524	1,130,753	SH		SOLE		1,130,753	0	0
CST Brands, Inc	COM	12646R105	14,875	431,150	SH		SOLE		431,150	0	0
Cubic, Corp.	COM	229669106	20,685	464,738	SH		SOLE		464,738	0	0
Cullen Frost Bankers, Inc.	COM	229899109	15,950	200,830	SH		SOLE		200,830	0	0
Darling Int'l Inc.	COM	237266101	28,822	1,379,021	SH		SOLE		1,379,021	0	0
Devon Energy Corp.	COM	25179M103	19,820	249,616	SH		OTR	1	249,616	0	0
Devon Energy Corp.	COM	25179M103	144,636	1,821,615	SH		SOLE		1,819,008	0	2,607
DWS High Inc Opp Fd Inc	COM	23339M204	5,813	393,556	SH		SOLE		393,556	0	0
Electronics for Imaging Inc.	COM	286082102	29,882	661,109	SH		SOLE		658,783	0	2,326
EMCOR Group, Inc.	COM	29084Q100	36,267	814,436	SH		SOLE		814,436	0	0
Encana Corp.	COM	292505104	9,612	405,395	SH		OTR	1	405,395	0	0
Encana Corp.	COM	292505104	85,281	3,596,825	SH		SOLE		3,593,645	0	3,180
Encore Wire Corporation	COM	292562105	15,453	315,115	SH		SOLE		315,115	0	0
EnerSys	COM	29275Y102	34,366	499,585	SH		SOLE		499,585	0	0
ERA Group Inc.	COM	26885G109	14,911	519,893	SH		SOLE		519,893	0	0
Excel Trust, Inc.	COM	30068C109	12,511	938,591	SH		SOLE		938,591	0	0
ExlService Holdings Inc.	COM	302081104	16,206	550,283	SH		SOLE		550,283	0	0
First Indust. Realty Tr, Inc.	COM	32054K103	642	34,085	SH		OTR	1	34,085	0	0
First Indust. Realty Tr, Inc.	COM	32054K103	80,515	4,273,625	SH		SOLE		4,273,625	0	0
First Trust Hi Inc Long/Sht Fd	COM	33738E109	11,054	609,023	SH		SOLE		609,023	0	0
First Trust Strategic Hi IncFd II	COM SHS NEW	337353304	3,077	188,173	SH		SOLE		188,173	0	0
Forest City Enter. Inc.	CL A	345550107	1,078	54,269	SH		OTR	1	54,269	0	0
Forest City Enter. Inc.	CL A	345550107	137,359	6,912,881	SH		SOLE		6,909,931	0	2,950
Forest Oil Corp.	COM	346091705	9,120	4,000,000	SH		SOLE		4,000,000	0	0
Forestar Group Inc.	COM	346233109	9,928	520,060	SH		SOLE		520,060	0	0
Foster (LB) Company	COM	350060109	3,157	58,326	SH		SOLE		58,326	0	0
FTI Consulting Inc.	COM	302941109	34,257	905,782	SH		SOLE		905,782	0	0
General Motors Co.	COM	37045V100	3,139	86,467	SH		SOLE		86,467	0	0
Genpact Ltd.	COM	G3922B107	33,912	1,934,499	SH		SOLE		1,934,499	0	0
Glatfelter P. H. Co.	COM	377316104	22,106	833,240	SH		SOLE		833,240	0	0
HCC Insurance Holdings	COM	404132102	51,335	1,048,935	SH		SOLE		1,048,935	0	0
Hersha Hospitality Trust	SH BEN INT A	427825104	363	54,168	SH		OTR	1	54,168	0	0
Hersha Hospitality Trust	SH BEN INT A	427825104	41,729	6,218,863	SH		SOLE		6,218,863	0	0
Hyatt Hotels Corp.	CL A	448579102	271	4,450	SH		OTR	1	4,450	0	0
Hyatt Hotels Corp.	CL A	448579102	28,039	459,812	SH		SOLE		459,812	0	0
ICF International, Inc.	COM	44925C103	22,093	624,812	SH		SOLE		624,812	0	0
Ingram Micro Inc.	CL A	457153104	18,579	636,038	SH		SOLE		636,038	0	0
Insight Enterprises, Inc.	COM	45765U103	24,940	811,329	SH		SOLE		811,329	0	0
Intel Corporation	COM	458140100	99,762	3,228,534	SH		SOLE		3,228,534	0	0
Interdigital Inc.	COM	45867G101	30,986	648,252	SH		SOLE		648,252	0	0
Isle of Capri Casinos Inc.	COM	464592104	0	438,455	SH		SOLE		438,455	0	0
Kaiser Aluminum Corp.	COM PAR $0.01	483007704	31,810	436,533	SH		SOLE		436,533	0	0
Kelly Services Inc.	CL A	488152208	3,863	225,000	SH		SOLE		225,000	0	0
Kennametal Inc.	COM	489170100	13,693	295,876	SH		SOLE		295,876	0	0
Keycorp	COM	493267108	112,434	7,846,078	SH		SOLE		7,835,126	0	10,952
Kimco Realty Corp	COM	49446R109	599	26,045	SH		SOLE		26,045	0	0
Legg Mason Inc.	COM	524901105	34,516	672,688	SH		SOLE		672,688	0	0
Leucadia National Corp.	COM	527288104	24,182	922,259	SH		OTR	1	922,259	0	0
Leucadia National Corp.	COM	527288104	70,801	2,700,263	SH		SOLE		2,691,163	0	9,100
Liberty Media Corp.	CL A	531229102	25,571	187,085	SH		SOLE		187,085	0	0
Lowe's Companies Inc.	COM	548661107	736	15,340	SH		OTR	1	15,340	0	0
Lowe's Companies Inc.	COM	548661107	87,438	1,822,006	SH		SOLE		1,822,006	0	0
LSB Industries Inc.	COM	502160104	35,155	843,645	SH		SOLE		843,645	0	0
Madison Sq. Garden Inc. .	CL A	55826P100	33,327	533,656	SH		SOLE		533,656	0	0
Mantech Intl Corp.	CL A	564563104	22,003	745,371	SH		SOLE		741,821	0	3,550
MFS Intermediate Hi Inc Fd	SH BEN INT	59318T109	1,543	524,984	SH		SOLE		524,984	0	0
Minerals Technologies Inc.	COM	603158106	33,392	509,175	SH		SOLE		509,175	0	0
Multi-Color Corp.	COM	625383104	31,805	794,921	SH		SOLE		794,921	0	0
Neuberger Berman Hi Yld Strat. Fd	COM	64128C106	6,989	504,626	SH		SOLE		504,626	0	0
New America Hi Inc Fd, Inc	COM	641876800	6,404	637,883	SH		SOLE		637,883	0	0
Noranda Aluminum Holding	COM	65542W107	5,295	1,500,000	SH		SOLE		1,500,000	0	0
Nuveen Credit Strategies Inc Fd	FUND	67073D102	9,168	979,439	SH		SOLE		979,439	0	0
NVIDIA Corp	COM	67066G104	63,587	3,429,718	SH		SOLE		3,422,274	0	7,444
Oshkosh Corp.	COM	688239201	14,083	253,609	SH		SOLE		253,609	0	0
Patterson Companies Inc	COM	703395103	23,843	603,465	SH		SOLE		603,465	0	0
PHH Corporation	COM	693320202	207	9,000	SH		OTR	1	9,000	0	0
PHH Corporation	COM	693320202	22,196	965,903	SH		SOLE		965,903	0	0
PIMCO Dynamic Credit Inc. Fd	COM	72202D106	4,269	179,209	SH		SOLE		179,209	0	0
PNC Fin'l Serv. Gp	W EXP 12/31/2018	693475121	33,198	1,283,250	SH		SOLE		1,283,250	0	0
Posco	ADR	693483109	23,561	316,512	SH		OTR	1	316,512	0	0
Posco	ADR	693483109	149,214	2,004,493	SH		SOLE		2,004,493	0	0
Post Properties Inc.	COM	737464107	503	9,409	SH		OTR	1	9,409	0	0
Post Properties Inc.	COM	737464107	88,579	1,656,924	SH		SOLE		1,656,924	0	0
PR Wireless	COM	31681940	5,000	5,000,000	SH		SOLE		5,000,000	0	0
Precision Drilling Corp,	COM	74022D308	22,815	1,608,288	SH		SOLE		1,608,288	0	0
Progress Software Corp.	COM	743312100	39,687	1,650,889	SH		SOLE		1,650,889	0	0
Prologis Inc.	COM	74340W103	365	8,880	SH		SOLE		8,880	0	0
Prosperity Bancshares Inc.	COM	743606105	33,338	532,553	SH		SOLE		532,553	0	0
PS Business Parks, Inc.	COM	69360J107	509	6,100	SH		SOLE		6,100	0	0
Radio One Inc.	CL D NON VTG	75040P405	11,395	2,311,360	SH		SOLE		2,311,360	0	0
Rayonier Inc.	COM	754907103	327	9,200	SH		OTR	1	9,200	0	0
Rayonier Inc.	COM	754907103	19,150	538,684	SH		SOLE		538,684	0	0
Realogy Holdings Corp.	COM	75605Y106	121	3,200	SH		OTR	1	3,200	0	0
Realogy Holdings Corp.	COM	75605Y106	15,274	405,034	SH		SOLE		405,034	0	0
Rofin-Sinar Tech. Inc.	COM	775043102	40,848	1,699,162	SH		SOLE		1,695,084	0	4,078
Sanofi-Aventis	SPON ADR	80105N105	713	13,402	SH		SOLE		13,402	0	0
Seacor Holdings Inc.	COM	811904101	14,354	174,511	SH		OTR	1	174,511	0	0
Seacor Holdings Inc.	COM	811904101	23,497	285,679	SH		SOLE		285,679	0	0
Select Income REIT	COM SH BEN INT	81618T100	1,186	40,000	SH		SOLE		40,000	0	0
SemGroup Corporation	CL A	81663A105	38,148	483,807	SH		SOLE		483,807	0	0
Spanish Broadcasting Sys., Inc	CL A	846425833	3,844	681,637	SH		SOLE		681,637	0	0
Standard Motor Products, Inc.	COM	853666105	16,424	367,674	SH		SOLE		367,674	0	0
Stanley Furniture Co., Inc.	COM	854305208	65	24,274	SH		SOLE		24,274	0	0
Starz- Liberty Capital	COM SER A	85571Q102	8,686	291,574	SH		SOLE		291,574	0	0
Stepan Company	COM	858586100	25,293	478,486	SH		SOLE		478,486	0	0
Suncoke Energy Inc.	COM	86722A103	28,256	1,314,216	SH		SOLE		1,314,216	0	0
Symantec Corp	COM	871503108	59,624	2,603,676	SH		SOLE		2,603,676	0	0
Syntel, Inc.	COM	87162H103	39,126	455,170	SH		SOLE		455,170	0	0
Tanger Factory Out. Ctrs, Inc.	COM	875465106	266	7,596	SH		OTR	1	7,596	0	0
Tanger Factory Out. Ctrs, Inc.	COM	875465106	50,526	1,444,852	SH		SOLE		1,444,852	0	0
Tejon Ranch Co.	COM	879080109	363	11,282	SH		OTR	1	11,282	0	0
Tejon Ranch Co.	COM	879080109	75,901	2,357,903	SH		SOLE		2,357,903	0	0
Tejon Ranch Co.	W EXP 08/31/201	879080133	1,090	372,079	SH		SOLE		372,079	0	0
Telefex Inc.	COM	879369106	28,561	270,465	SH		SOLE		270,465	0	0
Terreno Realty Corp.	COM	88146M101	817	42,290	SH		SOLE		42,290	0	0
Tetra Tech, Inc.	COM	88162G103	34,052	1,238,251	SH		SOLE		1,238,251	0	0
Texas Pacific Land Trust	SUB CTF PROP I T	882610108	1,401	8,748	SH		SOLE		8,748	0	0
Tredegar Corp.	COM	894650100	16,891	721,521	SH		SOLE		721,521	0	0
UMB Financial Corp.	COM	902788108	30,788	485,695	SH		SOLE		485,695	0	0
UniFirst Corp.	COM	904708104	38,261	360,951	SH		SOLE		360,951	0	0
United Stationers Inc	COM	913004107	11,384	274,511	SH		SOLE		274,511	0	0
Vail Resorts Inc.	COM	91879Q109	19,407	251,453	SH		SOLE		251,453	0	0
Valley National Bancorp	COM	919794107	8,591	866,857	SH		SOLE		866,857	0	0
VCA Antech Inc.	COM	918194101	19,556	557,312	SH		SOLE		557,312	0	0
Verizon Comm. Corp.	COM	92343V104	2,612	53,388	SH		SOLE		52,497	0	891
Vornado Realty Trust	SH BEN INT	929042109	578	5,411	SH		OTR	1	5,411	0	0
Vornado Realty Trust	SH BEN INT	929042109	69,756	653,578	SH		SOLE		653,578	0	0
Wells Fargo & Co.	W EXP 10/28/2018	949746119	20,122	938,530	SH		SOLE		938,530	0	0
Western Asset Hi Inc Opp Fd	COM	95766K109	1,095	179,449	SH		SOLE		179,449	0	0
Western Asset Hi Yld Def Opp Fd	COM	95768B107	9,151	510,954	SH		SOLE		510,954	0	0
Western Asset Mgd Hi Inc Fd	COM	95766L107	3,882	669,372	SH		SOLE		669,372	0	0
Westwood Holdings Grp Inc.	COM	961765104	24,909	414,877	SH		SOLE		414,877	0	0
Weyerhaeuser Co.	COM	962166104	27,083	818,466	SH		OTR	1	818,466	0	0
Weyerhaeuser Co.	COM	962166104	283,109	8,555,735	SH		SOLE		8,546,419	0	9,316
White Mtns Insur. Grp	COM	G9618E107	16,969	27,890	SH		OTR	1	27,890	0	0
White Mtns Insur. Grp	COM	G9618E107	99,636	163,757	SH		SOLE		163,583	0	174
World Fuel Services Corp.	COM	981475106	40,639	825,488	SH		SOLE		825,488	0	0