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

OMB Number:		3235-0006
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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	6,202	216,472	SH		SOLE		216,472	0	0
Acadia Realty Trust	COM SH BEN INT	004239109	641	19,999	SH		SOLE		19,999	0	0
Actuant Corp.	CL A	00508X203	7,025	257,877	SH		SOLE		257,877	0	0
AGCO Corp	COM	001084102	73,792	1,632,569	SH		SOLE		1,629,789	0	2,780
AGCO Corp	COM	001084102	9,926	219,600	SH		OTR	1	219,600	0	0
Alamo Group, Inc.	COM	011311107	7,091	146,379	SH		SOLE		146,379	0	0
Alico, Inc.	COM	016230104	7,183	143,568	SH		SOLE		143,568	0	0
Alleghany Corp.	COM	017175100	63,682	137,394	SH		SOLE		137,394	0	0
Allscripts Healthcare Sol., Inc.	COM	01988P108	7,865	615,859	SH		SOLE		615,859	0	0
Ally Financial Inc.	COM	02005N100	3,531	149,500	SH		SOLE		149,500	0	0
American Intl Group, Inc.	COM	026874784	1,579	28,200	SH		SOLE		28,200	0	0
Anixter International Inc.	COM	035290105	8,466	95,709	SH		SOLE		95,709	0	0
Annaly Capital Mgmt, Inc.	COM	035710409	143	13,215	SH		SOLE		13,215	0	0
Apache Corp.	COM	037411105	87,130	1,390,304	SH		SOLE		1,388,431	0	1,873
Apache Corp.	COM	037411105	8,495	135,555	SH		OTR	1	135,555	0	0
Arch Capital Group Ltd.	ORD	G0450A105	7,205	121,917	SH		SOLE		121,917	0	0
Arcos Dorados Holdings, Inc.	SHS CL A	G0457F107	8,002	1,479,201	SH		SOLE		1,479,201	0	0
Ares Dynamic Cr Allocation Fd, Inc.	COM	04014F102	4,696	296,871	SH		SOLE		296,871	0	0
Bank of NY Mellon Corp.	COM	064058100	149,210	3,677,842	SH		SOLE		3,670,472	0	7,370
Bank of NY Mellon Corp.	COM	064058100	17,230	424,690	SH		OTR	1	424,690	0	0
Barnes Group Inc.	COM	067806109	9,784	264,348	SH		SOLE		264,348	0	0
BlackRock Corp Hi Yld Fd VI	COM	09255P107	24,187	2,121,660	SH		SOLE		2,121,660	0	0
BlackRock Credit Allctn Inc Tr	COM	092508100	11,657	902,228	SH		SOLE		902,228	0	0
Bristow Group Inc.	COM	110394103	9,982	151,731	SH		SOLE		148,603	0	3,128
Broadridge Financial Sol. Inc.	COM	11133T103	5,140	111,313	SH		SOLE		111,313	0	0
Brookdale Sr Living Inc.	COM	112463104	115,478	3,149,117	SH		SOLE		3,147,141	0	1,976
Brookdale Sr Living Inc.	COM	112463104	612	16,699	SH		OTR	1	16,699	0	0
Brookfield Asset Mgmt.	CL A LTD VT SH	112585104	152,353	3,039,151	SH		SOLE		3,037,223	0	1,928
Brookfield Asset Mgmt.	CL A LTD VT SH	112585104	719	14,349	SH		OTR	1	14,349	0	0
Capital One Financial	W EXP 11/14/2018	14040H139	627	15,000	SH		SOLE		15,000	0	0
Capital Southwest	COM	140501107	5,700	150,348	SH		SOLE		150,348	0	0
Capstead Mortgage Corp.	COM NO PAR	14067E506	154	12,500	SH		SOLE		12,500	0	0
Cavco Industries, Inc.	COM	149568107	126,916	1,601,059	SH		SOLE		1,601,059	0	0
CBS Corp.	CL B	124857202	62,267	1,125,173	SH		SOLE		1,123,174	0	1,999
CBS Corp.	CL B	124857202	7,128	128,800	SH		OTR	1	128,800	0	0
Cedar Shopping Centers Inc.	COM	150602209	587	80,000	SH		SOLE		80,000	0	0
Century Communities Inc.	COM	156504300	2,289	132,474	SH		SOLE		132,474	0	0
City National Corp.	COM	178566105	7,218	89,315	SH		SOLE		89,315	0	0
Clean Harbors Inc.	COM	184496107	5,483	114,107	SH		SOLE		114,107	0	0
Comerica Inc.	W EXP 11/14/2018	200340115	2,336	130,000	SH		SOLE		130,000	0	0
Comerica Inc.	COM	200340107	114,616	2,446,962	SH		SOLE		2,444,308	0	2,654
Comerica Inc.	COM	200340107	13,076	279,158	SH		OTR	1	279,158	0	0
Commerce Bancshares, Inc	COM	200525103	7,886	181,336	SH		SOLE		181,336	0	0
Cooper Tire & Rubber Co.	COM	216831107	2,247	64,854	SH		SOLE		64,854	0	0
Covanta Holding Corp.	COM	22282E102	89,768	4,078,528	SH		SOLE		4,078,528	0	0
CSG Systems International, Inc.	COM	126349109	8,853	353,141	SH		SOLE		353,141	0	0
CST Brands, Inc	COM	12646R105	6,459	148,116	SH		SOLE		148,116	0	0
Cubic, Corp.	COM	229669106	8,589	163,164	SH		SOLE		163,164	0	0
Cullen Frost Bankers, Inc.	COM	229899109	7,529	106,577	SH		SOLE		106,577	0	0
Darling International Inc.	COM	237266101	8,027	442,025	SH		SOLE		442,025	0	0
Deutsche Hi Inc Opp Fd	COM	25158Y102	4,843	345,156	SH		SOLE		345,156	0	0
Devon Energy Corp.	COM	25179M103	92,937	1,518,325	SH		SOLE		1,515,718	0	2,607
Devon Energy Corp.	COM	25179M103	15,689	256,316	SH		OTR	1	256,316	0	0
DST Sys Inc.	COM	233326107	282	3,000	SH		SOLE		3,000	0	0
EMCOR Group, Inc.	COM	29084Q100	10,950	246,113	SH		SOLE		246,113	0	0
Encana Corporation	COM	292505104	357	25,600	SH		SOLE		25,600	0	0
Encore Wire Corp.	COM	292562105	2,494	66,812	SH		SOLE		66,812	0	0
EnerSys	COM	29275Y102	7,900	128,000	SH		SOLE		128,000	0	0
Equity Commonwealth	COM	294628102	91,492	3,564,174	SH		SOLE		3,564,174	0	0
Equity Commonwealth	COM	294628102	816	31,776	SH		OTR	1	31,776	0	0
ERA Group Inc.	COM	26885G109	5,172	244,522	SH		SOLE		244,522	0	0
Excel Trust, Inc.	COM	30068C109	521	38,890	SH		SOLE		38,890	0	0
ExlService Holdings Inc.	COM	302081104	431	15,007	SH		SOLE		15,007	0	0
First Industrial Realty Tr, Inc.	COM	32054K103	110,533	5,376,109	SH		SOLE		5,376,109	0	0
First Industrial Realty Tr, Inc.	COM	32054K103	995	48,385	SH		OTR	1	48,385	0	0
First Trust Hi Inc Long/Sht Fd	COM	33738E109	12,768	798,023	SH		SOLE		798,023	0	0
Forest City Enter. Inc.	CL A	345550107	134,693	6,323,636	SH		SOLE		6,323,636	0	0
Forest City Enter. Inc.	CL A	345550107	1,213	56,969	SH		OTR	1	56,969	0	0
Forest Oil Corp.	COM	346091705	900	4,000,000	SH		SOLE		4,000,000	0	0
Forestar Group Inc.	COM	346233109	2,332	151,436	SH		SOLE		151,436	0	0
FTI Consulting Inc.	COM	302941109	11,100	287,343	SH		SOLE		287,343	0	0
General Motors Co.	COM	37045V100	68,586	1,964,658	SH		SOLE		1,961,974	0	2,684
General Motors Co.	COM	37045V100	946	27,100	SH		OTR	1	27,100	0	0
Genpact Ltd.	COM	G3922B107	12,096	638,961	SH		SOLE		638,961	0	0
Glatfelter P. H. Co.	COM	377316104	7,501	293,347	SH		SOLE		293,347	0	0
HCC Insurance Holdings	COM	404132102	16,693	311,894	SH		SOLE		311,894	0	0
Hersha Hospitality Trust	SH BEN INT A	427825104	24,970	3,551,948	SH		SOLE		3,551,948	0	0
Hersha Hospitality Trust	SH BEN INT A	427825104	209	29,746	SH		OTR	1	29,746	0	0
Hyatt Hotels Corp.	CL A	448579102	28,224	468,763	SH		SOLE		468,763	0	0
Hyatt Hotels Corp.	CL A	448579102	292	4,850	SH		OTR	1	4,850	0	0
ICF International, Inc.	COM	44925C103	6,938	169,313	SH		SOLE		169,313	0	0
Independence Bank	COM	45340P108	1,130	76,900	SH		SOLE		76,900	0	0
Ingram Micro Inc.	CL A	457153104	5,614	203,094	SH		SOLE		203,094	0	0
Insight Enterprises, Inc.	COM	45765U103	6,718	259,467	SH		SOLE		259,467	0	0
Isle of Capri Casinos Inc.	COM	464592104	299	35,743	SH		SOLE		35,743	0	0
Kaiser Aluminum Corp.	COM PAR $0.01	483007704	7,682	107,548	SH		SOLE		107,548	0	0
Keycorp	COM	493267108	100,194	7,208,189	SH		SOLE		7,197,237	0	10,952
Kimco Realty Corp	COM	49446R109	655	26,045	SH		SOLE		26,045	0	0
Legg Mason Inc.	COM	524901105	11,472	214,949	SH		SOLE		214,949	0	0
Leucadia National Corp.	COM	527288104	36,192	1,614,291	SH		SOLE		1,603,237	0	11,054
Leucadia National Corp.	COM	527288104	19,565	872,659	SH		OTR	1	872,659	0	0
Loews Corporation	COM	540424108	48,550	1,155,399	SH		SOLE		1,155,399	0	0
Lowe's Companies Inc.	COM	548661107	85,820	1,247,385	SH		SOLE		1,247,385	0	0
Lowe's Companies Inc.	COM	548661107	746	10,840	SH		OTR	1	10,840	0	0
LSB Industries Inc.	COM	502160104	8,321	264,649	SH		SOLE		264,649	0	0
Madison Sq. Garden Inc.	CL A	55826P100	757	10,053	SH		SOLE		10,053	0	0
Multi-Color Corp.	COM	625383104	7,754	139,909	SH		SOLE		139,909	0	0
Navient Corp.	COM	63938C108	1,536	71,100	SH		SOLE		71,100	0	0
Neuberger Berman Hgh Yld Fd	COM	64128C106	5,238	425,826	SH		SOLE		425,826	0	0
New America Hi Inc Fd, Inc	COM	641876800	5,058	565,757	SH		SOLE		565,757	0	0
NVIDIA Corp.	COM	67066G104	53,882	2,687,373	SH		SOLE		2,679,929	0	7,444
Patterson Co. Inc	COM	703395103	10,211	212,281	SH		SOLE		212,281	0	0
Pinnacle Entertainment Inc.	COM	723456109	5,678	255,200	SH		SOLE		255,200	0	0
PNC Financial Corp.	COM	693475105	1,306	14,310	SH		SOLE		14,310	0	0
PNC Fin'l Serv. Gp	W EXP 12/31/2018	693475121	49,003	1,964,049	SH		SOLE		1,964,049	0	0
PNC Fin'l Serv. Gp	W EXP 12/31/2018	693475121	414	16,605	SH		OTR	1	16,605	0	0
Posco ADR	ADR	693483109	94,814	1,485,874	SH		SOLE		1,485,874	0	0
Posco ADR	ADR	693483109	18,863	295,612	SH		OTR	1	295,612	0	0
Post Pptys Inc.	COM	737464107	71,686	1,219,778	SH		SOLE		1,219,778	0	0
Post Pptys Inc.	COM	737464107	647	11,009	SH		OTR	1	11,009	0	0
Powell Industries, Inc.	COM	739128106	523	10,650	SH		SOLE		10,650	0	0
Progress Software Corp.	COM	743312100	12,256	453,607	SH		SOLE		453,607	0	0
Prologis Inc.	COM	74340W103	382	8,880	SH		SOLE		8,880	0	0
Prosperity Bancshares Inc.	COM	743606105	9,409	169,968	SH		SOLE		169,968	0	0
PS Business Parks, Inc.	COM	69360J107	485	6,100	SH		SOLE		6,100	0	0
Radio One Inc	CL D NON VTG	75040P405	3,860	2,311,360	SH		SOLE		2,311,360	0	0
Rayonier Inc.	COM	754907103	69,894	2,501,570	SH		SOLE		2,501,570	0	0
Rayonier Inc.	COM	754907103	601	21,500	SH		OTR	1	21,500	0	0
Realogy Holdings Corp.	COM	75605Y106	72,630	1,632,511	SH		SOLE		1,632,511	0	0
Realogy Holdings Corp.	COM	75605Y106	658	14,800	SH		OTR	1	14,800	0	0
Regal-Beloit Corp.	COM	758750103	4,088	54,356	SH		SOLE		54,356	0	0
Regal-Beloit Corp.	COM	758750103	180	2,400	SH		OTR	1	2,400	0	0
Rofin-Sinar Tech Inc.	COM	775043102	12,149	422,287	SH		SOLE		422,287	0	0
Sanofi-Aventis	SPON ADR	80105N105	488	10,704	SH		SOLE		10,704	0	0
Seacor Holdings Inc.	COM	811904101	6,825	92,468	SH		SOLE		92,468	0	0
SemGroup Corp.	CL A	81663A105	6,620	96,800	SH		SOLE		96,800	0	0
Spanish Broadcasting System, Inc	CL A	846425833	1,575	681,637	SH		SOLE		681,637	0	0
Standard Motor Products, Inc.	COM	853666105	7,854	206,030	SH		SOLE		206,030	0	0
Starwood Waypoint Residential	REIT	85571W109	68,551	2,599,583	SH		SOLE		2,599,583	0	0
Starwood Waypoint Residential	REIT	85571W109	589	22,350	SH		OTR	1	22,350	0	0
Stepan Co.	COM	858586100	7,554	188,471	SH		SOLE		188,471	0	0
Suncoke Energy Inc.	COM	86722A103	8,142	420,981	SH		SOLE		420,981	0	0
Symantec Corp.	COM	871503108	69,598	2,712,837	SH		SOLE		2,712,837	0	0
Syntel, Inc.	COM	87162H103	10,793	239,958	SH		SOLE		239,958	0	0
Tanger Factory Out. Ctrs, Inc.	COM	875465106	74,970	2,028,419	SH		SOLE		2,028,419	0	0
Tanger Factory Out. Ctrs, Inc.	COM	875465106	606	16,396	SH		OTR	1	16,396	0	0
Target Corporation	COM	87612E106	51,730	681,465	SH		SOLE		680,219	0	1,246
Target Corporation	COM	87612E106	5,481	72,200	SH		OTR	1	72,200	0	0
Tejon Ranch Co.	COM	879080109	68,240	2,316,376	SH		SOLE		2,316,376	0	0
Tejon Ranch Co.	COM	879080109	344	11,682	SH		OTR	1	11,682	0	0
Tejon Ranch Co.	W EXP 08/31/2016	879080133	5	2,729	SH		OTR	1	2,729	0	0
Tejon Ranch Co.	W EXP 08/31/2016	879080133	624	356,603	SH		SOLE		356,603	0	0
Telefex Inc.	COM	879369106	6,438	56,069	SH		SOLE		56,069	0	0
Terreno Realty Corp.	COM	88146M101	872	42,290	SH		SOLE		42,290	0	0
Tetra Tech, Inc.	COM	88162G103	10,911	408,665	SH		SOLE		408,665	0	0
Total Fina ELF S A	ADR	89151E109	215	4,201	SH		SOLE		4,201	0	0
UCP Inc.	CL A	90265Y106	1,825	173,800	SH		SOLE		173,800	0	0
UMB Financial Corp.	COM	902788108	8,829	155,202	SH		SOLE		155,202	0	0
UniFirst Corp.	COM	904708104	15,161	124,833	SH		SOLE		124,833	0	0
Vail Resorts Inc.	COM	91879Q109	7,695	84,439	SH		SOLE		84,439	0	0
Valley National Bancorp	COM	919794107	4,596	473,304	SH		SOLE		473,304	0	0
Valmont Industries	COM	920253101	23,112	181,983	SH		SOLE		181,983	0	0
VCA Antech Inc.	COM	918194101	7,505	153,881	SH		SOLE		153,881	0	0
Viad Corp.	COM	92552R406	2,620	98,288	SH		SOLE		98,288	0	0
Vornado Realty Trust	SH BEN INT	929042109	92,419	785,139	SH		SOLE		785,139	0	0
Vornado Realty Trust	SH BEN INT	929042109	837	7,111	SH		OTR	1	7,111	0	0
Voya Financial Inc	COM	929089100	848	20,000	SH		SOLE		20,000	0	0
WCI Communities Inc.	COM	92923C807	8,476	432,870	SH		SOLE		432,870	0	0
Wells Fargo & Co.	W EXP 10/28/2018	949746119	264	12,352	SH		OTR	1	12,352	0	0
Wells Fargo & Co.	W EXP 10/28/2018	949746119	25,088	1,174,551	SH		SOLE		1,174,551	0	0
Wells Fargo & Co.	COM	949746101	916	16,701	SH		SOLE		16,701	0	0
Western Asset Hi Yld Def Opp Fd	COM	95768B107	8,388	531,872	SH		SOLE		531,872	0	0
Western Asset Mgd Hi Inc Fd	COM	95766L107	5,241	1,025,669	SH		SOLE		1,025,669	0	0
Westlake Chemical Corp.	COM	960413102	275	4,500	SH		SOLE		4,500	0	0
Weyerhaeuser Co.	COM	962166104	305,088	8,500,644	SH		SOLE		8,491,328	0	9,316
Weyerhaeuser Co.	COM	962166104	28,743	800,866	SH		OTR	1	800,866	0	0
White Mtns Insur. Grp	COM	G9618E107	86,620	137,468	SH		SOLE		137,294	0	174
White Mtns Insur. Grp	COM	G9618E107	10,706	16,990	SH		OTR	1	16,990	0	0
World Fuel Services Corp	COM	981475106	12,559	267,611	SH		SOLE		267,611	0	0
Zions Bancorporation	COM	989701107	80,909	2,837,921	SH		SOLE		2,837,921	0	0
Zions Bancorporation	COM	989701107	741	26,000	SH		OTR	1	26,000	0	0