Third Avenue Management

Third Avenue Management as of March 31, 2012

Portfolio Holdings for Third Avenue Management

Third Avenue Management holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

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                                                              VALUE  SHRS OR SH/ PUT/  INVSTMT  OTHER  VOTING AUTHORITY
NAME OF ISSUER                   TITLE OF CLASS   CUSIP     (X$1000) PRN AMT PRN CALL  DSCRETN  MNGRS     SOLE  SHARED  NONE
AbitibiBowater Inc.              COM NEW          003687209     5368   375915 SH          X              375915   0         0
Acadia Realty Trust              COM SH BEN INT   004239109      451    19999 SH          X               19999   0         0
Aeropostale Inc.                 COM              007865108    11911   550944 SH          X              550944   0         0
Alamo Group, Inc.                COM              011311107    20476   681178 SH          X              681178   0         0
Alexander & Baldwin, Inc.        COM              014482103    61606  1271530 SH          X             1271340   0       190
Alico, Inc.                      COM              016230104     5339   231041 SH          X              231041   0         0
Alleghany Corp.                  COM              017175100     6100    18534SH         OTHER     1       18534   0         0
Alleghany Corp.                  COM              017175100    47039   142933SH           X              142933   0         0
American Eagle Outfitters        COM              02553E106    28666  1667597 SH          X             1667597   0         0
Annaly Capital Mgmtt, Inc.       COM              035710409      184    11600 SH          X               11600   0         0
Applied Materials, Inc.          COM              038222105    12350   992730SH         OTHER     1      992730   0         0
Applied Materials, Inc.          COM              038222105    53335  4287357SH           X             4040232   0    247,12
Arch Capital Group Ltd.          ORD              G0450A105    19616   526737 SH          X              526737   0         0
AVX Corporation                  COM              002444107     7411   558887SH         OTHER     1      558887   0         0
AVX Corporation                  COM              002444107    41210  3107861SH           X             3107861   0         0
Bank of New York Mellon Corp.    COM              064058100    34218  1418079SH         OTHER     1     1418079   0         0
Bank of New York Mellon Corp.    COM              064058100   202099  8375439SH           X             8230806   0    144,63
Bel Fuse Inc.                    CL B             077347300    20855  1180233 SH          X             1180233   0         0
Bristow Group Inc.               COM              110394103    66318  1389436 SH          X             1385136   0      4300
Broadridge Fin'l Solutions Inc.  COM              11133T103    47066  1968461 SH          X             1965786   0      2675
Brookfield Asset Mgmt.           CL A LTD VT SH   112585104    13748   435468SH         OTHER     1      435468   0         0
Brookfield Asset Mgmt.           CL A LTD VT SH   112585104   312540  9899896SH           X             9890119   0     9,777
Brookfield Properties            COM              112900105      655    37550 SH          X               37550   0         0
Capital Southwest                COM              140501107    13771   145648 SH          X              145648   0         0
Capstead Mortgage Corp.          COM NO PAR       14067E506      164    12500 SH          X               12500   0         0
Carver Bancorp, Inc.             COM              146875109       74    10400 SH          X               10400   0         0
Cavco Industries, Inc.           COM              149568107    39540   848871 SH          X              848871   0         0
Cedar Shopping Centers           COM              150602209     2734   534000 SH          X              534000   0         0
Cenovus Energy Inc.              COM              15135U109    43616  1213569 SH          X             1213569   0         0
Cimarex Energy Co.               COM              171798101    10251   135833 SH          X              135833   0         0
Cloud Peak Energy Inc.           COM              18911Q102    26504  1663794 SH          X             1663794   0         0
Compass Minerals Int'l           COM              20451N101    27804   387573 SH          X              387573   0         0
ConocoPhillips                   COM              20825C104     1420    18683 SH          X               18683   0         0
Consolidated Tomoka Land Co.     COM              210226106      162     5435SH         OTHER     1        5435   0         0
Consolidated Tomoka Land Co.     COM              210226106    15215   511420SH           X              511420   0         0
Covanta Holding Corporation      COM              22282E102   150209  9255039 SH          X             9255039   0         0
Cowen group Inc- Class A         COM              223622101     5943  2192974 SH          X             2192974   0         0
Cross Country Healthcare Inc.    COM              227483104    14640  2922138 SH          X             2922138   0         0
Devon Energy Corp.               COM              25179M103    47544   668505 SH          X              639005   0     29500
Electro Scientific Industries, InCOM              285229100    20053  1335995 SH          X             1335995   0         0
Electronics for Imaging Inc.     COM              286082102    39745  2391368 SH          X             2381018   0     10350
EMCOR Group, Inc.                COM              29084Q100    18990   685080 SH          X              685080   0         0
Encana Corporation               COM              292505104    18983   966050SH         OTHER     1      966050   0         0
Encana Corporation               COM              292505104    74055  3768703SH           X             3704748   0    63,955
Encore Wire Corporation          COM              292562105    19892   669095 SH          X              669095   0         0
Excel Trust, Inc.                COM              30068C109     9932   822154 SH          X              822154   0         0
First Industrial Realty Trust, InCOM              32054K103      506    40995SH         OTHER     1       40995   0         0
First Industrial Realty Trust, InCOM              32054K103    47361  3834876SH           X             3834876   0         0
First Niagara Financial Group, InCOM              33582V108     5313   539984 SH          X              539984   0         0
First Potomac Realty Trust       COM              33610F109      536    44300 SH          X               44300   0         0
Forest City Enterprises Inc.     CL A             345550107     1055    67392SH         OTHER     1       67392   0         0
Forest City Enterprises Inc.     CL A             345550107   309389 19756649SH           X            19753174   0     3,475
Forest City Enterprises Inc.     CL B CONV        345550305      400    25800 SH          X               25800   0         0
General Growth Properties, Inc.  COM              370023103      181    10674SH         OTHER     1       10674   0         0
General Growth Properties, Inc.  COM              370023103    15434   908414SH           X              908414   0         0
General Motors Co.               COM              37045V100     5937   231467 SH          X              231467   0         0
Glatfelter P. H. Co.             COM              377316104    38933  2467254 SH          X             2467254   0         0
Haemonetics Corporation          COM              405024100    22982   329818 SH          X              329818   0         0
Haverty Furniture Companies Inc. COM              419596101    12307  1108762 SH          X             1108762   0         0
HCC Insurance Holdings           COM              404132102    31766  1019126 SH          X             1019126   0         0
ICF International, Inc.          COM              44925C103    26821  1057211 SH          X             1057211   0         0
Ingram Micro Inc.                CL A             457153104    61129  3293569 SH          X             3293569   0         0
Insteel Industries Inc.          COM              45774W108    10560   869139 SH          X              869139   0         0
Intel Corporation                COM              458140100    10822   385000 SH          X              385000   0         0
Investment Technology Group      COM              46145F105    39027  3263088 SH          X             3255663   0      7425
J^J Snack Foods Corporation      COM              466032109    14863   283317 SH          X              283317   0         0
Jakks Pacific, Inc.              COM              47012E106    15133   867234 SH          X              867234   0         0
Kaiser Aluminum Corp.            COM PAR $0.01    483007704    32213   681614 SH          X              681614   0         0
Kearny Financial Corp.           COM              487169104     5377   551444 SH          X              551444   0         0
Keycorp                          COM              493267108    10581  1244771SH         OTHER     1     1244771   0         0
Keycorp                          COM              493267108   117510 13824702SH           X            13645502   0    179,20
Kimco Realty Corp                COM              49446R109      440    22845 SH          X               22845   0         0
Kinross Gold Corporation         COM NO PAR       496902404    28331  2904170 SH          X             2904170   0         0
Leucadia National Corporation    COM              527288104    84968  3255479 SH          X             3251154   0      4325
Lexmark International Inc.       CL A             529771107    49414  1486584 SH          X             1486584   0         0
Liberty Media-Starz Group        LIB STAR COM A   53071M708    44591   505854 SH          X              505854   0         0
Lowe's Companies Inc.            COM              548661107      575    18335SH         OTHER     1       18335   0         0
Lowe's Companies Inc.            COM              548661107    69256  2207025SH           X             2207025   0         0
Madison Square Garden Inc.       CL A             55826P100    61959  1811679 SH          X             1811679   0         0
Mantech International Corp.      COM              564563104    50629  1469211 SH          X             1469211   0         0
MDC Holdings Inc.                COM              552676108      315    12210 SH          X               12210   0         0
MEMC Electronic Materials, Inc.  COM              552715104     9004  2494141 SH          X             2494141   0         0
Minerals Technologies Inc.       COM              603158106     4799    73368SH         OTHER     1       73368   0         0
Minerals Technologies Inc.       COM              603158106    25250   386019SH           X              386019   0         0
Montpelier Re Holdings Ltd.      SHS              G62185106    14354   742976 SH          X              742976   0         0
Newmont Mining Corporation       COM              651639106    24820   484102 SH          X              484102   0         0
Oshkosh Corporation              COM              688239201    39528  1706008 SH          X             1706008   0         0
Park Electrochemical Corp.       COM              700416209    16159   534531 SH          X              534531   0         0
Pioneer Drilling Co.             COM              723655106    24266  2757449 SH          X             2757449   0         0
Posco                            ADR              693483109    28347   338677SH         OTHER     1      338677   0         0
Posco                            ADR              693483109   308553  3686410SH           X             3655740   0    30,670
Precision Drilling Corp,         COM              74022D308    20937  2088400 SH          X             2088400   0         0
Prologis Inc.                    COM              74340W103      241     6680 SH          X                6680   0         0
PS Business Parks, Inc.          COM              69360J107      400     6100 SH          X                6100   0         0
Sanofi- Aventis                  SPON ADR         80105N105      706    18210 SH          X               17910   0       300
Scorpio Tankers                  COM              Y7542C106    11827  1675248 SH          X             1675248   0         0
Seacor Holdings Inc.             COM              811904101    58540   611193 SH          X              611193   0         0
SemGroup Corporation             COM              81663A105    43070  1478026 SH          X             1478026   0         0
Sensient Technologies Corp.      COM              81725T100    27359   719961 SH          X              719961   0         0
Skyline Corporation              COM              830830105     2564   335134 SH          X              335134   0         0
Stanley Furniture Company, Inc.  COM              854305208    13385  2794404 SH          X             2794404   0         0
Stepan Company                   COM              858586100    15716   178993 SH          X              178993   0         0
Superior Industries Int'l, Inc.  COM              868168105    44651  2285114 SH          X             2285114   0         0
Sycamore Networks, Inc.          COM NEW          871206405    11249   634076SH         OTHER     1      634076   0         0
Sycamore Networks, Inc.          COM NEW          871206405    51791  2919438SH           X             2917729   0     1,709
Tejon Ranch Co.                  COM              879080109      529    18482SH         OTHER     1       18482   0         0
Tejon Ranch Co.                  COM              879080109    88787  3100114SH           X             3100114   0         0
Telefex Inc.                     COM              879369106    50064   818706 SH          X              818706   0         0
Tellabs, Inc.                    COM              879664100     8550  2111042SH         OTHER     1     2111042   0         0
Tellabs, Inc.                    COM              879664100    91729 22649175SH           X            22623550   0    25,625
Terreno Realty Corp.             COM              88146M101      341    23800SH         OTHER     1       23800   0         0
Terreno Realty Corp.             COM              88146M101     4180   292090SH           X              292090   0         0
Thomas Properties Group Inc.     COM              884453101      300    65300SH         OTHER     1       65300   0         0
Thomas Properties Group Inc.     COM              884453101    34893  7601979SH           X             7601979   0         0
Tidewater Inc.                   COM              886423102     1146    21210 SH          X               21210   0         0
UniFirst Corporation             COM              904708104    26346   428049 SH          X              428049   0         0
Vail Resorts Inc.                COM              91879Q109    64618  1494066 SH          X             1494066   0         0
Vantage Drilling Co.             COM              G93205113      560   350000 SH          X              350000   0         0
Vornado Realty Trust             SH BEN INT       929042109      472     5611SH         OTHER     1        5611   0         0
Vornado Realty Trust             SH BEN INT       929042109    55122   654652SH           X              654652   0         0
Westlake Chemical Corp.          COM              960413102    20548   317145 SH          X              317145   0         0
Westwood Holdings Group Inc.     COM              961765104    20362   525734 SH          X              525734   0         0
Weyerhaeuser Company             COM              962166104      537    24498SH         OTHER     1       24498   0         0
Weyerhaeuser Company             COM              962166104   139378  6358482SH           X             6349655   0     8,827
White Mtns Insurance Group       COM              G9618E107     8883    17705SH         OTHER     1       17705   0         0
White Mtns Insurance Group       COM              G9618E107    50861   101374SH           X              101374   0         0