13F-HR 1 tam122006.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: December 31, 2006 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 February 14, 2007 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: 185 Form 13F Information Table Value Total: $12,211,965 (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) Abitibi Consolidated Inc. COM 003924107 32048903 82351 X 29979428 02069475 ACA Capital Holdings Inc. COM 000802698 4609418 67699 X 4609418 0 0 Acadia Realty Trust COM 004239109 2555468 63938 X 2506268 0 49200 Ace Limited ORD G0070K103 87035 5272 X 87035 0 0 Acergy S. A. ADR ADR 861567105 333805 6429 X 289183 0 44622 Agrium, Inc. COM 8916108 3577362 112651 X 3537087 0 40275 Alamo Group, Inc. COM 011311107 3025411 70976 X 2246859 0 778552 Alexander & Baldwin, Inc. COM 014482103 2669467 118364 X 2669467 0 0 Alico, Inc. COM 016230104 418531 21190 X 418531 0 0 Alto Palermo S.A. ADR ADR 02151P107 100000 1215 X 100000 0 0 Ambac Financial Group COM 023139108 597835 53249 X 587570 0 10265 American Financial Realty Trust SBI 02607P305 4318148 49400 X 4271298 0 46850 American Land Lease Inc. COM 027118108 714926 18953 X 711776 0 3150 American Power Conversion Corp COM 029066107 6067301 185599 X 5983033 0 84268 Analogic Corporation COM 032657207 77750 4365 X 75750 0 2000 Anthracite Capital Inc. COM 037023108 1193700 15196 X 1193700 0 0 Applied Materials, Inc. COM 038222105 1935275 35706 X 1867771 0 67504 Arch Capital Group Ltd. COM G0450A105 1708123 115486 X 1684923 0 23200 Associated Estates Realty Corporation COM 045604105 1348100 18523 X 1348100 0 0 Avatar Holdings Inc. COM 053494100 652202 52731 X 652202 0 0 AVX Corporation COM 002444107 17751826 249101 X 15572031 02180705 AVX Corporation COM 002444107 910 13462 X 1 0 0 0 Bandag Incorporated COM 059815100 2047698 103265 X 2023948 0 23750 Bel Fuse Inc. CL A CL A 077347201 295417 8913 X 295417 0 0 Bel Fuse Inc. CL B CL B 077347300 1098690 38223 X 1095540 0 3150 Berkshire Hills Bancorp Inc. COM 084680107 390800 13076 X 390800 0 0 Borland Software Corporation COM 099849101 9304537 50617 X 9304537 0 0 Brookfield Asset Mgmt. CL A CL A 112585104 17400840 838372 X 17273268 0 127572 Brookfield Properties COM 112900105 2471300 97196 X 2449200 0 22100 Brookline Bancorp, Inc. COM 11373M107 5603864 73803 X 5439025 0 164839 Brooklyn Federal Bancorp Inc. COM 114039100 637122 8388 X 637122 0 0 California First National Bank COM 130222102 170009 2377 X 170009 0 0 Canadian Natural Resources COM 136385101 559450 29780 X 540350 0 19100 Capital Lease Funding Inc. COM 140288101 1759850 20414 X 1754850 0 5000 Capital Southwest COM 140501107 173872 21950 X 172447 0 1425 Carver Bancorp, Inc. COM 146875109 218500 3404 X 218500 0 0 Catalyst Paper Corp. COM 14888T104 81175508 234760 X 77447665 03727843 Cavalier Homes Inc. COM 149507105 125600 528 X 125600 0 0 Cavco Industries, Inc. COM 149568107 307720 10783 X 307720 0 0 Cie Generale De Geophysique-SP ADR ADR 204386106 83850 3652 X 83850 0 0 Cimarex Energy Co. COM 171798101 4608879 168224 X 4587179 0 21700 CIT Group Inc. COM 125581108 786890 43885 X 527285 0 259605 Clifton Savings Bancorp Inc. COM 18712Q103 50000 610 X 50000 0 0 CNX Gas Corp. - GDR 144A GDR 144A 12618H101 535800 13663 X 535800 0 0 Coachmen Industries, Inc. COM 189873102 1512866 16642 X 1512866 0 0 Coherent Inc. COM 192479103 806243 25453 X 806243 0 0 Colonial Bankshares Inc. COM 195572102 16226 228 X 16226 0 0 Columbia Equity Trust Incorporated REIT 197627102 1139366 21773 X 1113766 0 25600 Commscope Inc. COM 203372107 2430775 74090 X 2408325 0 22450 Comstock Resources, Inc. COM 205768203 3456006 107344 X 3436756 0 19250 Comverse Technology, Inc. COM 205862402 3597310 75939 X 3554810 0 42500 Consolidated Tomoka Land Company COM 210226106 627215 45410 X 625115 0 2100 Covanta Holding Corporation COM 22282E102 8816889 194324 X 8816889 0 0 Cresud S.A. ADR ADR 226406106 226952 3972 X 226952 0 0 Cross Country Healthcare Inc. COM 227483104 1772031 38666 X 1772031 0 0 Crystal River Capital Inc. COM 229393301 1233142 31482 X 1206985 0 26157 Datascope Corporation COM 238113104 364049 13266 X 358449 0 5600 Delphi Corporation COM 247126105 200000 764 X 200000 0 0 Deltic Timber COM 247850100 1158486 64620 X 1158486 0 0 Electro Scientific Industries, Inc. COM 285229100 4280198 86203 X 4179633 0 100565 Electronics for Imaging Inc. COM 286082102 4022579 106920 X 3917404 0 105175 Encana Corporation COM 292505104 3173445 129520 X 2441374 732426 Encana Corporation COM 292505104 355 16316 X 1 0 0 0 Fair Isaac Corporation COM 303250104 337082 13702 X 337082 0 0 FBL Financial Group, Inc. CL A 30239F106 477900 18676 X 477900 0 0 Fedfirst Financial Corporation COM 31429X105 169104 1637 X 169104 0 0 First Potomac Realty Trust SBI 33610F109 579400 16866 X 578500 0 900 Florida East Coast Industries, Inc. COM 340632108 55032 3280 X 55032 0 0 Fording Canadian Coal Trust UNIT 345425102 1520105 31542 X 1519890 0 215 Forest City Enterprises Inc. CL A CL A 345550107 16476410 962222 X 15862598 0 613812 Forest City Enterprises Inc. CL B CL B 345550305 26150 1526 X 26150 0 0 Gemstar-TV Guide International, Inc. COM 36866W106 180307 723 X 180307 0 0 Golar LNG Ltd. COM 7139695 1938700 25030 X 1938700 0 0 Gouverneur Bancorp Inc. COM 383584109 142200 1778 X 142200 0 0 GSI Group Inc. COM 36229U102 2907156 28170 X 2907156 0 0 Handleman Company COM 410252100 3021621 20456 X 3021621 0 0 Haverty Furniture Companies Inc. COM 419596101 2487521 36815 X 2487521 0 0 Herley Industries, Inc. COM 427398102 2096826 33948 X 2096826 0 0 Home Federal Bancorp Inc/ LA COM 43708F101 120000 1235 X 120000 0 0 Hutchinson Technology Inc. COM 448407106 100022 2358 X 100022 0 0 IDT Corporation CL B CL B 448947309 3421500 44753 X 3421500 0 0 IDT Corporation CL C CL C 448947101 449743 6085 X 449743 0 0 Industrias Bachoco, S.A. DE C.V. ADR 456463108 754100 21869 X 754100 0 0 Ingram Micro Inc. COM 457153104 1588100 32413 X 1588100 0 0 Intel Corporation COM 458140100 5152700 104342 X 5100800 0 51900 Investment Technology Group. COM 46145F105 132800 5694 X 132800 0 0 Investor Bancorp Inc COM 46146P102 1020958 16060 X 1002258 0 18700 Irsa Invest. and Representations Inc. GDR 450047204 819700 13861 X 819700 0 0 Jakks Pacific, Inc. COM 47012E106 3997941 87315 X 3946172 0 51769 Jefferies Group COM 472319102 894400 23988 X 894400 0 0 JER Investors Trust Inc. REIT 46614H301 2403015 49670 X 2367615 0 35400 Journal Communications Inc. Cl A COM 481130102 3904874 49240 X 3847024 0 57850 Kearny Financial Corp. COM 487169104 840708 13502 X 840708 0 0 K-Swiss Inc., CL A CL A 482686102 2305078 70858 X 2305078 0 0 Lake Shore Bancorp Inc COM 510700107 50000 620 X 50000 0 0 Leapfrog Enterprises Inc. CL A 52186N106 8598914 81518 X 8440789 0 158125 Legg Mason Inc. COM 524901105 2557944 243133 X 2514799 0 43146 Leucadia National Corporation COM 527288104 1267234 35736 X 1266434 0 800 Levitt Corporation CL A 52742P108 208750 2555 X 208750 0 0 Lexmark International Inc. CL A CL A 529771107 887290 64950 X 869890 0 17400 Liberty Media Holdings - Cap Srs A COM SER A 53071M302 49375 4838 X 49375 0 0 Liberty Media Interactive Cl A COM SER A 53071M104 246875 5325 X 246875 0 0 Lindsay Manufacturing Co. COM 535555106 299300 9772 X 299300 0 0 Lundin Mining Corp COM 550372106 497000 18334 X 497000 0 0 Magma Design Automation, Inc. COM 559181102 2386734 21314 X 2386734 0 0 MBIA Inc. COM 55262C100 4151369 303299 X 4122869 0 28500 Mellon Financial Corporation COM 58551A108 7330178 291371 X 6741323 589273 Mellon Financial Corporation COM 58551A108 418 17614 X 1 0 0 0 Mercer Int'l Inc. SBI COM 588056101 774685 9196 X 774685 0 0 Microsoft Corporation COM 594918104 2000000 59720 X 2000000 0 0 Millea Holdings, Inc. ADR ADR 60032R106 7561746 271240 X 7482072 0 79674 Mirant Corp. COM 60467R100 861208 27188 X 861208 0 0 Montpelier Re Holdings Ltd. COM G62185106 2294500 42701 X 2294500 0 0 Nabors Industries COM G6359F103 10153398 302368 X 10116296 0 37102 National Western Life Insurance Co. CL A 638522102 180456 41530 X 180456 0 0 NewAlliance Bancshares, Inc. COM 650203102 7881264 129253 X 7652583 0 228681 Nortel Inversora-ADR Pfd B ADR 656567401 329100 4472 X 329100 0 0 Northern Orion Resources, Inc. COM 2820507 230000 837 X 230000 0 0 Nuveen Investments, Inc., CL A CL A 67090F106 489900 25416 X 489900 0 0 Ocean Shore Holding Company COM 67501P107 55641 737 X 55641 0 0 Omega Flex Inc. COM 682095104 360100 7447 X 360100 0 0 One Liberty Properties COM 682406103 938200 23577 X 938200 0 0 Origen Financial Inc. COM 68619E208 2286168 15660 X 2230518 0 55650 Parexel International Corporation COM 699462107 1914978 55477 X 1865143 0 49835 Park Electrochemical Corporation COM 700416209 961300 24657 X 961300 0 0 Pfizer Inc. COM 717081103 4660217 107530 X 4573011 87715 Pfizer Inc. COM 717081103 509 13183 X 1 0 0 0 Pharmaceutical Product Development Inc. COM 717124101 1842226 59357 X 1842226 0 0 Pogo Producing Company COM 730448107 3333250 145043 X 3333589 0 Pogo Producing Company COM 730448107 339 16436 X 1 0 0 0 Posco ADR ADR 693483109 4850513 389686 X 4316100 534550 Posco ADR ADR 693483109 137 11317 X 1 0 0 0 Precision Drilling Trust TR UNIT 740215108 487400 11288 X 487400 0 0 Prologis Trust SBI 743410102 5792289 351997 X 5757436 0 34853 PS Business Parks, Inc. COM 69360J107 1204100 85142 X 1203387 0 713 Radian Group Inc. COM 750236101 2111554 113834 X 2090458 0 21096 Rait Investment Trust SBI 749227104 1069100 36863 X 1069100 0 0 Raymond James Financial COM 754730109 2456865 74468 X 2456865 0 0 Rockville Financial Inc. COM 774186100 533774 9528 X 533774 0 0 Rosetta Resources Inc. COM 777779307 159930 2986 X 159930 0 0 Russ Berrie and Company, Inc. COM 782233100 3155189 48748 X 3078539 0 76650 Sabre Holdings Corp. CL A CL A 785905100 549047 17509 X 549047 0 0 Sanderson Farms Inc. COM 800013104 878905 26622 X 842672 0 36233 Sears Holding Corporation COM 812350106 691613 116143 X 691613 0 0 Skyline Corporation COM 830830105 623939 25095 X 623939 0 0 Spirit Finance Corporation COM 848568309 10900 136 X 10900 0 0 St. Jude Medical Inc. COM 790849103 363000 13271 X 363000 0 0 St. Mary Land & Exploration COM 792228108 1855603 68360 X 1855603 0 0 Standex International Corporation COM 854231107 480500 14477 X 480500 0 0 Stanley Furniture COM 854305208 1152654 24724 X 1152654 0 0 Stewart Information Services COM 860372101 479800 20804 X 479800 0 0 Suncor Energy Inc. COM 867229106 1175800 92782 X 1152925 0 22875 Superior Industries International, Inc. COM 868168105 5624696 98257 X 5549155 76067 Superior Industries International, Inc. COM 868168105 526 10141 X 1 0 0 0 SWS Group Inc. COM 78503N107 187590 6697 X 187590 0 0 Sybase Inc. COM 871130100 745476 18413 X 745476 0 0 Sycamore Networks, Inc. COM 871206108 21379646 80387 X 20845046 0 534600 Synopsys Inc. COM 871607107 1878899 50223 X 1878899 0 0 TD Banknorth Inc. COM 87235A101 34087 1100 X 34087 0 0 Technitrol, Inc. COM 878555101 172700 4126 X 172700 0 0 Tejon Ranch Co. COM 879080109 4441424 248009 X 4439024 0 2400 Telecom Corp of New Zealand ADR ADR 879278208 1007018 27109 X 937775 0 69243 Tellabs, Inc. COM 879664100 10539130 108131 X 10271055 0 268075 The Buckle, Inc. COM 118440106 417400 21225 X 417400 0 0 The First American Corporation COM 318522307 1000000 40680 X 1000000 0 0 The Phoenix Companies COM 71902E109 4436735 70500 X 4427125 0 9610 The St. Joe Company COM 790148100 14510926 777350 X 14409741 0 101185 Thomas Properties Group Inc. COM 884453101 2276064 36349 X 2268864 0 7200 Tidewater Inc. COM 886423102 1082800 52364 X 1082800 0 0 Tompkins Trustco Inc. COM 890110109 54704 2486 X 54704 0 0 Toronto-Dominion Bank COM 891160509 16354 979 X 16354 0 0 Tribune Co COM 896047107 368445 11341 X 368445 0 0 Trinity Industries COM 896522109 1627013 57271 X 1621652 0 5361 TXU Corporation COM 873168108 800000 43368 X 800000 0 0 Vail Resorts Inc. COM 91879Q109 2045203 91666 X 2031053 0 14150 Vishay Intertecnology, Inc. COM 928298108 617886 8366 X 614236 0 3650 Vornado Realty Trust SBI 929042109 1340960 162927 X 1330785 0 10175 Watson Pharmaceuticals Inc COM 942683103 431559 11233 X 431559 0 0 Wauwatosa Holdings Inc. COM 94348P108 466321 8310 X 466321 0 0 Weatherford Int'l Ltd. COM 2962421 203636 8510 X 203636 0 0 Westwood Holdings Group Inc. COM 961765104 1082122 24921 X 1082122 0 0 White Mountains Insurance Group COM G9618E107 61200 35461 X 61200 0 0 Whiting Petroleum Corporation COM 966387102 2051750 95612 X 2035075 0 16675 Willbros Group, Inc. COM 969199108 921238 17411 X 921238 0 0 Yankee Candle Co COM 984757104 45875 1573 X 45875 0 0