13F-HR 1 tam092006.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: September 30, 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 November 15, 2006 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: 191 Form 13F Information Table Value Total: $11,646,159 (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 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------- ------------------ -------- ---------------------------- ------ ------------------- INVESTMENT VOTING AUTHORITY DISCRETION (SHARES) SHARED MARKET SOLE SHARED OTHER SOLE SHARED NONE SECURITY DESCRIPTION CLASS CUSIP SHARES VALUE (A) (B) (C) MGR (A) (B) (C) Abitibi Consolidated Inc. COM 003924107 26394424 65518 X 24592349 0 1802075 Acadia Realty Trust COM 004239109 2458600 62694 X 2455800 0 2800 Ace Limited ORD G0070K103 87035 4763 X 87035 0 0 Acergy S. A. ADR ADR 861567105 333805 5698 X 289183 0 44622 Agrium, Inc. COM 8916108 3774912 101885 X 3724762 0 50150 Alamo Group, Inc. COM 011311107 3063622 69667 X 2245450 0 818172 Alexander & Baldwin, Inc. COM 014482103 2643367 117286 X 2643367 0 0 Alico, Inc. COM 016230104 418531 24488 X 418531 0 0 Alto Palermo S.A. ADR ADR 02151P107 100000 998 X 100000 0 0 Am. Axle & Manufacturing Hldgs Inc. COM 024061103 2719284 45385 X 2719284 0 0 Ambac Financial Group COM 023139108 598110 49494 X 587320 0 10790 American Axle & Mfg Hldgs, Inc. COM 24061103 70900 1183 X 70900 0 0 American Financial Realty Trust SBI 02607P305 4093248 45681 X 4092198 0 1050 American Land Lease Inc. COM 027118108 752926 17882 X 749776 0 3150 American Power Conversion Corp COM 029066107 6249021 137229 X 6154028 0 94993 Analogic Corporation COM 032657207 86600 4444 X 83400 0 3200 Andrew Corp COM 034425108 1037300 9574 X 1037300 0 0 Andrx Corporation COM 034553107 915286 22360 X 915286 0 0 Anthracite Capital Inc. COM 037023108 1193700 15351 X 1193700 0 0 Applied Materials, Inc. COM 038222105 2067762 36661 X 1991133 0 76629 Arch Capital Group Ltd. COM G0450A105 1783776 113252 X 1752276 0 31500 Associated Estates Realty Corp. COM 045604105 1454300 22498 X 1453600 0 700 Avatar Holdings Inc. COM 053494100 732240 43246 X 729690 0 2550 AVX Corporation COM 002444107 17268947 299004 X 15075692 0 2193255 AVX Corporation COM 002444107 367 6490 X 1 367 0 0 Banco Latinoamericano Exp., S.A. COM P16994132 285000 4452 X 285000 0 0 Bandag Incorporated COM 059815100 2148542 88176 X 2124792 0 23750 Bel Fuse Inc. CL A CL A 077347201 292917 8020 X 292917 0 0 Bel Fuse Inc. CL B CL B 077347300 1133020 36359 X 1128045 0 4975 Berkshire Hills Bancorp Inc. COM 084680107 390800 13909 X 390800 0 0 Borland Software Corporation COM 099849101 9052425 51870 X 9052425 0 0 Brookfield Asset Mgmt. CL A CL A 112585104 17638788 777244 X 17519594 0 119194 Brookfield Asset Mgmt. CL A CL A 112585104 110 4865 X 1 110 0 0 Brookfield Properties COM 112900105 2511700 88713 X 2506600 0 5100 Brookline Bancorp, Inc. COM 11373M107 5552282 76344 X 5355643 0 196639 Brooklyn Federal Bancorp Inc. COM 114039100 637122 8219 X 637122 0 0 California First National Bank COM 130222102 170009 2533 X 170009 0 0 Canadian Natural Resources COM 136385101 560350 25541 X 541250 0 19100 Capital Lease Funding Inc. COM 140288101 1795450 19912 X 1795450 0 0 Capital Southwest COM 140501107 228992 27284 X 225647 0 3345 Carver Bancorp, Inc. COM 146875109 218500 3638 X 218500 0 0 Cavco Industries, Inc. COM 149568107 308720 9728 X 308720 0 0 Cie Generale De Geophysique-SP ADR ADR 204386106 140850 4333 X 140850 0 0 Cimarex Energy Co. COM 171798101 3553565 125050 X 3546490 0 7075 CIT Group Inc. COM 125581108 913440 44421 X 543635 0 369805 Clifton Savings Bancorp Inc. COM 18712Q103 50000 561 X 50000 0 0 CNX Gas Corp. - GDR 144A COM 12618H101 535800 12414 X 535800 0 0 Coachmen Industries, Inc. COM 189873102 1540866 16657 X 1540866 0 0 Coherent Inc. COM 192479103 832643 28859 X 832643 0 0 Colonial Bankshares Inc. COM 195572102 16226 205 X 16226 0 0 Columbia Equity Trust Incorporated REIT 197627102 1148366 19120 X 1146766 0 1600 Commscope Inc. COM 203372107 2478275 81436 X 2455825 0 22450 Comstock Resources, Inc. COM 205768203 3414981 92717 X 3399431 0 15550 Comverse Technology, Inc. COM 205862402 3767538 80776 X 3713163 0 54375 Consolidated Tomoka Land Company COM 210226106 655865 42087 X 653765 0 2100 Covanta Holding Corporation COM 22282E102 8816889 189828 X 8816889 0 0 Cresud S.A. ADR ADR 226406106 226952 3087 X 226952 0 0 Cross Country Healthcare Inc. COM 227483104 2938207 49950 X 2864032 0 74175 Crystal River Capital Inc. COM 229393301 100000 2288 100000 0 0 Datascope Corporation COM 238113104 378499 12668 X 372899 0 5600 Deltic Timber COM 247850100 1032578 49213 X 1032578 0 0 Electro Scientific Industries, Inc. COM 285229100 4514939 93008 X 4399949 0 114990 Electronics for Imaging Inc. COM 286082102 4167029 95342 X 4055004 0 112025 Encana Corporation COM 292505104 3106268 134558 X 2356242 0 750026 Encana Corporation COM 292505104 225 10484 X 1 225 0 0 Fair Isaac Corporation COM 303250104 337082 12327 X 337082 0 0 FBL Financial Group, Inc. CL A 30239F106 480700 16089 X 480700 0 0 Fedfirst Financial Corporation COM 31429X105 169104 1711 X 169104 0 0 First Potomac Realty Trust SBI 33610F109 579400 17509 X 578500 0 900 Florida East Coast Industries, Inc. COM 340632108 55032 3141 X 55032 0 0 Fording Canadian Coal Trust UNIT 345425102 1312450 34819 X 1311190 0 1260 Forest City Enterprise CL B CL B 345550305 26150 1415 X 26150 0 0 Forest City Enterprises Inc. CL A CL A 345550107 16099922 874226 X 15433365 0 666557 Gemstar-TV Guide International, Inc.COM 36866W106 180307 599 X 180307 0 0 Golar LNG Ltd. COM 7139695 1938700 25249 X 1938700 0 0 Gouverneur Bancorp Inc. COM 383584109 142200 1998 X 142200 0 0 GSI Group Inc. COM 36229U102 2739179 25611 X 2739179 0 0 Handleman Company COM 410252100 2705819 20537 X 2705819 0 0 Haverty Furniture Companies Inc. COM 419596101 2341844 37352 X 2341844 0 0 Herley Industries, Inc. COM 427398102 2070214 25629 X 2070214 0 0 Home Federal Bancorp Inc/ LA COM 43708F101 103800 1083 X 103800 0 0 Hutchinson Technology Inc. COM 448407106 100022 2103 X 100022 0 0 IDT Corp Class B COM 448947309 3426500 49410 X 3426500 0 0 IDT Corporation Class C COM 448947101 449743 6359 X 449743 0 0 Industrias Bachoco, S.A. DE C.V. ADR 456463108 729500 16231 X 729500 0 0 Ingram Micro Inc. COM 457153104 1591100 30485 X 1591100 0 0 Intel Corporation COM 458140100 5611438 106961 X 5556113 0 55325 Intel Corporation COM 458140100 412 8475 X 1 412 0 0 Investment Technology Group. COM 46145F105 132800 5943 X 132800 0 0 Investor Bancorp Inc COM 46146P102 1080013 16297 X 1061313 0 18700 Irsa Invest. & Rep. Inc. SP GDR COM 450047204 819700 10377 X 819700 0 0 J&J Snack Foods Corporation COM 466032109 17950 558 X 12950 0 5000 Jakks Pacific, Inc. COM 47012E106 4190761 74721 X 4132917 0 57844 Jefferies Group COM 472319102 894400 25490 X 894400 0 0 JER Investors Trust Inc. REIT 46614H301 2402515 41227 X 2401115 0 1400 Journal Communications Inc. Cl A COM 481130102 3050154 34375 X 3050154 0 0 Kearny Financial Corp. COM 487169104 840708 12762 X 840708 0 0 K-Swiss Incl CL A CL A 482686102 2321678 69790 X 2321678 0 0 Lake Shore Bancorp Inc COM 510700107 50000 555 X 50000 0 0 Leapfrog Enterprises Inc. CL A 52186N106 9067126 71902 X 8864701 0 202425 Legg Mason Inc. COM 524901105 2588634 261090 X 2538685 0 49950 Leucadia National Corporation COM 527288104 1481534 38772 X 1479234 0 2300 Levitt Corporation CL A 52742P108 208750 2455 X 208750 0 0 Lexmark International Inc. CL A CL A 529771107 1079440 62241 X 1061715 0 17725 Liberty Media Holdings - Cap Srs A COM SR A 53071M302 49375 4126 X 49375 0 0 Liberty Media Interactive Cl A COM SR A 53071M104 246875 5031 X 246875 0 0 Lindsay Manufacturing Co. COM 535555106 982328 28242 X 982328 0 0 Magma Design Automation, Inc. COM 559181102 2386734 21719 X 2386734 0 0 Magyar Bancorp Inc. COM 55977T109 50000 659 X 50000 0 0 Maverick Tube Corporation COM 577914104 2143125 138939 X 2143125 0 0 MBIA Inc. COM 55262C100 4169481 256173 X 4138195 0 31286 Mellon Financial Corporation COM 58551A108 7250925 269997 X 6665977 0 584948 Mellon Financial Corporation COM 58551A108 346 13528 X 1 346 0 0 Mestek Inc. COM 590829107 360100 5230 X 360100 0 0 Microsoft Corporation COM 594918104 2000000 54660 X 2000000 0 0 Millea Holdings, Inc. ADR ADR 60032R106 3100852 281867 X 3061107 0 39745 Mirant Corp. COM 60467R100 861208 23520 X 861208 0 0 Montpelier Re Holdings Ltd. COM G62185106 2175000 42173 X 2175000 0 0 Nabors Industries COM G6359F103 9610531 285913 X 9561894 0 48637 National Western Life Insurance Co. CL A 638522102 173247 39828 X 173247 0 0 NewAlliance Bancshares, Inc. COM 650203102 8407488 123170 X 8150057 0 257431 Nortel Inversora-ADR Pfd B ADR 656567401 329100 2893 X 329100 0 0 Northern Orion Resources, Inc. COM 2820507 230000 906 X 230000 0 0 Nuveen Investments, Inc., CL A CL A 67090F106 489900 25098 X 489900 0 0 Ocean Shore Holding Company COM 67501P107 55641 709 X 55641 0 0 Omega Flex Inc. COM 682095104 360100 7324 X 360100 0 0 One Liberty Properties COM 682406103 1009100 22604 X 1008500 0 600 Opteum, Inc. Class A REIT CLA 68384A100 110000 886 X 110000 0 0 Origen Financial Inc. COM 68619E208 1947243 11041 X 1891593 0 55650 Parexel International Corporation COM 699462107 2512114 83126 X 2440624 0 71490 Park Electrochemical Corporation COM 700416209 965900 30600 X 965900 0 0 Pfizer Inc. COM 717081103 4550345 117559 X 4457005 0 93340 Pfizer Inc. COM 717081103 406 11500 X 1 406 0 0 Pharmaceutical Product Dev. Inc. COM 717124101 1843726 65803 X 1843726 0 0 PHH Corporation COM 693320202 18700 512 X 18700 0 0 Pogo Producing Company COM 730448107 3166907 116220 X 3166907 0 0 Pogo Producing Company COM 730448107 329 13478 X 1 329 0 0 Posco ADR ADR 693483109 4900264 309100 X 4327854 0 572410 Posco ADR ADR 693483109 140 9083 X 1 140 0 0 Precision Drilling Trust TR UNIT 740215108 487400 15022 X 487400 0 0 Prologis Trust SBI 743410102 5830501 332688 X 5813648 0 16853 PS Business Parks, Inc. COM 69360J107 1255100 75683 X 1253900 0 1200 Radian Group Inc. COM 750236101 2203114 132187 X 2176032 0 27082 Rait Investment Trust SBI 749227104 1069100 30844 X 1069100 0 0 Raymond James Financial COM 754730109 2456092 71816 X 2456092 0 0 Rockville Financial Inc. COM 774186100 533774 7734 X 533774 0 0 Russ Berrie and Company, Inc. COM 782233100 3452660 52619 X 3365210 0 87450 Sabre Holdings Corp. CL A COM 785905100 449434 10512 X 449434 0 0 Sanderson Farms Inc. COM 800013104 183395 5935 X 183395 0 0 Sears Holding Corporation COM 812350106 701613 110918 X 701613 0 0 Skyline Corporation COM 830830105 623939 23841 X 623939 0 0 Spirit Finance Corporation COM 848568309 10900 127 X 10900 0 0 St. Jude Medical Inc. COM 790849103 363000 12810 X 363000 0 0 St. Mary Land & Exploration COM 792228108 1859103 68248 X 1859103 0 0 Standex International Corporation COM 854231107 480500 13396 X 480500 0 0 Stanley Furniture COM 854305208 961252 20484 X 961252 0 0 Stewart Information Services COM 860372101 479800 16683 X 479800 0 0 Suncor Energy Inc. COM 867229106 1181175 85104 X 1157900 0 23275 Superior Industries Int'l, Inc. COM 868168105 5978906 91559 X 5877839 0 101067 Superior Industries Int'l, Inc. COM 868168105 526 8836 X 1 526 0 0 SWS Group Inc. COM 78503N107 187590 4669 X 187590 0 0 Sybase Inc. COM 871130100 752976 18252 X 752976 0 0 Sycamore Networks, Inc. COM 871206108 21734687 82157 X 21134412 0 600275 Synopsys Inc. COM 871607107 1886274 37197 X 1886274 0 0 TD Banknorth Inc. COM 87235A101 34087 984 X 34087 0 0 Technitrol, Inc. COM 878555101 172700 5155 X 172700 0 0 Tejon Ranch Co. COM 879080109 4450262 188825 X 4446484 0 3778 Telecom Corp of NZ ADR ADR 879278208 1040968 23349 X 964100 0 76868 Tellabs, Inc. COM 879664100 9705030 106367 X 9405505 0 299525 The Buckle, Inc. COM 118440106 419400 15912 X 419400 0 0 The First American Corporation COM 318522307 1000000 42340 X 1000000 0 0 The Phoenix Companies COM 71902E109 4536360 63509 X 4525475 0 10885 The St. Joe Company COM 790148100 14615426 801948 X 14529566 0 85860 Thomas Properties Group Inc. COM 884453101 2323064 29851 X 2317464 0 5600 Tidewater Inc. COM 886423102 1029800 45507 X 1029800 0 0 Tompkins Trustco Inc. COM 890110109 54704 2486 X 54704 0 0 Toronto-Dominion Bank COM 891160509 16354 967 X 16354 0 0 Trammell Crow Company COM 89288R106 5772559 210756 X 5768159 0 4400 Tribune Co COM 896047107 368245 12049 X 368245 0 0 Trinity Industries COM 896522109 1662893 53495 X 1655471 0 7422 TXU Corporation COM 873168108 800000 50016 X 800000 0 0 Vail Resorts Inc. COM 91879Q109 2011482 80500 X 2009932 0 1550 Vishay Intertecnology, Inc. COM 928298108 639742 8982 X 636092 0 3650 Vornado Realty Trust SBI 929042109 1433825 156287 X 1432650 0 1175 Watson Pharmaceuticals Inc COM 942683103 236055 6178 X 236055 0 0 Wauwatosa Holdings Inc. COM 94348P108 468421 8268 X 468421 0 0 Weatherford Int'l Ltd. COM 2962421 203636 8496 X 203636 0 0 Westwood Holdings Group Inc. COM 961765104 1104451 22133 X 1104451 0 0 White Mountains Insurance Group COM G9618E107 61200 30414 X 61200 0 0 Whiting Petroleum Corporation COM 966387102 2167175 86904 X 2150500 0 16675 Willbros Group, Inc. COM 969199108 1630563 25469 X 1629900 0 663