13F-HR 1 tam122005.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, 2005 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 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: 0 Form 13F Information Table Entry Total: 178 Form 13F Information Table Value Total: $9,871,021 (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.] NONE 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) Acadia Realty Trust COM 004239109 2458200 49287 X 2455200 0 3000 Ace Limited ORD G0070K103 87035 4651 X 87035 0 0 Acmat Corp.- Class A CL A 004616207 200678 3371 X 200678 0 0 Agree Realty Corporation COM 008492100 41900 1211 X 41900 0 0 Agrium, Inc. COM 8916108 3838315 84405 X 3768890 0 69425 Alamo Group, Inc. COM 011311107 3132559 64217 X 2336100 0 796459 Alexander & Baldwin, Inc. COM 014482103 1976993 107232 X 1976993 0 0 Alico, Inc. COM 016230104 374517 16924 X 374517 0 0 Ambac Financial Group COM 023139108 617980 47622 X 596025 0 21955 American Axle & Manufacturing Holdings IncCOM 024061103 2050600 37587 X 2050600 0 0 American Financial Realty Trust SBI 02607P305 3894850 46738 X 3893800 0 1050 American Land Lease Inc. COM 027118108 755458 17882 X 752008 0 3450 American Power Conversion Corp COM 029066107 4940059 108681 X 4863041 0 77018 Analogic Corporation COM 032657207 98950 4735 X 94900 0 4050 Anthracite Capital Inc. COM 037023108 1190825 12539 X 1190825 0 0 Applied Materials, Inc. COM 038222105 2208227 39616 X 2112933 0 95294 Arch Capital Group Ltd. COM G0450A105 1894340 103715 X 1853740 0 40600 Associated Estates Realty Corporation COM 045604105 1532725 13856 X 1531725 0 1000 Avatar Holdings Inc. COM 053494100 737915 40526 X 735215 0 2700 AVX Corporation COM 002444107 17530742 253845 X 15429062 0 2101680 Banco Latinoamericano Exportaciones, S.A. RTS P16994991 285000 5216 X 285000 0 0 Bandag, Incorporated COM 059815100 975525 41626 X 958075 0 17450 Bedford Property Investors CL A 076446301 78450 1721 X 78450 0 0 BelFuse Inc. CL B CL B 077347300 965053 30689 X 959353 0 5700 BelFuse Inc. CL. A CL A 077347201 289388 7242 X 289388 0 0 Berkshire Hills Bancorp Inc. COM 084680107 390800 13092 X 390800 0 0 Borland Software Corporation COM 2112130 5136344 33540 X 5136344 0 0 British Land Company PLC ORD 0136701 4130453 75753 X 4130453 0 0 Brookfield Asset Mgmt. CL A CL A 112585104 12169446 612488 X 12040863 0 128583 Brookfield Properties COM 112900105 3133650 92192 X 3128400 0 5250 Brookline Bancorp, Inc. COM 11373M107 5253000 74435 X 5012875 0 240125 Brooklyn Federal Bancorp Inc. COM 114039100 507650 5610 X 507650 0 0 California First National Bank COM 130222102 94613 1230 X 94613 0 0 Canadian Natural Resources COM 136385101 704300 34947 X 684650 0 19650 Canfor Corporation COM 2173416 8595225 99275 X 8445225 0 150000 Capital Lease Funding Inc. COM 140288101 1795750 18909 X 1795750 0 0 Capital Southwest COM 140501107 254411 23024 X 250441 0 3970 Carver Bancorp, Inc. COM 146875109 218500 3361 X 218500 0 0 Cavco Industries, Inc. COM 149568107 312720 11971 X 312720 0 0 Cemontos Argos SA COM 2184173 1804716 9330 X 1804716 0 0 Cie Generale De Geophysique-ORD ORD 4215394 488962 43273 X 454494 0 34468 Cie Generale De Geophysique-SP ADR ADR 204386106 193400 3423 X 193400 0 0 CIT Group Inc. COM 125581108 1050640 54402 X 1043385 0 7255 Coachman Industries, Inc. COM 189873102 896000 10582 X 896000 0 0 Coherent Inc. COM 192479103 1042854 30952 X 1042854 0 0 Commscope, Inc. COM 203372107 2866525 57703 X 2828175 0 38350 Comstock Resources, Inc. COM 205768203 1590000 48511 X 1590000 0 0 Comverse Technology, Inc. COM 205862402 3885915 103326 X 3813665 0 72250 Concord Camera Corporation COM 206156101 350000 417 X 350000 0 0 Consolidated Tomoka Land Company COM 210226106 644040 45662 X 641765 0 2275 Covanta Holding Corporation COM 22282E102 8816889 132782 X 8816889 0 0 Credence Systems COM 225302108 7228856 50313 X 6875106 0 353750 Cresud S.A. ADR ADR 226406106 226952 2481 X 226952 0 0 Cresud S.A.C.I.F. and A. COM 226406AB2 54884 600 X 54884 0 0 Cresud SA Comericial Ind WTS WTS P3311R150 200000 186 X 200000 0 0 Criimi Mae Inc. COM 226603504 1483419 29372 X 1480719 0 2700 Cross Country Healthcare Inc. COM 227483104 3164373 56263 X 3072098 0 92275 Datascope Corporation COM 238113104 384311 12701 X 375349 0 8962 Del Monte Pacific Ltd. ORD 6168485 33303000 12705 X 33303000 0 0 Deltic Timber COM 247850100 544450 28235 X 544450 0 0 Dress Barn, Inc. COM 261570105 600435 23183 X 600435 0 0 Electro Scientific Industries, Inc. COM 285229100 4064240 98151 X 3927878 0 136362 Electronics for Imaging COM 286082102 3845025 102316 X 3710525 0 134500 Encana Corporation COM 292505104 3132060 141444 X 3080335 0 51725 Fairmont Hotels & Resorts Inc COM 305204109 1989800 84387 X 1988050 0 1750 FBL Financial Group, Inc. CL A 30239F106 472500 15503 X 472500 0 0 Fedfirst Financial Corporation COM 31429X105 91980 814 X 91980 0 0 Feldman Mall Properties, Inc. COM 314308107 938000 11265 X 938000 0 0 First Potomac Realty Trust SBI 33610F109 567700 15101 X 566800 0 900 Florida East Coast Industries, Inc. COM 340632108 55032 2332 X 55032 0 0 Fording Canadian Coal Trust UNIT 345425102 1647171 56943 X 1647171 0 0 Forest City Enterprise CL A CL A 345550107 16509973 626223 X 15320843 0 1189130 Forest City Enterprise CL B CL B 345550305 28550 1082 X 28550 0 0 FSI International, Inc. COM 302633102 163388 752 X 156238 0 7150 GEAC Computer Corporation Ltd. COM 368289104 14194013 155141 X 13663748 0 530265 Gemstar-TV Guide International, Inc. COM 36866W106 180307 471 X 180307 0 0 Golar LNG Ltd. COM 7139695 1938700 25852 X 1938700 0 0 GSI Group Inc. COM 36229U102 1371504 14895 X 1371504 0 0 Handleman Company COM 410252100 580600 7211 X 580600 0 0 Haverty Furniture Company COM 419596101 1756552 22642 X 1756552 0 0 Haynes International Inc. COM 420877201 445714 10697 X 445714 0 0 Herley Industries, Inc. COM 427398102 951238 15705 X 951238 0 0 Home Federal Bancorp Inc/ LA COM 43708F101 41800 410 X 41800 0 0 Hutchinson Technology Inc. COM 448407106 100022 2846 X 100022 0 0 IDT Corp Class B COM 448947309 2854400 33396 X 2854400 0 0 Industrias Bachoco, S.A. DE C.V. ADR 456463108 710100 13847 X 710100 0 0 Ingram Micro Inc. COM 457153104 846600 16873 X 846600 0 0 Instinet Group Corporation COM 457750107 2006550 10213 X 2006550 0 0 Investment Technology Group. COM 46145F105 132800 4706 X 132800 0 0 Irsa Investments and Representations Inc. COM 450047204 400000 4832 X 400000 0 0 Jakks Pacific, Inc. COM 47012E106 3843286 80478 X 3758242 0 85044 Jefferies Group COM 472319102 447200 20115 X 447200 0 0 Jones Lang Lasalle COM 48020Q107 1028100 51765 X 1028100 0 0 Kemet Corporation COM 488360108 909165 6428 X 861915 0 47250 K-Swiss Incl CL A CL A 482686102 1181779 38337 X 1181779 0 0 Leapfrog Enterprises Inc. CL A 52186N106 5343052 62247 X 5149327 0 193725 Legg Mason Inc. COM 524901105 2442593 292354 X 2391056 0 51537 Leucadia National Corporation COM 527288104 745667 35389 X 744517 0 1150 Levitt Corporation CL A 52742P108 208750 4747 X 208750 0 0 Lexmark International Inc. CL A COM 529771107 654200 29328 X 654200 0 0 Lindsay Manufacturing Co. COM 535555106 1159400 22295 X 1159400 0 0 Magma Design Automation, Inc. COM 559181102 1121223 9429 X 1121223 0 0 Maverick Tube Corporation COM 577914104 2302925 91795 X 2276875 0 26050 MBIA Inc. COM 55262C100 4199667 252652 X 4162281 0 37386 Mestek Inc. COM 590829107 360100 4717 X 360100 0 0 Millea Holdings, Inc. ADR ADR 60032R106 3197479 275143 X 3144359 0 53120 Montpelier Re Holdings Ltd. COM G62185106 891900 16857 X 891900 0 0 Nabors Industries COM G6359F103 1584822 120050 X 1553918 0 30904 National Western Life Insurance Co. CL A 638522102 113506 23486 X 113506 0 0 NewAlliance Bancshares, Inc. COM 650203102 6492796 94405 X 6228390 0 264406 Nortel Inversora-ADR Pfd B ADR 656567401 329100 3176 X 329100 0 0 Northern Orion Resources, Inc. COM 2820507 230000 750 X 230000 0 0 NTL Inc. COM 62940M104 21000 1430 X 21000 0 0 Nuveen Investments, Inc., CL A CL A 67090F106 489900 20880 X 489900 0 0 Omega Protein Corporation COM 68210P107 360100 6262 X 360100 0 0 One Liberty Properties COM 682406103 1037000 19091 X 1036400 0 600 Origen Financial Inc. COM 68619E208 2213525 15760 X 2157875 0 55650 Pan American Silver Corporation COM 697900108 13000 245 X 13000 0 0 Parexel International Corporation COM 699462107 3816862 77330 X 3678172 0 138690 Park Electrochemical Corporation COM 700416209 965900 25094 X 965900 0 0 Pfizer Inc. COM 717081103 3900872 90968 X 3814397 0 86475 Pharmaceutical Product Development Inc. COM 717124101 934263 57878 X 934263 0 0 PHH Corporation COM 693320202 570700 15991 X 570700 0 0 Pogo Producing Company COM 730448107 1613650 80376 X 1613650 0 0 Posco ADR ADR 693483109 4751865 235265 X 4202765 0 549100 Precision Drilling Corporation COM 74022D100 487400 16084 X 487400 0 0 Prologis Trust SBI 743410102 7357757 343754 X 7340528 0 17229 PS Business Parks, Inc. COM 69360J107 2169475 106738 X 2168175 0 1300 Radian Group Inc. COM 750236101 2324453 136190 X 2286355 0 38098 Rait Investment Trust SBI 749227104 754500 19557 X 754500 0 0 Raymond James Financial COM 754730109 1633896 61549 X 1633896 0 0 RTI International Metals, Inc. COM 74973W107 114500 4345 X 114500 0 0 Russ Berrie and Company, Inc. COM 782233100 3653072 41718 X 3549197 0 103875 Sabre Holdings Corp. CL A COM 785905100 17000 410 X 17000 0 0 Safety Insurance Group, Inc. COM 78648T100 175000 7065 X 175000 0 0 Scientific-Atlanta, Inc. COM 808655104 212500 9152 X 212500 0 0 Sears Holding Corporation COM 812350106 904359 104481 X 904359 0 0 Sears Holding Corporation, Restricted COM KMARTCSTK 126230 13854 X 126230 0 0 Skyline Corporation COM 830830105 303300 11040 X 303300 0 0 Spirit Finance Corporation COM 848568309 10900 124 X 10900 0 0 St. Jude Medical Inc. COM 790849103 363000 18223 X 363000 0 0 St. Mary Land & Exploration COM 792228108 1770603 65176 X 1770603 0 0 Standex International Corporation COM 854231107 480500 13339 X 480500 0 0 Stanley Furniture COM 854305208 418887 9710 X 418887 0 0 Stewart Information Services COM 860372101 479800 23352 X 479800 0 0 Stolt Offshore S.A. ADR ADR 861567105 637850 7437 X 593228 0 44622 Suncor Energy Inc. COM 867229106 1188275 75016 X 1164500 0 23775 Superior Industries International, Inc. COM 868168105 4703591 104702 X 4572561 0 131030 SWS Group Inc. COM 78503N107 187590 3928 X 187590 0 0 Sybase Inc. COM 871130100 650400 14218 X 650400 0 0 Sycamore Networks, Inc. COM 871206108 19487561 84186 X 18762136 0 725425 Synopsys Inc. COM 871607107 1563099 31356 X 1563099 0 0 TD Banknorth Inc. COM 87235A101 34087 990 X 34087 0 0 Technitrol, Inc. COM 878555101 172700 2953 X 172700 0 0 Tejon Ranch Co. COM 879080109 4403531 175789 X 4399578 0 3953 Telecom Corp of New Zealand ADR ADR 879278208 137700 4500 X 137700 0 0 Telecom Corp of New Zealand ORD COM 6881436 18715096 76732 X 17932146 0 782950 Tellabs, Inc. COM 879664100 10623296 115794 X 10185496 0 437800 The Buckle, Inc. COM 118440106 214800 6925 X 214800 0 0 The First American Corporation COM 318522307 1048800 47511 X 1048800 0 0 The Phoenix Companies COM 71902E109 4573050 62376 X 4560740 0 12310 The St. Joe Company COM 790148100 9922379 666982 X 9859129 0 63250 Thomas Properties Group Inc. COM 884453101 2237844 27995 X 2231794 0 6050 Tidewater Inc. COM 886423102 833800 37071 X 833800 0 0 Tompkins Trustco Inc. COM 890110109 49731 2228 X 49731 0 0 Toronto-Dominion Bank COM 891160509 16354 862 X 16354 0 0 Trammell Crow Company COM 89288R106 6642282 170375 X 6637882 0 4400 Trinity Industries COM 896522109 1530755 67460 X 1516780 0 13975 Triquint Semiconductor, Inc. COM 89674K103 500600 2228 X 500600 0 0 TXU Corporation COM 873168108 800000 40152 X 800000 0 0 Unite Group PLC COM 0692861 8038543 52556 X 8033943 0 4600 Vishay Intertecnology, Inc. COM 928298108 656842 9038 X 652842 0 4000 Vornado Realty Trust SBI 929042109 1583825 132202 X 1582550 0 1275 Weatherford Int'l Ltd. COM 2962421 203636 7372 X 203636 0 0 Westwood Holdings Group Inc. COM 961765104 966951 17618 X 966951 0 0 White Mountains Insurance Group COM G9618E107 61200 34183 X 61200 0 0 Whiting Petroleum Corporation COM 966387102 1973375 78935 X 1956700 0 16675 Willbros Group, Inc. COM 969199108 1631838 23564 X 1631175 0 663