13F-HR 1 tam062006.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: June 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 August 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: 193 Form 13F Information Table Value Total: $11,311,005 (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 20886028 56183 X 19759178 0 1126850 Acadia Realty Trust COM 004239109 2475450 58544 X 2472450 0 3000 Ace Limited ORD G0070K103 87035 4403 X 87035 0 0 Acergy S. A. ADR ADR 861567105 387850 5934 X 343228 0 44622 Agree Realty Corporation COM 008492100 13400 455 X 13400 0 0 Agrium, Inc. COM 8916108 3848512 89362 X 3789437 0 59075 Alamo Group, Inc. COM 011311107 3120659 65690 X 2252100 0 868559 Alexander & Baldwin, Inc. COM 014482103 2565278 113565 X 2565278 0 0 Alico, Inc. COM 016230104 418531 23065 X 418531 0 0 Alto Palermo S.A. ADR ADR 02151P107 100000 815 X 100000 0 0 Ambac Financial Group COM 023139108 671847 49821 X 603080 0 68825 Ambac Financial Group COM 023139108 58 4670 X 1 0 0 0 Am. Axle & Manufacturing Hldgs Inc. COM 024061103 2848684 48741 X 2848684 0 0 American Financial Realty Trust SBI 02607P305 3990350 38627 X 3989300 0 1050 American Land Lease Inc. COM 027118108 754458 18484 X 751008 0 3450 American Power Conversion Corp COM 029066107 5431546 105861 X 5367003 0 64543 Analogic Corporation COM 032657207 89075 4152 X 85575 0 3500 Anthracite Capital Inc. COM 037023108 1203025 14629 X 1203025 0 0 Applied Materials, Inc. COM 038222105 2155646 35094 X 2069692 0 85954 Arch Capital Group Ltd. COM G0450A105 1838475 109316 X 1803000 0 35475 Associated Estates Realty Corporation COM 045604105 1480825 18362 X 1479825 0 1000 Avatar Holdings Inc. COM 053494100 735990 41929 X 733290 0 2700 AVX Corporation COM 002444107 17438517 270883 X 14937471 0 2501330 AVX Corporation COM 002444107 284 4476 X 1 0 0 0 Banco Latinoamericano Exportaciones, S.A. COM P16994132 285000 4455 X 285000 0 0 Bandag Incorporated COM 059815100 2147990 78595 X 2124240 0 23750 Bausch & Lomb Inc. COM 071707103 12950 629 X 12950 0 0 Bel Fuse Inc. CL A CL A 077347201 295917 8034 X 295917 0 0 Bel Fuse Inc. CL B CL B 077347300 1139895 37400 X 1134795 0 5100 Berkshire Hills Bancorp Inc. COM 084680107 390800 13866 X 390800 0 0 Borland Software Corporation COM 099849101 9038788 47725 X 9038788 0 0 Brookfield Asset Mgmt. CL A CL A 112585104 18343521 740651 X 18093528 0 250103 Brookfield Asset Mgmt. CL A CL A 112585104 110 4467 X 1 0 0 0 Brookfield Properties COM 112900105 3128400 100641 X 3123150 0 5250 Brookline Bancorp, Inc. COM 11373M107 5826428 80230 X 5609289 0 217139 Brooklyn Federal Bancorp Inc. COM 114039100 637122 7639 X 637122 0 0 California First National Bank COM 130222102 170009 2452 X 170009 0 0 Canadian Natural Resources COM 136385101 666850 36930 X 647600 0 19250 Capital Lease Funding Inc. COM 140288101 1810050 20653 X 1810050 0 0 Capital Southwest COM 140501107 241612 25236 X 238217 0 3395 Carver Bancorp, Inc. COM 146875109 218500 3780 X 218500 0 0 Cavco Industries, Inc. COM 149568107 312720 13897 X 312720 0 0 Cie Generale De Geophysique-SP ADR ADR 204386106 141550 4888 X 141550 0 0 Cimarex Energy Co. COM 171798101 1945700 83665 X 1945700 0 0 CIT Group Inc. COM 125581108 935340 48909 X 560535 0 374805 Clifton Savings Bancorp Inc. COM 18712Q103 50000 527 X 50000 0 0 CNX Gas Corp. - GDR 144A COM 12618H101 535800 16074 X 535800 0 0 Coachmen Industries, Inc. COM 189873102 1505366 17974 X 1505366 0 0 Coherent Inc. COM 192479103 1043204 35187 X 1043204 0 0 Colonial Bankshares Inc. COM 195572102 16226 202 X 16226 0 0 Columbia Equity Trust Incorporated REIT 197627102 1153200 17713 X 1151600 0 1600 Commscope Inc. COM 203372107 2663050 83673 X 2640600 0 22450 Comstock Resources, Inc. COM 205768203 3340056 99734 X 3332156 0 7900 Comverse Technology, Inc. COM 205862402 3869551 76501 X 3806701 0 62850 Consolidated Tomoka Land Company COM 210226106 659240 36350 X 656965 0 2275 Covanta Holding Corporation COM 22282E102 8816889 155618 X 8816889 0 0 Credence Systems Corporation COM 225302108 8109647 28384 X 7806247 0 303400 Cresud S.A. ADR ADR 226406106 226952 3068 X 226952 0 0 Cross Country Healthcare Inc. COM 227483104 3051682 55510 X 2970582 0 81100 Datascope Corporation COM 238113104 382761 11804 X 374099 0 8662 Deltic Timber COM 247850100 885250 49902 X 885250 0 0 Electro Scientific Industries, Inc. COM 285229100 4671426 84039 X 4546914 0 124512 Electronics for Imaging Inc. COM 286082102 3878789 80989 X 3758339 0 120450 Encana Corporation COM 292505104 3265813 162507 X 2177742 0 1088250 Encana Corporation COM 292505104 179 9415 X 1 0 0 0 FBL Financial Group, Inc. CL A 30239F106 490300 15886 X 490300 0 0 Fedfirst Financial Corporation COM 31429X105 169104 1720 X 169104 0 0 First Potomac Realty Trust SBI 33610F109 579400 17260 X 578500 0 900 Florida East Coast Industries, Inc. COM 340632108 55032 2880 X 55032 0 0 Fording Canadian Coal Trust UNIT 345425102 1648431 52255 X 1647171 0 1260 Forest City Enterprises CL B CL B 345550305 26150 1301 X 26150 0 0 Forest City Enterprises CL A CL A 345550107 16266888 811880 X 15495658 0 771230 Gemstar-TV Guide International, Inc. COM 36866W106 180307 622 X 180307 0 0 Golar LNG Ltd. COM 7139695 1938700 26161 X 1938700 0 0 Gouverneur Bancorp Inc. COM 383584109 142200 1955 X 142200 0 0 GSI Group Inc. COM 36229U102 2303801 19790 X 2303801 0 0 Handleman Company COM 410252100 2121919 17294 X 2121919 0 0 Haverty Furniture Companies Inc. COM 419596101 2341844 36744 X 2341844 0 0 Herley Industries, Inc. COM 427398102 1774147 19888 X 1774147 0 0 Home Federal Bancorp Inc/ LA COM 43708F101 96700 1011 X 96700 0 0 Hutchinson Technology Inc. COM 448407106 100022 2163 X 100022 0 0 IDT Corporation CL B CL B 448947309 3475300 47924 X 3475300 0 0 IDT Corporation CL C CL C 448947101 449743 5937 X 449743 0 0 Industrias Bachoco, S.A. DE C.V. ADR 456463108 729500 13343 X 729500 0 0 Ingram Micro Inc. COM 457153104 1591100 28847 X 1591100 0 0 Intel Corporation COM 458140100 5410020 96272 X 5021325 0 389025 Intel Corporation COM 458140100 330 6254 X 1 0 0 0 Investment Technology Group. COM 46145F105 132800 6754 X 132800 0 0 Investor Bancorp Inc COM 46146P102 1533645 20781 X 1514945 0 18700 Irsa Investments & Representations Inc. COM 450047204 766700 8610 X 766700 0 0 J&J Snack Foods Corporation COM 466032109 17950 594 X 12950 0 5000 Jakks Pacific, Inc. COM 47012E106 4138406 83141 X 4072737 0 65669 Jefferies Group COM 472319102 894400 26501 X 894400 0 0 JER Investors Trust Inc. REIT 46614H301 2398400 37295 X 2397000 0 1400 Jones Lang Lasalle COM 48020Q107 485180 42478 X 485180 0 0 Journal Communications Inc. Cl A COM 481130102 2044446 22980 X 2044446 0 0 Kearny Financial Corp. COM 487169104 849208 12568 X 849208 0 0 K-Swiss Incl CL A CL A 482686102 2167259 57866 X 2167259 0 0 Lake shore Bancorp COM BOWR8B5 50000 498 X 50000 0 0 Leapfrog Enterprises Inc. CL A 52186N106 8992426 90824 X 8776826 0 215600 Legg Mason Inc. COM 524901105 2483158 247124 X 2433439 0 49720 Leucadia National Corporation COM 527288104 1496634 43687 X 1494334 0 2300 Levitt Corporation CL A 52742P108 208750 3340 X 208750 0 0 Lexmark International Inc. CL A CL A 529771107 1098990 61357 X 1080915 0 18075 Lindsay Manufacturing Co. COM 535555106 1159400 31443 X 1159400 0 0 Magma Design Automation, Inc. COM 559181102 2286330 16805 X 2286330 0 0 Magyar Bancorp Inc. COM 55977T109 50000 573 X 50000 0 0 Maverick Tube Corporation COM 577914104 2189925 138381 X 2189925 0 0 MBIA Inc. COM 55262C100 4188891 245260 X 4155155 0 33736 Medical Properties Trust COM 58463J304 75000 828 X 75000 0 0 Mellon Financial Corporation COM 58551A108 6928642 227834 X 6182074 0 746880 Mellon Financial Corporation COM 58551A108 312 10730 X 1 0 0 0 Mestek Inc. COM 590829107 360100 5978 X 360100 0 0 Microsoft Corporation COM 594918104 2000000 46600 X 2000000 0 0 Millea Holdings, Inc. ADR ADR 60032R106 3142534 292350 X 3097089 0 45445 Mirant Corp. COM 60467R100 861208 23080 X 861208 0 0 Montpelier Re Holdings Ltd. COM G62185106 2245200 38820 X 2245200 0 0 Nabors Industries COM G6359F103 5261964 177802 X 5205956 0 56008 National Western Life Insurance Co. CL A 638522102 154326 36984 X 154326 0 0 NewAlliance Bancshares, Inc. COM 650203102 8524563 121986 X 8259907 0 264656 Nortel Inversora-ADR Pfd B ADR 656567401 329100 2541 X 329100 0 0 Northern Orion Resources, Inc. COM 2820507 230000 1129 X 230000 0 0 Nuveen Investments, Inc., CL A CL A 67090F106 489900 21090 X 489900 0 0 Ocean Shore Holding Company COM 67501P107 55641 701 X 55641 0 0 Omega Flex Inc. COM 682095104 360100 7220 X 360100 0 0 One Liberty Properties COM 682406103 1041500 19789 X 1040900 0 600 Opteum, Inc. Class A REIT 68384A100 110000 992 X 110000 0 0 Origen Financial Inc. COM 68619E208 2322617 14911 X 2266967 0 55650 Pan American Silver Corporation COM 697900108 13000 234 X 13000 0 0 Parexel International Corporation COM 699462107 3127716 90235 X 3037776 0 89940 Park Electrochemical Corporation COM 700416209 965900 24872 X 965900 0 0 Pfizer Inc. COM 717081103 4595328 98462 X 4094114 0 501615 Pfizer Inc. COM 717081103 401 9400 X 1 0 0 0 Pharmaceutical Product Development Inc. COM 717124101 1843726 64752 X 1843726 0 0 PHH Corporation COM 693320202 576700 15882 X 576700 0 0 Pogo Producing Company COM 730448107 2817769 118998 X 2581306 0 236700 Pogo Producing Company COM 730448107 237 10912 X 1 0 0 0 Posco ADR ADR 693483109 4882740 318635 X 4189675 0 693185 Posco ADR ADR 693483109 120 8028 X 1 0 0 0 Precision Drilling Trust TR UNIT 740215108 487400 16182 X 487400 0 0 Prologis Trust SBI 743410102 7369242 384085 X 7352014 0 17228 PS Business Parks, Inc. COM 69360J107 2169175 127981 X 2167875 0 1300 Radian Group Inc. COM 750236101 2270749 140287 X 2238702 0 32047 Rait Investment Trust SBI 749227104 1078100 31481 X 1078100 0 0 Raymond James Financial COM 754730109 2456092 74346 X 2456092 0 0 Rockville Financial Inc. COM 774186100 478515 7044 X 478515 0 0 Rosetta Resources Inc. COM 777779109 800000 13296 X 800000 0 0 Russ Berrie and Company, Inc. COM 782233100 3569035 43756 X 3476660 0 92375 Sabre Holdings Corp. CL A COM 785905100 406134 8935 X 406134 0 0 Safety Insurance Group, Inc. COM 78648T100 175000 8321 X 175000 0 0 Sanderson Farms Inc. COM 800013104 89500 2505 X 89500 0 0 Sears Holding Corporation COM 812350106 726613 112509 X 726613 0 0 Skyline Corporation COM 830830105 623439 26671 X 623439 0 0 Spirit Finance Corporation COM 848568309 10900 123 X 10900 0 0 St. Jude Medical Inc. COM 790849103 363000 11768 X 363000 0 0 St. Mary Land & Exploration COM 792228108 2073603 83463 X 2073603 0 0 Standex International Corporation COM 854231107 480500 14583 X 480500 0 0 Stanley Furniture COM 854305208 800510 19188 X 800510 0 0 Stewart Information Services COM 860372101 479800 17422 X 479800 0 0 Suncor Energy Inc. COM 867229106 1185775 96060 X 1162275 0 23500 Superior Industries International, Inc. COM 868168105 6247712 106840 X 5727202 0 520917 Superior Industries International, Inc. COM 868168105 407 7438 X 1 0 0 0 SWS Group Inc. COM 78503N107 187590 4525 X 187590 0 0 Sybase Inc. COM 871130100 752976 14608 X 752976 0 0 Sycamore Networks, Inc. COM 871206108 19659824 79819 X 19010274 0 649550 Synopsys Inc. COM 871607107 1817749 34119 X 1817749 0 0 TD Banknorth Inc. COM 87235A101 34087 1004 X 34087 0 0 Technitrol, Inc. COM 878555101 172700 3998 X 172700 0 0 Tejon Ranch Co. COM 879080109 4423099 182055 X 4419146 0 3953 Telecom Corp of New Zealand ADR ADR 879278208 982643 19545 X 904600 0 78043 Tellabs, Inc. COM 879664100 9725743 129450 X 9405993 0 319750 The Buckle, Inc. COM 118440106 295900 12389 X 295900 0 0 The First American Corporation COM 318522307 1048800 44333 X 1048800 0 0 The Phoenix Companies COM 71902E109 4565700 64285 X 4553790 0 11910 The St. Joe Company COM 790148100 14702903 684273 X 14612378 0 90525 Thomas Properties Group Inc. COM 884453101 2336044 27472 X 2329994 0 6050 Tidewater Inc. COM 886423102 913800 44959 X 913800 0 0 Tompkins Trustco Inc. COM 890110109 54704 2352 X 54704 0 0 Toronto-Dominion Bank COM 891160509 16354 830 X 16354 0 0 Trammell Crow Company COM 89288R106 6284509 221026 X 6280109 0 4400 Tribune Co COM 896047107 663245 21509 X 663245 0 0 Trinity Industries COM 896522109 1690672 68303 X 1682463 0 8209 TXU Corporation COM 873168108 800000 47832 X 800000 0 0 Vail Resorts Inc. COM 91879Q109 1941914 72045 X 1940364 0 1550 Vishay Intertecnology, Inc. COM 928298108 643842 10128 X 639842 0 4000 Vornado Realty Trust SBI 929042109 1585825 154697 X 1584550 0 1275 Wauwatosa Holdings Inc. COM 94348P108 468421 7991 X 468421 0 0 Weatherford Int'l Ltd. COM 2962421 203636 10104 X 203636 0 0 Westwood Holdings Group Inc. COM 961765104 1105176 20777 X 1105176 0 0 White Mountains Insurance Group COM G9618E107 61200 29804 X 61200 0 0 Whiting Petroleum Corporation COM 966387102 2391275 100123 X 2374600 0 16675 Willbros Group, Inc. COM 969199108 1630838 30888 X 1630175 0 663 Zale Corp COM 988858106 20000 482 X 20000 0 0