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SIGNATURE EILEEN CALIGIURI
TITLE REGULATORY ADMIN
SUB-ITEM 77(b)
Report of Independent Accountants
To the Trustees and Shareholders of
Third Avenue Variable Series Trust -
Third Avenue Value Portfolio
In planning and performing our audit of the financial statements of
Third Avenue Variable Series Trust - Third Avenue Value Portfolio
(the "Company") for the period ended December 31, 1999 we considered
its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Company is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that
controls may become inadequate because of changes in conditions or
that the effectiveness of their design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course
of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 1999.
This report is intended solely for the information and use of the
Trustees, management and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
February 14, 2000
2
2
[ARTICLE] 6
[CIK] 0001089107
[NAME] THIRD AVENUE VARIABLE SERIES TRUST
[SERIES]
[NUMBER] 1
[NAME] THIRD AVENUE VALUE PORTFOLIO
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] 4-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-START] SEP-21-1999
[PERIOD-END] DEC-31-1999
[INVESTMENTS-AT-COST] 3861761
[INVESTMENTS-AT-VALUE] 4119367
[RECEIVABLES] 97440
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 511492
[TOTAL-ASSETS] 4728299
[PAYABLE-FOR-SECURITIES] 190410
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 170845
[TOTAL-LIABILITIES] 361255
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 4096210
[SHARES-COMMON-STOCK] 402689
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 13228
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 257606
[NET-ASSETS] 4367044
[DIVIDEND-INCOME] 9359
[INTEREST-INCOME] 9613
[OTHER-INCOME] 0
[EXPENSES-NET] 5744
[NET-INVESTMENT-INCOME] 13228
[REALIZED-GAINS-CURRENT] 0
[APPREC-INCREASE-CURRENT] 257606
[NET-CHANGE-FROM-OPS] 270834
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 408126
[NUMBER-OF-SHARES-REDEEMED] 5437
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 270834
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 4011
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 152060
[AVERAGE-NET-ASSETS] 1611850
[PER-SHARE-NAV-BEGIN] 10.00
[PER-SHARE-NII] .03
[PER-SHARE-GAIN-APPREC] .81
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.84
[EXPENSE-RATIO] 1.30
</TABLE>
