A small family of mutual funds said today that an error by its accounting agent caused the company to post erroneous net asset values Monday for two of its three products.

Third Avenue Trust said the NAV for its value fund was overstated by $1.26 yesterday. The correct value at the close of trading should have been listed at $34.53. In addition, the firm’s Real Estate value fund was overstated by 12 cents, and should have reflected a NAV of $15.37 at the close of Monday’s trading.

Third Avenue general counsel James Hall attributed the misrepresentation to a clerical mistake and said the problem was corrected before purchase or redemption orders were processed. But the numbers were not changed before they appeared in several publications, he said.

Such snafus are rare, Hall said, but they likely had no direct correlation to last week’s attack on the World Trade Center and the ensuing strain on the financial industry’s infrastructure.

Third Avenue Trust offers a small-cap value product in addition to the two other funds. Its accounting agent is PFPC.

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