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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 24
072 S000300 20
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 36
072 X000300 707
072 Y000300 523
072 Z000300 570
072AA000300 445
072BB000300 0
072CC010300 0
072CC020300 229
072DD010300 64
072DD020300 0
072EE000300 0
073 A010300 0.0360
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 37
074 B000300 1567
074 C000300 0
074 D000300 8098
074 E000300 0
074 F000300 8364
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 15
074 K000300 46
074 L000300 164
074 M000300 3
074 N000300 18294
074 O000300 1148
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
<PAGE> PAGE 22
074 R030300 0
074 R040300 105
074 S000300 0
074 T000300 17041
074 U010300 1530
074 U020300 0
074 V010300 11.14
074 V020300 0.00
074 W000300 0.0000
074 X000300 10
074 Y000300 0
075 A000300 0
075 B000300 19319
076 000300 0.00
080 A000300 CHUBB GROUP OF INSURANCE CO.
080 C000300 11275
081 A000300 Y
081 B000300 47
082 A000300 Y
082 B000300 50
083 A000300 N
083 B000300 0
084 A000300 N
084 B000300 0
085 A000300 N
085 B000300 N
008 A000401 CITIBANK, N.A.
008 B000401 A
008 C000401 801-000000
008 D010401 NEW YORK
008 D020401 NY
008 D030401 10043
010 A000401 CFBDS, INC.
010 B000401 8-15648
010 C010401 BOSTON
010 C020401 MA
010 C030401 02109
011 A000401 CFBDS, INC.
011 B000401 8-15648
011 C010401 BOSTON
011 C020401 MA
011 C030401 02109
012 A000401 CITIBANK, N.A.
012 B000401 84-0000000
012 C010401 NEW YORK
012 C020401 NY
012 C030401 10043
013 A000401 PRICEWATERHOUSECOOPERS LLP
013 B010401 BOSTON
013 B020401 MA
013 B030401 02110
<PAGE> PAGE 23
014 A000401 CFBDS, INC.
014 B000401 8-15648
015 A000401 STATE STREET BANK & TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02110
015 E010401 X
018 000400 Y
019 A000400 Y
019 B000400 48
019 C000400 CITIFUNDS.
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 306
028 A020400 0
028 A030400 0
028 A040400 273
028 B010400 38
028 B020400 0
028 B030400 0
028 B040400 459
028 C010400 13
028 C020400 0
028 C030400 0
028 C040400 133
028 D010400 31
028 D020400 0
028 D030400 0
028 D040400 404
028 E010400 12
028 E020400 0
028 E030400 0
028 E040400 400
028 F010400 13
028 F020400 0
028 F030400 0
028 F040400 327
028 G010400 413
028 G020400 0
028 G030400 0
028 G040400 1996
028 H000400 0
029 000400 N
<PAGE> PAGE 24
030 A000400 0
030 B000400 0.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
034 000400 N
035 000400 0
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.750
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
<PAGE> PAGE 25
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
054 A000400 Y
054 B000400 Y
054 C000400 Y
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 Y
058 B000400 Y
058 C000400 N
058 D000400 N
058 E000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
<PAGE> PAGE 26
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 Y
067 000400 Y
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 21140
<PAGE> PAGE 27
071 B000400 25897
071 C000400 10610
071 D000400 199
072 A000400 12
072 B000400 217
072 C000400 115
072 D000400 0
072 E000400 0
072 F000400 83
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 421
072 K000400 0
072 L000400 15
072 M000400 6
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 24
072 S000400 20
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 34
072 X000400 603
072 Y000400 465
072 Z000400 194
072AA000400 374
072BB000400 0
072CC010400 173
072CC020400 0
072DD010400 35
072DD020400 0
072EE000400 0
073 A010400 0.0340
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 4
074 B000400 900
074 C000400 0
074 D000400 2607
074 E000400 0
074 F000400 6553
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 14
074 K000400 47
<PAGE> PAGE 28
074 L000400 64
074 M000400 4
074 N000400 10193
074 O000400 298
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 99
074 S000400 0
074 T000400 9796
074 U010400 886
074 U020400 0
074 V010400 11.06
074 V020400 0.00
074 W000400 0.0000
074 X000400 10
074 Y000400 0
075 A000400 0
075 B000400 11088
076 000400 0.00
080 A000400 CHUBB GROUP OF INSURANCE CO.
080 C000400 11275
081 A000400 Y
081 B000400 47
082 A000400 Y
082 B000400 50
083 A000400 N
083 B000400 0
084 A000400 N
084 B000400 0
085 A000400 N
085 B000400 N
008 A000501 CITIBANK, N.A.
008 B000501 A
008 C000501 801-000000
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10043
010 A000501 CFBDS, INC.
010 B000501 8-15648
010 C010501 BOSTON
010 C020501 MA
010 C030501 02109
011 A000501 CFBDS, INC.
011 B000501 8-15648
011 C010501 BOSTON
011 C020501 MA
011 C030501 02109
012 A000501 CITIBANK, N.A.
<PAGE> PAGE 29
012 B000501 84-0000000
012 C010501 NEW YORK
012 C020501 NY
012 C030501 10043
013 A000501 PRICEWATERHOUSECOOPERS LLP
013 B010501 BOSTON
013 B020501 MA
013 B030501 02110
014 A000501 CFBDS, INC.
014 B000501 8-15648
015 A000501 STATE STREET BANK & TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02110
015 E010501 X
018 000500 Y
019 A000500 Y
019 B000500 48
019 C000500 CITIFUNDS.
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 2
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028 A030500 0
028 A040500 122
028 B010500 30
028 B020500 0
028 B030500 0
028 B040500 35
028 C010500 1
028 C020500 0
028 C030500 0
028 C040500 27
028 D010500 3
028 D020500 0
028 D030500 0
028 D040500 245
028 E010500 9
028 E020500 0
028 E030500 0
028 E040500 213
028 F010500 15
028 F020500 0
<PAGE> PAGE 30
028 F030500 0
028 F040500 147
028 G010500 60
028 G020500 0
028 G030500 0
028 G040500 789
028 H000500 0
029 000500 N
030 A000500 0
030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.750
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
<PAGE> PAGE 31
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 Y
058 B000500 Y
058 C000500 N
058 D000500 N
058 E000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
<PAGE> PAGE 32
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 Y
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 Y
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 N
<PAGE> PAGE 33
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 3308
071 B000500 4838
071 C000500 4249
071 D000500 78
072 A000500 12
072 B000500 37
072 C000500 65
072 D000500 0
072 E000500 0
072 F000500 35
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 350
072 K000500 0
072 L000500 15
072 M000500 6
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 24
072 S000500 20
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 31
072 X000500 481
072 Y000500 423
072 Z000500 44
072AA000500 277
072BB000500 0
072CC010500 151
072CC020500 0
072DD010500 9
072DD020500 0
072EE000500 0
073 A010500 0.0180
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 4
074 B000500 465
074 C000500 0
<PAGE> PAGE 34
074 D000500 174
074 E000500 0
074 F000500 3476
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 4
074 K000500 48
074 L000500 6
074 M000500 3
074 N000500 4180
074 O000500 18
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 88
074 S000500 0
074 T000500 4074
074 U010500 424
074 U020500 0
074 V010500 9.62
074 V020500 0.00
074 W000500 0.0000
074 X000500 10
074 Y000500 0
075 A000500 0
075 B000500 4641
076 000500 0.00
080 A000500 CHUBB GROUP OF INSURANCE CO.
080 C000500 11275
081 A000500 Y
081 B000500 47
082 A000500 Y
082 B000500 50
083 A000500 N
083 B000500 0
084 A000500 N
084 B000500 0
085 A000500 N
085 B000500 N
SIGNATURE JOHN R. ELDER
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001026107
<NAME> VARIABLE ANNUITY PORTFOLIOS
<SERIES>
<NUMBER> 2
<NAME>CITISELECT VIP FOLIO 200
<S> <C>
<PERIOD-TYPE> 1-Year
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 12,531,197
<INVESTMENTS-AT-VALUE> 12,578,354
<RECEIVABLES> 184,714
<ASSETS-OTHER> 671
<OTHER-ITEMS-ASSETS> 7,550
<TOTAL-ASSETS> 12,771,289
<PAYABLE-FOR-SECURITIES> 1,084,424
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,084,424
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,087,272
<SHARES-COMMON-STOCK> 1,103,162
<SHARES-COMMON-PRIOR> 1,345,064
<ACCUMULATED-NII-CURRENT> 442,477
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,581
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,150
<NET-ASSETS> 11,588,480
<DIVIDEND-INCOME> 52,774
<INTEREST-INCOME> 542,551
<OTHER-INCOME> 0
<EXPENSES-NET> 120,210
<NET-INVESTMENT-INCOME> 475,115
<REALIZED-GAINS-CURRENT> 27,498
<APPREC-INCREASE-CURRENT> (336,720)
<NET-CHANGE-FROM-OPS> 165,893
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23,901)
<DISTRIBUTIONS-OF-GAINS> (52,558)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,665,059
<NUMBER-OF-SHARES-REDEEMED> (4,237,300)
<SHARES-REINVESTED> 76,441
<NET-CHANGE-IN-ASSETS> (2,406,366)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 36,641
<OVERDISTRIB-NII-PRIOR> (8,737)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 94,905
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 609,983
<AVERAGE-NET-ASSETS> 12,654,019
<PER-SHARE-NAV-BEGIN> 10.40
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.50
<EXPENSE-RATIO> 0.95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
CitiBank EDGAR Filing
Financial Data Schedule
Name of FuVariable Annuity Portfolios
CIK Number0001026107
Series # :3
Series NamCitiSelect VIP Folio 300
Period EndDec-31-1999 [mmm-dd-yyyy]
Fiscal YeaDec-31-1999 [mmm-dd-yyyy]
Period Typ1-Year [mo(s) or year]
Statement of Asset and Liabilities
Assets
Investment (co $ 17,541,7) 18,029,206
Cash (domestic and foreign) 37,560
Receivable for securities Sold 15,164
Receivable for Capital Stock sold -
Dividend receivable 7,331
Interest receivable 150,971
Other receivable 51,140
Other assets 2,728
Total Assets 18,294,100
Liabilities
Payable for Securities Purchased 1,148,015
Other payables 5,103
Other Liablities 99,597
Total Liablities 1,252,715
Net Assets 17,041,385
Capital Section
Paid-in Capital 15,634,846
Undistributed Net Realized gain (loss) on Investments 404,751
Unrealized appreciation (depreciation) of investments and
foreign currency translations 486,321
Undistributed net investment income 515,467
Total Capital 17,041,385
Statement of Operations
Investment Income
Interest Income 623,009
Dividend Income 130,811
Other Income -
Total Income 753,820
Expenses
Investment advisory fees 144,895
Interest expense -
Other expenses 562,208
Gross expenses 707,103
Less: Waivers and Subsidies (523,625)
Net expenses 183,478
Net investment income 570,342
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) form investment transactions 444,994
Net change in unrealized appreciation/(depreciation) (229,268)
Net realized and unrealized gain/(loss) on investments 215,726
Net Increase/(Decrease) in Net Assets resulting
from Operations 786,068
Statement of Changes in Net Assets
Increase/(Decrease) in Net Assets from:
Operations
Net investment income 570,342
Net realized gain/(loss) on investments 444,994
Net change in unrealized appreciation/(depreciation)
of investments (229,268)
Net increase/(decrease) in net assets resulting from
operations 786,068
Distribution to Shareholders
Net Investment Income (64,317)
Capital gains -
Return of Capital (Income) -
Return of Capital (Capital) -
Total Distribution to Shareholders (64,317)
Capital Stock Transactions
Net proceeds from sale of shares 884,642
Cost of shares repurchased (7,342,482)
Dividend and/or Distribution 64,194
(6,393,646)
Net Increase/(decrease) in Net Assets (5,671,895)
Net Assets
Beginning of Period 22,713,280
End of Period 17,041,385
Miscellanous Information
Shares
Prior 2,129,027
Subs 83,111
Redemptions (688,241)
Reinvested 6,022
Current Shares 1,529,919
Undistributed Income
Prior undistribute 9,442
Net investment income 570,342
Return of Capital -
Income Distribution (64,317)
Current undistribute income 515,467
Undistribute Capital Gain
Prior undistribute (40,243)
Net Capital Gain/(Loss) 444,994
Return of Capital -
Capital Gain Distribution -
Current undistribute income 404,751
Average Net Assets 19,319,331
Financial Highlights
Net Asset Value, Beginning of period 10.67
Income from Operations
Net Investment Income 0.368
Net realized and unrealized gain/(loss) on
investments 0.138
Total from operations 0.506
Less distribution from:
Net investment income (0.036)
Net realized gain on investments -
Return of Capital -
Total distributions (0.036)
Net Asset Value, end of period 11.14
Expense Ratio 0.95
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
CitiBank EDGAR Filing
Financial Data Schedule
Name of FuVariable Annuity Portfolios
CIK Number0001026107
Series # :4
Series NamCitiSelect VIP Folio 400
Period EndDec-31-1999 [mmm-dd-yyyy]
Fiscal YeaDec-31-1999 [mmm-dd-yyyy]
Period Typ1-Year [mo(s) or year]
Statement of Asset and Liabilities
Assets
Investment (co $ 9,534,) 10,060,378
Cash (domestic and foreign) 4,401
Receivable for securities Sold 13,479
Receivable for Capital Stock sold -
Dividend receiveable 5,659
Interest receivable 55,637
Other receivable 49,903
Other assets 3,495
Total Assets 10,192,952
Liabilities
Payable for Securities Purchased 298,412
Payable for Capital Stock Repurchased -
Other payables 2,331
Other Liablities 95,900
Total Liablities 396,643
Net Assets 9,796,309
Capital Section
Paid-in Capital 8,851,600
Undistributed Net Realized gain (loss) on Investments 286,055
Unrealized appreciation (depreciation) of investments and
foreign currency translations 525,973
Undistributed net investment income 132,681
Total Capital 9,796,309
Statement of Operations
Investment Income
Interest Income 216,807
Dividend Income 115,677
Other Income -
Total Income 332,484
Expenses
Investment advisory fees 83,158
Interest expense -
Other expenses 520,031
Gross expenses 603,189
Less: Waivers and Subsidies (464,608)
Net expenses 138,581
Net investment income 193,903
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) form investment transactions 373,577
Net change in unrealized appreciation/(depreciation) 173,141
Net realized and unrealized gain/(loss) on investments 546,718
Net Increase/(Decrease) in Net Assets resulting
from Operations 740,621
Statement of Changes in Net Assets
Increase/(Decrease) in Net Assets from:
Operations
Net investment income 193,903
Net realized gain/(loss) on investments 373,577
Net change in unrealized appreciation/(depreciation)
of investments 173,141
Net increase/(decrease) in net assets resulting from
operations 740,621
Distribution to Shareholders
Net Investment Income (35,288)
Capital gains -
Return of Capital (Income) -
Return of Capital (Capital) -
Total Distribution to Shareholders (35,288)
Capital Stock Transactions
Net proceeds from sale of shares 775,709
Cost of shares repurchased (5,470,645)
Dividend and/or Distribution 35,280
(4,659,656)
Net Increase/(decrease) in Net Assets (3,954,323)
Net Assets
Beginning of Period 13,750,632
End of Period 9,796,309
Miscellanous Information
Shares
Prior 1,344,262
Subs 75,616
Redemptions (537,243)
Reinvested 3,389
Current Shares 886,024
Undistributed Income
Prior undistribute (25,934)
Net investment income 193,903
Return of Capital -
Income Distribution (35,288)
Current undistribute income 132,681
Undistribute Capital Gain
Prior undistribute (87,522)
Net Capital Gain/(Loss) 373,577
Return of Capital -
Capital Gain Distribution -
Current undistribute income 286,055
Average Net Assets 11,087,699
Financial Highlights
Net Asset Value, Beginning of period 10.23
Income from Operations
Net Investment Income 0.203
Net realized and unrealized gain/(loss) on
investments 0.661
Total from operations 0.864
Less distribution from:
Net investment income (0.034)
Net realized gain on investments -
Return of Capital -
Total distributions (0.034)
Net Asset Value, end of period 11.06
Expense Ratio 1.25
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
CitiBank EDGAR Filing
Financial Data Schedule
Name of FuVariable Annuity Portfolios
CIK Number0001026107
Series # :5
Series NamCitiSelect VIP Folio 500
Period EndDec-31-1999 [mmm-dd-yyyy]
Fiscal YeaDec-31-1999 [mmm-dd-yyyy]
Period Typ1-Year [mo(s) or year]
Statement of Asset and Liabilities
Assets
Investment (co $ 3,809,) 4,114,952
Cash (domestic and foreign) 3,803
Receivable for securities Sold 3,370
Receivable for Capital Stock sold -
Dividend receivable 3,051
Interest receivable 3,531
Other receivable 48,185
Other assets 2,774
Total Assets 4,179,666
Liabilities
Payable for Securities Purchased 18,430
Other payables -
Other Liablities 87,650
Total Liablities 106,080
Net Assets 4,073,586
Capital Section
Paid-in Capital 3,562,277
Undistributed Net Realized gain (loss) on Investments 198,323
Unrealized appreciation (depreciation) of investments and
foreign currency translations 304,829
Undistributed net investment income 8,157
Total Capital 4,073,586
Statement of Operations
Investment Income
Interest Income 37,278
Dividend Income 64,921
Other Income -
Total Income 102,199
Expenses
Investment advisory fees 34,811
Interest expense -
Other expenses 446,748
Gross expenses 481,559
Less: Waivers and Subsidies (423,537)
Net expenses 58,022
Net investment income 44,177
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) from investment transactions 276,578
Net change in unrealized appreciation/(depreciation) 151,182
Net realized and unrealized gain/(loss) on investments 427,760
Net Increase/(Decrease) in Net Assets resulting
from Operations 471,937
Statement of Changes in Net Assets
Increase/(Decrease) in Net Assets from:
Operations
Net investment income 44,177
Net realized gain/(loss) on investments 276,578
Net change in unrealized appreciation/(depreciation)
of investments 151,182
Net increase/(decrease) in net assets resulting from
operations 471,937
Distribution to Shareholders
Net Investment Income (8,994)
Capital gains -
Return of Capital (Income) -
Return of Capital (Capital) -
Total Distribution to Shareholders (8,994)
Capital Stock Transactions
Net proceeds from sale of shares 153,260
Cost of shares repurchased (2,255,140)
Dividend and/or Distribution 8,997
(2,092,883)
Net Increase/(decrease) in Net Assets (1,629,940)
Net Assets
Beginning of Period 5,703,526
End of Period 4,073,586
Miscellanous Information
Shares
Prior 662,033
Subs 17,316
Redemptions (256,804)
Reinvested 1,006
Current Shares 423,551
Undistributed Income
Prior undistribute (27,026)
Net investment income 44,177
Return of Capital -
Income Distribution (8,994)
Current undistribute income 8,157
Undistribute Capital Gain
Prior undistribute (78,255)
Net Capital Gain/(Loss) 276,578
Return of Capital -
Capital Gain Distribution -
Current undistribute income 198,323
Average Net Assets 4,641,478
Financial Highlights
Net Asset Value, Beginning of period 8.62
Income from Operations
Net Investment Income 0.078
Net realized and unrealized gain/(loss) on
investments 0.940
Total from operations 1.018
Less distribution from:
Net investment income (0.018)
Net realized gain on investments -
Return of Capital -
Total distributions (0.018)
Net Asset Value, end of period 9.62
Expense Ratio 1.25
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
CitiBank EDGAR Filing
Financial Data Schedule
Name of FuVariable Annuity Portfolios
CIK Number0001026107
Series # :1
Series NamCitiFunds Small Cap Growth VIP Portfolio
Period EndDec-31-1999 [mmm-dd-yyyy]
Fiscal YeaDec-31-1999 [mmm-dd-yyyy]
Period Typ1-Year [mo(s) or year]
Statement of Asset and Liabilities
Assets
Investment (co $ 3,120,) 3,824,257
Cash (domestic and foreign) 826
Receivable for securities Sold -
Receivable for Capital Stock sold -
Dividend receivable 75
Interest receivable -
Other receivable 29,525
Other assets -
Total Assets 3,854,683
Liabilities
Payable for Securities Purchased -
Other payables -
Other Liablities 42,302
Total Liablities 42,302
Net Assets 3,812,381
Capital Section
Paid-in Capital 2,707,650
Undistributed Net Realized gain (loss) on Investments 412,314
Unrealized appreciation (depreciation) of investments and
foreign currency translations 703,795
Undistributed net investment income (11,378)
Total Capital 3,812,381
Statement of Operations
Investment Income
Interest Income 3,783
Dividend Income 4,383
Other Income -
Total Income 8,166
Expenses
Investment advisory fees 16,289
Interest expense -
Other expenses 187,791
Gross expenses 204,080
Less: Waivers and Subsidies (184,536)
Net expenses 19,544
Net investment income (11,378)
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) form investment transactions 425,218
Net change in unrealized appreciation/(depreciation) 448,441
Net realized and unrealized gain/(loss) on investments 873,659
Net Increase/(Decrease) in Net Assets resulting
from Operations 862,281
Statement of Changes in Net Assets
Increase/(Decrease) in Net Assets from:
Operations
Net investment income (11,378)
Net realized gain/(loss) on investments 425,218
Net change in unrealized appreciation/(depreciation)
of investments 448,441
Net increase/(decrease) in net assets resulting from
operations 862,281
Distribution to Shareholders
Net Investment Income -
Capital gains -
Return of Capital (Income) -
Return of Capital (Capital) -
Total Distribution to Shareholders -
Capital Stock Transactions
Net proceeds from sale of shares 1,499,089
Cost of shares repurchased (554,718)
Dividend and/or Distribution -
944,371
Net Increase/(decrease) in Net Assets 1,806,652
Net Assets
Beginning of Period 2,005,729
End of Period 3,812,381
Miscellanous Information
Shares
Prior 208,898
Subs 136,874
Redemptions (57,218)
Reinvested -
Current Shares 288,554
Undistributed Income
Prior undistribute -
Net investment income (11,378)
Return of Capital -
Income Distribution -
Current undistribute income (11,378)
Undistribute Capital Gain
Prior undistribute (12,904)
Net Capital Gain/(Loss) 425,218
Return of Capital -
Capital Gain Distribution -
Current undistribute income 412,314
Average Net Assets 2,171,844
Financial Highlights
Net Asset Value, Beginning of period 9.60
Income from Operations
Net Investment Income (0.04)
Net realized and unrealized gain/(loss) on
investments 3.65
Total from operations 3.61
Less distribution from:
Net investment income -
Net realized gain on investments -
Return of Capital -
Total distributions -
Net Asset Value, end of period 13.21
Expense Ratio 0.90
</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Variable Annuity Portfolios: CitiSelect VIP Folio 200
Conservative, CitiSelect VIP Folio 300 Balanced, CitiSelect VIP
Folio 400 Growth, and CitiSelect VIP Folio 500 Growth Plus
In planning and performing our audits of the financial statements
of Variable Annuity Portfolios: CitiSelect VIP Folio 200
Conservative, CitiSelect VIP Folio 300 Balanced, CitiSelect VIP
Folio 400 Growth, and CitiSelect VIP Folio 500 Growth Plus
(collectively the "Fund"), each a series of Variable Annuity
Portfolios, for the year ended December 31, 1999, we considered
their 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 Fund 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 accounting
principles generally accepted in the United States. 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 it may become inadequate because of changes in
conditions or that the effectiveness of the 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
management and the Board of Trustees of the Fund and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
21-Feb-00
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Variable Annuity Portfolios: CitiFunds Small Cap Growth VIP
Portfolio
In planning and performing our audit of the financial statements
of CitiFunds Small Cap Growth VIP Portfolio (the "Fund"), a
series of Variable Annuity Portfolios, for the year 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 Fund 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 accounting
principles generally accepted in the United States. 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 it may become inadequate because of changes in
conditions or that the effectiveness of the 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
management and the Board of Trustees of the Fund and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
