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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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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 15
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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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<PAGE> PAGE 21
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062 N000600 51.1
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 13.0
064 A000600 N
064 B000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
<PAGE> PAGE 22
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 2957
071 B000600 4910
071 C000600 3754
071 D000600 69
072 A000600 12
072 B000600 250
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 18
072 G000600 7
072 H000600 0
072 I000600 0
072 J000600 13
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 25
072 S000600 0
072 T000600 0
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<PAGE> PAGE 23
072 W000600 2
072 X000600 65
072 Y000600 35
072 Z000600 220
072AA000600 117
072BB000600 0
072CC010600 0
072CC020600 143
072DD010600 267
072DD020600 0
072EE000600 81
073 A010600 1.1340
073 A020600 0.0000
073 B000600 0.3410
073 C000600 0.0000
074 A000600 52
074 B000600 0
074 C000600 609
074 D000600 2322
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 27
074 M000600 0
074 N000600 3010
074 O000600 0
074 P000600 1
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 15
074 S000600 0
074 T000600 2994
074 U010600 314
074 U020600 0
074 V010600 9.53
074 V020600 0.00
074 W000600 0.0000
074 X000600 2
074 Y000600 0
075 A000600 0
075 B000600 3639
076 000600 0.00
SIGNATURE DEAN B. HARRIS
TITLE 2VP
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> ASSET ALLOCATION PORTFOLIO
<SERIES>
<NUMBER> 011
<NAME> ASSET ALLOCATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 3,889,564
<INVESTMENTS-AT-VALUE> 4,004,681
<RECEIVABLES> 290,811
<ASSETS-OTHER> 238
<OTHER-ITEMS-ASSETS> 321
<TOTAL-ASSETS> 4,296,051
<PAYABLE-FOR-SECURITIES> 249,323
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 262,834
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 361,593
<SHARES-COMMON-PRIOR> 502,538
<ACCUMULATED-NII-CURRENT> 69,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 517,087
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 115,117
<NET-ASSETS> 4,033,217
<DIVIDEND-INCOME> 41,794
<INTEREST-INCOME> 121,958
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<EXPENSES-NET> 34,518
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<REALIZED-GAINS-CURRENT> 524,469
<APPREC-INCREASE-CURRENT> (219,331)
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 88,726
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<NUMBER-OF-SHARES-SOLD> 96,621
<NUMBER-OF-SHARES-REDEEMED> 261,398
<SHARES-REINVESTED> 23,832
<NET-CHANGE-IN-ASSETS> (1,512,517)
<ACCUMULATED-NII-PRIOR> 102,855
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> CAPITAL GROWTH PORTFOLIO
<SERIES>
<NUMBER> 021
<NAME> CAPITAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 7,239,150
<INVESTMENTS-AT-VALUE> 8,140,185
<RECEIVABLES> 199,485
<ASSETS-OTHER> 452
<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 430,197
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 571,585
<SHARES-COMMON-PRIOR> 531,755
<ACCUMULATED-NII-CURRENT> 40,578
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 883,812
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 901,035
<NET-ASSETS> 7,909,955
<DIVIDEND-INCOME> 57,572
<INTEREST-INCOME> 59,023
<OTHER-INCOME> 0
<EXPENSES-NET> 56,006
<NET-INVESTMENT-INCOME> 60,589
<REALIZED-GAINS-CURRENT> 857,222
<APPREC-INCREASE-CURRENT> 60,856
<NET-CHANGE-FROM-OPS> 978,667
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 49,138
<DISTRIBUTIONS-OF-GAINS> 74,399
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 276,967
<NUMBER-OF-SHARES-REDEEMED> 247,141
<SHARES-REINVESTED> 10,004
<NET-CHANGE-IN-ASSETS> 1,581,378
<ACCUMULATED-NII-PRIOR> 29,126
<ACCUMULATED-GAINS-PRIOR> 100,990
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,336
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 122,621
<AVERAGE-NET-ASSETS> 6,216,482
<PER-SHARE-NAV-BEGIN> 11.9
<PER-SHARE-NII> .158
<PER-SHARE-GAIN-APPREC> 2.139
<PER-SHARE-DIVIDEND> .142
<PER-SHARE-DISTRIBUTIONS> .215
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.84
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> GROWTH & INCOME PORTFOLIO
<SERIES>
<NUMBER> 031
<NAME> GROWTH & INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 7,693,186
<INVESTMENTS-AT-VALUE> 8,063,237
<RECEIVABLES> 38,166
<ASSETS-OTHER> 452
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,101,855
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,514
<TOTAL-LIABILITIES> 20,514
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,700,159
<SHARES-COMMON-STOCK> 634,138
<SHARES-COMMON-PRIOR> 544,279
<ACCUMULATED-NII-CURRENT> 65,829
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 945,302
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 370,051
<NET-ASSETS> 8,081,341
<DIVIDEND-INCOME> 99,858
<INTEREST-INCOME> 55,029
<OTHER-INCOME> 0
<EXPENSES-NET> 53,474
<NET-INVESTMENT-INCOME> 101,413
<REALIZED-GAINS-CURRENT> 951,933
<APPREC-INCREASE-CURRENT> (252,165)
<NET-CHANGE-FROM-OPS> 801,181
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 95,201
<DISTRIBUTIONS-OF-GAINS> 79,334
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 328,234
<NUMBER-OF-SHARES-REDEEMED> 253,425
<SHARES-REINVESTED> 15,050
<NET-CHANGE-IN-ASSETS> 1,834,725
<ACCUMULATED-NII-PRIOR> 59,617
<ACCUMULATED-GAINS-PRIOR> 72,703
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,435
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117,605
<AVERAGE-NET-ASSETS> 5,900,020
<PER-SHARE-NAV-BEGIN> 11.48
<PER-SHARE-NII> .294
<PER-SHARE-GAIN-APPREC> 1.516
<PER-SHARE-DIVIDEND> .3
<PER-SHARE-DISTRIBUTIONS> .25
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.74
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<SERIES>
<NUMBER> 041
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 3,639,722
<INVESTMENTS-AT-VALUE> 3,641,119
<RECEIVABLES> 158,511
<ASSETS-OTHER> 234
<OTHER-ITEMS-ASSETS> 164,633
<TOTAL-ASSETS> 3,964,497
<PAYABLE-FOR-SECURITIES> 29,975
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,755
<TOTAL-LIABILITIES> 63,730
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,554,091
<SHARES-COMMON-STOCK> 368,447
<SHARES-COMMON-PRIOR> 503,559
<ACCUMULATED-NII-CURRENT> 25,948
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 325,428
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,700)
<NET-ASSETS> 3,900,767
<DIVIDEND-INCOME> 65,685
<INTEREST-INCOME> 8,890
<OTHER-INCOME> 0
<EXPENSES-NET> 42,756
<NET-INVESTMENT-INCOME> 31,819
<REALIZED-GAINS-CURRENT> 375,948
<APPREC-INCREASE-CURRENT> (378,878)
<NET-CHANGE-FROM-OPS> 28,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 57,394
<DISTRIBUTIONS-OF-GAINS> 68,873
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 130,714
<NUMBER-OF-SHARES-REDEEMED> 278,033
<SHARES-REINVESTED> 12,206
<NET-CHANGE-IN-ASSETS> (1,580,779)
<ACCUMULATED-NII-PRIOR> 48,292
<ACCUMULATED-GAINS-PRIOR> 21,585
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 163,673
<AVERAGE-NET-ASSETS> 3,877,487
<PER-SHARE-NAV-BEGIN> 10.89
<PER-SHARE-NII> .216
<PER-SHARE-GAIN-APPREC> .034
<PER-SHARE-DIVIDEND> .25
<PER-SHARE-DISTRIBUTIONS> .30
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> MONEY MARKET PORTFOLIO
<SERIES>
<NUMBER> 051
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 2,938,299
<INVESTMENTS-AT-VALUE> 2,938,299
<RECEIVABLES> 26,399
<ASSETS-OTHER> 216
<OTHER-ITEMS-ASSETS> 4,299
<TOTAL-ASSETS> 2,969,213
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,883
<TOTAL-LIABILITIES> 18,883
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,950,330
<SHARES-COMMON-STOCK> 2,950,318
<SHARES-COMMON-PRIOR> 5,422,211
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,950,330
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 201,400
<OTHER-INCOME> 0
<EXPENSES-NET> 19,633
<NET-INVESTMENT-INCOME> 181,767
<REALIZED-GAINS-CURRENT> (6)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 181,761
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 181,761
<DISTRIBUTIONS-OF-GAINS> 134
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,170,381
<NUMBER-OF-SHARES-REDEEMED> 3,824,110
<SHARES-REINVESTED> 181,836
<NET-CHANGE-IN-ASSETS> (2,472,022)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 134
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,923
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 62,200
<AVERAGE-NET-ASSETS> 3,564,441
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> U S TREASURY INCOME PORTFOLIO
<SERIES>
<NUMBER> 061
<NAME> U S TREASURY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 2,959,617
<INVESTMENTS-AT-VALUE> 2,930,985
<RECEIVABLES> 23,247
<ASSETS-OTHER> 3,364
<OTHER-ITEMS-ASSETS> 52,215
<TOTAL-ASSETS> 3,009,811
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,798
<TOTAL-LIABILITIES> 15,798
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,803,342
<SHARES-COMMON-STOCK> 314,196
<SHARES-COMMON-PRIOR> 504,033
<ACCUMULATED-NII-CURRENT> 113,553
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 105,751
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (28,633)
<NET-ASSETS> 2,994,013
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 249,647
<OTHER-INCOME> 0
<EXPENSES-NET> 29,169
<NET-INVESTMENT-INCOME> 220,478
<REALIZED-GAINS-CURRENT> 117,161
<APPREC-INCREASE-CURRENT> (143,239)
<NET-CHANGE-FROM-OPS> 194,400
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 269,425
<DISTRIBUTIONS-OF-GAINS> 81,018
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,896
<NUMBER-OF-SHARES-REDEEMED> 271,621
<SHARES-REINVESTED> 35,888
<NET-CHANGE-IN-ASSETS> (2,395,905)
<ACCUMULATED-NII-PRIOR> 162,500
<ACCUMULATED-GAINS-PRIOR> 69,608
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,220
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65,061
<AVERAGE-NET-ASSETS> 3,639,169
<PER-SHARE-NAV-BEGIN> 10.69
<PER-SHARE-NII> 1.173
<PER-SHARE-GAIN-APPREC> (.850)
<PER-SHARE-DIVIDEND> 1.134
<PER-SHARE-DISTRIBUTIONS> .341
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.53
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
October 18, 1996
To the Trustees of
Mutual Fund Variable Annuity Trust
In planning and performing our audit of the financial statements of Mutual
Fund Variable Annuity Trust (the "Fund") for the year ended August 31,
1996, we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purposes of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and not to provide assurance
on the internal control structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the effective-
ness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities 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 the internal
control structure, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of August 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
