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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 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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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
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
<PAGE> PAGE 22
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 2127
071 B000600 1054
071 C000600 3354
071 D000600 31
072 A000600 12
072 B000600 228
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 17
072 G000600 7
072 H000600 0
072 I000600 0
072 J000600 12
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 23
072 S000600 0
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 2
072 X000600 61
072 Y000600 34
072 Z000600 201
072AA000600 0
072BB000600 1
<PAGE> PAGE 23
072CC010600 62
072CC020600 0
072DD010600 175
072DD020600 0
072EE000600 107
073 A010600 0.5400
073 A020600 0.0000
073 B000600 0.3300
073 C000600 0.0000
074 A000600 1
074 B000600 0
074 C000600 382
074 D000600 3390
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 44
074 M000600 0
074 N000600 3817
074 O000600 0
074 P000600 2
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 14
074 S000600 0
074 T000600 3801
074 U010600 404
074 U020600 0
074 V010600 9.40
074 V020600 0.00
074 W000600 0.0000
074 X000600 2
074 Y000600 0
075 A000600 0
075 B000600 3397
076 000600 0.00
SIGNATURE DEAN B. HARRIS
TITLE 2VP
October 14, 1997
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, 1997,
we considered its internal control, including control activities for safe-
guarding 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 ot the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judge-
ments by management are required to assess the expected benefitse and related
costs of control activities. Generally, control activities 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 control activities include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 any
specific internal control components 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 internal
control, including control activities for safeguarding securities, that we
consider to be material weaknesses as defined above as of August 3, 1997.
This report is intended solely for the information and use of management and
the Board of Directors of the Fund and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> GROWTH & INCOME PORTFOLIO (VARIABLE ANNUITY)
<SERIES>
<NUMBER> 031
<NAME> GROWTH & INCOME PORTFOLIO (VATIABLE ANNUTIY)
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 12,691,750
<INVESTMENTS-AT-VALUE> 14,938,010
<RECEIVABLES> 80,998
<ASSETS-OTHER> 291
<OTHER-ITEMS-ASSETS> 311
<TOTAL-ASSETS> 15,019,610
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,943
<TOTAL-LIABILITIES> 17,943
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,270,064
<SHARES-COMMON-STOCK> 989,448
<SHARES-COMMON-PRIOR> 634,138
<ACCUMULATED-NII-CURRENT> 104,854
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,380,489
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,246,260
<NET-ASSETS> 15,001,667
<DIVIDEND-INCOME> 187,731
<INTEREST-INCOME> 53,239
<OTHER-INCOME> 0
<EXPENSES-NET> 104,120
<NET-INVESTMENT-INCOME> 136,850
<REALIZED-GAINS-CURRENT> 1,488,185
<APPREC-INCREASE-CURRENT> 1,876,210
<NET-CHANGE-FROM-OPS> 3,510,245
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 100,605
<DISTRIBUTIONS-OF-GAINS> 1,052,999
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 426,540
<NUMBER-OF-SHARES-REDEEMED> 164,444
<SHARES-REINVESTED> 93,214
<NET-CHANGE-IN-ASSETS> 6,920,326
<ACCUMULATED-NII-PRIOR> 65,829
<ACCUMULATED-GAINS-PRIOR> 945,302
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 69,369
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196,612
<AVERAGE-NET-ASSETS> 11,519,798
<PER-SHARE-NAV-BEGIN> 12.740
<PER-SHARE-NII> 0.149
<PER-SHARE-GAIN-APPREC> 3.991
<PER-SHARE-DIVIDEND> .15
<PER-SHARE-DISTRIBUTIONS> 1.570
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.16
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> CAPITAL GROWTH PORTFOLIO (VARIABLE ANNUITY)
<SERIES>
<NUMBER> 021
<NAME> CAPITAL GROWTH PORTFOLIO (VARIABLE ANNUITY)
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 9,860,365
<INVESTMENTS-AT-VALUE> 12,336,652
<RECEIVABLES> 56,371
<ASSETS-OTHER> 380
<OTHER-ITEMS-ASSETS> 970
<TOTAL-ASSETS> 12,34,373
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,077
<TOTAL-LIABILITIES> 21,077
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,193,326
<SHARES-COMMON-STOCK> 797,035
<SHARES-COMMON-PRIOR> 571,585
<ACCUMULATED-NII-CURRENT> 50,206
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 653,477
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,476,287
<NET-ASSETS> 12,373,296
<DIVIDEND-INCOME> 78,143
<INTEREST-INCOME> 75,334
<OTHER-INCOME> 0
<EXPENSES-NET> 89,682
<NET-INVESTMENT-INCOME> 63,795
<REALIZED-GAINS-CURRENT> 790,892
<APPREC-INCREASE-CURRENT> 1,575,253
<NET-CHANGE-FROM-OPS> 2,429,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 57,567
<DISTRIBUTIONS-OF-GAINS> 1,021,229
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 271,956
<NUMBER-OF-SHARES-REDEEMED> 125,230
<SHARES-REINVESTED> 78,724
<NET-CHANGE-IN-ASSETS> 4,463,341
<ACCUMULATED-NII-PRIOR> 40,578
<ACCUMULATED-GAINS-PRIOR> 883,812
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 59,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169,402
<AVERAGE-NET-ASSETS> 9,934,892
<PER-SHARE-NAV-BEGIN> 13.84
<PER-SHARE-NII> .088
<PER-SHARE-GAIN-APPREC> 3.422
<PER-SHARE-DIVIDEND> .10
<PER-SHARE-DISTRIBUTIONS> 1.73
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.52
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> INTERNATIONAL EQUITY PORTFOLIO (VARIABLE ANNUITYR)
<SERIES>
<NUMBER> 041
<NAME> INTERNATIONAL EQUITY PORTFOLIO (VARIABLE ANNUITY)
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 5,193,975
<INVESTMENTS-AT-VALUE> 5,225,315
<RECEIVABLES> 211,393
<ASSETS-OTHER> 112
<OTHER-ITEMS-ASSETS> 60,741
<TOTAL-ASSETS> 5,497,561
<PAYABLE-FOR-SECURITIES> 14,280
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,739
<TOTAL-LIABILITIES> 77,019
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,125,717
<SHARES-COMMON-STOCK> 518,659
<SHARES-COMMON-PRIOR> 368,447
<ACCUMULATED-NII-CURRENT> 107,829
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 167,994
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,002
<NET-ASSETS> 5,420,542
<DIVIDEND-INCOME> 129,831
<INTEREST-INCOME> 18,374
<OTHER-INCOME> 0
<EXPENSES-NET> 53,555
<NET-INVESTMENT-INCOME> 94,650
<REALIZED-GAINS-CURRENT> 229,815
<APPREC-INCREASE-CURRENT> 23,732
<NET-CHANGE-FROM-OPS> 348,197
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 53,064
<DISTRIBUTIONS-OF-GAINS> 346,955
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 129,737
<NUMBER-OF-SHARES-REDEEMED> 19,191
<SHARES-REINVESTED> 39,666
<NET-CHANGE-IN-ASSETS> 1,519,775
<ACCUMULATED-NII-PRIOR> 25,948
<ACCUMULATED-GAINS-PRIOR> 325,428
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,328
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144,355
<AVERAGE-NET-ASSETS> 4,794,918
<PER-SHARE-NAV-BEGIN> 10,59
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> .13
<PER-SHARE-DISTRIBUTIONS> .85
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.45
<EXPENSE-RATIO> 1.110
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> ASSET ALLOCATION PORTFOLIO (VARIABLE ANNUITY)
<SERIES>
<NUMBER> 011
<NAME> ASSET ALLOCATION PORTFOLIO (VARIABLE ANNUITY)
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 5,649,453
<INVESTMENTS-AT-VALUE> 6,231,236
<RECEIVABLES> 77,084
<ASSETS-OTHER> 120
<OTHER-ITEMS-ASSETS> 856
<TOTAL-ASSETS> 6,309,296
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,153
<TOTAL-LIABILITIES> 27,153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,275,865
<SHARES-COMMON-STOCK> 543,165
<SHARES-COMMON-PRIOR> 361,593
<ACCUMULATED-NII-CURRENT> 119,146
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 305,348
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 581,784
<NET-ASSETS> 6,282,143
<DIVIDEND-INCOME> 45,395
<INTEREST-INCOME> 166,500
<OTHER-INCOME> 0
<EXPENSES-NET> 43,647
<NET-INVESTMENT-INCOME> 168,248
<REALIZED-GAINS-CURRENT> 399,608
<APPREC-INCREASE-CURRENT> 466,666
<NET-CHANGE-FROM-OPS> 1,034,522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 118,325
<DISTRIBUTIONS-OF-GAINS> 611,347
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 121,979
<NUMBER-OF-SHARES-REDEEMED> 12,026
<SHARES-REINVESTED> 71,619
<NET-CHANGE-IN-ASSETS> 2,248,926
<ACCUMULATED-NII-PRIOR> 69,223
<ACCUMULATED-GAINS-PRIOR> 517,087
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 28,254
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104,374
<AVERAGE-NET-ASSETS> 5,131,583
<PER-SHARE-NAV-BEGIN> 11.15
<PER-SHARE-NII> .328
<PER-SHARE-GAIN-APPREC> 1.942
<PER-SHARE-DIVIDEND> .30
<PER-SHARE-DISTRIBUTIONS> 1.55
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 11.57
<EXPENSE-RATIO> 0.850
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> U.S. GOVERNMENT INCOME PORTFOLIO (VARIABLE ANNUITY)
<SERIES>
<NUMBER> 061
<NAME> U.S. GOVERNMENT INCOME PORTFOLIO (VARIABLE ANNUITY)
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 3,738,888
<INVESTMENTS-AT-VALUE> 3,772,481
<RECEIVABLES> 44,345
<ASSETS-OTHER> 72
<OTHER-ITEMS-ASSETS> 554
<TOTAL-ASSETS> 3,817,452
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,061
<TOTAL-LIABILITIES> 16,061
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,631,688
<SHARES-COMMON-STOCK> 404,454
<SHARES-COMMON-PRIOR> 314,196
<ACCUMULATED-NII-CURRENT> 137,110
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,000)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,593
<NET-ASSETS> 3,801,391
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 228,140
<OTHER-INCOME> 0
<EXPENSES-NET> 27,249
<NET-INVESTMENT-INCOME> 200,891
<REALIZED-GAINS-CURRENT> (1,000)
<APPREC-INCREASE-CURRENT> 62,226
<NET-CHANGE-FROM-OPS> 262,117
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 175,708
<DISTRIBUTIONS-OF-GAINS> 107,377
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 75,260
<NUMBER-OF-SHARES-REDEEMED> 16,243
<SHARES-REINVESTED> 31,241
<NET-CHANGE-IN-ASSETS> 807,379
<ACCUMULATED-NII-PRIOR> 113,552
<ACCUMULATED-GAINS-PRIOR> 105,751
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,031
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61,218
<AVERAGE-NET-ASSETS> 3,397,130
<PER-SHARE-NAV-BEGIN> 9.53
<PER-SHARE-NII> .522
<PER-SHARE-GAIN-APPREC> .218
<PER-SHARE-DIVIDEND> .540
<PER-SHARE-DISTRIBUTIONS> .330
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.40
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927053
<NAME> MONEY MARKET PORTFOLIO (VARIABLE ANNUITY)
<SERIES>
<NUMBER> 051
<NAME> MONEY MARKET PORTFOLIO (VARIABLE ANNUITY)
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 4,860,575
<INVESTMENTS-AT-VALUE> 4,860,575
<RECEIVABLES> 5,781
<ASSETS-OTHER> 86
<OTHER-ITEMS-ASSETS> 746
<TOTAL-ASSETS> 4,867,188
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,873
<TOTAL-LIABILITIES> 12,873
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,854,326
<SHARES-COMMON-STOCK> 4,854,312
<SHARES-COMMON-PRIOR> 2,950,318
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4,854,315
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 179,588
<OTHER-INCOME> 0
<EXPENSES-NET> 18,364
<NET-INVESTMENT-INCOME> 161,224
<REALIZED-GAINS-CURRENT> (11)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 161,213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 161,224
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 75,260
<NUMBER-OF-SHARES-REDEEMED> 16,243
<SHARES-REINVESTED> 31,241
<NET-CHANGE-IN-ASSETS> 1,903,985
<ACCUMULATED-NII-PRIOR> 6
<ACCUMULATED-GAINS-PRIOR> (6)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,359
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 48,796
<AVERAGE-NET-ASSETS> 3,326,861
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .048
<PER-SHARE-GAIN-APPREC> .00
<PER-SHARE-DIVIDEND> .048
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.550
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
