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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 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 L000600 0.0
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062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 11.5
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
<PAGE> PAGE 22
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
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 Y
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 2406
071 B000600 600
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071 D000600 14
072 A000600 12
072 B000600 337
072 C000600 0
072 D000600 0
072 E000600 0
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072 I000600 0
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<PAGE> PAGE 23
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072 Y000600 64
072 Z000600 293
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<PAGE> PAGE 24
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SIGNATURE DEAN B. HARRIS
TITLE 2VP
<TABLE> <S> <C>
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<TABLE> <S> <C>
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</TABLE>
<TABLE> <S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (2,581,778)
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<NET-CHANGE-IN-ASSETS> (1,575,230)
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<ACCUMULATED-GAINS-PRIOR> (17)
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<PER-SHARE-NII> .05
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<PER-SHARE-DISTRIBUTIONS> (.05)
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</TABLE>
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<CIK> 0000927053
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<SERIES>
<NUMBER> 061
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<MULTIPLIER> 1
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<TOTAL-ASSETS> 6,608,552
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 304,048
<NET-ASSETS> 6,581,429
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 336,625
<OTHER-INCOME> 0
<EXPENSES-NET> 43,259
<NET-INVESTMENT-INCOME> 293,366
<REALIZED-GAINS-CURRENT> (4,875)
<APPREC-INCREASE-CURRENT> 270,455
<NET-CHANGE-FROM-OPS> 558,946
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (152,142)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 276,633
<NUMBER-OF-SHARES-REDEEMED> (46,840)
<SHARES-REINVESTED> 15,978
<NET-CHANGE-IN-ASSETS> 245,771
<ACCUMULATED-NII-PRIOR> 137,110
<ACCUMULATED-GAINS-PRIOR> (1,000)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27,037
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107,784
<AVERAGE-NET-ASSETS> 5,429,191
<PER-SHARE-NAV-BEGIN> 9.4
<PER-SHARE-NII> .391
<PER-SHARE-GAIN-APPREC> .635
<PER-SHARE-DIVIDEND> 1.026
<PER-SHARE-DISTRIBUTIONS> (.306)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.12
<EXPENSE-RATIO> .8
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</TABLE>
Report of Independent Accountants
October 9, 1998
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, 1998,
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 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 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 August 31, 1998.
This report is intended solely for the information and use
of management and the Trustees of the Fund and the Securities and Exchange
Commission.
/s/ Price Waterhouse Coopers LLP
