<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 22
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SIGNATURE VINCENT SANCHEZ
TITLE SENIOR ANALYST
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 6,570
<INVESTMENTS-AT-VALUE> 6,326
<RECEIVABLES> 124
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 6,451
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18
<TOTAL-LIABILITIES> 18
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,277
<SHARES-COMMON-STOCK> 677
<SHARES-COMMON-PRIOR> 650
<ACCUMULATED-NII-CURRENT> 295
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 105
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (244)
<NET-ASSETS> 6,433
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 411
<OTHER-INCOME> 0
<EXPENSES-NET> 54
<NET-INVESTMENT-INCOME> 357
<REALIZED-GAINS-CURRENT> 111
<APPREC-INCREASE-CURRENT> (548)
<NET-CHANGE-FROM-OPS> (80)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (341)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 182
<NUMBER-OF-SHARES-REDEEMED> (190)
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> (148)
<ACCUMULATED-NII-PRIOR> 278
<ACCUMULATED-GAINS-PRIOR> (6)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 132
<AVERAGE-NET-ASSETS> 6,680
<PER-SHARE-NAV-BEGIN> 10.12
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> (0.62)
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.51
<EXPENSE-RATIO> 0.80
</TABLE>
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
9/22/98 Procter & Gamble Company (PG) 5.25% Notes Due 9/15/03
Mdy Aa2/S&P AA
Shares Price Amount
50,000 $99.916 $49,958.00
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A .70 0.00667% 1.56933%
Broker
Goldman Sachs & Co.
Underwriters of Procter & Gamble Company (PG) 5.25% Notes Due 9/15/03
Mdy Aa2/S&P AA
U.S. Underwriters Number of Shares
Goldman Sachs & Co. 450,000,000
J. P. Morgan Securities 187,500,000
ABN Amro 18,750,000
Bancamerica Securities Inc. 18,750,000
Chase Securities, Inc. 18,750,000
Citicorp Securities 18,750,000
Deutsche Bank Securities Inc. 18,750,000
Merrill Lynch & Co. 18,750,000
Total 750,000,000
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
8/6/98 Worldcom Inc. (WCOM)6.125% Senior Notes Due 8/15/01
Mdy Baa2/S&P BBB+
Shares Price Amount
30,000 $99.896 $29,968.80
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A .70 0.00200% 0.49133%
Broker
Salomon Smith Barney
Underwriters of Worldcom Inc. (WCOM) 6.125% Senior Notes Due 8/15/01
Mdy Baa2/S&P BBB+
U.S. Underwriters Number of Shares
Salomon Smith Barney 630,000,000
Credit Suisse First Boston Corp. 225,000,000
Lehman Brothers 225,000,000
Banc of America Securities LLC 135,000,000
Chase Securities, Inc. 135,000,000
J. P. Morgan Securities 135,000,000
Utendahl Capital Partners L.P. 15,000,000
Total 1,500,000,000
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
11/10/98 Xerox Corporation (XRX) 5.5% Notes Due 11/15/03
Mdy A2/S&P A
Shares Price Amount
80,000 $99.957 $79,965.60
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A .60% 0.01333% 1.61749%
Broker
Morgan Stanley Dean Witter
Underwriters of Xerox Corporation (XRX) 5.5% Notes Due 11/15/03
Mdy A2/S&P A
U.S. Underwriters Number of Shares
Morgan Stanley Dean Witter 360,000,000
Chase Securities, Inc. 80,000,000
Lehman Brothers 80,000,000
Salomon Smith Barney 80,000,000
Total 600,000,000
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
11/10/98 Sprint Capital Corporation (FON) 6.125% Notes Due 11/15/08
Mdy Baa1/S&P A-
Shares Price Amount
100,000 $99.926 $99,926
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A .65% 0.00667% 0.49668%
Broker
Salomon Smith Barney
Underwriters of Sprint Capital Corporation (FON) 6.125% Notes Due 11/15/08
Mdy Baa1/S&P A-
U.S. Underwriters Number of Shares
Salomon Smith Barney 670,431,210
Credit Suisse First Boston Corp. 188,911,710
J. P. Morgan Securities 188,911,710
Warburg Dillon Read 188,911,710
Banc of America Securities LLC 53,388,090
Chase Securities, Inc. 45,174,540
Lehman Brothers 102,669,400
ABN Amro 10,266,940
Duetsche Bank Securities Inc. 10,266,940
Fleet Bank 0,266,940
Toronto Dominion Securities 10,266,940
Westdeutsche Landesbank Girozentra 10,266,940
Wheat First Securities, Inc. 10,266,940
Total 1,500,000,010
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
10/1/98 Campbell Soup Company (CPB) 4.75% Notes Due 10/1/03
Mdy Aa3/S&P AA-
Shares Price Amount
50,000 $99.887 $49,943.50
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A N/A 0.01667% 5.01667%
Broker
Goldman Sachs & Co.
Underwriters of Campbell Soup Company (CPB) 4.75% Notes Due 10/1/03
Mdy Aa3/S&P AA-
U.S. Underwriters Number of Shares
Goldman Sachs & Co. 150,000,000
Chase Securities, Inc. 37,500,000
J. P. Morgan Securities 37,500,000
Salomon Smith Barney 37,500,000
Warburg Dillon Read 37,500,000
Total 300,000,000
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
11/6/98 AT&T Capital Corp. (NCT) 7.5% MTN Due 11/15/00
Mdy Baa3/S&P BBB (GTD by Newcourt)
Shares Price Amount
35,000 $99.907 $34,967
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A .30% 0.90050% 7.204%
Broker
Lehman Brothers
Underwriters of AT&T Capital Corp. (NCT) 7.5% MTN Due 11/15/00
Mdy Baa3/S&P BBB (GTD by Newcourt)
U.S. Underwriters Number of Shares
Lehman Brothers 470,000,000
Chase Securities, Inc. 120,000,000
Credit Suisse First Boston Corp. 120,000,000
Duetsche Bank Securities, Inc. 50,000,000
J. P. Morgan Securities 120,000,000
Salomon Smith Barney 120,000,000
Total 1,000,000,000
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
01/07/99 Tyco International Group S.A. (TYC) 6.875% due 01/15/2029
MdyBaa1/S&P A -
Shares Price Amount
75,000 $98.378 $73,783.50
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A .88% 0.00938% 1.30938%
Broker
JP Morgan Securities
Underwriters of Tyco International Group S.A. (TYC) 6.875% due 01/15/2029
Mdy Baa1/S&P A -
U.S. Underwriters Number of Shares
J. P. Morgan Securities 440,000,000
ABN Amro 40,000,000
Banc of America Securities LLC 40,000,000
BT Alex Brown Inc. 40,000,000
Chase Securities, Inc. 40,000,000
Credit Suisse First Boston Corp. 40,000,000
First Union Capital Markets 40,000,000
HSBC Securities 40,000,000
Salomon Smith Barney 40,000,000
Commerzbank Capital Markets Corp. 8,000,000
Credit Lyonnais Securities (USA) I 8,000,000
First Chicago Capital Markets 8,000,000
McDonald & Co. Securities Inc. 8,000,000
Scotia Capital Markets (USA) 8,000,000
Total 800,000,000
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
03/03/99 Pepsi Bottling Group Inc. (PEP) 7% Due 03/01/2029
Mdy Baa1/S&P A-(144A)
Shares Price Amount
75,000 $99.320 $74,490
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A 0% 0.00750% 1.42%
Broker
Credit Suisse First Boston Corp.
Underwriters of Pepsi Bottling Group Inc. (PEP) 7% Due 03/01/2029
Mdy Baa1/S&P A-(144A)
U.S. Underwriters Number of Shares
Credit Suisse First Boston Corp. N/A
Lehman Brothers
Salomon Smith Barney
Bear Stearns & Co Inc.
Blaylock & Partners
Chase Securities, Inc.
Warburg Dillon Read
Total
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
03/10/99 Lucent Technologies 6.45% Due 3/15/2029
Mdy A2/S&P A
Shares Price Amount
100,000 $99.461 $99,461
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A .88% 0.00735% 0.88235%
Broker
Bear Stearns & Co. Inc.
Underwriters of Lucent Technologies 6.45% Due 3/15/2029
Mdy A2/S&P A
U.S. Underwriters Number of Shares
Bear Stearns & Co. Inc. 680,004,000
Merrill Lynch & Co. 544,000,000
ABN Amro 19,428,000
Barclays Bank Plc 19,428,000
Chase Securities, Inc. 19,428,000
Goldman Sachs & Co. 19,428,000
J. P. Morgan Securities 19,428,000
Salomon Smith Barney 19,428,000
Total 1,340,572,000
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
05/06/99 Texas Utility Eastern Funding (TXU) 6.45% due 05/15/2005
Mdy Baa1/S&P BBB+ (144A)
Shares Price Amount
50,000 $99.779 $49,889.50
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A N/A 0.00769% 1.05385%
Broker
Lehman Brothers
Underwriters of Texas Utility Eastern Funding (TXU) 6.45% due 05/15/2005
Mdy Baa1/S&P BBB+ (144A)
U.S. Underwriters Number of Shares
Lehman Brothers N/A
Morgan Stanley Dean Witter
ABN Amro
Bank of America
Bank of New York Capital Markets
Chase Securities, Inc.
Credit Suisse First Boston Corp.
Merrill Lynch & Co.
Salomon Smith Barney
Warburg Dillon Read
Total
THE CHASE VISTA VARIABLE ANNUITY ASSET ALLOCATION PORTFOLIO
Section 10f-3 Transactions
The following securities were purchased pursuant
to Rule 10f-3 and all requirements of the
Affiliated Underwriting Procedures of the Fund.
Trade
Date Issue
04/21/99 Electric Lightwave Inc. (ELIX) 6.05% Due 5/15/2004
Mdy A2/S&P AA-(144A)
Shares Price Amount
50,000 $99.927 $49,963.50
% of Issue
Spread Spread Fund's for all
Amount % % of issue Chase Vista Funds
N/A .60% 0.01538% 1.96923%
Broker
Bear Stearns & Co. Inc.
Underwriters of Electric Lightwave Inc. (ELIX) 6.05% Due 5/15/2004
Mdy A2/S&P AA- (144A)
U.S. Underwriters Number of Shares
Bear Stearns & Co. Inc. N/A
Chase Securities, Inc.
Lehman Brothers
Salomon Smith Barney
Total
Report of Independent Accountants
To the Trustees and
Shareholders of
Mutual Fund Variable Annuity Trust
In planning and performing our audit of the financial statements of
Mutual Fund Variable Annuity Trust (the "Trust") for the year ended
August 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 Trust 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, 1999.
This report is intended solely for the information and use of
management and Trustees of the Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.
PricewaterhouseCoopers, LLP
New York, New York
October 11, 1999
