UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION                               OMB APPROVAL
                            WASHINGTON, D.C. 20549                               OMB NUMBER:     3235-0360
                                                                                 EXPIRES:    JULY 31, 1994
                                 FORM N-17f-2                                    ESTIMATED AVERAGE
                                                                                 BURDEN HOURS PER
              Certificate of Accounting of Securities and Similar                RESPONSE          ...0.05
                         Investments in the Custody of
                        Management Investment Companies
                   Pursuant to Rule 17f-2 [17 CFR 270.17F-2]

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1. Investment Company Act File Number:                                          Date examination completed:

811-8630                                                                        June 28, 2002
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2. State identification Number:
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     AL                AK                AZ                AR                CA                CO
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     CT                DE                DC                FL                GA                HI
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     ID                IL                IN                IA                KS                KY
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     LA                ME                MD                MA                MI                MN
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     MS                MO                MT                NE                NV                NH
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     NJ                NM                NY                NC                ND                OH
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     OK                OR                PA                RI                SC                SD
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     TN                TX                UT                VT                VA                WA
     ---------------   ---------------   ---------------   ---------------   ---------------   ---------------
     WV                WI                WY                PUERTO RICO
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     Other (specify):
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3. Exact name of investment company as specified in registration statement:

Mutual Fund Variable Annuity Trust
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4. Address of principal executive office (number, street, city, state, zip code):

Stephen M. Ungerman, 522 Fifth Avenue, New York, New York 10036
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INSTRUCTIONS

This Form must be completed by investment companies that have custody of
securities or similar investments.

INVESTMENT COMPANY

1.   All items must be completed by the investment company.

2.   Give this Form to the independent public accountant who, in compliance with
     Rule 17f-2 under the Act and applicable state law, examines securities and
     similar investments in the custody of the investment company.

ACCOUNTANT

3.   Submit this Form to the Securities and Exchange Commission and appropriate
     state securities administrators when filing the certificate of accounting
     required by Rule 17f-2 under the Act and applicable state law. File the
     original and one copy with the Securities and Exchange Commission's
     principal office in Washington, D.C., one copy with the regional office for
     the region in which the investment company's principal business operations
     are conducted, and one copy with the appropriate state administrator(s), if
     applicable.

          THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT

                                                                SEC 2198 (11-91)


September 26, 2002

To the Trustees of
Mutual Fund Variable Annuity Trust:

We have examined management's assertions, included in the accompanying
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940, about the Mutual Fund Variable Annuity Trust's
(the "Trust") compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 under the Investment Company Act of 1940 (the "Act") as of June 28,
2002. Management is responsible for the Trust's compliance with those
requirements. Our responsibility is to express an opinion on management's
assertions about the Trust's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis evidence about the Trust's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed as of June 28, 2002, and with respect to agreement
of security purchases and sales, for the period from May 31, 2002 through June
28, 2002:

- -    Count and inspection of all securities located in the vault of the JP
     Morgan Chase Manhattan Bank, New York (the "Custodian") at 4 New York
     Plaza, 11th Floor, NY, NY, 11245 without prior notice to management;

- -    Testing of securities and similar investments held in book entry by the
     Depository Trust Company via evaluation of the reconciliation procedures
     used by the Custodian and disposition of any reconciling items related to
     the Fund's positions;

- -    Reconciliation of all such securities to the books and records of the
     Company and the Custodian;

- -    Confirmation of all futures contracts, options, swaps and swaptions with
     broker/banks/counter parties and agreement of underlying collateral with
     Custodian records;

- -    Agreement of 5 security purchases and 5 security sales or maturities since
     our last report from the books and records of the Fund to broker
     statements.



We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide legal determination on the Trust's compliance with
specified requirements.

In our opinion, management's assertion that the Mutual Fund Variable Annuity
Trust was in compliance with the requirement of sub sections (b) and (c) of Rule
17f-2 of the Investment Company Act of 1940 as of June 28, 2002 with respect to
securities reflected in the investment accounts of the Trust is fairly stated,
in all material respects.

This report is intended solely for the information and use of the Board of
Trustees, management, 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

September 26, 2002


    MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF THE
                         INVESTMENT COMPANY ACT OF 1940



We, as members of management of the Mutual Fund Variable Annuity Trust (the
"Trust"), are responsible for complying with the requirements of subsections (b)
and (c) of Rule 17f-2, Custody of Investments by Registered Management
Investment Companies, of the Investment Company Act of 1940. We are also
responsible for establishing and maintaining effective internal controls over
compliance with those requirements. We have performed an evaluation of the
Trust's compliance with the requirements of subsections (b) and (c) of Rule
17f-2 as of June 28, 2002, and from May 31, 2002 through June 28, 2002.

Based on this evaluation, we assert that the Trust was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of June 28, 2002, and from May 31, 2002 through June 28, 2002,
with respect to securities reflected in the investment accounts of the Trust.





By:   Stephen M. Ungerman                         Date:   09/26/02