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008 C000501 801-80845
008 D010501 NORTHBROOK
008 D020501 IL
008 D030501 60062
008 A000502 SALOMON BROTHERS ASSET MANAGEMENT INC.
008 B000502 S
008 C000502 801-00000
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10048
024 000500 Y
025 A000501 GOLDMAN SACHS GROUP, INC.
025 C000501 E
<PAGE> PAGE 21
025 D000501 85
025 A000502 MORGAN STANLEY DEAN WITTER & CO
025 C000502 E
025 D000502 143
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 0
028 C020500 0
028 C030500 0
028 C040500 0
028 D010500 5000
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 0
028 F010500 185
028 F020500 8
028 F030500 0
028 F040500 0
028 G010500 5185
028 G020500 8
028 G030500 0
028 G040500 0
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.800
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
<PAGE> PAGE 22
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 0
066 A000500 Y
066 D000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 Y
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 N
<PAGE> PAGE 23
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 5717
071 B000500 900
071 C000500 4970
071 D000500 18
072 A000500 3
072 B000500 6
072 C000500 16
072 D000500 0
072 E000500 0
072 F000500 10
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 22
072 K000500 0
072 L000500 2
072 M000500 4
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 14
072 S000500 5
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 2
072 X000500 59
072 Y000500 45
072 Z000500 8
072AA000500 60
072BB000500 0
072CC010500 313
072CC020500 0
072DD010500 8
072DD020500 0
072EE000500 0
073 A010500 0.0160
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
<PAGE> PAGE 24
074 A000500 385
074 B000500 0
074 C000500 0
074 D000500 27
074 E000500 0
074 F000500 5152
074 G000500 6
074 H000500 0
074 I000500 0
074 J000500 10
074 K000500 12
074 L000500 10
074 M000500 3
074 N000500 5605
074 O000500 0
074 P000500 4
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 3
074 R040500 32
074 S000500 0
074 T000500 5566
074 U010500 518
074 U020500 0
074 V010500 10.74
074 V020500 0.00
074 W000500 0.0000
074 X000500 2
074 Y000500 0
075 A000500 0
075 B000500 5215
076 000500 0.00
008 A000601 LSA ASSET MANAGEMENT LLC
008 B000601 A
008 C000601 801-80845
008 D010601 NORTHBROOK
008 D020601 IL
008 D030601 60062
008 A000602 OPCAP ADVISORS
008 B000602 S
008 C000602 801-00000
008 D010602 NEW YORK
008 D020602 NY
008 D030602 10105
024 000600 N
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
<PAGE> PAGE 25
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 5000
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 77
028 F020600 30
028 F030600 0
028 F040600 0
028 G010600 5077
028 G020600 30
028 G030600 0
028 G040600 0
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.800
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
058 A000600 N
<PAGE> PAGE 26
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 0
066 A000600 Y
066 E000600 Y
067 000600 Y
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
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 5700
071 B000600 1314
071 C000600 3752
071 D000600 35
072 A000600 3
<PAGE> PAGE 27
072 B000600 35
072 C000600 9
072 D000600 0
072 E000600 0
072 F000600 10
072 G000600 0
072 H000600 0
072 I000600 0
072 J000600 22
072 K000600 0
072 L000600 2
072 M000600 4
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 14
072 S000600 5
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 2
072 X000600 59
072 Y000600 45
072 Z000600 30
072AA000600 118
072BB000600 0
072CC010600 24
072CC020600 0
072DD010600 30
072DD020600 0
072EE000600 1
073 A010600 0.0583
073 A020600 0.0000
073 B000600 0.0012
073 C000600 0.0000
074 A000600 713
074 B000600 0
074 C000600 0
074 D000600 1752
074 E000600 0
074 F000600 2782
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 12
074 L000600 23
074 M000600 3
074 N000600 5285
074 O000600 0
<PAGE> PAGE 28
074 P000600 3
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 34
074 S000600 0
074 T000600 5248
074 U010600 51
074 U020600 0
074 V010600 10.28
074 V020600 0.00
074 W000600 0.0000
074 X000600 2
074 Y000600 0
075 A000600 0
075 B000600 5163
076 000600 0.00
SIGNATURE
TITLE
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from LSA Variable Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Focused Equity
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,441,204
<INVESTMENTS-AT-VALUE> 6,331,756
<RECEIVABLES> 14,232
<ASSETS-OTHER> 253,877
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,599,865
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,808
<TOTAL-LIABILITIES> 35,808
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,520,584
<SHARES-COMMON-STOCK> 544,049
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 152,921
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 890,552
<NET-ASSETS> 6,564,057
<DIVIDEND-INCOME> 7,618
<INTEREST-INCOME> 4,490
<OTHER-INCOME> 0
<EXPENSES-NET> (17,019)
<NET-INVESTMENT-INCOME> (4,911)
<REALIZED-GAINS-CURRENT> 157,832
<APPREC-INCREASE-CURRENT> 890,552
<NET-CHANGE-FROM-OPS> 1,043,473
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 544,060
<NUMBER-OF-SHARES-REDEEMED> 11
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,564,057
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,934
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61,782
<AVERAGE-NET-ASSETS> 5,460,912
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.08
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from LSA Variable Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Growth Equity
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,335,431
<INVESTMENTS-AT-VALUE> 6,340,603
<RECEIVABLES> 41,559
<ASSETS-OTHER> 46,078
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,428,240
<PAYABLE-FOR-SECURITIES> 8,766
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,911
<TOTAL-LIABILITIES> 44,677
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,336,979
<SHARES-COMMON-STOCK> 529,023
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 41,412
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,005,172
<NET-ASSETS> 6,383,563
<DIVIDEND-INCOME> 10,801
<INTEREST-INCOME> 4,395
<OTHER-INCOME> 0
<EXPENSES-NET> (15,919)
<NET-INVESTMENT-INCOME> (723)
<REALIZED-GAINS-CURRENT> 47,116
<APPREC-INCREASE-CURRENT> 1,005,172
<NET-CHANGE-FROM-OPS> 1,051,565
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (4,981)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 528,631
<NUMBER-OF-SHARES-REDEEMED> 23
<SHARES-REINVESTED> 415
<NET-CHANGE-IN-ASSETS> 6,383,563
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,766
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 60,614
<AVERAGE-NET-ASSETS> 5,552,284
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.08
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> 1.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from LSA Variable Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Disciplined Equity
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 10,110,698
<INVESTMENTS-AT-VALUE> 11,141,395
<RECEIVABLES> 25,245
<ASSETS-OTHER> 184,014
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,350,654
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,591
<TOTAL-LIABILITIES> 33,591
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,187,396
<SHARES-COMMON-STOCK> 1,016,900
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 434
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 98,536
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,030,697
<NET-ASSETS> 11,317,063
<DIVIDEND-INCOME> 35,429
<INTEREST-INCOME> 6,760
<OTHER-INCOME> 0
<EXPENSES-NET> (27,800)
<NET-INVESTMENT-INCOME> 14,389
<REALIZED-GAINS-CURRENT> 128,268
<APPREC-INCREASE-CURRENT> 1,030,697
<NET-CHANGE-FROM-OPS> 1,173,354
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,955)
<DISTRIBUTIONS-OF-GAINS> (29,732)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,012,973
<NUMBER-OF-SHARES-REDEEMED> 5
<SHARES-REINVESTED> 3,932
<NET-CHANGE-IN-ASSETS> 11,317,063
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,857
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,705
<AVERAGE-NET-ASSETS> 10,619,737
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.13
<EXPENSE-RATIO> 1.05
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from LSA Variable Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Value Equity
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 4,878,234
<INVESTMENTS-AT-VALUE> 5,185,453
<RECEIVABLES> 31,278
<ASSETS-OTHER> 388,001
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,604,732
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,484
<TOTAL-LIABILITIES> 38,484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,193,434
<SHARES-COMMON-STOCK> 518,427
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 44
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 59,833
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 312,937
<NET-ASSETS> 5,566,248
<DIVIDEND-INCOME> 16,353
<INTEREST-INCOME> 6,275
<OTHER-INCOME> 0
<EXPENSES-NET> (14,302)
<NET-INVESTMENT-INCOME> 8,326
<REALIZED-GAINS-CURRENT> 59,833
<APPREC-INCREASE-CURRENT> 312,937
<NET-CHANGE-FROM-OPS> 381,096
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,282)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 517,670
<NUMBER-OF-SHARES-REDEEMED> 17
<SHARES-REINVESTED> 774
<NET-CHANGE-IN-ASSETS> 5,566,248
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,402
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 59,249
<AVERAGE-NET-ASSETS> 5,215,123
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.74
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.74
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from LSA Variable Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Balanced
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 4,510,005
<INVESTMENTS-AT-VALUE> 4,533,626
<RECEIVABLES> 35,537
<ASSETS-OTHER> 715,662
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,284,825
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,627
<TOTAL-LIABILITIES> 36,627
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,106,912
<SHARES-COMMON-STOCK> 510,500
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 165
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 117,500
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,621
<NET-ASSETS> 5,248,198
<DIVIDEND-INCOME> 8,514
<INTEREST-INCOME> 35,387
<OTHER-INCOME> 0
<EXPENSES-NET> (14,158)
<NET-INVESTMENT-INCOME> 29,743
<REALIZED-GAINS-CURRENT> 118,122
<APPREC-INCREASE-CURRENT> 23,621
<NET-CHANGE-FROM-OPS> 171,486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (29,578)
<DISTRIBUTIONS-OF-GAINS> (622)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 507,560
<NUMBER-OF-SHARES-REDEEMED> 3
<SHARES-REINVESTED> 2,943
<NET-CHANGE-IN-ASSETS> 5,248,198
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,297
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 59,145
<AVERAGE-NET-ASSETS> 5,162,640
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.28
<EXPENSE-RATIO> 1.10
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from LSA Variable Series Trust
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Emerging Growth Equity
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,384,025
<INVESTMENTS-AT-VALUE> 8,691,634
<RECEIVABLES> 11,879
<ASSETS-OTHER> 449,098
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,152,611
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,793
<TOTAL-LIABILITIES> 33,793
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,363,381
<SHARES-COMMON-STOCK> 521,431
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 447,828
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,307,609
<NET-ASSETS> 9,118,818
<DIVIDEND-INCOME> 56
<INTEREST-INCOME> 5,227
<OTHER-INCOME> 0
<EXPENSES-NET> (22,674)
<NET-INVESTMENT-INCOME> (17,391)
<REALIZED-GAINS-CURRENT> 465,219
<APPREC-INCREASE-CURRENT> 3,307,609
<NET-CHANGE-FROM-OPS> 3,755,437
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 521,437
<NUMBER-OF-SHARES-REDEEMED> 6
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,118,818
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,635
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,483
<AVERAGE-NET-ASSETS> 6,736,648
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 7.52
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.49
<EXPENSE-RATIO> 1.35
</TABLE>
INTERNAL CONTROL LETTER
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
LSA VARIABLE SERIES TRUST
In planning and performing our audits of the financial statements of LSA
Variable Series Trust, including Emerging Growth Equity Fund, Focused Equity
Fund, Growth Equity Fund, Disciplined Equity Fund, Value Equity Fund and
Balanced Fund (collectively the "Funds") for the period from October 1, 1999
(commencement of operations) through December 31, 1999, (on which we have issued
our report dated February 9, 2000), 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, and not
to provide assurance on the Company's internal control.
The management of the Funds 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 any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures deteriorates.
Our consideration of the Funds' 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 due to 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 the
Funds' internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of LSA Variable Series 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.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 9, 2000
LSA Variable Series Trust
10f-3 Transactions
Focused Equity Fund (4th Quarter, 1999)
<TABLE>
<S> <C> <C> <C>
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Issuer Infonet Services Tularik I-Cable Communications
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Date of offering 12/15/99 12/9/99 11/18/99
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Commission as percentage
of price 4.76% 7.00% 5.00%
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Purchase as percentage of
offering .00078% .0016% .00123%
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Underwriter affiliate Morgan Stanley & Co. Inc. Morgan Stanley & Co. Inc. Morgan Stanley & Co. Inc.
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Broker from whom
securities were purchased
Merrill Lynch J.P. Morgan Lehman Brothers
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Issuer Agilent Technologies United Parcel Service of Expedia, Inc.
America
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Date of offering 11/17/99 11/9/99 11/9/99
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Commission as percentage
of price 4.25% 3.50% 7.00%
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Purchase as percentage of
offering .00028% .00027% .00192%
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Underwriter affiliate Morgan Stanley & Co. Inc. Morgan Stanley & Co. Inc. Morgan Stanley & Co. Inc.
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Broker from whom
securities were purchased
Goldman Sachs CS First Boston Goldman Sachs
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Issuer Charter Communications Spanish Broadcasting Radio Unica
Communications
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Date of offering 11/8/99 10/28/99 10/18/99
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Commission as percentage
of price 4.00% 6.25% 7.00%
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Purchase as percentage of
offering
.00059% .00275% .00146%
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Underwriter affiliate Morgan Stanley & Co. Inc. Morgan Stanley & Co. Inc. Morgan Stanley & Co. Inc.
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Broker from whom
securities were purchased
A.G. Edwards Inc. Merrill Lynch CIBC Wood Gundy
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- --------------------------
Issuer Satyam Infoway Limited
- ---------------------------- --------------------------
- ---------------------------- --------------------------
Date of offering 10/18/99
- ---------------------------- --------------------------
- ---------------------------- --------------------------
Commission as percentage
of price 7.00%
- ---------------------------- --------------------------
- ---------------------------- --------------------------
Purchase as percentage of
offering
.00240%
- ---------------------------- --------------------------
- ---------------------------- --------------------------
Underwriter affiliate Morgan Stanley & Co. Inc.
- ---------------------------- --------------------------
- ---------------------------- --------------------------
Broker from whom Merrill Lynch/Salomon
securities were purchased Smith Barney
- ---------------------------- --------------------------
Value Equity Fund (4th Quarter, 1999)
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Issuer United Parcel Service Agilent Technologies NTL, Inc
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Date of offering 11/9/99 11/17/99 12/17/99
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Commission as percentage
of price 0.00% 0.00% 0.00%
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Purchase as percentage of
offering
NA NA NA
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Underwriter affiliate Morgan Stanley Morgan Stanley Morgan Stanley
- ---------------------------- -------------------------- -------------------------- --------------------------
- ---------------------------- -------------------------- -------------------------- --------------------------
Broker from whom Morgan Stanley Morgan Stanley Morgan Stanley
securities were purchased
- ---------------------------- -------------------------- -------------------------- --------------------------
</TABLE>
