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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 20
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<PAGE> PAGE 29
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<PAGE> PAGE 34
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<PAGE> PAGE 36
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028 C010900 3048
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028 C040900 675
028 D010900 2840
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028 D040900 975
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<PAGE> PAGE 42
048 K020900 0.000
055 A000900 Y
055 B000900 N
056 000900 N
057 000900 N
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066 A000900 Y
066 B000900 N
066 C000900 Y
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
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070 C020900 N
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070 D020900 N
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070 E020900 N
<PAGE> PAGE 43
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
070 N010900 Y
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 44
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008 A001001 LOMBARD ODIER INTERNATIONAL PORTFOLIO MGT,LTD
008 B001001 S
<PAGE> PAGE 45
008 C001001 801-000000
008 D011001 LONDON
008 D051001 UK
008 D061001 WC1A-2AJ-UK
024 001000 Y
025 A001001 NOMURA SECURITIES CO., LTD.
025 C001001 E
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025 A001002 DELETE
025 D001002 0
025 A001003 DELETE
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<PAGE> PAGE 46
048 A021000 0.000
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055 A001000 Y
055 B001000 N
056 001000 N
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066 A001000 Y
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<PAGE> PAGE 47
066 D001000 N
066 E001000 N
066 F001000 N
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067 001000 N
068 A001000 N
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070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 Y
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070 L011000 Y
070 L021000 Y
070 M011000 Y
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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008 A001101 STRONG CAPITAL MANAGEMENT, INC.
008 B001101 S
008 C001101 801-000000
008 D011101 MENOMONEE FALLS
008 D021101 WI
008 D031101 53051
024 001100 N
025 A001101 DELETE
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<PAGE> PAGE 50
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<PAGE> PAGE 51
062 F001100 0.0
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<PAGE> PAGE 52
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071 A001100 31781
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<PAGE> PAGE 53
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008 A001201 MASSACHUSETTS FINANCIAL SERVICES CO.
008 B001201 S
008 C001201 801-000000
008 D011201 BOSTON
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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SIGNATURE ALICIA DUBOIS
TITLE SENIOR ANALYST
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> BALANCED PORTFOLIO
<S> <C>
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<NET-INVESTMENT-INCOME> 653714
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<SHARES-REINVESTED> 301238
<NET-CHANGE-IN-ASSETS> 12476177
<ACCUMULATED-NII-PRIOR> 778
<ACCUMULATED-GAINS-PRIOR> (44382)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> CAPITAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 122017539
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<ASSETS-OTHER> 20615687
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<TOTAL-ASSETS> 208491078
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10383455
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125742903
<SHARES-COMMON-STOCK> 7098112
<SHARES-COMMON-PRIOR> 5846944
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<ACCUMULATED-NET-GAINS> 6401622
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 65857926
<NET-ASSETS> 198002451
<DIVIDEND-INCOME> 992327
<INTEREST-INCOME> 164440
<OTHER-INCOME> 0
<EXPENSES-NET> 1786081
<NET-INVESTMENT-INCOME> (629314)
<REALIZED-GAINS-CURRENT> 16589924
<APPREC-INCREASE-CURRENT> 37765024
<NET-CHANGE-FROM-OPS> 53725634
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10537442)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1446669
<NUMBER-OF-SHARES-REDEEMED> 407453
<SHARES-REINVESTED> 211952
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<TABLE> <S> <C>
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<NAME> EMERGING GROWTH PORTFOLIO
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<TABLE> <S> <C>
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<SERIES>
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<NAME> GLOBAL HARD ASSETS PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
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<NAME> GROWTH&INCOME PORTFOLIO
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<TABLE> <S> <C>
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<NAME> GROWTH PORTFOLIO
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> HIGH YIELD BOND PORTFOLIO
<S> <C>
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<PERIOD-START> JAN-01-1998
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
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<NAME> INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> MONEY MARKET PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 4
<NAME> SMALL COMPANY PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
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<NAME> WORLD GROWTH STOCK PORTFOLIO
<S> <C>
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<ACCUMULATED-NII-PRIOR> (458232)
<ACCUMULATED-GAINS-PRIOR> 931406
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 915681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1125017
<AVERAGE-NET-ASSETS> 122074979
<PER-SHARE-NAV-BEGIN> 23.28
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> (.47)
<PER-SHARE-DISTRIBUTIONS> (1.59)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.9
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Board of Directors of
Jefferson Pilot Variable Funds, Inc.
In planning and performing our audit of the financial
statements of Jefferson Pilot Variable Funds, Inc.
(comprising, respectively, the International Equity
Portfolio, World Growth Stock Portfolio, Global Hard Assets
Portfolio, Emerging Growth Portfolio, Capital Growth
Portfolio, Growth Portfolio, Small Company Portfolio, Growth
and Income Portfolio, Balanced Portfolio, High Yield Bond
Portfolio and Money Market Portfolio) for the year ended
December 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, and not to
provide assurance on the internal control.
The management of Jefferson Pilot Variable Funds, Inc. 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 resented 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 specific internal control
components does not reduce to a relatively low level the
risk that errors 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 at December 31, 1998.
This report is intended solely for the information and use
of the board of directors and management of Jefferson Pilot
Variable Funds, Inc and the Securities and Exchange
Commission and is not intended to be and should not be used
by anyone other than these specified parties.
ERNST & YOUNG LLP
February 12, 1999
