SIERRA VARIABLE TRUST
NSAR-A, 1995-08-29
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<PAGE>      PAGE  1
000 A000000 06/30/95
000 C000000 0000897020
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE SIERRA VARIABLE TRUST
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001 C000000 8187250200
002 A000000 9301 CORBIN AVENUE, SUITE 333
002 B000000 NORTHRIDGE
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002 D010000 91324
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  9
007 C010100  1
007 C020100 GLOBAL MONEY FUND
007 C030100 N
007 C010200  2
007 C020200 GROWTH FUND
007 C030200 N
007 C010300  3
007 C020300 INTERNATIONAL GROWTH FUND
007 C030300 N
007 C010400  4
007 C020400 U.S. GOVERNMENT FUND
007 C030400 N
007 C010500  5
007 C020500 CORPORATE INCOME FUND
007 C030500 N
007 C010600  6
007 C020600 SHORT TERM GLOBAL GOVERNMENT FUND
007 C030600 N
007 C010700  7
007 C020700 EMERGING GROWTH FUND
007 C030700 N
007 C010800  8
007 C020800 GROWTH AND INCOME FUND
007 C030800 N
007 C010900  9
007 C020900 SHORT TERM HIGH QUALITY BOND FUND
007 C030900 N
007 C011000 10
010 A00AA01 SIERRA FUND ADMINISTRATION CORPORATION
<PAGE>      PAGE  2
010 B00AA01 84-5144
010 C01AA01 NORTHRIDGE
010 C02AA01 CA
010 C03AA01 91324
010 A00AA02 THE SHAREHOLDER SERVICES GROUP INC.
010 C01AA02 BOSTON
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011 A00AA01 SIERRA INVESTMENT SERVICES CORPORATION
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011 C01AA01 NORTHRIDGE
011 C02AA01 CA
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013 A00AA01 PRICE WATERHOUSE LLP
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014 A00AA01 GREAT WESTERN FINANCIAL SECURITIES CORP
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015 A00AA01 BOSTON SAFE DEPOSIT & TRUST COMPANY
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<PAGE>      PAGE  3
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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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008 A000201 SIERRA INVESTMENT ADVISORS CORPORATION
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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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073 A020800   0.0000
073 B000800   0.1010
073 C000800   0.0000
074 A000800        0
074 B000800        0
074 C000800     1618
074 D000800      509
074 E000800      308
074 F000800    30511
074 G000800        0
074 H000800        0
074 I000800        0
074 J000800      808
074 K000800        0
074 L000800      131
074 M000800        1
074 N000800    33886
074 O000800     1785
074 P000800       25
074 Q000800        0
074 R010800        0
074 R020800        0
074 R030800        0
074 R040800       31
074 S000800        0
074 T000800    32045
074 U010800     2789
074 U020800        0
074 V010800    11.49
074 V020800     0.00
<PAGE>      PAGE  38
074 W000800   0.0000
074 X000800        1
074 Y000800        0
075 A000800    27768
075 B000800        0
076  000800     0.00
008 A000901 SIERRA INVESTMENT ADVISORS CORPORATION
008 B000901 A
008 C000901 801-32921
008 D010901 NORTHRIDGE
008 D020901 CA
008 D030901 91324
008 A000902 SCUDDER, STEVENS & CLARK, INC.
008 B000902 S
008 C000902 801-252
008 D010902 BOSTON
008 D020902 MA
008 D030902 02110
028 A010900       142
028 A020900         0
028 A030900         0
028 A040900      1074
028 B010900       100
028 B020900         0
028 B030900         0
028 B040900       274
028 C010900       133
028 C020900        51
028 C030900         0
028 C040900      1164
028 D010900       228
028 D020900         0
028 D030900         0
028 D040900       316
028 E010900        31
028 E020900         0
028 E030900         0
028 E040900       373
028 F010900        44
028 F020900       211
028 F030900         0
028 F040900       518
028 G010900       678
028 G020900       262
028 G030900         0
028 G040900      3719
028 H000900         0
045  000900 Y
045  000900 N
045  000900 Y
046  000900  0.000
<PAGE>      PAGE  39
046  000900   200000
046  000900 0.500
047  000900   300000
047  000900 0.450
047  000900        0
048  000900 0.000
048  000900        0
048  000900 0.000
048 A010900        0
048 A010900 0.000
048 A010900        0
048 A020900 0.000
048 A020900        0
048 A020900 0.000
048 B010900        0
048 B010900 0.000
048 B010900        0
048 B020900 0.000
048 B020900        0
048 B020900 0.000
048 C010900   500000
048 C010900 0.400
048 C010900        0
048 C020900 0.040
048 C020900 0.040
048 C020900 0.040
048 D010900        0
048 D010900        0
048 D010900        0
048 D020900 0.000
048 D020900 0.000
048 D020900 0.000
048 E010900        0
048 E010900        0
048 E010900        0
048 E020900 0.000
048 E020900 0.000
048 E020900 0.000
048 F010900        0
048 F010900        0
048 F010900        0
048 F020900 0.000
048 F020900 0.000
048 F020900 0.000
048 G010900        0
048 G010900        0
048 G010900        0
048 G020900 0.000
048 G020900 0.000
048 G020900 0.000
048 H010900        0
<PAGE>      PAGE  40
048 H010900        0
048 H010900        0
048 H020900 0.000
048 H020900 0.000
048 H020900 0.000
048 I010900        0
048 I010900        0
048 I010900        0
048 I020900 0.000
048 I020900 0.000
048 I020900 0.000
048 J010900        0
048 J010900        0
048 J010900        0
048 J020900 0.000
048 J020900 0.000
048 J020900 0.000
048 K010900        0
048 K010900        0
048 K010900        0
048 K020900 0.000
048 K020900 0.000
048 K020900 0.000
058 A000900 N
059  000900 Y
060 A000900 Y
060 B000900 Y
061  000900     5000
062 A000900 Y
062 B000900   0.0
062 C000900   0.0
062 D000900   0.0
062 E000900   0.0
062 F000900   0.0
062 G000900   0.0
062 H000900   0.0
062 I000900   4.2
062 J000900   0.0
062 K000900   0.0
062 L000900   0.0
062 M000900  24.1
062 N000900  30.4
062 O000900   0.0
062 P000900  12.8
062 Q000900  27.5
062 R000900   0.0
063 A000900   0
063 B000900  3.0
064 A000900 N
064 B000900 N
066 A000900 N
<PAGE>      PAGE  41
067  000900 N
068 A000900 N
068 B000900 N
069  000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 Y
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 Y
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 Y
070 H010900 Y
070 H020900 N
070 I010900 Y
070 I020900 N
070 J010900 Y
070 J020900 N
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 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 Y
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900     12679
071 B000900     10660
071 C000900     12085
071 D000900   88
072 A000900  6
072 B000900      495
072 C000900        0
072 D000900        0
072 E000900        0
072 F000900       35
072 G000900       12
<PAGE>      PAGE  42
072 H000900        0
072 I000900        0
072 J000900        6
072 K000900        0
072 L000900        0
072 M000900        2
072 N000900       -5
072 O000900        0
072 P000900        0
072 Q000900        0
072 R000900        7
072 S000900        4
072 T000900        0
072 U000900        0
072 V000900        0
072 W000900        3
072 X000900       64
072 Y000900       13
072 Z000900      444
072AA000900        0
072BB000900      291
072CC010900      554
072CC020900        0
072DD010900      262
072DD020900        0
072EE000900        0
073 A010900   0.0490
073 A020900   0.0000
073 B000900   0.0000
073 C000900   0.0000
074 A000900        0
074 B000900        0
074 C000900      557
074 D000900    12519
074 E000900        0
074 F000900        0
074 G000900        0
074 H000900        0
074 I000900        0
074 J000900        0
074 K000900        0
074 L000900      159
074 M000900        0
074 N000900    13235
074 O000900        0
074 P000900        8
074 Q000900        0
074 R010900        0
074 R020900        0
074 R030900        0
074 R040900       14
<PAGE>      PAGE  43
074 S000900        0
074 T000900    13213
074 U010900     5365
074 U020900        0
074 V010900     2.46
074 V020900     0.00
074 W000900   0.0000
074 X000900        1
074 Y000900        0
075 A000900    14030
075 B000900        0
076  000900     0.00
SIGNATURE   CRAIG M. MILLER                              
TITLE       ASSISTANT TREASURER 
 


<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER>1
              <NAME> SVT GLOBAL MONEY FUND
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                                       10,030,016
<INVESTMENTS-AT-VALUE>                                      10,030,016
<RECEIVABLES>                                                   11,970
<ASSETS-OTHER>                                                      27
<OTHER-ITEMS-ASSETS>                                            18,549
<TOTAL-ASSETS>                                              10,060,562
<PAYABLE-FOR-SECURITIES>                                             0
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                       48,242
<TOTAL-LIABILITIES>                                             48,242
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    10,005,950
<SHARES-COMMON-STOCK>                                       10,011,370
<SHARES-COMMON-PRIOR>                                        6,158,879
<ACCUMULATED-NII-CURRENT>                                        5,473
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                            897
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                             0
<NET-ASSETS>                                                10,012,320
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                              232,530
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                  19,582
<NET-INVESTMENT-INCOME>                                        212,948
<REALIZED-GAINS-CURRENT>                                           928
<APPREC-INCREASE-CURRENT>                                            0
<NET-CHANGE-FROM-OPS>                                          213,876
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                     (212,948)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                      6,633,758
<NUMBER-OF-SHARES-REDEEMED>                                  2,994,216
<SHARES-REINVESTED>                                            212,949
<NET-CHANGE-IN-ASSETS>                                       3,853,419
<ACCUMULATED-NII-PRIOR>                                          5,473
<ACCUMULATED-GAINS-PRIOR>                                          (31)
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                           19,636
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                 40,572
<AVERAGE-NET-ASSETS>                                         7,919,528
<PER-SHARE-NAV-BEGIN>                                             1.00
<PER-SHARE-NII>                                                   0.03
<PER-SHARE-GAIN-APPREC>                                           0.00
<PER-SHARE-DIVIDEND>                                             (0.03)
<PER-SHARE-DISTRIBUTIONS>                                         0.00
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                               1.00
<EXPENSE-RATIO>                                                   0.50
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER> 2
              <NAME> SVT GROWTH FUND
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                                       71,049,335
<INVESTMENTS-AT-VALUE>                                      81,489,660
<RECEIVABLES>                                                3,875,825
<ASSETS-OTHER>                                                     217
<OTHER-ITEMS-ASSETS>                                           172,014
<TOTAL-ASSETS>                                              85,537,716
<PAYABLE-FOR-SECURITIES>                                     6,061,770
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                      202,073
<TOTAL-LIABILITIES>                                          6,263,843
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    63,637,618
<SHARES-COMMON-STOCK>                                        5,711,969
<SHARES-COMMON-PRIOR>                                        5,465,399
<ACCUMULATED-NII-CURRENT>                                      313,208
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                      4,981,060
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                    10,341,987
<NET-ASSETS>                                                79,273,873
<DIVIDEND-INCOME>                                              344,127
<INTEREST-INCOME>                                              345,634
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                 418,040
<NET-INVESTMENT-INCOME>                                        271,721
<REALIZED-GAINS-CURRENT>                                     5,384,423
<APPREC-INCREASE-CURRENT>                                    8,030,442
<NET-CHANGE-FROM-OPS>                                       13,686,586
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                     (233,383)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                        366,000
<NUMBER-OF-SHARES-REDEEMED>                                    136,244
<SHARES-REINVESTED>                                             16,814
<NET-CHANGE-IN-ASSETS>                                      16,511,302
<ACCUMULATED-NII-PRIOR>                                        274,870
<ACCUMULATED-GAINS-PRIOR>                                     (403,363)       
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                          310,873
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                418,040
<AVERAGE-NET-ASSETS>                                        69,502,801
<PER-SHARE-NAV-BEGIN>                                            11.48
<PER-SHARE-NII>                                                   0.05
<PER-SHARE-GAIN-APPREC>                                           2.39
<PER-SHARE-DIVIDEND>                                             (0.04)
<PER-SHARE-DISTRIBUTIONS>                                         0.00
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                              13.88
<EXPENSE-RATIO>                                                   1.21
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        



</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER> 3
              <NAME> SVT INTERNATIONAL GROWTH FUND
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                        41,760,861
<INVESTMENTS-AT-VALUE>                       41,173,648
<RECEIVABLES>                                 2,010,377
<ASSETS-OTHER>                                      121
<OTHER-ITEMS-ASSETS>                          1,183,749
<TOTAL-ASSETS>                               44,367,895
<PAYABLE-FOR-SECURITIES>                      1,936,898
<SENIOR-LONG-TERM-DEBT>                               0
<OTHER-ITEMS-LIABILITIES>                       121,364
<TOTAL-LIABILITIES>                           2,058,262
<SENIOR-EQUITY>                                       0
<PAID-IN-CAPITAL-COMMON>                     43,994,743
<SHARES-COMMON-STOCK>                         3,769,104
<SHARES-COMMON-PRIOR>                         4,055,147
<ACCUMULATED-NII-CURRENT>                       354,622
<OVERDISTRIBUTION-NII>                                0
<ACCUMULATED-NET-GAINS>                      (1,435,441)       
<OVERDISTRIBUTION-GAINS>                              0
<ACCUM-APPREC-OR-DEPREC>                       (604,291)
<NET-ASSETS>                                 42,309,633
<DIVIDEND-INCOME>                               526,745
<INTEREST-INCOME>                                93,596
<OTHER-INCOME>                                        0
<EXPENSES-NET>                                  304,543
<NET-INVESTMENT-INCOME>                         315,798
<REALIZED-GAINS-CURRENT>                     (1,254,801)
<APPREC-INCREASE-CURRENT>                       378,833
<NET-CHANGE-FROM-OPS>                          (560,170)
<EQUALIZATION>                                        0
<DISTRIBUTIONS-OF-INCOME>                             0
<DISTRIBUTIONS-OF-GAINS>                       (443,972)
<DISTRIBUTIONS-OTHER>                                 0
<NUMBER-OF-SHARES-SOLD>                         143,196
<NUMBER-OF-SHARES-REDEEMED>                     468,773
<SHARES-REINVESTED>                              39,534
<NET-CHANGE-IN-ASSETS>                       (4,219,298)
<ACCUMULATED-NII-PRIOR>                          38,824
<ACCUMULATED-GAINS-PRIOR>                       263,332
<OVERDISTRIB-NII-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                            0
<GROSS-ADVISORY-FEES>                           204,458
<INTEREST-EXPENSE>                                    0
<GROSS-EXPENSE>                                 306,116
<AVERAGE-NET-ASSETS>                         43,400,492
<PER-SHARE-NAV-BEGIN>                             11.47
<PER-SHARE-NII>                                    0.08
<PER-SHARE-GAIN-APPREC>                           (0.20)
<PER-SHARE-DIVIDEND>                               0.00
<PER-SHARE-DISTRIBUTIONS>                         (0.12)
<RETURNS-OF-CAPITAL>                               0.00
<PER-SHARE-NAV-END>                               11.23
<EXPENSE-RATIO>                                    1.42
<AVG-DEBT-OUTSTANDING>                                0
<AVG-DEBT-PER-SHARE>                                  0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER> 4
              <NAME> SVT U.S. GOVERNMENT FUND
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                                       56,973,747
<INVESTMENTS-AT-VALUE>                                      58,403,737
<RECEIVABLES>                                                  559,939
<ASSETS-OTHER>                                                     285
<OTHER-ITEMS-ASSETS>                                           125,285
<TOTAL-ASSETS>                                              59,089,246
<PAYABLE-FOR-SECURITIES>                                       503,302
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                   11,405,776
<TOTAL-LIABILITIES>                                         11,909,078
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    48,020,957
<SHARES-COMMON-STOCK>                                        4,817,012
<SHARES-COMMON-PRIOR>                                        4,772,794
<ACCUMULATED-NII-CURRENT>                                       89,235
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                     (1,499,979)         
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                       569,955
<NET-ASSETS>                                                47,180,168
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                            1,811,825
<OTHER-INCOME>                                                  27,617
<EXPENSES-NET>                                                 306,977
<NET-INVESTMENT-INCOME>                                      1,532,465
<REALIZED-GAINS-CURRENT>                                      (391,792)
<APPREC-INCREASE-CURRENT>                                    3,467,111
<NET-CHANGE-FROM-OPS>                                        4,607,784
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                   (1,486,470)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                        283,200
<NUMBER-OF-SHARES-REDEEMED>                                    393,491
<SHARES-REINVESTED>                                            154,509
<NET-CHANGE-IN-ASSETS>                                       3,598,340
<ACCUMULATED-NII-PRIOR>                                         43,240
<ACCUMULATED-GAINS-PRIOR>                                   (1,108,187)       
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                          133,552
<INTEREST-EXPENSE>                                              91,034
<GROSS-EXPENSE>                                                306,977
<AVERAGE-NET-ASSETS>                                        44,886,354
<PER-SHARE-NAV-BEGIN>                                             9.13
<PER-SHARE-NII>                                                   0.33
<PER-SHARE-GAIN-APPREC>                                           0.65
<PER-SHARE-DIVIDEND>                                             (0.32)
<PER-SHARE-DISTRIBUTIONS>                                         0.00
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                               9.79
<EXPENSE-RATIO>                                                   0.97
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        



</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER> 5
              <NAME> SVT CORPORATE INCOME FUND
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                                       56,669,206
<INVESTMENTS-AT-VALUE>                                      57,723,403
<RECEIVABLES>                                                1,092,955
<ASSETS-OTHER>                                                     289
<OTHER-ITEMS-ASSETS>                                            17,472
<TOTAL-ASSETS>                                              58,834,119
<PAYABLE-FOR-SECURITIES>                                       286,593
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                       79,515
<TOTAL-LIABILITIES>                                            366,108
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    59,501,183
<SHARES-COMMON-STOCK>                                        5,884,298
<SHARES-COMMON-PRIOR>                                        6,036,768
<ACCUMULATED-NII-CURRENT>                                       18,618
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                     (2,105,975)         
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                     1,054,185
<NET-ASSETS>                                                58,468,011
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                            2,293,793
<OTHER-INCOME>                                                   3,594
<EXPENSES-NET>                                                 270,510
<NET-INVESTMENT-INCOME>                                      2,026,877
<REALIZED-GAINS-CURRENT>                                      (637,504)
<APPREC-INCREASE-CURRENT>                                    6,305,076
<NET-CHANGE-FROM-OPS>                                        7,694,449
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                   (2,529,585)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                        152,419
<NUMBER-OF-SHARES-REDEEMED>                                    569,169
<SHARES-REINVESTED>                                            264,280
<NET-CHANGE-IN-ASSETS>                                       3,762,560
<ACCUMULATED-NII-PRIOR>                                        521,326
<ACCUMULATED-GAINS-PRIOR>                                   (1,468,471)       
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                          180,226
<INTEREST-EXPENSE>                                                 153
<GROSS-EXPENSE>                                                270,510
<AVERAGE-NET-ASSETS>                                        55,913,601
<PER-SHARE-NAV-BEGIN>                                             9.06
<PER-SHARE-NII>                                                   0.36
<PER-SHARE-GAIN-APPREC>                                           0.96
<PER-SHARE-DIVIDEND>                                             (0.44)
<PER-SHARE-DISTRIBUTIONS>                                         0.00
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                               9.94
<EXPENSE-RATIO>                                                   0.98
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER> 6
              <NAME> SVT ST GLOBAL GOVERNMENT FUND
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                                       25,513,969
<INVESTMENTS-AT-VALUE>                                      26,047,944
<RECEIVABLES>                                                  859,930
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                            59,191
<TOTAL-ASSETS>                                              26,967,065
<PAYABLE-FOR-SECURITIES>                                             0
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                      669,859
<TOTAL-LIABILITIES>                                            669,859
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    26,764,102
<SHARES-COMMON-STOCK>                                       10,924,428
<SHARES-COMMON-PRIOR>                                       12,668,587
<ACCUMULATED-NII-CURRENT>                                      904,976
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                     (1,498,188)        
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                       126,316
<NET-ASSETS>                                                26,297,206
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                            1,067,647
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                 172,402
<NET-INVESTMENT-INCOME>                                        895,245
<REALIZED-GAINS-CURRENT>                                    (1,172,769)
<APPREC-INCREASE-CURRENT>                                      922,839
<NET-CHANGE-FROM-OPS>                                          645,315
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                            0
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                      1,308,362
<NUMBER-OF-SHARES-REDEEMED>                                  3,052,521
<SHARES-REINVESTED>                                                  0
<NET-CHANGE-IN-ASSETS>                                      (3,506,684)
<ACCUMULATED-NII-PRIOR>                                          9,731
<ACCUMULATED-GAINS-PRIOR>                                     (325,419)       
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                          108,844
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                175,347
<AVERAGE-NET-ASSETS>                                        29,265,730
<PER-SHARE-NAV-BEGIN>                                             2.35
<PER-SHARE-NII>                                                   0.08
<PER-SHARE-GAIN-APPREC>                                          (0.02)
<PER-SHARE-DIVIDEND>                                              0.00
<PER-SHARE-DISTRIBUTIONS>                                         0.00
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                               2.41
<EXPENSE-RATIO>                                                   1.19
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        



</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER>  7
              <NAME> SVT EMERGING GROWTH
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                                       25,556,380
<INVESTMENTS-AT-VALUE>                                      28,553,863
<RECEIVABLES>                                                1,407,265
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                           424,750
<TOTAL-ASSETS>                                              30,385,878
<PAYABLE-FOR-SECURITIES>                                     2,175,755
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                       77,549
<TOTAL-LIABILITIES>                                          2,253,304
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    25,328,480
<SHARES-COMMON-STOCK>                                        2,465,140
<SHARES-COMMON-PRIOR>                                        1,888,634
<ACCUMULATED-NII-CURRENT>                                       36,651
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                       (188,987)       
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                     2,956,430
<NET-ASSETS>                                                28,132,574
<DIVIDEND-INCOME>                                               65,366
<INTEREST-INCOME>                                               88,172
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                 115,367
<NET-INVESTMENT-INCOME>                                         38,171
<REALIZED-GAINS-CURRENT>                                       353,399
<APPREC-INCREASE-CURRENT>                                    1,723,905
<NET-CHANGE-FROM-OPS>                                        2,115,475
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                     (107,841)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                        610,558
<NUMBER-OF-SHARES-REDEEMED>                                     43,503
<SHARES-REINVESTED>                                              9,451
<NET-CHANGE-IN-ASSETS>                                       8,247,845
<ACCUMULATED-NII-PRIOR>                                        106,321
<ACCUMULATED-GAINS-PRIOR>                                     (542,386)       
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                          100,042
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                135,193
<AVERAGE-NET-ASSETS>                                        22,424,465
<PER-SHARE-NAV-BEGIN>                                            10.53
<PER-SHARE-NII>                                                   0.02
<PER-SHARE-GAIN-APPREC>                                           0.90
<PER-SHARE-DIVIDEND>                                             (0.04)
<PER-SHARE-DISTRIBUTIONS>                                         0.00
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                              11.41
<EXPENSE-RATIO>                                                   1.04
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER> 8
              <NAME> SVT GROWTH AND INCOME
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                                       30,328,566
<INVESTMENTS-AT-VALUE>                                      32,946,530
<RECEIVABLES>                                                  938,887
<ASSETS-OTHER>                                                     747
<OTHER-ITEMS-ASSETS>                                               120
<TOTAL-ASSETS>                                              33,886,284
<PAYABLE-FOR-SECURITIES>                                     1,785,412
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                       55,771
<TOTAL-LIABILITIES>                                          1,841,183
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    28,057,655
<SHARES-COMMON-STOCK>                                        2,789,385
<SHARES-COMMON-PRIOR>                                        2,534,217
<ACCUMULATED-NII-CURRENT>                                      221,786
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                      1,147,696
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                     2,617,964
<NET-ASSETS>                                                32,045,101
<DIVIDEND-INCOME>                                              309,479
<INTEREST-INCOME>                                               41,980
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                 126,310
<NET-INVESTMENT-INCOME>                                        225,149
<REALIZED-GAINS-CURRENT>                                     1,185,463
<APPREC-INCREASE-CURRENT>                                    3,284,741
<NET-CHANGE-FROM-OPS>                                        4,695,353
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                     (178,328)
<DISTRIBUTIONS-OF-GAINS>                                      (277,094)
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                        386,614
<NUMBER-OF-SHARES-REDEEMED>                                    171,117
<SHARES-REINVESTED>                                             39,671
<NET-CHANGE-IN-ASSETS>                                       7,139,717
<ACCUMULATED-NII-PRIOR>                                        174,965
<ACCUMULATED-GAINS-PRIOR>                                      239,327
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                          110,158
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                160,567
<AVERAGE-NET-ASSETS>                                        27,767,796
<PER-SHARE-NAV-BEGIN>                                             9.83
<PER-SHARE-NII>                                                   0.08
<PER-SHARE-GAIN-APPREC>                                           1.75
<PER-SHARE-DIVIDEND>                                             (0.07)
<PER-SHARE-DISTRIBUTIONS>                                        (0.10)
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                              11.49
<EXPENSE-RATIO>                                                   0.92
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        



</TABLE>

<TABLE> <S> <C>

<ARTICLE>  6
<SERIES>
              <NUMBER> 9
              <NAME> SVT SHORT TERM HIGH QUALITY BOND
       
<S>                                      <C>
<PERIOD-TYPE>                            6-MOS
<FISCAL-YEAR-END>                        DEC-31-1995
<PERIOD-END>                             JUN-30-1995
<INVESTMENTS-AT-COST>                                       12,956,308
<INVESTMENTS-AT-VALUE>                                      13,076,224
<RECEIVABLES>                                                  158,659
<ASSETS-OTHER>                                                       0
<OTHER-ITEMS-ASSETS>                                               487
<TOTAL-ASSETS>                                              13,235,370
<PAYABLE-FOR-SECURITIES>                                             0
<SENIOR-LONG-TERM-DEBT>                                              0
<OTHER-ITEMS-LIABILITIES>                                       22,686
<TOTAL-LIABILITIES>                                             22,686
<SENIOR-EQUITY>                                                      0
<PAID-IN-CAPITAL-COMMON>                                    13,295,093
<SHARES-COMMON-STOCK>                                        5,364,999
<SHARES-COMMON-PRIOR>                                        6,513,809
<ACCUMULATED-NII-CURRENT>                                      228,340
<OVERDISTRIBUTION-NII>                                               0
<ACCUMULATED-NET-GAINS>                                       (430,650)       
<OVERDISTRIBUTION-GAINS>                                             0
<ACCUM-APPREC-OR-DEPREC>                                       119,901
<NET-ASSETS>                                                13,212,684
<DIVIDEND-INCOME>                                                    0
<INTEREST-INCOME>                                              494,836
<OTHER-INCOME>                                                       0
<EXPENSES-NET>                                                  50,534
<NET-INVESTMENT-INCOME>                                        444,302
<REALIZED-GAINS-CURRENT>                                      (291,465)
<APPREC-INCREASE-CURRENT>                                      553,658
<NET-CHANGE-FROM-OPS>                                          706,495
<EQUALIZATION>                                                       0
<DISTRIBUTIONS-OF-INCOME>                                     (261,796)
<DISTRIBUTIONS-OF-GAINS>                                             0
<DISTRIBUTIONS-OTHER>                                                0
<NUMBER-OF-SHARES-SOLD>                                        280,252
<NUMBER-OF-SHARES-REDEEMED>                                  1,535,823
<SHARES-REINVESTED>                                            106,761
<NET-CHANGE-IN-ASSETS>                                      (2,334,693)
<ACCUMULATED-NII-PRIOR>                                         45,834
<ACCUMULATED-GAINS-PRIOR>                                     (139,185)       
<OVERDISTRIB-NII-PRIOR>                                              0
<OVERDIST-NET-GAINS-PRIOR>                                           0
<GROSS-ADVISORY-FEES>                                           34,786
<INTEREST-EXPENSE>                                                   0
<GROSS-EXPENSE>                                                 63,416
<AVERAGE-NET-ASSETS>                                        14,029,907
<PER-SHARE-NAV-BEGIN>                                             2.39
<PER-SHARE-NII>                                                   0.08
<PER-SHARE-GAIN-APPREC>                                           0.04
<PER-SHARE-DIVIDEND>                                             (0.05)
<PER-SHARE-DISTRIBUTIONS>                                         0.00
<RETURNS-OF-CAPITAL>                                              0.00
<PER-SHARE-NAV-END>                                               2.46
<EXPENSE-RATIO>                                                   0.73
<AVG-DEBT-OUTSTANDING>                                               0
<AVG-DEBT-PER-SHARE>                                                 0
        



</TABLE>


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