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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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SIGNATURE CRAIG M. MILLER
TITLE ASSISTANT TREASURER
<PAGE>
This report is signed on behalf of the Registrant in the City of Northridge, the
State of California, on the 28th day of August, 1996.
THE SIERRA VARIABLE TRUST
(Name of Registrant)
Witness: /s/ Darren S. Kishimoto By /s/ Craig M. Miller
------------------------ -----------------------
Craig M. Miller
Assistant Treasurer
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<SERIES>
<NUMBER> 01
<NAME> Sierra VT Global Money Fund
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 02
<NAME> Sierra VT Growth Fund
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 03
<NAME> Sierra VT International Growth Fund
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Sierra VT U.S. Government Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
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<INVESTMENTS-AT-COST> 61,743,138
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<PER-SHARE-NII> 0.28
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Sierra VT Corporate Income Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 06
<NAME> Sierra VT ST Global Government Fund
<S> <C>
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<TABLE> <S> <C>
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<NUMBER> 07
<NAME> Sierra VT Emerging Growth
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 08
<NAME> Sierra VT Growth and Income
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<SERIES>
<NUMBER> 09
<NAME> Sierra VT Short Term High Quality Bond
<S> <C>
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