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SUPPLEMENT DATED JANUARY 30, 1998 TO ALL PROSPECTUSES,
AS SUPPLEMENTED TO DATE, OF
THE SIERRA VARIABLE TRUST (the "Trust")
(dated May 1, 1997)
The Prospectuses referred to above are amended and supplemented as follows:
On December 23, 1997, shareholders of the Trust's Short Term Global
Government Fund (the "Global Government Fund") approved the reorganization of
the Global Government Fund with and into the Trust's Short Term High Quality
Bond Fund. That reorganization was completed on January 30, 1998. As a result,
shares of the Global Government Fund will no longer be offered or sold.
On December 23, 1997, shareholders of each of the funds of the Trust other
than the Global Government Fund (the "Funds") also approved the appointment of
Composite Research & Management Co. ("Composite") as each Fund's new investment
adviser. Composite and its affiliates, including Sierra Capital Management
Corporation, are subsidiaries of Washington Mutual Inc. Composite assumed
management of the Funds on January 30, 1998. On December 23, 1997, the
shareholders also approved the reappointment of the sub-advisors for the Growth,
Emerging Growth and International Growth Funds. Composite manages the portfolio
of each of the other Funds without a sub-advisor. In addition, the Trust is
seeking an order from the Securities and Exchange Commission under which the
Trust's Board of Trustees would have the ability to replace or appoint sub-
advisors for any Fund without seeking shareholder approval.
The individuals with primary responsibility for the day-to-day management
of each Fund's portfolio remain unchanged except as follows: Gary J.
Pokrzywinski, CFA, Vice President and Senior Portfolio Manager of Composite, has
been employed by Composite since 1992 and has primary responsibility for the
day-to-day management of the Trust's Short Term High Quality Bond, U.S.
Government and Corporate Income Funds; Philip M. Foreman, CFA, Vice President
and Senior Portfolio Manager of Composite, has been employed by Composite since
1991 and has primary responsibility for the day-to-day management of the Trust's
Growth and Income Fund; and Audrey Quaye, Vice President and Portfolio Manager
of Composite, has been employed by Composite since 1996 and has primary
responsibility for the day-to-day management of the Money Market Fund (formerly
known as the "Global Money Fund"). The Money Market Fund pursues its objective
of maximizing current income consistent with safety of principal and maintenance
of liquidity by investing only in U.S. dollar-denominated, short-term, high
quality money market instruments.
Effective January 30, 1998, Murphey Favre Securities Services, Inc., an
affiliate of Composite, serves as administrator for the Trust, and Composite
Funds Distributor, Inc., an affiliate of Composite, serves as distributor for
the Trust.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
THE SIERRA VARIABLE TRUST
9301 CORBIN AVENUE, SUITE 333
NORTHRIDGE, CALIFORNIA 91324
