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<PAGE> PAGE 2
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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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<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 15
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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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SIGNATURE GEORGE NICHOLSON
TITLE TREASURER
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<CIK> 0000936330
<NAME> LPT VARIABLE INSURANCE SERIES TRUST
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<NAME> HARRIS ASSOCIATES VALUE PORTFOLIO
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<TABLE> <S> <C>
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<TABLE> <S> <C>
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<NAME> BERKELEY U.S. QUALITY BOND PORTFOLIO
<S> <C>
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<NUMBER> 004
<NAME> BERKELEY MONEY MARKET PORTFOLIO
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<NAME> LEXINGTON CORPORATE LEADERS PORTFOLIO
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<ACCUMULATED-GAINS-PRIOR> (2)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (82,533)
<AVERAGE-NET-ASSETS> 2,023,543
<PER-SHARE-NAV-BEGIN> 11.44
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 2.70
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (0.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.39
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Attachment to Form N-SAR, LPT Variable Insurance Series Trust, File Number 811-
08
960
Sub-Item 77C: Submission of matters to a vote of security holders
A special meeting of shareholders of the Berkeley U.S. Quality Bond Portfolio,
Berkeley Money Market Portfolio and Robertson Stephens Diversified Growth
Portfolio was held on October 3, 1997. Matters voted upon were as follows:
FOR AGAINST ABSTAIN
--- ------- -------
1: To approve a change in sub-advisor for the Salomon U.S. Quality Portfolio
(the "U.S. Quality Bond Portfolio") from Salomon Brothers Asset Management
Inc. to Berkeley Capital Management and a proposed Sub-Advisory Agreement
between the Trust, LPIMC Insurance Marketing Services, Inc. (the "Advisor")
and Berkeley Capital Management:
149,603 3,078 0
2: To approve a change in sub-advisor for the Salomon Money Market Portfolio
(the "Money Market Portfolio") from Salomon Brothers Asset Management Inc.
to Berkeley Capital Management and a proposed Sub-Advisory Agreement
between the Trust, LPIMC Insurance Marketing Services, Inc. (the "Advisor")
and Berkeley Capital Management:
2,291,771 0 269,695
3: To approve a new Sub-Advisory Agreement between the Trust, LPIMC Insurance
Marketing Services, Inc. (the "Advisor") and Robertson, Stephens & Company
Investment Management, L.P.("Robertson Stephens"):
192,389 0 82,001
160 Federal Street Telephone 617 439 4390
Boston, MA 02110
To the Trustees of The London Pacific Trust
Variable Insurance Series Trust
In planning and performing our audit of the financial statements of Harris
Associates Value (formerly MAS value), MFS Total Return, Berkeley U.S. Quality
Bond (formerly Salomon U.S. Quality Bond), Berkeley Money Market (formerly
Salomon Money Market), Strong International Stock, Strong Growth, Robertson
Stephens Diversified Growth (formerly Berkeley Small Companies), and Lexington
Corporate Leaders constituting The London Pacific Trust Variable Insurance
Series Trust (the "Trust") for the year ended December 31, 1997, 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, not to provide assurance on the internal control.
The management of the Trust 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
control activities. Generally, control activities 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 control objectives include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, errors or
irregularities 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 the internal control would not necessarily disclose all
matters in the internal control structure 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 any specific internal control components does not reduce to a relatively low
level the risk that errors or irregularities 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, including control activities for safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
