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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 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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
<PAGE> PAGE 21
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
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<PAGE> PAGE 22
074 A000400 0
074 B000400 159
074 C000400 1159
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074 N000400 1328
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074 R040400 23
074 S000400 0
074 T000400 1304
074 U010400 1304
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075 A000400 1784
075 B000400 0
076 000400 0.00
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008 C000501 801-48674
008 D010501 SACRAMENTO
008 D020501 CA
008 D030501 95833
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<PAGE> PAGE 23
028 D010500 0
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<PAGE> PAGE 24
062 E000500 0.0
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070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
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070 K020500 Y
070 L010500 Y
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<PAGE> PAGE 25
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<PAGE> PAGE 26
074 L000500 0
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<PAGE> PAGE 27
028 B030600 0
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055 A000600 N
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<PAGE> PAGE 28
056 000600 N
057 000600 N
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066 A000600 Y
066 B000600 N
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066 D000600 Y
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
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070 E020600 N
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070 F020600 N
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<PAGE> PAGE 29
070 K010600 Y
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070 P020600 N
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070 R020600 N
071 A000600 14388
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<PAGE> PAGE 30
072DD020600 0
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008 A000701 LPIMC INSURANCE MARKETING SERVICES
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008 D010702 SAN FRANCISCO
008 D020702 CA
008 D030702 94104
<PAGE> PAGE 31
024 000700 N
028 A010700 296
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<PAGE> PAGE 32
048 I020700 0.000
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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008 A000801 LPIMC INSURANCE SERIES MARKETING SERVICES
008 B000801 A
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<PAGE> PAGE 35
008 D030801 95833
008 A000802 LEXINGTON MANAGEMENT CORPORATION
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008 D030802 07663
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<PAGE> PAGE 36
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<PAGE> PAGE 37
066 F000800 N
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070 R020800 N
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<PAGE> PAGE 38
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<PAGE> PAGE 39
074 R030800 0
074 R040800 40
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SIGNATURE GEORGE NICHOLSON
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000936330
<NAME> LPT VARIABLE INSURANCE SERIES TRUST
<SERIES>
<NUMBER> 001
<NAME> HARRIS ASSOCIATES VALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 7,037,573
<INVESTMENTS-AT-VALUE> 7,254,791
<RECEIVABLES> 16,471
<ASSETS-OTHER> 102
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,271,364
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,529
<TOTAL-LIABILITIES> 48,529
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,747,035
<SHARES-COMMON-STOCK> 514,791
<SHARES-COMMON-PRIOR> 261,935
<ACCUMULATED-NII-CURRENT> 42,474
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 216,108
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 217,218
<NET-ASSETS> 7,222,835
<DIVIDEND-INCOME> 87,019
<INTEREST-INCOME> 28,820
<OTHER-INCOME> 0
<EXPENSES-NET> (73,365)
<NET-INVESTMENT-INCOME> 42,474
<REALIZED-GAINS-CURRENT> 216,108
<APPREC-INCREASE-CURRENT> (106,044)
<NET-CHANGE-FROM-OPS> 152,538
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,529,342
<NUMBER-OF-SHARES-REDEEMED> (981,697)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,700,183
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 56,876
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (105,307)
<AVERAGE-NET-ASSETS> 5,687,578
<PER-SHARE-NAV-BEGIN> 13.45
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.03
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000936330
<NAME> LPT VARIABLE INSURANCE SERIES TRUST
<SERIES>
<NUMBER> 002
<NAME> MFS TOTAL RETURN PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 11,153,084
<INVESTMENTS-AT-VALUE> 11,775,195
<RECEIVABLES> 73,078
<ASSETS-OTHER> 5,449
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,853,722
<PAYABLE-FOR-SECURITIES> 35,940
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52,193
<TOTAL-LIABILITIES> 88,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,391,710
<SHARES-COMMON-STOCK> 823,663
<SHARES-COMMON-PRIOR> 466,463
<ACCUMULATED-NII-CURRENT> 249,860
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 501,908
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 622,111
<NET-ASSETS> 11,765,589
<DIVIDEND-INCOME> 108,105
<INTEREST-INCOME> 259,551
<OTHER-INCOME> 0
<EXPENSES-NET> (118,188)
<NET-INVESTMENT-INCOME> 249,468
<REALIZED-GAINS-CURRENT> 502,439
<APPREC-INCREASE-CURRENT> 213,088
<NET-CHANGE-FROM-OPS> 964,995
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (995)
<DISTRIBUTIONS-OF-GAINS> (37,096)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,544,537
<NUMBER-OF-SHARES-REDEEMED> (716,951)
<SHARES-REINVESTED> 38,091
<NET-CHANGE-IN-ASSETS> 5,792,581
<ACCUMULATED-NII-PRIOR> 996
<ACCUMULATED-GAINS-PRIOR> 35,306
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (171,498)
<AVERAGE-NET-ASSETS> 9,162,019
<PER-SHARE-NAV-BEGIN> 12.80
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.28
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000936330
<NAME> LPT VARIABLE INSURANCE SERIES TRUST
<SERIES>
<NUMBER> 003
<NAME> BERKELEY U.S. QUALITY BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,980,470
<INVESTMENTS-AT-VALUE> 2,049,208
<RECEIVABLES> 30,777
<ASSETS-OTHER> 690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,080,675
<PAYABLE-FOR-SECURITIES> 77,418
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,810
<TOTAL-LIABILITIES> 102,228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,835,861
<SHARES-COMMON-STOCK> 185,153
<SHARES-COMMON-PRIOR> 109,188
<ACCUMULATED-NII-CURRENT> 77,788
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,940)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68,738
<NET-ASSETS> 1,978,447
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 93,269
<OTHER-INCOME> 0
<EXPENSES-NET> (15,481)
<NET-INVESTMENT-INCOME> 77,788
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 39,389
<NET-CHANGE-FROM-OPS> 117,177
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,168,980
<NUMBER-OF-SHARES-REDEEMED> (389,609)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 896,548
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,940)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,601
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (56,367)
<AVERAGE-NET-ASSETS> 1,563,838
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.69
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000936330
<NAME> LPT VARIABLE INSURANCE SERIES TRUST
<SERIES>
<NUMBER> 004
<NAME> BERKELEY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,318,296
<INVESTMENTS-AT-VALUE> 1,318,296
<RECEIVABLES> 9,443
<ASSETS-OTHER> 454
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,328,193
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,018
<TOTAL-LIABILITIES> 24,018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,304,175
<SHARES-COMMON-STOCK> 1,304,175
<SHARES-COMMON-PRIOR> 1,373,157
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,304,175
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 96,209
<OTHER-INCOME> 0
<EXPENSES-NET> (15,881)
<NET-INVESTMENT-INCOME> 80,328
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 80,328
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (80,328)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,337,252
<NUMBER-OF-SHARES-REDEEMED> (15,486,562)
<SHARES-REINVESTED> 80,328
<NET-CHANGE-IN-ASSETS> (68,982)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,030
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (55,973)
<AVERAGE-NET-ASSETS> 1,784,336
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000936330
<NAME> LPT VARIABLE INSURANCE SERIES TRUST
<SERIES>
<NUMBER> 005
<NAME> STRONG GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 5,643,934
<INVESTMENTS-AT-VALUE> 7,133,225
<RECEIVABLES> 263,842
<ASSETS-OTHER> 952
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,398,019
<PAYABLE-FOR-SECURITIES> 492,719
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,466
<TOTAL-LIABILITIES> 538,185
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,230,727
<SHARES-COMMON-STOCK> 402,026
<SHARES-COMMON-PRIOR> 216,183
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 139,816
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,489,291
<NET-ASSETS> 6,859,834
<DIVIDEND-INCOME> 16,614
<INTEREST-INCOME> 18,322
<OTHER-INCOME> 0
<EXPENSES-NET> (59,564)
<NET-INVESTMENT-INCOME> (24,628)
<REALIZED-GAINS-CURRENT> 416,484
<APPREC-INCREASE-CURRENT> 1,032,922
<NET-CHANGE-FROM-OPS> 1,424,778
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (194,821)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,036,477
<NUMBER-OF-SHARES-REDEEMED> (513,775)
<SHARES-REINVESTED> 194,821
<NET-CHANGE-IN-ASSETS> 3,947,480
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (57,219)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34,631
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (110,458)
<AVERAGE-NET-ASSETS> 4,617,443
<PER-SHARE-NAV-BEGIN> 13.47
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 4.17
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.06
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000936330
<NAME> LPT VARIABLE INSURANCE SERIES TRUST
<SERIES>
<NUMBER> 006
<NAME> ROBERTSON STEPHENS DIVERSIFIED GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 5,252,218
<INVESTMENTS-AT-VALUE> 6,040,378
<RECEIVABLES> 742,607
<ASSETS-OTHER> 102
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,783,087
<PAYABLE-FOR-SECURITIES> 168,831
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 357,389
<TOTAL-LIABILITIES> 526,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,085,847
<SHARES-COMMON-STOCK> 521,423
<SHARES-COMMON-PRIOR> 337,840
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 382,860
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 788,160
<NET-ASSETS> 6,256,867
<DIVIDEND-INCOME> 6,714
<INTEREST-INCOME> 25,033
<OTHER-INCOME> 0
<EXPENSES-NET> (66,704)
<NET-INVESTMENT-INCOME> (34,957)
<REALIZED-GAINS-CURRENT> 578,598
<APPREC-INCREASE-CURRENT> 423,882
<NET-CHANGE-FROM-OPS> 967,523
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,763,953
<NUMBER-OF-SHARES-REDEEMED> (926,756)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,804,720
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (160,781)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (113,930)
<AVERAGE-NET-ASSETS> 4,798,906
<PER-SHARE-NAV-BEGIN> 10.22
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 1.86
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.00
<EXPENSE-RATIO> 1.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000936330
<NAME> LPT VARIABLE INSURANCE SERIES TRUST
<SERIES>
<NUMBER> 007
<NAME> LEXINGTON CORPORATE LEADERS PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 7,398,277
<INVESTMENTS-AT-VALUE> 8,212,820
<RECEIVABLES> 13,353
<ASSETS-OTHER> 722
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,226,895
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,154
<TOTAL-LIABILITIES> 58,154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,213,611
<SHARES-COMMON-STOCK> 545,704
<SHARES-COMMON-PRIOR> 257,809
<ACCUMULATED-NII-CURRENT> 52,006
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 88,581
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 814,543
<NET-ASSETS> 8,168,741
<DIVIDEND-INCOME> 119,882
<INTEREST-INCOME> 9,437
<OTHER-INCOME> 0
<EXPENSES-NET> (77,313)
<NET-INVESTMENT-INCOME> 52,006
<REALIZED-GAINS-CURRENT> 88,581
<APPREC-INCREASE-CURRENT> 492,161
<NET-CHANGE-FROM-OPS> 632,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (14,110)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,506,043
<NUMBER-OF-SHARES-REDEEMED> (423,355)
<SHARES-REINVESTED> 14,110
<NET-CHANGE-IN-ASSETS> 4,715,436
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 14,110
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38,958
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (95,910)
<AVERAGE-NET-ASSETS> 5,993,584
<PER-SHARE-NAV-BEGIN> 13.39
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.97
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
February 16, 1999
To the Shareholders and Trustees of
LPT Variable Insurance Series Trust
In planning and performing our audits of the financial statements of each of the
portfolios constituting the LPT Variable Insurance Series Trust (the "Trust")
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 internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements 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 presented 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 internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Trustees of LPT Variable Insurance Series Trust and the Securities and Exchange
Commission.
/s/PricewaterhouseCoopers LLP
