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<PAGE> PAGE 13
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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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008 A000901 SIERRA INVESTMENT ADVISORS CORPORATION
008 B000901 A
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008 D010901 NORTHRIDGE
008 D020901 CA
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<PAGE> PAGE 41
028 A010900 19
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<PAGE> PAGE 42
048 B020900 0
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<PAGE> PAGE 43
048 K010900 0
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050 000900 N
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064 A000900 N
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
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<PAGE> PAGE 44
070 D020900 N
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070 J020900 Y
070 K010900 Y
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070 L020900 Y
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<PAGE> PAGE 45
072 S000900 1
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<PAGE> PAGE 46
076 000900 0.00
008 A001001 SIERRA INVESTMENT SERVICES COPORATION
008 B001001 A
008 C001001 801-42380
008 D011001 NORTHRIDGE
008 D021001 CA
008 D031001 91324
024 001000 N
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<PAGE> PAGE 47
048 F011000 0
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066 A001000 Y
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<PAGE> PAGE 48
067 001000 N
068 A001000 N
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070 A011000 Y
070 A021000 N
070 B011000 N
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070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 Y
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070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
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070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 N
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
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070 R011000 N
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<PAGE> PAGE 49
072 H001000 0
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<PAGE> PAGE 50
074 S001000 0
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008 A001101 SIERRA INVESTMENT SERVICES CORPORATION
008 B001101 A
008 C001101 801-42380
008 D011101 NORTHRIDGE
008 D021101 CA
008 D031101 91324
024 001100 N
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<PAGE> PAGE 51
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050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
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<PAGE> PAGE 52
062 Q001100 0.0
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<PAGE> PAGE 53
071 A001100 1616
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<PAGE> PAGE 54
074 K001100 36
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008 A001201 SIERRA INVESTMENT SERVICES CORPORATION
008 B001201 A
008 C001201 801-42380
008 D011201 NORTHRIDGE
008 D021201 CA
008 D031201 91324
024 001200 N
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<PAGE> PAGE 55
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<PAGE> PAGE 56
062 F001200 0.0
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<PAGE> PAGE 57
070 M021200 N
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<PAGE> PAGE 58
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008 A001301 SIERRA INVESTMENT SERVICES CORPORATION
008 B001301 A
008 C001301 801-42380
008 D011301 NORTHRIDGE
008 D021301 CA
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<PAGE> PAGE 59
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<PAGE> PAGE 60
053 C001300 N
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<PAGE> PAGE 61
070 H011300 Y
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070 M021300 N
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070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 119
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071 D001300 5
072 A001300 5
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<PAGE> PAGE 62
072 Z001300 1
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074 X001300 1
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008 A001401 SIERRA INVESTMENT SERVICES CORPORATION
008 B001401 A
008 C001401 801-42380
008 D011401 NORTHRIDGE
008 D021401 CA
008 D031401 91324
<PAGE> PAGE 63
024 001400 N
028 A011400 0
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045 001400 Y
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<PAGE> PAGE 64
048 I021400 0.000
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052 001400 N
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058 A001400 N
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062 C001400 0.0
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062 H001400 0.0
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062 P001400 0.0
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066 A001400 Y
066 B001400 N
066 C001400 N
066 D001400 N
066 E001400 N
066 F001400 N
066 G001400 Y
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
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<PAGE> PAGE 65
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 N
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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SIGNATURE CRAIG M. MILLER
TITLE ASSISTANT TREASURER
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<PAGE>
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<SERIES>
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<NAME> SIERRA VT GLOBAL MONEY FUND
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<NAME> SIERRA VT GROWTH FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> SIERRA VT INTERNATIONAL GROWTH FUND
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<PAGE>
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<NUMBER> 041
<NAME> SIERRA VT U.S. GOVERNMENT FUND
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<TABLE> <S> <C>
<PAGE>
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<SERIES>
<NUMBER> 051
<NAME> SIERRA VT CORPORATE INCOME FUND
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</TABLE>
<TABLE> <S> <C>
<PAGE>
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<SERIES>
<NUMBER> 061
<NAME> SIERRA VT SHORT-TERM GLOBAL GOVERNMENT
<S> <C>
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<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> SIERRA VT EMERGING GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,396,840
<INVESTMENTS-AT-VALUE> 49,331,840
<RECEIVABLES> 54,018
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 92,457
<TOTAL-ASSETS> 49,478,315
<PAYABLE-FOR-SECURITIES> 3,992,513
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 124,175
<TOTAL-LIABILITIES> 4,116,688
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,588,106
<SHARES-COMMON-STOCK> 2,902,621
<SHARES-COMMON-PRIOR> 3,801,138
<ACCUMULATED-NII-CURRENT> 46,745
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,838,488
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,888,288
<NET-ASSETS> 45,361,627
<DIVIDEND-INCOME> 136,338
<INTEREST-INCOME> 163,008
<OTHER-INCOME> 0
<EXPENSES-NET> 575,481
<NET-INVESTMENT-INCOME> (276,135)
<REALIZED-GAINS-CURRENT> 5,888,420
<APPREC-INCREASE-CURRENT> (974,715)
<NET-CHANGE-FROM-OPS> 4,637,570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,594,503)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98,128
<NUMBER-OF-SHARES-REDEEMED> (1,178,715)
<SHARES-REINVESTED> 182,070
<NET-CHANGE-IN-ASSETS> (10,525,862)
<ACCUMULATED-NII-PRIOR> 160,114
<ACCUMULATED-GAINS-PRIOR> 2,592,824
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 419,081
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 578,665
<AVERAGE-NET-ASSETS> 47,833,011
<PER-SHARE-NAV-BEGIN> 14.70
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.80
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.84)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.63
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 081
<NAME> SIERRA VT GROWTH & INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 90,831,633
<INVESTMENTS-AT-VALUE> 101,932,686
<RECEIVABLES> 143,190
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 6,614
<TOTAL-ASSETS> 102,082,490
<PAYABLE-FOR-SECURITIES> 151,361
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 136,661
<TOTAL-LIABILITIES> 288,022
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,943,861
<SHARES-COMMON-STOCK> 6,014,699
<SHARES-COMMON-PRIOR> 4,370,788
<ACCUMULATED-NII-CURRENT> 440,157
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,309,397
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,101,053
<NET-ASSETS> 101,794,468
<DIVIDEND-INCOME> 1,279,993
<INTEREST-INCOME> 146,794
<OTHER-INCOME> 0
<EXPENSES-NET> 944,012
<NET-INVESTMENT-INCOME> 482,775
<REALIZED-GAINS-CURRENT> 17,343,219
<APPREC-INCREASE-CURRENT> 3,441,585
<NET-CHANGE-FROM-OPS> 21,267,579
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (539,740)
<DISTRIBUTIONS-OF-GAINS> (6,617,216)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,556,541
<NUMBER-OF-SHARES-REDEEMED> (372,884)
<SHARES-REINVESTED> 460,254
<NET-CHANGE-IN-ASSETS> 39,349,933
<ACCUMULATED-NII-PRIOR> 497,122
<ACCUMULATED-GAINS-PRIOR> 6,583,394
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 697,411
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 945,427
<AVERAGE-NET-ASSETS> 87,180,513
<PER-SHARE-NAV-BEGIN> 14.29
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 3.90
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (1.23)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.92
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 091
<NAME> SIERRA VT SHORT-TERM HIGH QUALITY BOND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 11,724,348
<INVESTMENTS-AT-VALUE> 11,885,725
<RECEIVABLES> 97,822
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,192
<TOTAL-ASSETS> 11,984,739
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,352
<TOTAL-LIABILITIES> 40,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,248,379
<SHARES-COMMON-STOCK> 4,918,644
<SHARES-COMMON-PRIOR> 5,099,390
<ACCUMULATED-NII-CURRENT> 14,926
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (473,795)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 154,877
<NET-ASSETS> 11,944,387
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 859,503
<OTHER-INCOME> 0
<EXPENSES-NET> 122,027
<NET-INVESTMENT-INCOME> 737,476
<REALIZED-GAINS-CURRENT> (117,087)
<APPREC-INCREASE-CURRENT> 60,370
<NET-CHANGE-FROM-OPS> 680,759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (687,795)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 406,817
<NUMBER-OF-SHARES-REDEEMED> (871,194)
<SHARES-REINVESTED> 283,631
<NET-CHANGE-IN-ASSETS> (457,495)
<ACCUMULATED-NII-PRIOR> 3,803
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (395,266)
<GROSS-ADVISORY-FEES> 61,044
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126,208
<AVERAGE-NET-ASSETS> 12,208,759
<PER-SHARE-NAV-BEGIN> 2.43
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.43
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 101
<NAME> SIERRA VT CAPITAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 618,893
<INVESTMENTS-AT-VALUE> 610,811
<RECEIVABLES> 3,563
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 37,393
<TOTAL-ASSETS> 651,767
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60,384
<TOTAL-LIABILITIES> 60,384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 593,033
<SHARES-COMMON-STOCK> 55,292
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,393
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,039
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,082)
<NET-ASSETS> 591,383
<DIVIDEND-INCOME> 1,510
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 612
<NET-INVESTMENT-INCOME> 898
<REALIZED-GAINS-CURRENT> 3,198
<APPREC-INCREASE-CURRENT> (8,082)
<NET-CHANGE-FROM-OPS> (3,986)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57,065
<NUMBER-OF-SHARES-REDEEMED> (1,773)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 591,383
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,484
<AVERAGE-NET-ASSETS> 305,904
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.60
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.70
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 111
<NAME> SIERRA VT GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,238,045
<INVESTMENTS-AT-VALUE> 1,227,605
<RECEIVABLES> 167,853
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 39,888
<TOTAL-ASSETS> 1,435,346
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,684
<TOTAL-LIABILITIES> 61,684
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,394,108
<SHARES-COMMON-STOCK> 130,946
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 9,484
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19,490)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10,440)
<NET-ASSETS> 1,373,662
<DIVIDEND-INCOME> 6,953
<INTEREST-INCOME> 85
<OTHER-INCOME> 0
<EXPENSES-NET> 1,542
<NET-INVESTMENT-INCOME> 5,496
<REALIZED-GAINS-CURRENT> (17,838)
<APPREC-INCREASE-CURRENT> (10,440)
<NET-CHANGE-FROM-OPS> (22,782)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 154,598
<NUMBER-OF-SHARES-REDEEMED> (23,652)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,373,662
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 443
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29,560
<AVERAGE-NET-ASSETS> 766,693
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.42
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.49
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 121
<NAME> SIERRA VT BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,377,987
<INVESTMENTS-AT-VALUE> 2,371,496
<RECEIVABLES> 7,967
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 38,432
<TOTAL-ASSETS> 2,417,895
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 63,916
<TOTAL-LIABILITIES> 63,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,342,963
<SHARES-COMMON-STOCK> 224,852
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 29,960
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12,453)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,491)
<NET-ASSETS> 2,353,979
<DIVIDEND-INCOME> 22,609
<INTEREST-INCOME> 201
<OTHER-INCOME> 0
<EXPENSES-NET> 2,945
<NET-INVESTMENT-INCOME> 19,865
<REALIZED-GAINS-CURRENT> (4,694)
<APPREC-INCREASE-CURRENT> (6,491)
<NET-CHANGE-FROM-OPS> 8,680
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235,893
<NUMBER-OF-SHARES-REDEEMED> (11,041)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,353,979
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 849
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,701
<AVERAGE-NET-ASSETS> 1,468,918
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 131
<NAME> SIERRA VT VALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 116,030
<INVESTMENTS-AT-VALUE> 116,031
<RECEIVABLES> 2,223
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,273
<TOTAL-ASSETS> 127,527
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,174
<TOTAL-LIABILITIES> 27,174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 99,918
<SHARES-COMMON-STOCK> 9,807
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 416
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1
<NET-ASSETS> 100,353
<DIVIDEND-INCOME> 1,253
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 58
<NET-INVESTMENT-INCOME> 1,195
<REALIZED-GAINS-CURRENT> 18
<APPREC-INCREASE-CURRENT> 1
<NET-CHANGE-FROM-OPS> 1,214
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,950
<NUMBER-OF-SHARES-REDEEMED> (143)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 100,353
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,729
<AVERAGE-NET-ASSETS> 54,846
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.23
<EXPENSE-RATIO> 0.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 141
<NAME> SIERRA VT INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,791
<TOTAL-ASSETS> 5,791
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,791
<TOTAL-LIABILITIES> 5,791
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 23
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 291
<NUMBER-OF-SHARES-REDEEMED> (291)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,469
<AVERAGE-NET-ASSETS> 2,931
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
