<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Hyperion
from form N-SAR for the period ended July 31, 2000
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME>Lend Lease Hyperion HY CMBS Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Jul-31-2000
<PERIOD-END> Jul-31-2000
<INVESTMENTS-AT-COST> 50,670,387
<INVESTMENTS-AT-VALUE> 50,748,755
<RECEIVABLES> 213,059
<ASSETS-OTHER> 70
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 50,961,884
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 707,443
<TOTAL-LIABILITIES> 707,443
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,051,203
<SHARES-COMMON-STOCK> 4,939
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 74,259
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45,672
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 78,368
<NET-ASSETS> 50,254,441
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 902,317
<OTHER-INCOME> 0
<EXPENSES-NET> 163,309
<NET-INVESTMENT-INCOME> 739,008
<REALIZED-GAINS-CURRENT> 45,672
<APPREC-INCREASE-CURRENT> 78,368
<NET-CHANGE-FROM-OPS> 863,048
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (685,801)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 177,247
<ACCUMULATED-NII-PRIOR> 2,916
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 44,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 185,809
<AVERAGE-NET-ASSETS> 12,447,300
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 2.83
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> 2.68
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> 0.69
</TABLE>
