SIERRA PRIME INCOME FUND
NSAR-A, 1997-05-23
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 0001002948
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 SIERRA PRIME INCOME FUND
001 B000000 811-9122
001 C000000 8187250330
002 A000000 9301 CORBIN AVENUE
002 B000000 NORTHRIDGE
002 C000000 CA
002 D010000 91324
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
062 A000000 Y
062 B000000   0.0
062 C000000  44.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000  54.6
062 R000000   0.0
071 A000000      1025
071 B000000      1133
071 C000000      6926
071 D000000   15
072 A000000  6
074 N000000    11914
074 T000000    11760
075 A000000        0
075 B000000    12136
077 A000000 N
<PAGE>      PAGE  2
SIGNATURE   SHEILA TWIBLE                                
TITLE       ASST. VICE-PRESIDENT
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001002948
<NAME> SIERRA PRIME INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                              OCT-1-1996
<PERIOD-END>                               MAR-31-1997
<INVESTMENTS-AT-COST>                         11595690
<INVESTMENTS-AT-VALUE>                        11597497
<RECEIVABLES>                                   123782
<ASSETS-OTHER>                                  192579
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                11913858
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       153562
<TOTAL-LIABILITIES>                             153562
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      11757644
<SHARES-COMMON-STOCK>                          1175823
<SHARES-COMMON-PRIOR>                          1252700
<ACCUMULATED-NII-CURRENT>                          845
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          1807
<NET-ASSETS>                                  11760296
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               423212
<OTHER-INCOME>                                    7292
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                         430504
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                       (4510)
<NET-CHANGE-FROM-OPS>                           425994
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (430504)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          43824
<NUMBER-OF-SHARES-REDEEMED>                   (145373)
<SHARES-REINVESTED>                              24672
<NET-CHANGE-IN-ASSETS>                        (773239)
<ACCUMULATED-NII-PRIOR>                            845
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            57865
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                          12135882
<PER-SHARE-NAV-BEGIN>                            10.01
<PER-SHARE-NII>                                   0.35
<PER-SHARE-GAIN-APPREC>                         (0.01)
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                       (0.35)
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              10.00
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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