<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Notification of Election Pursuant to Rule
18f-1 under the Investment Company Act of 1940, as
amended (the "1940 Act")
SIERRA ASSET MANAGEMENT PORTFOLIOS
----------------------------------
(Exact Name of Registrant)
NOTIFICATION OF ELECTION
The undersigned registered open-end investment company
hereby notifies the Securities and Exchange Commission that it elects to commit
itself to pay in cash all redemptions by a shareholder of record as provided by
Rule 18f-1 under the 1940 Act. It is understood that this election is
irrevocable while such Rule is in effect unless the Commission by order upon
application permits the withdrawal of this Notification of Election.
SIGNATURES
----------
Pursuant to the requirements of Rule 18f-1 under the 1940
Act, the Registrant has caused this Notification of Election to be duly executed
on its behalf in the City of Northridge and the State of California on the
18th day of July, 1996.
Signature: SIERRA ASSET MANAGEMENT PORTFOLIOS
By /s/ F. Brian Cerini
---------------------
Name: F. Brian Cerini
Title: President
Attest: /s/ Keith B. Pipes
-------------------
Name: Keith B. Pipes
Title: Executive Vice President,
Treasurer and Secretary
