<PAGE> PAGE 1
000 A000000 12/31/97
000 C000000 0001011114
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SIERRA ASSET MANAGEMENT PORTFOLIOS
001 B000000 811-07577
001 C000000 8187250303
002 A000000 9301 CORBIN AVENUE, SUITE 333
002 B000000 NORTHRIDGE
002 C000000 CA
002 D010000 91324
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 INCOME PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 VALUE PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 BALANCED PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 GROWTH PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 CAPITAL GROWTH PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
<PAGE> PAGE 2
007 C012000 20
008 A00AA01 SIERRA INVESTMENT SERVICES CORPORATION
008 B00AA01 A
008 C00AA01 801-42380
008 D01AA01 NORTHRIDGE
008 D02AA01 CA
008 D03AA01 91324
010 A00AA01 SIERRA FUND ADMINISTRATION CORPORATION
010 B00AA01 84-1879
010 C01AA01 NORTHRIDGE
010 C02AA01 CA
010 C03AA01 91324
010 A00AA02 FIRST DATA INVESTOR SERVICES GROUP, INC.
010 B00AA02 84-1761
010 C01AA02 BOSTON
010 C02AA02 MA
010 C03AA02 02109
011 A00AA01 SIERRA INVESTMENT SERVICES CORPORATION
011 B00AA01 8-45144
011 C01AA01 NORTHRIDGE
011 C02AA01 CA
011 C03AA01 91324
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
012 B00AA01 84-1761
012 C01AA01 WESTBORO
012 C02AA01 MA
012 C03AA01 01581
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 GREAT WESTERN FINANCIAL SECURITIES CORP.
014 B00AA01 8-30410
014 A00AA02 SIERRA INVESTMENT SERVICES CORPORATION
014 B00AA02 8-45144
014 A00AA03 COMPOSITE FUNDS DISTRIBUTOR, INC.
014 B00AA03 8-50200
014 A00AA04 WM FINANCIAL SERVICES, INC.
014 B00AA04 8-3641
015 A00AA01 BOSTON SAFE DEPOSIT AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02108
015 E01AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 36
019 C00AA00 SIERRAFUND
020 A000001 N/A
020 C000001 0
<PAGE> PAGE 3
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SIERRA ADVISORS
022 C000001 96958
022 D000001 49326
022 A000002 BOSTON SAFE DEPOSIT & TRUST
022 C000002 553589
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 650547
023 D000000 191385
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.150
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
<PAGE> PAGE 4
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 10000
063 A00AA00 0
<PAGE> PAGE 5
063 B00AA00 0.0
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 Q010000 N
078 000000 N
024 000100 N
028 A010100 92
028 A020100 43
028 A030100 0
028 A040100 689
028 B010100 9
028 B020100 46
028 B030100 0
028 B040100 428
028 C010100 427
028 C020100 45
028 C030100 0
028 C040100 508
028 D010100 407
028 D020100 46
028 D030100 0
028 D040100 1048
028 E010100 288
028 E020100 44
028 E030100 0
028 E040100 1290
028 F010100 221
028 F020100 114
028 F030100 0
028 F040100 712
028 G010100 1444
028 G020100 338
028 G030100 0
028 G040100 4675
028 H000100 62
029 000100 Y
030 A000100 3
030 B000100 4.50
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 1
033 000100 2
034 000100 Y
035 000100 8
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
<PAGE> PAGE 6
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 38
044 000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
<PAGE> PAGE 7
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 526
071 B000100 3670
071 C000100 16537
071 D000100 3
072 A000100 6
072 B000100 6
072 C000100 667
072 D000100 0
072 E000100 0
072 F000100 13
072 G000100 42
072 H000100 0
072 I000100 4
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 8
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 6
072 S000100 1
072 T000100 38
<PAGE> PAGE 8
072 U000100 5
072 V000100 0
072 W000100 1
072 X000100 118
072 Y000100 20
072 Z000100 575
072AA000100 0
072BB000100 43
072CC010100 269
072CC020100 0
072DD010100 0
072DD020100 154
072EE000100 0
073 A010100 0.3823
073 A020100 0.3434
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 396
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 14867
074 J000100 0
074 K000100 0
074 L000100 188
074 M000100 32
074 N000100 15484
074 O000100 0
074 P000100 8
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 130
074 S000100 0
074 T000100 15346
074 U010100 1035
074 U020100 455
074 V010100 10.30
074 V020100 10.30
074 W000100 0.0000
074 X000100 386
074 Y000100 0
075 A000100 16806
075 B000100 0
076 000100 0.00
024 000200 N
<PAGE> PAGE 9
028 A010200 483
028 A020200 57
028 A030200 0
028 A040200 2201
028 B010200 196
028 B020200 54
028 B030200 0
028 B040200 437
028 C010200 237
028 C020200 52
028 C030200 0
028 C040200 1162
028 D010200 548
028 D020200 54
028 D030200 0
028 D040200 44
028 E010200 264
028 E020200 53
028 E030200 0
028 E040200 741
028 F010200 221
028 F020200 781
028 F030200 0
028 F040200 381
028 G010200 1949
028 G020200 1051
028 G030200 0
028 G040200 4966
028 H000200 134
029 000200 Y
030 A000200 5
030 B000200 4.50
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 4
033 000200 1
034 000200 Y
035 000200 22
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
<PAGE> PAGE 10
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 52
044 000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
<PAGE> PAGE 11
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 3334
071 B000200 6109
071 C000200 17885
071 D000200 19
072 A000200 11
072 B000200 9
072 C000200 467
072 D000200 0
072 E000200 0
072 F000200 14
072 G000200 46
072 H000200 0
072 I000200 5
072 J000200 1
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 3
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 5
072 S000200 0
072 T000200 52
072 U000200 5
072 V000200 0
072 W000200 0
072 X000200 131
072 Y000200 14
072 Z000200 359
072AA000200 870
072BB000200 0
<PAGE> PAGE 12
072CC010200 0
072CC020200 229
072DD010200 406
072DD020200 331
072EE000200 387
073 A010200 0.4576
073 A020200 0.4168
073 B000200 0.2360
073 C000200 0.0000
074 A000200 1
074 B000200 986
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 16877
074 J000200 0
074 K000200 0
074 L000200 94
074 M000200 32
074 N000200 17990
074 O000200 0
074 P000200 18
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 62
074 S000200 0
074 T000200 17910
074 U010200 970
074 U020200 743
074 V010200 10.46
074 V020200 10.46
074 W000200 0.0000
074 X000200 525
074 Y000200 0
075 A000200 18437
075 B000200 0
076 000200 0.00
024 000300 N
028 A010300 7039
028 A020300 183
028 A030300 0
028 A040300 6485
028 B010300 3630
028 B020300 185
028 B030300 0
028 B040300 3752
<PAGE> PAGE 13
028 C010300 4248
028 C020300 186
028 C030300 0
028 C040300 5800
028 D010300 5643
028 D020300 198
028 D030300 0
028 D040300 4771
028 E010300 2399
028 E020300 204
028 E030300 0
028 E040300 3765
028 F010300 4362
028 F020300 12041
028 F030300 0
028 F040300 6978
028 G010300 27321
028 G020300 12997
028 G030300 0
028 G040300 31551
028 H000300 2818
029 000300 Y
030 A000300 113
030 B000300 5.25
030 C000300 0.00
031 A000300 15
031 B000300 0
032 000300 67
033 000300 31
034 000300 Y
035 000300 175
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 671
044 000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
<PAGE> PAGE 14
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 Y
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
<PAGE> PAGE 15
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 33829
071 B000300 23405
071 C000300 211760
071 D000300 11
072 A000300 11
072 B000300 43
072 C000300 4156
072 D000300 0
072 E000300 0
072 F000300 162
072 G000300 541
072 H000300 0
072 I000300 46
072 J000300 1
072 K000300 0
072 L000300 0
072 M000300 1
072 N000300 10
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 8
072 S000300 8
072 T000300 671
072 U000300 5
072 V000300 0
072 W000300 6
072 X000300 1459
072 Y000300 32
072 Z000300 2772
072AA000300 16904
072BB000300 0
072CC010300 0
072CC020300 14227
072DD010300 5681
072DD020300 5473
072EE000300 2146
073 A010300 0.6126
073 A020300 0.5702
073 B000300 0.1140
<PAGE> PAGE 16
073 C000300 0.0000
074 A000300 1
074 B000300 5218
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 204695
074 J000300 0
074 K000300 0
074 L000300 983
074 M000300 34
074 N000300 210931
074 O000300 0
074 P000300 228
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 545
074 S000300 0
074 T000300 210158
074 U010300 9712
074 U020300 10247
074 V010300 10.53
074 V020300 10.53
074 W000300 0.0000
074 X000300 5478
074 Y000300 0
075 A000300 214470
075 B000300 0
076 000300 0.00
024 000400 N
028 A010400 7374
028 A020400 0
028 A030400 0
028 A040400 9453
028 B010400 4930
028 B020400 0
028 B030400 0
028 B040400 6475
028 C010400 4599
028 C020400 0
028 C030400 0
028 C040400 5605
028 D010400 4739
028 D020400 0
028 D030400 0
028 D040400 6516
<PAGE> PAGE 17
028 E010400 3221
028 E020400 0
028 E030400 0
028 E040400 6845
028 F010400 2921
028 F020400 14042
028 F030400 0
028 F040400 8638
028 G010400 27784
028 G020400 14042
028 G030400 0
028 G040400 43532
028 H000400 2956
029 000400 Y
030 A000400 136
030 B000400 5.50
030 C000400 0.00
031 A000400 21
031 B000400 0
032 000400 73
033 000400 42
034 000400 Y
035 000400 340
036 A000400 N
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 996
044 000400 0
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
<PAGE> PAGE 18
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
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 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
<PAGE> PAGE 19
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 48474
071 B000400 40680
071 C000400 294640
071 D000400 14
072 A000400 11
072 B000400 40
072 C000400 4434
072 D000400 0
072 E000400 0
072 F000400 225
072 G000400 750
072 H000400 0
072 I000400 73
072 J000400 2
072 K000400 0
072 L000400 0
072 M000400 2
072 N000400 11
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 8
072 S000400 3
072 T000400 996
072 U000400 5
072 V000400 0
072 W000400 6
072 X000400 2081
072 Y000400 36
072 Z000400 2429
072AA000400 22248
072BB000400 0
072CC010400 0
072CC020400 19684
072DD010400 5743
072DD020400 6881
072EE000400 1632
073 A010400 0.5100
073 A020400 0.4700
073 B000400 0.0630
073 C000400 0.0000
074 A000400 7
074 B000400 2215
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
<PAGE> PAGE 20
074 H000400 0
074 I000400 281980
074 J000400 0
074 K000400 0
074 L000400 479
074 M000400 35
074 N000400 284716
074 O000400 0
074 P000400 323
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 523
074 S000400 0
074 T000400 283870
074 U010400 11845
074 U020400 15336
074 V010400 10.47
074 V020400 10.42
074 W000400 0.0000
074 X000400 8619
074 Y000400 0
075 A000400 297703
075 B000400 0
076 000400 0.00
024 000500 N
028 A010500 2052
028 A020500 0
028 A030500 0
028 A040500 1434
028 B010500 2078
028 B020500 0
028 B030500 0
028 B040500 564
028 C010500 2601
028 C020500 0
028 C030500 0
028 C040500 624
028 D010500 2528
028 D020500 0
028 D030500 0
028 D040500 669
028 E010500 1241
028 E020500 0
028 E030500 0
028 E040500 698
028 F010500 1967
028 F020500 3455
028 F030500 0
028 F040500 750
<PAGE> PAGE 21
028 G010500 12467
028 G020500 3455
028 G030500 0
028 G040500 4739
028 H000500 2127
029 000500 Y
030 A000500 108
030 B000500 5.75
030 C000500 0.00
031 A000500 16
031 B000500 0
032 000500 86
033 000500 6
034 000500 Y
035 000500 47
036 A000500 N
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 223
044 000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
<PAGE> PAGE 22
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 19691
071 B000500 4768
071 C000500 55112
071 D000500 9
072 A000500 11
<PAGE> PAGE 23
072 B000500 16
072 C000500 426
072 D000500 0
072 E000500 0
072 F000500 42
072 G000500 141
072 H000500 0
072 I000500 19
072 J000500 1
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 12
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 7
072 S000500 1
072 T000500 223
072 U000500 5
072 V000500 0
072 W000500 2
072 X000500 453
072 Y000500 32
072 Z000500 21
072AA000500 6833
072BB000500 0
072CC010500 0
072CC020500 5340
072DD010500 951
072DD020500 2367
072EE000500 194
073 A010500 0.6800
073 A020500 0.6400
073 B000500 0.0380
073 C000500 0.0000
074 A000500 1
074 B000500 516
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 58829
074 J000500 0
074 K000500 0
074 L000500 143
074 M000500 32
074 N000500 59521
074 O000500 0
<PAGE> PAGE 24
074 P000500 67
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 211
074 S000500 0
074 T000500 59243
074 U010500 1483
074 U020500 3969
074 V010500 11.92
074 V020500 11.85
074 W000500 0.0000
074 X000500 2395
074 Y000500 0
075 A000500 56003
075 B000500 0
076 000500 0.00
SIGNATURE CRAIG M. MILLER
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> SIERRA ASSET MANAGEMENT INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 15,044,832
<INVESTMENTS-AT-VALUE> 15,262,953
<RECEIVABLES> 188,414
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,754
<TOTAL-ASSETS> 15,484,121
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 138,069
<TOTAL-LIABILITIES> 138,069
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,482,741
<SHARES-COMMON-STOCK> 1,034,871
<SHARES-COMMON-PRIOR> 1,323,410
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,507)
<ACCUMULATED-NET-GAINS> 18,615
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 218,121
<NET-ASSETS> 10,657,691
<DIVIDEND-INCOME> 667,259
<INTEREST-INCOME> 6,441
<OTHER-INCOME> 0
<EXPENSES-NET> 97,925
<NET-INVESTMENT-INCOME> 575,775
<REALIZED-GAINS-CURRENT> 43,649
<APPREC-INCREASE-CURRENT> 268,595
<NET-CHANGE-FROM-OPS> 888,019
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (441,900)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88,867
<NUMBER-OF-SHARES-REDEEMED> (399,254)
<SHARES-REINVESTED> 21,848
<NET-CHANGE-IN-ASSETS> (2,600,393)
<ACCUMULATED-NII-PRIOR> 18,156
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (25,034)
<GROSS-ADVISORY-FEES> 12,708
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 118,164
<AVERAGE-NET-ASSETS> 12,227,538
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> SIERRA ASSET MANAGEMENT INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 15,044,832
<INVESTMENTS-AT-VALUE> 15,262,953
<RECEIVABLES> 188,414
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,754
<TOTAL-ASSETS> 15,484,121
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 138,069
<TOTAL-LIABILITIES> 138,069
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,628,082
<SHARES-COMMON-STOCK> 455,255
<SHARES-COMMON-PRIOR> 447,709
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,507)
<ACCUMULATED-NET-GAINS> 18,615
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 218,121
<NET-ASSETS> 4,688,361
<DIVIDEND-INCOME> 667,259
<INTEREST-INCOME> 6,441
<OTHER-INCOME> 0
<EXPENSES-NET> 97,925
<NET-INVESTMENT-INCOME> 575,775
<REALIZED-GAINS-CURRENT> 43,649
<APPREC-INCREASE-CURRENT> 268,595
<NET-CHANGE-FROM-OPS> 888,019
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (153,538)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,343
<NUMBER-OF-SHARES-REDEEMED> (54,800)
<SHARES-REINVESTED> 11,003
<NET-CHANGE-IN-ASSETS> (2,600,393)
<ACCUMULATED-NII-PRIOR> 18,156
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (25,034)
<GROSS-ADVISORY-FEES> 12,708
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 118,164
<AVERAGE-NET-ASSETS> 4,578,899
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> SIERRA ASSET MANAGEMENT VALUE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 17,870,176
<INVESTMENTS-AT-VALUE> 17,863,159
<RECEIVABLES> 94,321
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,818
<TOTAL-ASSETS> 17,990,298
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80,735
<TOTAL-LIABILITIES> 80,735
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,869,411
<SHARES-COMMON-STOCK> 969,821
<SHARES-COMMON-PRIOR> 1,193,528
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (356,557)
<ACCUMULATED-NET-GAINS> 728,006
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7,017)
<NET-ASSETS> 10,143,521
<DIVIDEND-INCOME> 467,146
<INTEREST-INCOME> 9,178
<OTHER-INCOME> 0
<EXPENSES-NET> 116,866
<NET-INVESTMENT-INCOME> 359,458
<REALIZED-GAINS-CURRENT> 869,737
<APPREC-INCREASE-CURRENT> (228,900)
<NET-CHANGE-FROM-OPS> 1,000,295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (406,172)
<DISTRIBUTIONS-OF-GAINS> (218,896)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,329
<NUMBER-OF-SHARES-REDEEMED> (350,184)
<SHARES-REINVESTED> 59,148
<NET-CHANGE-IN-ASSETS> (2,088,686)
<ACCUMULATED-NII-PRIOR> 21,297
<ACCUMULATED-GAINS-PRIOR> 244,976
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,942
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 131,049
<AVERAGE-NET-ASSETS> 10,894,704
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> (0.46)
<PER-SHARE-DISTRIBUTIONS> (0.24)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.46
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> SIERRA ASSET MANAGEMENT VALUE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 17,870,176
<INVESTMENTS-AT-VALUE> 17,863,159
<RECEIVABLES> 94,321
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,818
<TOTAL-ASSETS> 17,990,298
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80,735
<TOTAL-LIABILITIES> 80,735
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,675,720
<SHARES-COMMON-STOCK> 742,500
<SHARES-COMMON-PRIOR> 698,837
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (356,557)
<ACCUMULATED-NET-GAINS> 728,006
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7,017)
<NET-ASSETS> 7,766,042
<DIVIDEND-INCOME> 467,146
<INTEREST-INCOME> 9,178
<OTHER-INCOME> 0
<EXPENSES-NET> 116,866
<NET-INVESTMENT-INCOME> 359,458
<REALIZED-GAINS-CURRENT> 869,737
<APPREC-INCREASE-CURRENT> (228,900)
<NET-CHANGE-FROM-OPS> 1,000,295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (331,140)
<DISTRIBUTIONS-OF-GAINS> (167,811)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,872
<NUMBER-OF-SHARES-REDEEMED> (110,020)
<SHARES-REINVESTED> 40,811
<NET-CHANGE-IN-ASSETS> (2,088,686)
<ACCUMULATED-NII-PRIOR> 21,297
<ACCUMULATED-GAINS-PRIOR> 244,976
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,942
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 131,049
<AVERAGE-NET-ASSETS> 7,542,514
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> (0.24)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.46
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> SIERRA ASSET MANAGEMENT BALANCE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 215,359,622
<INVESTMENTS-AT-VALUE> 209,913,291
<RECEIVABLES> 982,850
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 34,578
<TOTAL-ASSETS> 210,930,719
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 772,259
<TOTAL-LIABILITIES> 772,259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100,633,434
<SHARES-COMMON-STOCK> 9,712,017
<SHARES-COMMON-PRIOR> 9,993,652
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (8,304,707)
<ACCUMULATED-NET-GAINS> 15,915,250
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,446,331)
<NET-ASSETS> 102,260,130
<DIVIDEND-INCOME> 4,156,410
<INTEREST-INCOME> 43,353
<OTHER-INCOME> 0
<EXPENSES-NET> 1,427,325
<NET-INVESTMENT-INCOME> 2,772,438
<REALIZED-GAINS-CURRENT> 16,903,533
<APPREC-INCREASE-CURRENT> (14,227,231)
<NET-CHANGE-FROM-OPS> 5,448,740
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,681,209)
<DISTRIBUTIONS-OF-GAINS> (1,050,143)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 951,988
<NUMBER-OF-SHARES-REDEEMED> (1,854,979)
<SHARES-REINVESTED> 621,356
<NET-CHANGE-IN-ASSETS> 916,213
<ACCUMULATED-NII-PRIOR> 76,816
<ACCUMULATED-GAINS-PRIOR> 1,157,613
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 162,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,459,343
<AVERAGE-NET-ASSETS> 108,485,477
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> (0.61)
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> SIERRA ASSET MANAGEMENT BALANCE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 215,359,622
<INVESTMENTS-AT-VALUE> 209,913,291
<RECEIVABLES> 982,850
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 34,578
<TOTAL-ASSETS> 210,930,719
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 772,259
<TOTAL-LIABILITIES> 772,259
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,360,814
<SHARES-COMMON-STOCK> 10,247,408
<SHARES-COMMON-PRIOR> 9,116,810
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (8,304,707)
<ACCUMULATED-NET-GAINS> 15,915,250
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,446,331)
<NET-ASSETS> 107,898,330
<DIVIDEND-INCOME> 4,156,410
<INTEREST-INCOME> 43,353
<OTHER-INCOME> 0
<EXPENSES-NET> 1,427,325
<NET-INVESTMENT-INCOME> 2,772,438
<REALIZED-GAINS-CURRENT> 16,903,533
<APPREC-INCREASE-CURRENT> (14,227,231)
<NET-CHANGE-FROM-OPS> 5,448,740
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,472,752)
<DISTRIBUTIONS-OF-GAINS> (1,095,753)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,476,484
<NUMBER-OF-SHARES-REDEEMED> (957,901)
<SHARES-REINVESTED> 612,015
<NET-CHANGE-IN-ASSETS> 916,213
<ACCUMULATED-NII-PRIOR> 76,816
<ACCUMULATED-GAINS-PRIOR> 1,157,613
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 162,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,459,343
<AVERAGE-NET-ASSETS> 105,984,747
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> (0.57)
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> SIERRA ASSET MANAGEMENT GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 294,251,035
<INVESTMENTS-AT-VALUE> 284,194,884
<RECEIVABLES> 478,923
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 41,806
<TOTAL-ASSETS> 284,715,613
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 845,440
<TOTAL-LIABILITIES> 845,440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,118,663
<SHARES-COMMON-STOCK> 11,845,054
<SHARES-COMMON-PRIOR> 12,539,328
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (10,193,908)
<ACCUMULATED-NET-GAINS> 21,379,985
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10,056,151)
<NET-ASSETS> 124,070,353
<DIVIDEND-INCOME> 4,433,865
<INTEREST-INCOME> 40,362
<OTHER-INCOME> 0
<EXPENSES-NET> 2,044,519
<NET-INVESTMENT-INCOME> 2,429,708
<REALIZED-GAINS-CURRENT> 22,248,475
<APPREC-INCREASE-CURRENT> (19,683,586)
<NET-CHANGE-FROM-OPS> 4,994,597
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,742,888)
<DISTRIBUTIONS-OF-GAINS> (709,416)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,006,545
<NUMBER-OF-SHARES-REDEEMED> (2,329,264)
<SHARES-REINVESTED> 628,445
<NET-CHANGE-IN-ASSETS> (10,967,565)
<ACCUMULATED-NII-PRIOR> 191
<ACCUMULATED-GAINS-PRIOR> 763,262
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225,112
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,080,633
<AVERAGE-NET-ASSETS> 133,612,927
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> SIERRA ASSET MANAGEMENT GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 294,251,035
<INVESTMENTS-AT-VALUE> 284,194,884
<RECEIVABLES> 478,923
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 41,806
<TOTAL-ASSETS> 284,715,613
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 845,440
<TOTAL-LIABILITIES> 845,440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159,621,584
<SHARES-COMMON-STOCK> 15,335,855
<SHARES-COMMON-PRIOR> 14,688,974
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (10,193,908)
<ACCUMULATED-NET-GAINS> 21,379,985
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10,056,151)
<NET-ASSETS> 159,794,820
<DIVIDEND-INCOME> 4,433,865
<INTEREST-INCOME> 40,362
<OTHER-INCOME> 0
<EXPENSES-NET> 2,044,519
<NET-INVESTMENT-INCOME> 2,429,708
<REALIZED-GAINS-CURRENT> 22,248,475
<APPREC-INCREASE-CURRENT> (19,683,586)
<NET-CHANGE-FROM-OPS> 4,994,597
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,880,919)
<DISTRIBUTIONS-OF-GAINS> (922,336)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,480,864
<NUMBER-OF-SHARES-REDEEMED> (1,592,694)
<SHARES-REINVESTED> 758,711
<NET-CHANGE-IN-ASSETS> (10,967,565)
<ACCUMULATED-NII-PRIOR> 191
<ACCUMULATED-GAINS-PRIOR> 763,262
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 225,112
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,080,633
<AVERAGE-NET-ASSETS> 164,089,860
<PER-SHARE-NAV-BEGIN> 10.80
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.42
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> SIERRA ASSET MANAGEMENT CAP GR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 62,093,568
<INVESTMENTS-AT-VALUE> 59,345,285
<RECEIVABLES> 142,652
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,939
<TOTAL-ASSETS> 59,520,876
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 278,169
<TOTAL-LIABILITIES> 278,169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,886,412
<SHARES-COMMON-STOCK> 1,482,518
<SHARES-COMMON-PRIOR> 1,266,018
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,497,959)
<ACCUMULATED-NET-GAINS> 6,955,325
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,748,283)
<NET-ASSETS> 16,187,099
<DIVIDEND-INCOME> 426,028
<INTEREST-INCOME> 16,279
<OTHER-INCOME> 0
<EXPENSES-NET> 420,636
<NET-INVESTMENT-INCOME> 21,671
<REALIZED-GAINS-CURRENT> 6,832,897
<APPREC-INCREASE-CURRENT> (5,339,611)
<NET-CHANGE-FROM-OPS> 1,514,957
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (950,865)
<DISTRIBUTIONS-OF-GAINS> (53,136)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 349,189
<NUMBER-OF-SHARES-REDEEMED> (226,370)
<SHARES-REINVESTED> 93,681
<NET-CHANGE-IN-ASSETS> 9,187,916
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 316,081
<OVERDISTRIB-NII-PRIOR> (202,159)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,348
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 452,926
<AVERAGE-NET-ASSETS> 15,565,015
<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.34
<PER-SHARE-DIVIDEND> (0.68)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.92
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> SIERRA ASSET MANAGEMENT CAP GR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 62,093,568
<INVESTMENTS-AT-VALUE> 59,345,285
<RECEIVABLES> 142,652
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,939
<TOTAL-ASSETS> 59,520,876
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 278,169
<TOTAL-LIABILITIES> 278,169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,647,212
<SHARES-COMMON-STOCK> 3,968,866
<SHARES-COMMON-PRIOR> 3,198,772
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,497,959)
<ACCUMULATED-NET-GAINS> 6,955,325
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,748,283)
<NET-ASSETS> 43,055,608
<DIVIDEND-INCOME> 426,028
<INTEREST-INCOME> 16,279
<OTHER-INCOME> 0
<EXPENSES-NET> 420,636
<NET-INVESTMENT-INCOME> 21,671
<REALIZED-GAINS-CURRENT> 6,832,897
<APPREC-INCREASE-CURRENT> (5,339,611)
<NET-CHANGE-FROM-OPS> 1,514,957
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,366,606)
<DISTRIBUTIONS-OF-GAINS> (140,517)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 712,602
<NUMBER-OF-SHARES-REDEEMED> (178,833)
<SHARES-REINVESTED> 236,325
<NET-CHANGE-IN-ASSETS> 9,187,916
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 316,081
<OVERDISTRIB-NII-PRIOR> (202,159)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,348
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 452,926
<AVERAGE-NET-ASSETS> 40,438,024
<PER-SHARE-NAV-BEGIN> 11.19
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.35
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.85
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
