Annual Notice of Securities Sold Pursuant to Rule 24F-2
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form.
Please print or type.
1. Name and address of issuer:
Sierra Trust Funds
9301 Corbin Avenue
Northridge, CA 91324
_________________________________________________________________
2. Name of each series or class of funds for which this notice
is filed:
Class A, Class B and Class S of each of the following:
Global Money Fund Florida Insured Municipal Fund
U.S. Government Money Fund California Municipal Fund
California Money Fund National Municipal Fund
Short Term High Quality Bond Fund Growth and Income Fund
Short Term Global Government Fund Growth Fund
U.S. Government Fund Emerging Growth Fund
Corporate Income Fund International Growth Fund
California Insured Intermediate Municipal Fund
Target Maturity 2002 Fund-Class A (See Exhibit A)
_________________________________________________________________
3. Investment Company Act File Number: 811-5775
Securities Act File Number: 33-27489
_________________________________________________________________
4. Last day of fiscal year for which this notice is filed:
June 30, 1996
_________________________________________________________________
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5. Check box if this notice is being filed more than 180
days after the close of the issuer's fiscal year for
purposes of reporting securities sold after the close
of the fiscal year but before termination of the
issuer's 24f-2 declaration:
N/A
[ ]
_________________________________________________________________
6. Date of termination of issuer's declaration under rule
24f-2(a)(1), if applicable (see Instruction A.6):
N/A
_________________________________________________________________
7. Number and amount of securities of the same class or
series which had been registered under the Securities
Act of 1933 other than pursuant to rule 24f-2 in a
prior fiscal year, but which remained unsold at the
beginning of the fiscal year:
None.
_________________________________________________________________
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
23,865,609 shares @ $442,155,496.76
_________________________________________________________________
9. Number and aggregate sale price of securities sold
during the fiscal year:
1,231,583,251 shares @ $2,779,151,054.78 (See Exhibit A)
_________________________________________________________________
10. Number and aggregate sale price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
1,207,717,642 shares @ $2,336,995,558.02 (See Exhibit A)
_________________________________________________________________
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans, if applicable (see Instruction
B.7):
Included in Item 9 above
_________________________________________________________________
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on rule
24f-2 (from Item 10):
$ 2,336,995,558.02
______________________
(ii) Aggregate price of shares issued in
connection with dividend reinvestment plans
(from Item 11, if applicable):
+ --
______________________
(iii) Aggregate price of shares redeemed
or repurchased during the fiscal
year (if applicable):
- 2,679,021,874.00
______________________
(iv) Aggregate price of shares redeemed or
repurchased and previously applied as a
reduction to filing fees pursuant to rule
24e-2 (if applicable):
+ --
______________________
(v) Net aggregate price of securities sold and
issued during the fiscal year in reliance on
rule 24f-2 {line (i), plus line (ii), less
line (iii), plus line (iv)} (if applicable):
$0
______________________
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable
law or regulation (see Instruction C.6):
x 1/2,900
______________________
(vii) Fee due {line (i) or line (v)
multiplied by line (vi)}:
$0
======================
Insttruction: Issuers should complete lines (ii), (iii), (iv),
and (v) only if the form is being filed within 60 days after the
close of the issuer's fiscal year. See Instruction C.3.
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13. Check box if fees are being remitted to the
Commission's lockbox depository as described in section
3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a).
N/A [ ]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
N/A
SIGNATURES
This report has been signed by the following person on behalf of
the issuer and in the capacities and on the date indicated.
By (Signature and Title) /s/Craig M. Miller
Craig M. Miller
Assistant Treasurer
Date August 27, 1996
* Please print the name and title of the signing officer below
the signature.
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<TABLE>
EXHIBIT A
The actual aggregate sales price for which the shares (the "Portfolio Securities") of each portfolio of the Registrant
were sold and the actual redemption price of such securities redeemed by the Registrant during the fiscal year ended
June 30, 1996 and the calculation of the registration fee pursuant to Rule 24f-2(c) of the Investment
Company Act of 1940, as amended, is set forth below.
<CAPTION>
(a) (b) (c) (d)
Aggregate Sales Aggregate Sales Aggregate Sales Aggregate Aggregate Sales
Name of Portfolio Price of Portfolio Price of 24e-2 Price of Portfolio Redemption Price of Price of Portfolio
Securities Sold * Securities Securities Sold in Portfolio Securities
Reliance Upon Rule Securities Redeemed on which fee will
24f-2 During Fiscal Year be Based
(a) Minus (b) (c) Minus (d)
<S> <C> <C> <C> <C> <C>
Global Money Fund
Class A $ 496,427,435.00 $ 452,731,738.00
Class B 422,131.00 240,792.00
Class S 25,598,603.00 12,036,378.00
___________________________________________________________________________________________________________________________________
U.S. Government Money Fund
Class A $ 474,660,678.00 $ 483,120,127.00
Class B 218,919.00 229,940.00
Class S 28,115,914.00 28,414,129.00
___________________________________________________________________________________________________________________________________
California Money Fund
Class A $ 47,811,804.00 $ 45,435,607.00
Class B 619,144.00 550,706.00
Class S 227.00 0.00
___________________________________________________________________________________________________________________________________
Short Term High Quality Bond Fund
Class A $ 47,360,289.16 $ 57,823,020.00
Class B 1,973,970.00 1,491,690.00
Class S 17,369,248.00 15,960,041.00
___________________________________________________________________________________________________________________________________
Short Term Global Government Fund
Class A $ 10,233,267.08 $ 50,472,247.00
Class B 582,121.00 310,725.00
Class S 2,456,727.00 2,583,929.00
___________________________________________________________________________________________________________________________________
U.S. Government Fund
Class A $ 109,737,035.05 $ 134,635,010.00
Class B 17,313,779.00 3,609,667.00
Class S 31,432,078.00 2,104,433.00
___________________________________________________________________________________________________________________________________
Corporate Income Fund
Class A $ 60,876,888.89 $ 134,545,217.00
Class B 15,948,141.00 5,519,358.00
Class S 10,482,118.00 6,743,093.00
___________________________________________________________________________________________________________________________________
California Municipal Fund
Class A $ 48,375,441.57 $ 84,815,371.00
Class B 15,894,129.00 2,444,054.00
Class S 550.00 0.00
___________________________________________________________________________________________________________________________________
Florida Insured Municipal Fund
Class A $ 6,410,497.17 $11,020,564.00
Class B 3,135,264.00 1,086,270.00
Class S 500.00 0.00
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(a) (b) (c) (d)
Aggregate Sales Aggregate Sales Aggregate Sales Aggregate Aggregate Sales
Name of Portfolio Price of Portfolio Price of 24e-2 Price of Portfolio Redemption Price of Price of Portfolio
Securities Sold * Securities Securities Sold in Portfolio Securities
Reliance Upon Rule Securities Redeemed on which fee will
24f-2 During Fiscal Year be Based
(a) Minus (b) (c) Minus (d)
<S> <C> <C> <C> <C> <C>
California Insured
Intermediate Municipal Fund
Class A $ 14,010,657.48 $ 14,397,484.00
Class B 11,268,615.00 2,696,224.00
Class S 495.00 0.00
___________________________________________________________________________________________________________________________________
National Municipal Fund
Class A $ 75,542,475.31 $ 113,363,150.00
Class B 3,356,195.00 1,337,597.00
Class S 554.00 0.00
___________________________________________________________________________________________________________________________________
Growth and Income Fund
Class A $ 145,840,614.97 $ 154,656,035.00
Class B 17,822,466.00 2,232,982.00
Class S 29,060,685.00 16,956,222.00
___________________________________________________________________________________________________________________________________
Growth Fund
Class A $ 286,480,548.19 $ 278,090,786.00
Class B 18,875,554.00 1,965,299.00
Class S 40,909,382.00 15,892,141.00
___________________________________________________________________________________________________________________________________
Emerging Growth Fund
Class A $ 397,358,649.44 $ 360,537,980.00
Class B 17,097,150.00 2,420,701.00
Class S 33,101,019.00 7,517,410.00
___________________________________________________________________________________________________________________________________
International Growth Fund
Class A $ 181,325,882.72 $ 164,202,302.00
Class B 2,792,206.00 811,396.00
Class S 29,768,173.00 3,473,851.00
___________________________________________________________________________________________________________________________________
Target Maturity 2002 Fund
Class A $ 1,082,833.75 $ 546,208.00
===================================================================================================================================
Total $ 2,779,151,054.78 $442,155,496.76 $ 2,336,995,558.02 $ 2,679,021,874.00 ($342,026,315.98)
___________________________________________________________________________________________________________________________________
<FN>
No portion of the aggregate redemption price of Portfolio Securities has been applied by the Registrant to Rule 24e-2(a) in
a filing made pursuant to Section 24(e)(1) of the Investment Company Act of 1940, as amended. Pursuant to Rule 24f-2(c) of the
Investment Company Act of 1940, as amended, the registration fee with respect to the Portfolio Securities sold is calculated as
follows:
$2,779,151,054.78 - $442,155,496.76 = $2,336,995,558.02
($2,336,995,558.02 - 2,679,021,874 = $0).
No fee is required pursuant to Rule 24f-2(c).
*Includes front-end sales loads on Class A Shares of non money-market funds and reinvested dividends.
</FN>
</TABLE>
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{LETTERHEAD OF MORGAN, LEWIS & BOCKIUS LLP}
August 27, 1996
Sierra Trust Funds
9301 Corbin Avenue
Northridge, California 91324
Re: Rule 24f-2 Notice for Sierra Trust Funds
(File Nos. 33-27489 and 811-5775)
Gentlemen:
Sierra Trust Funds (the "Fund") is a business trust organized under the laws
of the Commonwealth of Massachusetts with its principal executive offices in
Northridge, California. The Fund is an open-end management investment
company with diversified and nondiversified series registered with the
Securities and Exchange Commission (the "Commission") under the Investment
Company Act of 1940, as amended (the "1940 Act"). This opinion relates to
shares of beneficial interest, without par value, sold by the Fund in
reliance upon Rule 24f-2 during its fiscal year ended June 30, 1996, the
registration of which is made definite by the filing of the attached Notice.
We have reviewed all proceedings taken by the Fund in connection with the
offer and sale of an unlimited number of the shares of beneficial interest,
without par value, which have been offered under prospectuses included as
part of the Fund's Registration Statement on Form N-1A, as amended to the
date hereof, which has been filed with the Commission under the Securities
Act of 1933, as amended and the 1940 Act (collectively, the "Registration
Statement").
We are of the opinion that such shares of beneficial interest sold pursuant
to the Registration Statement were, when issued in return for the payment
described in the Fund's prospectuses included as part of the Fund's
Registration Statement, legally issued, fully paid and nonassessable by the
Fund.
Very truly yours,
/s/ Morgan, Lewis & Bockius LLP
Morgan, Lewis & Bockius LLP
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