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<PAGE> PAGE 8
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
070 B011300 N
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
053 C001400 N
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
008 A001502 VAN KAMPEN AMERICAN CAPITAL MANAGEMENT INC.
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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070 C021600 N
070 D011600 N
070 D021600 N
070 E011600 N
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070 G011600 N
070 G021600 N
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070 K021600 N
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070 M011600 N
070 M021600 N
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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SIGNATURE CRAIG M. MILLER
TITLE ASSISTANT TREASURER
<PAGE>
This report is signed on behalf of the Registrant in the City of Northridge, the
State of California, on the 28th day of August, 1996.
SIERRA TRUST FUNDS
(Name of Registrant)
Witness: /s/ Darren S. Kishimoto By /s/ Craig M. Miller
------------------------ -----------------------
Craig M. Miller
Assistant Treasurer
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<SERIES>
<NUMBER> 011
<NAME> SIERRA TRUST GLOBAL MONEY CL-A
<S> <C>
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<NAME> SIERRA TRUST GLOBAL MONEY CL-B
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</TABLE>
<TABLE> <S> <C>
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<NUMBER> 013
<NAME> SIERRA TRUST GLOBAL MONEY CL-S
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<NUMBER> 021
<NAME> SIERRA TRUST US GOVT MONEY CL-A
<S> <C>
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<TABLE> <S> <C>
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<NUMBER> 022
<NAME> SIERRA TRUST US GOVT MONEY CL-B
<S> <C>
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<TABLE> <S> <C>
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<NAME> SIERRA TRUST US GOVT MONEY CL-S
<S> <C>
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 031
<NAME> SIERRA TRUST CALIFORNIA MONEY CL-A
<S> <C>
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<NUMBER> 032
<NAME> SIERRA TRUST CALIFORNIA MONEY CL-B
<S> <C>
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<NAME> SIERRA TRUST CALIFORNIA MONEY CL-S
<S> <C>
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<NAME> SIERRA TRUST ST HIGH QUALITY BD CL-A
<S> <C>
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<NAME> SIERRA TRUST ST HIGH QUALITY BD CL-B
<S> <C>
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<NAME> SIERRA TRUST ST HIGH QUALITY BD CL-S
<S> <C>
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<NUMBER> 111
<NAME> SIERRA TRUST SHORT TERM GLOB GOVT CL-A
<S> <C>
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<NAME> SIERRA TRUST SHORT TERM GLOB GOVT CL-B
<S> <C>
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<NAME> SIERRA TRUST SHORT TERM GLOB GOVT CL-S
<S> <C>
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<NAME> SIERRA TRUST US GOVT CL-A
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<NAME> SIERRA TRUST US GOVT CL-B
<S> <C>
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</TABLE>
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<NUMBER> 043
<NAME> SIERRA TRUST US GOVT CL-S
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> SIERRA TRUST CORPORATE INCOME CL-A
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<OVERDISTRIBUTION-NII> (1,086,967)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 072
<NAME> SIERRA TRUST CORPORATE INCOME CL-B
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 073
<NAME> SIERRA TRUST CORPORATE INCOME CL-S
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 363,019,833
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 051
<NAME> SIERRA TRUST CALIFORNIA MUNI CL-A
<S> <C>
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<PERIOD-END> JUN-30-1996
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> SIERRA TRUST CALIFORNIA MUNI CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
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<NUMBER-OF-SHARES-SOLD> 1,438,143
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<NET-CHANGE-IN-ASSETS> (20,476,924)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 053
<NAME> SIERRA TRUST CALIFORNIA MUNI CL-S
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<NET-CHANGE-IN-ASSETS> (20,476,924)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 131
<NAME> SIERRA TRUST FLORIDA INSURED MUNI CL-A
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 061
<NAME> SIERRA TRUST GROWTH & INCOME CL-A
<S> <C>
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<NUMBER-OF-SHARES-SOLD> 9,665,189
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> SIERRA TRUST GROWTH & INCOME CL-B
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<INTEREST-INCOME> 409,112
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<NUMBER-OF-SHARES-SOLD> 1,245,754
<NUMBER-OF-SHARES-REDEEMED> (163,885)
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<NET-CHANGE-IN-ASSETS> 45,025,739
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<PER-SHARE-NAV-BEGIN> 12.55
<PER-SHARE-NII> (0.02)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 063
<NAME> SIERRA TRUST GROWTH & INCOME CL-S
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<INTEREST-INCOME> 409,112
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<NET-INVESTMENT-INCOME> 1,072,309
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<NUMBER-OF-SHARES-SOLD> 2,011,945
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<NET-CHANGE-IN-ASSETS> 45,025,739
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<PER-SHARE-NAV-BEGIN> 12.55
<PER-SHARE-NII> (0.02)
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<EXPENSE-RATIO> 2.29
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 121
<NAME> SIERRA TRUST GROWTH CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 219,711,612
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<OTHER-ITEMS-ASSETS> 143,840
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 4,726,119
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<PAID-IN-CAPITAL-COMMON> 130,200,540
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<SHARES-COMMON-PRIOR> 10,910,557
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<ACCUM-APPREC-OR-DEPREC> 28,108,766
<NET-ASSETS> 179,720,185
<DIVIDEND-INCOME> 1,411,677
<INTEREST-INCOME> 1,250,902
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<EXPENSES-NET> 4,093,750
<NET-INVESTMENT-INCOME> (1,431,171)
<REALIZED-GAINS-CURRENT> 45,403,726
<APPREC-INCREASE-CURRENT> 3,794,146
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<NUMBER-OF-SHARES-SOLD> 17,410,639
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<PER-SHARE-NAV-BEGIN> 14.18
<PER-SHARE-NII> (0.07)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 122
<NAME> SIERRA TRUST GROWTH CL-B
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 219,711,612
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<NET-INVESTMENT-INCOME> (1,431,171)
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<PER-SHARE-NII> (0.19)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 123
<NAME> SIERRA TRUST GROWTH CL-S
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<NET-INVESTMENT-INCOME> (1,431,171)
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<PER-SHARE-NII> (0.19)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 091
<NAME> SIERRA TRUST EMERGING GROWTH CL-A
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<NUMBER-OF-SHARES-SOLD> 20,858,749
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<PER-SHARE-NII> (0.19)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 092
<NAME> SIERRA TRUST EMERGING GROWTH CL-B
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<NET-ASSETS> 28,919,761
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<NET-INVESTMENT-INCOME> (3,226,481)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 093
<NAME> SIERRA TRUST EMERGING GROWTH CL-S
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<NAME> SIERRA TRUST INT'L GROWTH CL-A
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<NAME> SIERRA TRUST INT'L GROWTH CL-B
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<NAME> SIERRA TRUST INT'L GROWTH CL-S
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<NAME> SIERRA TRUST TARGET MATURITY 2002 CL-A
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