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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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042 A000800 0
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042 E000800 0
042 F000800 0
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047 000800 Y
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048 B020800 0.000
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<PAGE> PAGE 41
048 F010800 0
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048 I010800 0
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048 J010800 0
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048 K010800 500000
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049 000800 N
050 000800 N
051 000800 N
052 000800 N
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053 B000800 Y
053 C000800 N
055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
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062 A000800 Y
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064 A000800 Y
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066 A000800 N
<PAGE> PAGE 42
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
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070 E020800 Y
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 Y
070 H010800 Y
070 H020800 N
070 I010800 Y
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 N
070 R020800 N
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<PAGE> PAGE 43
072 H000800 0
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<PAGE> PAGE 44
074 S000800 0
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008 A000901 SIERRA INVESTMENT ADVISORS CORPORATION
008 B000901 A
008 C000901 801-32921
008 D010901 NORTHRIDGE
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008 A000902 JANUS CAPITAL CORPORATION
008 B000902 S
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008 D010902 DENVER
008 D020902 CO
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<PAGE> PAGE 45
028 G030900 0
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<PAGE> PAGE 46
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 N
055 A000900 N
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056 000900 Y
057 000900 N
058 A000900 N
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067 000900 N
068 A000900 N
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069 000900 N
070 A010900 Y
070 A020900 N
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<PAGE> PAGE 47
070 D010900 Y
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070 F010900 Y
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070 H020900 N
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070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 Y
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070 M020900 Y
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070 O020900 N
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070 R020900 N
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<PAGE> PAGE 48
072 R000900 23
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<PAGE> PAGE 49
075 B000900 0
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008 A001001 SIERRA INVESTMENT ADVISORS CORPORATION
008 B001001 A
008 C001001 801-32921
008 D011001 NORTHRIDGE
008 D021001 CA
008 D031001 91324
008 A001002 WARBURG, PINCUS COUNSELLORS, INC.
008 B001002 S
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008 D011002 NEW YORK
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024 001000 N
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<PAGE> PAGE 50
033 001000 85
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050 001000 N
051 001000 N
052 001000 N
053 A001000 N
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057 001000 N
058 A001000 N
<PAGE> PAGE 51
059 001000 Y
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068 A001000 N
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070 A021000 Y
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070 E021000 N
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<PAGE> PAGE 52
070 I011000 Y
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070 J021000 N
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070 K021000 Y
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070 O021000 N
070 P011000 Y
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070 Q011000 Y
070 Q021000 N
070 R011000 Y
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<PAGE> PAGE 53
072BB001000 0
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008 A001101 SIERRA INVESTMENT ADVISORS CORPORATION
008 B001101 A
008 C001101 801-32921
008 D011101 NORTHRIDGE
008 D021101 CA
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<PAGE> PAGE 54
008 C001102 801-252
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024 001100 Y
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<PAGE> PAGE 55
032 001100 1
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<PAGE> PAGE 56
056 001100 Y
057 001100 N
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<PAGE> PAGE 57
070 I021100 N
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<PAGE> PAGE 58
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008 A001201 SIERRA INVESTMENT ADVISORS CORPORATION
008 B001201 A
008 C001201 801-32921
008 D011201 NORTHRIDGE
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<PAGE> PAGE 59
008 D011202 DENVER
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<PAGE> PAGE 60
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<PAGE> PAGE 61
062 H001200 0.0
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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
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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
070 A011400 Y
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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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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SIGNATURE CRAIG M. MILLER
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SIERRA TRUST GLOBAL MONEY CL-S
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SIERRA TRUST US GOVT MONEY CL-S
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<NAME> SIERRA TRUST US GOVT MONEY CL-I
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<PER-SHARE-NII> 0.05
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<PER-SHARE-DIVIDEND> (0.05)
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<EXPENSE-RATIO> 0.60
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<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> SIERRA TRUST CALIFORNIA MONEY CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
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<OTHER-ITEMS-LIABILITIES> 140,866
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<INTEREST-INCOME> 1,683,921
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<EXPENSES-NET> 398,281
<NET-INVESTMENT-INCOME> 1,285,640
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<GROSS-EXPENSE> 533,776
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> SIERRA TRUST CALIFORNIA MONEY CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40,085,484
<INVESTMENTS-AT-VALUE> 40,085,484
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<ASSETS-OTHER> 5,411
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<TOTAL-ASSETS> 45,133,881
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 140,866
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<SHARES-COMMON-STOCK> 67,673
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<ACCUMULATED-NII-CURRENT> 2,363
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<ACCUMULATED-NET-GAINS> (40,974)
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<NET-ASSETS> 67,607
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,683,921
<OTHER-INCOME> 0
<EXPENSES-NET> 398,281
<NET-INVESTMENT-INCOME> 1,285,640
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<APPREC-INCREASE-CURRENT> 0
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<NET-CHANGE-IN-ASSETS> (8,375,797)
<ACCUMULATED-NII-PRIOR> 2,363
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<GROSS-EXPENSE> 533,776
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<PER-SHARE-DIVIDEND> (0.02)
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 033
<NAME> SIERRA TRUST CALIFORNIA MONEY CL-S
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40,085,484
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<RECEIVABLES> 1,503,214
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<TOTAL-ASSETS> 45,133,881
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 140,866
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<NET-ASSETS> 1,153
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,683,921
<OTHER-INCOME> 0
<EXPENSES-NET> 398,281
<NET-INVESTMENT-INCOME> 1,285,640
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,285,640
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 124
<NET-CHANGE-IN-ASSETS> (8,375,797)
<ACCUMULATED-NII-PRIOR> 2,363
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<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 034
<NAME> SIERRA TRUST CALIFORNIA MONEY CL-I
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 40,085,484
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<ACCUMULATED-NET-GAINS> (40,974)
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,683,921
<OTHER-INCOME> 0
<EXPENSES-NET> 398,281
<NET-INVESTMENT-INCOME> 1,285,640
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<NET-CHANGE-FROM-OPS> 1,285,640
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<DISTRIBUTIONS-OF-INCOME> (31)
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<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 29
<NET-CHANGE-IN-ASSETS> (8,375,797)
<ACCUMULATED-NII-PRIOR> 2,363
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<PER-SHARE-NAV-BEGIN> 1.00
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<PER-SHARE-DIVIDEND> (0.03)
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<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 141
<NAME> SIERRA TRUST ST HIGH QUALITY BD CL-A
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> JUN-30-1997
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<TOTAL-ASSETS> 20,372,256
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<ACCUMULATED-NET-GAINS> (1,637,456)
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<ACCUM-APPREC-OR-DEPREC> 86,124
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 142
<NAME> SIERRA TRUST ST HIGH QUALITY BD CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> JUN-30-1997
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<TOTAL-LIABILITIES> 142,282
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<EXPENSES-NET> 279,327
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<DISTRIBUTIONS-OF-INCOME> (173,000)
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<NUMBER-OF-SHARES-REDEEMED> (502,572)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 143
<NAME> SIERRA TRUST ST HIGH QUALITY BD CL-S
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 20,055,099
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 144
<NAME> SIERRA TRUST ST HIGH QUALITY BD CL-I
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1997
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<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 111
<NAME> SIERRA TRUST SHORT TERM GLOB GOVT CL-A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 112
<NAME> SIERRA TRUST SHORT TERM GLOB GOVT CL-B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 113
<NAME> SIERRA TRUST SHORT TERM GLOB GOVT CL-S
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 114
<NAME> SIERRA TRUST SHORT TERM GLOB GOVT CL-I
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> SIERRA TRUST US GOVT CL-A
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> SIERRA TRUST US GOVT CL-B
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 043
<NAME> SIERRA TRUST US GOVT CL-S
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 044
<NAME> SIERRA TRUST US GOVT CL-I
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> SIERRA TRUST CORPORATE INCOME CL-A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 072
<NAME> SIERRA TRUST CORPORATE INCOME CL-B
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 073
<NAME> SIERRA TRUST CORPORATE INCOME CL-S
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 074
<NAME> SIERRA TRUST CORPORATE INCOME CL-I
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> SIERRA TRUST CALIFORNIA MUNI CL-A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> SIERRA TRUST CALIFORNIA MUNI CL-B
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 053
<NAME> SIERRA TRUST CALIFORNIA MUNI CL-S
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 054
<NAME> SIERRA TRUST CALIFORNIA MUNI CL-I
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 131
<NAME> SIERRA TRUST FLORIDA INSURED MUNI CL-A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> SIERRA TRUST FLORIDA INSURED MUNI CL-B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER> 133
<NAME> SIERRA TRUST FLORIDA INSURED MUNI CL-S
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 134
<NAME> SIERRA TRUST FLORIDA INSURED MUNI CL-I
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 151
<NAME> SIERRA TRUST CA INSURED INTERM MUNI CL-A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 152
<NAME> SIERRA TRUST CA INSURED INTERM MUNI CL-B
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 153
<NAME> SIERRA TRUST CA INSURED INTERM MUNI CL-S
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 154
<NAME> SIERRA TRUST CA INSURED INTERM MUNI CL-I
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SERIES>
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<NAME> SIERRA TRUST NATIONAL MUNICIPAL CL-A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 082
<NAME> SIERRA TRUST NATIONAL MUNICIPAL CL-B
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 083
<NAME> SIERRA TRUST NATIONAL MUNICIPAL CL-S
<S> <C>
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<NET-CHANGE-IN-ASSETS> (51,904,263)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 084
<NAME> SIERRA TRUST NATIONAL MUNICIPAL CL-I
<S> <C>
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<PERIOD-END> JUN-30-1997
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<NUMBER-OF-SHARES-SOLD> 93
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> SIERRA TRUST GROWTH & INCOME CL-A
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
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<NUMBER-OF-SHARES-SOLD> 11,215,500
<NUMBER-OF-SHARES-REDEEMED> (15,206,678)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> SIERRA TRUST GROWTH & INCOME CL-B
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> JUN-30-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 063
<NAME> SIERRA TRUST GROWTH & INCOME CL-S
<S> <C>
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<PERIOD-END> JUN-30-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 064
<NAME> SIERRA TRUST GROWTH & INCOME CL-I
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 121
<NAME> SIERRA TRUST GROWTH CL-A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 122
<NAME> SIERRA TRUST GROWTH CL-B
<S> <C>
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<NUMBER-OF-SHARES-SOLD> 1,352,409
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 123
<NAME> SIERRA TRUST GROWTH CL-S
<S> <C>
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<INVESTMENTS-AT-COST> 249,558,705
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<EXPENSES-NET> 4,760,018
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<NUMBER-OF-SHARES-REDEEMED> (2,912,975)
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<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 124
<NAME> SIERRA TRUST GROWTH CL-I
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 249,558,705
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<RECEIVABLES> 3,287,998
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<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-30-1997
<PERIOD-END> JUN-30-1997
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<NUMBER-OF-SHARES-REDEEMED> (15,355,631)
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<NET-CHANGE-IN-ASSETS> (100,929,306)
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<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 092
<NAME> SIERRA TRUST EMERGING GROWTH CL-B
<S> <C>
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<PERIOD-END> JUN-30-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 093
<NAME> SIERRA TRUST EMERGING GROWTH CL-S
<S> <C>
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<PERIOD-END> JUN-30-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 094
<NAME> SIERRA TRUST EMERGING GROWTH CL-I
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 178,564,684
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 101
<NAME> SIERRA TRUST INT'L GROWTH CL-A
<S> <C>
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<PERIOD-END> JUN-30-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> SIERRA TRUST INT'L GROWTH CL-B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SIERRA TRUST INT'L GROWTH CL-S
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SIERRA TRUST INT'L GROWTH CL-I
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<NAME> SIERRA TRUST TARGET MATURITY 2002 CL-A
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