|
|
|
|
|
|
|
|
|
<PAGE> PAGE 1
SIGNATURE
TITLE
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 141
<NAME> SIERRA TRUST SHORT TERM HIGH QUAL. BOND, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 14,416,341
<INVESTMENTS-AT-VALUE> 14,620,935
<RECEIVABLES> 128,892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,781
<TOTAL-ASSETS> 14,763,608
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,307
<TOTAL-LIABILITIES> 75,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,747,502
<SHARES-COMMON-STOCK> 4,063,756
<SHARES-COMMON-PRIOR> 5,898,076
<ACCUMULATED-NII-CURRENT> 30,522
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,744,489)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,925
<NET-ASSETS> 9,436,038
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 607,451
<OTHER-INCOME> 0
<EXPENSES-NET> 85,257
<NET-INVESTMENT-INCOME> 522,194
<REALIZED-GAINS-CURRENT> (107,033)
<APPREC-INCREASE-CURRENT> 115,801
<NET-CHANGE-FROM-OPS> 530,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (338,740)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 94,593
<NUMBER-OF-SHARES-REDEEMED> (2,034,336)
<SHARES-REINVESTED> 105,423
<NET-CHANGE-IN-ASSETS> (5,541,673)
<ACCUMULATED-NII-PRIOR> 16,879
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,637,456)
<GROSS-ADVISORY-FEES> 42,211
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140,105
<AVERAGE-NET-ASSETS> 10,945,328
<PER-SHARE-NAV-BEGIN> 2.32
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.32
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 142
<NAME> SIERRA TRUST SHORT TERM HIGH QUAL. BOND, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 14,416,341
<INVESTMENTS-AT-VALUE> 14,620,935
<RECEIVABLES> 128,892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,781
<TOTAL-ASSETS> 14,763,608
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,307
<TOTAL-LIABILITIES> 75,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,520,029
<SHARES-COMMON-STOCK> 1,086,753
<SHARES-COMMON-PRIOR> 1,290,338
<ACCUMULATED-NII-CURRENT> 30,522
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,744,489)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,925
<NET-ASSETS> 2,523,216
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 607,451
<OTHER-INCOME> 0
<EXPENSES-NET> 85,257
<NET-INVESTMENT-INCOME> 522,194
<REALIZED-GAINS-CURRENT> (107,033)
<APPREC-INCREASE-CURRENT> 115,801
<NET-CHANGE-FROM-OPS> 530,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (74,767)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,242
<NUMBER-OF-SHARES-REDEEMED> (239,192)
<SHARES-REINVESTED> 24,365
<NET-CHANGE-IN-ASSETS> (5,541,673)
<ACCUMULATED-NII-PRIOR> 16,879
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,637,456)
<GROSS-ADVISORY-FEES> 42,211
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140,105
<AVERAGE-NET-ASSETS> 2,777,309
<PER-SHARE-NAV-BEGIN> 2.32
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.32
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 143
<NAME> SIERRA TRUST SHORT TERM HIGH QUAL. BOND, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 14,416,341
<INVESTMENTS-AT-VALUE> 14,620,935
<RECEIVABLES> 128,892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,781
<TOTAL-ASSETS> 14,763,608
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,307
<TOTAL-LIABILITIES> 75,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 557,058
<SHARES-COMMON-STOCK> 171,887
<SHARES-COMMON-PRIOR> 344,729
<ACCUMULATED-NII-CURRENT> 30,522
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,744,489)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,925
<NET-ASSETS> 399,099
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 607,451
<OTHER-INCOME> 0
<EXPENSES-NET> 85,257
<NET-INVESTMENT-INCOME> 522,194
<REALIZED-GAINS-CURRENT> (107,033)
<APPREC-INCREASE-CURRENT> 115,801
<NET-CHANGE-FROM-OPS> 530,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,681)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 476
<NUMBER-OF-SHARES-REDEEMED> (177,157)
<SHARES-REINVESTED> 3,839
<NET-CHANGE-IN-ASSETS> (5,541,673)
<ACCUMULATED-NII-PRIOR> 16,879
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,637,456)
<GROSS-ADVISORY-FEES> 42,211
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140,105
<AVERAGE-NET-ASSETS> 468,687
<PER-SHARE-NAV-BEGIN> 2.32
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.32
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 144
<NAME> SIERRA TRUST SHORT TERM HIGH QUAL. BOND, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 14,416,341
<INVESTMENTS-AT-VALUE> 14,620,935
<RECEIVABLES> 128,892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,781
<TOTAL-ASSETS> 14,763,608
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,307
<TOTAL-LIABILITIES> 75,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,375,754
<SHARES-COMMON-STOCK> 1,003,500
<SHARES-COMMON-PRIOR> 1,185,878
<ACCUMULATED-NII-CURRENT> 30,522
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,744,489)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,925
<NET-ASSETS> 2,329,948
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 607,451
<OTHER-INCOME> 0
<EXPENSES-NET> 85,257
<NET-INVESTMENT-INCOME> 522,194
<REALIZED-GAINS-CURRENT> (107,033)
<APPREC-INCREASE-CURRENT> 115,801
<NET-CHANGE-FROM-OPS> 530,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (82,363)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,520
<NUMBER-OF-SHARES-REDEEMED> (227,898)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5,541,673)
<ACCUMULATED-NII-PRIOR> 16,879
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,637,456)
<GROSS-ADVISORY-FEES> 42,211
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140,105
<AVERAGE-NET-ASSETS> 2,555,377
<PER-SHARE-NAV-BEGIN> 2.32
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.32
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 161
<NAME> SIERRA TRUST TARGET 2002 MAT. CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,507,482
<INVESTMENTS-AT-VALUE> 2,590,081
<RECEIVABLES> 4,231
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 85,775
<TOTAL-ASSETS> 2,680,087
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,202
<TOTAL-LIABILITIES> 25,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,575,087
<SHARES-COMMON-STOCK> 253,168
<SHARES-COMMON-PRIOR> 263,366
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,592)
<ACCUMULATED-NET-GAINS> (209)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82,599
<NET-ASSETS> 2,654,885
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 83,307
<OTHER-INCOME> 0
<EXPENSES-NET> 8,327
<NET-INVESTMENT-INCOME> 74,980
<REALIZED-GAINS-CURRENT> 14,144
<APPREC-INCREASE-CURRENT> 68,495
<NET-CHANGE-FROM-OPS> 157,619
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (170,982)
<DISTRIBUTIONS-OF-GAINS> (26,467)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 713
<NUMBER-OF-SHARES-REDEEMED> (29,700)
<SHARES-REINVESTED> 18,789
<NET-CHANGE-IN-ASSETS> (160,983)
<ACCUMULATED-NII-PRIOR> 93,410
<ACCUMULATED-GAINS-PRIOR> 12,114
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,375
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 36,793
<AVERAGE-NET-ASSETS> 2,678,235
<PER-SHARE-NAV-BEGIN> 10.69
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.33
<PER-SHARE-DIVIDEND> (0.73)
<PER-SHARE-DISTRIBUTIONS> (0.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.49
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> SIERRA TRUST US GOVT SEC., CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 425,335,672
<INVESTMENTS-AT-VALUE> 433,665,625
<RECEIVABLES> 3,898,908
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 174,335
<TOTAL-ASSETS> 437,738,868
<PAYABLE-FOR-SECURITIES> 106,765,171
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,636,006
<TOTAL-LIABILITIES> 108,401,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287,228,870
<SHARES-COMMON-STOCK> 22,746,004
<SHARES-COMMON-PRIOR> 27,040,300
<ACCUMULATED-NII-CURRENT> 188,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (69,188,275)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,254,473
<NET-ASSETS> 223,401,637
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,409,123
<OTHER-INCOME> 881,760
<EXPENSES-NET> 1,374,619
<NET-INVESTMENT-INCOME> 11,916,264
<REALIZED-GAINS-CURRENT> 3,972,691
<APPREC-INCREASE-CURRENT> 5,380,403
<NET-CHANGE-FROM-OPS> 21,269,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,009,162)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 663,279
<NUMBER-OF-SHARES-REDEEMED> (5,449,379)
<SHARES-REINVESTED> 491,804
<NET-CHANGE-IN-ASSETS> (40,594,324)
<ACCUMULATED-NII-PRIOR> 26,210
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (73,160,966)
<GROSS-ADVISORY-FEES> 976,325
<INTEREST-EXPENSE> 190,850
<GROSS-EXPENSE> 2,495,807
<AVERAGE-NET-ASSETS> 239,947,849
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 0.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> SIERRA TRUST US GOVT SEC., CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 425,335,672
<INVESTMENTS-AT-VALUE> 433,665,625
<RECEIVABLES> 3,898,908
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 174,335
<TOTAL-ASSETS> 437,738,868
<PAYABLE-FOR-SECURITIES> 106,765,171
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,636,006
<TOTAL-LIABILITIES> 108,401,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,009,533
<SHARES-COMMON-STOCK> 1,882,565
<SHARES-COMMON-PRIOR> 2,130,374
<ACCUMULATED-NII-CURRENT> 188,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (69,188,275)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,254,473
<NET-ASSETS> 18,489,548
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,409,123
<OTHER-INCOME> 881,760
<EXPENSES-NET> 1,374,619
<NET-INVESTMENT-INCOME> 11,916,264
<REALIZED-GAINS-CURRENT> 3,972,691
<APPREC-INCREASE-CURRENT> 5,380,403
<NET-CHANGE-FROM-OPS> 21,269,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (576,193)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,040
<NUMBER-OF-SHARES-REDEEMED> (349,314)
<SHARES-REINVESTED> 35,465
<NET-CHANGE-IN-ASSETS> (40,594,324)
<ACCUMULATED-NII-PRIOR> 26,210
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (73,160,966)
<GROSS-ADVISORY-FEES> 976,325
<INTEREST-EXPENSE> 190,850
<GROSS-EXPENSE> 2,495,807
<AVERAGE-NET-ASSETS> 19,463,805
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 1.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 043
<NAME> SIERRA TRUST US GOVT SEC., CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 425,335,672
<INVESTMENTS-AT-VALUE> 433,665,625
<RECEIVABLES> 3,898,908
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 174,335
<TOTAL-ASSETS> 437,738,868
<PAYABLE-FOR-SECURITIES> 106,765,171
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,636,006
<TOTAL-LIABILITIES> 108,401,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,410,064
<SHARES-COMMON-STOCK> 823,151
<SHARES-COMMON-PRIOR> 950,480
<ACCUMULATED-NII-CURRENT> 188,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (69,188,275)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,254,473
<NET-ASSETS> 8,084,718
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,409,123
<OTHER-INCOME> 881,760
<EXPENSES-NET> 1,374,619
<NET-INVESTMENT-INCOME> 11,916,264
<REALIZED-GAINS-CURRENT> 3,972,691
<APPREC-INCREASE-CURRENT> 5,380,403
<NET-CHANGE-FROM-OPS> 21,269,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (256,068)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,489
<NUMBER-OF-SHARES-REDEEMED> (186,336)
<SHARES-REINVESTED> 24,518
<NET-CHANGE-IN-ASSETS> (40,594,324)
<ACCUMULATED-NII-PRIOR> 26,210
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (73,160,966)
<GROSS-ADVISORY-FEES> 976,325
<INTEREST-EXPENSE> 190,850
<GROSS-EXPENSE> 2,495,807
<AVERAGE-NET-ASSETS> 8,641,659
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 1.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 044
<NAME> SIERRA TRUST US GOVT SEC., CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 425,335,672
<INVESTMENTS-AT-VALUE> 433,665,625
<RECEIVABLES> 3,898,908
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 174,335
<TOTAL-ASSETS> 437,738,868
<PAYABLE-FOR-SECURITIES> 106,765,171
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,636,006
<TOTAL-LIABILITIES> 108,401,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,434,594
<SHARES-COMMON-STOCK> 8,080,235
<SHARES-COMMON-PRIOR> 8,567,415
<ACCUMULATED-NII-CURRENT> 188,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (69,188,275)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,254,473
<NET-ASSETS> 79,361,788
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,409,123
<OTHER-INCOME> 881,760
<EXPENSES-NET> 1,374,619
<NET-INVESTMENT-INCOME> 11,916,264
<REALIZED-GAINS-CURRENT> 3,972,691
<APPREC-INCREASE-CURRENT> 5,380,403
<NET-CHANGE-FROM-OPS> 21,269,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,912,619)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 563,439
<NUMBER-OF-SHARES-REDEEMED> (1,050,619)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (40,594,324)
<ACCUMULATED-NII-PRIOR> 26,210
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (73,160,966)
<GROSS-ADVISORY-FEES> 976,325
<INTEREST-EXPENSE> 190,850
<GROSS-EXPENSE> 2,495,807
<AVERAGE-NET-ASSETS> 84,079,848
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.26
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 0.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 091
<NAME> SIERRA TRUST EMERGING GROWTH, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 164,192,279
<INVESTMENTS-AT-VALUE> 235,479,270
<RECEIVABLES> 2,904,541
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,778
<TOTAL-ASSETS> 238,436,589
<PAYABLE-FOR-SECURITIES> 1,818,192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,211,365
<TOTAL-LIABILITIES> 3,029,557
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91,496,745
<SHARES-COMMON-STOCK> 8,725,098
<SHARES-COMMON-PRIOR> 9,066,672
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,855,018)
<ACCUMULATED-NET-GAINS> 5,522,220
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,099,452
<NET-ASSETS> 164,440,923
<DIVIDEND-INCOME> 427,344
<INTEREST-INCOME> 184,787
<OTHER-INCOME> 0
<EXPENSES-NET> 2,251,757
<NET-INVESTMENT-INCOME> (1,639,626)
<REALIZED-GAINS-CURRENT> 25,460,262
<APPREC-INCREASE-CURRENT> (2,021,636)
<NET-CHANGE-FROM-OPS> 21,799,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (8,507,941)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,585,731
<NUMBER-OF-SHARES-REDEEMED> (6,394,007)
<SHARES-REINVESTED> 466,702
<NET-CHANGE-IN-ASSETS> (19,975,577)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (215,392)
<OVERDIST-NET-GAINS-PRIOR> (6,791,126)
<GROSS-ADVISORY-FEES> 1,100,299
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,256,106
<AVERAGE-NET-ASSETS> 162,831,341
<PER-SHARE-NAV-BEGIN> 18.28
<PER-SHARE-NII> (0.12)
<PER-SHARE-GAIN-APPREC> 1.76
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.85
<EXPENSE-RATIO> 1.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 092
<NAME> SIERRA TRUST EMERGING GROWTH, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 164,192,279
<INVESTMENTS-AT-VALUE> 235,479,270
<RECEIVABLES> 2,904,541
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,778
<TOTAL-ASSETS> 238,436,589
<PAYABLE-FOR-SECURITIES> 1,818,192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,211,365
<TOTAL-LIABILITIES> 3,029,557
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,604,209
<SHARES-COMMON-STOCK> 1,612,305
<SHARES-COMMON-PRIOR> 1,631,562
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,855,018)
<ACCUMULATED-NET-GAINS> 5,522,220
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,099,452
<NET-ASSETS> 29,516,294
<DIVIDEND-INCOME> 427,344
<INTEREST-INCOME> 184,787
<OTHER-INCOME> 0
<EXPENSES-NET> 2,251,757
<NET-INVESTMENT-INCOME> (1,639,626)
<REALIZED-GAINS-CURRENT> 25,460,262
<APPREC-INCREASE-CURRENT> (2,021,636)
<NET-CHANGE-FROM-OPS> 21,799,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (372,058)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 327,614
<NUMBER-OF-SHARES-REDEEMED> (437,193)
<SHARES-REINVESTED> 90,322
<NET-CHANGE-IN-ASSETS> (19,975,577)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (215,392)
<OVERDIST-NET-GAINS-PRIOR> (6,791,126)
<GROSS-ADVISORY-FEES> 1,100,299
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,256,106
<AVERAGE-NET-ASSETS> 29,369,081
<PER-SHARE-NAV-BEGIN> 17.85
<PER-SHARE-NII> (0.19)
<PER-SHARE-GAIN-APPREC> 1.72
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.31
<EXPENSE-RATIO> 2.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 093
<NAME> SIERRA TRUST EMERGING GROWTH, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 164,192,279
<INVESTMENTS-AT-VALUE> 235,479,270
<RECEIVABLES> 2,904,541
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,778
<TOTAL-ASSETS> 238,436,589
<PAYABLE-FOR-SECURITIES> 1,818,192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,211,365
<TOTAL-LIABILITIES> 3,029,557
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,428,654
<SHARES-COMMON-STOCK> 365,562
<SHARES-COMMON-PRIOR> 467,222
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,855,018)
<ACCUMULATED-NET-GAINS> 5,522,220
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,099,452
<NET-ASSETS> 6,692,916
<DIVIDEND-INCOME> 427,344
<INTEREST-INCOME> 184,787
<OTHER-INCOME> 0
<EXPENSES-NET> 2,251,757
<NET-INVESTMENT-INCOME> (1,639,626)
<REALIZED-GAINS-CURRENT> 25,460,262
<APPREC-INCREASE-CURRENT> (2,021,636)
<NET-CHANGE-FROM-OPS> 21,799,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,627,499)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,867
<NUMBER-OF-SHARES-REDEEMED> (132,634)
<SHARES-REINVESTED> 21,107
<NET-CHANGE-IN-ASSETS> (19,975,577)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (215,392)
<OVERDIST-NET-GAINS-PRIOR> (6,791,126)
<GROSS-ADVISORY-FEES> 1,100,299
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,256,106
<AVERAGE-NET-ASSETS> 7,792,002
<PER-SHARE-NAV-BEGIN> 17.85
<PER-SHARE-NII> (0.19)
<PER-SHARE-GAIN-APPREC> 1.72
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.31
<EXPENSE-RATIO> 2.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 094
<NAME> SIERRA TRUST EMERGING GROWTH, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 164,192,279
<INVESTMENTS-AT-VALUE> 235,479,270
<RECEIVABLES> 2,904,541
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,778
<TOTAL-ASSETS> 238,436,589
<PAYABLE-FOR-SECURITIES> 1,818,192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,211,365
<TOTAL-LIABILITIES> 3,029,557
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,110,770
<SHARES-COMMON-STOCK> 1,836,413
<SHARES-COMMON-PRIOR> 2,848,374
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,855,018)
<ACCUMULATED-NET-GAINS> 5,522,220
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,099,452
<NET-ASSETS> 34,756,899
<DIVIDEND-INCOME> 427,344
<INTEREST-INCOME> 184,787
<OTHER-INCOME> 0
<EXPENSES-NET> 2,251,757
<NET-INVESTMENT-INCOME> (1,639,626)
<REALIZED-GAINS-CURRENT> 25,460,262
<APPREC-INCREASE-CURRENT> (2,021,636)
<NET-CHANGE-FROM-OPS> 21,799,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,639,418)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,107
<NUMBER-OF-SHARES-REDEEMED> (1,103,068)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (19,975,577)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (215,392)
<OVERDIST-NET-GAINS-PRIOR> (6,791,126)
<GROSS-ADVISORY-FEES> 1,100,299
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,256,106
<AVERAGE-NET-ASSETS> 50,908,556
<PER-SHARE-NAV-BEGIN> 18.33
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 1.77
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.93
<EXPENSE-RATIO> 1.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 111
<NAME> SIERRA TRUST SHORT TERM GLOBAL, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,526,156
<INVESTMENTS-AT-VALUE> 39,056,352
<RECEIVABLES> 1,705,356
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 232,663
<TOTAL-ASSETS> 40,994,371
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,260,154
<TOTAL-LIABILITIES> 1,260,154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,231,988
<SHARES-COMMON-STOCK> 16,744,345
<SHARES-COMMON-PRIOR> 19,252,637
<ACCUMULATED-NII-CURRENT> 566,942
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,860,310)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (721,443)
<NET-ASSETS> 35,464,590
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,813,944
<OTHER-INCOME> 0
<EXPENSES-NET> 212,322
<NET-INVESTMENT-INCOME> 1,601,622
<REALIZED-GAINS-CURRENT> (800,784)
<APPREC-INCREASE-CURRENT> 139,579
<NET-CHANGE-FROM-OPS> 940,417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,823,509)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 737,587
<NUMBER-OF-SHARES-REDEEMED> (4,338,759)
<SHARES-REINVESTED> 1,092,880
<NET-CHANGE-IN-ASSETS> (11,059,953)
<ACCUMULATED-NII-PRIOR> 3,232,202
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,059,526)
<GROSS-ADVISORY-FEES> 146,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 362,071
<AVERAGE-NET-ASSETS> 40,145,369
<PER-SHARE-NAV-BEGIN> 2.30
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.12
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 112
<NAME> SIERRA TRUST SHORT TERM GLOBAL, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,526,156
<INVESTMENTS-AT-VALUE> 39,056,352
<RECEIVABLES> 1,705,356
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 232,663
<TOTAL-ASSETS> 40,994,371
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,260,154
<TOTAL-LIABILITIES> 1,260,154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,339,790
<SHARES-COMMON-STOCK> 1,039,815
<SHARES-COMMON-PRIOR> 1,014,294
<ACCUMULATED-NII-CURRENT> 566,942
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,860,310)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (721,443)
<NET-ASSETS> 2,202,276
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,813,944
<OTHER-INCOME> 0
<EXPENSES-NET> 212,322
<NET-INVESTMENT-INCOME> 1,601,622
<REALIZED-GAINS-CURRENT> (800,784)
<APPREC-INCREASE-CURRENT> 139,579
<NET-CHANGE-FROM-OPS> 940,417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (221,945)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,029
<NUMBER-OF-SHARES-REDEEMED> (106,957)
<SHARES-REINVESTED> 82,449
<NET-CHANGE-IN-ASSETS> (11,059,953)
<ACCUMULATED-NII-PRIOR> 3,232,202
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,059,526)
<GROSS-ADVISORY-FEES> 146,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 362,071
<AVERAGE-NET-ASSETS> 2,284,155
<PER-SHARE-NAV-BEGIN> 2.30
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.12
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 113
<NAME> SIERRA TRUST SHORT TERM GLOBAL, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,526,156
<INVESTMENTS-AT-VALUE> 39,056,352
<RECEIVABLES> 1,705,356
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 232,663
<TOTAL-ASSETS> 40,994,371
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,260,154
<TOTAL-LIABILITIES> 1,260,154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 517,573
<SHARES-COMMON-STOCK> 273,957
<SHARES-COMMON-PRIOR> 206,038
<ACCUMULATED-NII-CURRENT> 566,942
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,860,310)
<NET-ASSETS> 580,280
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,813,944
<OTHER-INCOME> 0
<EXPENSES-NET> 212,322
<NET-INVESTMENT-INCOME> 1,601,622
<REALIZED-GAINS-CURRENT> (800,784)
<APPREC-INCREASE-CURRENT> 139,579
<NET-CHANGE-FROM-OPS> 940,417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (59,528)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124,057
<NUMBER-OF-SHARES-REDEEMED> (72,189)
<SHARES-REINVESTED> 16,051
<NET-CHANGE-IN-ASSETS> (11,059,953)
<ACCUMULATED-NII-PRIOR> 3,232,202
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,059,526)
<GROSS-ADVISORY-FEES> 146,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 362,071
<AVERAGE-NET-ASSETS> 625,600
<PER-SHARE-NAV-BEGIN> 2.30
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.12
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 114
<NAME> SIERRA TRUST SHORT TERM GLOBAL, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,526,156
<INVESTMENTS-AT-VALUE> 39,056,352
<RECEIVABLES> 1,705,356
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 232,663
<TOTAL-ASSETS> 40,994,371
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,260,154
<TOTAL-LIABILITIES> 1,260,154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,659,677
<SHARES-COMMON-STOCK> 702,097
<SHARES-COMMON-PRIOR> 1,624,325
<ACCUMULATED-NII-CURRENT> 566,942
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,860,310)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (721,443)
<NET-ASSETS> 1,487,071
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,813,944
<OTHER-INCOME> 0
<EXPENSES-NET> 212,322
<NET-INVESTMENT-INCOME> 1,601,622
<REALIZED-GAINS-CURRENT> (800,784)
<APPREC-INCREASE-CURRENT> 139,579
<NET-CHANGE-FROM-OPS> 940,417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (161,900)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 72,990
<NUMBER-OF-SHARES-REDEEMED> (995,218)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (11,059,953)
<ACCUMULATED-NII-PRIOR> 3,232,202
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,059,526)
<GROSS-ADVISORY-FEES> 146,718
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 362,071
<AVERAGE-NET-ASSETS> 1,720,903
<PER-SHARE-NAV-BEGIN> 2.30
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2.12
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 081
<NAME> SIERRA TRUST NATIONAL MUN., CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 148,652,211
<INVESTMENTS-AT-VALUE> 166,498,200
<RECEIVABLES> 3,370,811
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8,510
<TOTAL-ASSETS> 169,877,521
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,001,502
<TOTAL-LIABILITIES> 2,001,502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 149,241,514
<SHARES-COMMON-STOCK> 14,134,141
<SHARES-COMMON-PRIOR> 16,332,950
<ACCUMULATED-NII-CURRENT> 9
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,162,446)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,097,939
<NET-ASSETS> 161,851,087
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,768,566
<OTHER-INCOME> 0
<EXPENSES-NET> 1,024,775
<NET-INVESTMENT-INCOME> 4,743,791
<REALIZED-GAINS-CURRENT> 2,702,602
<APPREC-INCREASE-CURRENT> 1,975,678
<NET-CHANGE-FROM-OPS> 9,422,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,667,392)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,353,788
<NUMBER-OF-SHARES-REDEEMED> (3,781,182)
<SHARES-REINVESTED> 228,585
<NET-CHANGE-IN-ASSETS> (20,389,727)
<ACCUMULATED-NII-PRIOR> 63,957
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7,865,048)
<GROSS-ADVISORY-FEES> 494,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,169,542
<AVERAGE-NET-ASSETS> 172,436,861
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.44
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 082
<NAME> SIERRA TRUST NATIONAL MUN., CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 148,652,211
<INVESTMENTS-AT-VALUE> 166,498,200
<RECEIVABLES> 3,370,811
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8,510
<TOTAL-ASSETS> 169,877,521
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,001,502
<TOTAL-LIABILITIES> 2,001,502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,696,758
<SHARES-COMMON-STOCK> 525,923
<SHARES-COMMON-PRIOR> 537,751
<ACCUMULATED-NII-CURRENT> 9
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,162,446)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,097,939
<NET-ASSETS> 6,022,379
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,768,566
<OTHER-INCOME> 0
<EXPENSES-NET> 1,024,775
<NET-INVESTMENT-INCOME> 4,743,791
<REALIZED-GAINS-CURRENT> 2,702,602
<APPREC-INCREASE-CURRENT> 1,975,678
<NET-CHANGE-FROM-OPS> 9,422,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (140,284)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,270
<NUMBER-OF-SHARES-REDEEMED> (78,862)
<SHARES-REINVESTED> 7,764
<NET-CHANGE-IN-ASSETS> (20,389,727)
<ACCUMULATED-NII-PRIOR> 63,957
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7,865,048)
<GROSS-ADVISORY-FEES> 494,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,169,542
<AVERAGE-NET-ASSETS> 6,017,398
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> 1.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 083
<NAME> SIERRA TRUST NATIONAL MUN., CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 148,652,211
<INVESTMENTS-AT-VALUE> 166,498,200
<RECEIVABLES> 3,370,811
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8,510
<TOTAL-ASSETS> 169,877,521
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,001,502
<TOTAL-LIABILITIES> 2,001,502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,157
<SHARES-COMMON-STOCK> 123
<SHARES-COMMON-PRIOR> 120
<ACCUMULATED-NII-CURRENT> 9
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,162,446)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,097,939
<NET-ASSETS> 1,408
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,768,566
<OTHER-INCOME> 0
<EXPENSES-NET> 1,024,775
<NET-INVESTMENT-INCOME> 4,743,791
<REALIZED-GAINS-CURRENT> 2,702,602
<APPREC-INCREASE-CURRENT> 1,975,678
<NET-CHANGE-FROM-OPS> 9,422,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (20,389,727)
<ACCUMULATED-NII-PRIOR> 63,957
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7,865,048)
<GROSS-ADVISORY-FEES> 494,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,169,542
<AVERAGE-NET-ASSETS> 1,370
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.46
<EXPENSE-RATIO> 1.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 084
<NAME> SIERRA TRUST NATIONAL MUN., CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 148,652,211
<INVESTMENTS-AT-VALUE> 166,498,200
<RECEIVABLES> 3,370,811
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8,510
<TOTAL-ASSETS> 169,877,521
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,001,502
<TOTAL-LIABILITIES> 2,001,502
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,088
<SHARES-COMMON-STOCK> 100
<SHARES-COMMON-PRIOR> 98
<ACCUMULATED-NII-CURRENT> 9
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,162,446)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,097,939
<NET-ASSETS> 1,145
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,768,566
<OTHER-INCOME> 0
<EXPENSES-NET> 1,024,775
<NET-INVESTMENT-INCOME> 4,743,791
<REALIZED-GAINS-CURRENT> 2,702,602
<APPREC-INCREASE-CURRENT> 1,975,678
<NET-CHANGE-FROM-OPS> 9,422,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> (20,389,727)
<ACCUMULATED-NII-PRIOR> 63,957
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7,865,048)
<GROSS-ADVISORY-FEES> 494,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,169,542
<AVERAGE-NET-ASSETS> 1,116
<PER-SHARE-NAV-BEGIN> 11.16
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.45
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 101
<NAME> SIERRA TRUST INT'L GROWTH, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 115,272,408
<INVESTMENTS-AT-VALUE> 118,511,015
<RECEIVABLES> 2,932,703
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 37,733
<TOTAL-ASSETS> 121,481,451
<PAYABLE-FOR-SECURITIES> 581,360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 368,609
<TOTAL-LIABILITIES> 949,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,455,263
<SHARES-COMMON-STOCK> 4,353,768
<SHARES-COMMON-PRIOR> 4,876,565
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,461,052)
<ACCUMULATED-NET-GAINS> (5,989,170)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,598,098
<NET-ASSETS> 39,984,669
<DIVIDEND-INCOME> 987,770
<INTEREST-INCOME> 274,880
<OTHER-INCOME> 0
<EXPENSES-NET> 1,272,444
<NET-INVESTMENT-INCOME> (9,794)
<REALIZED-GAINS-CURRENT> (4,473,979)
<APPREC-INCREASE-CURRENT> (17,856,857)
<NET-CHANGE-FROM-OPS> (22,340,630)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,099,119)
<DISTRIBUTIONS-OF-GAINS> (1,992,183)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,464,015
<NUMBER-OF-SHARES-REDEEMED> (6,425,494)
<SHARES-REINVESTED> 438,682
<NET-CHANGE-IN-ASSETS> (49,624,375)
<ACCUMULATED-NII-PRIOR> 1,856,754
<ACCUMULATED-GAINS-PRIOR> 5,298,422
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 664,578
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,272,899
<AVERAGE-NET-ASSETS> 50,081,110
<PER-SHARE-NAV-BEGIN> 11.85
<PER-SHARE-NII> (0.00)
<PER-SHARE-GAIN-APPREC> (1.64)
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.18
<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 102
<NAME> SIERRA TRUST INT'L GROWTH, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 115,272,408
<INVESTMENTS-AT-VALUE> 118,511,015
<RECEIVABLES> 2,932,703
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 37,733
<TOTAL-ASSETS> 121,481,451
<PAYABLE-FOR-SECURITIES> 581,360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 368,609
<TOTAL-LIABILITIES> 949,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,718,414
<SHARES-COMMON-STOCK> 461,607
<SHARES-COMMON-PRIOR> 416,612
<ACCUMULATED-NII-CURRENT> (5,461,052)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,989,170)
<ACCUM-APPREC-OR-DEPREC> 4,598,098
<NET-ASSETS> 4,200,930
<DIVIDEND-INCOME> 987,770
<INTEREST-INCOME> 274,880
<OTHER-INCOME> 0
<EXPENSES-NET> 1,272,444
<NET-INVESTMENT-INCOME> (9,794)
<REALIZED-GAINS-CURRENT> (4,473,979)
<APPREC-INCREASE-CURRENT> (17,856,857)
<NET-CHANGE-FROM-OPS> (22,340,630)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (190,051)
<DISTRIBUTIONS-OF-GAINS> (212,435)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67,653
<NUMBER-OF-SHARES-REDEEMED> (65,804)
<SHARES-REINVESTED> 43,146
<NET-CHANGE-IN-ASSETS> (49,624,375)
<ACCUMULATED-NII-PRIOR> 1,856,754
<ACCUMULATED-GAINS-PRIOR> 5,298,422
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 664,578
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,272,899
<AVERAGE-NET-ASSETS> 4,717,759
<PER-SHARE-NAV-BEGIN> 11.70
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> (1.60)
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.10
<EXPENSE-RATIO> 2.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 103
<NAME> SIERRA TRUST INT'L GROWTH, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 115,272,408
<INVESTMENTS-AT-VALUE> 118,511,015
<RECEIVABLES> 2,932,703
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 37,733
<TOTAL-ASSETS> 121,481,451
<PAYABLE-FOR-SECURITIES> 581,360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 368,609
<TOTAL-LIABILITIES> 949,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,403,978
<SHARES-COMMON-STOCK> 871,646
<SHARES-COMMON-PRIOR> 1,018,498
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,461,052)
<ACCUMULATED-NET-GAINS> (5,989,170)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,598,098
<NET-ASSETS> 8,010,234
<DIVIDEND-INCOME> 987,770
<INTEREST-INCOME> 274,880
<OTHER-INCOME> 0
<EXPENSES-NET> 1,272,444
<NET-INVESTMENT-INCOME> (9,794)
<REALIZED-GAINS-CURRENT> (4,473,979)
<APPREC-INCREASE-CURRENT> (17,856,857)
<NET-CHANGE-FROM-OPS> (22,340,630)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (337,334)
<DISTRIBUTIONS-OF-GAINS> (403,997)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,258
<NUMBER-OF-SHARES-REDEEMED> (248,679)
<SHARES-REINVESTED> 80,569
<NET-CHANGE-IN-ASSETS> (49,624,375)
<ACCUMULATED-NII-PRIOR> 1,856,754
<ACCUMULATED-GAINS-PRIOR> 5,298,422
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 664,578
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,272,899
<AVERAGE-NET-ASSETS> 10,255,233
<PER-SHARE-NAV-BEGIN> 11.77
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> (1.61)
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.19
<EXPENSE-RATIO> 2.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 104
<NAME> SIERRA TRUST INT'L GROWTH, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 115,272,408
<INVESTMENTS-AT-VALUE> 118,511,015
<RECEIVABLES> 2,932,703
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 37,733
<TOTAL-ASSETS> 121,481,451
<PAYABLE-FOR-SECURITIES> 581,360
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 368,609
<TOTAL-LIABILITIES> 949,969
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,805,951
<SHARES-COMMON-STOCK> 7,478,318
<SHARES-COMMON-PRIOR> 8,082,390
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,461,052)
<ACCUMULATED-NET-GAINS> (5,989,170)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,598,098
<NET-ASSETS> 68,335,649
<DIVIDEND-INCOME> 987,770
<INTEREST-INCOME> 274,880
<OTHER-INCOME> 0
<EXPENSES-NET> 1,272,444
<NET-INVESTMENT-INCOME> (9,794)
<REALIZED-GAINS-CURRENT> (4,473,979)
<APPREC-INCREASE-CURRENT> (17,856,857)
<NET-CHANGE-FROM-OPS> (22,340,630)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,681,508)
<DISTRIBUTIONS-OF-GAINS> (4,204,998)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 596,944
<NUMBER-OF-SHARES-REDEEMED> (1,201,016)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (49,624,375)
<ACCUMULATED-NII-PRIOR> 1,856,754
<ACCUMULATED-GAINS-PRIOR> 5,298,422
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 664,578
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,272,899
<AVERAGE-NET-ASSETS> 91,610,523
<PER-SHARE-NAV-BEGIN> 11.82
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (1.63)
<PER-SHARE-DIVIDEND> (0.56)
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.14
<EXPENSE-RATIO> 1.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 121
<NAME> SIERRA TRUST GROWTH, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 280,061,396
<INVESTMENTS-AT-VALUE> 307,965,384
<RECEIVABLES> 3,260,560
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,016,646
<TOTAL-ASSETS> 312,242,590
<PAYABLE-FOR-SECURITIES> 27,221,389
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,422,157
<TOTAL-LIABILITIES> 29,643,546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,612,937
<SHARES-COMMON-STOCK> 7,373,742
<SHARES-COMMON-PRIOR> 7,462,279
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,383,955)
<ACCUMULATED-NET-GAINS> 9,206,948
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,806,809
<NET-ASSETS> 104,654,137
<DIVIDEND-INCOME> 652,747
<INTEREST-INCOME> 512,733
<OTHER-INCOME> 0
<EXPENSES-NET> 2,435,341
<NET-INVESTMENT-INCOME> (1,269,861)
<REALIZED-GAINS-CURRENT> 19,619,029
<APPREC-INCREASE-CURRENT> (5,227,502)
<NET-CHANGE-FROM-OPS> 13,121,666
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (8,274,232)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,347,880
<NUMBER-OF-SHARES-REDEEMED> (6,027,150)
<SHARES-REINVESTED> 590,733
<NET-CHANGE-IN-ASSETS> (9,084)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,731,936
<OVERDISTRIB-NII-PRIOR> (114,094)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,305,477
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,441,463
<AVERAGE-NET-ASSETS> 109,358,823
<PER-SHARE-NAV-BEGIN> 14.90
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 0.64
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.28)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.19
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 122
<NAME> SIERRA TRUST GROWTH, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 280,061,396
<INVESTMENTS-AT-VALUE> 307,965,384
<RECEIVABLES> 3,260,560
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,016,646
<TOTAL-ASSETS> 312,242,590
<PAYABLE-FOR-SECURITIES> 27,221,389
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,422,157
<TOTAL-LIABILITIES> 29,643,546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,944,602
<SHARES-COMMON-STOCK> 2,125,343
<SHARES-COMMON-PRIOR> 2,091,474
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,383,955)
<ACCUMULATED-NET-GAINS> 9,206,948
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,806,809
<NET-ASSETS> 29,233,474
<DIVIDEND-INCOME> 652,747
<INTEREST-INCOME> 512,733
<OTHER-INCOME> 0
<EXPENSES-NET> 2,435,341
<NET-INVESTMENT-INCOME> (1,269,861)
<REALIZED-GAINS-CURRENT> 19,619,029
<APPREC-INCREASE-CURRENT> (5,227,502)
<NET-CHANGE-FROM-OPS> 13,121,666
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,485,038)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 500,456
<NUMBER-OF-SHARES-REDEEMED> (651,462)
<SHARES-REINVESTED> 184,875
<NET-CHANGE-IN-ASSETS> (9,084)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,731,936
<OVERDISTRIB-NII-PRIOR> (114,094)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,305,477
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,441,463
<AVERAGE-NET-ASSETS> 30,752,020
<PER-SHARE-NAV-BEGIN> 14.53
<PER-SHARE-NII> (0.12)
<PER-SHARE-GAIN-APPREC> 0.62
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.28)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.75
<EXPENSE-RATIO> 2.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 123
<NAME> SIERRA TRUST GROWTH, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 280,061,396
<INVESTMENTS-AT-VALUE> 307,965,384
<RECEIVABLES> 3,260,560
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,016,646
<TOTAL-ASSETS> 312,242,590
<PAYABLE-FOR-SECURITIES> 27,221,389
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,422,157
<TOTAL-LIABILITIES> 29,643,546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,378,937
<SHARES-COMMON-STOCK> 952,994
<SHARES-COMMON-PRIOR> 965,677
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,383,955)
<ACCUMULATED-NET-GAINS> 9,206,948
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,806,809
<NET-ASSETS> 13,112,426
<DIVIDEND-INCOME> 652,747
<INTEREST-INCOME> 512,733
<OTHER-INCOME> 0
<EXPENSES-NET> 2,435,341
<NET-INVESTMENT-INCOME> (1,269,861)
<REALIZED-GAINS-CURRENT> 19,619,029
<APPREC-INCREASE-CURRENT> (5,227,502)
<NET-CHANGE-FROM-OPS> 13,121,666
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,125,283)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79,306
<NUMBER-OF-SHARES-REDEEMED> (175,942)
<SHARES-REINVESTED> 83,953
<NET-CHANGE-IN-ASSETS> (9,084)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,731,936
<OVERDISTRIB-NII-PRIOR> (114,094)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,305,477
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,441,463
<AVERAGE-NET-ASSETS> 14,155,238
<PER-SHARE-NAV-BEGIN> 14.54
<PER-SHARE-NII> (0.13)
<PER-SHARE-GAIN-APPREC> 0.63
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.28)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.76
<EXPENSE-RATIO> 2.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 124
<NAME> SIERRA TRUST GROWTH, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 280,061,396
<INVESTMENTS-AT-VALUE> 307,965,384
<RECEIVABLES> 3,260,560
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,016,646
<TOTAL-ASSETS> 312,242,590
<PAYABLE-FOR-SECURITIES> 27,221,389
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,422,157
<TOTAL-LIABILITIES> 29,643,546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,032,766
<SHARES-COMMON-STOCK> 9,511,976
<SHARES-COMMON-PRIOR> 8,498,913
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,383,955)
<ACCUMULATED-NET-GAINS> 9,206,948
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,806,809
<NET-ASSETS> 135,599,007
<DIVIDEND-INCOME> 652,747
<INTEREST-INCOME> 512,733
<OTHER-INCOME> 0
<EXPENSES-NET> 2,435,341
<NET-INVESTMENT-INCOME> (1,269,861)
<REALIZED-GAINS-CURRENT> 19,619,029
<APPREC-INCREASE-CURRENT> (5,227,502)
<NET-CHANGE-FROM-OPS> 13,121,666
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10,259,464)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,715,469
<NUMBER-OF-SHARES-REDEEMED> (702,406)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (9,084)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,731,936
<OVERDISTRIB-NII-PRIOR> (114,094)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,305,477
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,441,463
<AVERAGE-NET-ASSETS> 130,267,557
<PER-SHARE-NAV-BEGIN> 14.94
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 0.65
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.28)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.26
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> SIERRA TRUST GROWTH & INCOME, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 368,208,700
<INVESTMENTS-AT-VALUE> 408,575,055
<RECEIVABLES> 621,974
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,650
<TOTAL-ASSETS> 409,211,679
<PAYABLE-FOR-SECURITIES> 577,881
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,024,546
<TOTAL-LIABILITIES> 3,602,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,335,446
<SHARES-COMMON-STOCK> 12,786,855
<SHARES-COMMON-PRIOR> 10,590,644
<ACCUMULATED-NII-CURRENT> 165,196
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,958,692
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,366,355
<NET-ASSETS> 176,081,455
<DIVIDEND-INCOME> 2,843,742
<INTEREST-INCOME> 193,974
<OTHER-INCOME> 0
<EXPENSES-NET> 2,889,464
<NET-INVESTMENT-INCOME> 148,252
<REALIZED-GAINS-CURRENT> 44,802,571
<APPREC-INCREASE-CURRENT> (10,729,895)
<NET-CHANGE-FROM-OPS> 34,220,928
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (34,623,489)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,212,508
<NUMBER-OF-SHARES-REDEEMED> (8,531,404)
<SHARES-REINVESTED> 2,515,107
<NET-CHANGE-IN-ASSETS> 44,031,797
<ACCUMULATED-NII-PRIOR> 16,944
<ACCUMULATED-GAINS-PRIOR> 41,022,110
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,422,412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,889,734
<AVERAGE-NET-ASSETS> 175,972,747
<PER-SHARE-NAV-BEGIN> 15.93
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (3.53)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.77
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> SIERRA TRUST GROWTH & INCOME, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 368,208,700
<INVESTMENTS-AT-VALUE> 408,575,055
<RECEIVABLES> 621,974
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,650
<TOTAL-ASSETS> 409,211,679
<PAYABLE-FOR-SECURITIES> 577,881
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,024,546
<TOTAL-LIABILITIES> 3,602,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,823,369
<SHARES-COMMON-STOCK> 3,203,369
<SHARES-COMMON-PRIOR> 2,435,189
<ACCUMULATED-NII-CURRENT> 165,196
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,958,692
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,366,355
<NET-ASSETS> 43,266,884
<DIVIDEND-INCOME> 2,843,742
<INTEREST-INCOME> 193,974
<OTHER-INCOME> 0
<EXPENSES-NET> 2,889,464
<NET-INVESTMENT-INCOME> 148,252
<REALIZED-GAINS-CURRENT> 44,802,571
<APPREC-INCREASE-CURRENT> (10,729,895)
<NET-CHANGE-FROM-OPS> 34,220,928
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (8,942,314)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 909,546
<NUMBER-OF-SHARES-REDEEMED> (807,566)
<SHARES-REINVESTED> 666,200
<NET-CHANGE-IN-ASSETS> 44,031,797
<ACCUMULATED-NII-PRIOR> 16,944
<ACCUMULATED-GAINS-PRIOR> 41,022,110
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,422,412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,889,734
<AVERAGE-NET-ASSETS> 41,795,256
<PER-SHARE-NAV-BEGIN> 15.75
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.32
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (3.53)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.51
<EXPENSE-RATIO> 2.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 063
<NAME> SIERRA TRUST GROWTH & INCOME, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 368,208,700
<INVESTMENTS-AT-VALUE> 408,575,055
<RECEIVABLES> 621,974
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,650
<TOTAL-ASSETS> 409,211,679
<PAYABLE-FOR-SECURITIES> 577,881
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,024,546
<TOTAL-LIABILITIES> 3,602,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,875,696
<SHARES-COMMON-STOCK> 1,030,754
<SHARES-COMMON-PRIOR> 871,381
<ACCUMULATED-NII-CURRENT> 165,196
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,958,692
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,366,355
<NET-ASSETS> 13,932,207
<DIVIDEND-INCOME> 2,843,742
<INTEREST-INCOME> 193,974
<OTHER-INCOME> 0
<EXPENSES-NET> 2,889,464
<NET-INVESTMENT-INCOME> 148,252
<REALIZED-GAINS-CURRENT> 44,802,571
<APPREC-INCREASE-CURRENT> (10,729,895)
<NET-CHANGE-FROM-OPS> 34,220,928
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,914,369)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 103,510
<NUMBER-OF-SHARES-REDEEMED> (162,805)
<SHARES-REINVESTED> 218,668
<NET-CHANGE-IN-ASSETS> 44,031,797
<ACCUMULATED-NII-PRIOR> 16,944
<ACCUMULATED-GAINS-PRIOR> 41,022,110
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,422,412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,889,734
<AVERAGE-NET-ASSETS> 13,732,716
<PER-SHARE-NAV-BEGIN> 15.75
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 1.32
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (3.53)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.52
<EXPENSE-RATIO> 2.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 064
<NAME> SIERRA TRUST GROWTH & INCOME, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 368,208,700
<INVESTMENTS-AT-VALUE> 408,575,055
<RECEIVABLES> 621,974
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,650
<TOTAL-ASSETS> 409,211,679
<PAYABLE-FOR-SECURITIES> 577,881
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,024,546
<TOTAL-LIABILITIES> 3,602,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 175,084,498
<SHARES-COMMON-STOCK> 12,483,533
<SHARES-COMMON-PRIOR> 8,834,523
<ACCUMULATED-NII-CURRENT> 165,196
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,958,692
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,366,355
<NET-ASSETS> 172,328,706
<DIVIDEND-INCOME> 2,843,742
<INTEREST-INCOME> 193,974
<OTHER-INCOME> 0
<EXPENSES-NET> 2,889,464
<NET-INVESTMENT-INCOME> 148,252
<REALIZED-GAINS-CURRENT> 44,802,571
<APPREC-INCREASE-CURRENT> (10,729,895)
<NET-CHANGE-FROM-OPS> 34,220,928
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (30,385,817)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,267,018
<NUMBER-OF-SHARES-REDEEMED> (618,008)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 44,031,797
<ACCUMULATED-NII-PRIOR> 16,944
<ACCUMULATED-GAINS-PRIOR> 41,022,110
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,422,412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,889,734
<AVERAGE-NET-ASSETS> 150,161,076
<PER-SHARE-NAV-BEGIN> 15.94
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (3.53)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.80
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 131
<NAME> SIERRA TRUST FLORIDA INS. MUN., CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 23,285,933
<INVESTMENTS-AT-VALUE> 25,524,125
<RECEIVABLES> 482,860
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 111,361
<TOTAL-ASSETS> 26,118,346
<PAYABLE-FOR-SECURITIES> 1,035,727
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96,581
<TOTAL-LIABILITIES> 1,132,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,678,056
<SHARES-COMMON-STOCK> 1,922,448
<SHARES-COMMON-PRIOR> 2,291,279
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,558,596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,238,192
<NET-ASSETS> 19,917,095
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 762,628
<OTHER-INCOME> 0
<EXPENSES-NET> 141,564
<NET-INVESTMENT-INCOME> 621,064
<REALIZED-GAINS-CURRENT> 160,512
<APPREC-INCREASE-CURRENT> 965,236
<NET-CHANGE-FROM-OPS> 1,746,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (518,928)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 104,918
<NUMBER-OF-SHARES-REDEEMED> (497,357)
<SHARES-REINVESTED> 23,608
<NET-CHANGE-IN-ASSETS> (2,872,597)
<ACCUMULATED-NII-PRIOR> 2,892
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,719,108)
<GROSS-ADVISORY-FEES> 73,699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,346
<AVERAGE-NET-ASSETS> 21,455,364
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.36
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 132
<NAME> SIERRA TRUST FLORIDA INS. MUN., CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 23,285,933
<INVESTMENTS-AT-VALUE> 25,524,125
<RECEIVABLES> 482,860
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 111,361
<TOTAL-ASSETS> 26,118,346
<PAYABLE-FOR-SECURITIES> 1,035,727
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96,581
<TOTAL-LIABILITIES> 1,132,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,626,854
<SHARES-COMMON-STOCK> 489,006
<SHARES-COMMON-PRIOR> 510,106
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,558,596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,238,192
<NET-ASSETS> 5,066,094
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 762,628
<OTHER-INCOME> 0
<EXPENSES-NET> 141,564
<NET-INVESTMENT-INCOME> 621,064
<REALIZED-GAINS-CURRENT> 160,512
<APPREC-INCREASE-CURRENT> 965,236
<NET-CHANGE-FROM-OPS> 1,746,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (104,578)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43,013
<NUMBER-OF-SHARES-REDEEMED> (70,922)
<SHARES-REINVESTED> 6,809
<NET-CHANGE-IN-ASSETS> (2,872,597)
<ACCUMULATED-NII-PRIOR> 2,892
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,719,108)
<GROSS-ADVISORY-FEES> 73,699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,346
<AVERAGE-NET-ASSETS> 5,104,670
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.36
<EXPENSE-RATIO> 1.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 133
<NAME> SIERRA TRUST FLORIDA INS. MUN., CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 23,285,933
<INVESTMENTS-AT-VALUE> 25,524,125
<RECEIVABLES> 482,860
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 111,361
<TOTAL-ASSETS> 26,118,346
<PAYABLE-FOR-SECURITIES> 1,035,727
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96,581
<TOTAL-LIABILITIES> 1,132,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 437
<SHARES-COMMON-STOCK> 164
<SHARES-COMMON-PRIOR> 2,941
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,558,596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,238,192
<NET-ASSETS> 1,699
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 762,628
<OTHER-INCOME> 0
<EXPENSES-NET> 141,564
<NET-INVESTMENT-INCOME> 621,064
<REALIZED-GAINS-CURRENT> 160,512
<APPREC-INCREASE-CURRENT> 965,236
<NET-CHANGE-FROM-OPS> 1,746,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (408)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (2,809)
<SHARES-REINVESTED> 32
<NET-CHANGE-IN-ASSETS> (2,872,597)
<ACCUMULATED-NII-PRIOR> 2,892
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,719,108)
<GROSS-ADVISORY-FEES> 73,699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,346
<AVERAGE-NET-ASSETS> 19,934
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.36
<EXPENSE-RATIO> 1.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 134
<NAME> SIERRA TRUST FLORIDA INS. MUN., CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 23,285,933
<INVESTMENTS-AT-VALUE> 25,524,125
<RECEIVABLES> 482,860
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 111,361
<TOTAL-ASSETS> 26,118,346
<PAYABLE-FOR-SECURITIES> 1,035,727
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96,581
<TOTAL-LIABILITIES> 1,132,308
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,081
<SHARES-COMMON-STOCK> 111
<SHARES-COMMON-PRIOR> 109
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,558,596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,238,192
<NET-ASSETS> 1,150
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 762,628
<OTHER-INCOME> 0
<EXPENSES-NET> 141,564
<NET-INVESTMENT-INCOME> 621,064
<REALIZED-GAINS-CURRENT> 160,512
<APPREC-INCREASE-CURRENT> 965,236
<NET-CHANGE-FROM-OPS> 1,746,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (28)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> (2,872,597)
<ACCUMULATED-NII-PRIOR> 2,892
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,719,108)
<GROSS-ADVISORY-FEES> 73,699
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,346
<AVERAGE-NET-ASSETS> 1,116
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.36
<EXPENSE-RATIO> 0.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 151
<NAME> SIERRA TRUST CAL. INSURED INTRMED. MUN., CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 61,870,585
<INVESTMENTS-AT-VALUE> 66,270,548
<RECEIVABLES> 1,710,803
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 42,384
<TOTAL-ASSETS> 68,023,735
<PAYABLE-FOR-SECURITIES> 3,133,861
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,841
<TOTAL-LIABILITIES> 3,284,702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,880,528
<SHARES-COMMON-STOCK> 3,993,831
<SHARES-COMMON-PRIOR> 4,205,143
<ACCUMULATED-NII-CURRENT> 3,225
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,286
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,399,963
<NET-ASSETS> 43,353,589
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,736,104
<OTHER-INCOME> 0
<EXPENSES-NET> 367,261
<NET-INVESTMENT-INCOME> 1,368,843
<REALIZED-GAINS-CURRENT> 213,385
<APPREC-INCREASE-CURRENT> 1,102,356
<NET-CHANGE-FROM-OPS> 2,684,584
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (966,467)
<DISTRIBUTIONS-OF-GAINS> (403,151)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 380,201
<NUMBER-OF-SHARES-REDEEMED> (689,474)
<SHARES-REINVESTED> 97,961
<NET-CHANGE-IN-ASSETS> (1,412,860)
<ACCUMULATED-NII-PRIOR> 3,196
<ACCUMULATED-GAINS-PRIOR> 414,942
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 177,786
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 491,432
<AVERAGE-NET-ASSETS> 42,767,114
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 152
<NAME> SIERRA TRUST CAL. INSURED INTRMED. MUN., CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 61,870,585
<INVESTMENTS-AT-VALUE> 66,270,548
<RECEIVABLES> 1,710,803
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 42,384
<TOTAL-ASSETS> 68,023,735
<PAYABLE-FOR-SECURITIES> 3,133,861
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,841
<TOTAL-LIABILITIES> 3,284,702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,428,827
<SHARES-COMMON-STOCK> 1,969,796
<SHARES-COMMON-PRIOR> 1,954,892
<ACCUMULATED-NII-CURRENT> 3,225
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,286
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,399,963
<NET-ASSETS> 21,382,598
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,736,104
<OTHER-INCOME> 0
<EXPENSES-NET> 367,261
<NET-INVESTMENT-INCOME> 1,368,843
<REALIZED-GAINS-CURRENT> 213,385
<APPREC-INCREASE-CURRENT> 1,102,356
<NET-CHANGE-FROM-OPS> 2,684,584
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (402,289)
<DISTRIBUTIONS-OF-GAINS> (200,864)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 102,503
<NUMBER-OF-SHARES-REDEEMED> (132,756)
<SHARES-REINVESTED> 45,157
<NET-CHANGE-IN-ASSETS> (1,412,860)
<ACCUMULATED-NII-PRIOR> 3,196
<ACCUMULATED-GAINS-PRIOR> 414,942
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 177,786
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 491,432
<AVERAGE-NET-ASSETS> 21,352,477
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> 1.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 153
<NAME> SIERRA TRUST CAL. INSURED INTRMED. MUN., CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 61,870,585
<INVESTMENTS-AT-VALUE> 66,270,548
<RECEIVABLES> 1,710,803
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 42,384
<TOTAL-ASSETS> 68,023,735
<PAYABLE-FOR-SECURITIES> 3,133,861
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,841
<TOTAL-LIABILITIES> 3,284,702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,116
<SHARES-COMMON-STOCK> 159
<SHARES-COMMON-PRIOR> 155
<ACCUMULATED-NII-CURRENT> 3,225
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,286
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,399,963
<NET-ASSETS> 1,727
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,736,104
<OTHER-INCOME> 0
<EXPENSES-NET> 367,261
<NET-INVESTMENT-INCOME> 1,368,843
<REALIZED-GAINS-CURRENT> 213,385
<APPREC-INCREASE-CURRENT> 1,102,356
<NET-CHANGE-FROM-OPS> 2,684,584
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32)
<DISTRIBUTIONS-OF-GAINS> (16)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> (1,412,860)
<ACCUMULATED-NII-PRIOR> 3,196
<ACCUMULATED-GAINS-PRIOR> 414,942
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 177,786
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 491,432
<AVERAGE-NET-ASSETS> 1,693
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> (0.20)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> 1.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 154
<NAME> SIERRA TRUST CAL. INSURED INTRMED. MUN., CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 61,870,585
<INVESTMENTS-AT-VALUE> 66,270,548
<RECEIVABLES> 1,710,803
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 42,384
<TOTAL-ASSETS> 68,023,735
<PAYABLE-FOR-SECURITIES> 3,133,861
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,841
<TOTAL-LIABILITIES> 3,284,702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,088
<SHARES-COMMON-STOCK> 103
<SHARES-COMMON-PRIOR> 99
<ACCUMULATED-NII-CURRENT> 3,225
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,286
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,399,963
<NET-ASSETS> 1,119
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,736,104
<OTHER-INCOME> 0
<EXPENSES-NET> 367,261
<NET-INVESTMENT-INCOME> 1,368,843
<REALIZED-GAINS-CURRENT> 213,385
<APPREC-INCREASE-CURRENT> 1,102,356
<NET-CHANGE-FROM-OPS> 2,684,584
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26)
<DISTRIBUTIONS-OF-GAINS> (10)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> (1,412,860)
<ACCUMULATED-NII-PRIOR> 3,196
<ACCUMULATED-GAINS-PRIOR> 414,942
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 177,786
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 491,432
<AVERAGE-NET-ASSETS> 1,091
<PER-SHARE-NAV-BEGIN> 10.74
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>051
<NAME> SIERRA TRUST CAL MUNICIPAL, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 315,606,585
<INVESTMENTS-AT-VALUE> 344,780,372
<RECEIVABLES> 7,767,957
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 54,212
<TOTAL-ASSETS> 352,602,541
<PAYABLE-FOR-SECURITIES> 8,306,757
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,074,581
<TOTAL-LIABILITIES> 9,381,338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 291,544,775
<SHARES-COMMON-STOCK> 27,802,785
<SHARES-COMMON-PRIOR> 29,146,582
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,505,758)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,173,787
<NET-ASSETS> 315,549,776
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,816,617
<OTHER-INCOME> 0
<EXPENSES-NET> 1,832,576
<NET-INVESTMENT-INCOME> 8,984,041
<REALIZED-GAINS-CURRENT> 4,720,469
<APPREC-INCREASE-CURRENT> 8,541,473
<NET-CHANGE-FROM-OPS> 22,245,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,413,881)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,622,240
<NUMBER-OF-SHARES-REDEEMED> (3,440,844)
<SHARES-REINVESTED> 474,807
<NET-CHANGE-IN-ASSETS> (257,527)
<ACCUMULATED-NII-PRIOR> 33,691
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,226,227)
<GROSS-ADVISORY-FEES> 949,279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,243,245
<AVERAGE-NET-ASSETS> 315,907,167
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> SIERRA TRUST CAL MUNICIPAL, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 315,606,585
<INVESTMENTS-AT-VALUE> 344,780,372
<RECEIVABLES> 7,767,957
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 54,212
<TOTAL-ASSETS> 352,602,541
<PAYABLE-FOR-SECURITIES> 8,306,757
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,074,581
<TOTAL-LIABILITIES> 9,381,338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,000,885
<SHARES-COMMON-STOCK> 2,437,339
<SHARES-COMMON-PRIOR> 2,309,607
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,505,758)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,173,787
<NET-ASSETS> 27,662,778
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,816,617
<OTHER-INCOME> 0
<EXPENSES-NET> 1,832,576
<NET-INVESTMENT-INCOME> 8,984,041
<REALIZED-GAINS-CURRENT> 4,720,469
<APPREC-INCREASE-CURRENT> 8,541,473
<NET-CHANGE-FROM-OPS> 22,245,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (603,422)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 255,403
<NUMBER-OF-SHARES-REDEEMED> (165,610)
<SHARES-REINVESTED> 37,939
<NET-CHANGE-IN-ASSETS> (257,527)
<ACCUMULATED-NII-PRIOR> 33,691
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,226,227)
<GROSS-ADVISORY-FEES> 949,279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,243,245
<AVERAGE-NET-ASSETS> 26,462,852
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 053
<NAME> SIERRA TRUST CAL MUNICIPAL, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 315,606,585
<INVESTMENTS-AT-VALUE> 344,780,372
<RECEIVABLES> 7,767,957
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 54,212
<TOTAL-ASSETS> 352,602,541
<PAYABLE-FOR-SECURITIES> 8,306,757
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,074,581
<TOTAL-LIABILITIES> 9,381,338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,408
<SHARES-COMMON-STOCK> 660
<SHARES-COMMON-PRIOR> 646
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,505,758)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,173,787
<NET-ASSETS> 7,491
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,816,617
<OTHER-INCOME> 0
<EXPENSES-NET> 1,832,576
<NET-INVESTMENT-INCOME> 8,984,041
<REALIZED-GAINS-CURRENT> 4,720,469
<APPREC-INCREASE-CURRENT> 8,541,473
<NET-CHANGE-FROM-OPS> 22,245,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (340)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 14
<NET-CHANGE-IN-ASSETS> (257,527)
<ACCUMULATED-NII-PRIOR> 33,691
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,226,227)
<GROSS-ADVISORY-FEES> 949,279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,243,245
<AVERAGE-NET-ASSETS> 7,268
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 054
<NAME> SIERRA TRUST CAL MUNICIPAL, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 315,606,585
<INVESTMENTS-AT-VALUE> 344,780,372
<RECEIVABLES> 7,767,957
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 54,212
<TOTAL-ASSETS> 352,602,541
<PAYABLE-FOR-SECURITIES> 8,306,757
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,074,581
<TOTAL-LIABILITIES> 9,381,338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,087
<SHARES-COMMON-STOCK> 102
<SHARES-COMMON-PRIOR> 99
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,505,758)
<ACCUM-APPREC-OR-DEPREC> 29,173,787
<NET-ASSETS> 1,158
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,816,617
<OTHER-INCOME> 0
<EXPENSES-NET> 1,832,576
<NET-INVESTMENT-INCOME> 8,984,041
<REALIZED-GAINS-CURRENT> 4,720,469
<APPREC-INCREASE-CURRENT> 8,541,473
<NET-CHANGE-FROM-OPS> 22,245,983
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (70)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> (257,527)
<ACCUMULATED-NII-PRIOR> 33,691
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,226,227)
<GROSS-ADVISORY-FEES> 949,279
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,243,245
<AVERAGE-NET-ASSETS> 1,121
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> SIERRA TRUST CORPORATE INCOME, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 207,483,020
<INVESTMENTS-AT-VALUE> 226,562,706
<RECEIVABLES> 5,840,520
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,998
<TOTAL-ASSETS> 232,414,224
<PAYABLE-FOR-SECURITIES> 29,079,215
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,630,268
<TOTAL-LIABILITIES> 30,709,483
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 187,216,511
<SHARES-COMMON-STOCK> 15,937,846
<SHARES-COMMON-PRIOR> 18,966,729
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (31,877,907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,079,686
<NET-ASSETS> 172,779,296
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,515,802
<OTHER-INCOME> 278,370
<EXPENSES-NET> 1,276,048
<NET-INVESTMENT-INCOME> 7,518,124
<REALIZED-GAINS-CURRENT> 1,418,532
<APPREC-INCREASE-CURRENT> 9,512,108
<NET-CHANGE-FROM-OPS> 18,448,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,520,252)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 405,442
<NUMBER-OF-SHARES-REDEEMED> (3,744,019)
<SHARES-REINVESTED> 309,694
<NET-CHANGE-IN-ASSETS> (24,207,189)
<ACCUMULATED-NII-PRIOR> 694
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (33,296,439)
<GROSS-ADVISORY-FEES> 699,840
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,597,762
<AVERAGE-NET-ASSETS> 183,361,073
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.84
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 072
<NAME> SIERRA TRUST CORPORATE INCOME, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 207,483,020
<INVESTMENTS-AT-VALUE> 226,562,706
<RECEIVABLES> 5,840,520
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,998
<TOTAL-ASSETS> 232,414,224
<PAYABLE-FOR-SECURITIES> 29,079,215
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,630,268
<TOTAL-LIABILITIES> 30,709,483
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,503,228
<SHARES-COMMON-STOCK> 1,852,392
<SHARES-COMMON-PRIOR> 2,035,268
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (31,877,907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,079,686
<NET-ASSETS> 20,081,356
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,515,802
<OTHER-INCOME> 278,370
<EXPENSES-NET> 1,276,048
<NET-INVESTMENT-INCOME> 7,518,124
<REALIZED-GAINS-CURRENT> 1,418,532
<APPREC-INCREASE-CURRENT> 9,512,108
<NET-CHANGE-FROM-OPS> 18,448,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (653,300)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,542
<NUMBER-OF-SHARES-REDEEMED> (272,245)
<SHARES-REINVESTED> 29,827
<NET-CHANGE-IN-ASSETS> (24,207,189)
<ACCUMULATED-NII-PRIOR> 694
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (33,296,439)
<GROSS-ADVISORY-FEES> 699,840
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,597,762
<AVERAGE-NET-ASSETS> 20,563,496
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.84
<EXPENSE-RATIO> 1.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 073
<NAME> SIERRA TRUST CORPORATE INCOME, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 207,483,020
<INVESTMENTS-AT-VALUE> 226,562,706
<RECEIVABLES> 5,840,520
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,998
<TOTAL-ASSETS> 232,414,224
<PAYABLE-FOR-SECURITIES> 29,079,215
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,630,268
<TOTAL-LIABILITIES> 30,709,483
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,366,009
<SHARES-COMMON-STOCK> 173,316
<SHARES-COMMON-PRIOR> 205,775
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (31,877,907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,079,686
<NET-ASSETS> 1,878,884
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,515,802
<OTHER-INCOME> 278,370
<EXPENSES-NET> 1,276,048
<NET-INVESTMENT-INCOME> 7,518,124
<REALIZED-GAINS-CURRENT> 1,418,532
<APPREC-INCREASE-CURRENT> 9,512,108
<NET-CHANGE-FROM-OPS> 18,448,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (63,098)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,580
<NUMBER-OF-SHARES-REDEEMED> (46,873)
<SHARES-REINVESTED> 4,834
<NET-CHANGE-IN-ASSETS> (24,207,189)
<ACCUMULATED-NII-PRIOR> 694
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (33,296,439)
<GROSS-ADVISORY-FEES> 699,840
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,597,762
<AVERAGE-NET-ASSETS> 1,991,861
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.84
<EXPENSE-RATIO> 1.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 074
<NAME> SIERRA TRUST CORPORATE INCOME, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 207,483,020
<INVESTMENTS-AT-VALUE> 226,562,706
<RECEIVABLES> 5,840,520
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,998
<TOTAL-ASSETS> 232,414,224
<PAYABLE-FOR-SECURITIES> 29,079,215
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,630,268
<TOTAL-LIABILITIES> 30,709,483
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,417,195
<SHARES-COMMON-STOCK> 642,518
<SHARES-COMMON-PRIOR> 705,975
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (31,877,907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,079,686
<NET-ASSETS> 6,965,205
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,515,802
<OTHER-INCOME> 278,370
<EXPENSES-NET> 1,276,048
<NET-INVESTMENT-INCOME> 7,518,124
<REALIZED-GAINS-CURRENT> 1,418,532
<APPREC-INCREASE-CURRENT> 9,512,108
<NET-CHANGE-FROM-OPS> 18,448,764
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (282,149)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108,865
<NUMBER-OF-SHARES-REDEEMED> (172,322)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (24,207,189)
<ACCUMULATED-NII-PRIOR> 694
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (33,296,439)
<GROSS-ADVISORY-FEES> 699,840
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,597,762
<AVERAGE-NET-ASSETS> 7,663,481
<PER-SHARE-NAV-BEGIN> 10.31
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.84
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> SIERRA GLOBAL MONEY, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 180,010,011
<INVESTMENTS-AT-VALUE> 180,010,011
<RECEIVABLES> 5,647,743
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 375,632
<TOTAL-ASSETS> 186,033,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,475,490
<TOTAL-LIABILITIES> 4,475,490
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,191,405
<SHARES-COMMON-STOCK> 97,195,667
<SHARES-COMMON-PRIOR> 104,654,469
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (18,040)
<ACCUMULATED-NET-GAINS> 20,637
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 97,095,640
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,427,732
<OTHER-INCOME> 0
<EXPENSES-NET> 740,680
<NET-INVESTMENT-INCOME> 4,687,052
<REALIZED-GAINS-CURRENT> 198
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,687,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,447,628)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 247,096,254
<NUMBER-OF-SHARES-REDEEMED> (256,811,316)
<SHARES-REINVESTED> 2,256,260
<NET-CHANGE-IN-ASSETS> (9,969,673)
<ACCUMULATED-NII-PRIOR> 368
<ACCUMULATED-GAINS-PRIOR> 20,439
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 381,013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,039,310
<AVERAGE-NET-ASSETS> 99,637,850
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.85
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> SIERRA GLOBAL MONEY, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 180,010,011
<INVESTMENTS-AT-VALUE> 180,010,011
<RECEIVABLES> 5,647,743
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 375,632
<TOTAL-ASSETS> 186,033,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,475,490
<TOTAL-LIABILITIES> 4,475,490
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,081,148
<SHARES-COMMON-STOCK> 1,081,148
<SHARES-COMMON-PRIOR> 1,308,787
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (18,040)
<ACCUMULATED-NET-GAINS> 20,637
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,082,408
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,427,732
<OTHER-INCOME> 0
<EXPENSES-NET> 740,680
<NET-INVESTMENT-INCOME> 4,687,052
<REALIZED-GAINS-CURRENT> 198
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,687,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,508)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 922,179
<NUMBER-OF-SHARES-REDEEMED> (1,172,341)
<SHARES-REINVESTED> 22,523
<NET-CHANGE-IN-ASSETS> (9,969,673)
<ACCUMULATED-NII-PRIOR> 368
<ACCUMULATED-GAINS-PRIOR> 20,439
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 381,013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,039,310
<AVERAGE-NET-ASSETS> 1,265,052
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.60
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> SIERRA GLOBAL MONEY, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 180,010,011
<INVESTMENTS-AT-VALUE> 180,010,011
<RECEIVABLES> 5,647,743
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 375,632
<TOTAL-ASSETS> 186,033,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,475,490
<TOTAL-LIABILITIES> 4,475,490
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,191,990
<SHARES-COMMON-STOCK> 7,191,990
<SHARES-COMMON-PRIOR> 6,879,685
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (18,040)
<ACCUMULATED-NET-GAINS> 20,637
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 7,200,375
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,427,732
<OTHER-INCOME> 0
<EXPENSES-NET> 740,680
<NET-INVESTMENT-INCOME> 4,687,052
<REALIZED-GAINS-CURRENT> 198
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,687,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (154,763)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,462,912
<NUMBER-OF-SHARES-REDEEMED> (2,297,841)
<SHARES-REINVESTED> 147,234
<NET-CHANGE-IN-ASSETS> (9,969,673)
<ACCUMULATED-NII-PRIOR> 368
<ACCUMULATED-GAINS-PRIOR> 20,439
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 381,013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,039,310
<AVERAGE-NET-ASSETS> 7,423,387
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.60
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 014
<NAME> SIERRA GLOBAL MONEY, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 180,010,011
<INVESTMENTS-AT-VALUE> 180,010,011
<RECEIVABLES> 5,647,743
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 375,632
<TOTAL-ASSETS> 186,033,386
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,475,490
<TOTAL-LIABILITIES> 4,475,490
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,090,756
<SHARES-COMMON-STOCK> 76,090,756
<SHARES-COMMON-PRIOR> 78,668,083
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (18,040)
<ACCUMULATED-NET-GAINS> 20,637
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 76,179,473
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,427,732
<OTHER-INCOME> 0
<EXPENSES-NET> 740,680
<NET-INVESTMENT-INCOME> 4,687,052
<REALIZED-GAINS-CURRENT> 198
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,687,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,076,561)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,096,073
<NUMBER-OF-SHARES-REDEEMED> (10,673,400)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (9,969,673)
<ACCUMULATED-NII-PRIOR> 368
<ACCUMULATED-GAINS-PRIOR> 20,439
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 381,013
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,039,310
<AVERAGE-NET-ASSETS> 80,627,092
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> SIERRA TRUST US GOVT MONEY, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 36,780,635
<INVESTMENTS-AT-VALUE> 36,780,635
<RECEIVABLES> 428,551
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 30,361
<TOTAL-ASSETS> 37,239,547
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 114,567
<TOTAL-LIABILITIES> 114,567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,222,523
<SHARES-COMMON-STOCK> 22,226,785
<SHARES-COMMON-PRIOR> 30,529,135
<ACCUMULATED-NII-CURRENT> 7,450
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,400)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 22,220,073
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 983,608
<OTHER-INCOME> 0
<EXPENSES-NET> 148,733
<NET-INVESTMENT-INCOME> 834,875
<REALIZED-GAINS-CURRENT> 87
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 834,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (676,033)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 168,843,699
<NUMBER-OF-SHARES-REDEEMED> (177,743,485)
<SHARES-REINVESTED> 597,436
<NET-CHANGE-IN-ASSETS> 4,458,237
<ACCUMULATED-NII-PRIOR> 7,444
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,487)
<GROSS-ADVISORY-FEES> 70,803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217,805
<AVERAGE-NET-ASSETS> 28,432,564
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.85
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> SIERRA TRUST US GOVT MONEY, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 36,780,635
<INVESTMENTS-AT-VALUE> 36,780,635
<RECEIVABLES> 428,551
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 30,361
<TOTAL-ASSETS> 37,239,547
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 114,567
<TOTAL-LIABILITIES> 114,567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,743,619
<SHARES-COMMON-STOCK> 1,743,619
<SHARES-COMMON-PRIOR> 1,802,096
<ACCUMULATED-NII-CURRENT> 7,450
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,400)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,743,093
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 983,608
<OTHER-INCOME> 0
<EXPENSES-NET> 148,733
<NET-INVESTMENT-INCOME> 834,875
<REALIZED-GAINS-CURRENT> 87
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 834,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (28,380)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,411,036
<NUMBER-OF-SHARES-REDEEMED> (16,490,384)
<SHARES-REINVESTED> 20,871
<NET-CHANGE-IN-ASSETS> 4,458,237
<ACCUMULATED-NII-PRIOR> 7,444
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,487)
<GROSS-ADVISORY-FEES> 70,803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217,805
<AVERAGE-NET-ASSETS> 1,405,338
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.60
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 023
<NAME> SIERRA TRUST US GOVT MONEY, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 36,780,635
<INVESTMENTS-AT-VALUE> 36,780,635
<RECEIVABLES> 428,551
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 30,361
<TOTAL-ASSETS> 37,239,547
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 114,567
<TOTAL-LIABILITIES> 114,567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 376,832
<SHARES-COMMON-STOCK> 376,832
<SHARES-COMMON-PRIOR> 345,772
<ACCUMULATED-NII-CURRENT> 7,450
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,400)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 376,719
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 983,608
<OTHER-INCOME> 0
<EXPENSES-NET> 148,733
<NET-INVESTMENT-INCOME> 834,875
<REALIZED-GAINS-CURRENT> 87
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 834,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,287)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 408,432
<NUMBER-OF-SHARES-REDEEMED> (385,367)
<SHARES-REINVESTED> 7,995
<NET-CHANGE-IN-ASSETS> 4,458,237
<ACCUMULATED-NII-PRIOR> 7,444
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,487)
<GROSS-ADVISORY-FEES> 70,803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217,805
<AVERAGE-NET-ASSETS> 364,989
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.60
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 024
<NAME> SIERRA TRUST US GOVT MONEY, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 36,780,635
<INVESTMENTS-AT-VALUE> 36,780,635
<RECEIVABLES> 428,551
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 30,361
<TOTAL-ASSETS> 37,239,547
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 114,567
<TOTAL-LIABILITIES> 114,567
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,788,956
<SHARES-COMMON-STOCK> 12,788,956
<SHARES-COMMON-PRIOR> 1,045
<ACCUMULATED-NII-CURRENT> 7,450
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,400)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 12,785,095
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 983,608
<OTHER-INCOME> 0
<EXPENSES-NET> 148,733
<NET-INVESTMENT-INCOME> 834,875
<REALIZED-GAINS-CURRENT> 87
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 834,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (123,169)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,665,000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 122,911
<NET-CHANGE-IN-ASSETS> 4,458,237
<ACCUMULATED-NII-PRIOR> 7,444
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (14,487)
<GROSS-ADVISORY-FEES> 70,803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217,805
<AVERAGE-NET-ASSETS> 4,909,936
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> SIERRA TRUST CALIFORNIA MONEY, CL A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,353,337
<INVESTMENTS-AT-VALUE> 40,353,337
<RECEIVABLES> 459,967
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69,742
<TOTAL-ASSETS> 40,883,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 248,568
<TOTAL-LIABILITIES> 248,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,608,460
<SHARES-COMMON-STOCK> 40,611,655
<SHARES-COMMON-PRIOR> 42,964,966
<ACCUMULATED-NII-CURRENT> 2,364
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (40,974)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 40,569,917
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 768,512
<OTHER-INCOME> 0
<EXPENSES-NET> 180,155
<NET-INVESTMENT-INCOME> 588,357
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 588,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (587,657)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,464,645
<NUMBER-OF-SHARES-REDEEMED> (20,386,422)
<SHARES-REINVESTED> 568,467
<NET-CHANGE-IN-ASSETS> (2,358,537)
<ACCUMULATED-NII-PRIOR> 2,363
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (40,974)
<GROSS-ADVISORY-FEES> 84,624
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237,371
<AVERAGE-NET-ASSETS> 41,899,122
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.85
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> SIERRA TRUST CALIFORNIA MONEY, CL B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,353,337
<INVESTMENTS-AT-VALUE> 40,353,337
<RECEIVABLES> 459,967
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69,742
<TOTAL-ASSETS> 40,883,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 248,568
<TOTAL-LIABILITIES> 248,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,417
<SHARES-COMMON-STOCK> 62,417
<SHARES-COMMON-PRIOR> 67,673
<ACCUMULATED-NII-CURRENT> 2,364
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (40,974)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 62,352
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 768,512
<OTHER-INCOME> 0
<EXPENSES-NET> 180,155
<NET-INVESTMENT-INCOME> 588,357
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 588,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (673)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100
<NUMBER-OF-SHARES-REDEEMED> (6,027)
<SHARES-REINVESTED> 671
<NET-CHANGE-IN-ASSETS> (2,358,537)
<ACCUMULATED-NII-PRIOR> 2,363
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (40,974)
<GROSS-ADVISORY-FEES> 84,624
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237,371
<AVERAGE-NET-ASSETS> 65,506
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.60
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 033
<NAME> SIERRA TRUST CALIFORNIA MONEY, CL S
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,353,337
<INVESTMENTS-AT-VALUE> 40,353,337
<RECEIVABLES> 459,967
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69,742
<TOTAL-ASSETS> 40,883,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 248,568
<TOTAL-LIABILITIES> 248,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,166
<SHARES-COMMON-STOCK> 1,166
<SHARES-COMMON-PRIOR> 1,154
<ACCUMULATED-NII-CURRENT> 2,364
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (40,974)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,165
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 768,512
<OTHER-INCOME> 0
<EXPENSES-NET> 180,155
<NET-INVESTMENT-INCOME> 588,357
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 588,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 12
<NET-CHANGE-IN-ASSETS> (2,358,537)
<ACCUMULATED-NII-PRIOR> 2,363
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (40,974)
<GROSS-ADVISORY-FEES> 84,624
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237,371
<AVERAGE-NET-ASSETS> 1,158
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.60
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 034
<NAME> SIERRA TRUST CALIFORNIA MONEY, CL I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 40,353,337
<INVESTMENTS-AT-VALUE> 40,353,337
<RECEIVABLES> 459,967
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 69,742
<TOTAL-ASSETS> 40,883,046
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 248,568
<TOTAL-LIABILITIES> 248,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,045
<SHARES-COMMON-STOCK> 1,045
<SHARES-COMMON-PRIOR> 1,029
<ACCUMULATED-NII-CURRENT> 2,364
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (40,974)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,044
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 768,512
<OTHER-INCOME> 0
<EXPENSES-NET> 180,155
<NET-INVESTMENT-INCOME> 588,357
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 588,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 16
<NET-CHANGE-IN-ASSETS> (2,358,537)
<ACCUMULATED-NII-PRIOR> 2,363
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (40,974)
<GROSS-ADVISORY-FEES> 84,624
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237,371
<AVERAGE-NET-ASSETS> 1,035
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.00)
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
|
|