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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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<PAGE> PAGE 22
055 B000400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
048 F020800 0.000
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050 000800 N
051 000800 N
052 000800 N
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055 A000800 N
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
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062 A000800 Y
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064 A000800 Y
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<PAGE> PAGE 42
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
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070 E020800 Y
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070 G010800 Y
070 G020800 Y
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070 I010800 Y
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 N
070 R020800 N
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<PAGE> PAGE 43
072 I000800 27
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<PAGE> PAGE 44
074 T000800 167876
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008 A000901 SIERRA INVESTMENT ADVISORS CORPORATION
008 B000901 A
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008 D010901 NORTHRIDGE
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008 A000902 JANUS CAPITAL CORPORATION
008 B000902 S
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008 D010902 DENVER
008 D020902 CO
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024 000900 N
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<PAGE> PAGE 45
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<PAGE> PAGE 46
050 000900 N
051 000900 N
052 000900 N
053 A000900 N
055 A000900 N
055 B000900 N
056 000900 Y
057 000900 N
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<PAGE> PAGE 47
070 D020900 N
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070 J020900 N
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070 L010900 Y
070 L020900 Y
070 M010900 Y
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070 O020900 N
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070 R020900 N
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<PAGE> PAGE 48
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<PAGE> PAGE 49
076 000900 0.00
008 A001001 SIERRA INVESTMENT ADVISORS CORPORATION
008 B001001 A
008 C001001 801-32921
008 D011001 NORTHRIDGE
008 D021001 CA
008 D031001 91324
008 A001002 WARBURG PINCUS ASSET MANAGEMENT, INC.
008 B001002 S
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008 D011002 NEW YORK
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024 001000 N
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<PAGE> PAGE 50
034 001000 Y
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<PAGE> PAGE 51
060 A001000 Y
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<PAGE> PAGE 52
070 I021000 N
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070 J021000 N
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070 Q021000 N
070 R011000 Y
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<PAGE> PAGE 53
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008 A001101 SIERRA INVESTMENT ADVISORS CORPORATION
008 B001101 A
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008 D011101 NORTHRIDGE
008 D021101 CA
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<PAGE> PAGE 54
008 D011102 BOSTON
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<PAGE> PAGE 55
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<PAGE> PAGE 56
057 001100 N
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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008 A001201 SIERRA INVESTMENT ADVISORS CORPORATION
008 B001201 A
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008 D011201 NORTHRIDGE
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<PAGE> PAGE 59
008 D021202 CO
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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066 F001200 N
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<PAGE> PAGE 62
070 O011200 Y
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<PAGE> PAGE 63
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008 A001301 SIERRA INVESTMENT ADVISORS CORPORATION
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<PAGE> PAGE 64
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<PAGE> PAGE 65
048 B021300 0.000
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050 001300 N
051 001300 N
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057 001300 N
058 A001300 N
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<PAGE> PAGE 66
062 Q001300 0.0
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068 A001300 N
068 B001300 N
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070 R021300 N
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<PAGE> PAGE 67
072 A001300 6
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<PAGE> PAGE 68
074 O001300 1036
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008 D011401 NORTHRIDGE
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
070 A021400 Y
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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SIGNATURE CRAIG M. MILLER
TITLE ASSISTANT TREASURER
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<NAME> SIERRA TRUST US GOVT SEC., CL B
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<NAME> SIERRA TRUST US GOVT SEC., CL S
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<NAME> SIERRA TRUST US GOVT SEC., CL I
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<NAME> SIERRA TRUST EMERGING GROWTH, CL A
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<NAME> SIERRA TRUST EMERGING GROWTH, CL B
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<NAME> SIERRA TRUST EMERGING GROWTH, CL S
<S> <C>
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<NAME> SIERRA TRUST EMERGING GROWTH, CL I
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<NAME> SIERRA TRUST SHORT TERM GLOBAL, CL A
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<NAME> SIERRA TRUST SHORT TERM GLOBAL, CL B
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<NAME> SIERRA TRUST SHORT TERM GLOBAL, CL S
<S> <C>
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<NAME> SIERRA TRUST SHORT TERM GLOBAL, CL I
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<NAME> SIERRA TRUST NATIONAL MUN., CL A
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<NAME> SIERRA TRUST NATIONAL MUN., CL B
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<NAME> SIERRA TRUST NATIONAL MUN., CL S
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<NAME> SIERRA TRUST NATIONAL MUN., CL I
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<NAME> SIERRA TRUST INT'L GROWTH, CL A
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<NAME> SIERRA TRUST INT'L GROWTH, CL B
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<NAME> SIERRA TRUST INT'L GROWTH, CL S
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<NAME> SIERRA TRUST INT'L GROWTH, CL I
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<NAME> SIERRA TRUST GROWTH, CL A
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<NAME> SIERRA TRUST GROWTH, CL B
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<NAME> SIERRA TRUST GROWTH, CL S
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<NAME> SIERRA TRUST GROWTH, CL I
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<TABLE> <S> <C>
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<NAME> SIERRA TRUST GROWTH & INCOME, CL A
<S> <C>
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<TABLE> <S> <C>
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<SERIES>
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<NAME> SIERRA TRUST GROWTH & INCOME, CL B
<S> <C>
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<TABLE> <S> <C>
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<NUMBER> 063
<NAME> SIERRA TRUST GROWTH & INCOME, CL S
<S> <C>
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<TABLE> <S> <C>
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<NUMBER> 064
<NAME> SIERRA TRUST GROWTH & INCOME, CL I
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 131
<NAME> SIERRA TRUST FLORIDA INS. MUN., CL A
<S> <C>
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<NUMBER> 052
<NAME> SIERRA TRUST CAL MUNICIPAL, CL B
<S> <C>
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<SERIES>
<NUMBER> 053
<NAME> SIERRA TRUST CAL MUNICIPAL, CL S
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 054
<NAME> SIERRA TRUST CAL MUNICIPAL, CL I
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> SIERRA TRUST CORPORATE INCOME, CL A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 072
<NAME> SIERRA TRUST CORPORATE INCOME, CL B
<S> <C>
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<FISCAL-YEAR-END> JUN-30-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 073
<NAME> SIERRA TRUST CORPORATE INCOME, CL S
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 074
<NAME> SIERRA TRUST CORPORATE INCOME, CL I
<S> <C>
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