Supplement dated February 13, 1998 to Prospectus, as supplemented to date, of

                        SIERRA TRUST FUNDS (the "Trust")
                            (dated October 31, 1997)

The Prospectus referred to above is amended and supplemented as follows:

     The  Trust's Board  of Trustees  has approved  the termination  of the sub-
advisory agreement with respect to the Emerging Growth Fund.  Accordingly, it is
expected that  on or  about March 23, 1998, Composite  Research & Management Co.
("Composite") will  begin  managing the  portfolio  of the  Emerging Growth Fund
without a sub-advisor.


               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

                               Sierra Trust Funds
                                 P.O. Box 5118
                       Westboro, Massachusetts 01581-5118



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