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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE CRAIG M. MILLER
TITLE ASSISTANT TREASURER
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<NAME> Sierra SAM Value Portfolio CL-A
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<NAME> Sierra SAM Value Portfolio CL-B
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<NAME> Sierra SAM Balanced Portfolio CL-A
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<NAME> Sierra SAM Balanced Portfolio CL-B
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</TABLE>
<TABLE> <S> <C>
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<NAME> Sierra SAM Capital Growth Portfolio CL-A
<S> <C>
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<SERIES>
<NUMBER> 052
<NAME> Sierra SAM Capital Growth Portfolio CL-B
<S> <C>
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