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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 17
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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008 A000901 SIERRA INVESTMENT ADVISORS CORPORATION
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008 D020901 CA
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008 A000902 SCUDDER, STEVENS & CLARK, INC.
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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SIGNATURE CRAIG M. MILLER
TITLE ASSISTANT TREASURER
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<NAME> Sierra VT International Growth Fund
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<NUMBER> 04
<NAME> Sierra VT U.S. Government Fund
<S> <C>
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<NUMBER> 05
<NAME> Sierra VT Corporate Income Fund
<S> <C>
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<TABLE> <S> <C>
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<NUMBER> 07
<NAME> Sierra VT Emerging Growth
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 08
<NAME> Sierra VT Growth and Income
<S> <C>
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 09
<NAME> Sierra VT Short Term High Quality Bond
<S> <C>
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