This report describes the results of the FY01 Level 1 Peer Reviews for the Verification and Validation (V&V) Program at Sandia National Laboratories. V&V peer review at Sandia is intended to assess the ASCI (Accelerated Strategic Computing Initiative) code team V&V planning process and execution. The Level 1 Peer Review process is conducted in accordance with the process defined in SAND2000-3099. V&V Plans are developed in accordance with the guidelines defined in SAND2000-3 101. The peer review process and process for improving the Guidelines are necessarily synchronized and form parts of a larger quality improvement process supporting the ASCI V&V program at Sandia. During FY00 a prototype of the process was conducted for two code teams and their V&V Plans and the process and guidelines updated based on the prototype. In FY01, Level 1 Peer Reviews were conducted on an additional eleven code teams and their respective V&V Plans. This report summarizes the results from those peer reviews, including recommendations from the panels that conducted the reviews.