UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK AMOROSI, ESQ.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006

Telephone: (202) 778-9000

Registrant's telephone number, including area code: (212) 554-1234

Date of fiscal year end: December 31

Date of reporting period: January 1, 2009 - December 31, 2009

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

AXA Premier VIP Trust

2009 Annual Report

This report is certified under the Sarbanes-Oxley Act of 2002, which requires that public companies, including mutual funds, affirm that the information provided in their annual and semi-annual shareholder reports fully and fairly represents their financial position.

AXA Premier VIP Trust Annual Report December 31, 2009

Table of Contents

Notes on Performance (Unaudited)	2
Portfolios
AXA Allocation Portfolios
AXA Conservative Allocation	4
AXA Conservative-Plus Allocation	12
AXA Moderate Allocation	21
AXA Moderate-Plus Allocation	31
AXA Aggressive Allocation	41
Multimanager Portfolios
Multimanager Aggressive Equity	50
Multimanager Core Bond	77
Multimanager International Equity	113
Multimanager Large Cap Core Equity	132
Multimanager Large Cap Growth	148
Multimanager Large Cap Value	164
Multimanager Mid Cap Growth	182
Multimanager Mid Cap Value	208
Multimanager Multi-Sector Bond	238
Multimanager Small Cap Growth	266
Multimanager Small Cap Value	289
Multimanager Technology	313
Target Allocation Portfolios
Target 2015 Allocation	323
Target 2025 Allocation	331
Target 2035 Allocation	339
Target 2045 Allocation	347
Notes to Financial Statements	355
Report of Independent Registered Public Accounting Firm	375
Approvals of Investment Advisory Agreements (Unaudited)	376
Proxy Vote Results (Unaudited)	390
Federal Income Tax Information (Unaudited)	391
Management of the Trust (Unaudited)	392
Proxy Voting Policies and Procedures (Unaudited)	396

NOTES ON PERFORMANCE (Unaudited)

Total Returns

Performance of the AXA Premier VIP Trust Portfolios as shown on the following pages compares each Portfolio’s performance to that of a broad-based securities index. Each of the Portfolio’s annualized rates of return are net of investment management fees and expenses of the Portfolio. Rates of return are not representative of the actual return you would receive under your variable life insurance policy or annuity contract. No policyholder or contract holder can invest directly in the AXA Premier VIP Trust Portfolios. Changes in policy values depend not only on the investment performance of the AXA Premier VIP Trust Portfolios, but also on the insurance and administrative charges, applicable sales charges, and the mortality and expense risk charge applicable under a policy. These policy charges effectively reduce the dollar amount of any net gains and increase the dollar amount of any net losses.

Each of the AXA Premier VIP Trust Portfolios has a separate investment objective it seeks to achieve by following a separate investment policy. There is no guarantee that these objectives will be attained. The objectives and policies of each Portfolio will affect its return and its risk. Keep in mind that past performance is not an indication of future results.

Growth of $10,000 Investment

The charts shown on the following pages illustrate the total value of an assumed investment in both Class A and Class B shares of each Portfolio of the AXA Premier VIP Trust. The periods illustrated are from December 31, 1999 (or from the inception dates shown) through December 31, 2009. These results assume reinvestment of dividends and capital gains. The total value shown for each Portfolio reflects management fees and operating expenses of the Portfolios and 12b-1 fees which are applicable only to Class B shares. They have not been adjusted for insurance-related charges and expenses associated with life insurance policies or annuity contracts, which would lower the total values shown. Results should not be considered representative of future gains or losses.

The Benchmarks

Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with actively-managed funds. Investment cannot be made directly in a broad-based securities index. Comparisons with these benchmarks, therefore, are of limited use. They are included because they are widely known and may help you to understand the universe of securities from which each Portfolio is likely to select its holdings.

Conservative Allocation Composite Index

Conservative Allocation Composite Index is a hypothetical combination of unmanaged indices. The composite index is made up of 80% Barclays Capital U.S. Aggregate Bond Index and 20% S&P 500 Index from the inception of the AXA Conservative Allocation Fund (7/31/03) to 5/31/06, and 80% Barclays Capital U.S. Aggregate Bond Index, 15% S&P 500 Index and 5% Morgan Stanley Capital International EAFE Index, thereafter.

Conservative-Plus Allocation Composite Index

Conservative-Plus Allocation Composite Index is a hypothetical combination of unmanaged indices. The composite index is made up of 60% Barclays Capital U.S. Aggregate Bond Index and 40% S&P 500 Index from the inception of the AXA Conservative-Plus Allocation Portfolio (7/31/03) to 5/31/06, and 60% Barclays Capital U.S. Aggregate Bond Index, 30% S&P 500 Index and 10% Morgan Stanley Capital International EAFE Index, thereafter.

Moderate Allocation Composite Index

Moderate Allocation Composite Index is a hypothetical combination of unmanaged indices. The composite index is made up of 50% Barclays Capital U.S. Aggregate Bond Index and 50% S&P 500 Index from the inception of the AXA Moderate Allocation Fund (1/27/86) to 6/30/06, and 50% Barclays Capital U.S. Aggregate Bond Index, 35% S&P 500 Index and 15% Morgan Stanley Capital International EAFE Index, thereafter.

Moderate-Plus Allocation Composite Index

Moderate-Plus Allocation Composite Index is a hypothetical combination of unmanaged indices. The composite index is made up of 25% Barclays Capital U.S. Aggregate Bond Index, 60% S&P 500 Index and 15% Morgan Stanley Capital International EAFE from the inception of the AXA Moderate-Plus Allocation Fund (7/31/03) to 8/31/05, and 30% Barclays Capital U.S. Aggregate Bond Index, 50% S&P 500 Index and 20% Morgan Stanley Capital International EAFE Index, thereafter.

Aggressive Allocation Composite Index

Aggressive Allocation Composite Index is a hypothetical combination of unmanaged indices. The composite index is made up of 10% Barclays Capital U.S. Aggregate Bond Index, 75% S&P 500 Index and 15% Morgan Stanley Capital International EAFE Index from the inception of the AXA Aggressive Allocation Fund (7/31/03) to 6/30/05, and 10% Barclays Capital U.S. Aggregate Bond Index, 65% S&P 500 Index and 25% Morgan Stanley Capital International EAFE Index, thereafter.

Bank of America (BofA) Merrill Lynch U.S. High Yield Master Cash Pay Only Index

Measures the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

Barclays Capital U.S. Aggregate Bond Index

An unmanaged index considered representative of the U.S. investment-grade fixed-rate bond market. Includes government and credit securities, agency mortgage pass through securities, asset-backed securities, and commercial mortgage-backed securities.

Barclays Capital U.S. Universal Index

An unmanaged, market value weighted index of fixed income securities, including U.S. government and investment grade debt, non-investment grade debt, asset-back and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt with maturities of at least one year.

Morgan Stanley Capital International (MSCI) EAFE Index

An unmanaged index considered representative of the market structure of the developed equity markets in Europe, Australasia and the Far East.

Russell 1000^® Index

An unmanaged index of common stocks that measures the performance of the 1,000 largest companies in the Russell 3000 Index, representing approximately 92% of the total market capitalization of the Russell 3000 Index.

2

NOTES ON PERFORMANCE (Unaudited)

Russell 1000^® Growth Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe.

Russell 1000^® Value Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) with a less-than-average growth orientation. It represents the universe of stocks from which value managers typically select. Securities in this index tend to exhibit lower price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

Russell 1000^® Technology Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) that are deemed technology companies by the Russell sector classification scheme.

Russell 2000^® Growth Index

An unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Value Index

An unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500™ Growth Index

An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe.

Russell 2500™ Value Index

An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a less-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

Russell 3000^® Growth Index

An unmanaged index that measures the performance of those companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values.

Standard & Poor’s (S&P) 500 Index

An unmanaged index which contains 500 of the largest U.S. industrial, transportation, utility and financial companies deemed by Standard and Poor’s to be representative of the larger capitalization portion of the U.S. stock market.

S&P North America Technology Sector Index

A modified capitalization-weighted index composed of companies involved in the technology industry in North America.

Target 2015 Composite Index, Target 2025 Composite Index, Target 2035 Composite Index, & Target 2045 Composite Index

The composition of each benchmark adjusts on a quarterly basis to reflect the changes in the portfolios’ asset allocation. They are derived by applying the portfolios’ target allocations over time to the combination of the following benchmarks: the S&P 500 Index for U.S. stocks, the Morgan Stanley Capital International EAFE Index for non-U.S. stocks and the Barclays Capital U.S. Aggregate Bond Index for bonds.

3

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	10.07	%	2.67	%	3.97	%
Portfolio – Class B Shares	9.90		2.43		3.72
S&P 500 Index†	26.46		0.42		3.93
Barclays Capital U.S. Aggregate Bond Index†	5.93		4.97		5.12
MSCI EAFE Index†	31.78		3.54		9.29
Conservative Allocation Composite Index	10.38		4.27		5.09
*   Date of inception 7/31/03 †In 2009, the Investment Manager revised the Portfolio’s benchmark indices to be the S&P 500 Index, Barclays Capital U.S. Aggregate Bond Index and MSCI EAFE Index, which more closely reflects the market sectors in which the Portfolio invests. Accordingly, the Conservative Allocation Composite Index is no longer a benchmark of the Portfolio.     Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 10.07% for the year ended December 31, 2009. This compares to the returns of the following broad market benchmarks: S&P 500 Index 26.46%, the Barclays Capital U.S. Aggregate Bond Index 5.93% and the MSCI EAFE Index 31.78%.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying portfolio allocations for the Portfolio. The team also is responsible for the ongoing evaluation and selection of underlying portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2009.

• As of December 31, 2009, the Portfolio was invested in 26 underlying EQ Advisors Trust and AXA Premier VIP Trust Portfolios. These included 19 equity portfolios and 7 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (75.8%), international bonds (1.9%), and high yield bonds (0.5%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (5.7%), large cap value stocks (6.6%), international stocks (5.0%) and small and mid cap stocks (4.5%).

• The Multimanager Core Bond Portfolio and EQ/Quality Bond PLUS Portfolio were the biggest contributors to performance for the year.

• EQ/Long Term Bond Portfolio was the most significant detractor from performance.

Since this Portfolio invests directly in underlying portfolios, all risks associated with the eligible underlying portfolios apply to the Portfolio. Investing in the AXA Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying portfolios.

4

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2009
EQ/Core Bond Index Portfolio	18.0	%
Multimanager Core Bond Portfolio	17.9
EQ/Quality Bond PLUS Portfolio	17.4
EQ/PIMCO Ultra Short Bond Portfolio	7.2
AXA Tactical Manager 500 Portfolio-II	7.1
EQ/Global Bond PLUS Portfolio	6.4
EQ/Intermediate Government Bond Index Portfolio	5.5
Multimanager Multi-Sector Bond Portfolio	5.4
AXA Tactical Manager International Portfolio-II	2.4
Multimanager Large Cap Value Portfolio	1.6
EQ/Large Cap Value PLUS Portfolio	1.4
EQ/Large Cap Growth PLUS Portfolio	1.3
AXA Tactical Manager 400 Portfolio-II	1.1
EQ/Boston Advisors Equity Income Portfolio	1.1
Multimanager Large Cap Core Equity Portfolio	1.0
EQ/Large Cap Growth Index Portfolio	0.9
EQ/Large Cap Core PLUS Portfolio	0.7
EQ/Global Multi-Sector Equity Portfolio	0.5
Multimanager International Equity Portfolio	0.5
EQ/BlackRock Basic Value Equity Portfolio	0.5
Multimanager Mid Cap Value Portfolio	0.5
EQ/International Core PLUS Portfolio	0.4
EQ/BlackRock International Value Portfolio	0.4
EQ/International ETF Portfolio	0.3
EQ/International Growth Portfolio	0.3
EQ/AllianceBernstein International Portfolio	0.2

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class B shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During Period* 7/1/09 - 12/31/09
Class A
Actual	$1,000.00	$1,073.70	$0.57
Hypothetical (5% average return before expenses)	1,000.00	1,024.65	0.56
Class B
Actual	1,000.00	1,073.20	1.88
Hypothetical (5% average return before expenses)	1,000.00	1,023.39	1.84
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.11% and 0.36% , respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

5

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 400 Portfolio-II‡	2,182,084	$	23,283,411
AXA Tactical Manager 500 Portfolio-II‡	13,697,787		145,787,815
AXA Tactical Manager International Portfolio-II‡	4,815,975		48,717,730
EQ/AllianceBernstein International Portfolio‡	512,262		4,279,906
EQ/BlackRock Basic Value Equity Portfolio‡	864,055		10,631,093
EQ/BlackRock International Value Portfolio‡	651,649		7,240,653
EQ/Boston Advisors Equity Income Portfolio‡	4,952,222		22,993,250
EQ/Core Bond Index Portfolio‡	39,637,285		372,036,511
EQ/Global Bond PLUS Portfolio‡	13,771,783		133,014,679
EQ/Global Multi-Sector Equity Portfolio‡	975,914		11,066,036
EQ/Intermediate Government Bond Index Portfolio‡	11,745,721		112,700,053
EQ/International Core PLUS Portfolio‡	854,405		7,647,331
EQ/International ETF Portfolio‡	742,012		5,138,575
EQ/International Growth Portfolio‡	899,985		5,121,429
EQ/Large Cap Core PLUS Portfolio‡	2,241,173		15,429,070
EQ/Large Cap Growth Index Portfolio‡	2,317,757		17,619,043
EQ/Large Cap Growth PLUS Portfolio‡	1,845,101		27,591,530

	Number of Shares	Value (Note 1)
EQ/Large Cap Value PLUS Portfolio‡	3,253,670	$	29,761,936
EQ/PIMCO Ultra Short Bond Portfolio‡	15,035,346		148,812,116
EQ/Quality Bond PLUS Portfolio‡	39,771,739		358,710,792
Multimanager Core Bond Portfolio‡	35,956,512		369,797,349
Multimanager International Equity Portfolio‡	1,001,708		10,643,150
Multimanager Large Cap Core Equity Portfolio‡	2,326,567		21,264,298
Multimanager Large Cap Value Portfolio‡	3,869,563		33,732,010
Multimanager Mid Cap Value Portfolio‡	1,147,850		9,319,257
Multimanager Multi- Sector Bond Portfolio‡	29,936,793		111,993,472
Total Investments (100.0%) (Cost $2,003,690,063)			2,064,332,495
Other Assets Less Liabilities (0.0%)			(465,802	)
Net Assets (100%)		$	2,063,866,693

‡ Affiliated company as defined under the Investment Company Act of 1940.

The holdings in Investment Companies are all Class A shares for AXA Premier VIP Trust Portfolios (Multimanager) and Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 400 Portfolio-II	$	—	$	23,666,797	$	1,491,671	$	23,283,411	$	47,399	$	29,173
AXA Tactical Manager 500 Portfolio-II		—		145,392,669		6,695,936		145,787,815		485,660		387,193
AXA Tactical Manager International Portfolio-II		—		50,811,217		2,329,448		48,717,730		35,788		46,494
EQ/AllianceBernstein International Portfolio		—		3,885,703		703,354		4,279,906		101,612		352,584
EQ/BlackRock Basic Value Equity Portfolio		40,859,007		12,360,845		60,940,781		10,631,093		269,493		(17,680,528	)
EQ/BlackRock International Value Portfolio		8,851,457		3,872,145		11,473,959		7,240,653		147,753		(5,161,299	)
EQ/Boston Advisors Equity Income Portfolio		11,639,215		11,580,244		4,085,122		22,993,250		590,135		(319,797	)
EQ/Core Bond Index Portfolio(a)		—		411,344,331		45,812,880		372,036,511		9,692,747		1,582,635
EQ/Davis New York Venture Portfolio		18,776,904		2,544,747		26,958,181		—		—		(9,060,922	)
EQ/Equity Growth PLUS Portfolio(b)		663,549		—		938,610		—		—		(404,310	)

See Notes to Financial Statements.

6

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
EQ/Global Bond PLUS Portfolio(c)	$	97,180,719	$	51,808,121	$	20,971,010	$	133,014,679	$	935,115	$	(2,249,065	)
EQ/Global Multi-Sector Equity Portfolio(d)		4,486,170		6,369,902		4,510,683		11,066,036		144,511		(1,317,482	)
EQ/Intermediate Government Bond Index Portfolio(e)		—		132,074,560		18,019,916		112,700,053		1,477,650		(68,979	)
EQ/International Core PLUS Portfolio		20,370,684		8,327,972		30,622,027		7,647,331		217,714		(2,514,073	)
EQ/International ETF Portfolio		—		21,175,060		16,291,313		5,138,575		433,734		8,501,188
EQ/International Growth Portfolio		—		4,346,867		720,179		5,121,429		62,776		335,760
EQ/Large Cap Core PLUS Portfolio		34,200,344		39,161,776		62,880,038		15,429,070		635,485		14,696,974
EQ/Large Cap Growth Index Portfolio		—		55,837,596		42,111,311		17,619,043		362,503		16,064,648
EQ/Large Cap Growth PLUS Portfolio		61,611,302		21,108,215		69,502,948		27,591,530		377,962		(8,523,745	)
EQ/Large Cap Value Index Portfolio		—		31,195,556		31,195,556		—		—		7,912,580
EQ/Large Cap Value PLUS Portfolio		4,262,971		23,497,569		7,218,174		29,761,936		648,249		(375,884	)
EQ/Long Term Bond Portfolio		149,643,370		13,996,109		162,036,786		—		—		(12,080,714	)
EQ/Money Market Portfolio		324,912,338		44,177,523		369,089,841		—		171,509		(2,146	)
EQ/PIMCO Ultra Short Bond Portfolio(f)		112,339,812		44,716,983		17,978,292		148,812,116		1,768,238		(694,014	)
EQ/Quality Bond PLUS Portfolio		23,778,958		370,000,897		46,409,294		358,710,792		11,102,265		(1,153,290	)
EQ/Short Duration Bond Portfolio		223,898,353		22,902,724		264,244,617		—		—		(16,119,639	)
Multimanager Core Bond Portfolio		168,735,569		233,616,499		46,571,968		369,797,349		12,037,185		1,118,531
Multimanager International Equity Portfolio		20,480,545		6,253,753		28,036,007		10,643,150		176,268		(10,590,965	)
Multimanager Large Cap Core Equity Portfolio		24,393,123		13,222,138		28,331,750		21,264,298		312,082		(6,286,477	)
Multimanager Large Cap Value Portfolio		28,019,420		12,339,939		22,241,078		33,732,010		636,428		(10,549,843	)
Multimanager Mid Cap Value Portfolio		12,105,333		5,534,673		16,063,427		9,319,257		252,732		(3,812,917	)
Multimanager Multi-Sector Bond Portfolio(g)		67,910,279		59,030,383		27,777,465		111,993,472		5,192,777		(9,334,844	)
	$	1,459,119,422	$	1,886,153,513	$	1,494,253,622	$	2,064,332,495	$	48,315,770	$	(67,273,173	)

(a) formerly known as EQ/JPMorgan Core Bond Portfolio

(b) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(c) formerly known as EQ/Evergreen International Bond Portfolio

(d) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(e) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(f) formerly known as EQ/PIMCO Real Return Portfolio

(g) formerly known as Multimanager High Yield Portfolio

See Notes to Financial Statements.

7

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2009:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	2,064,332,495	$	—	$	2,064,332,495
Total Assets	$	—	$	2,064,332,495	$	—	$	2,064,332,495
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	2,064,332,495	$	—	$	2,064,332,495

The Portfolio held no derivatives contracts during the year ended December 31, 2009.

Investment security transactions for the year ended December 31, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	1,886,153,513
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,425,114,275

As of December 31, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	82,279,104
Aggregate gross unrealized depreciation		(24,254,262	)
Net unrealized appreciation	$	58,024,842
Federal income tax cost of investments	$	2,006,307,653

See Notes to Financial Statements.

8

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $2,003,690,063)	$	2,064,332,495
Receivable for securities sold		1,393,914
Receivable from Separate Accounts for Trust shares sold		624,797
Other assets		2,036
Total assets		2,066,353,242
LIABILITIES
Overdraft payable		561,509
Payable to Separate Accounts for Trust shares redeemed		1,207,821
Distribution fees payable - Class B		435,962
Administrative fees payable		63,559
Trustees’ fees payable		5,542
Accrued expenses		212,156
Total liabilities		2,486,549
NET ASSETS	$	2,063,866,693
Net assets were comprised of:
Paid in capital	$	2,178,991,729
Accumulated undistributed net investment income (loss)		28,488
Accumulated undistributed net realized gain (loss) on investments		(175,795,956	)
Unrealized appreciation (depreciation) on investments		60,642,432
Net assets	$	2,063,866,693
Class A
Net asset value, offering and redemption price per share, $28,326,875 / 2,977,667 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.51
Class B
Net asset value, offering and redemption price per share, $2,035,539,818 / 213,896,280 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.52

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	48,315,770
EXPENSES
Distribution fees - Class B		4,484,431
Administrative fees		2,749,872
Investment management fees		1,810,450
Printing and mailing expenses		332,186
Custodian fees		240,500
Professional fees		90,835
Trustees’ fees		29,536
Miscellaneous		39,882
Gross expenses		9,777,692
Less:   Waiver from investment advisor		(3,242,173	)
Net expenses		6,535,519
NET INVESTMENT INCOME (LOSS)		41,780,251
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(69,139,347	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		1,866,174
Net realized gain (loss)		(67,273,173	)
Net change in unrealized appreciation (depreciation) on securities		213,313,182
NET REALIZED AND UNREALIZED GAIN (LOSS)		146,040,009
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	187,820,260

See Notes to Financial Statements.

9

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2009			2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	41,780,251		$	57,306,849
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(67,273,173	)		(25,360,705	)
Net change in unrealized appreciation (depreciation) on investments		213,313,182			(150,175,746	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		187,820,260			(118,229,602	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(656,051	)		(655,043	)
Class B		(42,916,354	)		(65,328,312	)
		(43,572,405	)		(65,983,355	)
Distributions from net realized capital gains
Class A		(831,419	)		(159,162	)
Class B		(62,162,127	)		(15,035,571	)
		(62,993,546	)		(15,194,733	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(106,565,951	)		(81,178,088	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 2,436,018 and 1,069,978 shares, respectively ]		23,596,855			10,982,944
Capital shares issued in reinvestment of dividends and distributions [ 156,073 and 88,583 shares, respectively ]		1,487,470			814,205
Capital shares repurchased [ (1,089,926) and (510,048) shares, respectively ]		(10,329,889	)		(5,278,473	)
Total Class A transactions		14,754,436			6,518,676
Class B
Capital shares sold [ 110,140,718 and 127,294,015 shares, respectively ]		1,025,293,832			1,300,858,008
Capital shares issued in reinvestment of dividends and distributions [ 11,022,459 and 8,758,366 shares, respectively ]		105,078,481			80,363,883
Capital shares repurchased [ (65,329,426) and (31,689,523) shares, respectively ]		(619,549,167	)		(325,801,892	)
Total Class B transactions		510,823,146			1,055,419,999
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		525,577,582			1,061,938,675
TOTAL INCREASE (DECREASE) IN NET ASSETS		606,831,891			862,530,985
NET ASSETS:
Beginning of year		1,457,034,802			594,503,817
End of year (a)	$	2,063,866,693		$	1,457,034,802
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	28,488		$	27,060

See Notes to Financial Statements.

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AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	9.13		$	10.90		$	10.87		$	10.69		$	10.80
Income (loss) from investment operations:
Net investment income (loss)(x)		0.33	(e)		0.53	(e)		0.47	(e)		0.41	(e)		0.34	(e)
Net realized and unrealized gain (loss) on investments		0.59			(1.71	)		0.18			0.30			(0.04	)
Total from investment operations		0.92			(1.18	)		0.65			0.71			0.30
Less distributions:
Dividends from net investment income		(0.24	)		(0.46	)		(0.43	)		(0.38	)		(0.30	)
Distributions from net realized gains		(0.30	)		(0.13	)		(0.19	)		(0.15	)		(0.11	)
Total dividends and distributions		(0.54	)		(0.59	)		(0.62	)		(0.53	)		(0.41	)
Net asset value, end of year	$	9.51		$	9.13		$	10.90		$	10.87		$	10.69
Total return		10.07	%		(10.79	)%		6.11	%		6.55	%		2.78	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	28,327		$	13,472		$	9,015		$	4,999		$	3,054
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.11	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (f)		0.29	%		0.30	%		0.31	%		0.32	%		0.32	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		3.44	%		5.12	%		4.17	%		3.80	%		3.17	%
Before waivers and reimbursements (f)(x)		3.25	%		4.92	%		3.96	%		3.58	%		2.95	%
Portfolio turnover rate		79	%		59	%		39	%		55	%		101	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.02		$	0.02		$	0.02		$	0.02		$	0.02
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	9.13		$	10.90		$	10.87		$	10.69		$	10.80
Income (loss) from investment operations:
Net investment income (loss)(x)		0.22	(e)		0.58	(e)		0.45	(e)		0.38	(e)		0.32	(e)
Net realized and unrealized gain (loss) on investments		0.68			(1.78	)		0.17			0.30			(0.05	)
Total from investment operations		0.90			(1.20	)		0.62			0.68			0.27
Less distributions:
Dividends from net investment income		(0.21	)		(0.44	)		(0.40	)		(0.35	)		(0.27	)
Distributions from net realized gains		(0.30	)		(0.13	)		(0.19	)		(0.15	)		(0.11	)
Total dividends and distributions		(0.51	)		(0.57	)		(0.59	)		(0.50	)		(0.38	)
Net asset value, end of year	$	9.52		$	9.13		$	10.90		$	10.87		$	10.69
Total return		9.90	%		(11.02	)%		5.74	%		6.37	%		2.52	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,035,540		$	1,443,563		$	585,489		$	339,978		$	217,999
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.36	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.54	%		0.55	%		0.56	%		0.57	%		0.57	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		2.30	%		5.69	%		4.02	%		3.48	%		2.92	%
Before waivers and reimbursements (f)(x)		2.12	%		5.50	%		3.81	%		3.26	%		2.70	%
Portfolio turnover rate		79	%		59	%		39	%		55	%		101	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.02		$	0.02		$	0.02		$	0.02		$	0.02

(e) Net investment income is based on average shares outstanding.

(f) Expenses do not include the expenses of the Underlying Portfolios unless otherwise noted.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.75% for Class A and 1.00% for Class B.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

11

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	14.78	%	2.05	%	4.05	%
Portfolio – Class B Shares	14.48		1.79		3.79
S&P 500 Index†	26.46		0.42		3.93
Barclays Capital U.S. Aggregate Bond Index†	5.93		4.97		5.12
MSCI EAFE Index†	31.78		3.54		9.29
Conservative-Plus Allocation Composite Index	14.81		3.48		4.95
*   Date of inception 7/31/03 †In 2009, the Investment Manager revised the Portfolio’s benchmark indices to be the S&P 500 Index, Barclays Capital U.S. Aggregate Bond Index and MSCI EAFE Index, which more closely reflects the market sectors in which the Portfolio invests. Accordingly, the Conservative Plus Allocation Composite Index is no longer a benchmark of the Portfolio.     Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 14.78% for the year ended December 31, 2009. This compares to the returns of the following broad market benchmarks: S&P 500 Index 26.46%, the Barclays Capital U.S. Aggregate Bond Index 5.93% and the MSCI EAFE Index 31.78%.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying portfolio allocations for the Portfolio. The team is also responsible for the ongoing evaluation and selection of underlying portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2009

• As of December 31, 2009, the Portfolio was invested in 33 underlying EQ Advisors Trust and AXA Premier VIP Trust Portfolios. These included 26 equity portfolios and 7 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (56.2%), international bonds (1.6%), and high yield bonds (0.5%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (9.2%), large cap value stocks (10.8%), international stocks (10.8%) and small and mid cap stocks (10.9%).

• EQ/Large Cap Growth Index Portfolio and EQ/Large Cap Core Plus Portfolio were the biggest contributors to performance for the year.

• EQ/Long Term Bond Portfolio was the biggest detractor from performance for the year.

Since this Portfolio invests directly in underlying portfolios, all risks associated with the eligible underlying portfolios apply to the Portfolio. Investing in the AXA Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying portfolios.

12

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
as of December 31, 2009
EQ/Core Bond Index Portfolio	12.8	%
Multimanager Core Bond Portfolio	12.6
EQ/Quality Bond PLUS Portfolio	12.2
AXA Tactical Manager 500 Portfolio-II	11.5
EQ/PIMCO Ultra Short Bond Portfolio	5.6
AXA Tactical Manager International Portfolio-II	5.6
EQ/Global Bond PLUS Portfolio	5.5
Multimanager Multi-Sector Bond Portfolio	5.1
EQ/Intermediate Government Bond Index Portfolio	4.0
Multimanager Large Cap Value Portfolio	2.8
AXA Tactical Manager 400 Portfolio-II	2.7
EQ/Large Cap Value PLUS Portfolio	2.6
EQ/Large Cap Growth PLUS Portfolio	2.1
EQ/Boston Advisors Equity Income Portfolio	1.7
EQ/Large Cap Growth Index Portfolio	1.5
Multimanager Large Cap Core Equity Portfolio	1.2
AXA Tactical Manager 2000 Portfolio-II	1.1
EQ/Large Cap Core PLUS Portfolio	1.1
EQ/BlackRock Basic Value Equity Portfolio	1.0
EQ/Global Multi-Sector Equity Portfolio	1.0
EQ/International Core PLUS Portfolio	0.9
Multimanager International Equity Portfolio	0.8
EQ/BlackRock International Value Portfolio	0.7
EQ/International ETF Portfolio	0.6
EQ/AXA Franklin Small Cap Value Core Portfolio	0.6
EQ/International Growth Portfolio	0.6
EQ/GAMCO Small Company Value Portfolio	0.6
EQ/AllianceBernstein International Portfolio	0.5
Multimanager Small Cap Value Portfolio	0.3
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Mid Cap Index Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.2
EQ/Small Company Index Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class B shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During Period* 7/1/09 - 12/31/09
Class A
Actual	$1,000.00	$1,110.90	$0.96
Hypothetical (5% average return before expenses)	1,000.00	1,024.30	0.92
Class B
Actual	1,000.00	1,109.30	2.29
Hypothetical (5% average return before expenses)	1,000.00	1,023.04	2.19
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.18% and 0.43%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

13

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	2,072,120	$	21,791,837
AXA Tactical Manager 400 Portfolio-II‡	4,834,385		51,584,163
AXA Tactical Manager 500 Portfolio-II‡	20,852,742		221,939,193
AXA Tactical Manager International Portfolio-II‡	10,679,363		108,030,943
EQ/AllianceBernstein International Portfolio‡	1,187,929		9,925,047
EQ/AXA Franklin Small Cap Value Core Portfolio‡	1,527,738		12,578,852
EQ/BlackRock Basic Value Equity Portfolio‡	1,629,078		20,043,720
EQ/BlackRock International Value Portfolio‡	1,161,787		12,908,931
EQ/Boston Advisors Equity Income Portfolio‡	7,289,714		33,846,265
EQ/Core Bond Index Portfolio‡	26,403,855		247,827,219
EQ/GAMCO Small Company Value Portfolio‡	368,489		10,876,513
EQ/Global Bond PLUS Portfolio‡	11,024,903		106,483,951
EQ/Global Multi-Sector Equity Portfolio‡	1,753,671		19,885,130
EQ/Intermediate Government Bond Index Portfolio‡	8,130,500		78,012,053
EQ/International Core PLUS Portfolio‡	1,853,936		16,593,607
EQ/International ETF Portfolio‡	1,832,691		12,691,746
EQ/International Growth Portfolio‡	2,050,695		11,669,630
EQ/Large Cap Core PLUS Portfolio‡	3,141,351		21,626,237
EQ/Large Cap Growth Index Portfolio‡	3,755,971		28,552,004
EQ/Large Cap Growth PLUS Portfolio‡	2,704,141		40,437,561
EQ/Large Cap Value PLUS Portfolio‡	5,577,085		51,014,655
EQ/Mid Cap Index Portfolio‡	584,917		3,944,332
EQ/PIMCO Ultra Short Bond Portfolio‡	10,926,861		108,148,446
EQ/Quality Bond PLUS Portfolio‡	26,183,777		236,157,718
EQ/Small Company Index Portfolio‡	356,096		3,002,115
Multimanager Core Bond Portfolio‡	23,734,367		244,097,815
Multimanager International Equity Portfolio‡	1,463,480		15,549,475
Multimanager Large Cap Core Equity Portfolio‡	2,482,731		22,691,609
Multimanager Large Cap Value Portfolio‡	6,179,864		53,871,523
Multimanager Mid Cap Growth Portfolio*‡	593,959		4,315,951
Multimanager Mid Cap Value Portfolio‡	448,145		3,638,434

	Number of Shares	Value (Note 1)
Multimanager Multi-Sector Bond Portfolio‡	26,288,304	$	98,344,482
Multimanager Small Cap Value Portfolio‡	607,599		5,270,746
Total Investments (100.1%) (Cost $ 1,872,686,017)			1,937,351,903
Other Assets Less Liabilities (- 0.1%)			(2,137,906	)
Net Assets (100%)		$	1,935,213,997

* Non-income producing.

‡ Affiliated company as defined under the Investment Company Act of 1940.

The holdings in Investment Companies are all Class A shares for AXA Premier VIP Trust Portfolios (Multimanager) and Class IA shares for EQ Advisors Trust Portfolios.

See Notes to Financial Statements.

14

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	21,286,639	$	692,840	$	21,791,837	$	23,481	$	6,474
AXA Tactical Manager 400 Portfolio-II		—		51,328,114		2,408,843		51,584,163		104,729		5,312
AXA Tactical Manager 500 Portfolio-II		—		214,274,489		3,132,580		221,939,193		736,774		120,278
AXA Tactical Manager International Portfolio-II		—		109,382,491		1,481,835		108,030,943		79,070		10,461
EQ/AllianceBernstein International Portfolio		—		7,073,312		282,669		9,925,047		234,542		152,573
EQ/AXA Franklin Small Cap Value Core Portfolio(a)		16,769,110		2,520,440		16,764,192		12,578,852		136,819		(9,643,202	)
EQ/BlackRock Basic Value Equity Portfolio		75,998,116		12,131,653		112,311,674		20,043,720		501,216		(44,364,492	)
EQ/BlackRock International Value Portfolio		19,393,056		4,103,327		24,811,223		12,908,931		262,784		(13,659,752	)
EQ/Boston Advisors Equity Income Portfolio		30,238,802		9,963,656		10,723,199		33,846,265		870,642		406,213
EQ/Core Bond Index Portfolio(b)		—		248,981,500		6,281,474		247,827,219		6,435,597		243,871
EQ/Davis New York Venture Portfolio		31,729,579		2,072,716		48,934,677		—		—		(21,004,816	)
EQ/Equity Growth PLUS Portfolio(c)		1,128,994		—		1,590,842		—		—		(681,758	)
EQ/GAMCO Small Company Value Portfolio		18,044,360		3,200,809		20,003,351		10,876,513		64,779		(8,943,036	)
EQ/Global Bond PLUS Portfolio(d)		70,700,872		37,150,408		2,990,833		106,483,951		650,442		126,917
EQ/Global Multi-Sector Equity Portfolio(e)		9,926,338		4,696,864		901,920		19,885,130		258,101		(78,722	)
EQ/Intermediate Government Bond Index Portfolio(f)		—		81,696,251		2,751,657		78,012,053		1,019,954		(13,436	)
EQ/International Core PLUS Portfolio		52,062,000		9,646,248		70,183,361		16,593,607		471,300		(11,083,313	)
EQ/International ETF Portfolio		—		50,547,125		39,475,146		12,691,746		1,067,398		21,549,415
EQ/International Growth Portfolio		—		8,031,244		291,071		11,669,630		142,474		144,171
EQ/Large Cap Core PLUS Portfolio		52,046,186		47,831,375		86,560,952		21,626,237		887,667		19,679,493
EQ/Large Cap Growth Index Portfolio		—		81,746,529		60,290,031		28,552,004		587,145		24,034,228
EQ/Large Cap Growth PLUS Portfolio		97,018,349		16,088,471		95,665,076		40,437,561		551,848		(15,093,949	)
EQ/Large Cap Value Index Portfolio		—		43,056,017		43,056,017		—		—		12,239,261
EQ/Large Cap Value PLUS Portfolio		5,555,727		34,676,109		5,345,583		51,014,655		1,110,176		(1,752,529	)
EQ/Long Term Bond Portfolio(g)		99,625,819		5,329,842		104,513,647		—		—		(8,700,318	)
EQ/Mid Cap Index Portfolio		—		12,305,335		9,387,025		3,944,332		46,195		5,123,138
EQ/Money Market Portfolio		244,267,280		9,000,808		253,268,073		—		124,849		(1,619	)
EQ/PIMCO Ultra Short Bond Portfolio(h)		86,219,885		17,551,830		1,803,510		108,148,446		1,284,120		282,254
EQ/Quality Bond PLUS Portfolio		25,554,566		210,935,861		8,047,046		236,157,718		7,289,549		(826,960	)
EQ/Short Duration Bond Portfolio(i)		131,249,720		7,698,661		150,313,315		—		—		(10,513,143	)
EQ/Small Company Index Portfolio		5,410,226		17,979,700		21,188,797		3,002,115		42,307		7,829,622
Multimanager Core Bond Portfolio		123,328,080		118,369,192		7,136,293		244,097,815		8,064,038		713,674

See Notes to Financial Statements.

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AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
Multimanager International Equity Portfolio	$	55,123,733	$	5,323,927	$	82,566,243	$	15,549,475	$	263,235	$	(37,198,489	)
Multimanager Large Cap Core Equity Portfolio		31,337,217		5,734,521		31,347,263		22,691,609		332,336		(12,572,602	)
Multimanager Large Cap Value Portfolio		52,137,724		10,504,165		31,062,313		53,871,523		1,015,204		(16,197,860	)
Multimanager Mid Cap Growth Portfolio		6,110,173		575,424		6,537,904		4,315,951		—		(2,501,903	)
Multimanager Mid Cap Value Portfolio		13,250,094		1,167,132		19,976,872		3,638,434		98,599		(9,577,276	)
Multimanager Multi- Sector Bond Portfolio(j)		53,994,342		44,637,177		3,837,994		98,344,482		4,541,559		(1,357,614	)
Multimanager Small Cap Value Portfolio		4,809,099		635,503		2,362,203		5,270,746		60,078		(976,201	)
	$	1,413,029,447	$	1,569,234,865	$	1,390,279,544	$	1,937,351,903	$	39,359,007	$	(134,075,635	)

(a) formerly known as EQ/Franklin Small Cap Value Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(d) formerly known as EQ/Evergreen International Bond Portfolio

(e) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(f) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(g) merged into EQ/Core Bond Index Portfolio

(h) formerly known as EQ/PIMCO Real Return Portfolio

(i) merged into EQ/PIMCO Ultra Short Bond Portfolio

(j) formerly known as Multimanager High Yield Portfolio

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2009:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	1,937,351,903	$	—	$	1,937,351,903
Total Assets	$	—	$	1,937,351,903	$	—	$	1,937,351,903
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	1,937,351,903	$	—	$	1,937,351,903

The Portfolio held no derivatives contracts during the year ended December 31, 2009.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investment security transactions for the year ended December 31, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	1,569,234,865
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,254,632,479

As of December 31, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	102,194,312
Aggregate gross unrealized depreciation		(39,108,821	)
Net unrealized appreciation	$	63,085,491
Federal income tax cost of investments	$	1,874,266,412

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $ 1,872,686,017)	$	1,937,351,903
Receivable from Separate Accounts for Trust shares sold		1,121,937
Other assets		1,951
Total assets		1,938,475,791
LIABILITIES
Overdraft payable		682,792
Payable for securities purchased		979,814
Payable to Separate Accounts for Trust shares redeemed		812,325
Distribution fees payable - Class B		397,524
Administrative fees payable		180,977
Trustees’ fees payable		12,043
Accrued expenses		196,319
Total liabilities		3,261,794
NET ASSETS	$	1,935,213,997
Net assets were comprised of:
Paid in capital	$	2,202,489,129
Accumulated undistributed net investment income (loss)		15,139
Accumulated undistributed net realized gain (loss) on investments		(331,956,157	)
Unrealized appreciation (depreciation) on investments		64,665,886
Net assets	$	1,935,213,997
Class A
Net asset value, offering and redemption price per share, $67,464,860 / 7,280,858 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.27
Class B
Net asset value, offering and redemption price per share, $1,867,749,137 / 201,498,557 shares outstanding (unlimited amount authorized: $0.001 par value) .	$	9.27

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	39,359,007
EXPENSES
Distribution fees - Class B		4,070,715
Administrative fees		2,548,035
Investment management fees		1,675,894
Printing and mailing expenses		301,037
Custodian fees		282,500
Professional fees		86,958
Trustees’ fees		27,555
Miscellaneous		35,305
Gross expenses		9,027,999
Less:   Waiver from investment advisor		(1,888,415	)
Net expenses		7,139,584
NET INVESTMENT INCOME (LOSS)		32,219,423
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(135,647,065	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		1,571,430
Net realized gain (loss)		(134,075,635	)
Net change in unrealized appreciation (depreciation) on securities		345,367,135
NET REALIZED AND UNREALIZED GAIN (LOSS)		211,291,500
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	243,510,923

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2009			2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	32,219,423		$	46,388,413
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(134,075,635	)		(67,622,119	)
Net change in unrealized appreciation (depreciation) on investments		345,367,135			(278,360,522	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		243,510,923			(299,594,228	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,330,740	)		(1,766,250	)
Class B		(32,405,371	)		(52,906,098	)
		(33,736,111	)		(54,672,348	)
Distributions from net realized capital gains
Class A		(3,678,022	)		(1,208,976	)
Class B		(103,268,223	)		(35,694,108	)
		(106,946,245	)		(36,903,084	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(140,682,356	)		(91,575,432	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 3,085,930 and 4,553,949 shares, respectively ]		29,346,486			51,240,975
Capital shares issued in reinvestment of dividends and distributions [ 540,177 and 325,666 shares, respectively ]		5,008,762			2,975,226
Capital shares repurchased [ (1,196,359) and (972,595) shares, respectively ]		(11,000,436	)		(9,886,872	)
Total Class A transactions		23,354,812			44,329,329
Class B
Capital shares sold [ 59,983,851 and 76,638,582 shares, respectively ]		534,929,401			809,236,946
Capital shares issued in reinvestment of dividends and distributions [ 14,627,530 and 9,721,698 shares, respectively ]		135,673,594			88,600,206
Capital shares repurchased [ (29,952,465) and (28,758,156) shares, respectively ]		(273,801,189	)		(300,109,816	)
Total Class B transactions		396,801,806			597,727,336
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		420,156,618			642,056,665
TOTAL INCREASE (DECREASE) IN NET ASSETS		522,985,185			250,887,005
NET ASSETS:
Beginning of year		1,412,228,812			1,161,341,807
End of year (a)	$	1,935,213,997		$	1,412,228,812
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	15,139		$	74,061

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	8.73		$	11.59		$	11.61		$	11.16		$	11.22
Income (loss) from investment operations:
Net investment income (loss)(x)		0.24	(e)		0.44	(e)		0.43	(e)		0.36	(e)		0.30	(e)
Net realized and unrealized gain (loss) on investments		1.05			(2.65	)		0.23			0.65			0.09
Total from investment operations		1.29			(2.21	)		0.66			1.01			0.39
Less distributions:
Dividends from net investment income		(0.20	)		(0.38	)		(0.42	)		(0.36	)		(0.25	)
Distributions from net realized gains		(0.55	)		(0.27	)		(0.26	)		(0.20	)		(0.20	)
Total dividends and distributions		(0.75	)		(0.65	)		(0.68	)		(0.56	)		(0.45	)
Net asset value, end of year	$	9.27		$	8.73		$	11.59		$	11.61		$	11.16
Total return		14.78	%		(19.24	)%		5.73	%		9.06	%		3.53	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	67,465		$	42,358		$	10,943		$	5,544		$	3,466
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.18	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (f)		0.30	%		0.30	%		0.29	%		0.28	%		0.29	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		2.56	%		4.29	%		3.58	%		3.10	%		2.74	%
Before waivers and reimbursements (f)(x)		2.45	%		4.10	%		3.39	%		2.91	%		2.55	%
Portfolio turnover rate		75	%		51	%		21	%		20	%		64	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.02		$	0.02		$	0.02		$	0.02
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	8.73		$	11.59		$	11.61		$	11.16		$	11.22
Income (loss) from investment operations:
Net investment income (loss)(x)		0.17	(e)		0.35	(e)		0.37	(e)		0.33	(e)		0.27	(e)
Net realized and unrealized gain (loss) on investments		1.09			(2.58	)		0.26			0.64			0.09
Total from investment operations		1.26			(2.23	)		0.63			0.97			0.36
Less distributions:
Dividends from net investment income		(0.17	)		(0.36	)		(0.39	)		(0.32	)		(0.22	)
Distributions from net realized gains		(0.55	)		(0.27	)		(0.26	)		(0.20	)		(0.20	)
Total dividends and distributions		(0.72	)		(0.63	)		(0.65	)		(0.52	)		(0.42	)
Net asset value, end of year	$	9.27		$	8.73		$	11.59		$	11.61		$	11.16
Total return		14.48	%		(19.45	)%		5.46	%		8.78	%		3.27	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,867,749		$	1,369,870		$	1,150,399		$	809,200		$	487,000
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.43	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.55	%		0.55	%(c)		0.54	%		0.53	%		0.54	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		1.90	%		3.37	%		3.07	%		2.84	%		2.49	%
Before waivers and reimbursements (f)(x)		1.79	%		3.18	%		2.88	%		2.65	%		2.30	%
Portfolio turnover rate		75	%		51	%		21	%		20	%		64	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.02		$	0.02		$	0.02		$	0.02

(c) Reflects overall fund ratios for non-class specific expense.

(e) Net investment income is based on average shares outstanding.

(f) Expenses do not include the expenses of the Underlying Portfolios unless otherwise noted.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.85% for Class A and 1.10% for Class B.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

20

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – Class A Shares	17.34	%	1.92	%	1.95	%	8.29	%
Portfolio – Class B Shares**	16.95		1.65		1.69		8.03
S&P 500 Index†	26.46		0.42		(0.95	)	9.74
Barclays Capital U.S. Aggregate Bond Index†	5.93		4.97		6.33		7.50
MSCI EAFE Index†	31.78		3.54		1.17		8.12
Moderate Allocation Composite Index	17.15		3.06		3.03		8.97
*   Date of inception 1/27/86 ** Investment operations commenced with respect to Class B shares on July 8, 1998. Returns shown for Class B shares prior to this period are derived from the historical performance of Class A shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees. †In 2009, the Investment Manager revised the Portfolio’s benchmark indices to be the S&P 500 Index, Barclays Capital U.S. Aggregate Bond Index and MSCI EAFE Index, which more closely reflects the market sectors in which the Portfolio invests. Accordingly, the Moderate Allocation Composite Index is no longer a benchmark of the Portfolio.     Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

On August 15, 2003, the EQ/Balanced Portfolio was reorganized into the AXA Moderate Allocation Portfolio. Prior to that date, the predecessor fund invested directly in securities, rather than pursuing a “Fund of Funds” investment approach.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 17.34% for the year ended December 31, 2009. This compares to the returns of the following broad market benchmarks: S&P 500 Index 26.46%, the Barclays Capital U.S. Aggregate Bond Index 5.93% and the MSCI EAFE Index 31.78%.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying portfolio allocations for the Portfolio. The team also is responsible for the ongoing evaluation and selection of underlying portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2009

• As of December 31, 2009, the Portfolio was invested in 35 underlying EQ Advisors Trust and AXA Premier VIP Trust Portfolios. These included 28 equity portfolios and 7 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (46.1%), international bonds (1.2%), and high yield bonds (0.4%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (10.4%), large cap value stocks (12.3%), international stocks (14.6%) and small and mid cap stocks (15.0%).

• EQ/Large Cap Growth Index Portfolio and EQ/International ETF Portfolio were the biggest contributors to performance for the year.

• EQ/Long Term Bond was the biggest detractor from performance for the year.

Since this Portfolio invests directly in underlying portfolios, all risks associated with the eligible underlying portfolios apply to the Portfolio. Investing in the AXA Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying portfolios.

21

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2009
AXA Tactical Manager 500 Portfolio-II	13.0	%
Multimanager Core Bond Portfolio	10.5
EQ/Quality Bond PLUS Portfolio	10.1
EQ/Core Bond Index Portfolio	9.6
AXA Tactical Manager International Portfolio-II	7.3
EQ/PIMCO Ultra Short Bond Portfolio	4.8
EQ/Large Cap Value PLUS Portfolio	4.2
Multimanager Multi-Sector Bond Portfolio	4.1
EQ/Global Bond PLUS Portfolio	4.0
EQ/Intermediate Government Bond Index Portfolio	3.9
AXA Tactical Manager 400 Portfolio-II	3.2
EQ/Large Cap Growth PLUS Portfolio	2.5
Multimanager Large Cap Value Portfolio	2.5
AXA Tactical Manager 2000 Portfolio-II	2.2
Multimanager International Equity Portfolio	2.0
EQ/Large Cap Growth Index Portfolio	1.6
EQ/Boston Advisors Equity Income Portfolio	1.5
EQ/Global Multi-Sector Equity Portfolio	1.4
EQ/Large Cap Core PLUS Portfolio	1.2
EQ/BlackRock Basic Value Equity Portfolio	1.2
Multimanager Large Cap Core Equity Portfolio	1.2
EQ/International Core PLUS Portfolio	1.0
EQ/International ETF Portfolio	0.8
EQ/AXA Franklin Small Cap Value Core Portfolio	0.8
EQ/AllianceBernstein Small Cap Growth Portfolio	0.8
EQ/BlackRock International Value Portfolio	0.7
EQ/International Growth Portfolio	0.7
Multimanager Small Cap Growth Portfolio	0.7
EQ/GAMCO Small Company Value Portfolio	0.6
EQ/AllianceBernstein International Portfolio	0.6
EQ/Small Company Index Portfolio	0.3
Multimanager Small Cap Value Portfolio	0.3
Multimanager Mid Cap Growth Portfolio	0.3
EQ/Mid Cap Index Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.2

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class B shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During Period* 7/1/09 - 12/31/09
Class A
Actual	$1,000.00	$1,128.50	$1.18
Hypothetical (5% average return before expenses)	1,000.00	1,024.10	1.12
Class B
Actual	1,000.00	1,127.30	2.52
Hypothetical (5% average return before expenses)	1,000.00	1,022.84	2.40
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.22% and 0.47%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	21,998,932	$	231,355,933
AXA Tactical Manager 400 Portfolio-II‡	32,050,901		341,991,556
AXA Tactical Manager 500 Portfolio-II‡	129,078,111		1,373,799,749
AXA Tactical Manager International Portfolio-II‡	76,048,117		769,292,090
EQ/AllianceBernstein International Portfolio‡	7,576,198		63,298,489
EQ/AllianceBernstein Small Cap Growth Portfolio‡	6,690,734		82,495,371
EQ/AXA Franklin Small Cap Value Core Portfolio‡	10,366,412		85,353,378
EQ/BlackRock Basic Value Equity Portfolio‡	10,190,714		125,383,661
EQ/BlackRock International Value Portfolio‡	7,028,704		78,097,868
EQ/Boston Advisors Equity Income Portfolio‡	34,266,648		159,100,630
EQ/Core Bond Index Portfolio‡	108,533,756		1,018,700,444
EQ/GAMCO Small Company Value Portfolio‡	2,292,288		67,660,326
EQ/Global Bond PLUS Portfolio‡	43,960,949		424,596,534
EQ/Global Multi-Sector Equity Portfolio‡	13,252,588		150,273,043
EQ/Intermediate Government Bond Index Portfolio‡	43,078,554		413,338,197
EQ/International Core PLUS Portfolio‡	12,180,269		109,019,175
EQ/International ETF Portfolio‡	12,850,156		88,989,845
EQ/International Growth Portfolio‡	13,428,542		76,416,083
EQ/Large Cap Core PLUS Portfolio‡	19,210,161		132,249,923
EQ/Large Cap Growth Index Portfolio‡	22,222,514		168,930,318
EQ/Large Cap Growth PLUS Portfolio‡	17,782,821		265,923,225
EQ/Large Cap Value PLUS Portfolio‡	48,178,570		440,698,543
EQ/Mid Cap Index Portfolio‡	3,877,152		26,145,204
EQ/PIMCO Ultra Short Bond Portfolio‡	50,877,732		503,561,595
EQ/Quality Bond PLUS Portfolio‡	119,274,193		1,075,762,361
EQ/Small Company Index Portfolio‡	3,847,988		32,440,947
Multimanager Core Bond Portfolio‡	108,037,390		1,111,118,341
Multimanager International Equity Portfolio‡	19,973,548		212,218,974
Multimanager Large Cap Core Equity Portfolio‡	13,530,986		123,670,186
Multimanager Large Cap Value Portfolio‡	30,476,334		265,670,323

	Number of Shares		Value (Note 1)
Multimanager Mid Cap Growth Portfolio*‡		3,733,988	$	27,132,679
Multimanager Mid Cap Value Portfolio‡		2,426,273		19,698,619
Multimanager Multi-Sector Bond Portfolio‡		117,158,212		438,288,593
Multimanager Small Cap Growth Portfolio*‡		10,242,932		71,175,071
Multimanager Small Cap Value Portfolio‡		3,446,546		29,897,789
Total Investment Companies (99.9%) (Cost $ 10,391,791,832)				10,603,745,063
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 0.000%, 1/4/10 (Amortized Cost $6,667,854)	$	6,667,854		6,667,854
Total Investments (100.0%) (Cost/Amortized Cost $10,398,459,686)				10,610,412,917
Other Assets Less Liabilities (0.0%)				(4,441,270	)
Net Assets (100%)			$	10,605,971,647

* Non-income producing.

‡ Affiliated company as defined under the Investment Company Act of 1940.

The holdings in Investment Companies are all Class A shares for AXA Premier VIP Trust Portfolios (Multimanager) and Class IA shares for EQ Advisors Trust Portfolios.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	222,855,755	$	4,094,411	$	231,355,933	$	248,359	$	(324	)
AXA Tactical Manager 400 Portfolio-II		—		339,821,459		15,549,983		341,991,556		694,079		13,656
AXA Tactical Manager 500 Portfolio-II		—		1,319,158,029		12,378,598		1,373,799,749		4,554,380		391,226
AXA Tactical Manager International Portfolio-II		—		775,822,234		7,577,236		769,292,090		562,396		(5,259	)
EQ/AllianceBernstein International Portfolio		—		42,195,731		734,742		63,298,489		1,494,571		474,456
EQ/AllianceBernstein Small Cap Growth Portfolio		—		52,254,509		739,332		82,495,371		120,878		468,555
EQ/AXA Franklin Small Cap Value Core Portfolio(a)		89,598,930		8,411,507		55,975,719		85,353,378		927,847		(32,850,791	)
EQ/BlackRock Basic Value Equity Portfolio		605,833,588		32,217,944		867,651,978		125,383,661		3,129,967		(367,695,340	)
EQ/BlackRock International Value Portfolio		145,585,817		12,251,470		178,389,962		78,097,868		1,588,501		(99,104,990	)
EQ/Boston Advisors Equity Income Portfolio		120,902,663		27,318,395		4,599,326		159,100,630		4,074,365		(483,079	)
EQ/Core Bond Index Portfolio(b)		—		1,014,728,748		18,012,002		1,018,700,444		26,413,456		702,593
EQ/Davis New York Venture Portfolio		193,527,295		6,022,986		303,474,218		—		—		(139,404,923	)
EQ/Equity Growth PLUS Portfolio(c)		4,940,618		—		7,141,508		—		—		(3,163,246	)
EQ/GAMCO Small Company Value Portfolio		142,571,633		8,160,872		156,359,413		67,660,326		401,761		(72,702,820	)
EQ/Global Bond PLUS Portfolio(d)		317,625,681		107,842,277		7,243,622		424,596,534		2,741,361		843,380
EQ/Global Multi-Sector Equity Portfolio(e)		81,350,047		26,561,760		5,626,601		150,273,043		1,948,155		(1,662,294	)
EQ/Intermediate Government Bond Index Portfolio(f)		—		424,441,169		6,198,857		413,338,197		5,396,714		1,214
EQ/International Core PLUS Portfolio		390,055,706		33,298,028		521,043,869		109,019,175		3,094,173		(115,212,887	)
EQ/International ETF Portfolio		—		367,557,934		294,117,736		88,989,845		7,477,081		162,420,330
EQ/International Growth Portfolio		—		49,461,471		837,520		76,416,083		932,394		516,232
EQ/Large Cap Core PLUS Portfolio		397,715,402		240,432,396		568,264,277		132,249,923		5,422,170		110,400,341
EQ/Large Cap Growth Index Portfolio		—		504,846,272		381,595,300		168,930,318		3,471,718		153,408,372
EQ/Large Cap Growth PLUS Portfolio		707,123,244		49,613,604		641,351,393		265,923,225		3,626,569		(101,640,326	)
EQ/Large Cap Value Index Portfolio		—		258,467,174		258,467,174		—		—		65,306,762
EQ/Large Cap Value PLUS Portfolio		77,178,623		297,078,072		120,966,868		440,698,543		9,592,177		(48,595,900	)
EQ/Long Term Bond Portfolio(g)		472,410,152		11,293,098		484,401,344		—		—		(43,223,141	)
EQ/Mid Cap Index Portfolio		—		85,900,908		68,061,806		26,145,204		305,729		37,831,176
EQ/Money Market Portfolio		429,254,234		14,665,499		443,919,714		—		217,835		(2,856	)
EQ/PIMCO Ultra Short Bond Portfolio(h)		431,945,718		45,880,989		4,058,682		503,561,595		5,977,763		1,250,592
EQ/Quality Bond PLUS Portfolio		509,478,327		553,695,741		19,227,014		1,075,762,361		33,197,190		(1,706,229	)
EQ/Short Duration Bond Portfolio(i)		667,755,504		15,057,464		734,949,703		—		—		(47,483,051	)
EQ/Small Company Index Portfolio		91,097,972		117,051,262		195,404,961		32,440,947		456,210		53,979,485
Multimanager Core Bond Portfolio		956,806,297		172,676,260		63,163,468		1,111,118,341		39,413,012		477,118
Multimanager International Equity Portfolio		454,868,970		15,790,540		533,772,515		212,218,974		3,450,754		(282,759,494	)
Multimanager Large Cap Core Equity Portfolio		190,599,940		15,532,003		175,425,379		123,670,186		1,809,682		(71,074,658	)
Multimanager Large Cap Value Portfolio		304,198,513		31,919,426		186,288,231		265,670,323		5,003,551		(86,720,578	)
Multimanager Mid Cap Growth Portfolio		51,671,766		2,029,416		62,149,862		27,132,679		—		(27,571,310	)
Multimanager Mid Cap Value Portfolio		110,235,380		2,566,209		178,475,511		19,698,619		536,793		(91,096,959	)
Multimanager Multi-Sector Bond Portfolio(j)		302,595,580		128,291,162		9,928,358		438,288,593		20,220,509		(2,911,533	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
Multimanager Small Cap Growth Portfolio	$	101,941,417	$	11,321,475	$	90,573,660	$	71,175,071	$	—	$	(40,890,679	)
Multimanager Small Cap Value Portfolio		32,755,795		2,406,532		22,292,134		29,897,789		340,442		(9,297,263	)
	$	8,381,624,812	$	7,446,897,780	$	7,710,483,987	$	10,603,745,063	$	198,842,542	$	(1,098,774,442	)

(a) formerly known as EQ/Franklin Small Cap Value Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(d) formerly known as EQ/Evergreen International Bond Portfolio

(e) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(f) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(g) merged into EQ/Core Bond Index Portfolio

(h) formerly known as EQ/PIMCO Real Return Portfolio

(i) merged into EQ/PIMCO Ultra Short Bond Portfolio

(j) formerly known as Multimanager High Yield Portfolio

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2009:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	10,603,745,063	$	—	$	10,603,745,063
Short-Term Investments		—		6,667,854		—		6,667,854
Total Assets	$	—	$	10,610,412,917	$	—	$	10,610,412,917
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	10,610,412,917	$	—	$	10,610,412,917

The Portfolio held no derivatives contracts during the year ended December 31, 2009.

Investment security transactions for the year ended December 31, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	7,446,897,780
Net Proceeds of Sales and Redemptions:
Investment Companies	$	6,603,563,568

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

As of December 31, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	570,008,661
Aggregate gross unrealized depreciation		(357,994,735	)
Net unrealized appreciation	$	212,013,926
Federal income tax cost of investments	$	10,398,398,991

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $10,391,791,832)	$	10,603,745,063
Unaffiliated Issuers (Cost $6,667,854)		6,667,854
Receivable from Separate Accounts for Trust shares sold		1,749,886
Receivable for securities sold		1,527,006
Other assets		15,479
Total assets		10,613,705,288
LIABILITIES
Overdraft payable		58
Payable to Separate Accounts for Trust shares redeemed		3,710,208
Distribution fees payable - Class B		1,661,971
Administrative fees payable		1,353,809
Investment management fees payable		289,569
Trustees’ fees payable		201,332
Accrued expenses		516,694
Total liabilities		7,733,641
NET ASSETS	$	10,605,971,647
Net assets were comprised of:
Paid in capital	$	12,659,286,131
Accumulated undistributed net investment income (loss)		29,535,057
Accumulated undistributed net realized gain (loss) on investments		(2,294,802,772	)
Unrealized appreciation (depreciation) on investments		211,953,231
Net assets	$	10,605,971,647
Class A
Net asset value, offering and redemption price per share, $2,775,032,515 / 216,826,287 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.80
Class B
Net asset value, offering and redemption price per share, $7,830,939,132 / 615,556,297 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.72

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	198,842,542
Interest		60,105
Total income		198,902,647
EXPENSES
Distribution fees - Class B		17,031,798
Administrative fees		14,078,573
Investment management fees		9,362,825
Printing and mailing expenses		1,670,425
Custodian fees		297,500
Professional fees		251,572
Trustees’ fees		155,054
Miscellaneous		141,683
Gross expenses		42,989,430
Less:   Waiver from investment advisor		(6,185,225	)
Net expenses		36,804,205
NET INVESTMENT INCOME (LOSS)		162,098,442
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities ($(1,106,920,419) of realized gain (loss) from affiliates)		(1,105,140,328	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		8,145,977
Net realized gain (loss)		(1,096,994,351	)
Net change in unrealized appreciation (depreciation) on securities		2,485,706,458
NET REALIZED AND UNREALIZED GAIN (LOSS)		1,388,712,107
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,550,810,549

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2009			2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	162,098,442		$	297,834,793
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(1,096,994,351	)		(343,039,991	)
Net change in unrealized appreciation (depreciation) on investments		2,485,706,458			(2,541,084,273	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,550,810,549			(2,586,289,471	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(41,874,371	)		(113,469,497	)
Class B		(98,572,421	)		(251,507,749	)
		(140,446,792	)		(364,977,246	)
Distributions from net realized capital gains
Class A		(172,231,547	)		(125,314,508	)
Class B		(489,273,432	)		(269,192,698	)
		(661,504,979	)		(394,507,206	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(801,951,771	)		(759,484,452	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [9,116,138 and 35,369,207 shares, respectively]		113,745,006			582,522,475
Capital shares issued in reinvestment of dividends and distributions [16,734,886 and 18,657,286 shares, respectively]		214,105,918			238,784,005
Capital shares repurchased [(20,008,650) and (26,852,722) shares, respectively]		(245,096,547	)		(400,995,956	)
Total Class A transactions		82,754,377			420,310,524
Class B
Capital shares sold [117,171,808 and 133,325,290 shares, respectively]		1,403,702,193			1,991,829,536
Capital shares issued in reinvestment of dividends and distributions [46,221,660 and 41,150,293 shares, respectively]		587,845,853			520,700,447
Capital shares repurchased [(49,492,554) and (42,683,134) shares, respectively]		(608,428,068	)		(629,109,230	)
Total Class B transactions		1,383,119,978			1,883,420,753
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,465,874,355			2,303,731,277
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,214,733,133			(1,042,042,646	)
NET ASSETS:
Beginning of year		8,391,238,514			9,433,281,160
End of year (a)	$	10,605,971,647		$	8,391,238,514
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	29,535,057		$	459,926

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	11.82		$	17.10		$	16.93		$	15.88		$	15.51
Income (loss) from investment operations:
Net investment income (loss)(x)		0.23	(e)		0.48	(e)		0.45	(e)		0.39	(e)		0.33	(e)
Net realized and unrealized gain (loss) on investments		1.82			(4.57	)		0.65			1.29			0.46
Total from investment operations		2.05			(4.09	)		1.10			1.68			0.79
Less distributions:
Dividends from net investment income		(0.21	)		(0.57	)		(0.60	)		(0.49	)		(0.42	)
Distributions from net realized gains		(0.86	)		(0.62	)		(0.33	)		(0.14	)		—
Total dividends and distributions		(1.07	)		(1.19	)		(0.93	)		(0.63	)		(0.42	)
Net asset value, end of year	$	12.80		$	11.82		$	17.10		$	16.93		$	15.88
Total return		17.34	%		(24.29	)%		6.56	%		10.58	%		5.06	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,775,033		$	2,494,212		$	3,143,322		$	3,103,418		$	3,052,781
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.21	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (f)		0.28	%		0.27	%		0.27	%		0.27	%		0.27	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		1.85	%		3.19	%		2.58	%		2.36	%		2.11	%
Before waivers and reimbursements (f)(x)		1.78	%		3.02	%		2.41	%		2.20	%		1.94	%
Portfolio turnover rate		71	%		34	%		9	%		19	%		34	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.03		$	0.03		$	0.03		$	0.03

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	11.76		$	17.01		$	16.84		$	15.79		$	15.43
Income (loss) from investment operations:
Net investment income (loss)(x)		0.21	(e)		0.48	(e)		0.45	(e)		0.37	(e)		0.27	(e)
Net realized and unrealized gain (loss) on investments		1.78			(4.57	)		0.60			1.26			0.46
Total from investment operations		1.99			(4.09	)		1.05			1.63			0.73
Less distributions:
Dividends from net investment income		(0.17	)		(0.54	)		(0.55	)		(0.44	)		(0.37	)
Distributions from net realized gains		(0.86	)		(0.62	)		(0.33	)		(0.14	)		—
Total dividends and distributions		(1.03	)		(1.16	)		(0.88	)		(0.58	)		(0.37	)
Net asset value, end of year	$	12.72		$	11.76		$	17.01		$	16.84		$	15.79
Total return		16.95	%		(24.46	)%		6.31	%		10.34	%		4.74	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	7,830,939		$	5,897,027		$	6,289,959		$	4,867,869		$	3,518,020
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.46	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.53	%		0.52	%(c)		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		1.69	%		3.23	%		2.57	%		2.26	%		1.86	%
Before waivers and reimbursements (f)(x)		1.62	%		3.05	%		2.40	%		2.09	%		1.69	%
Portfolio turnover rate		71	%		34	%		9	%		19	%		34	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	0.01		$	0.03		$	0.03		$	0.03		$	0.03

(c) Reflects overall fund ratios for non-class specific expense.

(e) Net investment income is based on average shares outstanding.

(f) Expenses do not include the expenses of the Underlying Portfolios unless otherwise noted.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.90% for Class A and 1.15% for Class B.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

30

AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	22.34	%	1.84	%	5.16	%
Portfolio – Class B Shares	22.03		1.58		4.90
S&P 500 Index†	26.46		0.42		3.93
Barclays Capital U.S. Aggregate Bond Index†	5.93		4.97		5.12
MSCI EAFE Index†	31.78		3.54		9.29
Moderate-Plus Allocation Composite Index	21.53		2.70		5.60
*   Date of inception 7/31/03 † In 2009, the Investment Manager revised the Portfolio’s benchmark indices to be the S&P 500 Index, Barclays Capital U.S. Aggregate Bond Index and MSCI EAFE Index, which more closely reflects the market sectors in which the Portfolio invests. Accordingly, the Moderate-Plus Allocation Composite Index is no longer a benchmark of the Portfolio.     Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 22.34% for the year ended December 31, 2009. This compares to the returns of the following broad market benchmarks: S&P 500 Index 26.46%, the Barclays Capital U.S. Aggregate Bond Index 5.93% and the MSCI EAFE Index 31.78%.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying portfolio allocations for the Portfolio. The team also is responsible for the ongoing evaluation and selection of underlying portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2009

• As of December 31, 2009, the Portfolio was invested in 33 underlying EQ Advisors Trust and AXA Premier VIP Trust Portfolios. These included 28 equity portfolios and 5 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (28.6%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (14.2%), large cap value stocks (15.9%), international stocks (20.2%) and small and mid cap stocks (21.1%).

• EQ/Large Cap Growth Index Portfolio and EQ/International ETF Portfolio were the biggest contributors to performance for the year.

• EQ/Davis New York Venture was the most significant detractor from performance.

Since this Portfolio invests directly in underlying portfolios, all risks associated with the eligible underlying portfolios apply to the Portfolio. Investing in the AXA Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying portfolios.

31

AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2009
AXA Tactical Manager 500 Portfolio-II	17.6	%
AXA Tactical Manager International Portfolio-II	9.7
Multimanager Core Bond Portfolio	8.1
EQ/Core Bond Index Portfolio	7.0
EQ/Quality Bond PLUS Portfolio	6.7
EQ/Large Cap Value PLUS Portfolio	4.2
AXA Tactical Manager 400 Portfolio-II	4.1
Multimanager Large Cap Value Portfolio	3.7
EQ/Large Cap Growth PLUS Portfolio	3.4
EQ/Intermediate Government Bond Index Portfolio	3.1
AXA Tactical Manager 2000 Portfolio-II	3.0
EQ/PIMCO Ultra Short Bond Portfolio	2.8
Multimanager International Equity Portfolio	2.4
Multimanager Large Cap Core Equity Portfolio	2.3
EQ/Large Cap Growth Index Portfolio	2.2
EQ/Global Multi-Sector Equity Portfolio	1.6
EQ/Boston Advisors Equity Income Portfolio	1.6
EQ/BlackRock Basic Value Equity Portfolio	1.6
EQ/AllianceBernstein Small Cap Growth Portfolio	1.5
Multimanager Small Cap Growth Portfolio	1.5
EQ/Large Cap Core PLUS Portfolio	1.5
EQ/International Growth Portfolio	1.4
EQ/BlackRock International Value Portfolio	1.4
EQ/International Core PLUS Portfolio	1.4
Multimanager Small Cap Value Portfolio	1.3
EQ/AllianceBernstein International Portfolio	1.2
EQ/International ETF Portfolio	1.1
EQ/AXA Franklin Small Cap Value Core Portfolio	0.8
EQ/GAMCO Small Company Value Portfolio	0.7
EQ/Mid Cap Index Portfolio	0.3
Multimanager Mid Cap Growth Portfolio	0.3
Multimanager Mid Cap Value Portfolio	0.3
EQ/Small Company Index Portfolio	0.2

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class B shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During Period* 7/1/09 - 12/31/09
Class A
Actual	$1,000.00	$1,166.20	$1.37
Hypothetical (5% average return before expenses)	1,000.00	1,023.95	1.28
Class B
Actual	1,000.00	1,164.50	2.73
Hypothetical (5% average return before expenses)	1,000.00	1,022.68	2.55
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.25% and 0.50%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	33,845,592	$	355,943,575
AXA Tactical Manager 400 Portfolio-II‡	45,652,910		487,128,578
AXA Tactical Manager 500 Portfolio-II‡	195,908,229		2,085,083,774
AXA Tactical Manager International Portfolio-II‡	113,147,720		1,144,586,479
EQ/AllianceBernstein International Portfolio‡	16,451,992		137,454,992
EQ/AllianceBernstein Small Cap Growth Portfolio‡	14,547,464		179,367,217
EQ/AXA Franklin Small Cap Value Core Portfolio‡	11,858,272		97,636,832
EQ/BlackRock Basic Value Equity Portfolio‡	15,411,908		189,623,746
EQ/BlackRock International Value Portfolio‡	14,740,562		163,786,455
EQ/Boston Advisors Equity Income Portfolio‡	41,432,829		192,373,334
EQ/Core Bond Index Portfolio‡	88,747,962		832,990,511
EQ/GAMCO Small Company Value Portfolio‡	2,834,603		83,667,565
EQ/Global Multi-Sector Equity Portfolio‡	17,174,479		194,743,947
EQ/Intermediate Government Bond Index Portfolio‡	38,033,287		364,928,925
EQ/International Core PLUS Portfolio‡	18,028,232		161,361,209
EQ/International ETF Portfolio‡	18,623,727		128,972,948
EQ/International Growth Portfolio‡	29,455,496		167,618,615
EQ/Large Cap Core PLUS Portfolio‡	25,283,313		174,059,773
EQ/Large Cap Growth Index Portfolio‡	34,719,109		263,926,486
EQ/Large Cap Growth PLUS Portfolio‡	26,477,025		395,935,831
EQ/Large Cap Value PLUS Portfolio‡	54,260,705		496,332,984
EQ/Mid Cap Index Portfolio‡	5,024,156		33,879,918
EQ/PIMCO Ultra Short Bond Portfolio‡	33,226,345		328,857,253
EQ/Quality Bond PLUS Portfolio‡	87,676,286		790,773,312
EQ/Small Company Index Portfolio‡	3,429,358		28,911,640
Multimanager Core Bond Portfolio‡	93,049,780		956,977,192
Multimanager International Equity Portfolio‡	27,106,131		288,002,673
Multimanager Large Cap Core Equity Portfolio‡	29,209,138		266,964,994
Multimanager Large Cap Value Portfolio‡	50,198,234		437,591,383
Multimanager Mid Cap Growth Portfolio*‡	4,613,313		33,522,212

	Number of Shares	Value (Note 1)
Multimanager Mid Cap Value Portfolio‡	4,048,585	$	32,869,979
Multimanager Small Cap Growth Portfolio*‡	25,727,937		178,775,741
Multimanager Small Cap Value Portfolio‡	17,068,901		148,067,770
Total Investments (100.1%) (Cost $11,281,508,009)			11,822,717,843
Other Assets Less Liabilities (-0.1%)			(8,667,970	)
Net Assets (100%)		$	11,814,049,873

* Non-income producing.

‡ Affiliated company as defined under the Investment Company Act of 1940.

The holdings in Investment Companies are all Class A shares for AXA Premier VIP Trust Portfolios (Multimanager) and Class IA shares for EQ Advisors Trust Portfolios.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	340,904,516	$	7,071,214	$	355,943,575	$	382,008	$	(41,908	)
AXA Tactical Manager 400 Portfolio-II		—		483,938,499		22,292,600		487,128,578		988,611		12,078
AXA Tactical Manager 500 Portfolio-II		—		2,001,786,892		20,929,055		2,085,083,774		6,911,602		553,069
AXA Tactical Manager International Portfolio-II		—		1,154,635,106		11,624,625		1,144,586,479		836,647		(58,456	)
EQ/AllianceBernstein International Portfolio		—		91,969,595		2,107,208		137,454,992		3,245,526		1,265,236
EQ/AllianceBernstein Small Cap Growth Portfolio		—		125,535,429		2,168,424		179,367,217		257,558		1,344,632
EQ/AXA Franklin Small Cap Value Core Portfolio(a)		121,038,754		11,660,814		99,052,126		97,636,832		1,061,621		(56,762,885	)
EQ/BlackRock Basic Value Equity Portfolio		886,693,862		40,850,376		1,304,373,765		189,623,746		4,714,573		(585,438,656	)
EQ/BlackRock International Value Portfolio		338,163,647		19,729,018		444,954,314		163,786,455		3,335,506		(252,804,736	)
EQ/Boston Advisors Equity Income Portfolio		150,677,787		29,558,623		6,145,599		192,373,334		4,926,204		(327,454	)
EQ/Core Bond Index Portfolio(b)		—		832,381,114		16,995,681		832,990,511		21,585,948		710,796
EQ/Davis New York Venture Portfolio		288,077,279		11,250,829		449,992,469		—		—		(203,443,225	)
EQ/Equity Growth PLUS Portfolio(c)		6,319,320		—		8,941,350		—		—		(3,852,935	)
EQ/GAMCO Small Company Value Portfolio		177,103,816		12,305,520		197,646,766		83,667,565		496,752		(91,121,245	)
EQ/Global Multi-Sector Equity Portfolio(d)		112,778,515		27,541,313		17,804,511		194,743,947		2,525,790		(10,326,250	)
EQ/Intermediate Government Bond Index Portfolio(e)		—		376,782,616		7,517,216		364,928,925		4,764,060		2,640
EQ/International Core PLUS Portfolio		583,316,094		54,659,209		788,232,957		161,361,209		4,579,306		(173,936,264	)
EQ/International ETF Portfolio		—		544,430,484		439,890,835		128,972,948		10,835,280		241,929,564
EQ/International Growth Portfolio		—		108,419,275		2,166,480		167,618,615		2,045,206		1,205,964
EQ/Large Cap Core PLUS Portfolio		501,015,516		336,387,857		759,985,822		174,059,773		7,135,501		137,794,292
EQ/Large Cap Growth Index Portfolio		—		790,710,472		600,476,274		263,926,486		5,423,085		240,713,147
EQ/Large Cap Growth PLUS Portfolio		1,076,012,558		67,085,708		984,904,454		395,935,831		5,399,968		(161,136,301	)
EQ/Large Cap Value Index Portfolio		—		375,560,763		375,560,763		—		—		93,398,527
EQ/Large Cap Value PLUS Portfolio		141,605,091		434,549,398		331,654,766		496,332,984		10,814,458		(40,310,449	)
EQ/Long Term Bond Portfolio(f)		407,810,733		8,182,421		413,561,931		—		—		(34,252,258	)
EQ/Mid Cap Index Portfolio		—		112,996,907		89,953,533		33,879,918		396,127		49,884,372
EQ/Money Market Portfolio		148,125,481		5,219,416		153,344,898		—		75,143		(993	)
EQ/PIMCO Ultra Short Bond Portfolio(g)		287,522,827		25,300,734		3,755,563		328,857,253		3,903,735		819,461
EQ/Quality Bond PLUS Portfolio		108,234,615		677,349,588		17,885,402		790,773,312		24,322,899		(1,504,899	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
EQ/Short Duration Bond Portfolio(h)	$	549,581,703	$	8,182,421	$	605,999,725	$	—	$	—	$	(44,451,613	)
EQ/Small Company Index Portfolio		54,028,068		148,777,539		188,353,140		28,911,640		406,528		73,905,575
Multimanager Core Bond Portfolio		1,043,262,253		279,327,582		408,222,497		956,977,192		32,201,190		(13,148,976	)
Multimanager International Equity Portfolio		689,982,411		18,492,977		862,213,282		288,002,673		4,703,595		(452,956,192	)
Multimanager Large Cap Core Equity Portfolio		371,141,914		26,074,923		315,728,516		266,964,994		3,904,371		(140,858,338	)
Multimanager Large Cap Value Portfolio		536,269,110		46,785,940		377,774,485		437,591,383		8,237,313		(182,317,074	)
Multimanager Mid Cap Growth Portfolio		62,071,676		3,509,303		78,060,170		33,522,212		—		(36,989,662	)
Multimanager Mid Cap Value Portfolio		141,972,124		3,762,957		223,003,150		32,869,979		896,688		(115,994,728	)
Multimanager Small Cap Growth Portfolio		190,520,694		64,260,348		167,917,316		178,775,741		—		(75,695,039	)
Multimanager Small Cap Value Portfolio		165,815,596		5,701,617		108,655,418		148,067,770		1,685,305		(47,410,873	)
	$	9,139,141,444	$	9,706,558,099	$	10,916,918,300	$	11,822,717,843	$	182,998,104	$	(1,881,602,056	)

(a) formerly known as EQ/Franklin Small Cap Value Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(d) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(e) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(f) merged into EQ/Core Bond Index Portfolio

(g) formerly known as EQ/PIMCO Real Return Portfolio

(h) merged into EQ/PIMCO Ultra Short Bond Portfolio

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2009:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	11,822,717,843	$	—	$	11,822,717,843
Total Assets	$	—	$	11,822,717,843	$	—	$	11,822,717,843
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	11,822,717,843	$	—	$	11,822,717,843

The Portfolio held no derivatives contracts during the year ended December 31, 2009.

Investment security transactions for the year ended December 31, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	9,706,558,099
Net Proceeds of Sales and Redemptions:
Investment Companies	$	9,028,358,056

As of December 31, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	839,605,702
Aggregate gross unrealized depreciation		(298,554,869	)
Net unrealized appreciation	$	541,050,833
Federal income tax cost of investments	$	11,281,667,010

See Notes to Financial Statements.

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $11,281,508,009)	$	11,822,717,843
Receivable from Separate Accounts for Trust shares sold		2,018,253
Other assets		10,974
Total assets		11,824,747,070
LIABILITIES
Overdraft payable		3,307,864
Distribution fees payable - Class B		2,440,271
Administrative fees payable		1,502,755
Payable for securities purchased		1,080,363
Payable to Separate Accounts for Trust shares redeemed		1,073,965
Investment management fees payable		551,101
Trustees’ fees payable		108,832
Accrued expenses		632,046
Total liabilities		10,697,197
NET ASSETS	$	11,814,049,873
Net assets were comprised of:
Paid in capital	$	15,042,345,741
Accumulated undistributed net investment income (loss)		28,642
Accumulated undistributed net realized gain (loss) on investments		(3,769,534,344	)
Unrealized appreciation (depreciation) on investments		541,209,834
Net assets	$	11,814,049,873
Class A
Net asset value, offering and redemption price per share, $283,013,101 / 29,191,063 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.70
Class B
Net asset value, offering and redemption price per share, $11,531,036,772 / 1,189,063,254 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.70

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	182,998,104
EXPENSES
Distribution fees - Class B		24,969,330
Administrative fees		15,380,682
Investment management fees		10,230,888
Printing and mailing expenses		1,800,147
Custodian fees		367,500
Professional fees		244,098
Trustees’ fees		168,396
Miscellaneous		187,581
Gross expenses		53,348,622
Less:   Waiver from investment advisor		(4,873,721	)
Net expenses		48,474,901
NET INVESTMENT INCOME (LOSS)		134,523,203
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(1,888,560,244	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		6,958,188
Net realized gain (loss)		(1,881,602,056	)
Net change in unrealized appreciation (depreciation) on securities		3,893,936,600
NET REALIZED AND UNREALIZED GAIN (LOSS)		2,012,334,544
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,146,857,747

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2009			2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	134,523,203		$	191,374,504
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(1,881,602,056	)		(768,693,102	)
Net change in unrealized appreciation (depreciation) on investments		3,893,936,600			(3,387,522,063	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,146,857,747			(3,964,840,661	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(4,068,257	)		(6,777,370	)
Class B		(137,296,051	)		(245,065,760	)
		(141,364,308	)		(251,843,130	)
Distributions from net realized capital gains
Class A		(22,686,159	)		(14,654,657	)
Class B		(928,851,225	)		(543,755,340	)
		(951,537,384	)		(558,409,997	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,092,901,692	)		(810,253,127	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 4,702,679 and 12,794,101 shares, respectively ]		42,909,008			164,217,999
Capital shares issued in reinvestment of dividends and distributions [ 2,764,126 and 2,104,181 shares, respectively ]		26,754,416			21,432,027
Capital shares repurchased [ (4,039,905) and (3,380,022) shares, respectively ]		(36,264,239	)		(36,717,327	)
Total Class A transactions		33,399,185			148,932,699
Class B
Capital shares sold [ 151,410,800 and 243,066,982 shares, respectively ]		1,350,355,496			2,886,327,395
Capital shares issued in reinvestment of dividends and distributions [ 110,122,084 and 77,555,400 shares, respectively ]		1,066,147,276			788,821,100
Capital shares repurchased [ (89,744,607) and (67,941,486) shares, respectively ]		(830,114,241	)		(772,629,652	)
Total Class B transactions		1,586,388,531			2,902,518,843
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,619,787,716			3,051,451,542
TOTAL INCREASE (DECREASE) IN NET ASSETS		2,673,743,771			(1,723,642,246	)
NET ASSETS:
Beginning of year		9,140,306,102			10,863,948,348
End of year (a)	$	11,814,049,873		$	9,140,306,102
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	28,642		$	867,598

See Notes to Financial Statements.

38

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	8.76		$	13.95		$	13.89		$	12.60		$	12.25
Income (loss) from investment operations:
Net investment income (loss)(x)		0.15	(e)		0.25	(e)		0.32	(e)		0.32	(e)		0.23	(e)
Net realized and unrealized gain (loss) on investments		1.80			(4.55	)		0.60			1.52			0.62
Total from investment operations		1.95			(4.30	)		0.92			1.84			0.85
Less distributions:
Dividends from net investment income		(0.15	)		(0.28	)		(0.43	)		(0.33	)		(0.25	)
Distributions from net realized gains		(0.86	)		(0.61	)		(0.43	)		(0.22	)		(0.25	)
Total dividends and distributions		(1.01	)		(0.89	)		(0.86	)		(0.55	)		(0.50	)
Net asset value, end of year	$	9.70		$	8.76		$	13.95		$	13.89		$	12.60
Total return		22.34	%		(31.63	)%		6.68	%		14.77	%		6.97	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	283,013		$	225,734		$	198,686		$	100,459		$	37,779
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.23	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (f)		0.28	%		0.27	%		0.27	%		0.27	%		0.27	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		1.57	%		2.17	%		2.20	%		2.38	%		1.84	%
Before waivers and reimbursements (f)(x)		1.52	%		2.00	%		2.03	%		2.22	%		1.67	%
Portfolio turnover rate		88	%		35	%		8	%		4	%		29	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	0.02		$	0.02		$	0.02		$	0.02
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	8.76		$	13.95		$	13.89		$	12.60		$	12.25
Income (loss) from investment operations:
Net investment income (loss)(x)		0.12	(e)		0.21	(e)		0.26	(e)		0.26	(e)		0.20	(e)
Net realized and unrealized gain (loss) on investments		1.81			(4.54	)		0.62			1.55			0.62
Total from investment operations		1.93			(4.33	)		0.88			1.81			0.82
Less distributions:
Dividends from net investment income		(0.13	)		(0.25	)		(0.39	)		(0.30	)		(0.22	)
Distributions from net realized gains		(0.86	)		(0.61	)		(0.43	)		(0.22	)		(0.25	)
Total dividends and distributions		(0.99	)		(0.86	)		(0.82	)		(0.52	)		(0.47	)
Net asset value, end of year	$	9.70		$	8.76		$	13.95		$	13.89		$	12.60
Total return		22.03	%		(31.81	)%		6.41	%		14.48	%		6.70	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	11,531,037		$	8,914,572		$	10,665,262		$	6,607,618		$	2,956,385
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.48	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.53	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		1.31	%		1.83	%		1.83	%		1.95	%		1.59	%
Before waivers and reimbursements (f)(x)		1.26	%		1.65	%		1.66	%		1.79	%		1.42	%
Portfolio turnover rate		88	%		35	%		8	%		4	%		29	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	0.02		$	0.02		$	0.02		$	0.02

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

# Per share amount is less than $0.01.

(e) Net investment income is based on average shares outstanding.

(f) Expenses do not include the expenses of the Underlying Portfolios unless otherwise noted.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.95% for Class A and 1.20% for Class B.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

40

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	27.56	%	1.15	%	4.70	%
Portfolio – Class B Shares	27.37		0.94		4.46
S&P 500 Index†	26.46		0.42		3.93
Barclays Capital U.S. Aggregate Bond Index†	5.93		4.97		5.12
MSCI EAFE Index†	31.78		3.54		9.29
Aggressive Allocation Composite Index	25.86		1.84		5.27
*   Date of inception 7/31/03     Returns for periods greater than one year are annualized † In 2009, the Investment Manager revised the Portfolio’s benchmark indices to be the S&P 500 Index, Barclays Capital U.S. Aggregate Bond Index and MSCI EAFE Index, which more closely reflects the market sectors in which the Portfolio invests. Accordingly, the Aggressive Allocation Composite Index is no longer a benchmark of the Portfolio.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 27.56% for the year ended December 31, 2009. This compares to the returns of the following broad market benchmarks: S&P 500 Index 26.46%, the Barclays Capital U.S. Aggregate Bond Index 5.93% and the MSCI EAFE Index 31.78%.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying portfolio allocations for the Portfolio. The team also is responsible for the ongoing evaluation and selection of underlying portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2009

• As of December 31, 2009, the Portfolio was invested in 33 underlying EQ Advisors Trust and AXA Premier VIP Trust Portfolios. These included 28 equity portfolios and 5 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (8.7%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (18.7%), large cap value stocks (21.2%), international stocks (24.5%) and small and mid cap stocks (26.9%).

• EQ/Large Cap Growth Index Portfolio and EQ/Large Cap Core PLUS Portfolio were the biggest contributors to performance.

• EQ/Davis New York Venture was the most significant detractor from performance.

Since this Portfolio invests directly in underlying portfolios, all risks associated with the eligible underlying portfolios apply to the Portfolio. Investing in the AXA Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying portfolios.

41

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2009
AXA Tactical Manager 500 Portfolio-II	23.0	%
AXA Tactical Manager International Portfolio-II	11.6
EQ/Large Cap Value PLUS Portfolio	6.3
AXA Tactical Manager 400 Portfolio-II	5.9
Multimanager Large Cap Value Portfolio	5.2
EQ/Large Cap Growth PLUS Portfolio	4.5
AXA Tactical Manager 2000 Portfolio-II	4.3
Multimanager Large Cap Core Equity Portfolio	3.0
EQ/Large Cap Growth Index Portfolio	2.9
EQ/BlackRock International Value Portfolio	2.6
EQ/International Growth Portfolio	2.5
EQ/Global Multi-Sector Equity Portfolio	2.1
EQ/Core Bond Index Portfolio	2.1
EQ/BlackRock Basic Value Equity Portfolio	2.1
Multimanager Core Bond Portfolio	2.0
EQ/AllianceBernstein International Portfolio	2.0
EQ/AllianceBernstein Small Cap Growth Portfolio	2.0
EQ/Large Cap Core PLUS Portfolio	1.9
EQ/Quality Bond PLUS Portfolio	1.9
Multimanager Small Cap Growth Portfolio	1.7
EQ/Boston Advisors Equity Income Portfolio	1.5
EQ/GAMCO Small Company Value Portfolio	1.5
Multimanager International Equity Portfolio	1.3
EQ/International Core PLUS Portfolio	1.3
EQ/International ETF Portfolio	1.1
EQ/AXA Franklin Small Cap Value Core Portfolio	1.0
EQ/PIMCO Ultra Short Bond Portfolio	0.8
EQ/Intermediate Government Bond Index Portfolio	0.7
EQ/Mid Cap Index Portfolio	0.5
Multimanager Mid Cap Value Portfolio	0.2
Multimanager Small Cap Value Portfolio	0.2
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Small Company Index Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class B shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During Period* 7/1/09 - 12/31/09
Class A
Actual	$1,000.00	$1,203.20	$1.50
Hypothetical (5% average return before expenses)	1,000.00	1,023.84	1.38
Class B
Actual	1,000.00	1,202.90	2.89
Hypothetical (5% average return before expenses)	1,000.00	1,022.58	2.65
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.27% and 0.52% , respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

42

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	13,981,530	$	147,039,409
AXA Tactical Manager 400 Portfolio-II‡	18,855,785		201,196,199
AXA Tactical Manager 500 Portfolio-II‡	73,481,116		782,071,711
AXA Tactical Manager International Portfolio-II‡	38,922,070		393,730,203
EQ/AllianceBernstein International Portfolio‡	8,176,254		68,311,907
EQ/AllianceBernstein Small Cap Growth Portfolio‡	5,371,418		66,228,475
EQ/AXA Franklin Small Cap Value Core Portfolio‡	4,186,720		34,471,978
EQ/BlackRock Basic Value Equity Portfolio‡	5,718,403		70,357,616
EQ/BlackRock International Value Portfolio‡	7,835,600		87,063,514
EQ/Boston Advisors Equity Income Portfolio‡	11,067,286		51,385,599
EQ/Core Bond Index Portfolio‡	7,510,992		70,498,350
EQ/GAMCO Small Company Value Portfolio‡	1,690,960		49,911,220
EQ/Global Multi-Sector Equity Portfolio‡	6,420,057		72,797,975
EQ/Intermediate Government Bond Index Portfolio‡	2,422,383		23,242,737
EQ/International Core PLUS Portfolio‡	4,970,856		44,491,513
EQ/International ETF Portfolio‡	5,511,792		38,170,238
EQ/International Growth Portfolio‡	14,669,760		83,479,326
EQ/Large Cap Core PLUS Portfolio‡	9,612,465		66,175,802
EQ/Large Cap Growth Index Portfolio‡	13,155,088		100,001,878
EQ/Large Cap Growth PLUS Portfolio‡	10,326,332		154,419,349
EQ/Large Cap Value PLUS Portfolio‡	23,554,479		215,457,296
EQ/Mid Cap Index Portfolio‡	2,253,455		15,195,959
EQ/PIMCO Ultra Short Bond Portfolio‡	2,862,898		28,335,495
EQ/Quality Bond PLUS Portfolio‡	7,255,920		65,442,873
EQ/Small Company Index Portfolio‡	568,667		4,794,222
Multimanager Core Bond Portfolio‡	6,748,573		69,406,183
Multimanager International Equity Portfolio‡	4,227,257		44,914,608
Multimanager Large Cap Core Equity Portfolio‡	11,104,557		101,493,167
Multimanager Large Cap Value Portfolio‡	20,385,670		177,707,317
Multimanager Mid Cap Growth Portfolio*‡	710,511		5,162,866
Multimanager Mid Cap Value Portfolio‡	933,576		7,579,596

	Number of Shares		Value (Note 1)
Multimanager Small Cap Growth Portfolio*‡		8,478,234	$	58,912,710
Multimanager Small Cap Value Portfolio‡		669,423		5,807,052
Total Investment Companies (100.1%) (Cost $3,132,332,769)				3,405,254,343
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 1/4/10 (Amortized Cost $414,439)	$	414,439	$	414,439
Total Investments (100.1%) (Cost/Amortized Cost $3,132,747,208)				3,405,668,782
Other Assets Less Liabilities (-0.1%)				(1,826,266	)
Net Assets (100%)			$	3,403,842,516

* Non-income producing.

‡ Affiliated company as defined under the Investment Company Act of 1940.

The holdings in Investment Companies are all Class A shares for AXA Premier VIP Trust Portfolios (Multimanager) and Class IA shares for EQ Advisors Trust Portfolios.

See Notes to Financial Statements.

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AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	143,867,151	$	5,558,432	$	147,039,409	$	156,655	$	(90,944	)
AXA Tactical Manager 400 Portfolio-II		—		200,155,955		9,601,424		201,196,199		408,155		1,385
AXA Tactical Manager 500 Portfolio-II		—		761,827,079		18,050,548		782,071,711		2,583,104		289,326
AXA Tactical Manager International Portfolio-II		—		400,080,600		8,800,511		393,730,203		286,789		(103,622	)
EQ/AllianceBernstein International Portfolio		—		47,933,335		2,425,095		68,311,907		1,607,889		1,338,008
EQ/AllianceBernstein Small Cap Growth Portfolio		—		47,360,069		1,774,093		66,228,475		95,222		1,027,215
EQ/AXA Franklin Small Cap Value Core Portfolio(a)		53,101,425		5,364,002		56,070,267		34,471,978		373,998		(32,238,231	)
EQ/BlackRock Basic Value Equity Portfolio		306,808,182		23,292,026		464,244,587		70,357,616		1,738,125		(210,463,483	)
EQ/BlackRock International Value Portfolio		175,458,865		9,180,482		226,490,502		87,063,514		1,766,735		(130,740,232	)
EQ/Boston Advisors Equity Income Portfolio		37,527,342		13,218,434		4,960,259		51,385,599		1,311,035		(415,020	)
EQ/Core Bond Index Portfolio(b)		—		71,614,749		2,212,917		70,498,350		1,817,845		126,511
EQ/Davis New York Venture Portfolio		138,381,107		4,138,090		215,732,446		—		—		(98,413,237	)
EQ/Equity Growth PLUS Portfolio(c)		4,560,860		—		6,680,116		—		—		(3,007,640	)
EQ/GAMCO Small Company Value Portfolio		78,451,236		18,932,419		91,699,895		49,911,220		294,852		(43,316,724	)
EQ/Global Multi-Sector Equity Portfolio(d)		37,760,579		21,470,378		14,875,703		72,797,975		938,423		(7,191,981	)
EQ/Intermediate Government Bond Index Portfolio(e)		—		24,161,840		637,421		23,242,737		302,713		5,771
EQ/International Core PLUS Portfolio		155,060,371		25,026,508		241,634,743		44,491,513		1,257,919		(67,076,488	)
EQ/International ETF Portfolio		—		167,441,699		135,697,047		38,170,238		3,195,173		73,230,180
EQ/International Growth Portfolio		—		56,211,429		2,500,055		83,479,326		1,015,984		1,263,048
EQ/Large Cap Core PLUS Portfolio		159,212,995		159,554,852		284,792,492		66,175,802		2,701,566		61,255,835
EQ/Large Cap Growth Index Portfolio		—		288,544,788		215,436,371		100,001,878		2,048,192		87,366,977
EQ/Large Cap Growth PLUS Portfolio		420,599,387		38,297,567		393,455,806		154,419,349		2,100,082		(60,833,060	)
EQ/Large Cap Value Index Portfolio		—		154,889,191		154,889,191		—		—		45,486,705
EQ/Large Cap Value PLUS Portfolio		50,441,408		161,684,230		99,006,709		215,457,296		4,690,270		(25,928,744	)
EQ/Mid Cap Index Portfolio		—		51,870,917		41,379,722		15,195,959		177,354		22,675,185
EQ/PIMCO Ultra Short Bond Portfolio(f)		25,365,447		1,991,541		765,926		28,335,495		335,702		74,801
EQ/Quality Bond PLUS Portfolio		5,688,561		60,128,530		2,434,044		65,442,873		2,018,646		(266,428	)
EQ/Small Company Index Portfolio		6,206,744		51,325,176		54,478,360		4,794,222		66,635		26,491,176
Multimanager Core Bond Portfolio		142,509,078		20,862,991		99,998,534		69,406,183		2,787,126		(4,239,545	)

See Notes to Financial Statements.

44

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investments in companies which were affiliates for the year ended December 31, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value December 31, 2009		Dividend Income		Realized Gain (Loss)
Multimanager International Equity Portfolio	$	206,400,719	$	16,120,322	$	347,505,248	$	44,914,608	$	768,446	$	(173,420,029	)
Multimanager Large Cap Core Equity Portfolio		127,076,383		13,446,371		104,770,133		101,493,167		1,480,290		(49,358,045	)
Multimanager Large Cap Value Portfolio		212,783,663		24,918,481		156,462,721		177,707,317		3,338,427		(76,831,811	)
Multimanager Mid Cap Growth Portfolio		21,483,145		831,147		35,271,840		5,162,866		—		(16,724,559	)
Multimanager Mid Cap Value Portfolio		35,996,970		1,632,412		56,249,352		7,579,596		206,690		(26,700,280	)
Multimanager Small Cap Growth Portfolio		70,208,759		19,381,452		63,944,442		58,912,710		—		(27,848,801	)
Multimanager Small Cap Value Portfolio		29,850,203		2,379,691		52,403,241		5,807,052		65,278		(20,659,268	)
	$	2,500,933,429	$	3,109,135,904	$	3,672,890,193	$	3,405,254,343	$	41,935,320	$	(755,236,049	)

(a) formerly known as EQ/Franklin Small Cap Value Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(d) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(e) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(f) formerly known as EQ/PIMCO Real Return Portfolio

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2009:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	3,405,254,343	$	—	$	3,405,254,343
Short-Term Investments		—		414,439		—		414,439
Total Assets	$	—	$	3,405,668,782	$	—	$	3,405,668,782
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	3,405,668,782	$	—	$	3,405,668,782

See Notes to Financial Statements.

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

The Portfolio held no derivatives contracts during the year ended December 31, 2009.

Investment security transactions for the year ended December 31, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	3,109,135,904
Net Proceeds of Sales and Redemptions:
Investment Companies	$	2,916,196,291

As of December 31, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	344,249,934
Aggregate gross unrealized depreciation		(71,570,841	)
Net unrealized appreciation	$	272,679,093
Federal income tax cost of investments	$	3,132,989,689

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $3,132,332,769)	$	3,405,254,343
Unaffiliated Issuers (Cost $414,439)		414,439
Receivable from Separate Accounts for Trust shares sold		750,593
Other assets		2,907
Total assets		3,406,422,282
LIABILITIES
Overdraft payable		12
Distribution fees payable - Class B		696,081
Payable to Separate Accounts for Trust shares redeemed		502,475
Payable for securities purchased		463,143
Administrative fees payable		432,722
Investment management fees payable		183,748
Trustees’ fees payable		29,606
Accrued expenses		271,979
Total liabilities		2,579,766
NET ASSETS	$	3,403,842,516
Net assets were comprised of:
Paid in capital	$	4,641,872,758
Accumulated undistributed net investment income (loss)		(5,249	)
Accumulated undistributed net realized gain (loss) on investments		(1,510,946,567	)
Unrealized appreciation (depreciation) on investments		272,921,574
Net assets	$	3,403,842,516
Class A
Net asset value, offering and redemption price per share, $97,335,033 / 10,574,831 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.20
Class B
Net asset value, offering and redemption price per share, $3,306,507,483 / 359,160,698 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.21

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	41,935,320
EXPENSES
Distribution fees - Class B		6,970,250
Administrative fees		4,342,140
Investment management fees		2,871,949
Printing and mailing expenses		500,797
Custodian fees		283,000
Professional fees		107,041
Trustees’ fees		47,006
Miscellaneous		52,231
Gross expenses		15,174,414
Less:   Waiver from investment advisor		(1,162,817	)
Net expenses		14,011,597
NET INVESTMENT INCOME (LOSS)		27,923,723
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(756,693,902	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		1,457,853
Net realized gain (loss)		(755,236,049	)
Net change in unrealized appreciation (depreciation) on securities		1,468,075,203
NET REALIZED AND UNREALIZED GAIN (LOSS)		712,839,154
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	740,762,877

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2009			2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	27,923,723		$	35,179,701
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(755,236,049	)		(343,665,481	)
Net change in unrealized appreciation (depreciation) on investments		1,468,075,203			(1,140,191,318	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		740,762,877			(1,448,677,098	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,072,649	)		(1,685,108	)
Class B		(28,291,856	)		(47,952,586	)
		(29,364,505	)		(49,637,694	)
Distributions from net realized capital gains
Class A		(10,052,295	)		(7,547,940	)
Class B		(342,987,817	)		(199,089,293	)
		(353,040,112	)		(206,637,233	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(382,404,617	)		(256,274,927	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 3,058,500 and 4,923,698 shares, respectively ]		26,485,185			63,432,867
Capital shares issued in reinvestment of dividends and distributions [ 1,211,365 and 896,432 shares, respectively ]		11,124,944			9,233,048
Capital shares repurchased [ (2,997,669) and (3,175,873) shares, respectively ]		(26,653,788	)		(35,571,422	)
Total Class A transactions		10,956,341			37,094,493
Class B
Capital shares sold [ 71,477,620 and 96,966,280 shares, respectively ]		601,162,981			1,136,496,815
Capital shares issued in reinvestment of dividends and distributions [ 40,417,891 and 24,424,473 shares, respectively ]		371,279,673			247,041,879
Capital shares repurchased [ (50,440,640) and (30,662,291) shares, respectively ]		(440,738,444	)		(349,212,091	)
Total Class B transactions		531,704,210			1,034,326,603
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		542,660,551			1,071,421,096
TOTAL INCREASE (DECREASE) IN NET ASSETS		901,018,811			(633,530,929	)
NET ASSETS:
Beginning of year		2,502,823,705			3,136,354,634
End of year (a)	$	3,403,842,516		$	2,502,823,705
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(5,249	)	$	234,517

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	8.15		$	14.68		$	14.71		$	12.96		$	12.44
Income (loss) from investment operations:
Net investment income (loss)(x)		0.10	(e)		0.15	(e)		0.22	(e)		0.24	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		2.15			(5.71	)		0.71			2.10			0.84
Total from investment operations		2.25			(5.56	)		0.93			2.34			1.03
Less distributions:
Dividends from net investment income		(0.12	)		(0.19	)		(0.40	)		(0.30	)		(0.24	)
Distributions from net realized gains		(1.08	)		(0.78	)		(0.56	)		(0.29	)		(0.27	)
Total dividends and distributions		(1.20	)		(0.97	)		(0.96	)		(0.59	)		(0.51	)
Net asset value, end of year	$	9.20		$	8.15		$	14.68		$	14.71		$	12.96
Total return		27.56	%		(39.05	)%		6.43	%		18.22	%		8.27	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	97,335		$	75,827		$	97,742		$	51,217		$	18,069
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.24	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (f)		0.29	%		0.28	%		0.27	%		0.28	%		0.29	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		1.18	%		1.27	%		1.41	%		1.72	%		1.50	%
Before waivers and reimbursements (f)(x)		1.14	%		1.09	%		1.23	%		1.54	%		1.31	%
Portfolio turnover rate		102	%		39	%		10	%		6	%		50	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	0.02		$	0.03		$	0.02		$	0.02

	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	8.15		$	14.68		$	14.71		$	12.96		$	12.43
Income (loss) from investment operations:
Net investment income (loss)(x)		0.08	(e)		0.14	(e)		0.18	(e)		0.18	(e)		0.17	(e)
Net realized and unrealized gain (loss) on investments		2.15			(5.72	)		0.71			2.13			0.84
Total from investment operations		2.23			(5.58	)		0.89			2.31			1.01
Less distributions:
Dividends from net investment income		(0.09	)		(0.17	)		(0.36	)		(0.27	)		(0.21	)
Distributions from net realized gains		(1.08	)		(0.78	)		(0.56	)		(0.29	)		(0.27	)
Total dividends and distributions		(1.17	)		(0.95	)		(0.92	)		(0.56	)		(0.48	)
Net asset value, end of year	$	9.21		$	8.15		$	14.68		$	14.71		$	12.96
Total return		27.37	%		(39.21	)%		6.16	%		17.92	%		8.08	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,306,507		$	2,426,997		$	3,038,613		$	1,595,326		$	609,650
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.50	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.54	%		0.53	%		0.52	%		0.53	%		0.54	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (f)(x)		0.97	%		1.18	%		1.17	%		1.30	%		1.25	%
Before waivers and reimbursements (f)(x)		0.93	%		1.01	%		1.00	%		1.12	%		1.06	%
Portfolio turnover rate		102	%		39	%		10	%		6	%		50	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#	$	0.02		$	0.03		$	0.02		$	0.02

# Per share amount is less than $0.01.

(e) Net investment income is based on average shares outstanding.

(f) Expenses do not include the expenses of the Underlying Portfolios unless otherwise noted.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class A and 1.25% for Class B.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

49

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø AllianceBernstein L.P.***

_Ø ClearBridge Advisors, LLC

_Ø Legg Mason Capital Management, Inc.

_Ø Marsico Capital Management, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – Class A Shares	37.63	%	(1.25	)%	(3.84	)%	8.26	%
Portfolio – Class B Shares**	37.28		(1.50	)	(4.08	)	8.03
Russell 3000® Growth Index	37.01		1.58		(3.79	)	8.65
*   Date of inception 1/27/86 ** Investment operations commenced with respect to Class B shares on October 2, 1996. Returns shown for Class B shares prior to this period are derived from the historical performance of Class A shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees.     Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

*** Effective December 29, 2009, AllianceBernstein L.P. replaced SSgA Funds Management, Inc. as a sub-advisor of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 37.63% for the year ended December 31, 2009. The Portfolio’s benchmark, the Russell 3000^® Growth Index, returned 37.01% over the same period.

Asset Class Overview

Over the 12 months, large cap stocks, as measured by the S&P 500 Index, returned 26.46%. Nine out of the ten sectors in the index delivered double-digit returns. Information technology was the strongest performing and largest sector, comprising approximately 18% of the index. Materials and consumer discretionary sectors also made strong gains. Defensive sectors such as utilities and telecommunications services were the worst performing sectors, although both still made a positive contribution to the benchmark’s return.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Portfolio’s performance relative to its benchmark, the Russell 3000 Growth Index.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• Stock selection in the Energy sector was a positive for the Portfolio and aided relative returns.

• Four out of five of the leading contributors to performance were in the Energy sector. Owning both Anadarko Petroleum Corp and Transocean Ltd. while the benchmark did not was helpful for the Portfolio’s performance.

• ExxonMobil Corp. and Weatherford International also contributed to relative returns on a positive basis.

• Amazon.com Inc. (Consumer Discretionary sector) also was among the leading positive contributors to returns.

• The Portfolio benefited from having limited investments in the Consumer Staples sector, as it was among the weakest-performing sectors of the benchmark index.

What hurt performance during the year:

• The Health Care, Financial, and Information Technology sectors detracted from relative returns.

• On an individual stock level, the significant detractors from Portfolio performance included Wells Fargo & Co. and U.S. Bancorp (Financial sector). State Street Corp. also was among the leading detractors from performance.

• The Portfolio’s performance was hampered by having an underweighted posture in the Information Technology sector, the strongest-performing sector of the benchmark.

• International Business Machines (Information Technology sector) and Genzyme Corp. (Health Care sector) were among the leading detractors from relative performance.

50

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)

Sector Weightings as of 12/31/09	% of Net Assets
Information Technology	30.6	%
Health Care	17.7
Consumer Discretionary	10.8
Industrials	10.5
Consumer Staples	8.3
Financials	7.8
Energy	7.3
Materials	4.7
Utilities	0.6
Telecommunication Services	0.3
Cash and Other	1.4
	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class B shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During Period* 7/1/09 - 12/31/09
Class A
Actual	$1,000.00	$1,240.10	$4.57
Hypothetical (5% average return before expenses)	1,000.00	1,021.12	4.13
Class B
Actual	1,000.00	1,238.80	5.93
Hypothetical (5% average return before expenses)	1,000.00	1,019.91	5.35
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.81% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.8%)
Auto Components (0.3%)
Amerigon, Inc.*^	1,800	$	14,292
BorgWarner, Inc.^	11,673		387,777
Cooper Tire & Rubber Co.	6,906		138,465
Drew Industries, Inc.*^	1,400		28,910
Fuel Systems Solutions, Inc.*	1,800		74,232
Gentex Corp.^	16,200		289,170
Goodyear Tire & Rubber Co.*	26,193		369,322
Johnson Controls, Inc.	70,941		1,932,433
Raser Technologies, Inc.*^	2,500		3,100
TRW Automotive Holdings Corp.*^	1,700		40,596
WABCO Holdings, Inc.	5,500		141,845
Wonder Auto Technology, Inc.*	1,200		14,112
			3,434,254
Automobiles (0.1%)
Thor Industries, Inc.	1,900		59,660
Toyota Motor Corp. (ADR)	15,000		1,262,400
			1,322,060
Distributors (0.0%)
LKQ Corp.*	16,218		317,711
Diversified Consumer Services (0.3%)
American Public Education, Inc.*^	1,643		56,453
Apollo Group, Inc., Class A*	14,783		895,554
Bridgepoint Education, Inc.*^	1,425		21,403
Brink’s Home Security Holdings, Inc.*^	5,315		173,482
Capella Education Co.*^	1,700		128,010
Career Education Corp.*^	7,208		168,018
ChinaCast Education Corp.*	3,085		23,323
Coinstar, Inc.*^	3,600		100,008
Corinthian Colleges, Inc.*^	9,200		126,684
DeVry, Inc.	7,046		399,720
Grand Canyon Education, Inc.*^	2,000		38,020
H&R Block, Inc.^	37,095		839,089
Hillenbrand, Inc.	2,008		37,831
ITT Educational Services, Inc.*^	4,200		403,032
K12, Inc.*	2,197		44,533
Learning Tree International, Inc.*	700		8,358
Lincoln Educational Services Corp.*	1,300		28,171
Matthews International Corp., Class A^	3,600		127,548
Pre-Paid Legal Services, Inc.*^	600		24,648
Princeton Review, Inc.*	1,100		4,466
Sotheby’s, Inc.^	7,300		164,104
Steiner Leisure Ltd.*	800		31,808
Strayer Education, Inc.^	1,600		339,984
Universal Technical Institute, Inc.*	1,961		39,612
Weight Watchers International, Inc.^	268		7,815
			4,231,674

	Number of Shares	Value (Note 1)
Hotels, Restaurants & Leisure (2.5%)
AFC Enterprises, Inc.*^	1,100	$	8,976
Ambassadors Group, Inc.	1,500		19,935
Ameristar Casinos, Inc.^	2,398		36,522
Bally Technologies, Inc.*	5,735		236,798
BJ’s Restaurants, Inc.*^	2,700		50,814
Brinker International, Inc.	11,900		177,548
Buffalo Wild Wings, Inc.*	2,200		88,594
Burger King Holdings, Inc.	12,340		232,239
California Pizza Kitchen, Inc.*	1,300		17,485
Carnival Corp.*	21,778		690,145
CEC Entertainment, Inc.*	2,094		66,840
Cheesecake Factory, Inc.*^	7,000		151,130
Chipotle Mexican Grill, Inc.*	3,700		326,192
Choice Hotels International, Inc.	900		28,494
CKE Restaurants, Inc.	4,200		35,532
Cracker Barrel Old Country Store, Inc.	2,100		79,779
Ctrip.com International Ltd. (ADR)*^	17,393		1,249,861
Darden Restaurants, Inc.^	15,500		543,585
Denny’s Corp.*	7,700		16,863
DineEquity, Inc.*^	2,200		53,438
Dover Downs Gaming & Entertainment, Inc.	1,100		4,158
Einstein Noah Restaurant Group, Inc.*^	200		1,966
Great Wolf Resorts, Inc.*	200		474
Hyatt Hotels Corp., Class A*	2,600		77,506
International Game Technology	26,753		502,154
Interval Leisure Group, Inc.*	3,592		44,792
Isle of Capri Casinos, Inc.*^	1,649		12,335
Jack in the Box, Inc.*	6,706		131,907
Krispy Kreme Doughnuts, Inc.*	4,600		13,570
Las Vegas Sands Corp.*^	24,373		364,133
Life Time Fitness, Inc.*^	296		7,379
Marriott International, Inc., Class A^	15,998		435,946
McDonald’s Corp.	245,909		15,354,558
MGM MIRAGE*^	10,769		98,213
Monarch Casino & Resort, Inc.*	400		3,240
Morgans Hotel Group Co.*	1,800		8,154
P.F. Chang’s China Bistro, Inc.*^	2,900		109,939
Panera Bread Co., Class A*^	3,200		214,304
Papa John’s International, Inc.*	1,400		32,704
Peet’s Coffee & Tea, Inc.*	1,100		36,663
Pinnacle Entertainment, Inc.*	3,134		28,143
Royal Caribbean Cruises Ltd.*^	4,819		121,824
Ruth’s Hospitality Group, Inc.*	900		1,881
Scientific Games Corp., Class A*^	7,600		110,580
Shuffle Master, Inc.*^	7,000		57,680
Sonic Corp.*	6,900		69,483
Starbucks Corp.*	81,020		1,868,321
Starwood Hotels & Resorts Worldwide, Inc.^	3,574		130,701
Texas Roadhouse, Inc.*^	6,300		70,749
Town Sports International Holdings, Inc.*^	1,400		3,262

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Wendy’s/Arby’s Group, Inc., Class A	17,810	$	83,529
WMS Industries, Inc.*	5,200		208,000
Wyndham Worldwide Corp.	9,399		189,578
Wynn Resorts Ltd.	41,397		2,410,547
Yum! Brands, Inc.	193,402		6,763,268
			33,682,411
Household Durables (0.1%)
Garmin Ltd.^	10,698		328,429
Harman International Industries, Inc.	3,800		134,064
iRobot Corp.*^	1,500		26,400
Leggett & Platt, Inc.	11,230		229,092
M.D.C. Holdings, Inc.	1,352		41,966
National Presto Industries, Inc.	459		50,136
Newell Rubbermaid, Inc.^	4,198		63,012
NVR, Inc.*	94		66,807
Pulte Homes, Inc.*	4,000		40,000
Tempur-Pedic International, Inc.*	8,868		209,551
Tupperware Brands Corp.	7,200		335,304
Universal Electronics, Inc.*	1,100		25,542
			1,550,303
Internet & Catalog Retail (1.8%)
1-800-FLOWERS.COM, Inc., Class A*^	2,100		5,565
Amazon.com, Inc.*	121,127		16,294,004
Blue Nile, Inc.*	1,500		94,995
Drugstore.Com, Inc.*	6,800		21,012
Expedia, Inc.*^	19,082		490,598
HSN, Inc.*^	3,758		75,874
Liberty Media Corp. - Interactive, Class A*	180,295		1,954,398
Netflix, Inc.*^	4,200		231,588
NutriSystem, Inc.^	2,500		77,925
Orbitz Worldwide, Inc.*	200		1,468
Overstock.com, Inc.*^	1,300		17,628
PetMed Express, Inc.^	1,900		33,497
priceline.com, Inc.*^	21,362		4,667,597
Stamps.com, Inc.*	1,100		9,900
Ticketmaster Entertainment, Inc.*	3,773		46,106
			24,022,155
Leisure Equipment & Products (0.1%)
Hasbro, Inc.^	8,575		274,914
Leapfrog Enterprises, Inc.*	2,700		10,557
Mattel, Inc.	30,283		605,054
Polaris Industries, Inc.^	3,500		152,705
Pool Corp.^	3,200		61,056
Smith & Wesson Holding Corp.*^	8,200		33,538
Sturm Ruger & Co., Inc.^	1,838		17,829
			1,155,653
Media (2.8%)
Arbitron, Inc.^	2,200		51,524
Cablevision Systems Corp. - New York Group, Class A	391,990		10,121,182
CBS Corp., Class B	33,880		476,014

	Number of Shares	Value (Note 1)
Cinemark Holdings, Inc.	2,852	$	40,983
CKX, Inc.*	5,499		28,980
Comcast Corp., Class A	663,605		10,675,986
Crown Media Holdings, Inc., Class A*^	400		580
CTC Media, Inc.*	4,479		66,737
DIRECTV, Class A*^	216,854		7,232,081
Discovery Communications, Inc., Class C*	28,541		756,907
Dolan Media Co.*^	2,100		21,441
Global Sources Ltd.*	1,540		9,625
Interactive Data Corp.	1,400		35,420
John Wiley & Sons, Inc., Class A	4,800		201,024
Liberty Global, Inc., Class A*	12,195		267,193
Liberty Media Corp. - Starz*	16,636		767,751
Liberty Media Corp., Capital Series, Class A*	97,255		2,322,449
Martha Stewart Living Omnimedia, Inc., Class A*^	2,100		10,374
McGraw-Hill Cos., Inc.	34,535		1,157,268
Morningstar, Inc.*^	2,360		114,082
National CineMedia, Inc.	224		3,712
Omnicom Group, Inc.^	34,313		1,343,354
Playboy Enterprises, Inc., Class B*	1,000		3,200
RCN Corp.*	4,900		53,165
Regal Entertainment Group, Class A	3,827		55,262
Rentrak Corp.*	1,400		24,738
Scripps Networks Interactive, Inc., Class A	6,066		251,739
Valassis Communications, Inc.*	3,800		69,388
Value Line, Inc.	100		2,511
Viacom, Inc., Class B*	33,530		996,847
Warner Music Group Corp.*	1,100		6,226
World Wrestling Entertainment, Inc., Class A^	42,700		654,591
			37,822,334
Multiline Retail (0.6%)
99 Cents Only Stores*^	3,796		49,614
Big Lots, Inc.*^	775		22,460
Dollar General Corp.*	1,900		42,617
Dollar Tree, Inc.*	10,200		492,660
Family Dollar Stores, Inc.	16,103		448,146
Fred’s, Inc., Class A^	1,345		13,719
Kohl’s Corp.*	31,333		1,689,789
Nordstrom, Inc.	18,673		701,731
Target Corp.	82,892		4,009,486
			7,470,222
Specialty Retail (1.3%)
Aaron’s, Inc.^	5,472		151,739
Abercrombie & Fitch Co., Class A^	4,993		174,006
Advance Auto Parts, Inc.	10,900		441,232
Aeropostale, Inc.*^	7,700		262,185
American Eagle Outfitters, Inc.	19,527		331,569
America’s Car-Mart, Inc.*	900		23,697
AutoZone, Inc.*^	3,314		523,844
Barnes & Noble, Inc.^	855		16,305

See Notes to Financial Statements.

53

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
bebe Stores, Inc.	3,400	$	21,318
Bed Bath & Beyond, Inc.*^	29,005		1,120,463
Best Buy Co., Inc.	37,098		1,463,887
Big 5 Sporting Goods Corp.^	2,169		37,263
Buckle, Inc.^	2,900		84,912
CarMax, Inc.*^	18,040		437,470
Cato Corp., Class A^	2,606		52,276
Chico’s FAS, Inc.*	19,277		270,842
Children’s Place Retail Stores, Inc.*^	2,181		71,995
Christopher & Banks Corp.	1,900		14,478
Citi Trends, Inc.*	1,200		33,144
Coldwater Creek, Inc.*^	4,600		20,516
Collective Brands, Inc.*^	2,656		60,477
Dick’s Sporting Goods, Inc.*^	10,000		248,700
Dress Barn, Inc.*^	2,252		52,021
DSW, Inc., Class A*	600		15,528
Finish Line, Inc., Class A	1,100		13,805
Foot Locker, Inc.	8,309		92,562
GameStop Corp., Class A*^	16,440		360,694
Gap, Inc.	46,605		976,375
Guess?, Inc.	6,700		283,410
Gymboree Corp.*^	2,700		117,423
hhgregg, Inc.*^	1,000		22,030
Hibbett Sports, Inc.*^	3,500		76,965
Home Depot, Inc.	12,989		375,772
HOT Topic, Inc.*^	2,820		17,935
J. Crew Group, Inc.*^	5,818		260,297
Jo-Ann Stores, Inc.*^	1,047		37,943
JoS. A. Bank Clothiers, Inc.*^	2,182		92,059
Kirkland’s, Inc.*	1,900		33,003
Limited Brands, Inc.	20,200		388,648
Lowe’s Cos., Inc.	50,793		1,188,048
Lumber Liquidators, Inc.*^	2,000		53,600
Men’s Wearhouse, Inc.^	500		10,530
Midas, Inc.*	1,100		9,295
Monro Muffler Brake, Inc.	1,593		53,270
Office Depot, Inc.*	5,256		33,901
OfficeMax, Inc.*^	5,363		68,057
O’Reilly Automotive, Inc.*	14,783		563,528
Penske Automotive Group, Inc.*^	1,421		21,571
PetSmart, Inc.	13,700		365,653
RadioShack Corp.^	1,690		32,955
Ross Stores, Inc.^	13,800		589,398
Sally Beauty Holdings, Inc.*^	1,963		15,017
Sherwin-Williams Co.^	9,273		571,680
Staples, Inc.	78,592		1,932,577
Stein Mart, Inc.*	2,598		27,695
Systemax, Inc.^	400		6,284
Tiffany & Co.^	12,939		556,377
TJX Cos., Inc.	45,675		1,669,421
Tractor Supply Co.*^	4,141		219,307
Ulta Salon Cosmetics & Fragrance, Inc.*	3,400		61,744
Urban Outfitters, Inc.*^	13,852		484,682
Wet Seal, Inc., Class A*^	7,500		25,875
Williams-Sonoma, Inc.^	3,580		74,392
Zumiez, Inc.*	1,600		20,352
			17,733,997

	Number of Shares	Value (Note 1)
Textiles, Apparel & Luxury Goods (0.9%)
American Apparel, Inc.*	2,700	$	8,370
Carter’s, Inc.*	5,240		137,550
Cherokee, Inc.^	300		5,346
Coach, Inc.	34,814		1,271,755
Crocs, Inc.*^	3,900		22,425
Deckers Outdoor Corp.*	1,600		162,752
FGX International Holdings Ltd.*	1,100		21,549
Fossil, Inc.*	5,400		181,224
Fuqi International, Inc.*	1,700		30,515
G-III Apparel Group Ltd.*^	700		15,169
Hanesbrands, Inc.*^	10,800		260,388
K-Swiss, Inc., Class A*^	2,400		23,856
Liz Claiborne, Inc.*^	6,868		38,667
Lululemon Athletica, Inc.*	4,851		146,015
Maidenform Brands, Inc.*	2,500		41,725
NIKE, Inc., Class B	103,701		6,851,525
Oxford Industries, Inc.	1,300		26,884
Phillips-Van Heusen Corp.	3,921		159,506
Polo Ralph Lauren Corp.	17,753		1,437,638
Steven Madden Ltd.*	1,479		60,994
Timberland Co., Class A*	2,670		47,873
True Religion Apparel, Inc.*^	2,344		43,341
Under Armour, Inc., Class A*^	3,900		106,353
VF Corp.	2,355		172,480
Volcom, Inc.*^	1,500		25,110
Warnaco Group, Inc.*^	5,300		223,607
Weyco Group, Inc.^	300		7,092
Wolverine World Wide, Inc.	5,800		157,876
			11,687,585
Total Consumer Discretionary			144,430,359
Consumer Staples (8.3%)
Beverages (2.5%)
Boston Beer Co., Inc., Class A*^	700		32,620
Brown-Forman Corp., Class B	8,600		460,702
Coca-Cola Bottling Co. Consolidated^	300		16,206
Coca-Cola Co.	199,323		11,361,411
Coca-Cola Enterprises, Inc.	28,636		607,083
Diageo plc (ADR)	38,200		2,651,462
Hansen Natural Corp.*	7,700		295,680
Molson Coors Brewing Co., Class B	714		32,244
National Beverage Corp.*^	100		1,386
Pepsi Bottling Group, Inc.	12,245		459,188
PepsiCo, Inc.	290,899		17,686,659
			33,604,641
Food & Staples Retailing (2.1%)
Arden Group, Inc., Class A	100		9,562
BJ’s Wholesale Club, Inc.*^	940		30,747
Casey’s General Stores, Inc.	3,686		117,657
Costco Wholesale Corp.	110,390		6,531,776
CVS Caremark Corp.	49,262		1,586,729
Kroger Co.	60,597		1,244,056
Pantry, Inc.*	300		4,077
Pricesmart, Inc.^	1,200		24,528

See Notes to Financial Statements.

54

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Ruddick Corp.^	1,100	$	28,303
Sysco Corp.	64,939		1,814,396
United Natural Foods, Inc.*^	5,097		136,294
Village Super Market, Inc., Class A	635		17,348
Walgreen Co.	108,388		3,980,007
Wal-Mart Stores, Inc.	242,219		12,946,606
Whole Foods Market, Inc.*	10,564		289,982
			28,762,068
Food Products (0.6%)
AgFeed Industries, Inc.*^	1,600		8,000
Alico, Inc.^	200		5,692
American Dairy, Inc.*	1,300		28,184
American Italian Pasta Co., Class A*	1,407		48,949
Archer-Daniels-Midland Co.	39,608		1,240,126
Calavo Growers, Inc.^	800		13,600
Cal-Maine Foods, Inc.	1,000		34,080
Campbell Soup Co.^	14,550		491,790
Darling International, Inc.*	10,200		85,476
Dean Foods Co.*	20,740		374,150
Diamond Foods, Inc.	1,300		46,202
Flowers Foods, Inc.^	7,401		175,848
General Mills, Inc.	14,838		1,050,679
Green Mountain Coffee Roasters, Inc.*	3,900		317,733
H.J. Heinz Co.	27,964		1,195,741
Hain Celestial Group, Inc.*^	400		6,804
Hershey Co.^	9,713		347,628
Hormel Foods Corp.	700		26,915
HQ Sustainable Maritime Industries, Inc.*^	500		3,520
J&J Snack Foods Corp.^	1,314		52,507
Kellogg Co.	28,103		1,495,080
Lancaster Colony Corp.^	2,300		114,310
Lance, Inc.^	3,343		87,921
Lifeway Foods, Inc.*	400		4,752
McCormick & Co., Inc. (Non-Voting)^	14,149		511,203
Sanderson Farms, Inc.^	2,407		101,479
Sara Lee Corp.	19,854		241,822
Smart Balance, Inc.*	3,900		23,400
Synutra International, Inc.*	2,500		33,775
Tootsie Roll Industries, Inc.^	2,231		61,085
Zhongpin, Inc.*	1,500		23,415
			8,251,866
Household Products (1.6%)
Church & Dwight Co., Inc.	8,000		483,600
Clorox Co.	13,437		819,657
Colgate-Palmolive Co.^	54,600		4,485,390
Energizer Holdings, Inc.*^	6,611		405,122
Kimberly-Clark Corp.	39,653		2,526,293
Procter & Gamble Co.	209,157		12,681,189
WD-40 Co.	1,500		48,540
			21,449,791
Personal Products (0.3%)
Alberto-Culver Co.	8,399		246,007
American Oriental Bioengineering, Inc.*^	226		1,051

	Number of Shares	Value (Note 1)
Avon Products, Inc.	47,060	$	1,482,390
Bare Escentuals, Inc.*	7,900		96,617
Chattem, Inc.*^	2,212		206,379
China Sky One Medical, Inc.*^	600		13,650
Estee Lauder Cos., Inc., Class A^	12,014		580,997
Herbalife Ltd.	7,100		288,047
Inter Parfums, Inc.	100		1,217
Mead Johnson Nutrition Co., Class A^	10,451		456,709
Medifast, Inc.*^	1,600		48,928
NBTY, Inc.*	4,286		186,612
Nu Skin Enterprises, Inc., Class A	5,964		160,253
USANA Health Sciences, Inc.*	500		15,950
			3,784,807
Tobacco (1.2%)
Alliance One International, Inc.*^	5,200		25,376
Altria Group, Inc.	227,686		4,469,476
Lorillard, Inc.	16,417		1,317,136
Philip Morris International, Inc.	214,915		10,356,754
Star Scientific, Inc.*	1,100		770
Vector Group Ltd.	4,835		67,690
			16,237,202
Total Consumer Staples			112,090,375
Energy (7.3%)
Energy Equipment & Services (3.3%)
Atwood Oceanics, Inc.*	5,700		204,345
Bolt Technology Corp.*	700		7,714
Cal Dive International, Inc.*	300		2,268
Cameron International Corp.*	24,266		1,014,319
CARBO Ceramics, Inc.	1,700		115,889
Diamond Offshore Drilling, Inc.^	7,478		735,985
Dresser-Rand Group, Inc.*	9,600		303,456
Dril-Quip, Inc.*^	3,400		192,032
ENGlobal Corp.*	2,200		6,886
Ensco International plc (ADR)	4,695		187,518
Exterran Holdings, Inc.*^	2,709		58,108
FMC Technologies, Inc.*^	39,350		2,276,004
Geokinetics, Inc.*	200		1,924
GulfMark Offshore, Inc.*^	1,600		45,296
Halliburton Co.	156,050		4,695,545
Helmerich & Payne, Inc.^	3,819		152,302
Lufkin Industries, Inc.	1,216		89,011
National Oilwell Varco, Inc.	142,481		6,281,987
Oceaneering International, Inc.*	6,300		368,676
Patterson-UTI Energy, Inc.^	1,881		28,873
PHI, Inc.*	700		14,490
Pioneer Drilling Co.*	500		3,950
Pride International, Inc.*^	9,457		301,773
Rowan Cos., Inc.*	1,683		38,103
RPC, Inc.^	2,400		24,960
Schlumberger Ltd.^	59,847		3,895,441
Seahawk Drilling, Inc.*	457		10,301
Smith International, Inc.^	15,038		408,582
Sulphco, Inc.*^	4,700		3,149
TETRA Technologies, Inc.*^	3,406		37,739

See Notes to Financial Statements.

55

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Transocean Ltd.*	149,889	$	12,410,809
Weatherford International Ltd.*	601,570		10,774,119
Willbros Group, Inc.*^	4,800		80,976
			44,772,530
Oil, Gas & Consumable Fuels (4.0%)
Alpha Natural Resources, Inc.*	13,010		564,374
Anadarko Petroleum Corp.	267,132		16,674,379
Apco Oil and Gas International, Inc.	1,200		26,520
Approach Resources, Inc.*	700		5,404
Arena Resources, Inc.*^	4,500		194,040
Atlas Energy, Inc.	3,089		93,195
ATP Oil & Gas Corp.*	1,100		20,108
BPZ Resources, Inc.*^	9,200		87,400
Brigham Exploration Co.*	4,998		67,723
Carrizo Oil & Gas, Inc.*^	3,400		90,066
Cheniere Energy, Inc.*^	3,100		7,502
Chesapeake Energy Corp.	95,600		2,474,128
Clean Energy Fuels Corp.*^	4,600		70,886
CNX Gas Corp.*	3,000		88,560
Cobalt International Energy, Inc.*	61,900		856,696
Comstock Resources, Inc.*^	314		12,739
Consol Energy, Inc.	19,788		985,442
Contango Oil & Gas Co.*	1,100		51,711
Continental Resources, Inc.*	1,937		83,078
Delta Petroleum Corp.*^	17,400		18,096
Denbury Resources, Inc.*^	181,277		2,682,900
El Paso Corp.	22,640		222,551
Endeavour International Corp.*	9,200		9,936
EOG Resources, Inc.	22,049		2,145,368
Evergreen Energy, Inc.*	10,000		3,430
EXCO Resources, Inc.^	51,000		1,082,730
Exxon Mobil Corp.	137,931		9,405,515
Forest Oil Corp.*^	4,925		109,581
Frontier Oil Corp.	9,780		117,751
FX Energy, Inc.*	3,300		9,405
GMX Resources, Inc.*^	500		6,870
Golar LNG Ltd.*^	2,400		30,768
Gulfport Energy Corp.*^	3,600		41,220
Holly Corp.^	5,000		128,150
Isramco, Inc.*	200		14,300
James River Coal Co.*	3,400		63,002
Mariner Energy, Inc.*	10,498		121,882
Massey Energy Co.	7,985		335,450
McMoRan Exploration Co.*^	9,700		77,794
Northern Oil and Gas, Inc.*	1,700		20,128
Panhandle Oil and Gas, Inc., Class A^	600		15,540
Peabody Energy Corp.	29,441		1,331,028
Petrohawk Energy Corp.*	32,790		786,632
Petroleo Brasileiro S.A. (ADR)^	115,774		5,520,104
Plains Exploration & Production Co.*	8,796		243,297
PrimeEnergy Corp.*	100		3,639
Quicksilver Resources, Inc.*^	13,900		208,639
Range Resources Corp.^	2,747		136,938
Rex Energy Corp.*^	1,400		16,800
Ship Finance International Ltd.^	3,609		49,194
Southwestern Energy Co.*	118,349		5,704,422

	Number of Shares	Value (Note 1)
St. Mary Land & Exploration Co.	1,884	$	64,508
Syntroleum Corp.*	9,600		25,536
Teekay Corp.	1,759		40,826
Teekay Tankers Ltd., Class A^	1,100		9,383
Tesoro Corp.^	6,763		91,639
Toreador Resources Corp.*^	2,900		28,710
VAALCO Energy, Inc.*	1,500		6,825
Venoco, Inc.*	1,600		20,864
W&T Offshore, Inc.^	2,400		28,080
Warren Resources, Inc.*	4,700		11,515
Westmoreland Coal Co.*	700		6,237
World Fuel Services Corp.^	6,986		187,155
			53,638,289
Total Energy			98,410,819
Financials (7.8%)
Capital Markets (2.0%)
Affiliated Managers Group, Inc.*^	4,700		316,545
Ameriprise Financial, Inc.	2,440		94,721
Apollo Investment Corp., Class A*(b)	450,000		2,700,000
Bank of New York Mellon Corp.	26,764		748,589
BGC Partners, Inc., Class A	1,500		6,930
BlackRock, Inc.^	1,075		249,615
Broadpoint Gleacher Securities, Inc.*^	6,542		29,177
Charles Schwab Corp.	104,422		1,965,222
Cohen & Steers, Inc.^	800		18,272
Diamond Hill Investment Group, Inc.^	200		12,846
Duff & Phelps Corp., Class A	2,100		38,346
Eaton Vance Corp.^	13,311		404,788
Epoch Holding Corp.^	800		8,360
Federated Investors, Inc., Class B^	9,500		261,250
Fifth Street Finance Corp.	5		54
Franklin Resources, Inc.	7,535		793,812
GAMCO Investors, Inc., Class A	200		9,658
GFI Group, Inc.	5,400		24,678
GLG Partners, Inc.*	22,710		73,126
Goldman Sachs Group, Inc.	49,860		8,418,362
Greenhill & Co., Inc.^	11,900		954,856
International Assets Holding Corp.*	400		5,816
Invesco Ltd.	4,012		94,242
Investment Technology Group, Inc.*	305		6,008
Janus Capital Group, Inc.^	18,200		244,790
Jefferies Group, Inc.*^	10,120		240,148
KBW, Inc.*	1,516		41,478
Knight Capital Group, Inc., Class A*	5,642		86,887
Lazard Ltd., Class A^	8,900		337,933
MF Global Ltd.*^	3,600		25,020
Morgan Stanley^	35,004		1,036,118
Northern Trust Corp.	26,652		1,396,565
optionsXpress Holdings, Inc.	5,100		78,795

See Notes to Financial Statements.

56

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Pzena Investment Management, Inc., Class A*^	500	$	4,070
Riskmetrics Group, Inc.*^	1,700		27,047
Safeguard Scientifics, Inc.*	133		1,371
SEI Investments Co.	13,900		243,528
State Street Corp.	29,142		1,268,843
Stifel Financial Corp.*^	3,207		189,983
T. Rowe Price Group, Inc.	28,202		1,501,756
TD Ameritrade Holding Corp.*	112,257		2,175,541
Teton Advisors, Inc., Class B*^†	2		30
U.S. Global Investors, Inc., Class A	900		11,079
Waddell & Reed Financial, Inc., Class A	9,700		296,238
Westwood Holdings Group, Inc.^	400		14,536
			26,457,029
Commercial Banks (2.0%)
Arrow Financial Corp.^	900		22,500
BOK Financial Corp.^	686		32,599
CapitalSource, Inc.	4,152		16,483
Cardinal Financial Corp.	1,200		10,488
Cathay General Bancorp^	2,229		16,829
Commerce Bancshares, Inc./Missouri^	2,601		100,711
Enterprise Financial Services Corp.^	500		3,855
First Financial Bankshares, Inc.^	1,034		56,074
Hancock Holding Co.^	200		8,758
HSBC Holdings plc (ADR)^	82,200		4,692,798
ICICI Bank Ltd. (ADR)^	54,045		2,038,037
PrivateBancorp, Inc.^	2,800		25,116
Signature Bank/New York*	3,900		124,410
Suffolk Bancorp^	300		8,910
SVB Financial Group*^	500		20,845
SY Bancorp, Inc.^	100		2,135
Tompkins Financial Corp.^	500		20,250
U.S. Bancorp	258,678		5,822,842
Wells Fargo & Co.	537,341		14,502,833
Westamerica Bancorp^	1,978		109,522
			27,635,995
Consumer Finance (1.3%)
Advance America Cash Advance Centers, Inc.	5,800		32,248
American Express Co.	409,230		16,582,000
AmeriCredit Corp.*^	2,643		50,323
Capital One Financial Corp.	13,859		531,354
Cardtronics, Inc.*^	1,000		11,070
Credit Acceptance Corp.*^	300		12,630
Dollar Financial Corp.*	2,000		47,320
EZCORP, Inc., Class A*^	4,336		74,622
First Cash Financial Services, Inc.*^	2,900		64,351
SLM Corp.*	12,181		137,280
			17,543,198
Diversified Financial Services (0.7%)
Asset Acceptance Capital Corp.*^	1,000		6,780

	Number of Shares	Value (Note 1)
Bank of America Corp.^	43,361	$	653,017
CME Group, Inc.	426		143,115
Financial Federal Corp.	984		27,060
IntercontinentalExchange, Inc.*	8,195		920,298
JPMorgan Chase & Co.	143,844		5,993,979
Leucadia National Corp.*	7,954		189,226
Life Partners Holdings, Inc.^	500		10,595
MarketAxess Holdings, Inc.	3,130		43,507
Moody’s Corp.^	20,226		542,057
MSCI, Inc., Class A*	10,841		344,744
NASDAQ OMX Group, Inc.*	7,070		140,127
NewStar Financial, Inc.*	600		2,352
NYSE Euronext	7,752		196,126
PICO Holdings, Inc.*	769		25,169
Portfolio Recovery Associates, Inc.*^	1,811		81,278
			9,319,430
Insurance (0.9%)
Aflac, Inc.	176,410		8,158,963
American International Group, Inc.*^	5,113		153,288
Amtrust Financial Services, Inc.	100		1,182
Arthur J. Gallagher & Co.	10,752		242,028
Assured Guaranty Ltd.^	1,500		32,640
Axis Capital Holdings Ltd.	4,772		135,573
Brown & Brown, Inc.^	10,061		180,796
Citizens, Inc./Texas*^	2,748		17,944
CNA Financial Corp.*^	1,327		31,848
eHealth, Inc.*	2,000		32,860
Endurance Specialty Holdings Ltd.^	1,562		58,153
Erie Indemnity Co., Class A	2,461		96,028
Fidelity National Financial, Inc., Class A^	3,232		43,503
First Mercury Financial Corp.^	200		2,742
Genworth Financial, Inc., Class A*^	23,247		263,853
Hanover Insurance Group, Inc.^	600		26,658
Lincoln National Corp.	10,742		267,261
Marsh & McLennan Cos., Inc.	4,718		104,173
Principal Financial Group, Inc.^	34,091		819,548
Progressive Corp.*	8,152		146,655
Prudential Financial, Inc.	26,512		1,319,237
Reinsurance Group of America, Inc.	599		28,542
RLI Corp.^	749		39,884
Tower Group, Inc.	4,313		100,967
Validus Holdings Ltd.	1,343		36,180
W.R. Berkley Corp.^	5,220		128,621
			12,469,127
Real Estate Investment Trusts (REITs) (0.5%)
Acadia Realty Trust (REIT)^	1,300		21,931
Alexander’s, Inc. (REIT)*^	100		30,442
Alexandria Real Estate Equities, Inc. (REIT)	831		53,425
Associated Estates Realty Corp. (REIT)	700		7,889
Digital Realty Trust, Inc. (REIT)^	8,257		415,162

See Notes to Financial Statements.

57

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
DuPont Fabros Technology, Inc. (REIT)	600	$	10,794
EastGroup Properties, Inc. (REIT)	1,423		54,472
Equity Lifestyle Properties, Inc. (REIT)^	1,900		95,893
Federal Realty Investment Trust (REIT)^	650		44,018
Getty Realty Corp. (REIT)	1,000		23,530
HCP, Inc. (REIT)	13,032		397,997
Health Care REIT, Inc. (REIT)	6,450		285,864
Macerich Co. (REIT)	190		6,820
Mid-America Apartment Communities, Inc. (REIT)	1,300		62,764
Nationwide Health Properties, Inc. (REIT)	8,909		313,419
Omega Healthcare Investors, Inc. (REIT)^	2,100		40,845
Plum Creek Timber Co., Inc. (REIT)^	6,800		256,768
Potlatch Corp. (REIT)	1,929		61,496
ProLogis (REIT)	122,300		1,674,287
PS Business Parks, Inc. (REIT)	400		20,020
Public Storage (REIT)^	14,730		1,199,758
Rayonier, Inc. (REIT)	4,141		174,585
Redwood Trust, Inc. (REIT)^	1,600		23,136
Saul Centers, Inc. (REIT)	500		16,380
Simon Property Group, Inc. (REIT)^	11,203		893,999
Tanger Factory Outlet Centers (REIT)	2,538		98,957
Universal Health Realty Income Trust (REIT)	900		28,827
Washington Real Estate Investment Trust (REIT)^	547		15,070
			6,328,548
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*^	27,391		371,696
St. Joe Co.*^	10,783		311,521
Tejon Ranch Co.*^	900		26,298
			709,515
Thrifts & Mortgage Finance (0.4%)
Astoria Financial Corp.^	174,000		2,162,820
Brookline Bancorp, Inc.^	2,300		22,793
Capitol Federal Financial^	1,802		56,691
Hudson City Bancorp, Inc.^	29,569		405,982
New York Community Bancorp, Inc.^	158,000		2,292,580
Oritani Financial Corp.^	900		12,357
TrustCo Bank Corp. NY/New York^	2,100		13,230
ViewPoint Financial Group^	800		11,528
			4,977,981
Total Financials			105,440,823

	Number of Shares	Value (Note 1)
Health Care (17.7%)
Biotechnology (5.3%)
Abraxis Bioscience, Inc.*	600	$	24,330
Acorda Therapeutics, Inc.*	4,600		116,012
Affymax, Inc.*^	900		22,266
Alexion Pharmaceuticals, Inc.*	9,998		488,102
Alkermes, Inc.*^	11,200		105,392
Allos Therapeutics, Inc.*	7,600		49,932
Alnylam Pharmaceuticals, Inc.*	4,300		75,766
AMAG Pharmaceuticals, Inc.*^	2,000		76,060
Amgen, Inc.*	290,555		16,436,696
Amicus Therapeutics, Inc.*	400		1,588
Amylin Pharmaceuticals, Inc.*^	16,600		235,554
Arena Pharmaceuticals, Inc.*^	7,588		26,938
ARIAD Pharmaceuticals, Inc.*	15,100		34,428
ArQule, Inc.*	3,300		12,177
Array BioPharma, Inc.*^	3,900		10,959
AVI BioPharma, Inc.*^	15,200		22,192
BioCryst Pharmaceuticals, Inc.*^	2,500		16,150
Biogen Idec, Inc.*	243,697		13,037,790
BioMarin Pharmaceutical, Inc.*^	11,500		216,315
Celera Corp.*^	2,400		16,584
Celgene Corp.*	50,722		2,824,201
Cell Therapeutics, Inc.*^	64,038		73,003
Celldex Therapeutics, Inc.*	1,200		5,616
Cephalon, Inc.*^	8,014		500,154
Cepheid, Inc.*^	128,054		1,598,114
Chelsea Therapeutics International, Inc.*	3,900		10,530
Clinical Data, Inc.*^	900		16,434
Cubist Pharmaceuticals, Inc.*	6,800		128,996
Curis, Inc.*^	9,800		31,850
Cytokinetics, Inc.*	2,600		7,566
Cytori Therapeutics, Inc.*^	1,700		10,370
Dendreon Corp.*	12,919		339,511
Dyax Corp.*	4,500		15,255
Emergent Biosolutions, Inc.*	2,300		31,257
Enzon Pharmaceuticals, Inc.*^	3,600		37,908
Exelixis, Inc.*^	12,700		93,599
Genomic Health, Inc.*	78,400		1,533,504
Genzyme Corp.*	318,371		15,603,363
Geron Corp.*	4,000		22,200
Gilead Sciences, Inc.*	189,757		8,212,683
GTx, Inc.*^	1,500		6,300
Halozyme Therapeutics, Inc.*	8,500		49,895
Hemispherx Biopharma, Inc.*^	11,022		6,172
Human Genome Sciences, Inc.*^	19,562		598,597
Idenix Pharmaceuticals, Inc.*^	2,000		4,300
Idera Pharmaceuticals, Inc.*	1,700		8,789
Immunogen, Inc.*^	4,100		32,226
Immunomedics, Inc.*	5,300		17,013
Incyte Corp.*^	6,200		56,482
Insmed, Inc.*	12,278		9,454
InterMune, Inc.*^	4,800		62,592
Isis Pharmaceuticals, Inc.*	39,560		439,116
Lexicon Pharmaceuticals, Inc.*^	1,900		3,230
Ligand Pharmaceuticals, Inc., Class B*	8,300		18,011

See Notes to Financial Statements.

58

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
MannKind Corp.*^	4,949	$	43,353
Martek Biosciences Corp.*^	502		9,508
Maxygen, Inc.*	800		4,872
Medivation, Inc.*^	3,400		128,010
Metabolix, Inc.*	1,500		16,605
Micromet, Inc.*^	4,528		30,157
Molecular Insight Pharmaceuticals, Inc.*^	1,400		3,150
Momenta Pharmaceuticals, Inc.*	4,500		56,745
Myriad Genetics, Inc.*	11,188		292,007
Myriad Pharmaceuticals, Inc.*^	1,875		9,431
Nabi Biopharmaceuticals*	400		1,960
Nanosphere, Inc.*	1,000		6,440
Neurocrine Biosciences, Inc.*^	3,100		8,432
Novavax, Inc.*^	4,700		12,502
NPS Pharmaceuticals, Inc.*	3,800		12,920
OncoGenex Pharmaceutical, Inc.*^	700		15,596
Onyx Pharmaceuticals, Inc.*	7,100		208,314
Opko Health, Inc.*^	3,900		7,137
Orexigen Therapeutics, Inc.*	1,600		11,904
OSI Pharmaceuticals, Inc.*^	6,700		207,901
Osiris Therapeutics, Inc.*	1,200		8,568
PDL BioPharma, Inc.^	14,400		98,784
Pharmasset, Inc.*^	2,600		53,820
Poniard Pharmaceuticals, Inc.*^	3,000		5,490
Progenics Pharmaceuticals, Inc.*^	2,200		9,768
Protalix BioTherapeutics, Inc.*	4,900		32,438
Regeneron Pharmaceuticals, Inc.*	7,400		178,932
Repligen Corp.*	2,500		10,275
Rigel Pharmaceuticals, Inc.*^	3,000		28,530
Sangamo BioSciences, Inc.*	3,000		17,760
Savient Pharmaceuticals, Inc.*^	7,200		97,992
Sciclone Pharmaceuticals, Inc.*	5,800		13,514
Seattle Genetics, Inc.*^	9,600		97,536
SIGA Technologies, Inc.*	2,771		16,072
Spectrum Pharmaceuticals, Inc.*^	3,469		15,402
StemCells, Inc.*^	11,303		14,242
Synta Pharmaceuticals Corp.*^	1,400		7,084
Talecris Biotherapeutics Holdings Corp.*	4,900		109,123
Theravance, Inc.*^	6,500		84,955
United Therapeutics Corp.*	5,342		281,256
Vanda Pharmaceuticals, Inc.*^	2,614		29,381
Vertex Pharmaceuticals, Inc.*^	111,370		4,772,205
Vical, Inc.*^	6,900		22,701
ZymoGenetics, Inc.*	3,000		19,170
			70,545,464
Health Care Equipment & Supplies (3.8%)
Abaxis, Inc.*^	2,700		68,985
ABIOMED, Inc.*^	2,800		24,472
Accuray, Inc.*^	2,900		16,269
Align Technology, Inc.*^	7,000		124,740
Alphatec Holdings, Inc.*	2,000		10,680
American Medical Systems Holdings, Inc.*	8,800		169,752
Analogic Corp.	1,100		42,361

	Number of Shares	Value (Note 1)
AngioDynamics, Inc.*^	800	$	12,864
Atrion Corp.^	100		15,572
ATS Medical, Inc.*	7,700		24,871
Baxter International, Inc.	66,640		3,910,435
Beckman Coulter, Inc.	7,419		485,499
Becton, Dickinson and Co.	26,341		2,077,251
Boston Scientific Corp.*	58,393		525,537
C.R. Bard, Inc.	10,953		853,239
Cerus Corp.*	424,550		844,855
Conceptus, Inc.*	3,800		71,288
Covidien plc	142,595		6,828,875
CryoLife, Inc.*	2,300		14,766
Cyberonics, Inc.*	3,500		71,540
DENTSPLY International, Inc.^	16,900		594,373
DexCom, Inc.*	5,033		40,667
Edwards Lifesciences Corp.*	6,098		529,611
Electro-Optical Sciences, Inc.*^	2,600		26,936
Endologix, Inc.*^	5,900		31,152
Exactech, Inc.*	600		10,386
Gen-Probe, Inc.*	5,900		253,110
Given Imaging Ltd.	169,090		2,952,311
Greatbatch, Inc.*^	1,589		30,556
Haemonetics Corp.*	3,000		165,450
Hansen Medical, Inc.*	1,400		4,242
HeartWare International, Inc.*	800		28,376
Hill-Rom Holdings, Inc.	2,381		57,120
Hologic, Inc.*	2,127		30,842
Hospira, Inc.*	17,985		917,235
ICU Medical, Inc.*	1,176		42,853
IDEXX Laboratories, Inc.*^	6,800		363,392
Immucor, Inc.*	8,400		170,016
Insulet Corp.*^	3,600		51,408
Integra LifeSciences Holdings Corp.*^	2,300		84,594
Intuitive Surgical, Inc.*	18,476		5,604,140
Invacare Corp.^	1,700		42,398
Inverness Medical Innovations, Inc.*^	4,300		178,493
IRIS International, Inc.*^	1,500		18,540
Kensey Nash Corp.*	600		15,300
Kinetic Concepts, Inc.*	2,642		99,471
MAKO Surgical Corp.*	2,600		28,860
Masimo Corp.*^	5,962		181,364
Medical Action Industries, Inc.*	400		6,424
Medtronic, Inc.	258,265		11,358,495
Meridian Bioscience, Inc.^	4,800		103,440
Merit Medical Systems, Inc.*	3,600		69,444
Micrus Endovascular Corp.*^	1,300		19,513
Natus Medical, Inc.*	2,200		32,538
Neogen Corp.*^	1,800		42,498
NuVasive, Inc.*^	4,400		140,712
NxStage Medical, Inc.*^	1,200		10,020
OraSure Technologies, Inc.*^	3,600		18,288
Orthofix International N.V.*^	1,609		49,831
Orthovita, Inc.*^	5,400		18,954
Palomar Medical Technologies, Inc.*	1,376		13,870
Quidel Corp.*^	2,300		31,694
ResMed, Inc.*^	8,200		428,614
RTI Biologics, Inc.*	4,400		16,896

See Notes to Financial Statements.

59

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Sirona Dental Systems, Inc.*	2,100	$	66,654
Somanetics Corp.*^	1,000		17,550
SonoSite, Inc.*^	1,400		33,082
Spectranetics Corp.*^	2,600		18,096
St. Jude Medical, Inc.*	38,511		1,416,435
Stereotaxis, Inc.*^	2,500		9,825
STERIS Corp.^	6,800		190,196
Stryker Corp.^	141,643		7,134,558
SurModics, Inc.*^	1,300		29,458
Symmetry Medical, Inc.*	900		7,254
Synovis Life Technologies, Inc.*	900		11,619
Teleflex, Inc.	2,021		108,912
Thoratec Corp.*^	6,500		174,980
TomoTherapy, Inc.*^	3,100		12,090
TranS1, Inc.*	1,000		3,950
Varian Medical Systems, Inc.*^	13,613		637,769
Volcano Corp.*^	2,500		43,450
West Pharmaceutical Services, Inc.^	3,800		148,960
Wright Medical Group, Inc.*^	4,600		87,170
Zoll Medical Corp.*	1,700		45,424
			51,305,710
Health Care Providers & Services (2.0%)
Aetna, Inc.	11,028		349,588
Air Methods Corp.*	900		30,258
Alliance HealthCare Services, Inc.*^	1,900		10,849
Almost Family, Inc.*	500		19,765
Amedisys, Inc.*^	3,000		145,680
America Service Group, Inc.	1,300		20,631
AMERIGROUP Corp.*	6,211		167,449
AmerisourceBergen Corp.^	28,799		750,790
AMN Healthcare Services, Inc.*	2,600		23,556
Bio-Reference Labs, Inc.*	900		35,271
BioScrip, Inc.*^	4,447		37,177
CardioNet, Inc.*^	2,261		13,430
Catalyst Health Solutions, Inc.*	4,200		153,174
Centene Corp.*	2,184		46,235
Chemed Corp.	2,711		130,047
Chindex International, Inc.*^	900		12,717
CIGNA Corp.	2,200		77,594
Community Health Systems, Inc.*	5,492		195,515
Corvel Corp.*	700		23,478
Coventry Health Care, Inc.*	5,064		123,005
Cross Country Healthcare, Inc.*^	500		4,955
DaVita, Inc.*	11,331		665,583
Emdeon, Inc., Class A*	2,313		35,273
Emergency Medical Services Corp., Class A*	2,958		160,176
Emeritus Corp.*^	1,600		30,000
Ensign Group, Inc.	1,800		27,666
Express Scripts, Inc.*	30,219		2,612,432
Genoptix, Inc.*^	1,559		55,391
Gentiva Health Services, Inc.*	900		24,309
Health Management Associates, Inc., Class A*^	28,838		209,652
HealthSouth Corp.*^	10,387		194,964
Healthways, Inc.*	148		2,714

	Number of Shares	Value (Note 1)
Henry Schein, Inc.*^	9,817	$	516,374
HMS Holdings Corp.*	3,100		150,939
Humana, Inc.*	7,166		314,516
inVentiv Health, Inc.*	945		15,281
IPC The Hospitalist Co., Inc.*	1,517		50,440
Laboratory Corp. of America Holdings*^	11,869		888,276
Landauer, Inc.	400		24,560
LHC Group, Inc.*^	1,900		63,859
Lincare Holdings, Inc.*^	6,200		230,144
McKesson Corp.	14,518		907,375
Medco Health Solutions, Inc.*^	53,104		3,393,877
MEDNAX, Inc.*	1,751		105,253
MWI Veterinary Supply, Inc.*^	1,400		52,780
National Healthcare Corp.	600		21,666
National Research Corp.	100		2,070
Odyssey HealthCare, Inc.*	2,300		35,834
Omnicare, Inc.	5,894		142,517
Owens & Minor, Inc.	3,900		167,427
Patterson Cos., Inc.*	11,501		321,798
PharMerica Corp.*	2,796		44,400
Providence Service Corp.*	800		12,640
PSS World Medical, Inc.*^	7,000		157,990
Psychiatric Solutions, Inc.*^	4,525		95,658
Quest Diagnostics, Inc.^	17,013		1,027,245
RadNet, Inc.*	1,600		3,264
RehabCare Group, Inc.*	1,414		43,028
Tenet Healthcare Corp.*	37,775		203,607
U.S. Physical Therapy, Inc.*	1,000		16,930
UnitedHealth Group, Inc.	377,195		11,496,904
Universal Health Services, Inc., Class B	734		22,387
VCA Antech, Inc.*	9,700		241,724
Virtual Radiologic Corp.*^	500		6,380
WellPoint, Inc.*	4,011		233,801
			27,400,268
Health Care Technology (0.2%)
Allscripts-Misys Healthcare Solutions, Inc.*^	7,085		143,330
athenahealth, Inc.*^	29,049		1,314,177
Cerner Corp.*^	7,500		618,300
Computer Programs & Systems, Inc.	1,300		59,865
Eclipsys Corp.*	6,700		124,084
IMS Health, Inc.	5,000		105,300
MedAssets, Inc.*	4,765		101,066
Omnicell, Inc.*	2,500		29,225
Phase Forward, Inc.*^	5,300		81,355
Quality Systems, Inc.	2,774		174,179
Vital Images, Inc.*	700		8,883
			2,759,764
Life Sciences Tools & Services (0.7%)
Accelrys, Inc.*	2,200		12,606
Affymetrix, Inc.*^	5,874		34,304
Bio-Rad Laboratories, Inc., Class A*	2,200		212,212
Bruker Corp.*	4,100		49,446
Cambrex Corp.*^	1,400		7,812

See Notes to Financial Statements.

60

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Charles River Laboratories International, Inc.*^	5,148	$	173,436
Compugen Ltd.*^	100,985		489,777
Covance, Inc.*^	7,391		403,327
Dionex Corp.*	2,100		155,127
Enzo Biochem, Inc.*	2,000		10,760
eResearchTechnology, Inc.*	3,500		21,035
Illumina, Inc.*^	98,623		3,022,795
Life Technologies Corp.*	16,892		882,269
Luminex Corp.*	5,000		74,650
Mettler-Toledo International, Inc.*	3,600		377,964
Millipore Corp.*	6,300		455,805
PAREXEL International Corp.*	7,000		98,700
PerkinElmer, Inc.	2,140		44,063
Pharmaceutical Product Development, Inc.^	12,100		283,624
QIAGEN N.V.*	57,145		1,275,476
Sequenom, Inc.*^	4,900		20,286
Techne Corp.^	4,300		294,808
Thermo Fisher Scientific, Inc.*	3,966		189,139
Varian, Inc.*	561		28,914
Waters Corp.*	10,900		675,364
			9,293,699
Pharmaceuticals (5.7%)
Abbott Laboratories, Inc.	282,118		15,231,551
Acura Pharmaceuticals, Inc.*	700		3,731
Adolor Corp.*^	3,700		5,402
Akorn, Inc.*	4,600		8,234
Allergan, Inc.	158,387		9,979,965
Ardea Biosciences, Inc.*^	1,200		16,800
Auxilium Pharmaceuticals, Inc.*	5,100		152,898
Biodel, Inc.*	900		3,906
BioMimetic Therapeutics, Inc.*^	34,618		412,993
BMP Sunstone Corp.*	1,700		9,673
Bristol-Myers Squibb Co.^	108,326		2,735,231
Cadence Pharmaceuticals, Inc.*^	2,900		28,043
Caraco Pharmaceutical Laboratories Ltd.*^	900		5,436
Cypress Bioscience, Inc.*^	2,500		14,400
Depomed, Inc.*^	4,100		13,735
Discovery Laboratories, Inc.*^	7,800		4,902
Durect Corp.*	6,600		16,302
Eli Lilly and Co.	58,927		2,104,283
Forest Laboratories, Inc.*	334,545		10,742,240
Impax Laboratories, Inc.*	5,689		77,370
Inspire Pharmaceuticals, Inc.*^	8,100		44,712
ISTA Pharmaceuticals, Inc.*^	4,300		19,608
Javelin Pharmaceuticals, Inc.*	4,000		5,200
Johnson & Johnson	320,551		20,646,690
KV Pharmaceutical Co., Class A*	2,700		9,909
MAP Pharmaceuticals, Inc.*^	600		5,718
Medicines Co.*	4,200		35,028
Medicis Pharmaceutical Corp., Class A	672		18,178
Merck & Co., Inc.	260,706		9,526,197

	Number of Shares	Value (Note 1)
MiddleBrook Pharmaceuticals, Inc.*	2,900	$	1,479
Mylan, Inc.*^	23,365		430,617
Nektar Therapeutics*	10,926		101,830
Obagi Medical Products, Inc.*^	1,400		16,800
Optimer Pharmaceuticals, Inc.*^	3,700		41,736
Pain Therapeutics, Inc.*	2,800		15,008
Perrigo Co.^	9,100		362,544
Pozen, Inc.*	2,100		12,579
Questcor Pharmaceuticals, Inc.*	4,100		19,475
Salix Pharmaceuticals Ltd.*	5,794		147,168
Santarus, Inc.*^	5,801		26,801
Sucampo Pharmaceuticals, Inc., Class A*^	700		2,828
Teva Pharmaceutical Industries Ltd. (ADR)	32,700		1,837,086
Valeant Pharmaceuticals International*^	59,580		1,894,048
Vivus, Inc.*^	8,400		77,196
XenoPort, Inc.*	3,500		64,960
			76,930,490
Total Health Care			238,235,395
Industrials (10.5%)
Aerospace & Defense (3.5%)
AAR Corp.*	700		16,086
Aerovironment, Inc.*	1,700		49,436
Alliant Techsystems, Inc.*^	3,521		310,799
American Science & Engineering, Inc.	1,100		83,424
Applied Signal Technology, Inc.	1,268		24,460
Argon ST, Inc.*	900		19,548
Ascent Solar Technologies, Inc.*^	600		3,180
BE Aerospace, Inc.*^	5,441		127,863
Boeing Co.	6,837		370,087
Cubic Corp.	1,439		53,675
DigitalGlobe, Inc.*	1,478		35,768
DynCorp International, Inc., Class A*	100		1,435
Esterline Technologies Corp.*	816		33,268
GenCorp, Inc.*^	4,600		32,200
General Dynamics Corp.	112,627		7,677,783
GeoEye, Inc.*^	1,673		46,643
Goodrich Corp.	126,132		8,103,981
HEICO Corp.	2,800		124,124
Hexcel Corp.*^	11,400		147,972
Honeywell International, Inc.	82,324		3,227,101
ITT Corp.	2,124		105,648
L-3 Communications Holdings, Inc.	85,815		7,461,614
LMI Aerospace, Inc.*	400		5,320
Lockheed Martin Corp.	35,121		2,646,367
Northrop Grumman Corp.	4,456		248,868
Orbital Sciences Corp.*	6,800		103,768
Precision Castparts Corp.^	15,596		1,721,019
Raytheon Co.^	33,628		1,732,514
Rockwell Collins, Inc.^	17,289		957,119
Spirit AeroSystems Holdings, Inc., Class A*	3,146		62,479

See Notes to Financial Statements.

61

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Stanley, Inc.*	1,400	$	38,374
Taser International, Inc.*	5,100		22,338
Teledyne Technologies, Inc.*	1,000		38,360
TransDigm Group, Inc.^	4,572		217,124
United Technologies Corp.	153,231		10,635,764
			46,485,509
Air Freight & Logistics (1.0%)
C.H. Robinson Worldwide, Inc.^	18,611		1,093,024
Dynamex, Inc.*	300		5,430
Expeditors International of Washington, Inc.^	128,233		4,453,532
Forward Air Corp.^	1,173		29,384
Hub Group, Inc., Class A*	1,900		50,977
United Parcel Service, Inc., Class B	141,261		8,104,143
UTi Worldwide, Inc.	10,900		156,088
			13,892,578
Airlines (0.2%)
AirTran Holdings, Inc.*^	14,464		75,502
Allegiant Travel Co.*	1,415		66,746
AMR Corp.*^	31,668		244,794
Continental Airlines, Inc., Class B*^	63,263		1,133,673
Copa Holdings S.A., Class A	3,558		193,804
Delta Air Lines, Inc.*^	86,641		985,975
Hawaiian Holdings, Inc.*^	6,400		44,800
Southwest Airlines Co.	26,780		306,095
UAL Corp.*^	13,350		172,348
			3,223,737
Building Products (0.1%)
AAON, Inc.^	1,100		21,439
Armstrong World Industries, Inc.*	1,000		38,930
Lennox International, Inc.^	5,400		210,816
Masco Corp.	19,775		273,093
Owens Corning, Inc.*	4,548		116,610
Quanex Building Products Corp.	1,900		32,243
Simpson Manufacturing Co., Inc.^	3,592		96,589
Trex Co., Inc.*^	1,900		37,240
			826,960
Commercial Services & Supplies (0.4%)
ABM Industries, Inc.	1,120		23,139
American Ecology Corp.^	1,300		22,152
American Reprographics Co.*	3,000		21,030
APAC Customer Services, Inc.*	4,100		24,436
ATC Technology Corp.*	1,539		36,705
Avery Dennison Corp.^	1,945		70,973
Brink’s Co.	5,390		131,193
Cenveo, Inc.*	3,900		34,125
Cintas Corp.	2,202		57,362
Clean Harbors, Inc.*	2,400		143,064
Copart, Inc.*^	7,669		280,916
Corrections Corp. of America*	1,111		27,275
Deluxe Corp.^	3,500		51,765
EnerNOC, Inc.*	1,185		36,012
Fuel Tech, Inc.*	1,500		12,255

	Number of Shares	Value (Note 1)
GEO Group, Inc.*	4,800	$	105,024
Healthcare Services Group, Inc.^	5,200		111,592
Herman Miller, Inc.^	6,632		105,979
HNI Corp.^	3,994		110,354
ICT Group, Inc.*	300		4,899
Innerworkings, Inc.*	2,600		15,340
Interface, Inc., Class A	4,300		35,733
Iron Mountain, Inc.*	19,593		445,937
Knoll, Inc.	6,000		61,980
Mine Safety Appliances Co.	2,266		60,117
Mobile Mini, Inc.*	777		10,948
Multi-Color Corp.	800		9,768
R.R. Donnelley & Sons Co.	6,310		140,524
Republic Services, Inc.	11,734		332,190
Rollins, Inc.^	5,300		102,184
Standard Parking Corp.*	500		7,940
Standard Register Co.^	400		2,040
Stericycle, Inc.*	9,200		507,564
Sykes Enterprises, Inc.*	4,200		106,974
Team, Inc.*	1,500		28,215
Tetra Tech, Inc.*	7,100		192,907
Waste Connections, Inc.*	6,871		229,079
Waste Management, Inc.	48,666		1,645,397
			5,345,087
Construction & Engineering (0.8%)
Aecom Technology Corp.*	11,000		302,500
EMCOR Group, Inc.*	2,100		56,490
Fluor Corp.	59,375		2,674,250
Furmanite Corp.*	2,200		8,382
Granite Construction, Inc.^	514		17,301
Great Lakes Dredge & Dock Corp.^	3,935		25,499
Jacobs Engineering Group, Inc.*	14,038		527,969
MasTec, Inc.*	2,300		28,750
Michael Baker Corp.*^	767		31,754
MYR Group, Inc.*	1,650		29,832
Orion Marine Group, Inc.*	3,400		71,604
Pike Electric Corp.*^	400		3,712
Quanta Services, Inc.*	215,850		4,498,314
Shaw Group, Inc.*	59,864		1,721,090
Sterling Construction Co., Inc.*	600		11,508
URS Corp.*	1,305		58,098
			10,067,053
Electrical Equipment (0.7%)
A123 Systems, Inc.*^	54,600		1,225,224
ABB Ltd. (ADR)*	43,100		823,210
Acuity Brands, Inc.^	3,900		138,996
Advanced Battery Technologies, Inc.*^	3,600		14,400
American Superconductor Corp.*	5,200		212,680
AMETEK, Inc.^	12,307		470,620
AZZ, Inc.*	1,149		37,572
Baldor Electric Co.^	30,946		869,273
Broadwind Energy, Inc.*^	3,167		25,621
Emerson Electric Co.	82,097		3,497,332
Ener1, Inc.*	3,300		20,922
Energy Conversion Devices, Inc.*^	3,700		39,109

See Notes to Financial Statements.

62

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Evergreen Solar, Inc.*^	11,600	$	17,516
First Solar, Inc.*^	5,667		767,312
FuelCell Energy, Inc.*^	5,600		21,056
GrafTech International Ltd.*	5,547		86,256
GT Solar International, Inc.*^	1,700		9,452
Harbin Electric, Inc.*^	2,100		43,134
Hubbell, Inc., Class B^	558		26,393
II-VI, Inc.*^	2,200		69,960
LaBarge, Inc.*^	900		10,845
Microvision, Inc.*^	5,500		17,435
Polypore International, Inc.*	1,300		15,470
Powell Industries, Inc.*	600		18,918
Power-One, Inc.*^	400		1,740
PowerSecure International, Inc.*	1,400		10,094
Rockwell Automation, Inc.^	1,700		79,866
Roper Industries, Inc.^	8,372		438,442
SunPower Corp., Class A*^	11,007		260,646
Thomas & Betts Corp.*	1,560		55,832
Ultralife Corp.*	1,000		4,320
Valence Technology, Inc.*^	3,300		3,003
Vicor Corp.*	1,600		14,880
Woodward Governor Co.	5,700		146,889
			9,494,418
Industrial Conglomerates (1.0%)
3M Co.^	76,011		6,283,829
Carlisle Cos., Inc.	1,575		53,960
McDermott International, Inc.*	24,928		598,521
Raven Industries, Inc.^	1,300		41,301
Tyco International Ltd.*	167,685		5,983,001
			12,960,612
Machinery (1.2%)
3D Systems Corp.*^	1,300		14,690
Actuant Corp., Class A^	3,923		72,693
Ampco-Pittsburgh Corp.^	500		15,765
Badger Meter, Inc.^	1,800		71,676
Bucyrus International, Inc.	2,130		120,068
Caterpillar, Inc.	33,251		1,894,974
Chart Industries, Inc.*	2,300		38,065
China Fire & Security Group, Inc.*^	1,100		14,883
CLARCOR, Inc.^	2,298		74,547
Colfax Corp.*	1,700		20,468
Crane Co.^	2,343		71,743
Cummins, Inc.	28,934		1,326,913
Danaher Corp.	17,699		1,330,965
Deere & Co.	11,367		614,841
Donaldson Co., Inc.^	8,300		353,082
Dover Corp.	14,341		596,729
Dynamic Materials Corp.^	1,000		20,050
Energy Recovery, Inc.*	3,468		23,860
ESCO Technologies, Inc.^	3,100		111,135
Flanders Corp.*^	1,300		5,798
Flow International Corp.*^	3,100		9,548
Flowserve Corp.	6,093		575,971
Force Protection, Inc.*	6,450		33,605
Gorman-Rupp Co.^	1,200		33,168
Graco, Inc.^	3,310		94,567
Graham Corp.	800		16,560

	Number of Shares	Value (Note 1)
Harsco Corp.	6,758	$	217,810
IDEX Corp.^	5,627		175,281
Joy Global, Inc.	10,183		525,341
K-Tron International, Inc.*	200		21,748
Lindsay Corp.	1,000		39,850
Met-Pro Corp.	1,200		12,744
Middleby Corp.*^	2,000		98,040
Navistar International Corp.*	7,399		285,971
Nordson Corp.^	1,360		83,205
Omega Flex, Inc.^	300		4,200
PACCAR, Inc.^	37,118		1,346,270
Pall Corp.	122,545		4,436,129
Pentair, Inc.	3,275		105,783
PMFG, Inc.*^	1,100		17,831
RBC Bearings, Inc.*	1,800		43,794
Robbins & Myers, Inc.	166		3,904
Sauer-Danfoss, Inc.*	800		9,608
Snap-On, Inc.^	1,476		62,376
Sun Hydraulics Corp.^	900		23,625
Tennant Co.	2,300		60,237
Toro Co.^	4,200		175,602
Valmont Industries, Inc.^	2,445		191,810
Wabtec Corp.^	5,665		231,359
			15,728,882
Marine (0.0%)
Kirby Corp.*^	937		32,636
Professional Services (0.3%)
Acacia Research Corp.- Acacia Technologies*	3,307		30,127
Administaff, Inc.	2,600		61,334
Advisory Board Co.*	1,300		39,858
CBIZ, Inc.*^	3,600		27,720
CDI Corp.	100		1,295
Corporate Executive Board Co.	4,100		93,562
CoStar Group, Inc.*^	2,400		100,248
CRA International, Inc.*^	600		15,990
Diamond Management & Technology Consultants, Inc.	3,600		26,532
Dun & Bradstreet Corp.	6,049		510,354
Equifax, Inc.	11,209		346,246
Exponent, Inc.*	1,800		50,112
FTI Consulting, Inc.*	5,900		278,244
Hill International, Inc.*^	1,900		11,856
Huron Consulting Group, Inc.*	2,700		62,208
ICF International, Inc.*^	909		24,361
IHS, Inc., Class A*	5,530		303,099
Korn/Ferry International*	300		4,950
Manpower, Inc.	14,000		764,120
Monster Worldwide, Inc.*^	8,538		148,561
Navigant Consulting, Inc.*	6,100		90,646
Odyssey Marine Exploration, Inc.*^	3,400		4,794
Resources Connection, Inc.*^	5,400		114,588
Robert Half International, Inc.^	16,512		441,366
School Specialty, Inc.*^	900		21,051
Verisk Analytics, Inc., Class A*	7,600		230,128
VSE Corp.	300		13,524
Watson Wyatt Worldwide, Inc., Class A	4,055		192,694
			4,009,568

See Notes to Financial Statements.

63

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Road & Rail (1.2%)
Avis Budget Group, Inc.*^	6,628	$	86,959
Celadon Group, Inc.*	2,003		21,733
Con-way, Inc.^	1,920		67,027
CSX Corp.	18,000		872,820
Genesee & Wyoming, Inc., Class A*^	4,431		144,628
Heartland Express, Inc.^	2,800		42,756
J.B. Hunt Transport Services, Inc.^	10,123		326,669
Kansas City Southern*	4,925		163,953
Knight Transportation, Inc.^	5,600		108,024
Landstar System, Inc.	5,900		228,743
Marten Transport Ltd.*	1,496		26,853
Norfolk Southern Corp.	88,601		4,644,464
Old Dominion Freight Line, Inc.*	381		11,697
Union Pacific Corp.	153,203		9,789,672
			16,535,998
Trading Companies & Distributors (0.1%)
Beacon Roofing Supply, Inc.*	3,481		55,696
Fastenal Co.^	15,004		624,767
GATX Corp.^	1,898		54,567
Houston Wire & Cable Co.^	1,400		16,660
Kaman Corp.	2,098		48,443
MSC Industrial Direct Co., Class A^	5,000		235,000
RSC Holdings, Inc.*	3,900		27,456
TAL International Group, Inc.	300		3,969
Titan Machinery, Inc.*^	600		6,924
W.W. Grainger, Inc.	6,702		648,955
Watsco, Inc.^	2,845		139,348
WESCO International, Inc.*^	2,700		72,927
			1,934,712
Total Industrials			140,537,750
Information Technology (30.6%)
Communications Equipment (4.6%)
3Com Corp.*	36,974		277,305
Acme Packet, Inc.*^	4,800		52,800
ADC Telecommunications, Inc.*^	3,000		18,630
ADTRAN, Inc.^	5,144		115,997
Airvana, Inc.*	1,800		13,680
Anaren, Inc.*	1,339		20,152
Arris Group, Inc.*	38,328		438,089
Aruba Networks, Inc.*^	7,300		77,818
BigBand Networks, Inc.*	2,700		9,288
Blue Coat Systems, Inc.*^	4,600		131,284
Brocade Communications Systems, Inc.*	16,196		123,575
Ciena Corp.*^	836		9,062
Cisco Systems, Inc.*	962,792		23,049,240
Comtech Telecommunications Corp.*	3,300		115,665
DG FastChannel, Inc.*^	2,500		69,825
Digi International, Inc.*^	400		3,648
EMS Technologies, Inc.*	1,269		18,401
Emulex Corp.*^	9,263		100,967

	Number of Shares	Value (Note 1)
F5 Networks, Inc.*	9,000	$	476,820
Harmonic, Inc.*^	6,860		43,424
Harris Corp.	11,269		535,841
Hughes Communications, Inc.*	600		15,618
Infinera Corp.*^	10,300		91,361
InterDigital, Inc.*^	5,200		138,008
Ixia*^	2,100		15,624
JDS Uniphase Corp.*	13,400		110,550
Juniper Networks, Inc.*^	136,492		3,640,242
Loral Space & Communications, Inc.*	1,058		33,443
Motorola, Inc.*	17,397		135,001
NETGEAR, Inc.*^	500		10,845
Nokia Oyj (ADR)^	568,330		7,303,040
Oplink Communications, Inc.*	600		9,834
Opnext, Inc.*	900		1,710
Palm, Inc.*^	16,326		163,913
Parkervision, Inc.*	1,900		3,477
PC-Tel, Inc.*	1,000		5,920
Plantronics, Inc.	5,089		132,212
Polycom, Inc.*	4,008		100,080
QUALCOMM, Inc.	514,854		23,817,146
Riverbed Technology, Inc.*^	6,400		147,008
ShoreTel, Inc.*^	3,000		17,340
Tekelec*	2,126		32,485
ViaSat, Inc.*^	2,361		75,033
			61,701,401
Computers & Peripherals (7.7%)
3PAR, Inc.*^	2,200		26,070
Apple, Inc.*	175,589		37,024,697
Compellent Technologies, Inc.*^	1,100		24,948
Cray, Inc.*^	3,600		23,112
Dell, Inc.*	189,805		2,725,600
Diebold, Inc.	6,700		190,615
EMC Corp.*	554,309		9,683,778
Hewlett-Packard Co.	202,759		10,444,116
Immersion Corp.*	1,200		5,484
Intermec, Inc.*	7,500		96,450
International Business Machines Corp.	205,797		26,938,827
Isilon Systems, Inc.*	2,000		13,720
NCR Corp.*	18,360		204,347
NetApp, Inc.*	101,715		3,497,979
Netezza Corp.*^	5,700		55,290
Novatel Wireless, Inc.*^	3,014		24,022
QLogic Corp.*	13,876		261,840
Quantum Corp.*	28,800		84,384
SanDisk Corp.*^	188,651		5,468,992
Seagate Technology^	264,702		4,814,929
Silicon Graphics International Corp.*	300		2,103
STEC, Inc.*^	49,841		814,402
Stratasys, Inc.*	1,700		29,376
Super Micro Computer, Inc.*	1,600		17,792
Synaptics, Inc.*^	4,200		128,730
Teradata Corp.*	15,285		480,408
Western Digital Corp.*	22,288		984,015
			104,066,026

See Notes to Financial Statements.

64

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Electronic Equipment, Instruments & Components (1.1%)
Agilent Technologies, Inc.*	37,526	$	1,165,933
Amphenol Corp., Class A	18,660		861,719
Anixter International, Inc.*^	200		9,420
Arrow Electronics, Inc.*	5,793		171,531
Avnet, Inc.*	5,981		180,387
AVX Corp.	300		3,801
Benchmark Electronics, Inc.*^	1,000		18,910
Brightpoint, Inc.*	4,906		36,059
Checkpoint Systems, Inc.*	1,400		21,350
China Security & Surveillance Technology, Inc.*^	2,300		17,572
Cogent, Inc.*	4,007		41,633
Cognex Corp.^	607		10,756
Comverge, Inc.*	1,700		19,108
Corning, Inc.	146,143		2,822,021
CPI International, Inc.*^	100		1,324
Daktronics, Inc.^	2,700		24,867
Dolby Laboratories, Inc., Class A*	48,400		2,310,132
DTS, Inc.*	1,400		47,894
Echelon Corp.*^	2,400		27,744
FARO Technologies, Inc.*	1,400		30,016
FLIR Systems, Inc.*^	16,288		532,943
ICx Technologies, Inc.*^	600		5,712
IPG Photonics Corp.*^	1,600		26,784
Itron, Inc.*	4,200		283,794
Jabil Circuit, Inc.	11,000		191,070
L-1 Identity Solutions, Inc.*^	5,509		41,262
Maxwell Technologies, Inc.*	1,500		26,760
Molex, Inc.	958		20,645
MTS Systems Corp.^	500		14,370
Multi-Fineline Electronix, Inc.*	1,300		36,881
National Instruments Corp.^	6,600		194,370
OSI Systems, Inc.*^	1,000		27,280
Park Electrochemical Corp.	1,300		35,932
PC Mall, Inc.*	700		3,654
Plexus Corp.*	1,118		31,863
RadiSys Corp.*^	2,432		23,226
Rofin-Sinar Technologies, Inc.*^	1,083		25,570
Scansource, Inc.*	130		3,471
Trimble Navigation Ltd.*^	13,900		350,280
Tyco Electronics Ltd.	177,980		4,369,409
Universal Display Corp.*^	2,300		28,428
Vishay Intertechnology, Inc.*	3,967		33,124
			14,129,005
Internet Software & Services (4.9%)
Akamai Technologies, Inc.*^	19,719		499,482
Art Technology Group, Inc.*^	10,500		47,355
Baidu, Inc. (ADR)*	16,451		6,765,145
comScore, Inc.*	1,500		26,325
Constant Contact, Inc.*^	2,900		46,400
DealerTrack Holdings, Inc.*	4,700		88,313
Dice Holdings, Inc.*	1,300		8,515
Digital River, Inc.*^	3,675		99,188
DivX, Inc.*^	2,200		12,408
EarthLink, Inc.^	1,109		9,216
eBay, Inc.*	28,736		676,446
Equinix, Inc.*^	16,683		1,770,901

	Number of Shares	Value (Note 1)
Google, Inc., Class A*	57,116	$	35,410,778
GSI Commerce, Inc.*^	3,500		88,865
IAC/InterActiveCorp*	5,007		102,543
InfoSpace, Inc.*	1,600		13,712
Innodata Isogen, Inc.*	3,200		17,728
Internet Brands, Inc., Class A*^	800		6,264
Internet Capital Group, Inc.*	1,900		12,635
j2 Global Communications, Inc.*^	4,900		99,715
Keynote Systems, Inc.	200		2,182
Knot, Inc.*	2,300		23,161
Limelight Networks, Inc.*	1,300		5,109
Liquidity Services, Inc.*	1,200		12,084
LivePerson, Inc.*	5,500		38,335
LoopNet, Inc.*	2,400		23,856
Marchex, Inc., Class B	1,900		9,652
MercadoLibre, Inc.*	40,800		2,116,296
Move, Inc.*^	910,070		1,510,716
NIC, Inc.^	6,200		56,668
Open Text Corp.*	159		6,463
Rackspace Hosting, Inc.*^	309,830		6,459,956
RealNetworks, Inc.*	2,800		10,388
SAVVIS, Inc.*	4,400		61,820
Sohu.com, Inc.*	3,505		200,766
support.com, Inc.*	2,600		6,864
Switch & Data Facilities Co., Inc.*	1,700		34,357
Terremark Worldwide, Inc.*^	4,300		29,412
ValueClick, Inc.*	10,100		102,212
VeriSign, Inc.*^	22,000		533,280
Vocus, Inc.*^	1,300		23,400
Yahoo!, Inc.*	529,140		8,878,969
Zix Corp.*^	9,600		16,416
			65,964,296
IT Services (2.7%)
Acxiom Corp.*	5,056		67,852
Affiliated Computer Services, Inc., Class A*	6,348		378,912
Alliance Data Systems Corp.*^	5,980		386,248
Amdocs Ltd.*	3,325		94,862
Automatic Data Processing, Inc.	55,494		2,376,253
Broadridge Financial Solutions, Inc.	10,269		231,669
CACI International, Inc., Class A*^	500		24,425
Cass Information Systems, Inc.^	500		15,200
China Information Security Technology, Inc.*	1,900		11,704
Cognizant Technology Solutions Corp., Class A*	32,064		1,452,499
Convergys Corp.*	2,000		21,500
CSG Systems International, Inc.*	1,500		28,635
Cybersource Corp.*^	8,200		164,902
DST Systems, Inc.*	3,900		169,845
Euronet Worldwide, Inc.*	5,013		110,035
ExlService Holdings, Inc.*	1,200		21,792
Fidelity National Information Services, Inc.	20,934		490,693
Fiserv, Inc.*	16,957		822,075

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Forrester Research, Inc.*^	1,300	$	33,735
Gartner, Inc.*	7,000		126,280
Genpact Ltd.*	7,600		113,240
Global Cash Access Holdings, Inc.*	2,000		14,980
Global Payments, Inc.	9,200		495,512
Hackett Group, Inc.*^	3,300		9,174
Heartland Payment Systems, Inc.	4,700		61,711
Hewitt Associates, Inc., Class A*	9,559		403,963
iGATE Corp.	1,800		18,000
Integral Systems, Inc.*^	1,400		12,124
Lender Processing Services, Inc.	10,337		420,302
Lionbridge Technologies, Inc.*	9,400		21,620
ManTech International Corp., Class A*	2,100		101,388
Mastercard, Inc., Class A^	28,071		7,185,615
MAXIMUS, Inc.	1,465		73,250
MoneyGram International, Inc.*^	10,300		29,664
NCI, Inc., Class A*	500		13,825
NeuStar, Inc., Class A*^	8,400		193,536
Online Resources Corp.*	2,300		12,098
Paychex, Inc.	240,622		7,372,658
RightNow Technologies, Inc.*	2,300		39,951
SAIC, Inc.*	17,736		335,920
Sapient Corp.*	10,200		84,354
SRA International, Inc., Class A*	1,600		30,560
Syntel, Inc.	1,600		60,848
TeleTech Holdings, Inc.*	3,000		60,090
TNS, Inc.*	3,200		82,208
Total System Services, Inc.^	13,572		234,389
VeriFone Holdings, Inc.*	8,470		138,739
Virtusa Corp.*	500		4,530
Visa, Inc., Class A^	114,195		9,987,495
Western Union Co.	77,059		1,452,562
Wright Express Corp.*^	4,500		143,370
			36,236,792
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*^	6,300		178,668
Semiconductors & Semiconductor Equipment (3.2%)
Actel Corp.*	100		1,188
Advanced Analogic Technologies, Inc.*^	3,700		14,578
Advanced Energy Industries, Inc.*	2,654		40,022
Advanced Micro Devices, Inc.*	34,381		332,808
Altera Corp.	31,874		721,308
Amkor Technology, Inc.*^	13,437		96,209
ANADIGICS, Inc.*	5,100		21,522
Analog Devices, Inc.^	31,999		1,010,528
Applied Micro Circuits Corp.*	6,142		45,881
Atheros Communications, Inc.*	7,578		259,471
ATMI, Inc.*^	782		14,561
Broadcom Corp., Class A*	261,751		8,232,069
Cabot Microelectronics Corp.*^	212		6,987

	Number of Shares	Value (Note 1)
Cavium Networks, Inc.*^	4,400	$	104,852
CEVA, Inc.*	1,200		15,432
Cirrus Logic, Inc.*^	9,000		61,380
Cree, Inc.*	66,130		3,727,748
Cypress Semiconductor Corp.*^	16,700		176,352
Diodes, Inc.*	3,900		79,755
DSP Group, Inc.*^	24,930		140,356
Entropic Communications, Inc.*^	700		2,149
Exar Corp.*	300		2,133
FEI Co.*	4,106		95,916
FormFactor, Inc.*	5,551		120,790
Hittite Microwave Corp.*^	2,600		105,950
Integrated Device Technology, Inc.*	2,978		19,268
Intel Corp.	487,863		9,952,405
International Rectifier Corp.*	2,977		65,851
Intersil Corp., Class A^	7,372		113,086
IXYS Corp.*	1,500		11,130
Kopin Corp.*	6,811		28,470
Kulicke & Soffa Industries, Inc.*^	8,700		46,893
Lam Research Corp.*^	36,499		1,431,126
Lattice Semiconductor Corp.*	4,700		12,690
Linear Technology Corp.^	24,242		740,351
Marvell Technology Group Ltd.*	50,600		1,049,950
Maxim Integrated Products, Inc.^	27,786		564,056
MEMC Electronic Materials, Inc.*	25,200		343,224
Micrel, Inc.	427		3,501
Microchip Technology, Inc.^	18,081		525,434
Micron Technology, Inc.*^	17,594		185,793
Microsemi Corp.*	9,700		172,175
Microtune, Inc.*^	4,400		9,944
MIPS Technologies, Inc.*^	6,400		27,968
Monolithic Power Systems, Inc.*^	4,055		97,198
National Semiconductor Corp.^	24,900		382,464
Netlogic Microsystems, Inc.*^	39,553		1,829,722
Novellus Systems, Inc.*	6,950		162,213
NVE Corp.*	400		16,524
NVIDIA Corp.*^	60,760		1,134,997
ON Semiconductor Corp.*^	48,465		426,977
PLX Technology, Inc.*	2,200		7,106
Power Integrations, Inc.^	2,800		101,808
Rambus, Inc.*^	12,300		300,120
RF Micro Devices, Inc.*^	29,036		138,502
Rubicon Technology, Inc.*^	1,100		22,341
Rudolph Technologies, Inc.*	300		2,016
Semtech Corp.*	7,300		124,173
Sigma Designs, Inc.*	1,800		19,260
Silicon Laboratories, Inc.*^	33,861		1,636,841
Skyworks Solutions, Inc.*^	19,294		273,782
Standard Microsystems Corp.*	26,400		548,592
Supertex, Inc.*	900		26,820
Techwell, Inc.*	1,200		15,840
Teradyne, Inc.*^	20,377		218,645
Tessera Technologies, Inc.*	5,600		130,312
Texas Instruments, Inc.	139,107		3,625,128

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Trident Microsystems, Inc.*^	2,000	$	3,720
TriQuint Semiconductor, Inc.*	7,870		47,220
Ultratech, Inc.*	1,900		28,234
Varian Semiconductor Equipment Associates, Inc.*	8,500		304,980
Veeco Instruments, Inc.*^	2,300		75,992
Volterra Semiconductor Corp.*	2,100		40,152
Xilinx, Inc.	29,900		749,294
Zoran Corp.*	3,685		40,719
			43,264,952
Software (6.4%)
ACI Worldwide, Inc.*	4,400		75,460
Activision Blizzard, Inc.*^	36,794		408,781
Actuate Corp.*	4,900		20,972
Adobe Systems, Inc.*^	137,228		5,047,246
Advent Software, Inc.*	1,400		57,022
American Software, Inc., Class A^	1,200		7,200
ANSYS, Inc.*	10,041		436,382
ArcSight, Inc.*^	1,794		45,891
Ariba, Inc.*^	10,509		131,573
AsiaInfo Holdings, Inc.*^	2,800		85,316
Autodesk, Inc.*	272,811		6,932,128
Blackbaud, Inc.^	5,000		118,150
Blackboard, Inc.*^	3,700		167,943
BMC Software, Inc.*	20,212		810,501
Bottomline Technologies, Inc.*	2,617		45,981
CA, Inc.	32,983		740,798
Cadence Design Systems, Inc.*	30,584		183,198
Callidus Software, Inc.*	2,400		7,248
Chordiant Software, Inc.*	2,400		6,600
Citrix Systems, Inc.*^	19,732		821,049
CommVault Systems, Inc.*	5,000		118,450
Concur Technologies, Inc.*^	4,600		196,650
Deltek, Inc.*	1,306		10,161
DemandTec, Inc.*^	1,700		14,909
Double-Take Software, Inc.*	1,400		13,986
Ebix, Inc.*^	500		24,415
Electronic Arts, Inc.*	36,711		651,620
EPIQ Systems, Inc.*^	3,002		41,998
FactSet Research Systems, Inc.	4,800		316,176
FalconStor Software, Inc.*^	3,100		12,586
i2 Technologies, Inc.*^	1,467		28,049
Informatica Corp.*^	10,000		258,600
Interactive Intelligence, Inc.*	1,100		20,284
Intuit, Inc.*^	35,467		1,089,192
Jack Henry & Associates, Inc.^	9,701		224,287
JDA Software Group, Inc.*	1,949		49,641
Kenexa Corp.*^	2,900		37,845
Lawson Software, Inc.*	4,734		31,481
Manhattan Associates, Inc.*	2,000		48,060
McAfee, Inc.*	16,942		687,337
Mentor Graphics Corp.*^	500		4,415
MICROS Systems, Inc.*	9,300		288,579
Microsoft Corp.#	1,144,206		34,886,841
MicroStrategy, Inc., Class A*	1,100		103,422
Net 1 UEPS Technologies, Inc.*^	2,800		54,376
NetScout Systems, Inc.*	2,000		29,280
NetSuite, Inc.*	2,200		35,156

	Number of Shares	Value (Note 1)
Novell, Inc.*	18,900	$	78,435
Nuance Communications, Inc.*	118,712		1,844,784
Opnet Technologies, Inc.	1,000		12,190
Oracle Corp.	418,597		10,272,370
Parametric Technology Corp.*^	13,400		218,956
Pegasystems, Inc.^	1,900		64,600
Phoenix Technologies Ltd.*	2,200		6,050
Progress Software Corp.*	4,900		143,129
PROS Holdings, Inc.*	1,000		10,350
QAD, Inc.^	1,012		6,183
Radiant Systems, Inc.*	2,200		22,880
Red Hat, Inc.*	222,725		6,882,202
Renaissance Learning, Inc.^	800		9,088
Rosetta Stone, Inc.*^	689		12,368
Rovi Corp.*^	8,111		258,498
S1 Corp.*	6,900		44,988
Salesforce.com, Inc.*^	44,946		3,315,666
Shanda Interactive Entertainment Ltd. (ADR)*^	27,073		1,424,311
Smith Micro Software, Inc.*^	2,100		19,194
SolarWinds, Inc.*^	1,326		30,511
Solera Holdings, Inc.^	7,945		286,099
SonicWALL, Inc.*	500		3,805
Sourcefire, Inc.*	2,800		74,900
SuccessFactors, Inc.*	57,000		945,060
Sybase, Inc.*	9,560		414,904
Symantec Corp.*	90,130		1,612,426
Symyx Technologies, Inc.*	1,400		7,700
Synchronoss Technologies, Inc.*	1,700		26,877
Synopsys, Inc.*	10,461		233,071
Take-Two Interactive Software, Inc.*^	890		8,944
Taleo Corp., Class A*	3,700		87,024
TeleCommunication Systems, Inc., Class A*^	2,700		26,136
THQ, Inc.*^	3,700		18,648
TIBCO Software, Inc.*	6,047		58,233
TiVo, Inc.*	12,500		127,250
Tyler Technologies, Inc.*^	3,100		61,721
Ultimate Software Group, Inc.*^	3,000		88,110
Unica Corp.*	1,100		8,525
VASCO Data Security International, Inc.*	2,200		13,794
VMware, Inc., Class A*	25,185		1,067,340
Websense, Inc.*^	5,300		92,538
			85,367,093
Total Information Technology			410,908,233
Materials (4.7%)
Chemicals (2.9%)
Air Products & Chemicals, Inc.	21,824		1,769,053
Albemarle Corp.^	449		16,330
Arch Chemicals, Inc.^	700		21,616
Ashland, Inc.	500		19,810
Balchem Corp.^	1,500		50,265
Calgon Carbon Corp.*^	6,600		91,740
Celanese Corp., Class A	15,624		501,530
CF Industries Holdings, Inc.	4,627		420,039

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
China Green Agriculture, Inc.*^	1,800	$	26,460
Dow Chemical Co.	382,946		10,580,798
E.I. du Pont de Nemours & Co.	32,858		1,106,329
Ecolab, Inc.	26,008		1,159,437
FMC Corp.^	7,116		396,788
Hawkins, Inc.^	891		19,451
International Flavors & Fragrances, Inc.^	7,900		325,006
Intrepid Potash, Inc.*^	4,595		134,036
Koppers Holdings, Inc.	1,245		37,898
Landec Corp.*	1,900		11,856
LSB Industries, Inc.*	2,300		32,430
Lubrizol Corp.	6,673		486,795
Monsanto Co.	103,998		8,501,837
Mosaic Co.	17,268		1,031,418
Nalco Holding Co.^	188,245		4,802,130
NewMarket Corp.^	1,221		140,134
NL Industries, Inc.^	300		2,082
Omnova Solutions, Inc.*^	5,500		33,715
Potash Corp. of Saskatchewan, Inc.	16,864		1,829,744
Praxair, Inc.	34,056		2,735,037
RPM International, Inc.	8,011		162,864
Scotts Miracle-Gro Co., Class A	5,195		204,216
Sigma-Aldrich Corp.	13,311		672,605
Sociedad Quimica y Minera de Chile S.A. (ADR)	30,400		1,142,128
Stepan Co.	673		43,617
Terra Industries, Inc.	7,869		253,303
Valhi, Inc.^	200		2,794
W.R. Grace & Co.*^	1,801		45,655
Zep, Inc.	1,700		29,444
			38,840,390
Construction Materials (0.0%)
Eagle Materials, Inc.^	5,074		132,178
Martin Marietta Materials, Inc.	1,946		173,992
United States Lime & Minerals, Inc.*	100		3,453
			309,623
Containers & Packaging (0.2%)
AEP Industries, Inc.*	400		15,312
Ball Corp.	6,966		360,142
Bway Holding Co.*	500		9,610
Crown Holdings, Inc.*^	18,300		468,114
Owens-Illinois, Inc.*	14,947		491,308
Packaging Corp. of America	1,503		34,584
Pactiv Corp.*	12,444		300,398
Rock-Tenn Co., Class A	3,949		199,069
Silgan Holdings, Inc.	1,700		98,396
			1,976,933
Metals & Mining (1.6%)
Agnico-Eagle Mines Ltd.	17,500		945,000
Alcoa, Inc.	49,858		803,711
Allied Nevada Gold Corp.*^	3,200		48,256
AMCOL International Corp.	700		19,894
Barrick Gold Corp.	33,300		1,311,354
BHP Billiton plc (ADR)	123,635		7,894,095
Cliffs Natural Resources, Inc.^	1,064		49,040

	Number of Shares	Value (Note 1)
Compass Minerals International, Inc.^	2,100	$	141,099
Freeport-McMoRan Copper & Gold, Inc.*	68,868		5,529,412
General Steel Holdings, Inc.*	900		3,969
Newmont Mining Corp.^	52,973		2,506,152
Nucor Corp.	36,300		1,693,395
Royal Gold, Inc.	978		46,064
Schnitzer Steel Industries, Inc., Class A	1,995		95,161
Southern Copper Corp.	14,654		482,263
Stillwater Mining Co.*^	900		8,532
Walter Energy, Inc.	6,100		459,391
Worthington Industries, Inc.	6,668		87,151
			22,123,939
Paper & Forest Products (0.0%)
Clearwater Paper Corp.*	300		16,491
Deltic Timber Corp.^	900		41,562
Wausau Paper Corp.	2,500		29,000
			87,053
Total Materials			63,337,938
Telecommunication Services (0.3%)
Diversified Telecommunication Services (0.1%)
AboveNet, Inc.*^	1,150		74,796
Alaska Communications Systems Group, Inc.^	4,318		34,458
Cbeyond, Inc.*^	1,900		29,925
Cincinnati Bell, Inc.*^	6,300		21,735
Cogent Communications Group, Inc.*	5,500		54,230
Consolidated Communications Holdings, Inc.^	700		12,250
Frontier Communications Corp.^	16,224		126,709
General Communication, Inc., Class A*^	2,638		16,831
Global Crossing Ltd.*	3,200		45,600
Iowa Telecommunications Services, Inc.	300		5,028
Neutral Tandem, Inc.*	4,119		93,707
PAETEC Holding Corp.*	15,900		65,985
Premiere Global Services, Inc.*	4,300		35,475
tw telecom, Inc.*^	17,403		298,287
Windstream Corp.^	21,100		231,889
			1,146,905
Wireless Telecommunication Services (0.2%)
American Tower Corp., Class A*	43,988		1,900,721
Crown Castle International Corp.*	11,217		437,912
Leap Wireless International, Inc.*	5,457		95,770
MetroPCS Communications, Inc.*^	29,022		221,438
NII Holdings, Inc.*	743		24,950
NTELOS Holdings Corp.	3,800		67,716
SBA Communications Corp., Class A*	13,200		450,912

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Shenandoah Telecommunications Co.^	3,000	$	61,050
Sprint Nextel Corp.*^	4,100		15,006
Syniverse Holdings, Inc.*	6,781		118,532
USA Mobility, Inc.^	2,066		22,747
			3,416,754
Total Telecommunication Services			4,563,659
Utilities (0.6%)
Electric Utilities (0.3%)
Allegheny Energy, Inc.	11,855		278,355
DPL, Inc.	1,900		52,440
Exelon Corp.	6,548		320,001
FPL Group, Inc.	6,224		328,752
ITC Holdings Corp.^	22,720		1,183,485
NV Energy, Inc.	11,851		146,715
PPL Corp.	41,225		1,331,980
			3,641,728
Gas Utilities (0.1%)
EQT Corp.	14,284		627,353
New Jersey Resources Corp.	692		25,881
			653,234
Independent Power Producers & Energy Traders (0.2%)
AES Corp.*	59,053		785,995
Calpine Corp.*	92,426		1,016,686
Constellation Energy Group, Inc.	16,812		591,278
Ormat Technologies, Inc.	2,400		90,816
U.S. Geothermal, Inc.*	5,000		7,650
			2,492,425
Multi-Utilities (0.0%)
CenterPoint Energy, Inc.	36,577		530,732
Integrys Energy Group, Inc.	1,569		65,883
			596,615
Water Utilities (0.0%)
American Water Works Co., Inc.	933		20,909
Cadiz, Inc.*	1,000		11,970
			32,879
Total Utilities			7,416,881
Total Common Stocks (98.6%) (Cost $1,155,601,243)			1,325,372,232

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.5%)
Federal Home Loan Bank 0.00%, 1/4/10(o)(p)	$	7,100,000	$	7,099,999
Short-Term Investments of Cash Collateral for Securities Loaned (3.3%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u)		26,039,566		26,039,566
Lehman Brothers Holdings, Inc. 0.00%, 8/21/09(h)(s)		5,499,964		1,072,493
Monumental Global Funding II 0.43%, 5/26/10(l)		10,340,000		10,134,234
Pricoa Global Funding I 0.40%, 6/25/10(l)		6,599,676		6,504,020
Total Short-Term Investments of Cash Collateral for Securities Loaned				43,750,313
Time Deposit (1.2%)
JPMorgan Chase Nassau 0.000%, 1/4/10		16,750,539		16,750,539
Total Short-Term Investments (5.0%) (Cost/Amortized Cost $72,329,744)				67,600,851
Total Investments (103.6%) (Cost/Amortized Cost $1,227,930,987)				1,392,973,083
Other Assets Less Liabilities (-3.6%)				(48,539,825	)
Net Assets (100%)			$	1,344,433,258

* Non-income producing.

^ All, or a portion of security out on loan (See Note 1).

† Securities (totaling $30 or 0.0% of net assets) at fair value by management.

# All, or a portion of security held by broker as collateral for financial futures contracts with a total collateral value of $762,250.

(b) Illiquid Securities.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of December 31, 2009.

(o) Discount Note Security. Effective rate calculated as of December 31, 2009.

(p) Yield to maturity.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000% - 4.500%, maturing 8/1/24 to 2/1/39, which had a total value of $26,560,578.

Glossary:

ADR — American Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

At December 31, 2009, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 12/31/2009		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	5	March-10	$	297,158	$	311,950	$	14,792
S&P 500 E-Mini Index	42	March-10		2,306,552		2,332,470		25,918
							$	40,710

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2009:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	144,430,359	$	—	$	—	$	144,430,359
Consumer Staples		112,090,375		—		—		112,090,375
Energy		98,410,819		—		—		98,410,819
Financials		102,740,793		—		2,700,030		105,440,823
Health Care		238,235,395		—		—		238,235,395
Industrials		140,537,750		—		—		140,537,750
Information Technology		410,908,233		—		—		410,908,233
Materials		63,337,938		—		—		63,337,938
Telecommunication Services		4,563,659		—		—		4,563,659
Utilities		7,416,881		—		—		7,416,881
Futures		40,710		—		—		40,710
Short-Term Investments		—		67,600,851		—		67,600,851
Total Assets	$	1,322,712,912	$	67,600,851	$	2,700,030	$	1,393,013,793
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	1,322,712,912	$	67,600,851	$	2,700,030	$	1,393,013,793

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

		Investments in Securities-Financials
Balance as of 12/31/08	$	—
Total gains or losses (realized/unrealized) included in earnings		—
Purchases, sales, issuances, and settlements (net)		—
Transfers in and/or out of Level 3		2,700,030
Balance as of 12/31/09	$	2,700,030

The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 12/31/09. $ 2,250,030

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Fair Values of Derivative Instruments as of December 31, 2009:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		40,710	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	40,710
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	—

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		1,518,461		—		—		1,518,461
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	1,518,461	$	—	$	—	$	1,518,461

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		40,710		—		—		40,710
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	40,710	$	—	$	—	$	40,710

The Portfolio held futures contracts with an average notional balance of approximately $3,571,000 during the year ended December 31, 2009.

^ This Portfolio held futures contracts to gain or reduce exposure to the financial markets.

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investment security transactions for the year ended December 31, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	856,183,297
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	953,836,050

As of December 31, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	219,539,818
Aggregate gross unrealized depreciation		(86,507,903	)
Net unrealized appreciation	$	133,031,915
Federal income tax cost of investments	$	1,259,941,168

At December 31, 2009, the Portfolio had loaned securities with a total value of $46,809,113. This was secured by collateral of $48,479,206 which was received as cash and subsequently invested in short-term investments currently valued at $43,750,313, as reported in the Portfolio of Investments.

For the year ended December 31, 2009, the Portfolio incurred approximately $1,144 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $1,341,531,077 of which $197,479,160 expires in the year 2010, $67,203,341 expires in the year 2011, $5,225,109 expires in the year 2015, $741,643,309 expires in the year 2016, and $329,980,158 expires in the year 2017.

Included in the capital loss carryforward amounts at December 31, 2009 are $51,108,612 of losses acquired from the Multimanager Health Care Portfolio as a result of a tax free reorganization that occurred during the year 2009. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value (Cost $1,227,930,987) (Securities on loan at market value $46,809,113)	$	1,392,973,083
Cash		369,346
Foreign cash (Cost $840)		791
Dividends, interest and other receivables		1,199,256
Receivable for securities sold		692,804
Receivable from Separate Accounts for Trust shares sold		391,031
Other assets		2,886
Total assets		1,395,629,197
LIABILITIES
Payable for return of cash collateral on securities loaned		48,479,206
Payable to Separate Accounts for Trust shares redeemed		1,126,151
Investment management fees payable		653,161
Payable for securities purchased		428,939
Administrative fees payable		186,008
Distribution fees payable - Class B		90,341
Trustees’ fees payable		40,751
Variation margin payable on futures contracts		25,794
Accrued expenses		165,588
Total liabilities		51,195,939
NET ASSETS	$	1,344,433,258
Net assets were comprised of:
Paid in capital	$	2,542,991,961
Accumulated undistributed net investment income (loss)		5,788,625
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(1,369,440,688	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		165,093,360
Net assets	$	1,344,433,258
Class A
Net asset value, offering and redemption price per share, $914,031,057 / 39,118,553 shares outstanding (unlimited amount authorized: $0.001 par value)	$	23.37
Class B
Net asset value, offering and redemption price per share, $430,402,201 / 18,738,811 shares outstanding (unlimited amount authorized: $0.001 par value)	$	22.97

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $27,463 foreign withholding tax)	$	15,517,550
Interest		70,849
Securities lending (net)		258,548
Total income		15,846,947
EXPENSES
Investment management fees		5,653,168
Administrative fees		1,640,621
Distribution fees - Class B		507,541
Printing and mailing expenses		237,013
Custodian fees		168,000
Professional fees		128,061
Trustees’ fees		14,535
Miscellaneous		24,034
Gross expenses		8,372,973
Less:   Fees paid indirectly		(1,420,560	)
Net expenses		6,952,413
NET INVESTMENT INCOME (LOSS)		8,894,534
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(149,255,918	)
Foreign currency transactions		3,240
Futures		1,518,461
Net realized gain (loss)		(147,734,217	)
Change in unrealized appreciation (depreciation) on:
Securities		441,384,619
Foreign currency translations		2,040
Futures		40,710
Net change in unrealized appreciation (depreciation)		441,427,369
NET REALIZED AND UNREALIZED GAIN (LOSS)		293,693,152
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	302,587,686

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2009			2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	8,894,534		$	6,667,517
Net realized gain (loss) on investments, futures and foreign currency transactions		(147,734,217	)		(855,739,881	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		441,427,369			(538,990,663	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		302,587,686			(1,388,063,027	)
DIVIDENDS:
Dividends from net investment income
Class A		(3,019,256	)		(5,592,283	)
Class B		(373,122	)		(622,035	)
TOTAL DIVIDENDS		(3,392,378	)		(6,214,318	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 991,090 and 22,148,887 shares, respectively ]		18,808,002			615,691,400
Capital shares issued in connection with merger (Note 9)[ 2,497,130 and 0 shares, respectively ]		55,141,362			—
Capital shares issued in reinvestment of dividends [ 131,678 and 322,194 shares, respectively ]		3,019,256			5,592,283
Capital contribution from affiliate†		—			2,507,112
Capital shares repurchased [ (5,019,566) and (64,122,774) shares, respectively ]		(96,428,678	)		(1,284,073,194	)
Total Class A transactions		(19,460,058	)		(660,282,399	)
Class B
Capital shares sold [ 1,188,359 and 1,414,805 shares, respectively ]		23,460,870			34,514,749
Capital shares issued in connection with merger (Note 9)[ 13,092,839 and 0 shares, respectively ]		283,699,895			—
Capital shares issued in reinvestment of dividends [ 16,553 and 36,655 shares, respectively ]		373,122			622,035
Capital contribution from affiliate†		—			420,718
Capital shares repurchased [ (2,475,629) and (2,284,702) shares, respectively ]		(48,739,273	)		(57,780,111	)
Total Class B transactions		258,794,614			(22,222,609	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		239,334,556			(682,505,008	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		538,529,864			(2,076,782,353	)
NET ASSETS:
Beginning of year		805,903,394			2,882,685,747
End of year (a)	$	1,344,433,258		$	805,903,394
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	5,788,625		$	816,261
†   The capital contribution from affiliate is related to certain adjustments to historic net asset values.

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (p)

FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	17.03		$	32.11		$	28.78		$	27.36		$	25.23
Income (loss) from investment operations:
Net investment income (loss)		0.19	(e)		0.08	(e)		0.04	(e)		0.05	(e)		(0.02	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		6.23			(15.09	)		3.32			1.42			2.15
Total from investment operations		6.42			(15.01	)		3.36			1.47			2.13
Capital contribution from affiliate (†)		—			0.06			—			—			—
Less distributions:
Dividends from net investment income		(0.08	)		(0.13	)		(0.03	)		(0.05	)		—
Net asset value, end of year	$	23.37		$	17.03		$	32.11		$	28.78		$	27.36
Total return		37.69	%		(46.55	)%(n)		11.69	%		5.38	%		8.44	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	914,031		$	690,098		$	2,638,093		$	2,332,898		$	2,122,576
Ratio of expenses to average net assets:
After fees paid indirectly		0.67	%		0.77	%		0.72	%		0.78	%		0.73	%
Before fees paid indirectly		0.82	%		0.79	%		0.79	%		0.80	%		0.80	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		0.96	%		0.31	%		0.14	%		0.20	%		(0.07	)%
Before fees paid indirectly		0.81	%		0.30	%		0.07	%		0.18	%		(0.14	)%
Portfolio turnover rate		91	%		98	%		87	%		90	%		96	%
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	16.74		$	31.56		$	28.33		$	26.96		$	24.91
Income (loss) from investment operations:
Net investment income (loss)		0.16	(e)		0.02	(e)		(0.03	)(e)		(0.01	)(e)		(0.08	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		6.09			(14.82	)		3.26			1.38			2.13
Total from investment operations		6.25			(14.80	)		3.23			1.37			2.05
Capital contribution from affiliate (†)		—			0.07			—			—			—
Less distributions:
Dividends from net investment income		(0.02	)		(0.09	)		—			—			—
Net asset value, end of year	$	22.97		$	16.74		$	31.56		$	28.33		$	26.96
Total return		37.34	%		(46.68	)%(o)		11.40	%		5.08	%		8.23	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	430,402		$	115,805		$	244,593		$	261,648		$	267,802
Ratio of expenses to average net assets:
After fees paid indirectly		0.92	%		1.02	%		0.97	%		1.03	%		0.98	%
Before fees paid indirectly		1.07	%(c)		1.04	%		1.04	%		1.05	%		1.05	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		0.79	%		0.08	%		(0.10	)%		(0.05	)%		(0.32	)%
Before fees paid indirectly		0.65	%		0.06	%		(0.18	)%		(0.07	)%		(0.39	)%
Portfolio turnover rate		91	%		98	%		87	%		90	%		96	%

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (p)

FINANCIAL HIGHLIGHTS (Continued)

(†) The capital contribution from affiliate is related to certain adjustments to historic net asset values.

(c) Reflects overall fund ratios for non-class specific expense.

(e) Net investment income is based on average shares outstanding.

(n) Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (46.77)%.

(o) Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (46.87)%.

(p) On September 18, 2009, this Portfolio received, through a reorganization, the assets and liabilities of the Multimanager Health Care Portfolio that followed comparable investment objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the Multimanager Aggressive Equity Portfolio.

See Notes to Financial Statements.

76

MULTIMANAGER CORE BOND PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø BlackRock Financial Management, Inc.

_Ø Pacific Investment Management Company LLC

_Ø SSgA Funds Management, Inc.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	8.54	%	4.73	%	5.03	%
Portfolio – Class B Shares	8.26		4.48		4.77
Barclays Capital U.S. Aggregate Bond Index	5.93		4.97		5.43
*   Date of inception 12/31/01    Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 8.54% for the year ended December 31, 2009. The Portfolio’s benchmark, the Barclays Capital U.S. Aggregate Bond Index, returned 5.93% over the same period.

Asset Class Overview

Policy responses to the financial crisis and economic downturn that began in the second half of 2008 helped to stabilize the global economy in 2009. Interest rates generally rose in the fourth quarter and for the full year as investors’ risk appetites revived, crimping demand for Treasuries and other sovereign bonds. The Barclays Capital U.S. Aggregate Bond Index, a widely used index of U.S. high-grade bonds, returned 0.20% during the fourth quarter and 5.93% for all of 2009.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• An overweight to Agency mortgage pass-through securities for the first half of the year and into the third quarter aided the Portfolio’s returns as valuations of these bonds benefited from government policy responses.

• An emphasis on bonds of financial companies for the year contributed positively to the Portfolio as these bonds benefited from government guarantees and a flight to higher yielding assets.

• Tactical duration positioning contributed to performance as the Portfolio had an overweight in duration early in year when investors invested in safe assets and a neutral stance later in the year as rates rose.

• Exposure to municipal bonds for the year was additive for the Portfolio as yields on municipal bonds rallied significantly with strong inflows and limited supply.

• The Portfolio’s performance benefited from an overweight exposure to benchmark spread sectors including CMBS, asset-backed securities (ABS) and investment-grade corporate credit.

• The Portfolio also benefited from its out-of-benchmark exposure to non-agency mortgages, as spreads continued to narrow due to improving economic data and strong technicals resulting from PPIP buying.

• The Portfolio’s underweight in U.S. Treasuries helped performance as investor willingness to pick up yield and take on risk increased throughout the year, causing Treasuries to underperform the broad bond market.

What hurt performance during the year:

• An underweight position to emerging markets for the first half of the year as risky assets outperformed Treasuries for the year was detrimental to the Portfolio’s performance.

• Underweight positions in both agency mortgages and agency debentures detracted from performance for the year.

77

MULTIMANAGER CORE BOND PORTFOLIO (Unaudited)

Portfolio Characteristics As of December 31, 2009
Weighted Average Life (Years)	6.4
Weighted Average Coupon (%)	4.3
Weighted Average Modified Duration (Years)*	4.7
Weighted Average Rating	AA
*   Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.

Distribution of Assets by Sector as of 12/31/2009	% of Net Assets
Government Securities	70.2	%
Corporate Bonds	28.6
Asset-Backed and Mortgage-Backed Securities	7.1
Convertible Preferred Stocks	0.1
Cash and Other	(6.0	)
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class B shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During Period* 7/1/09 - 12/31/09
Class A
Actual	$1,000.00	$1,045.80	$3.66
Hypothetical (5% average return before expenses)	1,000.00	1,021.63	3.62
Class B
Actual	1,000.00	1,045.50	4.95
Hypothetical (5% average return before expenses)	1,000.00	1,020.37	4.89
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.71% and 0.96%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (7.1%)
Asset-Backed Securities (2.8%)
Aegis Asset Backed Securities Trust,
Series 2006-1 A1 0.311%, 1/25/37(b)(l)	$	278,872	$	268,765
AEP Texas Central Transition Funding LLC,
Series 2002-1 A5 6.250%, 1/15/17		150,000		168,581
Ameriquest Mortgage Securities, Inc.,
Series 2004-R11 A1 0.534%, 11/25/34(b)(l)		777,026		561,357
Asset Backed Funding Certificates,
Series 2006-OPT3 A3A 0.291%, 11/25/36(b)(l)		139,731		135,530
Bank of America Auto Trust,
Series 2009-2A A2 1.160%, 2/15/12§		3,750,000		3,758,292
Series 2009-2A A3 2.130%, 9/15/13§		4,500,000		4,534,338
Bank of America Credit Card Trust,
Series 2008-A5 A5 1.433%, 12/16/13(l)		3,900,000		3,919,066
Capital One Multi-Asset Execution Trust,
Series 2005-A7 A7 4.700%, 6/15/15		750,000		791,828
Series 2007-A7 A7 5.750%, 7/15/20		125,000		134,437
Series 2009-A2 A2 3.200%, 4/15/14		500,000		511,396
Cendant Mortgage Corp.,
Series 2003-A A1 5.984%, 7/25/43(l)§		17,379		17,196
Chase Issuance Trust,
Series 2007-A17 A 5.120%, 10/15/14		1,500,000		1,611,253
Series 2008-A9 A9 4.260%, 5/15/13		250,000		259,932
Series 2009-A2 A2 1.783%, 4/15/14(l)		9,800,000		10,017,540
Series 2009-A3 A3 2.400%, 6/17/13		495,000		502,203
Series 2009-A7 A7 0.683%, 9/17/12(l)		5,435,000		5,439,099
Citibank Credit Card Issuance Trust,
Series 2003-A10 A10 4.750%, 12/10/15		200,000		211,069
Series 2003-A7 A7 4.150%, 7/7/17		600,000		607,190
Series 2005-A2 A2 4.850%, 3/10/17		125,000		131,167
Series 2005-A9 A9 5.100%, 11/20/17		250,000		263,747
Series 2006-A3 A3 5.300%, 3/15/18		500,000		531,440
Series 2007-A8 A8 5.650%, 9/20/19		325,000		348,439
Series 2008-A1 A1 5.350%, 2/7/20		250,000		262,298
Series 2009-A4 A4 4.900%, 6/23/16		250,000		264,481

	Principal Amount		Value (Note 1)
Countrywide Asset-Backed Certificates,
Series 2006-19 2A1 0.291%, 3/25/37(b)(l)	$	10,658	$	10,584
Daimler Chrysler Auto Trust,
Series 2006-D A4 4.940%, 2/8/12		2,900,000		2,961,778
Series 2007-A A4 5.280%, 3/8/13		200,000		210,347
Ford Credit Auto Owner Trust,
Series 2007-B A4A 5.240%, 7/15/12		100,000		104,847
Series 2008-C A3 1.653%, 6/15/12(l)		11,900,000		11,978,553
Series 2009-C A1 0.796%, 7/15/10§		3,085,056		3,085,209
Series 2009-E A2 0.800%, 3/15/12		15,200,000		15,164,873
Franklin Auto Trust,
Series 2008-A A2 1.233%, 10/20/11(l)		5,131,637		5,136,461
GSAA Home Equity Trust,
Series 2006-5 2A1 0.301%, 3/25/36(b)(l)		362,527		235,821
Mid-State Trust,
Series 4 A 8.330%, 4/1/30		201,590		201,152
Nissan Auto Receivables Owner Trust,
Series 2007-B A4 5.160%, 3/17/14		200,000		209,034
Series 2008-A A3 3.890%, 8/15/11		2,457,838		2,482,818
Series 2008-A A4 4.280%, 6/16/14		250,000		259,764
Series 2008-B A2 3.800%, 10/15/10		239,620		239,813
Series 2009-1 A2 3.920%, 4/15/11		3,538,607		3,568,405
Series 2009-A A2 2.940%, 7/15/11		2,745,000		2,765,004
PG&E Energy Recovery Funding LLC,
Series 2005-1 A5 4.470%, 12/25/14		250,000		264,460
Renaissance Home Equity Loan Trust,
Series 2003-3 A 0.731%, 12/25/33(b)(l)		210,971		177,035
SLM Student Loan Trust,
Series 2005-4 A2 0.362%, 4/26/21(l)		1,345,000		1,330,733
Series 2008-5 A2 1.382%, 10/25/16(l)		4,140,000		4,212,261
Series 2008-5 A3 1.582%, 1/25/18(l)		1,050,000		1,080,873
Series 2008-5 A4 1.982%, 7/25/23(l)		2,860,000		3,035,243
Series 2008-9 A 1.782%, 4/25/23(l)		18,180,725		18,896,760
Structured Asset Receivables Trust,
Series 2003-2A CTFS 0.683%, 1/21/11†(b)(l)§		976		976
USAA Auto Owner Trust,
Series 2007-2 A4 5.070%, 6/15/13		200,000		208,499

See Notes to Financial Statements.

79

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Series 2008-1 A4 4.500%, 10/15/13	$	350,000	$	365,080
Wells Fargo Home Equity Trust,
Series 2005-2 AII2 0.471%, 10/25/35(l)		78,334		76,325
				113,513,352
Non-Agency CMO (4.3%)
Banc of America Alternative Loan Trust,
Series 2004-5 4A1 5.000%, 6/25/19		296,056		244,722
Series 2004-6 4A1 5.000%, 7/25/19		315,655		305,298
Banc of America Commercial Mortgage, Inc.,
Series 2001-1 A2 6.503%, 4/15/36		1,025,173		1,054,057
Series 2002-PB2 A4 6.186%, 6/11/35		1,590,000		1,660,273
Series 2005-1 A4 5.142%, 11/10/42(l)		700,000		715,802
Series 2006-6 A4 5.356%, 10/10/45		250,000		229,674
Series 2007-2 A2 5.634%, 4/10/49(l)		1,000,000		1,011,064
Series 2007-2 A4 5.689%, 4/10/49(l)		1,500,000		1,242,054
Series 2007-3 A4 5.658%, 6/10/49(l)		4,380,000		3,782,093
Banc of America Funding Corp.,
Series 2006-A 1A1 4.531%, 2/20/36(l)		1,467,726		1,291,006
Bank of America-First Union NB Commercial Mortgage,
Series 2001-3 A2 5.464%, 4/11/37		548,307		562,306
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2007-4 22A1 5.971%, 6/25/47(l)		651,750		452,366
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2000-WF2 A2 7.320%, 10/15/32(l)		681,632		693,493
Series 2003-T12 A4 4.680%, 8/13/39(l)		1,825,000		1,807,724
Series 2004-T16 A6 4.750%, 2/13/46(l)		1,340,000		1,303,665
Series 2005-PWR7 A3 5.116%, 2/11/41(l)		600,000		578,325
Series 2006-PW14 A4 5.201%, 12/11/38		400,000		367,808
Series 2006-T24 A4 5.537%, 10/12/41		825,000		775,252
Series 2007-PW16 A4 5.719%, 6/11/40(l)		1,000,000		881,193
Chase Commercial Mortgage Securities Corp.,
Series 2000-3 A2 7.319%, 10/15/32		1,137,167		1,161,761
Citigroup Commercial Mortgage Trust, Inc.,
Series 2005-EMG A2 4.221%, 9/20/51§		1,897		1,895
Series 2007-C6 A4 5.700%, 12/10/49(l)		500,000		433,615
Series 2008-C7 A4 6.092%, 12/10/49(l)		2,259,313		1,890,052

	Principal Amount		Value (Note 1)
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-AR1 1A1 4.900%, 10/25/35(l)	$	6,589,894	$	5,313,102
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2007-CD5 A1 5.171%, 11/15/44		339,458		345,874
Citimortgage Alternative Loan Trust,
Series 2007-A8 A1 6.000%, 10/25/37		2,355,982		1,614,958
Commercial Mortgage Pass Through Certificates,
Series 2000-C1 A2 7.416%, 8/15/33(l)		652,169		658,255
Series 2005-LP5 A4 4.982%, 5/10/43(l)		1,400,000		1,369,781
Countrywide Alternative Loan Trust,
Series 2003-J3 2A1 6.250%, 12/25/33		135,603		137,084
Series 2006-OA21 A1 0.423%, 3/20/47(l)		1,135,952		628,465
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2006-OA5 2A1 0.431%, 4/25/46(l)		464,725		242,726
Series 2007-16 A1 6.500%, 10/25/37		1,252,077		1,010,742
Credit Suisse Mortgage Capital Certificates,
Series 2006-8 3A1 6.000%, 10/25/21		522,223		379,259
Series 2006-C4 A3 5.467%, 9/15/39		1,000,000		859,074
Series 2006-C5 A3 5.311%, 12/15/39		3,000,000		2,438,180
CS First Boston Mortgage Securities Corp.,
Series 2001-CK6 A3 6.387%, 8/15/36		484,178		504,385
Series 2002-CKS4 A2 5.183%, 11/15/36		1,525,000		1,566,286
Series 2002-CP3 A3 5.603%, 7/15/35		2,160,000		2,215,229
Series 2002-CP5 A2 4.940%, 12/15/35		2,065,000		2,105,906
Series 2003-C3 A5 3.936%, 5/15/38		2,220,000		2,161,064
Series 2004-C2 A1 3.819%, 5/15/36		409,408		402,745
Series 2004-C4 A6 4.691%, 10/15/39		600,000		548,583
Series 2004-C5 A4 4.829%, 11/15/37		1,000,000		955,407
CW Capital Cobalt Ltd.,
Series 2007-C3 A4 5.820%, 5/15/46(l)		567,500		493,141
Deutsche Alt-A Securities, Inc.,
Series 2006-OA1 A1 0.431%, 2/25/47(l)		247,444		130,444
DLJ Commercial Mortgage Corp.,
Series 2000-CKP1 A1B 7.180%, 11/10/33		1,365,393		1,390,323
EMF-NL B.V.,
Series 2008-1X A1 1.640%, 10/17/39†(l)(m)		1,012,445		1,353,068
Series 2008-1X A3 1.990%, 10/17/41†(l)(m)		500,000		300,162

See Notes to Financial Statements.

80

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Series 2008-2X A2 1.740%, 7/17/41†(l)(m)	$	1,200,000	$	737,541
First Horizon Alternative Mortgage Securities Trust,
Series 2006-FA2 1A5 6.000%, 5/25/36		1,481,346		1,167,287
First Republic Mortgage Loan Trust,
Series 2001-FRB1 A 0.583%, 11/15/31(l)		488,925		384,720
First Union National Bank Commercial Mortgage Trust,
Series 2001-C2 A2 6.663%, 1/12/43		1,002,905		1,033,667
Series 2001-C4 A2 6.223%, 12/12/33		1,950,000		2,026,757
GE Capital Commercial Mortgage Corp.,
Series 2004-C3 A3 4.865%, 7/10/39(l)		600,000		605,312
Series 2007-C1 A4 5.543%, 12/10/49		1,500,000		1,291,808
GMAC Commercial Mortgage Securities, Inc.,
Series 2000-C2 A2 7.455%, 8/16/33(l)		568,148		576,064
Series 2000-C3 A2 6.957%, 9/15/35		1,448,163		1,484,184
Series 2002-C3 A2 4.930%, 7/10/39		2,075,000		2,118,573
Series 2004-C3 A5 4.864%, 12/10/41		700,000		639,767
Greenwich Capital Commercial Funding Corp.,
Series 2004-GG1 A4 4.755%, 6/10/36		355,000		358,040
Series 2005-GG3 A4 4.799%, 8/10/42(l)		1,333,000		1,301,713
Series 2006-GG7 A4 5.918%, 7/10/38(l)		1,250,000		1,118,293
Series 2007-GG9 A4 5.444%, 3/10/39		950,000		814,343
GS Mortgage Securities Corp. II,
Series 2001-LIBA A2 6.615%, 2/14/16§		3,000,000		3,173,000
Series 2001-LIBA C 6.733%, 2/14/16§		2,200,000		2,328,464
Series 2004-GG2 A6 5.396%, 8/10/38(l)		1,027,000		1,017,897
Series 2005-GG4 A4 4.761%, 7/10/39		1,000,000		916,691
Series 2006-GG6 A4 5.553%, 4/10/38(l)		1,000,000		884,815
Series 2006-GG8 A2 5.479%, 11/10/39		750,000		760,292
GSR Mortgage Loan Trust,
Series 2004-9 4A1 3.302%, 8/25/34(l)		1,152,394		1,013,189
Series 2005-AR4 6A1 5.250%, 7/25/35(l)		4,683,020		4,343,467
Series 2005-AR6 2A1 3.336%, 9/25/35(l)		1,577,437		1,413,153
Hilton Hotel Pool Trust,
Series 2000-HLTA B 0.731%, 10/3/15(l)§		5,600,000		5,591,839
Series 2000-HLTA C 7.458%, 10/3/15§		3,000,000		3,144,189

	Principal Amount		Value (Note 1)
Homebanc Mortgage Trust,
Series 2005-4 A1 0.501%, 10/25/35(l)	$	738,539	$	394,982
Impac CMB Trust,
Series 2003-8 2A1 1.131%, 10/25/33(b)(l)		161,219		123,891
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2001-C1 A3 5.857%, 10/12/35		1,600,000		1,654,853
Series 2001-CIB2 A3 6.429%, 4/15/35		395,000		408,902
Series 2001-CIBC A3 6.260%, 3/15/33		1,397,261		1,430,908
Series 2003-CB7 A4 4.879%, 1/12/38(l)		2,500,000		2,504,757
Series 2004-CB8 A1A 4.158%, 1/12/39§		958,345		925,415
Series 2005-LDP1 A3 4.865%, 3/15/46		2,000,000		1,997,312
Series 2005-LDP3 A4B 4.996%, 8/15/42(l)		1,275,000		1,005,896
Series 2005-LDP4 A3A1 4.871%, 10/15/42		700,000		702,530
Series 2006-CB15 A4 5.814%, 6/12/43(l)		785,000		753,734
Series 2006-LDP9 A1S 5.284%, 5/15/47		1,386,205		1,406,579
Series 2007-CB18 A4 5.440%, 6/12/47		1,350,000		1,156,848
Series 2007-LD12 A2 5.827%, 2/15/51		1,000,000		1,013,141
JP Morgan Mortgage Trust,
Series 2006-S2 2A2 5.875%, 7/25/36		223,289		184,566
Series 2007-A1 3A3 5.004%, 7/25/35(l)		1,100,908		974,870
Series 2007-S1 1A2 5.500%, 3/25/22		227,026		197,034
LB-UBS Commercial Mortgage Trust,
Series 2002-C2 A4 5.594%, 6/15/31		2,089,000		2,169,936
Series 2003-C7 A2 4.064%, 9/15/27(l)		290,211		288,707
Series 2004-C2 A4 4.367%, 3/15/36		1,800,000		1,736,865
Series 2004-C7 A1A 4.475%, 10/15/29		1,913,367		1,852,440
Series 2004-C8 A4 4.510%, 12/15/29		1,300,000		1,309,392
Series 2005-C7 A4 5.197%, 11/15/30(l)		300,000		295,111
Series 2007-C1 A4 5.424%, 2/15/40		4,000,000		3,285,536
Series 2007-C6 A4 5.858%, 7/15/40(l)		1,500,000		1,300,448
Series 2007-C7 A3 5.866%, 9/15/45(l)		3,640,000		3,131,155
MASTR Alternative Loans Trust,
Series 2004-4 1A1 5.500%, 5/25/34		794,496		766,440

See Notes to Financial Statements.

81

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Merrill Lynch Mortgage Investors, Inc.,
Series 2003-A1 3A 2.067%, 12/25/32(l)	$	261,101	$	238,332
Series 2005-A10 A 0.441%, 2/25/36(l)		2,006,023		1,322,602
Merrill Lynch Mortgage Trust,
Series 2004-KEY2 A4 4.864%, 8/12/39(l)		900,000		885,025
Series 2007-C1 A4 5.828%, 6/12/50(l)		1,000,000		836,514
Series 2008-C1 A3 5.710%, 2/12/51		300,000		288,467
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2007-5 A4 5.378%, 8/12/48		2,700,000		2,012,742
Series 2007-6 A4 5.485%, 3/12/51(l)		150,000		121,027
Morgan Stanley Capital I, Inc.,
Series 2004-IQ8 A5 5.110%, 6/15/40(l)		600,000		580,967
Series 2005-HQ5 A4 5.168%, 1/14/42		1,194,000		1,185,344
Series 2005-IQ9 A5 4.700%, 7/15/56		1,875,000		1,807,670
Series 2006-HQ8 A3 5.438%, 3/12/44(l)		667,000		671,150
Series 2007-HQ12 A2 5.632%, 4/12/49(l)		350,000		341,353
Series 2007-HQ13 A1 5.357%, 12/15/44		3,408,356		3,469,128
Series 2007-IQ14 A2 5.610%, 4/15/49		1,000,000		1,009,374
Series 2007-IQ15 A4 5.880%, 6/11/49(l)		3,450,000		2,820,654
Series 2007-T25 A3 5.514%, 11/12/49(l)		1,500,000		1,359,566
Series 2007-T27 A4 5.650%, 6/11/42(l)		1,210,000		1,160,456
Morgan Stanley Dean Witter Capital I,
Series 2001-TOP5 A4 6.390%, 10/15/35		614,772		641,657
Series 2002-IQ2 A4 5.740%, 12/15/35		1,751,841		1,817,833
Residential Accredit Loans, Inc.,
Series 2003-QR19 CB1 5.750%, 10/25/33		15,067		14,487
Series 2006-QS2 1A9 5.500%, 2/25/36		1,312,190		876,298
Salomon Brothers Mortgage Securities VII, Inc.,
Series 2001-C2 A3 6.499%, 11/13/36		2,208,852		2,298,659
Sequoia Mortgage Trust,
Series 10 2A1 0.613%, 10/20/27(l)		69,285		55,745
Series 2003-4 2A1 0.583%, 7/20/33(l)		173,271		131,974
Station Place Securitization Trust,
Series 2009-1 A 1.731%, 1/25/40(l)§		2,785,000		2,771,075
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-19XS 1A1 0.551%, 10/25/35(l)		494,504		283,244

	Principal Amount		Value (Note 1)
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1 0.483%, 7/19/35(l)	$	416,964	$	255,496
Series 2005-AR5 A2 0.483%, 7/19/35(l)		2,046,626		1,481,684
Series 2006-AR3 12A1 0.451%, 5/25/36(l)		1,792,787		956,737
Thornburg Mortgage Securities Trust,
Series 2007-1 A3A 0.331%, 3/25/37(l)		1,325,351		1,176,218
TIAA Seasoned Commercial Mortgage Trust,
Series 2007-C4 A3 6.072%, 8/15/39(l)		985,000		1,023,381
Wachovia Bank Commercial Mortgage Trust,
Series 2003-C8 A4 4.964%, 11/15/35(l)		2,300,000		2,188,738
Series 2004-C11 A5 5.215%, 1/15/41(l)		975,000		953,400
Series 2005-C17 APB 5.037%, 3/15/42		1,530,000		1,549,893
Series 2005-C20 A6A 5.110%, 7/15/42(l)		2,290,000		2,333,831
Series 2005-C22 A4 5.265%, 12/15/44(l)		1,320,000		1,288,012
Series 2007-C31 A2 5.421%, 4/15/47		1,500,000		1,508,247
Series 2007-C33 A4 5.902%, 2/15/51(l)		3,465,000		3,043,027
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A 1.944%, 8/25/42(l)		98,122		68,813
Series 2003-AR1 A5 3.640%, 3/25/33(l)		853,210		761,916
Series 2005-AR7 A4 4.906%, 8/25/35(l)		761,327		642,090
Series 2007-OA4 1A 1.314%, 5/25/47(l)		547,714		287,731
Series 2007-OA5 1A 1.294%, 6/25/47(l)		429,160		238,073
Wells Fargo Mortgage Backed Securities Trust,
Series 2005-AR12 2A4 3.418%, 7/25/35(l)		1,230,481		1,166,315
Series 2006-AR12 2A1 6.100%, 9/25/36(l)		700,467		594,940
				175,306,939
Total Asset-Backed and Mortgage-Backed Securities				288,820,291
Corporate Bonds (28.6%)
Consumer Discretionary (1.0%)
Automobiles (0.0%)
Daimler Finance N.A. LLC
6.500%, 11/15/13		1,319,000		1,445,934
Hotels, Restaurants & Leisure (0.1%)
International Game Technology
7.500%, 6/15/19		75,000		81,272
Marriott International, Inc.
5.625%, 2/15/13		250,000		256,528

See Notes to Financial Statements.

82

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
McDonald’s Corp.
5.000%, 2/1/19	$	2,500,000	$	2,613,005
6.300%, 3/1/38		682,000		752,285
Yum! Brands, Inc.
4.250%, 9/15/15		250,000		250,751
5.300%, 9/15/19		150,000		150,661
6.875%, 11/15/37		100,000		108,049
				4,212,551
Household Durables (0.0%)
Fortune Brands, Inc.
3.000%, 6/1/12		250,000		247,778
Toll Brothers Finance Corp.
8.910%, 10/15/17		200,000		227,071
6.750%, 11/1/19		125,000		122,424
Whirlpool Corp.
8.000%, 5/1/12		115,000		124,591
8.600%, 5/1/14		50,000		56,613
				778,477
Media (0.7%)
CBS Corp.
8.875%, 5/15/19		125,000		149,541
7.875%, 7/30/30		823,000		887,639
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		489,000		563,669
Comcast Cable Holdings LLC
7.875%, 8/1/13		39,000		44,266
Comcast Corp.
6.500%, 1/15/15		969,000		1,085,623
5.900%, 3/15/16		1,395,000		1,502,302
6.500%, 1/15/17^		1,765,000		1,953,968
5.700%, 5/15/18		300,000		315,375
5.700%, 7/1/19		250,000		262,261
7.050%, 3/15/33		4,000		4,367
6.500%, 11/15/35		370,000		383,639
6.450%, 3/15/37		658,000		678,444
6.950%, 8/15/37		1,879,000		2,047,909
6.550%, 7/1/39		250,000		262,092
COX Communications, Inc.
7.125%, 10/1/12		115,000		127,746
4.625%, 6/1/13		600,000		623,933
8.375%, 3/1/39§		1,100,000		1,369,697
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
7.625%, 5/15/16		414,000		452,295
McGraw-Hill Cos., Inc.
6.550%, 11/15/37		200,000		196,462
News America Holdings, Inc.
9.250%, 2/1/13		957,000		1,116,575
7.750%, 1/20/24		43,000		44,177
8.500%, 2/23/25		232,000		273,280
8.450%, 8/1/34		73,000		82,976
News America, Inc.
7.125%, 4/8/28		82,000		82,391
6.150%, 3/1/37		666,000		662,595
7.850%, 3/1/39		250,000		292,432
Omnicom Group, Inc.
6.250%, 7/15/19		150,000		161,827
TCI Communications, Inc.
7.875%, 2/15/26		246,000		275,752
7.125%, 2/15/28		108,000		112,186

	Principal Amount		Value (Note 1)
Thomson Reuters Corp.
5.700%, 10/1/14	$	1,230,000	$	1,350,294
4.700%, 10/15/19		150,000		147,761
Time Warner Cable, Inc.
6.200%, 7/1/13		987,000		1,084,176
5.850%, 5/1/17		1,358,000		1,426,815
5.000%, 2/1/20		220,000		213,341
7.300%, 7/1/38		275,000		304,870
6.750%, 6/15/39		250,000		261,826
Time Warner Cos., Inc.
7.570%, 2/1/24		3,000		3,258
Time Warner Entertainment Co. LP
8.375%, 3/15/23		700,000		829,214
Time Warner, Inc.
6.750%, 4/15/11		40,000		42,380
5.875%, 11/15/16		668,000		721,112
7.700%, 5/1/32		1,962,000		2,304,045
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		74,070
Viacom, Inc.
4.375%, 9/15/14		100,000		103,126
5.625%, 9/15/19		350,000		365,436
6.875%, 4/30/36		300,000		324,392
Walt Disney Co.
4.500%, 12/15/13		500,000		531,123
5.500%, 3/15/19		500,000		535,710
				26,638,368
Multiline Retail (0.1%)
Kohl’s Corp.
6.250%, 12/15/17		622,000		688,253
Nordstrom, Inc.
6.750%, 6/1/14		100,000		111,680
Target Corp.
5.125%, 1/15/13		500,000		542,902
6.000%, 1/15/18		500,000		551,844
7.000%, 1/15/38		500,000		583,374
				2,478,053
Specialty Retail (0.1%)
Home Depot, Inc.
5.400%, 3/1/16		1,332,000		1,394,417
Lowe’s Cos., Inc.
5.800%, 10/15/36		655,000		667,501
TJX Cos., Inc.
4.200%, 8/15/15		100,000		104,622
6.950%, 4/15/19		145,000		167,598
				2,334,138
Total Consumer Discretionary				37,887,521
Consumer Staples (1.2%)
Beverages (0.4%)
Anheuser-Busch Cos., Inc.
6.450%, 9/1/37		677,000		715,909
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12§		1,125,000		1,130,271
5.375%, 11/15/14§		3,250,000		3,440,957
4.125%, 1/15/15§		630,000		639,671
5.375%, 1/15/20§		1,130,000		1,152,893
6.375%, 1/15/40§		250,000		260,715

See Notes to Financial Statements.

83

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Bottling Group LLC
6.950%, 3/15/14	$	700,000	$	805,426
Coca-Cola Co.
5.350%, 11/15/17		650,000		700,195
Coca-Cola Enterprises, Inc.
3.750%, 3/1/12		1,750,000		1,818,840
7.375%, 3/3/14		500,000		579,799
6.750%, 9/15/28		660,000		741,431
Diageo Finance B.V.
3.250%, 1/15/15		200,000		198,669
5.300%, 10/28/15		1,288,000		1,389,665
Dr. Pepper Snapple Group, Inc.
1.700%, 12/21/11		100,000		99,900
2.350%, 12/21/12		100,000		100,106
6.820%, 5/1/18		250,000		280,455
PepsiAmericas, Inc.
4.375%, 2/15/14		250,000		260,104
PepsiCo, Inc.
3.750%, 3/1/14		500,000		516,699
7.900%, 11/1/18		500,000		613,628
				15,445,333
Food & Staples Retailing (0.3%)
Costco Wholesale Corp.
5.300%, 3/15/12		200,000		215,753
5.500%, 3/15/17		200,000		213,456
CVS Caremark Corp.
4.875%, 9/15/14		250,000		264,853
6.250%, 6/1/27		688,000		699,662
CVS Pass-Through Trust
7.507%, 1/10/32(b)§		5,600,000		5,865,944
Delhaize Group
5.875%, 2/1/14		250,000		268,503
Kroger Co.
7.500%, 1/15/14		500,000		570,643
3.900%, 10/1/15		250,000		251,364
6.400%, 8/15/17		250,000		273,106
8.000%, 9/15/29		250,000		300,413
Safeway, Inc.
5.800%, 8/15/12		400,000		432,017
7.250%, 2/1/31		250,000		287,736
Walgreen Co.
4.875%, 8/1/13		200,000		214,769
5.250%, 1/15/19		200,000		212,242
Wal-Mart Stores, Inc.
5.000%, 4/5/12		2,650,000		2,850,695
5.250%, 9/1/35		707,000		695,207
				13,616,363
Food Products (0.3%)
Archer-Daniels-Midland Co.
7.000%, 2/1/31		637,000		725,865
Bunge Ltd. Finance Corp.
8.500%, 6/15/19		85,000		96,892
Campbell Soup Co.
3.375%, 8/15/14		100,000		101,643
4.500%, 2/15/19		540,000		540,377
General Mills, Inc.
6.000%, 2/15/12		1,342,000		1,448,925
H.J. Heinz Co.
5.350%, 7/15/13		400,000		429,994

	Principal Amount		Value (Note 1)
Hershey Co.
4.850%, 8/15/15	$	640,000	$	670,915
Kellogg Co.
4.250%, 3/6/13		500,000		524,153
Kraft Foods, Inc.
6.250%, 6/1/12		1,346,000		1,450,626
6.500%, 8/11/17		1,980,000		2,148,411
6.125%, 2/1/18		1,702,000		1,789,724
7.000%, 8/11/37		100,000		106,501
Ralcorp Holdings, Inc.
6.625%, 8/15/39§		100,000		97,524
				10,131,550
Household Products (0.1%)
Clorox Co.
5.450%, 10/15/12		1,330,000		1,429,967
3.550%, 11/1/15		100,000		98,864
Kimberly-Clark Corp.
6.625%, 8/1/37		100,000		114,926
Procter & Gamble Co.
4.600%, 1/15/14		600,000		638,866
4.700%, 2/15/19		200,000		204,737
5.550%, 3/5/37		684,000		706,413
				3,193,773
Personal Products (0.0%)
Avon Products, Inc.
5.625%, 3/1/14		200,000		217,980
Tobacco (0.1%)
Altria Group, Inc.
8.500%, 11/10/13		1,340,000		1,548,544
9.950%, 11/10/38		500,000		651,755
Philip Morris International, Inc.
6.875%, 3/17/14^		775,000		878,167
5.650%, 5/16/18		1,352,000		1,421,736
Reynolds American, Inc.
6.750%, 6/15/17		400,000		414,242
				4,914,444
Total Consumer Staples				47,519,443
Energy (1.7%)
Energy Equipment & Services (0.1%)
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		105,000		111,850
5.700%, 10/15/39		250,000		243,337
Halliburton Co.
5.500%, 10/15/10		330,000		343,426
6.700%, 9/15/38		300,000		338,866
Rowan Cos., Inc.
7.875%, 8/1/19		130,000		144,637
Transocean, Inc.
6.000%, 3/15/18		673,000		718,051
6.800%, 3/15/38		200,000		223,640
Weatherford International Ltd.
5.500%, 2/15/16		649,000		664,455
9.625%, 3/1/19		250,000		311,676
				3,099,938

See Notes to Financial Statements.

84

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Oil, Gas & Consumable Fuels (1.6%)
Alberta Energy Co., Ltd.
8.125%, 9/15/30	$	628,000	$	756,859
Anadarko Petroleum Corp.
5.950%, 9/15/16		640,000		692,286
6.450%, 9/15/36		250,000		261,092
Apache Corp.
6.000%, 1/15/37		682,000		725,683
Buckeye Partners LP
5.500%, 8/15/19		150,000		149,548
Canadian Natural Resources Ltd.
5.700%, 5/15/17		1,889,000		2,018,200
6.250%, 3/15/38		250,000		258,734
Cenovus Energy, Inc.
6.750%, 11/15/39§		1,300,000		1,417,070
Chevron Corp.
3.450%, 3/3/12		3,220,000		3,346,604
4.950%, 3/3/19		250,000		263,342
ConocoPhillips
4.400%, 5/15/13		2,602,000		2,745,352
4.600%, 1/15/15		2,830,000		3,005,432
5.750%, 2/1/19		500,000		547,273
7.000%, 3/30/29		9,000		9,963
Devon Financing Corp. ULC
6.875%, 9/30/11		1,362,000		1,479,561
7.875%, 9/30/31		142,000		177,914
Enbridge Energy Partners LP
9.875%, 3/1/19		250,000		316,561
Enbridge, Inc.
5.800%, 6/15/14		500,000		541,715
EnCana Corp.
4.750%, 10/15/13		656,000		689,161
6.500%, 5/15/19^		2,645,000		2,958,795
EnCana Holdings Finance Corp.
5.800%, 5/1/14		120,000		131,004
Energy Transfer Partners LP
6.000%, 7/1/13		500,000		534,592
9.000%, 4/15/19		500,000		595,989
Enterprise Products Operating LLC
9.750%, 1/31/14		375,000		447,554
6.650%, 10/15/34		250,000		257,999
EOG Resources, Inc.
5.625%, 6/1/19		125,000		132,792
Gaz Capital S.A.
8.146%, 4/11/18§		1,800,000		1,896,750
Hess Corp.
7.300%, 8/15/31		659,000		748,878
Husky Energy, Inc.
5.900%, 6/15/14		85,000		92,654
7.250%, 12/15/19		50,000		57,780
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		5,430,000		5,742,420
5.000%, 12/15/13		200,000		209,962
5.625%, 2/15/15		65,000		69,899
6.000%, 2/1/17		200,000		209,983
6.850%, 2/15/20		145,000		160,845
5.800%, 3/1/21		10,600,000		10,933,190
7.400%, 3/15/31		200,000		218,575
6.950%, 1/15/38		200,000		213,153
Magellan Midstream Partners LP
6.550%, 7/15/19		150,000		162,827

	Principal Amount		Value (Note 1)
Marathon Oil Corp.
7.500%, 2/15/19	$	500,000	$	577,058
6.600%, 10/1/37		200,000		212,159
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		367,415
Nexen, Inc.
6.200%, 7/30/19		30,000		31,744
5.875%, 3/10/35		672,000		634,410
7.500%, 7/30/39		120,000		137,573
Occidental Petroleum Corp.
7.000%, 11/1/13		200,000		229,797
4.125%, 6/1/16		150,000		151,098
ONEOK Partners LP
8.625%, 3/1/19		350,000		422,378
PC Financial Partnership
5.000%, 11/15/14		500,000		524,262
Pemex Project Funding Master Trust
6.625%, 6/15/35		670,000		637,941
Petrobras International Finance Co.
5.875%, 3/1/18^		125,000		126,051
7.875%, 3/15/19		750,000		864,609
5.750%, 1/20/20^		3,330,000		3,387,566
6.875%, 1/20/40		250,000		256,900
Petroleos Mexicanos
4.875%, 3/15/15§		250,000		249,075
8.000%, 5/3/19		500,000		578,750
Plains All American Pipeline LP
6.650%, 1/15/37		678,000		691,723
Shell International Finance B.V.
4.000%, 3/21/14		2,425,000		2,530,563
6.375%, 12/15/38		500,000		563,689
Spectra Energy Capital LLC
6.200%, 4/15/18		350,000		371,705
Statoil ASA
5.250%, 4/15/19		150,000		158,992
Suncor Energy, Inc.
6.850%, 6/1/39		500,000		550,856
Talisman Energy, Inc.
7.750%, 6/1/19		75,000		88,081
Trans-Canada Pipelines Ltd.
7.125%, 1/15/19		700,000		818,453
6.200%, 10/15/37		250,000		264,013
7.625%, 1/15/39		500,000		615,804
Transcontinental Gas Pipe Line Corp.
Series B 8.875%, 7/15/12		1,000,000		1,146,167
Valero Energy Corp.
7.500%, 4/15/32		616,000		633,483
Williams Cos., Inc.
8.750%, 1/15/20		500,000		596,486
XTO Energy, Inc.
6.250%, 4/15/13		500,000		550,682
6.250%, 8/1/17		270,000		305,730
6.500%, 12/15/18		250,000		285,675
6.750%, 8/1/37		1,002,000		1,180,248
				65,919,127
Total Energy				69,019,065

See Notes to Financial Statements.

85

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Financials (18.3%)
Capital Markets (2.7%)
Bank of New York Mellon Corp.
4.300%, 5/15/14	$	145,000	$	152,607
Bear Stearns Cos. LLC
6.950%, 8/10/12		2,500,000		2,793,190
5.300%, 10/30/15		829,000		876,799
7.250%, 2/1/18		2,000,000		2,295,706
Bear Stearns Cos., Inc.
0.684%, 7/19/10(l)		541,000		541,927
BlackRock, Inc.
3.500%, 12/10/14		200,000		197,489
5.000%, 12/10/19		300,000		294,804
Charles Schwab Corp.
4.950%, 6/1/14		125,000		131,867
Deutsche Bank AG/London
5.375%, 10/12/12		2,693,000		2,907,242
Goldman Sachs Capital I
6.345%, 2/15/34		381,000		356,715
Goldman Sachs Capital II
5.793%, 12/29/49(l)		1,095,000		848,625
Goldman Sachs Group, Inc.
1.700%, 3/15/11		250,000		252,772
1.625%, 7/15/11		1,352,000		1,364,092
2.150%, 3/15/12		250,000		254,052
3.250%, 6/15/12		2,712,000		2,817,589
3.625%, 8/1/12		180,000		185,455
5.450%, 11/1/12		2,690,000		2,892,232
5.250%, 10/15/13		1,518,000		1,612,136
6.000%, 5/1/14		75,000		82,033
5.125%, 1/15/15		1,826,000		1,918,675
6.150%, 4/1/18		1,600,000		1,712,798
5.950%, 1/15/27		810,000		779,001
6.125%, 2/15/33		699,000		701,958
6.750%, 10/1/37		700,000		719,521
Jefferies Group, Inc.
8.500%, 7/15/19		300,000		327,939
Lehman Brothers Holdings, Inc.
0.000%, 12/23/09(h)(s)		10,200,000		1,989,000
5.625%, 1/24/13(h)(s)		5,000,000		1,025,000
6.750%, 12/28/17(h)(s)		1,297,000		389
Macquarie Bank Ltd.
3.300%, 7/17/14§		12,900,000		12,930,650
Merrill Lynch & Co., Inc.
0.485%, 6/5/12(l)^		1,500,000		1,455,177
6.050%, 8/15/12		700,000		749,862
6.150%, 4/25/13		2,774,000		2,968,616
5.700%, 5/2/17		1,500,000		1,470,258
6.400%, 8/28/17		13,000,000		13,680,914
Morgan Stanley
5.050%, 1/21/11		715,000		741,588
6.750%, 4/15/11		240,000		254,276
3.250%, 12/1/11		2,700,000		2,800,777
0.534%, 1/9/12(l)		3,400,000		3,361,505
5.625%, 1/9/12		3,335,000		3,519,499
2.250%, 3/13/12		250,000		253,944
5.300%, 3/1/13		2,543,000		2,680,309
6.000%, 5/13/14		200,000		215,040
4.200%, 11/20/14		5,250,000		5,253,664
6.000%, 4/28/15		10,300,000		10,971,787
0.764%, 10/15/15(l)		4,800,000		4,501,330

	Principal Amount		Value (Note 1)
5.375%, 10/15/15	$	1,000,000	$	1,033,256
5.550%, 4/27/17		100,000		100,443
5.950%, 12/28/17		2,700,000		2,784,888
7.300%, 5/13/19		200,000		224,586
Northern Trust Corp.
4.625%, 5/1/14		65,000		69,265
Piper Jaffray Cos.
4.351%, 12/31/10(b)(l)§		5,000,000		5,000,000
Raymond James Financial, Inc.
8.600%, 8/15/19		600,000		649,113
				107,702,360
Commercial Banks (6.9%)
American Express Bank FSB
3.150%, 12/9/11		750,000		775,101
Bank of Scotland plc
7.700%, 8/15/10(b)§		7,300,000		7,409,047
0.317%, 12/8/10(l)§		8,000,000		7,853,968
5.250%, 2/21/17(b)§		8,200,000		8,131,563
Barclays Bank plc
5.000%, 9/22/16		500,000		510,906
6.750%, 5/22/19		400,000		446,173
5.926%, 9/29/49(l)§		1,300,000		975,000
7.434%, 9/29/49(l)§		1,795,000		1,633,450
BB&T Corp.
3.375%, 9/25/13		400,000		403,152
5.250%, 11/1/19		655,000		631,261
Citibank N.A.
1.375%, 8/10/11		8,800,000		8,823,329
1.250%, 9/22/11		300,000		300,508
1.875%, 5/7/12		500,000		502,660
1.750%, 12/28/12		3,770,000		3,736,832
Commonwealth Bank of Australia
0.704%, 7/12/13(l)§		12,800,000		12,756,237
Credit Suisse/New York
3.450%, 7/2/12		250,000		257,151
5.000%, 5/15/13		15,840,000		16,892,330
5.500%, 5/1/14		300,000		325,560
6.000%, 2/15/18^		464,000		485,501
Dexia Credit Local S.A.
1.875%, 9/30/11		13,900,000		13,945,870
Fifth Third Bancorp
8.250%, 3/1/38		1,400,000		1,331,105
GMAC, Inc.
1.750%, 10/30/12		500,000		496,745
2.200%, 12/19/12		500,000		503,066
HBOS plc
6.750%, 5/21/18^§		1,400,000		1,299,068
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/31/49(l)§		550,000		469,473
HSBC Holdings plc
6.500%, 5/2/36		700,000		734,177
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		1,620,000		1,716,729
6.000%, 10/1/17		3,610,000		3,865,133
KeyBank N.A.
5.700%, 8/15/12		400,000		411,779
7.413%, 5/6/15		400,000		408,149
KeyCorp
6.500%, 5/14/13		1,302,000		1,343,844
Kreditanstalt fuer Wiederaufbau
3.250%, 2/15/11		3,000,000		3,108,000

See Notes to Financial Statements.

86

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
3.250%, 3/15/13	$	2,705,000	$	2,784,849
4.875%, 1/17/17		2,724,000		2,910,256
(Zero Coupon), 4/18/36		1,824,000		476,730
Landeskreditbank Baden-Wuerttemberg Foerderbank
4.875%, 1/13/12		500,000		531,310
Landwirtschaftliche Rentenbank
4.875%, 2/14/11		2,675,000		2,789,051
5.250%, 7/2/12		645,000		696,874
4.125%, 7/15/13		190,000		200,322
Lloyds TSB Bank plc
2.300%, 4/1/11§		7,000,000		7,096,131
1.287%, 4/2/12(l)§		3,800,000		3,863,490
Marshall & Ilsley Corp.
5.350%, 4/1/11		1,453,000		1,442,451
National Australia Bank Ltd.
5.350%, 6/12/13§		9,100,000		9,794,703
New York Community Bank
3.000%, 12/16/11		5,950,000		6,110,704
NIBC Bank N.V.
2.800%, 12/2/14(b)§		8,200,000		7,979,272
PNC Bank N.A.
4.875%, 9/21/17		1,250,000		1,182,759
Rabobank Nederland N.V.
11.000%, 6/29/49(l)§		624,000		760,814
Regions Bank/Alabama
7.500%, 5/15/18		3,700,000		3,382,303
Regions Financial Corp.
7.750%, 11/10/14		500,000		493,112
Royal Bank of Scotland Group plc
0.514%, 3/30/12(l)§		17,900,000		17,844,134
2.625%, 5/11/12§		490,000		497,016
5.050%, 1/8/15		2,100,000		1,821,670
6.400%, 10/21/19		375,000		373,796
Sumitomo Mitsui Banking Corp.
1.049%, 6/29/49(l)	JPY	200,000,000		2,055,391
5.625%, 7/29/49(l)§	$	300,000		285,979
Svenska Handelsbanken AB
1.254%, 9/14/12(l)§		1,400,000		1,392,751
U.S. Bancorp
4.200%, 5/15/14		1,000,000		1,038,041
UBS AG/Connecticut
1.501%, 9/29/11(l)		13,000,000		12,967,942
5.875%, 12/20/17		700,000		719,384
5.750%, 4/25/18		1,600,000		1,628,816
Union Planters Corp.
7.750%, 3/1/11		1,000,000		994,248
USB Capital XIII Trust
6.625%, 12/15/39		125,000		127,043
Wachovia Bank N.A.
4.875%, 2/1/15		1,250,000		1,276,605
5.000%, 8/15/15		2,500,000		2,554,240
6.600%, 1/15/38		750,000		791,609
Wachovia Corp.
0.374%, 3/15/11(l)		1,500,000		1,496,028
0.413%, 4/23/12(l)		1,100,000		1,084,650
5.500%, 5/1/13		2,400,000		2,549,599
5.700%, 8/1/13		1,381,000		1,485,322
5.625%, 10/15/16		1,340,000		1,370,139
0.524%, 6/15/17(l)		5,900,000		5,263,437
Wells Fargo & Co.
3.000%, 12/9/11		675,000		696,849

	Principal Amount		Value (Note 1)
5.250%, 10/23/12	$	1,335,000	$	1,425,211
4.375%, 1/31/13		7,600,000		7,893,968
3.750%, 10/1/14		800,000		797,643
5.625%, 12/11/17		665,000		691,704
Series K 7.980%, 12/31/49(l)		8,000,000		8,020,000
Wells Fargo Bank N.A.
5.750%, 5/16/16		2,750,000		2,850,878
Series AI 4.750%, 2/9/15		5,700,000		5,812,250
Westpac Banking Corp.
3.250%, 12/16/11§		17,700,000		18,274,011
2.250%, 11/19/12		6,500,000		6,484,673
4.875%, 11/19/19		200,000		197,401
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		12,900,000		12,984,934
				280,725,360
Consumer Finance (1.6%)
American Express Co.
7.250%, 5/20/14		250,000		282,093
7.000%, 3/19/18		15,968,000		17,585,111
8.125%, 5/20/19		250,000		296,265
American Express Credit Corp.
5.125%, 8/25/14^		1,000,000		1,053,733
American Honda Finance Corp.
1.003%, 6/20/11(l)§		12,000,000		12,000,972
Capital One Financial Corp.
7.375%, 5/23/14		125,000		141,529
Discover Financial Services
6.450%, 6/12/17		704,000		658,899
Ford Motor Credit Co. LLC
9.750%, 9/15/10		2,700,000		2,785,992
HSBC Finance Corp.
0.634%, 7/19/12(l)		10,000,000		9,643,140
6.375%, 11/27/12		5,024,000		5,471,302
4.750%, 7/15/13		2,732,000		2,844,673
0.534%, 1/15/14(l)		4,200,000		3,941,419
5.000%, 6/30/15		685,000		707,608
0.686%, 6/1/16(l)		500,000		456,760
International Lease Finance Corp.
5.450%, 3/24/11		1,304,000		1,201,806
5.650%, 6/1/14		1,356,000		1,024,809
PACCAR Financial Corp.
1.950%, 12/17/12		200,000		197,930
SLM Corp.
0.442%, 7/26/10(l)		2,300,000		2,250,969
5.400%, 10/25/11		644,000		643,431
0.582%, 1/27/14(l)		885,000		682,693
				63,871,134
Diversified Financial Services (4.5%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		2,180,000		2,327,093
Ameriprise Financial, Inc.
7.300%, 6/28/19		90,000		100,085
Bank of America Corp.
2.100%, 4/30/12		1,000,000		1,009,231
3.125%, 6/15/12		1,350,000		1,398,866
4.750%, 8/15/13		2,970,000		3,018,458
0.584%, 9/15/14(l)		1,450,000		1,351,841

See Notes to Financial Statements.

87

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
6.500%, 8/1/16	$	1,000,000	$	1,075,322
5.625%, 10/14/16^		2,300,000		2,332,090
6.000%, 9/1/17		820,000		851,098
Bank of America N.A.
5.300%, 3/15/17		1,500,000		1,470,135
6.000%, 10/15/36		750,000		724,744
Belvoir Land LLC,
Series A-1 5.270%, 12/15/47§		167,000		114,166
Boeing Capital Corp.
6.500%, 2/15/12		1,334,000		1,458,968
BP Capital Markets plc
1.550%, 8/11/11		150,000		151,086
5.250%, 11/7/13		750,000		816,922
3.625%, 5/8/14		250,000		255,751
3.875%, 3/10/15		150,000		154,112
BTM Curacao Holdings N.V.
1.116%, 11/29/49(l)	JPY	100,000,000		1,065,002
Cantor Fitzgerald LP
7.875%, 10/15/19§	$	900,000		880,790
Capital One Capital IV
6.745%, 2/17/37(l)		692,000		574,360
Capital One Capital VI
8.875%, 5/15/40		300,000		319,500
Caterpillar Financial Services Corp.
5.125%, 10/12/11		326,000		346,013
4.250%, 2/8/13		1,342,000		1,397,404
7.150%, 2/15/19		300,000		346,916
CDP Financial, Inc.
3.000%, 11/25/14§		3,345,000		3,264,084
Citigroup Funding, Inc.
1.375%, 5/5/11		500,000		503,198
2.125%, 7/12/12^		2,290,000		2,307,683
1.875%, 10/22/12		5,200,000		5,180,354
2.250%, 12/10/12		500,000		503,925
Citigroup, Inc.
6.500%, 1/18/11		2,873,000		3,004,339
0.361%, 5/18/11(l)		4,100,000		4,029,947
2.875%, 12/9/11		679,000		699,369
2.125%, 4/30/12		1,200,000		1,212,850
5.500%, 4/11/13^		19,200,000		19,905,888
6.375%, 8/12/14		1,000,000		1,046,907
5.000%, 9/15/14		750,000		723,018
0.558%, 11/5/14(l)		3,690,000		3,328,982
6.000%, 8/15/17		430,000		429,835
6.125%, 5/15/18		2,693,000		2,707,564
8.500%, 5/22/19		600,000		692,852
5.850%, 12/11/34		1,499,000		1,322,520
8.125%, 7/15/39		155,000		174,940
CME Group, Inc.
5.750%, 2/15/14		300,000		328,131
ConocoPhillips Canada Funding Co. I
5.950%, 10/15/36		614,000		618,867
Credit Suisse FB USA, Inc.
5.125%, 8/15/15		2,620,000		2,785,639
Credit Suisse USA, Inc.
5.250%, 3/2/11		1,354,000		1,418,486
Equifax, Inc.
4.450%, 12/1/14		100,000		100,502

	Principal Amount		Value (Note 1)
General Electric Capital Corp.
3.000%, 12/9/11	$	1,354,000	$	1,395,733
5.875%, 2/15/12		4,002,000		4,287,643
2.250%, 3/12/12		23,550,000		23,891,240
0.404%, 4/10/12(l)^		13,665,000		13,367,390
2.200%, 6/8/12		1,000,000		1,014,025
2.000%, 9/28/12		2,950,000		2,953,817
2.125%, 12/21/12		9,510,000		9,518,816
2.625%, 12/28/12		1,000,000		1,018,413
5.900%, 5/13/14		150,000		162,161
5.400%, 2/15/17		1,308,000		1,334,933
6.750%, 3/15/32		1,597,000		1,628,245
5.875%, 1/14/38		1,366,000		1,264,756
5.500%, 9/15/67(l)§	EUR	10,400,000		11,479,868
6.375%, 11/15/67(l)^	$	905,000		785,088
Irwin Land LLC
Series A-1 5.030%, 12/15/25§		217,000		183,652
Series A-2 5.300%, 12/15/35§		395,000		305,552
John Deere Capital Corp.
7.000%, 3/15/12		600,000		665,602
2.875%, 6/19/12		300,000		309,143
5.250%, 10/1/12		200,000		215,987
4.500%, 4/3/13		500,000		524,939
5.750%, 9/10/18		300,000		325,294
JPMorgan Chase & Co.
3.125%, 12/1/11		2,706,000		2,800,661
0.378%, 12/21/11(l)		2,700,000		2,688,363
6.625%, 3/15/12		2,661,000		2,904,912
0.431%, 11/1/12(l)		1,500,000		1,475,233
4.650%, 6/1/14		250,000		263,360
6.000%, 1/15/18		674,000		724,547
7.900%, 4/29/49(l)		982,000		1,012,894
JPMorgan Chase Capital XV
5.875%, 3/15/35		693,000		616,825
JPMorgan Chase Capital XVIII
6.950%, 8/17/36		671,000		651,899
JPMorgan Chase Capital XXV
6.800%, 10/1/37		3,201,000		3,180,392
JPMorgan Chase Capital XXVII
7.000%, 11/1/39		500,000		504,256
National Rural Utilities Cooperative Finance Corp.
7.250%, 3/1/12		2,604,000		2,862,416
Pemex Finance Ltd.
9.030%, 2/15/11		7,500		7,828
Private Export Funding Corp.
4.300%, 12/15/21		200,000		190,531
Santander Perpetual S.A.U.
6.671%, 10/29/49(l)§		3,500,000		3,145,860
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		345,141
Unilever Capital Corp.
4.800%, 2/15/19		750,000		769,844
				180,607,092

See Notes to Financial Statements.

88

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Insurance (2.0%)
ACE INA Holdings, Inc.
5.600%, 5/15/15	$	250,000	$	268,278
5.900%, 6/15/19		50,000		53,792
Aflac, Inc.
8.500%, 5/15/19		150,000		172,798
6.900%, 12/17/39		55,000		54,184
Allstate Corp.
6.200%, 5/16/14		200,000		221,183
7.450%, 5/16/19		100,000		116,182
5.950%, 4/1/36		634,000		641,103
6.125%, 5/15/37(l)		444,000		386,280
American International Group, Inc.
0.321%, 1/29/10(l)§		10,400,000		10,392,855
5.600%, 10/18/16		1,000,000		827,536
8.250%, 8/15/18^		1,200,000		1,126,620
6.250%, 5/1/36		700,000		519,761
8.175%, 5/15/58(l)		17,500,000		11,550,000
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		500,000		523,985
4.750%, 5/15/12^		228,000		243,063
5.000%, 8/15/13		600,000		645,183
4.850%, 1/15/15		600,000		642,387
Chubb Corp.
5.750%, 5/15/18^		1,250,000		1,327,064
6.375%, 3/29/67(l)		937,000		871,410
CNA Financial Corp.
7.350%, 11/15/19		120,000		120,140
Hartford Financial Services Group, Inc.
6.100%, 10/1/41		592,000		473,116
HCC Insurance Holdings, Inc.
6.300%, 11/15/19		100,000		101,568
Lincoln National Corp.
8.750%, 7/1/19		150,000		171,391
6.250%, 2/15/20		50,000		49,274
6.050%, 4/20/67(l)		607,000		470,425
Markel Corp.
7.125%, 9/30/19		100,000		103,256
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		290,000		296,588
5.750%, 9/15/15		75,000		78,245
MetLife, Inc.
6.125%, 12/1/11		272,000		292,408
6.750%, 6/1/16		500,000		559,920
5.700%, 6/15/35		244,000		240,969
6.400%, 12/15/36		2,000,000		1,750,000
Metropolitan Life Global Funding I
0.431%, 5/18/10(l)§		1,500,000		1,498,997
0.504%, 3/15/12(l)§		12,620,000		12,430,056
2.875%, 9/17/12§		1,725,000		1,738,536
5.125%, 4/10/13§		2,450,000		2,595,506
5.125%, 6/10/14§		775,000		820,180
Monumental Global Funding Ltd.
0.413%, 6/16/10(l)§		2,080,000		2,066,480
New York Life Global Funding
4.650%, 5/9/13§		11,900,000		12,499,391
Principal Life Income Funding Trusts
5.125%, 3/1/11		2,642,000		2,718,219
Progressive Corp.
6.700%, 6/15/37(l)		717,000		634,451
Protective Life Corp.
7.375%, 10/15/19		200,000		200,432
8.450%, 10/15/39		100,000		96,470

	Principal Amount		Value (Note 1)
Prudential Financial, Inc.
4.500%, 7/15/13	$	1,319,000	$	1,333,917
6.200%, 1/15/15		45,000		48,414
6.000%, 12/1/17		1,244,000		1,283,441
Reinsurance Group of America, Inc.
6.450%, 11/15/19		100,000		99,672
Swiss Reinsurance Solutions Holding Corp.
7.000%, 2/15/26		1,228,000		1,199,822
Teachers Insurance & Annuity Association of America
6.850%, 12/16/39§		870,000		899,352
Transatlantic Holdings, Inc.
8.000%, 11/30/39		200,000		203,624
Travelers Cos., Inc.
5.800%, 5/15/18		500,000		532,865
6.250%, 3/15/37(l)		1,012,000		921,922
6.250%, 6/15/37		250,000		264,275
Willis North America, Inc.
5.625%, 7/15/15		665,000		651,268
				80,028,254
Real Estate Investment Trusts (REITs) (0.2%)
AvalonBay Communities, Inc.
5.700%, 3/15/17		150,000		152,167
Boston Properties LP
5.875%, 10/15/19		300,000		300,939
Duke Realty LP
6.250%, 5/15/13		100,000		100,572
Equity One, Inc.
6.250%, 12/15/14		100,000		98,382
ERP Operating LP
6.625%, 3/15/12		133,000		142,017
5.125%, 3/15/16		500,000		487,411
HCP, Inc.
6.000%, 1/30/17		300,000		282,331
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		200,000		198,114
Hospitality Properties Trust
7.875%, 8/15/14		1,100,000		1,135,605
5.625%, 3/15/17		250,000		216,465
HRPT Properties Trust
6.650%, 1/15/18		100,000		91,704
Kimco Realty Corp.
6.875%, 10/1/19		100,000		101,686
Mack-Cali Realty LP
7.750%, 8/15/19		250,000		258,689
ProLogis
7.625%, 8/15/14		150,000		156,858
7.375%, 10/30/19		200,000		197,281
Simon Property Group LP
5.300%, 5/30/13		1,319,000		1,360,951
6.750%, 5/15/14		215,000		229,121
5.100%, 6/15/15		658,000		649,974
Ventas Realty LP/Ventas Capital Corp.
7.125%, 6/1/15		2,248,000		2,248,000
6.750%, 4/1/17		760,000		735,300
				9,143,567
Thrifts & Mortgage Finance (0.4%)
Abbey National Treasury Services plc/London
3.875%, 11/10/14§		5,200,000		5,218,507

See Notes to Financial Statements.

89

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Achmea Hypotheekbank N.V.
3.200%, 11/3/14§	$	2,160,000	$	2,155,818
Sovereign Bancorp, Inc.
2.500%, 6/15/12		10,000,000		10,210,500
U.S. Central Federal Credit
1.900%, 10/19/12		500,000		499,609
Western Corporate Federal Credit Union
1.750%, 11/2/12		200,000		199,102
				18,283,536
Total Financials				740,361,303
Health Care (0.8%)
Biotechnology (0.0%)
Amgen, Inc.
5.850%, 6/1/17		678,000		740,885
6.375%, 6/1/37		670,000		731,301
Genentech, Inc.
4.750%, 7/15/15		250,000		267,569
				1,739,755
Health Care Equipment & Supplies (0.1%)
Baxter International, Inc.
5.900%, 9/1/16		1,324,000		1,458,669
Hospira, Inc.
6.400%, 5/15/15		115,000		127,285
Mead Johnson Nutrition Co.
3.500%, 11/1/14§		200,000		197,720
4.900%, 11/1/19§		300,000		297,447
5.900%, 11/1/39§		100,000		98,474
				2,179,595
Health Care Providers & Services (0.2%)
Aetna, Inc.
6.625%, 6/15/36		946,000		970,026
Cardinal Health, Inc.
5.650%, 6/15/12		21,000		22,359
Express Scripts, Inc.
5.250%, 6/15/12		400,000		425,040
6.250%, 6/15/14		135,000		147,303
7.250%, 6/15/19		80,000		90,895
McKesson Corp.
6.500%, 2/15/14		300,000		331,849
Medco Health Solutions, Inc.
7.125%, 3/15/18		250,000		281,035
Quest Diagnostics, Inc.
4.750%, 1/30/20		60,000		58,626
5.750%, 1/30/40		40,000		38,819
Roche Holdings, Inc.
2.262%, 2/25/11(l)§		505,000		515,648
5.000%, 3/1/14§		2,250,000		2,407,133
UnitedHealth Group, Inc.
6.875%, 2/15/38		500,000		516,775
WellPoint Health Networks, Inc.
6.375%, 1/15/12		1,335,000		1,437,875
				7,243,383
Pharmaceuticals (0.5%)
Abbott Laboratories, Inc.
5.600%, 5/15/11		1,334,000		1,414,884
6.000%, 4/1/39		300,000		316,241

	Principal Amount		Value (Note 1)
AstraZeneca plc
5.900%, 9/15/17	$	300,000	$	333,351
6.450%, 9/15/37		676,000		761,374
Bristol-Myers Squibb Co.
5.875%, 11/15/36		678,000		704,649
6.875%, 8/1/97		45,000		48,778
Eli Lilly and Co.
3.550%, 3/6/12		1,070,000		1,113,534
5.200%, 3/15/17		1,316,000		1,393,402
5.500%, 3/15/27		300,000		301,836
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		1,027,000		1,102,432
5.650%, 5/15/18		2,724,000		2,938,087
Johnson & Johnson
5.550%, 8/15/17		500,000		551,503
4.950%, 5/15/33		271,000		264,027
Merck & Co., Inc.
4.000%, 6/30/15^		2,260,000		2,356,825
6.000%, 9/15/17		350,000		388,761
5.750%, 11/15/36		250,000		256,212
6.550%, 9/15/37		350,000		397,497
Novartis Capital Corp.
4.125%, 2/10/14		300,000		315,353
Novartis Securities Investment Ltd.
5.125%, 2/10/19		500,000		525,263
Pfizer, Inc.
4.500%, 2/15/14		250,000		264,982
5.350%, 3/15/15		3,265,000		3,568,335
Teva Pharmaceutical Finance LLC
5.550%, 2/1/16		268,000		282,893
6.150%, 2/1/36		270,000		278,877
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		125,000		127,623
6.125%, 8/15/19		130,000		134,133
Wyeth
5.500%, 2/15/16		652,000		700,814
7.250%, 3/1/23		683,000		774,532
5.950%, 4/1/37		500,000		521,389
				22,137,587
Total Health Care				33,300,320
Industrials (0.9%)
Aerospace & Defense (0.2%)
Boeing Co.
3.500%, 2/15/15		100,000		100,281
4.875%, 2/15/20		55,000		55,149
5.875%, 2/15/40		30,000		30,705
General Dynamics Corp.
1.800%, 7/15/11		65,000		65,723
5.250%, 2/1/14		500,000		543,984
Goodrich Corp.
6.125%, 3/1/19		200,000		216,043
4.875%, 3/1/20		100,000		98,914
Honeywell International, Inc.
3.875%, 2/15/14		380,000		395,891
5.300%, 3/1/18		1,334,000		1,407,010
ITT Corp.
4.900%, 5/1/14		1,110,000		1,163,119
Lockheed Martin Corp.
4.121%, 3/14/13		158,000		165,075
7.750%, 5/1/26		674,000		802,902

See Notes to Financial Statements.

90

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Northrop Grumman Corp.
3.700%, 8/1/14	$	60,000	$	60,231
Northrop Grumman Systems Corp.
7.750%, 2/15/31		405,000		500,394
Raytheon Co.
4.400%, 2/15/20		100,000		98,495
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		51,742
United Technologies Corp.
4.875%, 5/1/15		500,000		536,698
6.125%, 2/1/19		500,000		552,524
6.050%, 6/1/36		660,000		701,600
				7,546,480
Air Freight & Logistics (0.0%)
United Parcel Service, Inc.
6.200%, 1/15/38		694,000		769,399
Airlines (0.2%)
Continental Airlines, Inc.
9.000%, 7/8/16		250,000		265,000
Southwest Airlines Co.
10.500%, 12/15/11§		7,000,000		7,589,848
				7,854,848
Building Products (0.0%)
CRH America, Inc.
5.625%, 9/30/11		127,000		133,502
6.000%, 9/30/16		500,000		522,231
				655,733
Commercial Services & Supplies (0.1%)
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		371,438
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		895,000		920,436
Cornell University
5.450%, 2/1/19		200,000		212,196
Dartmouth College
4.750%, 6/1/19		50,000		50,641
Pitney Bowes, Inc.
5.750%, 9/15/17		678,000		726,436
Princeton University
5.700%, 3/1/39		300,000		308,199
R.R. Donnelley & Sons Co.
8.600%, 8/15/16		500,000		544,305
11.250%, 2/1/19		250,000		311,990
Republic Services, Inc.
5.500%, 9/15/19§		148,000		150,287
Vanderbilt University
5.250%, 4/1/19		100,000		104,227
Waste Management, Inc.
6.375%, 11/15/12		700,000		770,079
7.375%, 3/11/19		200,000		230,783
Yale University
2.900%, 10/15/14		300,000		298,892
				4,999,909
Electrical Equipment (0.0%)
Amphenol Corp.
4.750%, 11/15/14		100,000		100,035
Emerson Electric Co.
4.875%, 10/15/19		500,000		511,089

	Principal Amount		Value (Note 1)
6.125%, 4/15/39	$	100,000	$	108,264
5.250%, 11/15/39		150,000		144,096
Thomas & Betts Corp.
5.625%, 11/15/21		100,000		97,756
				961,240
Industrial Conglomerates (0.2%)
3M Co.
4.375%, 8/15/13		350,000		376,823
5.700%, 3/15/37		200,000		208,717
General Electric Co.
5.000%, 2/1/13^		2,081,000		2,201,615
5.250%, 12/6/17		500,000		510,932
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		1,348,000		1,529,160
Tyco International Finance S.A.
6.000%, 11/15/13		610,000		668,184
4.125%, 10/15/14		500,000		511,113
				6,006,544
Machinery (0.1%)
Caterpillar, Inc.
8.250%, 12/15/38		300,000		400,384
Deere & Co.
4.375%, 10/16/19		150,000		149,814
5.375%, 10/16/29		300,000		299,430
Dover Corp.
5.450%, 3/15/18		660,000		698,345
Snap-On, Inc.
6.125%, 9/1/21		100,000		102,373
				1,650,346
Road & Rail (0.1%)
Burlington Northern Santa Fe Corp.
5.900%, 7/1/12		1,342,000		1,455,041
4.700%, 10/1/19		150,000		148,602
Canadian National Railway Co.
6.200%, 6/1/36		680,000		740,727
Canadian Pacific Railway Co.
7.250%, 5/15/19		220,000		250,041
CSX Corp.
6.250%, 3/15/18		650,000		699,935
Norfolk Southern Corp.
7.700%, 5/15/17		268,000		313,729
5.900%, 6/15/19		550,000		587,261
Union Pacific Corp.
5.125%, 2/15/14		500,000		530,896
5.700%, 8/15/18		500,000		523,749
				5,249,981
Total Industrials				35,694,480
Information Technology (0.5%)
Communications Equipment (0.1%)
American Tower Corp.
4.625%, 4/1/15§		150,000		151,718
Cisco Systems, Inc.
4.950%, 2/15/19		1,000,000		1,025,009
4.450%, 1/15/20		2,325,000		2,280,788
5.900%, 2/15/39		300,000		303,326
Harris Corp.
6.375%, 6/15/19		85,000		91,782

See Notes to Financial Statements.

91

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Motorola, Inc.
8.000%, 11/1/11	$	200,000	$	213,898
6.000%, 11/15/17		676,000		654,060
Nokia Oyj
5.375%, 5/15/19		200,000		204,188
6.625%, 5/15/39		95,000		103,281
				5,028,050
Computers & Peripherals (0.1%)
Dell, Inc.
3.375%, 6/15/12		270,000		279,213
5.875%, 6/15/19		125,000		132,280
7.100%, 4/15/28		100,000		108,142
Hewlett-Packard Co.
5.250%, 3/1/12		664,000		712,346
4.750%, 6/2/14		475,000		507,232
International Business Machines Corp.
2.100%, 5/6/13		500,000		499,001
5.700%, 9/14/17		1,000,000		1,093,309
6.500%, 1/15/28		1,379,000		1,502,237
				4,833,760
Electronic Equipment, Instruments & Components (0.1%)
Agilent Technologies, Inc.
4.450%, 9/14/12		2,000,000		2,069,310
Arrow Electronics, Inc.
6.000%, 4/1/20		100,000		98,936
Corning, Inc.
6.625%, 5/15/19		30,000		32,693
				2,200,939
IT Services (0.0%)
Electronic Data Systems Corp.
6.000%, 8/1/13		670,000		740,631
Western Union Co.
5.400%, 11/17/11		1,325,000		1,414,680
				2,155,311
Office Electronics (0.1%)
Xerox Corp.
5.500%, 5/15/12		1,302,000		1,375,980
8.250%, 5/15/14		40,000		45,885
6.350%, 5/15/18		1,372,000		1,431,171
5.625%, 12/15/19		200,000		199,721
				3,052,757
Semiconductors & Semiconductor Equipment (0.0%)
Analog Devices, Inc.
5.000%, 7/1/14		100,000		104,319
Software (0.1%)
Microsoft Corp.
2.950%, 6/1/14		190,000		192,035
4.200%, 6/1/19		125,000		124,804
5.200%, 6/1/39		185,000		181,170
Oracle Corp.
4.950%, 4/15/13		1,100,000		1,180,367
5.250%, 1/15/16		1,302,000		1,405,980
6.500%, 4/15/38		600,000		658,857
				3,743,213
Total Information Technology				21,118,349

	Principal Amount		Value (Note 1)
Materials (0.6%)
Chemicals (0.3%)
Air Products and Chemicals, Inc.
4.375%, 8/21/19	$	200,000	$	198,209
Cabot Corp.
5.000%, 10/1/16		100,000		98,071
Dow Chemical Co.
4.850%, 8/15/12		5,000,000		5,254,805
6.000%, 10/1/12		1,312,000		1,411,328
7.600%, 5/15/14		370,000		421,020
8.550%, 5/15/19		310,000		369,875
9.400%, 5/15/39		225,000		297,484
E.I. du Pont de Nemours & Co.
5.875%, 1/15/14		300,000		331,392
3.250%, 1/15/15		400,000		396,252
6.000%, 7/15/18		350,000		381,909
5.600%, 12/15/36		100,000		99,445
Monsanto Co.
5.125%, 4/15/18		150,000		156,513
5.875%, 4/15/38		100,000		103,292
Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14		155,000		166,564
3.750%, 9/30/15		120,000		119,425
6.500%, 5/15/19		85,000		94,142
4.875%, 3/30/20		70,000		69,063
PPG Industries, Inc.
6.650%, 3/15/18		300,000		326,564
Praxair, Inc.
4.625%, 3/30/15		253,000		269,079
4.500%, 8/15/19		300,000		300,917
Sherwin-Williams Co.
3.125%, 12/15/14		100,000		98,764
Valspar Corp.
7.250%, 6/15/19		100,000		109,737
				11,073,850
Construction Materials (0.0%)
Lafarge S.A.
7.125%, 7/15/36		200,000		209,425
Containers & Packaging (0.0%)
Bemis Co., Inc.
5.650%, 8/1/14		55,000		58,541
6.800%, 8/1/19		45,000		49,475
				108,016
Metals & Mining (0.2%)
Alcoa, Inc.
5.900%, 2/1/27		665,000		599,474
Allegheny Technologies, Inc.
9.375%, 6/1/19		200,000		230,211
ArcelorMittal S.A.
5.375%, 6/1/13		300,000		316,575
9.000%, 2/15/15		225,000		265,747
6.125%, 6/1/18		250,000		257,959
9.850%, 6/1/19		250,000		323,350
Barrick Australian Finance Pty Ltd.
5.950%, 10/15/39		500,000		487,979
Barrick Gold Corp.
6.950%, 4/1/19		300,000		337,783
Barrick N.A. Finance LLC
7.500%, 9/15/38		100,000		114,834

See Notes to Financial Statements.

92

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12	$	628,000	$	668,444
6.500%, 4/1/19		500,000		573,529
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		1,000,000		1,095,000
Newmont Mining Corp.
5.125%, 10/1/19		360,000		360,168
6.250%, 10/1/39		200,000		200,239
Nucor Corp.
5.850%, 6/1/18		300,000		323,276
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		650,000		701,374
8.950%, 5/1/14		360,000		431,388
9.000%, 5/1/19		215,000		272,102
7.125%, 7/15/28		500,000		565,948
Vale Overseas Ltd.
6.875%, 11/21/36		1,366,000		1,364,854
6.875%, 11/10/39		170,000		171,143
Xstrata Canada Corp.
5.500%, 6/15/17		724,000		722,094
				10,383,471
Paper & Forest Products (0.1%)
Georgia-Pacific LLC
8.125%, 5/15/11		1,500,000		1,575,000
International Paper Co.
9.375%, 5/15/19		200,000		245,834
7.500%, 8/15/21		200,000		224,094
7.300%, 11/15/39		1,075,000		1,140,426
Koch Forest Products, Inc.
2.283%, 12/20/12(l)		28,240		27,234
2.302%, 12/20/12(l)		419,561		404,614
				3,617,202
Total Materials				25,391,964
Telecommunication Services (1.8%)
Diversified Telecommunication Services (1.4%)
Ameritech Capital Funding Corp.
6.550%, 1/15/28		531,000		512,914
AT&T Corp.
7.300%, 11/15/11		38,000		41,841
AT&T, Inc.
6.250%, 3/15/11		1,351,000		1,430,672
5.500%, 2/1/18		2,335,000		2,436,376
6.150%, 9/15/34		676,000		668,229
6.800%, 5/15/36		682,000		726,325
6.500%, 9/1/37		1,950,000		2,021,175
6.400%, 5/15/38		1,332,000		1,368,855
BellSouth Capital Funding Corp.
7.875%, 2/15/30		687,000		784,431
BellSouth Corp.
5.200%, 9/15/14		1,107,000		1,185,589
6.000%, 11/15/34		290,000		282,992
British Telecommunications plc
9.625%, 12/15/30		693,000		883,032
Deutsche Telekom International Finance B.V.
8.500%, 6/15/10		2,400,000		2,480,222
4.875%, 7/8/14		500,000		524,324
6.750%, 8/20/18		500,000		559,790
6.000%, 7/8/19		250,000		266,918
8.750%, 6/15/30		668,000		859,121

	Principal Amount		Value (Note 1)
Embarq Corp.
7.082%, 6/1/16	$	500,000	$	552,289
France Telecom S.A.
7.750%, 3/1/11		1,149,000		1,231,464
GTE Corp.
8.750%, 11/1/21		250,000		307,742
6.940%, 4/15/28		67,000		68,735
Qwest Corp.
7.625%, 6/15/15		1,580,000		1,635,300
8.375%, 5/1/16		750,000		804,375
6.500%, 6/1/17		650,000		638,625
Telecom Italia Capital S.A.
4.000%, 1/15/10		5,700,000		5,704,389
0.894%, 7/18/11(l)		2,700,000		2,688,749
6.175%, 6/18/14		250,000		270,973
5.250%, 10/1/15^		472,000		493,498
6.999%, 6/4/18		500,000		550,146
7.175%, 6/18/19		7,350,000		8,194,243
6.375%, 11/15/33		1,374,000		1,354,653
Telefonica Emisiones S.A.U.
5.984%, 6/20/11		1,350,000		1,427,825
4.949%, 1/15/15^		1,440,000		1,539,273
6.421%, 6/20/16		300,000		332,980
6.221%, 7/3/17		669,000		737,378
5.877%, 7/15/19		145,000		155,415
Telefonica Europe B.V.
7.750%, 9/15/10		165,000		172,608
Verizon Communications, Inc.
5.350%, 2/15/11		600,000		625,646
4.350%, 2/15/13		500,000		523,011
5.550%, 2/15/16		1,315,000		1,417,566
5.500%, 2/15/18		298,000		310,984
8.750%, 11/1/18		2,500,000		3,122,548
7.750%, 12/1/30		678,000		796,499
7.750%, 6/15/32		127,000		149,110
5.850%, 9/15/35		262,000		255,485
6.400%, 2/15/38		667,000		697,288
Verizon Maryland, Inc.
Series B 5.125%, 6/15/33		139,000		109,973
Verizon New England, Inc.
6.500%, 9/15/11		797,000		849,488
7.875%, 11/15/29		7,000		7,658
Verizon New Jersey, Inc.
Series A 5.875%, 1/17/12		312,000		332,418
Verizon New York, Inc.
Series A 6.875%, 4/1/12		500,000		544,007
				55,635,147
Wireless Telecommunication Services (0.4%)
America Movil S.A.B. de C.V.
5.625%, 11/15/17		1,322,000		1,368,718
Cellco Partnership/Verizon Wireless Capital LLC
3.750%, 5/20/11		4,935,000		5,088,804
5.250%, 2/1/12		500,000		530,313
5.550%, 2/1/14		500,000		542,639
8.500%, 11/15/18		1,270,000		1,575,285
New Cingular Wireless Services, Inc.
7.875%, 3/1/11		300,000		322,319
8.125%, 5/1/12		1,348,000		1,523,149

See Notes to Financial Statements.

93

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Rogers Communications, Inc.
6.800%, 8/15/18	$	500,000	$	559,961
Sprint Nextel Corp.
0.651%, 6/28/10(l)		1,000,000		984,222
Vodafone Group plc
7.750%, 2/15/10		595,000		599,546
4.150%, 6/10/14		3,075,000		3,163,511
7.875%, 2/15/30		682,000		817,438
6.150%, 2/27/37		669,000		696,913
				17,772,818
Total Telecommunication Services				73,407,965
Utilities (1.8%)
Electric Utilities (1.0%)
Ameren Energy Generating Co.
6.300%, 4/1/20		100,000		98,195
Carolina Power & Light Co.
5.300%, 1/15/19		500,000		522,115
Cleco Power LLC
6.500%, 12/1/35		100,000		95,310
Columbus Southern Power Co.
6.600%, 3/1/33		651,000		683,455
Commonwealth Edison Co.
6.150%, 9/15/17		1,330,000		1,440,410
5.900%, 3/15/36		624,000		620,559
Consolidated Edison Co. of New York, Inc.
Series 02-B 4.875%, 2/1/13		1,305,000		1,390,634
Series 07-A 6.300%, 8/15/37		628,000		676,286
Series 08-B 6.750%, 4/1/38		400,000		456,035
Series 09-C 5.500%, 12/1/39		80,000		77,811
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		960,998
Detroit Edison Co.
5.600%, 6/15/18		250,000		263,864
6.625%, 6/1/36		100,000		110,480
Duke Energy Carolinas LLC
6.000%, 1/15/38		500,000		528,768
Duke Energy Corp.
5.050%, 9/15/19		300,000		299,000
Duke Energy Ohio, Inc.
5.700%, 9/15/12		1,245,000		1,350,236
EDP Finance B.V.
6.000%, 2/2/18§		875,000		934,711
Enel Finance International S.A.
6.250%, 9/15/17§		7,200,000		7,916,213
Entergy Gulf States Louisiana LLC
5.590%, 10/1/24		60,000		59,965
Entergy Louisiana LLC
5.400%, 11/1/24		75,000		73,158
Exelon Generation Co. LLC
5.350%, 1/15/14		300,000		316,708
FirstEnergy Corp.
Series B 6.450%, 11/15/11		29,000		31,095
Series C 7.375%, 11/15/31		522,000		565,797

	Principal Amount		Value (Note 1)
FirstEnergy Solutions Corp.
4.800%, 2/15/15	$	500,000	$	510,347
6.800%, 8/15/39		497,000		501,969
Florida Power & Light Co.
5.550%, 11/1/17		500,000		539,618
4.950%, 6/1/35		875,000		799,355
5.950%, 2/1/38		309,000		324,605
Florida Power Corp.
5.900%, 3/1/33		582,000		593,720
6.350%, 9/15/37		400,000		433,538
6.400%, 6/15/38^		890,000		971,696
FPL Group Capital, Inc.
7.875%, 12/15/15		300,000		361,050
Georgia Power Co.
5.400%, 6/1/18		500,000		527,843
4.250%, 12/1/19		80,000		77,524
5.950%, 2/1/39		250,000		260,964
Hydro Quebec
7.500%, 4/1/16		300,000		352,731
Indiana Michigan Power Co.
7.000%, 3/15/19		250,000		278,790
Interstate Power and Light Co.
6.250%, 7/15/39		60,000		62,997
Massachusetts Electric Co.
5.900%, 11/15/39§		785,000		797,021
MidAmerican Energy Co.
6.750%, 12/30/31		273,000		305,317
MidAmerican Energy Holdings Co.
5.950%, 5/15/37		704,000		704,789
6.500%, 9/15/37		600,000		645,229
MidAmerican Funding LLC
6.927%, 3/1/29		682,000		739,750
Nevada Power Co.
7.125%, 3/15/19		500,000		558,221
Northern States Power Co.
5.250%, 3/1/18		500,000		523,831
5.350%, 11/1/39		120,000		115,816
NSTAR
4.500%, 11/15/19		100,000		97,791
Oglethorpe Power Corp.
5.950%, 11/1/39§		205,000		207,537
Ohio Power Co.
5.375%, 10/1/21		95,000		95,254
Oncor Electric Delivery Co.
6.800%, 9/1/18		500,000		555,390
7.250%, 1/15/33		250,000		283,926
Pacific Gas & Electric Co.
6.250%, 12/1/13		500,000		556,623
6.050%, 3/1/34		657,000		685,930
5.400%, 1/15/40		100,000		95,695
PacifiCorp
6.000%, 1/15/39		500,000		525,480
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,286,065
Portland General Electric Co.
6.100%, 4/15/19		100,000		110,474
PPL Electric Utilities Corp.
6.250%, 5/15/39		75,000		80,381
Progress Energy, Inc.
6.000%, 12/1/39		100,000		98,073
PSEG Power LLC
6.950%, 6/1/12		400,000		436,982

See Notes to Financial Statements.

94

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Public Service Co. of Colorado
6.250%, 9/1/37	$	254,000	$	277,399
Public Service Electric & Gas Co.
6.330%, 11/1/13		500,000		556,903
5.300%, 5/1/18		250,000		262,443
5.800%, 5/1/37		250,000		257,251
Puget Sound Energy, Inc.
5.757%, 10/1/39		125,000		120,948
San Diego Gas & Electric Co.
6.125%, 9/15/37		200,000		217,920
6.000%, 6/1/39		30,000		32,214
Scottish Power Ltd.
4.910%, 3/15/10		330,000		332,735
Southern California Edison Co.
5.750%, 3/15/14		500,000		552,863
5.950%, 2/1/38		800,000		840,402
Southern Co.
4.150%, 5/15/14		125,000		128,544
Tampa Electric Co.
6.100%, 5/15/18		75,000		79,821
Toledo Edison Co.
7.250%, 5/1/20		30,000		34,234
Union Electric Co.
6.700%, 2/1/19		500,000		552,026
Virginia Electric & Power Co.
Series A 5.400%, 1/15/16		1,316,000		1,389,031
				42,208,859
Gas Utilities (0.4%)
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		197,202
CenterPoint Energy Resources Corp.
6.150%, 5/1/16		300,000		312,813
Consolidated Natural Gas Co.
Series A 5.000%, 3/1/14		75,000		78,591
Enterprise Products Operating LLC
5.250%, 1/31/20		250,000		247,306
EQT Corp.
8.125%, 6/1/19		250,000		288,843
NGPL Pipeco LLC
6.514%, 12/15/12§		14,400,000		15,651,144
Panhandle Eastern Pipeline Co.
6.200%, 11/1/17		250,000		264,343
Plains All American Pipeline LP
8.750%, 5/1/19		100,000		117,909
Sempra Energy
6.000%, 10/15/39		315,000		311,047
Southern California Gas Co.
5.500%, 3/15/14		200,000		217,958
Spectra Energy Capital LLC
8.000%, 10/1/19		100,000		117,032
				17,804,188
Independent Power Producers & Energy Traders (0.3%)
Constellation Energy Group, Inc.
7.000%, 4/1/12		1,275,000		1,383,416
Tennessee Valley Authority
5.500%, 7/18/17		676,000		736,840
6.750%, 11/1/25		697,000		815,522
6.150%, 1/15/38		691,000		765,293

	Principal Amount		Value (Note 1)
5.250%, 9/15/39^	$	6,665,000	$	6,604,048
				10,305,119
Multi-Utilities (0.1%)
Alliant Energy Corp.
4.000%, 10/15/14		200,000		200,051
Avista Corp.
5.125%, 4/1/22		55,000		53,928
Dominion Resources, Inc.
5.150%, 7/15/15		383,000		405,356
6.000%, 11/30/17		1,331,000		1,431,022
5.200%, 8/15/19		80,000		81,247
DTE Energy Co.
7.625%, 5/15/14		50,000		55,818
NiSource Finance Corp.
10.750%, 3/15/16		500,000		616,092
6.400%, 3/15/18		250,000		259,841
Sempra Energy
9.800%, 2/15/19		600,000		748,873
				3,852,228
Total Utilities				74,170,394
Total Corporate Bonds				1,157,870,804
Government Securities (74.2%)
Agency ABS (0.5%)
Federal Home Loan Bank
0.750%, 7/8/11		500,000		498,447
1.375%, 10/19/11		300,000		300,842
1.000%, 12/28/11		500,000		497,901
1.250%, 12/30/11		300,000		297,793
2.000%, 11/9/12		500,000		497,195
1.850%, 12/21/12		100,000		98,691
2.000%, 12/24/12		100,000		98,793
5.000%, 12/10/24		100,000		97,937
Federal Home Loan Mortgage Corp.
1.500%, 11/18/11		300,000		299,135
1.250%, 12/15/11		100,000		99,287
1.250%, 1/19/12		100,000		99,487
2.000%, 11/5/12		500,000		498,010
1.700%, 12/17/12		300,000		296,156
3.250%, 11/25/14		300,000		298,076
5.000%, 12/30/24		100,000		97,546
Federal National Mortgage Association
2.050%, 10/19/12		500,000		498,958
1.750%, 12/28/12		200,000		198,335
2.150%, 4/12/13		100,000		99,757
3.125%, 11/10/14		300,000		297,997
Private Export Funding Corp.
5.685%, 5/15/12		150,000		164,488
4.550%, 5/15/15		200,000		213,743
Small Business Administration
Series 2003-10A 4.628%, 3/10/13		116,804		121,053
Series 2008-P10B 1 5.944%, 8/1/18		3,009,423		3,172,174
Small Business Administration Participation Certificates, Class 1
Series 2004-20A 1 4.930%, 1/1/24		523,922		547,881
Series 2004-20C 4.340%, 3/1/24		3,688,164		3,784,520

See Notes to Financial Statements.

95

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Series 2005-20B 4.625%, 2/1/25	$	332,019	$	343,917
Series 2008-20A 5.170%, 1/1/28		893,157		946,111
Series 2008-20C 1 5.490%, 3/1/28		3,330,908		3,529,335
Series 2008-20G 5.870%, 7/1/28		3,399,107		3,673,358
				21,666,923
Agency CMO (0.3%)
Federal Home Loan Mortgage Corp.
4.500%, 2/15/15		659,575		665,639
4.500%, 1/15/16		1,053,931		1,069,285
5.000%, 7/15/19		574,028		573,840
5.500%, 2/15/26		424,734		425,677
5.500%, 4/15/26		515,827		524,923
5.500%, 1/15/31		486,309		510,234
Federal National Mortgage Association
4.500%, 2/25/17		851,801		873,250
4.500%, 3/25/17		711,002		730,146
5.500%, 10/25/24		66,195		66,022
5.500%, 3/25/25		125,571		125,243
5.500%, 1/25/26		539,527		538,761
5.500%, 5/25/27		320,535		323,590
6.000%, 8/25/28		135,241		136,045
6.000%, 1/25/32		1,552,951		1,586,228
8.581%, 6/25/32(l)		111,875		118,944
5.310%, 8/25/33		2,596,332		2,485,896
6.000%, 10/25/33		1,540,130		1,573,918
6.500%, 7/25/34		305,895		321,855
Government National Mortgage Association
6.500%, 6/20/32		139,732		149,753
6.168%, 1/16/38 IO(l)		4,125,782		522,634
				13,321,883
Foreign Governments (1.4%)
Emirate of Abu Dhabi
5.500%, 8/2/12§		3,100,000		3,274,868
Export Development Canada
1.750%, 9/24/12		500,000		498,478
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		4,014,223
Export-Import Bank of Korea
5.125%, 2/14/11		700,000		723,029
5.875%, 1/14/15		500,000		536,556
Federative Republic of Brazil
6.000%, 1/17/17		2,700,000		2,916,000
8.000%, 1/15/18		1,416,667		1,616,417
8.750%, 2/4/25		500,000		647,500
8.250%, 1/20/34		1,351,000		1,725,902
Hungary Government International Bond
4.750%, 2/3/15		250,000		247,738
Israel Government AID Bond
5.500%, 4/26/24		1,335,000		1,424,668
5.500%, 9/18/33		583,000		576,026
Oesterreichische Kontrollbank AG
2.875%, 3/15/11		500,000		511,513
4.875%, 2/16/16		2,749,000		2,892,008
Province of British Columbia
6.500%, 1/15/26		300,000		340,606
7.250%, 9/1/36		500,000		640,762

	Principal Amount		Value (Note 1)
Province of Manitoba
4.900%, 12/6/16	$	500,000	$	528,829
Province of Nova Scotia
5.125%, 1/26/17		1,455,000		1,549,297
Province of Ontario
2.625%, 1/20/12		1,500,000		1,530,807
1.875%, 11/19/12		2,030,000		2,009,777
3.500%, 7/15/13		1,000,000		1,032,340
4.100%, 6/16/14		2,640,000		2,755,143
4.000%, 10/7/19		250,000		239,386
Province of Quebec
4.600%, 5/26/15		1,372,000		1,452,193
7.500%, 9/15/29		500,000		629,050
Qatar Govt International Bond
4.000%, 1/20/15^§		1,260,000		1,263,150
Republic of Chile
5.500%, 1/15/13		300,000		330,990
Republic of Croatia
Series A 1.750%, 7/30/10(l)		205,909		204,194
Republic of Italy
5.625%, 6/15/12		1,256,000		1,365,931
4.500%, 1/21/15		2,699,000		2,823,607
6.875%, 9/27/23		656,000		742,519
Republic of Korea
5.750%, 4/16/14		500,000		546,530
7.125%, 4/16/19		300,000		343,403
Republic of Panama
9.375%, 4/1/29		298,000		405,280
Republic of Peru
8.375%, 5/3/16		300,000		362,250
7.125%, 3/30/19		100,000		115,000
7.350%, 7/21/25		500,000		572,500
6.550%, 3/14/37		677,000		704,080
Republic of Poland
5.250%, 1/15/14		600,000		642,051
6.375%, 7/15/19		700,000		761,378
Republic of South Africa
7.375%, 4/25/12		60,000		65,901
6.500%, 6/2/14		1,480,000		1,620,600
6.875%, 5/27/19		500,000		561,250
State of Israel
5.500%, 11/9/16		656,000		703,838
United Mexican States
6.625%, 3/3/15		670,000		743,700
8.125%, 12/30/19		1,356,000		1,642,599
8.300%, 8/15/31		1,370,000		1,693,731
6.750%, 9/27/34		1,078,000		1,137,290
6.050%, 1/11/40		500,000		480,650
				54,145,538
Municipal Bonds (1.4%)
American Municipal Power-Ohio, Inc.
6.449%, 2/15/44		100,000		96,944
Bay Area Toll Authority California State
6.263%, 4/1/49		500,000		477,605
California State University, Class A
5.000%, 11/1/30		300,000		302,487
Central Puget Sound Washington Regional Transportation Authority
5.491%, 11/1/39		100,000		95,805

See Notes to Financial Statements.

96

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Chabot-Las Positas, California Community College District
(Zero Coupon), 8/1/22	$	6,230,000	$	2,956,446
Chicago Illinois Metropolitan Water Reclamation
5.720%, 12/1/38		775,000		774,179
City of Chicago, Illinois, Class A
4.750%, 1/1/36		600,000		597,336
City of San Antonio, Texas
5.985%, 2/1/39		50,000		50,311
Clark County, Nevada Airport Revenue
6.881%, 7/1/42		100,000		96,398
Dallas Area Rapid Transit
6.249%, 12/1/34		400,000		399,520
Los Angeles Department of Airports
6.582%, 5/15/39		100,000		98,005
Los Angeles Department of Water & Power Build America Bonds
6.008%, 7/1/39		100,000		96,260
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,144,935
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,523,820
4.500%, 7/1/24		1,300,000		1,304,914
4.500%, 7/1/25		1,700,000		1,651,941
4.500%, 1/1/28		1,500,000		1,410,885
5.755%, 7/1/29		100,000		92,460
5.750%, 7/1/34		200,000		184,716
Los Gatos, California Union School District, Class B
5.000%, 8/1/30		160,000		163,293
Metropolitan Transportation Authority
5.871%, 11/15/39		100,000		93,547
7.336%, 11/15/39		1,065,000		1,186,676
Metropolitan Washington Airports Authority
7.462%, 10/1/46		13,000,000		13,086,190
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,185,000		1,326,916
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		4,500,000		4,622,535
New York City Municipal Water Finance Authority
5.750%, 6/15/41		200,000		191,396
New York State Dormitory Authority, Class F
5.628%, 3/15/39		875,000		831,145
Pennsylvania Turnpike Commission
6.105%, 12/1/39		250,000		254,267
Port Authority of New York & New Jersey
6.040%, 12/1/29		620,000		620,050
Puerto Rico Sales Tax Financing Corp., Class A
(Zero Coupon), 8/1/54		1,100,000		61,941
State of California
4.850%, 10/1/14		250,000		246,820
5.450%, 4/1/15		4,025,000		4,049,754
5.950%, 4/1/16		35,000		35,470
6.200%, 10/1/19		200,000		192,984
4.500%, 8/1/28		1,800,000		1,572,696
7.500%, 4/1/34		175,000		169,857
6.000%, 4/1/38		200,000		203,810
7.550%, 4/1/39		3,085,000		2,989,581
7.300%, 10/1/39		1,795,000		1,690,639
7.350%, 11/1/39		225,000		212,836
State of Georgia
4.503%, 11/1/25		100,000		97,822
State of Illinois
5.100%, 6/1/33		1,500,000		1,249,350

	Principal Amount		Value (Note 1)
State of Illinois Toll Highway Authority
6.184%, 1/1/34	$	1,055,000	$	1,047,974
5.851%, 12/1/34		100,000		95,739
State of Iowa
6.750%, 6/1/34		1,800,000		1,831,878
State of Massachusetts
5.456%, 12/1/39		200,000		191,134
State of New York
5.206%, 10/1/31		150,000		135,685
5.770%, 3/15/39		100,000		96,966
State of Texas
4.750%, 4/1/37		1,100,000		1,098,251
5.517%, 4/1/39		2,110,000		2,059,951
State of Utah
4.554%, 7/1/24		120,000		116,479
State of Washington
5.481%, 8/1/39		100,000		97,235
University of Virginia
6.200%, 9/1/39		225,000		241,778
Utah Transit Authority
5.937%, 6/15/39		40,000		40,260
				55,557,872
Supranational (0.8%)
African Development Bank
1.750%, 10/1/12		375,000		372,561
3.000%, 5/27/14		200,000		201,449
Asian Development Bank
2.125%, 3/15/12		2,000,000		2,031,302
2.750%, 5/21/14		300,000		299,467
Corp. Andina de Fomento
8.125%, 6/4/19		475,000		548,854
Eksportfinans A/S
5.000%, 2/14/12		1,232,000		1,313,154
3.000%, 11/17/14		2,550,000		2,510,972
5.500%, 5/25/16		1,675,000		1,804,627
European Bank for Reconstruction & Development
1.250%, 6/10/11		200,000		200,522
3.625%, 6/17/13		400,000		416,475
European Investment Bank
3.250%, 10/14/11		2,000,000		2,069,260
1.750%, 9/14/12		1,500,000		1,495,092
4.625%, 5/15/14		4,320,000		4,631,498
3.125%, 6/4/14		500,000		505,799
4.875%, 2/16/16		1,334,000		1,434,159
4.875%, 2/15/36		200,000		190,460
Export Development Canada
2.625%, 11/15/11		1,000,000		1,024,669
Inter-American Development Bank
5.000%, 4/5/11		1,199,000		1,261,293
1.750%, 10/22/12		500,000		497,873
4.250%, 9/10/18		1,368,000		1,396,526
International Bank for Reconstruction & Development
3.500%, 10/8/13		1,000,000		1,039,857
7.625%, 1/19/23		694,000		885,078
4.750%, 2/15/35		100,000		96,216
International Finance Corp.
3.500%, 5/15/13		475,000		493,824
3.000%, 4/22/14		510,000		511,150
Japan Finance Corp.
2.000%, 6/24/11		2,415,000		2,444,122
2.125%, 11/5/12		475,000		472,867

See Notes to Financial Statements.

97

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Korea Development Bank
8.000%, 1/23/14	$	500,000	$	576,194
Nordic Investment Bank
3.125%, 2/15/11		1,000,000		1,024,959
5.000%, 2/1/17		300,000		321,570
Svensk Exportkredit AB
3.250%, 9/16/14		475,000		474,924
				32,546,773
U.S. Government Agencies (39.7%)
Federal Farm Credit Bank
5.375%, 7/18/11		1,250,000		1,332,956
3.875%, 8/25/11		1,355,000		1,416,405
2.000%, 1/17/12		500,000		506,708
2.125%, 6/18/12		1,000,000		1,012,437
1.875%, 12/7/12		300,000		299,936
3.750%, 6/17/14		250,000		252,715
3.700%, 4/1/16		250,000		246,880
5.125%, 8/25/16		685,000		739,614
4.875%, 1/17/17		840,000		893,866
Federal Home Loan Bank
0.750%, 3/18/11		500,000		500,086
0.750%, 3/25/11		500,000		499,697
3.375%, 6/24/11		4,000,000		4,132,280
1.625%, 7/27/11		400,000		403,824
1.250%, 10/19/11		100,000		100,044
4.875%, 11/18/11		5,420,000		5,789,091
2.250%, 4/13/12		3,000,000		3,054,117
2.000%, 7/27/12		500,000		500,960
2.000%, 9/24/12		1,000,000		1,000,021
2.000%, 10/5/12		500,000		500,340
2.000%, 12/28/12		500,000		495,153
2.500%, 10/15/13		200,000		198,204
5.250%, 6/5/17		1,350,000		1,482,693
5.000%, 11/17/17		2,740,000		2,963,910
5.500%, 7/15/36		690,000		707,842
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		2,450,000		2,470,078
Federal Home Loan Mortgage Corp.
4.000%, 6/1/10		292,032		294,194
1.500%, 1/7/11		5,000,000		5,045,510
2.050%, 3/9/11		500,000		501,309
2.000%, 3/16/11		1,250,000		1,253,115
1.750%, 4/20/11		250,000		250,879
1.625%, 4/26/11		5,000,000		5,053,795
1.700%, 6/29/11		500,000		502,862
1.750%, 7/27/11		1,000,000		1,003,770
1.625%, 8/11/11		1,000,000		1,002,557
2.000%, 10/14/11		500,000		501,716
1.125%, 12/15/11		10,065,000		10,033,728
2.050%, 2/24/12		1,000,000		1,002,023
2.625%, 3/19/12		250,000		251,208
2.125%, 3/23/12		10,000,000		10,153,250
2.500%, 3/23/12		250,000		250,980
2.200%, 4/20/12		250,000		251,329
2.000%, 4/27/12		250,000		251,665
2.050%, 5/11/12		1,000,000		1,002,639
1.750%, 6/15/12^		1,900,000		1,908,415
2.000%, 6/15/12		500,000		501,797
2.000%, 9/25/12		200,000		200,198
2.000%, 9/28/12		500,000		499,291
2.000%, 10/1/12		1,000,000		1,000,762

	Principal Amount		Value (Note 1)
2.250%, 11/19/12	$	100,000	$	99,755
2.500%, 4/8/13		750,000		753,542
4.875%, 11/15/13		5,440,000		5,953,955
6.000%, 1/1/14		13,022		13,919
5.500%, 2/1/14		96,695		102,436
3.000%, 2/4/14		250,000		250,616
3.250%, 3/3/14		1,000,000		1,002,436
3.000%, 4/21/14		250,000		249,880
2.750%, 4/29/14		500,000		498,042
6.000%, 7/1/14		8,049		8,604
3.000%, 7/28/14		400,000		405,404
3.625%, 8/25/14		250,000		252,429
3.000%, 12/30/14		400,000		395,546
4.500%, 1/15/15		2,710,000		2,912,299
4.750%, 11/17/15		2,928,000		3,168,002
6.000%, 2/1/17		255,580		274,961
6.000%, 3/1/17		7,841		8,428
6.500%, 3/1/17		69,446		75,030
6.000%, 4/1/17		207,446		223,133
6.000%, 5/1/17		1,880		2,021
6.000%, 7/1/17		26,815		28,881
6.000%, 8/1/17		62,500		67,312
5.500%, 11/1/17		60,249		64,316
4.340%, 12/18/17		1,000,000		994,049
4.875%, 6/13/18		4,000,000		4,278,624
3.750%, 3/27/19		500,000		490,211
4.500%, 4/1/21		4,898,967		5,083,060
5.000%, 2/1/22		1,319,283		1,385,505
5.000%, 4/1/22		1,321,819		1,388,168
5.000%, 7/1/22		833,059		874,354
5.000%, 3/1/23		936,254		981,080
5.500%, 3/1/23		40,688		43,021
5.000%, 4/1/23		1,643,885		1,722,389
5.000%, 5/1/23		1,783,941		1,872,093
5.000%, 7/1/23		233,698		244,844
5.000%, 8/1/23		605,472		634,350
5.000%, 10/1/23		988,010		1,035,133
5.000%, 11/1/23		59,633		62,477
4.500%, 12/1/23		4,236,511		4,362,613
4.000%, 4/1/24		1,554,381		1,566,829
5.000%, 4/1/24		1,243,247		1,302,544
5.000%, 5/1/24		380,842		399,007
4.000%, 7/1/24		1,358,706		1,369,586
4.000%, 8/1/24		3,896,000		3,927,198
4.500%, 8/1/24		2,960,898		3,049,031
6.750%, 3/15/31		693,000		843,928
3.065%, 11/1/31(l)		16,993		17,669
6.000%, 12/1/31		33,039		35,373
5.500%, 3/1/32		1,018,138		1,071,432
6.250%, 7/15/32		836,000		970,629
6.000%, 2/1/33		34,827		37,288
5.000%, 4/1/34		1,117,135		1,149,471
4.764%, 1/1/35(l)		1,216,920		1,269,446
6.000%, 2/1/35		700,766		747,876
5.500%, 10/1/35		239,602		251,956
5.500%, 11/1/35		9,928,231		10,440,157
6.000%, 11/1/35		1,573,047		1,677,568
6.000%, 3/1/36		22,761		24,245
5.321%, 4/1/36(l)		2,224,539		2,346,268
5.545%, 4/1/36(l)		1,992,526		2,096,132
5.000%, 5/1/36		170,247		174,882
5.897%, 11/1/36(l)		887,460		928,712

See Notes to Financial Statements.

98

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
6.000%, 11/1/36	$	104,706	$	111,368
6.500%, 11/1/36		12,679,445		13,599,696
6.000%, 12/1/36		140,531		149,473
5.675%, 1/1/37(l)		2,023,537		2,118,423
6.000%, 4/1/37		2,966,541		3,152,624
5.405%, 6/1/37(l)		707,506		742,089
5.517%, 6/1/37(l)		7,461,948		7,842,522
5.541%, 6/1/37(l)		616,623		648,009
6.000%, 6/1/37		8,619,684		9,204,200
5.456%, 7/1/37(l)		1,240,685		1,303,690
6.000%, 7/1/37		2,387,499		2,535,692
5.500%, 8/1/37		609,855		640,558
6.000%, 8/1/37		1,897,262		2,015,705
6.000%, 9/1/37		1,367,068		1,451,922
5.500%, 10/1/37		3,963,679		4,158,766
6.000%, 10/1/37		8,645,241		9,219,342
6.000%, 11/1/37		691,816		734,719
6.000%, 12/1/37		1,116,934		1,186,242
5.500%, 1/1/38		608,190		638,505
6.000%, 1/1/38		14,070,003		15,004,889
5.500%, 2/1/38		2,641,192		2,771,188
6.000%, 3/1/38		8,211,168		8,755,705
5.000%, 4/1/38		2,951,161		3,031,050
5.500%, 4/1/38		17,364,729		18,219,401
6.000%, 4/1/38		346,329		367,717
5.500%, 5/1/38		1,455,760		1,529,231
6.000%, 6/1/38		208,578		223,610
5.500%, 8/1/38		11,652,350		12,225,864
6.000%, 8/1/38		150,499		159,747
6.000%, 9/1/38		79,822		84,776
6.000%, 10/1/38		204,553		219,167
5.500%, 11/1/38		7,043,994		7,414,905
6.000%, 11/1/38		437,254		464,121
6.000%, 1/1/39		896,868		951,977
4.500%, 2/1/39		4,593,416		4,587,674
4.000%, 4/1/39		4,051,957		3,912,354
4.000%, 5/1/39		3,932,486		3,796,999
4.500%, 6/1/39		22,688,652		22,660,291
6.000%, 6/1/39		64,141		68,102
5.000%, 7/1/39		4,933,849		5,065,868
5.000%, 8/1/39		2,661,642		2,733,382
4.500%, 9/1/39		1,984,508		1,982,028
5.000%, 9/1/39		3,496,087		3,590,181
4.500%, 10/1/39		2,308,727		2,306,202
4.500%, 12/1/39		3,500,000		3,495,625
5.000%, 1/15/40 TBA		7,800,000		8,039,578
5.500%, 1/15/40 TBA		5,000,000		5,239,453
6.000%, 1/15/40 TBA		103,000,000		109,180,000
Federal National Mortgage Association
2.000%, 2/11/11		500,000		500,893
2.000%, 3/2/11		500,000		501,403
1.750%, 3/23/11		4,500,000		4,554,990
2.000%, 4/1/11		2,000,000		2,008,392
1.750%, 4/15/11		500,000		501,523
2.125%, 4/15/11		250,000		251,080
6.000%, 5/15/11		2,711,000		2,902,367
1.250%, 9/22/11		200,000		199,089
1.250%, 9/28/11		500,000		498,648
1.000%, 11/23/11		1,165,000		1,162,284
1.430%, 12/8/11		250,000		250,473
2.000%, 1/9/12		5,000,000		5,072,715
2.500%, 3/19/12		2,000,000		2,009,234

	Principal Amount		Value (Note 1)
2.250%, 4/9/12	$	250,000	$	251,202
2.150%, 4/13/12		500,000		502,527
1.500%, 4/26/12		500,000		498,149
2.000%, 9/28/12		1,500,000		1,497,297
1.875%, 10/29/12		500,000		496,992
4.625%, 5/1/13		1,695,000		1,783,191
4.625%, 10/15/13		3,790,000		4,106,916
5.125%, 1/2/14^		607,000		644,409
3.000%, 1/13/14		2,687,000		2,689,136
2.750%, 2/5/14		1,500,000		1,516,951
3.150%, 2/18/14		250,000		250,474
3.375%, 3/10/14		250,000		251,335
2.750%, 3/13/14		3,000,000		3,025,479
2.900%, 4/7/14		250,000		249,413
3.000%, 5/12/14		500,000		501,044
2.500%, 5/15/14		5,000,000		4,990,190
3.000%, 7/28/14		500,000		503,412
3.000%, 9/29/14		500,000		497,068
3.125%, 9/29/14		500,000		497,654
2.625%, 11/20/14		500,000		496,123
7.000%, 4/1/15		32,200		34,488
4.375%, 10/15/15		2,028,000		2,157,472
4.000%, 3/10/16		2,000,000		2,000,488
7.000%, 4/1/16		46,674		50,262
3.450%, 4/8/16		500,000		493,550
6.000%, 8/1/16		134,024		143,468
4.875%, 12/15/16		2,050,000		2,217,821
5.500%, 2/1/17		203,896		216,945
5.500%, 6/1/17		66,736		71,034
5.375%, 6/12/17		1,500,000		1,663,140
5.500%, 8/1/17		62,215		66,464
5.500%, 10/1/17		55,635		59,434
5.500%, 12/1/17		4,362		4,658
5.500%, 1/1/18		177,686		189,763
5.000%, 3/1/18		2,490,839		2,627,544
5.500%, 4/1/18		237,277		253,404
5.000%, 11/1/18		12,899		13,605
5.500%, 11/1/18		2,038,268		2,170,045
5.500%, 3/1/19		192,825		205,907
5.500%, 5/1/19		314,639		336,025
4.250%, 5/21/19		250,000		249,131
5.500%, 7/1/19		27,995		29,881
5.500%, 8/1/19		203,906		217,637
5.500%, 9/1/19		83,970		89,625
5.500%, 11/1/19		110,958		118,418
5.000%, 12/1/19		4,977,384		5,237,891
5.500%, 6/1/20		1,058,972		1,130,580
5.000%, 8/1/20		14,811		15,622
5.500%, 10/1/20		201,130		214,539
4.500%, 12/1/20		17,035,013		17,681,812
5.500%, 1/1/21		150,373		160,363
5.500%, 2/1/21		82,851		88,250
6.000%, 5/1/21		582,920		626,001
6.000%, 8/1/21		2,036,051		2,186,303
6.000%, 10/1/21		759,536		815,434
5.000%, 1/1/22		152,391		160,040
5.000%, 3/1/22		385,763		404,282
5.000%, 10/1/22		16,392		17,243
5.000%, 12/1/22		7,817,642		8,191,729
5.500%, 12/1/22		3,913,033		4,149,649
5.000%, 1/1/23		3,068,359		3,220,248
5.000%, 2/1/23		18,989		19,894

See Notes to Financial Statements.

99

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
5.500%, 3/1/23	$	476,941	$	505,930
4.000%, 4/1/23		2,290,831		2,308,818
4.500%, 4/1/23		699,931		721,476
5.000%, 4/1/23		710,372		744,253
4.500%, 5/1/23		1,554,341		1,602,185
5.000%, 5/1/23		2,127,763		2,229,247
4.000%, 6/1/23		1,387,507		1,398,401
5.000%, 7/1/23		1,924,997		2,016,810
5.000%, 8/1/23		1,279,331		1,340,349
5.500%, 8/1/23		4,727,948		5,012,363
5.000%, 9/1/23		507,378		531,577
4.729%, 2/1/24(l)		3,304		3,439
4.500%, 4/1/24		9,537,680		9,828,281
4.000%, 6/1/24		3,860,918		3,891,233
5.022%, 6/1/24(l)		1,479		1,539
4.500%, 7/1/24		3,859,145		3,976,729
5.800%, 2/9/26		680,000		683,146
3.301%, 1/1/28(l)		148,463		152,426
7.125%, 1/15/30		1,586,000		1,999,889
6.000%, 4/1/32		3,296		3,522
7.000%, 4/1/32		29,889		33,017
6.500%, 6/1/32		51,878		56,057
6.500%, 8/1/32		61,383		66,356
6.500%, 9/1/32		587,718		635,095
5.500%, 11/1/32		297,996		313,361
5.500%, 12/1/32		45,197		47,527
5.000%, 1/1/33		2,063,271		2,125,894
5.500%, 1/1/33		637,400		670,266
5.500%, 2/1/33		1,328,976		1,397,501
2.576%, 3/1/33(l)		166,894		171,052
5.500%, 3/1/33		2,097,717		2,205,881
5.500%, 5/1/33		19,824,268		20,846,457
5.500%, 6/1/33		522,975		551,007
5.000%, 7/1/33		420,653		433,421
5.500%, 7/1/33		27,824		29,442
5.000%, 8/1/33		5,044,121		5,196,662
5.500%, 10/1/33		361,363		381,012
5.000%, 11/1/33		1,115,276		1,148,603
5.500%, 11/1/33		634,862		667,597
5.500%, 12/1/33		289,929		304,879
5.000%, 2/1/34		966,689		995,425
5.500%, 2/1/34		973,148		1,025,183
6.000%, 2/1/34		1,961,163		2,093,618
5.000%, 3/1/34		3,024,025		3,114,392
5.500%, 3/1/34		4,698,476		4,940,741
6.000%, 3/1/34		9,696,931		10,351,853
5.000%, 4/1/34		1,182,805		1,217,966
5.500%, 4/1/34		6,252,249		6,574,631
5.000%, 5/1/34		2,265,551		2,332,899
5.500%, 5/1/34		4,593,366		4,834,747
5.500%, 6/1/34		1,218,164		1,284,449
5.000%, 7/1/34		1,713,752		1,764,696
5.500%, 7/1/34		1,309,979		1,380,290
5.000%, 8/1/34		2,431,863		2,504,534
5.500%, 8/1/34		382,989		402,737
6.000%, 8/1/34		1,194,302		1,275,337
5.500%, 9/1/34		12,206,231		12,835,614
6.500%, 9/1/34		305,537		329,193
5.500%, 11/1/34		22,765,738		23,939,597
5.000%, 12/1/34		1,903,984		1,960,881
5.500%, 1/1/35#		37,022,198		38,931,155
5.000%, 2/1/35		701,675		722,314

	Principal Amount		Value (Note 1)
5.500%, 2/1/35	$	23,968,997	$	25,205,062
6.500%, 2/1/35		730,044		786,109
5.000%, 3/1/35		514,028		529,308
6.000%, 3/1/35		13,963		14,890
4.831%, 4/1/35(l)		1,792,387		1,869,692
6.000%, 4/1/35		11,488,995		12,266,747
5.500%, 5/1/35		290,668		305,655
6.000%, 5/1/35		550,956		587,134
5.000%, 6/1/35		1,823,449		1,877,084
5.000%, 7/1/35		10,199,328		10,502,519
6.000%, 7/1/35		342,518		365,009
5.500%, 8/1/35		7,681,604		8,082,684
6.000%, 8/1/35		979,692		1,044,023
5.000%, 9/1/35		934,558		962,486
5.500%, 9/1/35		426,509		448,168
6.000%, 9/1/35		1,138,601		1,213,366
4.500%, 10/1/35		245,105		245,947
5.000%, 10/1/35		4,703,009		4,837,669
5.500%, 10/1/35		8,005,925		8,412,476
6.000%, 10/1/35		2,175,551		2,317,554
5.000%, 11/1/35		7,376,155		7,593,118
6.000%, 11/1/35		1,969,958		2,097,501
5.500%, 12/1/35		4,267,137		4,487,161
6.000%, 12/1/35		25,847		27,512
6.500%, 12/1/35		682,337		733,459
3.599%, 1/1/36(l)		2,582,616		2,689,017
6.000%, 1/1/36		580,192		617,564
5.000%, 2/1/36		8,502,165		8,741,621
5.500%, 2/1/36		705,926		741,774
6.000%, 2/1/36		571,177		607,969
5.000%, 3/1/36		10,743,312		11,050,924
6.000%, 3/1/36		12,961,027		13,811,588
5.500%, 4/1/36		2,369,999		2,488,499
6.000%, 4/1/36		73,114		77,798
6.000%, 5/1/36		2,088,915		2,223,664
5.500%, 6/1/36		232,195		245,111
6.000%, 6/1/36		3,488,259		3,712,917
6.500%, 6/1/36		19,985		21,532
5.000%, 7/1/36		19,748,342		20,301,451
5.500%, 7/1/36		4,441,374		4,670,382
6.000%, 7/1/36		3,283,081		3,492,506
6.500%, 7/1/36		34,668		37,352
6.000%, 8/1/36		7,951,410		8,458,342
6.500%, 8/1/36		2,868,913		3,084,801
5.500%, 9/1/36		24,599,842		25,868,271
6.000%, 9/1/36		8,846,815		9,411,386
6.000%, 10/1/36		17,510,973		18,612,524
6.500%, 10/1/36		2,152,383		2,317,343
6.000%, 11/1/36		1,619,938		1,721,754
5.500%, 12/1/36		2,206,216		2,315,148
6.000%, 12/1/36		3,673,588		3,905,429
6.500%, 12/1/36		1,831,880		1,966,265
5.500%, 1/1/37		759,733		797,245
6.000%, 1/1/37		1,038,363		1,103,626
5.000%, 2/1/37		441,811		453,978
5.500%, 2/1/37		2,636,948		2,768,268
6.000%, 2/1/37		1,296,097		1,376,343
5.500%, 3/1/37		2,132,309		2,248,920
6.500%, 3/1/37		351,765		377,460
5.500%, 4/1/37		1,028,592		1,080,079
6.000%, 4/1/37		7,239,214		7,704,124
7.000%, 4/1/37		2,195,194		2,410,512

See Notes to Financial Statements.

100

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
5.500%, 5/1/37	$	590,029	$	621,121
6.500%, 5/1/37		438,793		471,189
6.000%, 6/1/37		229,513		243,774
5.000%, 7/1/37		1,611,597		1,655,979
5.500%, 7/1/37		1,049,122		1,103,891
6.000%, 7/1/37		3,904,998		4,147,225
5.625%, 7/15/37		695,000		731,586
5.500%, 8/1/37		5,702,120		5,993,637
6.000%, 8/1/37		1,953,908		2,073,679
5.000%, 9/1/37		227,605		233,873
5.819%, 9/1/37(l)		7,806,177		8,241,395
6.000%, 9/1/37		1,810,947		1,925,050
6.500%, 9/1/37		661,403		709,965
5.500%, 10/1/37		349,170		368,265
6.000%, 10/1/37		947,752		1,005,839
6.500%, 10/1/37		5,209,763		5,600,102
5.000%, 11/1/37		152,784		156,992
6.000%, 11/1/37		5,839,152		6,223,062
7.500%, 11/1/37		646,929		709,545
5.500%, 12/1/37		1,490,542		1,562,740
6.500%, 12/1/37		4,311,948		4,626,923
5.000%, 1/1/38		991,959		1,019,276
5.000%, 2/1/38		21,329,101		21,934,217
5.500%, 2/1/38		2,832,058		2,970,115
6.000%, 2/1/38		6,127,149		6,518,738
5.000%, 3/1/38		3,922,433		4,030,454
6.000%, 3/1/38		17,269		18,321
6.500%, 3/1/38		595,493		642,098
4.500%, 4/1/38		926,113		925,534
5.500%, 4/1/38		439,296		463,594
5.500%, 5/1/38		2,833,628		2,990,363
6.000%, 5/1/38		11,361,915		12,058,051
5.000%, 6/1/38		558,908		574,300
5.500%, 6/1/38		40,122,773		42,069,800
6.000%, 6/1/38		2,429,935		2,591,655
5.500%, 7/1/38		174,949		184,626
6.000%, 7/1/38		576,879		614,579
6.000%, 8/1/38		3,381,749		3,603,546
5.500%, 9/1/38		6,075,062		6,389,257
6.000%, 9/1/38		18,426,427		19,544,544
6.500%, 9/1/38		419,592		451,554
5.500%, 10/1/38		5,905,000		6,211,322
6.000%, 10/1/38		3,834,796		4,067,430
6.000%, 11/1/38		947,358		1,004,829
6.500%, 11/1/38		2,799,387		3,012,622
5.500%, 12/1/38		7,713,732		8,140,398
4.500%, 1/1/39		811,178		810,671
5.386%, 1/1/39(l)		10,299,527		10,814,298
6.000%, 1/1/39		1,447,835		1,535,666
4.000%, 2/1/39		2,947,245		2,851,230
4.500%, 2/1/39		923,411		922,834
6.000%, 2/1/39		922,987		978,979
4.500%, 3/1/39		2,741,077		2,739,364
4.500%, 4/1/39		108,266		108,259
4.500%, 5/1/39		12,246,286		12,242,154
4.000%, 6/1/39		2,953,808		2,857,578
4.500%, 6/1/39		15,384,024		15,376,817
6.000%, 6/1/39		962,798		1,021,206
4.500%, 7/1/39		15,007,222		15,011,733
4.000%, 8/1/39		6,950,873		6,724,427
4.500%, 8/1/39		4,798,624		4,801,811
6.000%, 8/1/39		998,012		1,058,555

	Principal Amount		Value (Note 1)
4.000%, 9/1/39	$	4,457,737	$	4,312,512
4.500%, 9/1/39		3,259,334		3,260,862
4.500%, 10/1/39		2,972,284		2,975,071
3.194%, 12/1/40(l)		99,869		103,836
4.000%, 1/25/40 TBA		17,800,000		17,567,391
4.500%, 1/25/40 TBA		40,000,000		39,992,029
5.000%, 1/25/40 TBA		2,400,000		2,509,688
5.500%, 1/25/40 TBA		31,600,000		33,190,735
6.500%, 1/25/40 TBA		49,900,000		53,435,884
Government National Mortgage Association
3.625%, 7/20/27(l)		6,809		7,030
6.000%, 1/15/29		21,916		23,440
6.000%, 6/15/29		13,692		14,643
6.000%, 12/15/31		24,403		26,132
7.000%, 2/15/32		23,762		26,014
6.500%, 5/15/32		293,852		316,855
6.000%, 7/15/32		23,950		25,703
6.000%, 8/15/32		20,451		21,894
6.000%, 1/15/33		18,646		20,095
6.500%, 1/15/33		246,875		267,204
6.000%, 2/15/33		44,735		47,918
6.500%, 2/15/33		309,115		334,955
7.000%, 2/15/33		18,486		20,192
5.500%, 4/15/33		67,633		71,760
6.500%, 6/15/34		310,747		336,335
6.500%, 8/15/34		2,498,653		2,704,402
6.000%, 9/15/34		511,595		546,088
6.000%, 12/15/34		69,794		74,500
6.000%, 1/15/35		151,702		161,788
6.000%, 2/15/35		81,169		87,186
6.000%, 3/15/35		306,061		326,944
6.000%, 5/15/35		31,284		33,532
6.000%, 7/15/35		198,296		212,905
6.000%, 9/15/35		27,456		29,478
6.000%, 10/15/35		69,720		74,290
6.000%, 12/15/35		100,097		106,564
6.500%, 12/15/35		2,855,884		3,094,619
6.000%, 1/15/36		87,877		93,794
6.000%, 2/15/36		66,055		70,323
6.000%, 3/15/36		58,406		62,180
6.000%, 4/15/36		83,118		88,467
6.000%, 5/15/36		315,530		335,325
6.000%, 6/15/36		434,316		461,562
6.000%, 7/15/36		982,610		1,044,253
6.000%, 8/15/36		1,427,791		1,519,636
6.000%, 9/15/36		665,624		706,742
6.000%, 10/15/36		1,132,815		1,202,465
6.000%, 11/15/36		58,372		61,961
6.000%, 2/15/37		659,790		700,151
6.000%, 6/15/37		36,207		38,422
6.000%, 11/15/37		30,207		32,027
6.000%, 2/15/38		371,513		394,355
6.000%, 4/15/38		3,175,663		3,368,848
6.000%, 5/15/38		885,494		938,278
6.000%, 6/15/38		457,507		484,779
6.000%, 8/15/38		49,280		52,218
6.000%, 9/15/38		341,292		361,636
6.000%, 10/15/38		1,713,959		1,816,127
6.000%, 11/15/38		255,239		270,454
6.000%, 12/15/38		3,144,674		3,332,126
6.500%, 12/15/38		823,415		877,323
5.500%, 1/15/39		20,384,418		21,411,601

See Notes to Financial Statements.

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December 31, 2009

	Principal Amount		Value (Note 1)
6.000%, 1/15/39	$	271,684	$	287,879
5.000%, 2/15/39		9,453,551		9,746,020
4.500%, 3/15/39		1,992,623		1,998,539
4.500%, 4/15/39		6,911,175		6,931,692
4.000%, 6/15/39		850,278		823,308
4.500%, 6/15/39		7,957,533		7,981,158
4.000%, 7/15/39		447,470		433,277
4.000%, 8/15/39		693,034		671,052
4.500%, 8/15/39		1,860,680		1,868,530
5.000%, 8/15/39		48,783		50,292
4.500%, 9/15/39		1,126,519		1,129,864
5.000%, 9/15/39		8,838,997		9,112,453
5.000%, 11/15/39		1,498,103		1,545,387
4.500%, 12/15/39		1,500,000		1,504,688
4.500%, 1/25/40 TBA		3,000,000		3,002,812
5.000%, 1/25/40 TBA		20,000,000		20,573,438
5.500%, 1/25/40 TBA		6,000,000		6,287,344
6.500%, 1/25/40 TBA		5,500,000		5,843,750
Resolution Funding Corp.
0.000%, 7/15/18 STRIPS		75,000		51,881
0.000%, 10/15/18 STRIPS		75,000		51,094
Small Business Administration
Series P10A 4.504%, 2/1/14		317,879		328,332
Small Business Administration Participation Certificates
4.524%, 2/10/13		77,669		80,410
U.S. Department of Housing and Urban Development
Series 03-A 5.380%, 8/1/18		1,660,000		1,744,336
				1,607,170,238
U.S. Treasuries (30.1%)
U.S. Treasury Bonds
1.000%, 12/31/11		2,000,000		1,994,376
11.250%, 2/15/15		2,716,000		3,831,681
9.250%, 2/15/16		3,684,000		4,962,175
7.250%, 5/15/16		4,594,000		5,686,871
7.500%, 11/15/16		4,095,000		5,160,658
8.875%, 8/15/17		4,107,000		5,598,354
8.125%, 8/15/19		12,660,000		17,039,575
8.500%, 2/15/20		5,627,000		7,797,790
7.875%, 2/15/21		1,500,000		2,016,093
8.000%, 11/15/21		14,375,000		19,574,711
7.625%, 11/15/22		1,000,000		1,333,906
7.125%, 2/15/23		2,500,000		3,206,250
6.250%, 8/15/23		3,000,000		3,583,125
6.750%, 8/15/26		1,755,000		2,214,317
6.625%, 2/15/27		3,573,000		4,462,341
6.375%, 8/15/27		1,634,000		1,995,523
6.125%, 11/15/27		2,258,000		2,689,843
6.125%, 8/15/29		7,088,000		8,510,030
6.250%, 5/15/30		1,000,000		1,221,562
5.375%, 2/15/31		2,770,000		3,060,850
4.750%, 2/15/37		5,081,000		5,192,147
5.000%, 5/15/37		2,293,000		2,435,237
4.375%, 2/15/38		7,204,000		6,915,840
3.500%, 2/15/39		1,500,000		1,228,593
4.250%, 5/15/39		4,500,000		4,221,562
4.500%, 8/15/39		8,450,000		8,258,557
4.375%, 11/15/39		1,000,000		957,188
U.S. Treasury Notes
0.875%, 1/31/11		6,000,000		6,018,750

	Principal Amount		Value (Note 1)
0.875%, 2/28/11	$	7,000,000	$	7,016,954
4.500%, 2/28/11		2,711,000		2,829,712
0.875%, 3/31/11		6,000,000		6,011,016
4.875%, 4/30/11		2,500,000		2,633,202
0.875%, 5/31/11		10,000,000		10,012,110
4.875%, 5/31/11		2,500,000		2,641,307
1.125%, 6/30/11		5,000,000		5,020,310
5.125%, 6/30/11		6,774,000		7,198,168
1.000%, 7/31/11		6,500,000		6,509,900
4.625%, 8/31/11		3,000,000		3,181,173
1.000%, 9/30/11		5,000,000		4,998,635
4.500%, 9/30/11		2,710,000		2,873,234
1.000%, 10/31/11		6,000,000		5,994,600
1.750%, 11/15/11		4,000,000		4,050,468
0.750%, 11/30/11		5,000,000		4,967,385
4.500%, 11/30/11		4,710,000		5,015,048
1.125%, 12/15/11		5,000,000		5,001,760
4.625%, 12/31/11		14,980,000		16,005,201
1.125%, 1/15/12		8,000,000		7,992,496
1.375%, 2/15/12		9,000,000		9,026,019
4.625%, 2/29/12		2,000,000		2,143,594
1.375%, 3/15/12		5,000,000		5,011,330
4.500%, 3/31/12		10,840,000		11,602,182
4.500%, 4/30/12		6,778,000		7,266,755
1.375%, 5/15/12		4,000,000		4,000,000
4.750%, 5/31/12		5,000,000		5,399,610
1.750%, 8/15/12		8,000,000		8,051,872
4.125%, 8/31/12		5,420,000		5,794,316
4.250%, 9/30/12		1,000,000		1,073,125
1.375%, 10/15/12		2,000,000		1,988,750
1.125%, 12/15/12		2,010,000		1,977,800
3.625%, 12/31/12		6,780,000		7,169,321
3.125%, 4/30/13		9,487,000		9,884,268
3.375%, 6/30/13		9,490,000		9,960,789
3.375%, 7/31/13		5,563,000		5,839,414
2.750%, 10/31/13		5,848,000		5,989,177
4.250%, 11/15/13		5,000,000		5,401,560
2.000%, 11/30/13		1,139,000		1,132,950
1.500%, 12/31/13		3,782,000		3,682,428
1.750%, 1/31/14		4,000,000		3,924,064
4.000%, 2/15/14		2,000,000		2,138,594
1.875%, 2/28/14		1,500,000		1,475,274
1.750%, 3/31/14		5,000,000		4,881,250
1.875%, 4/30/14		5,000,000		4,897,265
4.750%, 5/15/14		4,000,000		4,401,248
2.250%, 5/31/14		5,000,000		4,966,015
2.625%, 6/30/14		8,000,000		8,058,128
2.625%, 7/31/14		5,000,000		5,025,000
2.375%, 8/31/14		4,700,000		4,665,483
2.375%, 9/30/14		5,000,000		4,957,800
2.375%, 10/31/14#		171,000,000		169,142,940
4.250%, 11/15/14		4,000,000		4,308,752
2.125%, 11/30/14#		434,555,000		424,269,083
2.625%, 12/31/14		18,400,000		18,346,824
4.000%, 2/15/15		9,082,000		9,652,459
4.125%, 5/15/15		5,000,000		5,331,250
2.625%, 2/29/16		7,000,000		6,809,684
2.375%, 3/31/16		5,000,000		4,783,595
2.625%, 4/30/16		2,000,000		1,937,968
5.125%, 5/15/16		4,087,000		4,558,280
3.250%, 5/31/16		3,000,000		3,012,423

See Notes to Financial Statements.

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December 31, 2009

	Principal Amount		Value (Note 1)
3.250%, 6/30/16	$	2,000,000	$	2,005,782
4.875%, 8/15/16		10,810,000		11,887,627
3.000%, 9/30/16		5,000,000		4,907,420
3.125%, 10/31/16		5,000,000		4,937,110
3.250%, 12/31/16		4,000,000		3,966,248
4.625%, 2/15/17		5,458,000		5,893,363
4.750%, 8/15/17		8,186,000		8,882,449
4.250%, 11/15/17		6,650,000		6,970,031
3.500%, 2/15/18		3,000,000		2,975,391
3.875%, 5/15/18		7,432,000		7,546,386
4.000%, 8/15/18		11,900,000		12,153,803
3.750%, 11/15/18		12,000,000		11,999,064
2.750%, 2/15/19		8,000,000		7,365,000
3.125%, 5/15/19		13,000,000		12,311,403
3.625%, 8/15/19		11,000,000		10,814,375
3.375%, 11/15/19#		41,830,000		40,235,440
				1,219,910,115
Total Government Securities				3,004,319,342
Total Long-Term Debt Securities (109.9%) (Cost $4,413,074,319)				4,451,010,437
	Number of Shares		Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
Commercial Banks (0.1%)
Wells Fargo & Co.
7.500%		5,000		4,590,000
Total Convertible Preferred Stocks (0.1%) (Cost $5,000,000)				4,590,000
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Certificate of Deposit (0.1%)
Iintesa Sanpaolo S.p.A.
2.38%, 12/21/12	$	5,000,000		4,955,950
Government Securities (0.3%)
Federal Home Loan Mortgage Corp.
0.01%, 1/11/10(o)(p)		2,700,000		2,699,989
0.02%, 1/25/10(o)(p)		5,700,000		5,699,932
U.S. Treasury Bills
0.06%, 4/1/10(p)		2,100,000		2,099,695
Total Government Securities				10,499,616
Short-Term Investments of Cash Collateral for Securities Loaned (0.1%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.00%, 1/4/10(u)		2,419,465		2,419,465
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09(h)(s)		359,998		70,200
Monumental Global Funding II
0.43%, 5/26/10(l)		670,000		656,667
Pricoa Global Funding I
0.40%, 6/25/10(l)		429,979		423,747
Total Short-Term Investments of Cash Collateral for Securities Loaned				3,570,079

	Principal Amount			Value (Note 1)
Time Deposit (2.4%)
JPMorgan Chase Nassau
0.000%, 1/4/10	$	96,640,116		$	96,640,116
Total Short-Term Investments (2.9%) (Cost/Amortized Cost $116,016,230)					115,665,761
Total Investments Before Options Written and Securities Sold Short (112.9%) (Cost/Amortized Cost $4,534,090,549)					4,571,266,198
	Number of Contracts			Value (Note 1)
OPTIONS WRITTEN:
Call Options Written (0.0%)
10 Year U.S. Treasury Notes
February 2010 @ $120.00*		(1,973	)		(92,484	)
February 2010 @ $119.00*		(55	)		(1,719	)
					(94,203	)
Put Options Written (-0.1%)
10 Year U.S. Treasury Notes
February 2010 @ $114.00*		(39	)		(23,766	)
February 2010 @ $115.00*		(2,390	)		(2,315,312	)
February 2010 @ $116.00*		(423	)		(462,656	)
					(2,801,734	)
Total Options Written (-0.1%) (Premiums Received $1,831,534)					(2,895,937	)
Total Investments Before Securities Sold Short (112.8%) (Cost/Amortized Cost $4,532,259,015)					4,568,370,261
	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agencies (-4.0%)
Federal Home Loan Mortgage Corp.
5.000%, 1/15/40 TBA	$	(2,600,000	)		(2,718,828	)
5.500%, 1/15/40 TBA		(5,500,000	)		(5,763,399	)
6.000%, 1/15/40 TBA		(5,900,000	)		(6,254,000	)
Federal National Mortgage Association
4.500%, 1/25/40 TBA		(12,700,000	)		(13,064,133	)
5.000%, 1/25/40 TBA		(19,400,000	)		(19,887,515	)
5.500%, 1/25/40 TBA		(3,000,000	)		(3,141,328	)
6.000%, 1/25/40 TBA		(60,700,000	)		(64,294,581	)
6.000%, 2/25/40 TBA		(46,200,000	)		(48,802,523	)
Total Securities Sold Short (-4.0%) (Proceeds Received $163,951,969)					(163,926,307	)
Total Investments after Options Written and Securities Sold Short (108.8%) (Cost/Amortized Cost $4,368,307,046)					4,404,443,954
Other Assets Less Liabilities (- 8.8%)					(355,890,549	)
Net Assets (100%)				$	4,048,553,405

See Notes to Financial Statements.

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December 31, 2009

* Non-income producing.

^ All, or a portion of security out on loan (See Note 1).

† Securities (totaling $2,391,747 or 0.1% of net assets) at fair value by management.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2009, the market value of these securities amounted to $315,241,910 or 7.8% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

# All, or a portion of security held by broker as collateral for financial futures contracts with a total collateral value of $12,785,907.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of December 31, 2009.

(m) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933.

(o) Discount Note Security. Effective rate calculated as of December 31, 2009.

(p) Yield to maturity.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000% - 4.500%, maturing 8/1/24 to 2/1/39, which had a total value of $2,467,875.

Glossary:
ABS	—	Asset-Backed Security
CMO	—	Collateralized Mortgage Obligation
EUR	—	European Currency Unit
IO	—	Interest Only
JPY	—	Japanese Yen
STRIPS	—	Separate Trading of Registered Interest and Principal Securities
TBA	—	Security is subject to delayed delivery.

At December 31, 2009, the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 12/31/2009		Unrealized Appreciation/ (Depreciation)
Purchases
EURODollar	1,691	December-10	$	414,846,500	$	416,281,925	$	1,435,425
U.S. 10 Year Treasury Notes	297	March-10		35,130,843		34,289,578		(841,265	)
U.S. 5 Year Treasury Notes	190	March-10		22,173,565		21,732,735		(440,830	)
U.S. Treasury Bonds	23	March-10		2,695,363		2,653,625		(41,738	)
							$	111,592
Sales
U.S. 10 Year Treasury Notes	219	March-10	$	25,738,160	$	25,284,234	$	453,926
U.S. 2 Year Treasury Notes	33	March-10		7,157,705		7,136,766		20,939
							$	474,865
							$	586,457

At December 31, 2009, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contracts
European Union Euro vs. U.S. Dollar, expiring 1/8/10	8,218	$	12,400,962	$	11,780,914	$	620,048
European Union Euro vs. U.S. Dollar, expiring 3/17/10	1,469		2,133,803		2,105,684		28,119
Japanese Yen vs. U.S. Dollar, expiring 1/25/10	688,859		7,693,182		7,397,144		296,038
						$	944,205

See Notes to Financial Statements.

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December 31, 2009

Options Written:

Options written through the year ended December 31, 2009 were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding - January 1, 2009	108		$	19,374
Options Written	91,007,659			3,537,182
Options Terminated in Closing Purchase Transactions	(91,000,118	)		(702,236	)
Options Expired	(2,769	)		(1,022,786	)
Options Exercised	—			—
Options Outstanding - December 31, 2009	4,880		$	1,831,534

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2009:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—	$	113,512,376	$	976	$	113,513,352
Non-Agency CMO		—		172,916,168		2,390,771		175,306,939
Convertible Preferred Stocks
Financials		4,590,000		—		—		4,590,000
Corporate Bonds
Consumer Discretionary		—		37,887,521		—		37,887,521
Consumer Staples		—		47,519,443		—		47,519,443
Energy		—		69,019,065		—		69,019,065
Financials		—		740,361,303		—		740,361,303
Health Care		—		33,300,320		—		33,300,320
Industrials		—		35,694,480		—		35,694,480
Information Technology		—		21,118,349		—		21,118,349
Materials		—		25,391,964		—		25,391,964
Telecommunication Services		—		73,407,965		—		73,407,965
Utilities		—		74,170,394		—		74,170,394
Forward Currency Contracts		—		944,205		—		944,205
Futures		1,910,290		—		—		1,910,290
Government Securities
Agency ABS		—		21,666,923		—		21,666,923
Agency CMO		—		13,321,883		—		13,321,883
Foreign Governments		—		54,145,538		—		54,145,538
Municipal Bonds		—		55,557,872		—		55,557,872
Supranational		—		32,546,773		—		32,546,773
U.S. Government Agencies		—		1,607,170,238		—		1,607,170,238
U.S. Treasuries		—		1,219,910,115		—		1,219,910,115
Short-Term Investments		—		115,665,761		–		115,665,761
Total Assets	$	6,500,290	$	4,565,228,656	$	2,391,747	$	4,574,120,693

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Liabilities:
Futures	$	(1,323,833	)	$	—		$	—	$	(1,323,833	)
Government Securities
U.S. Government Agencies		—			(163,926,307	)		—		(163,926,307	)
Options Written
Call Options Written		(94,203	)		—			—		(94,203	)
Put Options Written		(2,801,734	)		—			—		(2,801,734	)
Total Liabilities	$	(4,219,770	)	$	(163,926,307	)	$	—	$	(168,146,077	)
Total	$	2,280,520		$	4,401,302,349		$	2,391,747	$	4,405,974,616

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

		Investments in Securities-Government			Investments in Securities-Financials
Balance as of 12/31/08	$	3,201,768		$	3,177,386
Total gains or losses (realized/unrealized) included in earnings		(95,017	)		—
Purchases, sales, issuances, and settlements (net)		2,485,788			—
Transfers in and/or out of Level 3		(3,200,792	)		(3,177,386	)
Balance as of 12/31/09	$	2,391,747		$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 12/31/09.	$	(82,243	)

Fair Values of Derivative Instruments as of December 31, 2009:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	1,910,290	*
Foreign exchange contracts	Receivables		944,205
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	2,854,495
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	(4,219,770)	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(4,219,770	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	1,598,391	$	61,186,942	$	—	$	—	$	62,785,333
Foreign exchange contracts		—		—		209,413		—		209,413
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	1,598,391	$	61,186,942	$	209,413	$	—	$	62,994,746

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options			Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	(1,068,252	)	$	(41,112,344	)	$	—	$	—	$	(42,180,596	)
Foreign exchange contracts		—			—			1,047,207		—		1,047,207
Credit contracts		—			—			—		—		—
Equity contracts		—			—			—		—		—
Commodity contracts		—			—			—		—		—
Other contracts		—			—			—		—		—
Total	$	(1,068,252	)	$	(41,112,344	)	$	1,047,207	$	—	$	41,133,389

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $15,060,000, and futures and written options contracts with an average notional balance of approximately $1,000,357,000 and $425,000 respectively during the year ended December 31, 2009

^ This Portfolio held futures contracts to gain an economic hedge against changes in the values of securities held in the Portfolio, that do not qualify for hedge accounting under ASC 815 and also to gain or reduce exposure to the financial markets. The Portfolio held forward foreign currency and written option contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the year ended December 31, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	14,451,964,194
Long-term U.S. Treasury securities		12,275,518,968
	$	26,727,483,162
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	15,960,633,978
Long-term U.S. Treasury securities		11,070,847,849
	$	27,031,481,827

As of December 31, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	97,353,596
Aggregate gross unrealized depreciation		(70,619,893	)
Net unrealized appreciation	$	26,733,703
Federal income tax cost of investments	$	4,544,532,495

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

At December 31, 2009, the Portfolio had loaned securities with a total value of $3,790,341. This was secured by collateral of $3,879,442 which was received as cash and subsequently invested in short-term investments currently valued at $3,570,079, as reported in the Portfolio of Investments.

The Portfolio has a net capital loss carry forward of $34,683,509 which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value (Cost $4,534,090,549) (Securities on loan at market value $3,790,341)	$	4,571,266,198
Foreign cash (Cost $5,321,961)		5,206,709
Cash held as collateral for forward commitments		9,212,157
Receivable for forward commitments		395,624,658
Receivable for securities sold		297,523,451
Dividends, interest and other receivables		28,384,075
Unrealized appreciation of forward foreign currency contracts		944,205
Receivable from Separate Accounts for Trust shares sold		867,366
Other assets		6,049
Total assets		5,309,034,868
LIABILITIES
Overdraft payable		48,894,542
Payable for forward commitments		537,952,728
Payable for securities purchased		487,680,451
Securities sold short, at value (Proceeds received $163,951,969)		163,926,307
Payable for return of cash collateral on securities loaned		3,879,442
Options Written, at Value (Premiums Received $1,831,534)		2,895,937
Payable to Separate Accounts for Trust shares redeemed		2,381,970
Investment management fees payable		1,791,706
Administrative fees payable		531,584
Variation margin payable on futures contracts		367,466
Payable for return of cash collateral on forward commitments		9,212,157
Distribution fees payable - Class B		268,444
Trustees’ fees payable		35,364
Accrued expenses		663,365
Total liabilities		1,260,481,463
NET ASSETS	$	4,048,553,405
Net assets were comprised of:
Paid in capital	$	4,055,403,685
Accumulated undistributed net investment income (loss)		700,719
Accumulated undistributed net realized gains (losses) on investments, securities sold short, options written, futures and foreign currency transactions		(45,095,998	)
Net unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		37,544,999
Net assets	$	4,048,553,405
Class A
Net asset value, offering and redemption price per share, $2,796,283,767 / 272,293,704 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.27
Class B
Net asset value, offering and redemption price per share, $1,252,269,638 / 121,744,144 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.29

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Interest (net of $34,262 foreign withholding tax)	$	152,150,449
Dividends		374,997
Securities lending (net)		7,277
Total income		152,532,723
EXPENSES
Investment management fees		18,884,380
Administrative fees		5,562,207
Distribution fees - Class B		2,714,917
Printing and mailing expenses		615,870
Custodian fees		246,500
Professional fees		133,946
Trustees’ fees		52,155
Miscellaneous		171,061
Total expenses		28,381,036
NET INVESTMENT INCOME (LOSS)		124,151,687
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(97,591,373	)
Foreign currency transactions		(1,038,114	)
Forward commitments		45,176,461
Futures		61,186,942
Options written		1,756,678
Securities sold short		10,682,979
Net realized gain (loss)		20,173,573
Change in unrealized appreciation (depreciation) on:
Securities		177,398,798
Foreign currency translations		(92,575	)
Options written		(1,068,252	)
Futures		(41,112,344	)
Securities sold short		743,938
Net change in unrealized appreciation (depreciation)		135,869,565
NET REALIZED AND UNREALIZED GAIN (LOSS)		156,043,138
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	280,194,825

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2009			2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	124,151,687		$	145,095,178
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		20,173,573			68,556,250
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		135,869,565			(136,043,421	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		280,194,825			77,608,007
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(96,306,551	)		(120,047,277	)
Class B		(39,003,943	)		(41,697,405	)
		(135,310,494	)		(161,744,682	)
Distributions from net realized capital gains
Class A		(6,263,576	)		(67,622,982	)
Class B		(2,789,213	)		(24,943,903	)
		(9,052,789	)		(92,566,885	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(144,363,283	)		(254,311,567	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 73,497,702 and 78,463,696 shares, respectively ]		738,835,683			805,019,693
Capital shares issued in reinvestment of dividends and distributions [ 10,105,166 and 18,707,632 shares, respectively ]		102,570,127			187,670,259
Capital shares repurchased [ (62,978,766) and (46,636,439) shares, respectively ]		(620,324,410	)		(467,681,701	)
Total Class A transactions		221,081,400			525,008,251
Class B
Capital shares sold [ 54,936,464 and 27,264,855 shares, respectively ]		556,253,083			278,132,675
Capital shares issued in reinvestment of dividends and distributions [ 4,107,514 and 6,632,030 shares, respectively ]		41,793,156			66,641,308
Capital shares repurchased [ (29,660,624) and (21,339,123) shares, respectively ]		(300,194,154	)		(217,710,586	)
Total Class B transactions		297,852,085			127,063,397
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		518,933,485			652,071,648
TOTAL INCREASE (DECREASE) IN NET ASSETS		654,765,027			475,368,088
NET ASSETS:
Beginning of year		3,393,788,378			2,918,420,290
End of year (a)	$	4,048,553,405		$	3,393,788,378
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	700,719		$	(10,785,707	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	9.86		$	10.38		$	10.21		$	10.25		$	10.43
Income (loss) from investment operations:
Net investment income (loss)		0.36	(e)		0.46	(e)		0.47	(e)		0.44	(e)		0.36	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.46			(0.19	)		0.17			(0.04	)		(0.16	)
Total from investment operations		0.82			0.27			0.64			0.40			0.20
Less distributions:
Dividends from net investment income		(0.38	)		(0.52	)		(0.47	)		(0.44	)		(0.38	)
Distributions from net realized gains		(0.03	)		(0.27	)		—			—			—
Total dividends and distributions		(0.41	)		(0.79	)		(0.47	)		(0.44	)		(0.38	)
Net asset value, end of year	$	10.27		$	9.86		$	10.38		$	10.21		$	10.25
Total return		8.44	%		2.55	%		6.53	%		3.96	%		2.00	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,796,284		$	2,481,594		$	2,088,488		$	1,911,399		$	1,237,241
Ratio of expenses to average net assets:
After waivers		0.71	%		0.75	%		0.71	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.71	%		0.75	%		0.71	%		0.70	%		0.70	%
Before waivers and fees paid indirectly		0.71	%		0.76	%		0.76	%		0.77	%		0.78	%
Ratio of net investment income (loss) to average net assets:
After waivers		3.51	%		4.55	%		4.62	%		4.31	%		3.51	%
After waivers and fees paid indirectly		3.51	%		4.55	%		4.62	%		4.31	%		3.51	%
Before waivers and fees paid indirectly		3.51	%		4.54	%		4.57	%		4.24	%		3.43	%
Portfolio turnover rate		623	%		431	%		475	%		366	%		654	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—			—	#	$	0.01		$	0.01		$	0.01

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	9.88		$	10.40		$	10.20		$	10.24		$	10.42
Income (loss) from investment operations:
Net investment income (loss)		0.33	(e)		0.44	(e)		0.44	(e)		0.41	(e)		0.34	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.47			(0.20	)		0.18			(0.03	)		(0.16	)
Total from investment operations		0.80			0.24			0.62			0.38			0.18
Less distributions:
Dividends from net investment income		(0.36	)		(0.49	)		(0.42	)		(0.42	)		(0.36	)
Distributions from net realized gains		(0.03	)		(0.27	)		—			—			—
Total dividends and distributions		(0.39	)		(0.76	)		(0.42	)		(0.42	)		(0.36	)
Net asset value, end of year	$	10.29		$	9.88		$	10.40		$	10.20		$	10.24
Total return		8.16	%		2.30	%		6.23	%		3.80	%		1.74	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,252,270		$	912,195		$	829,932		$	825,182		$	806,356
Ratio of expenses to average net assets:
After waivers		0.96	%		1.00	%		0.96	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.96	%		1.00	%		0.96	%		0.95	%		0.95	%
Before waivers and fees paid indirectly		0.96	%		1.01	%		1.01	%		1.02	%		1.03	%
Ratio of net investment income (loss) to average net assets:
After waivers		3.25	%		4.29	%		4.37	%		4.04	%		3.26	%
After waivers and fees paid indirectly		3.25	%		4.29	%		4.37	%		4.04	%		3.26	%
Before waivers and fees paid indirectly		3.25	%		4.28	%		4.32	%		3.97	%		3.18	%
Portfolio turnover rate		623	%		431	%		475	%		366	%		654	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—			—	#	$	0.01		$	0.01		$	0.01

# Per share amount is less than $0.01.

(e) Net investment income is based on average shares outstanding.

See Notes to Financial Statements.

112

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø AllianceBernstein L.P.

_Ø JPMorgan Investment Management Inc.

_Ø Marsico Capital Management, LLC

_Ø SSgA Funds Management, Inc.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	30.41	%	2.47	%	4.53	%
Portfolio – Class B Shares	29.99		2.21		4.28
MSCI EAFE Index	31.78		3.54		6.59
*   Date of inception 12/31/01     Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 30.41% for the year ended December 31, 2009. The Portfolio’s benchmark, the MSCI EAFE Index, returned 31.78% over the same period.

Asset Class Overview

Over the 12 months, international stocks posted strong gains as global economic growth prospects brightened and the corporate profit outlook improved. Developed international equity markets, as represented by the MSCI EAFE Index, rose 31.8%. The U.S. dollar generally weakened during the year, which had a positive impact for U.S. based international equity investors. Nine of the ten sectors in the MSCI EAFE Index posted double-digit gains, led by Materials, which soared nearly 70%. Utilities was the weakest-performing sector of the Index, experiencing a relatively modest gain of 5%.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Portfolio’s performance relative to its benchmark, the MSCI EAFE Index.

Portfolio Highlights

For the year ended December 31, 2009

• Stock selection in the Energy sector was a positive for the Portfolio: The Portfolio’s Energy holdings such as Petroleo Brasileiro S.A. and Transocean Ltd., which the benchmark did not hold, aided relative returns.

• Stock selection in the Financial Sector had a positive impact on relative returns. Several Financial positions posted solid returns and aided performance. These included Credit Suisse Group AG, India-headquartered ICICI Bank Ltd. and Brazil-based Itau Unibanco Holding S/A.

• Positions in Anheuser-Busch InBev (Consumer Staples sector) and Brazilian home builder Gafisa S/A benefited the Portfolio.

• Underweighted posture in the Utilities sector benefited the Portfolio as it was the weakest-performing sector of the benchmark index.

What hurt performance during the year:

• Stock selection in the Materials sector was a negative for the Portfolio.

• On an individual stock level, the largest detractors from Portfolio performance included video game company Nintendo Co. Ltd. (Information Technology sector — Japan) and Mizuho Financial Group Inc. (Financial sector — Japan).

• Other leading detractors from performance included Barclays and HSBC (Financial sector — U.K.), and Lonza Group AG (Health Care — Switzerland).

Sector Weightings as of 12/31/09	% of Net Assets
Financials	23.4	%
Consumer Discretionary	10.7
Industrials	10.4
Health Care	9.3
Materials	9.2
Energy	9.2
Consumer Staples	9.1
Telecommunication Services	6.5
Information Technology	6.3
Utilities	4.2
Cash and Other	1.7
	100.0	%

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO (Unaudited)

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Portfolio, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution (12b-1) fees (in the case of Class B shares of the Trust), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/09	Ending Account Value 12/31/09	Expenses Paid During Period* 7/1/09 - 12/31/09
Class A
Actual	$1,000.00	$1,209.30	$5.62
Hypothetical (5% average return before expenses)	1,000.00	1,020.11	5.14
Class B
Actual	1,000.00	1,208.00	7.01
Hypothetical (5% average return before expenses)	1,000.00	1,018.85	6.41
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.01% and 1.26%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (5.9%)
AGL Energy Ltd.	26,965	$	339,193
Alumina Ltd.*	149,361		245,264
Amcor Ltd.^	258,666		1,441,029
AMP Ltd.	120,393		725,090
Aristocrat Leisure Ltd.	19,544		69,761
Arrow Energy Ltd.*	34,495		127,695
Asciano Group*	148,526		239,790
ASX Ltd.	9,387		292,356
Australia & New Zealand Banking Group Ltd.	278,217		5,660,548
Bendigo and Adelaide Bank Ltd.	22,320		195,675
BGP Holdings plc*†(b)	568,558		—
BHP Billiton Ltd.	231,153		8,851,722
Billabong International Ltd.	12,152		118,142
BlueScope Steel Ltd.	105,514		291,157
Boral Ltd.	35,872		189,560
Brambles Ltd.	81,283		492,398
Caltex Australia Ltd.*	7,714		64,011
CFS Retail Property
Trust (REIT)	95,809		162,263
Coca-Cola Amatil Ltd.	31,480		324,394
Cochlear Ltd.	3,000		185,247
Commonwealth Bank of Australia	87,915		4,286,927
Computershare Ltd.	28,073		286,254
Crown Ltd.	25,013		179,081
CSL Ltd.	208,443		6,064,038
CSR Ltd.	87,982		141,511
Dexus Property Group (REIT)	281,894		212,857
Energy Resources of Australia Ltd.	4,089		87,453
Fairfax Media Ltd.	140,202		216,254
Fortescue Metals Group Ltd.*	70,697		278,420
Foster’s Group Ltd.	116,925		575,370
Goodman Fielder Ltd.	82,802		120,525
Goodman Group (REIT)	378,278		212,881
GPT Group (REIT)	479,992		257,782
Harvey Norman Holdings Ltd.	30,352		113,970
Incitec Pivot Ltd.	101,768		322,512
Insurance Australia Group Ltd.	304,309		1,090,007
Leighton Holdings Ltd.	8,255		278,926
Lend Lease Corp., Ltd.	115,593		1,053,334
Macquarie Group Ltd.^	52,483		2,246,977
Macquarie Infrastructure
Group	877,418		1,045,594
MAp Group	42,854		115,713
Metcash Ltd.	42,414		169,766
Mirvac Group (REIT)	146,792		204,215
National Australia Bank Ltd.^	247,493		6,022,296
Newcrest Mining Ltd.	27,674		867,325
Nufarm Ltd.	8,032		78,471
OneSteel Ltd.	78,606		233,844
Orica Ltd.	22,255		515,841
Origin Energy Ltd.	49,611		744,800
OZ Minerals Ltd.*	161,796		169,182
Paladin Energy Ltd.*	34,292		127,265
Qantas Airways Ltd.	679,358		1,805,576
QBE Insurance Group Ltd.	59,196		1,351,121
Rio Tinto Ltd.^	31,675		2,095,801

	Number of Shares	Value (Note 1)
Santos Ltd.	46,338	$	583,484
Sims Metal Management Ltd.	7,580		148,378
Sonic Healthcare Ltd.	20,629		284,109
SP AusNet	69,818		57,179
Stockland Corp., Ltd. (REIT)	131,606		462,487
Suncorp-Metway Ltd.	73,137		564,741
TABCORP Holdings Ltd.	177,176		1,098,666
Tatts Group Ltd.	60,790		132,609
Telstra Corp., Ltd.	552,882		1,694,345
Toll Holdings Ltd.	39,774		309,952
Transurban Group	67,190		332,844
Wesfarmers Ltd.	57,746		1,605,495
Wesfarmers Ltd. (PPS)	9,268		257,677
Westfield Group (REIT)	117,524		1,310,661
Westpac Banking Corp.	172,774		3,889,007
Woodside Petroleum Ltd.	30,824		1,295,520
Woolworths Ltd.	71,157		1,782,352
WorleyParsons Ltd.	9,726		251,948
			69,648,638
Austria (0.2%)
Erste Group Bank AG	9,980		369,929
Immoeast AG*	24,127		132,270
OMV AG	8,302		363,557
Raiffeisen International Bank Holding AG	3,470		196,408
Telekom Austria AG	17,945		256,211
Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A	4,403		186,674
Vienna Insurance Group	2,194		112,660
Voestalpine AG	7,377		269,001
			1,886,710
Belgium (1.3%)
Anheuser-Busch InBev N.V.^	226,911		11,723,153
Belgacom S.A.	9,372		338,047
Cie Nationale a Portefeuille	2,121		113,113
Colruyt S.A.	871		210,008
Delhaize Group S.A.	5,770		441,940
Dexia S.A.*	33,888		213,173
Fortis*	129,491		479,746
Groupe Bruxelles Lambert S.A.	4,638		436,480
KBC Groep N.V.*	8,616		373,125
Mobistar S.A.	1,677		114,682
Solvay S.A.	3,272		352,743
UCB S.A.	6,009		251,633
Umicore	7,077		235,664
			15,283,507
Bermuda (0.0%)
Seadrill Ltd.	16,211		410,631
Brazil (2.9%)
Cyrela Brazil Realty S.A.	334,900		4,641,584
Gafisa S.A.	288,944		4,684,875
Itau Unibanco Banco Multiplo S.A. (ADR)	144,717		3,305,336
Jbs S.A.	352,500		1,868,347
OGX Petroleo e Gas Participacoes S.A.	600,000		5,865,278

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
PDG Realty S.A. Empreendimentose Participacoes	305,400	$	2,996,904
Petroleo Brasileiro S.A. (Mexico Exchange) (ADR)	94,347		4,498,465
Petroleo Brasileiro S.A. (New York Exchange) (ADR)	13,383		638,102
Vale S.A. (ADR)	186,946		5,427,042
			33,925,933
Canada (1.4%)
Bombardier, Inc., Class B^	261,800		1,201,549
Brookfield Properties Corp.	187,900		2,299,680
Canadian National Railway Co.	28,375		1,542,465
National Bank of Canada	21,400		1,232,620
Nexen, Inc.	68,279		1,646,504
Research In Motion Ltd.*	23,033		1,555,649
Suncor Energy, Inc.	67,328		2,395,444
Talisman Energy, Inc.	92,100		1,733,947
TELUS Corp. (Non-Voting), Class A	52,300		1,637,735
Westjet Airlines Ltd. (Variable-Voting), Class A*	124,300		1,497,519
			16,743,112
China (1.0%)
Baidu, Inc. (ADR)*	7,179		2,952,220
China Life Insurance Co., Ltd., Class H^	96,000		469,760
Ctrip.com International Ltd. (ADR)*	41,100		2,953,446
Foxconn International Holdings Ltd.*	130,000		149,659
Industrial & Commercial Bank of China Ltd., Class H^	572,000		469,415
Longtop Financial Technologies Ltd. (ADR)*	58,494		2,165,448
Tencent Holdings Ltd.	94,800		2,043,169
			11,203,117
Cyprus (0.0%)
Bank of Cyprus PCL	34,777		242,412
Denmark (1.7%)
A. P. Moller - Maersk A/S, Class A	33		222,462
A. P. Moller - Maersk A/S, Class B	63		440,541
Carlsberg A/S, Class B	16,990		1,253,805
Coloplast A/S, Class B	1,495		135,873
Danske Bank A/S*	120,202		2,736,876
DSV A/S*	12,208		219,017
H. Lundbeck A/S	3,600		65,525
Novo Nordisk A/S, Class B	128,190		8,201,956
Novozymes A/S, Class B^	20,060		2,080,014
Topdanmark A/S*	725		98,168
TrygVesta A/S	1,743		115,057
Vestas Wind Systems A/S*^	78,762		4,819,228
William Demant Holding A/S*	1,364		102,784
			20,491,306

	Number of Shares	Value (Note 1)
Finland (1.0%)
Elisa Oyj	7,882	$	180,069
Fortum Oyj	26,692		723,114
Kesko Oyj, Class B	4,198		138,461
Kone Oyj, Class B	8,483		362,565
Metso Oyj	8,203		288,411
Neste Oil Oyj	8,217		145,727
Nokia Oyj^	563,285		7,231,363
Nokian Renkaat Oyj	6,806		165,135
Orion Oyj, Class B	5,723		123,230
Outokumpu Oyj	7,619		143,262
Pohjola Bank plc	10,100		109,297
Rautaruukki Oyj	5,471		125,617
Sampo Oyj, Class A	25,034		607,565
Sanoma Oyj	4,655		104,463
Stora Enso Oyj, Class R*	34,603		242,548
UPM-Kymmene Oyj	28,804		342,563
Wartsila Oyj	4,571		182,722
			11,216,112
France (10.0%)
Accor S.A.^	51,934		2,821,254
Aeroports de Paris S.A.	1,903		153,072
Air France-KLM*	7,720		120,368
Air Liquide S.A.	14,373		1,696,638
Alcatel-Lucent*	138,087		462,475
Alstom S.A.^	89,369		6,209,222
Atos Origin S.A.*	2,539		115,604
BioMerieux	789		91,772
BNP Paribas S.A.	162,719		12,840,745
Bouygues S.A.	13,479		702,951
Bureau Veritas S.A.	2,607		135,043
Cap Gemini S.A.	8,932		404,579
Carrefour S.A.	36,485		1,754,178
Casino Guichard Perrachon S.A.^	20,784		1,862,664
Christian Dior S.A.	3,895		400,333
Cie de Saint-Gobain S.A.^	40,268		2,161,492
Cie Generale de Geophysique - Veritas*	9,508		202,793
Cie Generale d’Optique Essilor International S.A.	11,636		692,734
CNP Assurances S.A.	2,125		205,739
Compagnie Generale des Etablissements Michelin, Class B	8,203		629,214
Credit Agricole S.A.^	185,349		3,231,311
Danone S.A.	31,689		1,929,837
Dassault Systemes S.A.	3,940		224,263
EDF S.A.^	54,978		3,271,489
Eiffage S.A.	2,348		132,659
Eramet S.A.	299		93,113
Eurazeo S.A.	1,522		106,209
Eutelsat Communications S.A.	6,053		194,202
Fonciere Des Regions (REIT)	1,258		128,655
France Telecom S.A.	226,330		5,650,874
GDF Suez S.A.^	78,370		3,399,985
Gecina S.A. (REIT)	1,046		113,215
Hermes International S.A.	3,036		403,838
ICADE (REIT)	1,261		119,925
Iliad S.A.	1,041		124,018
Imerys S.A.	1,948		115,860

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Ipsen S.A.	1,441	$	80,044
J.C. Decaux S.A.*	3,507		85,029
Klepierre S.A. (REIT)^	18,527		753,668
Lafarge S.A.^	18,652		1,533,875
Lagardere S.C.A.^	64,295		2,594,347
Legrand S.A.	5,896		164,409
L’Oreal S.A.	13,853		1,538,028
LVMH Moet Hennessy Louis Vuitton S.A.	19,028		2,136,506
M6-Metropole Television	3,684		94,257
Natixis S.A.*	51,700		257,364
Neopost S.A.	1,799		148,635
PagesJaunes Groupe S.A.	7,217		80,343
Pernod-Ricard S.A.	18,723		1,607,094
Peugeot S.A.*	9,129		305,828
PPR S.A.	8,896		1,065,998
Publicis Groupe S.A.^	43,685		1,772,164
Renault S.A.*	11,036		561,964
Safran S.A.	12,028		233,998
Sanofi-Aventis S.A.^	135,247		10,601,568
Schneider Electric S.A.	63,715		7,381,502
SCOR SE	9,233		230,622
Societe BIC S.A.	1,711		118,422
Societe Des Autoroutes Paris-Rhin-Rhone*	1,449		110,993
Societe Generale S.A.	106,444		7,365,122
Societe Television Francaise 1 S.A.	6,707		123,858
Sodexo S.A.	5,387		307,679
Suez Environnement Co. S.A.	14,898		344,170
Technip S.A.	5,946		416,658
Thales S.A.	5,720		293,125
Total S.A.	154,155		9,878,493
Unibail-Rodamco S.A. (REIT)^	16,063		3,536,078
Vallourec S.A.^	16,378		2,978,925
Veolia Environnement	22,107		726,924
Vinci S.A.	24,254		1,358,468
Vivendi S.A.	177,714		5,246,417
			118,934,898
Germany (9.9%)
Adidas AG	11,483		619,987
Allianz SE (Registered)	59,692		7,430,035
BASF SE	256,913		15,935,404
Bayer AG	109,406		8,744,288
Bayerische Motoren Werke (BMW) AG (Preference)	2,983		98,118
Bayerische Motoren Werke (BMW) AG	48,903		2,223,207
Beiersdorf AG	4,850		318,750
Celesio AG^	25,851		656,800
Commerzbank AG*	43,581		365,394
Daimler AG^	270,584		14,456,491
Deutsche Bank AG (Registered)	83,295		5,870,860
Deutsche Boerse AG	11,466		953,298
Deutsche Lufthansa AG (Registered)	13,084		219,661
Deutsche Post AG (Registered)^	180,856		3,479,890
Deutsche Postbank AG*	5,001		163,413

	Number of Shares	Value (Note 1)
Deutsche Telekom AG (Registered)	320,979	$	4,740,540
E.ON AG^	227,763		9,508,574
Fraport AG	2,096		109,022
Fresenius Medical Care AG & Co. KGaA	11,486		608,163
Fresenius SE	1,611		100,282
Fresenius SE (Preference)	4,527		323,532
GEA Group AG	9,425		209,837
Hannover Rueckversicherung AG (Registered)*	3,389		159,077
HeidelbergCement AG	8,437		580,345
Henkel AG & Co. KGaA	7,805		348,566
Henkel AG & Co. KGaA (Preference)	10,681		556,081
Hochtief AG	2,692		205,721
Infineon Technologies AG*^	1,002,951		5,536,860
K+S AG	10,046		577,477
Linde AG	13,690		1,647,797
MAN SE	6,115		476,256
Merck KGaA	3,690		344,899
Metro AG^	107,965		6,580,816
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)^	25,724		4,010,037
Porsche Automobil Holding SE (Preference)	5,233		328,683
Puma AG Rudolf Dassler Sport	366		121,215
RWE AG	39,858		3,873,304
RWE AG (Non- Voting) (Preference)	2,278		203,249
Salzgitter AG	2,273		222,186
SAP AG^	63,930		3,015,191
Siemens AG (Registered)^	56,678		5,198,673
Solarworld AG	5,370		117,677
Suedzucker AG	4,248		88,198
Symrise AG	15,392		330,259
ThyssenKrupp AG^	111,213		4,188,497
TUI AG*	5,925		49,426
United Internet AG*	7,184		95,005
Volkswagen AG	2,646		292,701
Volkswagen AG (Preference)	5,951		559,392
Wacker Chemie AG	894		155,924
			116,999,058
Greece (0.2%)
Alpha Bank AE*	21,095		244,047
Coca Cola Hellenic Bottling Co. S.A.	11,187		254,861
EFG Eurobank Ergasias S.A.*	17,706		196,368
Hellenic Petroleum S.A.	6,982		77,589
Hellenic Telecommunications Organization S.A.	14,384		210,603
Marfin Investment Group S.A.*	33,899		96,416
National Bank of Greece S.A.*	35,874		914,753
OPAP S.A.	13,676		299,397
Piraeus Bank S.A.*	26,504		302,419
Public Power Corp. S.A.*	6,689		123,458
Titan Cement Co. S.A.	3,301		95,619
			2,815,530

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Hong Kong (2.6%)
ASM Pacific Technology Ltd.	11,800	$	110,913
Bank of East Asia Ltd.	90,447		355,122
BOC Hong Kong Holdings Ltd.	214,000		481,297
Cathay Pacific Airways Ltd.*	67,000		124,155
Chaoda Modern Agriculture (Holdings) Ltd.	62,000		65,790
Cheung Kong Holdings Ltd.	572,000		7,335,165
Cheung Kong Infrastructure Holdings Ltd.	29,000		110,070
China Mobile Ltd.^	30,000		279,633
China Resources Enterprise Ltd.	450,000		1,630,508
Chinese Estates Holdings Ltd.	47,000		80,033
CLP Holdings Ltd.	120,000		810,832
CNOOC Ltd.^	2,240,100		3,487,509
Esprit Holdings Ltd.^	333,358		2,193,994
Genting Singapore plc*	283,200		259,367
Hang Lung Group Ltd.	46,000		227,567
Hang Lung Properties Ltd.^	637,000		2,488,736
Hang Seng Bank Ltd.	43,200		635,533
Henderson Land Development Co., Ltd.	62,000		461,967
Hong Kong & China Gas Co., Ltd.	223,000		556,193
Hong Kong Aircraft Engineering Co., Ltd.	4,000		51,822
Hong Kong Exchanges and Clearing Ltd.	58,800		1,046,781
HongKong Electric Holdings Ltd.	80,000		434,678
Hopewell Highway Infrastructure Ltd.	7,350		4,477
Hopewell Holdings Ltd.	40,500		130,481
Hutchison Whampoa Ltd.	125,000		854,841
Hysan Development Co., Ltd.	34,448		97,541
Kerry Properties Ltd.	41,000		207,021
Li & Fung Ltd.	134,000		551,474
Lifestyle International Holdings Ltd.	35,500		65,846
Link REIT (REIT)	126,636		322,258
Mongolia Energy Co., Ltd.*	214,000		108,606
MTR Corp.	78,089		268,262
New World Development Ltd.	141,910		289,632
Noble Group Ltd.	769,000		1,761,859
NWS Holdings Ltd.	47,608		87,553
Orient Overseas International Ltd.	13,500		62,663
PCCW Ltd.	227,974		54,873
Shangri-La Asia Ltd.	84,000		157,121
Sino Land Co., Ltd.	111,373		215,012
Sun Hung Kai Properties Ltd.	81,000		1,201,914
Swire Pacific Ltd., Class A	46,000		554,545
Television Broadcasts Ltd.	16,000		76,773
Wharf Holdings Ltd.	82,000		468,884
Wheelock & Co., Ltd.	59,000		179,531
Wing Hang Bank Ltd.	10,000		92,921
Yue Yuen Industrial Holdings Ltd.	42,500		122,745
			31,164,498

	Number of Shares	Value (Note 1)
India (0.9%)
ICICI Bank Ltd. (ADR)	166,370	$	6,273,812
Reliance Industries Ltd. (GDR)§	102,550		4,806,529
			11,080,341
Ireland (0.5%)
Covidien plc	68,200		3,266,098
CRH plc	40,192		1,098,646
Elan Corp. plc*	29,254		183,100
Experian plc	59,496		588,155
Kerry Group plc, Class A	8,769		275,970
Ryanair Holdings plc (ADR)*	3,506		94,031
Shire plc	33,699		659,010
			6,165,010
Israel (0.4%)
Teva Pharmaceutical Industries Ltd. (ADR)	82,187		4,617,266
Italy (3.1%)
A2A S.p.A.	54,763		114,625
Assicurazioni Generali S.p.A.	67,223		1,802,324
Atlantia S.p.A.	14,275		371,066
Autogrill S.p.A.*	5,277		66,370
Banca Carige S.p.A.	41,203		109,652
Banca Monte dei Paschi di Siena S.p.A.	129,293		226,382
Banca Popolare Societa Cooperativa	170,970		1,212,869
Banco Popolare S.c.a.r.l.*	38,614		289,035
Enel S.p.A.^	566,408		3,289,082
ENI S.p.A.	319,055		8,122,849
Exor S.p.A.	4,121		79,694
Fiat S.p.A.*^	368,277		5,359,828
Finmeccanica S.p.A.	24,316		387,799
Fondiaria-Sai S.p.A.	3,246		51,316
Intesa Sanpaolo S.p.A.*	658,001		2,883,483
Italcementi S.p.A.	3,583		48,939
Luxottica Group S.p.A.	7,406		191,851
Mediaset S.p.A.	41,818		341,688
Mediobanca S.p.A.*	28,205		334,651
Mediolanum S.p.A.	11,686		72,563
Parmalat S.p.A.	100,232		280,859
Pirelli & C S.p.A.*	140,715		84,000
Prysmian S.p.A.	6,190		108,354
Saipem S.p.A.	15,272		524,635
Snam Rete Gas S.p.A.	82,656		411,023
Telecom Italia S.p.A.^	1,822,148		2,826,037
Telecom Italia S.p.A. (RNC)^	1,309,832		1,445,584
Terna Rete Elettrica Nazionale S.p.A.	76,946		331,083
UniCredit S.p.A.*	1,546,790		5,145,212
Unione di Banche Italiane S.c.p.A.	34,990		501,207
Unipol Gruppo Finanziario S.p.A.*	38,013		51,895
			37,065,955
Japan (16.1%)
77 Bank Ltd.	22,000		116,424
ABC-Mart, Inc.	1,100		30,568
Acom Co., Ltd.	3,070		46,568

See Notes to Financial Statements.

118

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Advantest Corp.	8,700	$	226,037
Aeon Co., Ltd.^	265,400		2,145,935
Aeon Credit Service Co., Ltd.	3,600		34,590
Aeon Mall Co., Ltd.	4,000		77,405
Aioi Insurance Co., Ltd.	29,000		138,650
Air Water, Inc.	8,000		94,193
Aisin Seiki Co., Ltd.	11,400		325,829
Ajinomoto Co., Inc.	38,000		357,746
Alfresa Holdings Corp.	1,700		67,305
All Nippon Airways Co., Ltd.	42,000		113,842
Amada Co., Ltd.	20,000		124,122
Aozora Bank Ltd.*	36,000		38,041
Asahi Breweries Ltd.	23,100		423,633
Asahi Glass Co., Ltd.	58,000		543,335
Asahi Kasei Corp.	77,000		384,770
Asics Corp.	9,000		80,579
Astellas Pharma, Inc.	38,800		1,445,249
Bank of Kyoto Ltd.	20,000		161,400
Bank of Yokohama Ltd.	76,000		344,178
Benesse Holdings, Inc.	4,800		200,728
Bridgestone Corp.	35,500		622,113
Brother Industries Ltd.	15,100		172,503
Canon Marketing Japan, Inc.	3,900		57,273
Canon, Inc.	84,300		3,563,788
Casio Computer Co., Ltd.	15,200		120,847
Central Japan Railway Co.	91		607,044
Chiba Bank Ltd.	42,000		250,640
Chiyoda Corp.	9,000		68,424
Chubu Electric Power Co., Inc.	38,900		927,017
Chugai Pharmaceutical Co., Ltd.	14,300		266,415
Chugoku Bank Ltd.	9,000		111,001
Chugoku Electric Power Co., Inc.	17,000		324,200
Chuo Mitsui Trust Holdings, Inc.	56,000		186,903
Citizen Holdings Co., Ltd.	20,700		117,771
Coca-Cola West Co., Ltd.	3,200		56,277
Cosmo Oil Co., Ltd.	35,000		73,264
Credit Saison Co., Ltd.	10,500		117,553
Dai Nippon Printing Co., Ltd.	33,000		416,094
Daicel Chemical Industries Ltd.	16,000		93,423
Daido Steel Co., Ltd.	17,000		62,767
Daihatsu Motor Co., Ltd.	12,000		119,425
Daiichi Sankyo Co., Ltd.	38,300		801,359
Daikin Industries Ltd.	99,164		3,870,151
Dainippon Sumitomo Pharma Co., Ltd.	10,300		107,563
Daito Trust Construction Co., Ltd.	4,600		216,917
Daiwa House Industry Co., Ltd.	28,000		299,593
Daiwa Securities Group, Inc.	707,000		3,544,348
DeNA Co., Ltd.	17		99,953
Denki Kagaku Kogyo KK	27,000		120,743
Denso Corp.	27,700		830,175
Dentsu, Inc.	8,900		204,823
Dowa Holdings Co., Ltd.	16,000		88,801
East Japan Railway Co.	26,800		1,691,077
Eisai Co., Ltd.	14,600		535,185
Electric Power Development Co., Ltd.	7,400		209,843
Elpida Memory, Inc.*	9,300		151,697
FamilyMart Co., Ltd.^	101,000		2,976,617
Fanuc Ltd.	11,300		1,050,734

	Number of Shares	Value (Note 1)
Fast Retailing Co., Ltd.	2,800	$	522,587
Fuji Electric Holdings Co., Ltd.*	28,000		48,325
Fuji Heavy Industries Ltd.*	33,000		160,148
Fuji Media Holdings, Inc.	21		28,972
Fujifilm Holdings Corp.	26,800		800,646
Fujitsu Ltd.	109,000		700,978
Fukuoka Financial Group, Inc.	40,000		138,808
Furukawa Electric Co., Ltd.	41,000		170,628
GS Yuasa Corp.	19,000		139,443
Gunma Bank Ltd.	22,000		111,710
Hachijuni Bank Ltd.	21,000		122,165
Hakuhodo DY Holdings, Inc.	1,330		64,224
Hankyu Hanshin Holdings, Inc.	67,000		297,453
Hino Motors Ltd.*	13,000		45,057
Hirose Electric Co., Ltd.	2,000		208,457
Hiroshima Bank Ltd.	27,000		103,471
Hisamitsu Pharmaceutical Co., Inc.	3,700		119,377
Hitachi Chemical Co., Ltd.	6,000		120,779
Hitachi Construction Machinery Co., Ltd.	6,900		179,860
Hitachi High-Technologies Corp.	3,900		76,623
Hitachi Ltd.*	258,000		790,208
Hitachi Metals Ltd.	9,000		85,699
Hokkaido Electric Power Co., Inc.	10,000		181,474
Hokuhoku Financial Group, Inc.	67,000		136,327
Hokuriku Electric Power Co.	10,800		235,008
Honda Motor Co., Ltd.	214,400		7,249,306
HOYA Corp.	24,800		657,467
Ibiden Co., Ltd.	8,100		288,472
Idemitsu Kosan Co., Ltd.	1,400		81,087
IHI Corp.*	75,000		118,885
INPEX Corp.	51		382,779
Isetan Mitsukoshi Holdings Ltd.	19,600		176,623
Isuzu Motors Ltd.*	82,000		153,176
Ito En Ltd.	3,200		47,993
ITOCHU Corp.	306,000		2,250,143
ITOCHU Techno-Solutions Corp.	1,400		37,467
Iyo Bank Ltd.	16,000		129,510
J. Front Retailing Co., Ltd.	33,000		145,400
Jafco Co., Ltd.	1,500		36,055
Japan Airlines Corp.*	48,000		34,524
Japan Petroleum Exploration Co.	1,600		70,246
Japan Prime Realty Investment Corp. (REIT)	32		66,258
Japan Real Estate Investment Corp. (REIT)	24		176,164
Japan Retail Fund Investment Corp. (REIT)	20		89,518
Japan Steel Works Ltd.	19,000		238,922
Japan Tobacco, Inc.	509		1,717,447
JFE Holdings, Inc.	52,100		2,051,695
JGC Corp.	13,000		239,319
Joyo Bank Ltd.	34,000		135,760
JS Group Corp.	15,200		261,523
JSR Corp.	10,100		204,735
JTEKT Corp.	12,400		158,459

See Notes to Financial Statements.

119

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Jupiter Telecommunications Co., Ltd.	156	$	154,552
Kajima Corp.	46,000		92,335
Kamigumi Co., Ltd.	17,000		123,528
Kaneka Corp.	19,000		120,538
Kansai Electric Power Co., Inc.	43,600		982,785
Kansai Paint Co., Ltd.	14,000		116,246
Kao Corp.	30,600		714,355
Kawasaki Heavy Industries Ltd.	86,000		216,783
Kawasaki Kisen Kaisha Ltd.*	33,000		93,512
KDDI Corp.	506		2,668,331
Keihin Electric Express Railway Co., Ltd.	26,000		190,451
Keio Corp.	37,000		222,911
Keisei Electric Railway Co., Ltd.	18,000		98,365
Keyence Corp.	2,500		515,403
Kikkoman Corp.	10,000		122,169
Kinden Corp.	8,000		67,376
Kintetsu Corp.	90,000		298,036
Kirin Holdings Co., Ltd.	48,000		765,224
Kobe Steel Ltd.*	139,000		251,757
Koito Manufacturing Co., Ltd.	6,000		95,587
Komatsu Ltd.^	90,900		1,895,085
Konami Corp.	6,400		114,133
Konica Minolta Holdings, Inc.	27,500		282,043
Kubota Corp.^	118,000		1,085,108
Kuraray Co., Ltd.	20,500		239,963
Kurita Water Industries Ltd.	6,300		196,835
Kyocera Corp.	26,900		2,372,406
Kyowa Hakko Kirin Co., Ltd.	15,000		157,804
Kyushu Electric Power Co., Inc.	23,200		477,120
Lawson, Inc.	4,000		176,219
Mabuchi Motor Co., Ltd.	1,900		93,414
Makita Corp.	7,300		248,389
Marubeni Corp.	1,325,000		7,213,264
Marui Group Co., Ltd.	16,300		99,915
Maruichi Steel Tube Ltd.	2,100		41,950
Matsui Securities Co., Ltd.	5,700		39,635
Mazda Motor Corp.*	59,000		134,898
McDonald’s Holdings Co. Japan Ltd.	4,100		78,244
Medipal Holdings Corp.	9,400		116,064
MEIJI Holdings Co. Ltd.*	4,155		156,298
Minebea Co., Ltd.	23,000		124,425
Mitsubishi Chemical Holdings Corp.	73,000		307,628
Mitsubishi Corp.	214,900		5,343,025
Mitsubishi Electric Corp.*	113,000		834,284
Mitsubishi Estate Co., Ltd.	68,000		1,078,580
Mitsubishi Gas Chemical Co., Inc.	25,000		125,556
Mitsubishi Heavy Industries Ltd.	183,000		642,631
Mitsubishi Logistics Corp.	7,000		81,925
Mitsubishi Materials Corp.*	66,000		161,612
Mitsubishi Motors Corp.*	198,000		272,835
Mitsubishi Rayon Co., Ltd.	31,000		124,033
Mitsubishi Tanabe Pharma Corp.	77,000		957,602
Mitsubishi UFJ Financial Group, Inc.	1,003,700		4,914,305
Mitsubishi UFJ Lease & Finance Co., Ltd.	3,330		99,887

	Number of Shares	Value (Note 1)
Mitsui & Co., Ltd.	245,300	$	3,472,739
Mitsui Chemicals, Inc.	41,000		105,433
Mitsui Engineering & Shipbuilding Co., Ltd.	40,000		95,665
Mitsui Fudosan Co., Ltd.^	167,000		2,804,399
Mitsui Mining & Smelting Co., Ltd.*	33,000		85,404
Mitsui O.S.K. Lines Ltd.	66,000		346,454
Mitsui Sumitomo Insurance Group Holdings, Inc.	24,500		621,799
Mitsumi Electric Co., Ltd.	4,700		82,703
Mizuho Financial Group, Inc.^	2,630,400		4,706,630
Mizuho Securities Co., Ltd.	30,000		89,795
Mizuho Trust & Banking Co., Ltd.*	97,000		89,941
Murata Manufacturing Co., Ltd.	39,900		1,970,102
Namco Bandai Holdings, Inc.	11,100		105,615
NEC Corp.*	116,000		298,803
NGK Insulators Ltd.	14,000		304,627
NGK Spark Plug Co., Ltd.	11,000		123,839
NHK Spring Co., Ltd.	8,000		74,185
Nidec Corp.	14,700		1,351,667
Nikon Corp.	19,100		376,702
Nintendo Co., Ltd.	15,500		3,674,527
Nippon Building Fund, Inc. (REIT)	29		219,707
Nippon Electric Glass Co., Ltd.	19,000		259,196
Nippon Express Co., Ltd.	47,000		192,240
Nippon Meat Packers, Inc.	10,000		114,899
Nippon Mining Holdings, Inc.	53,000		226,907
Nippon Oil Corp.	76,000		351,865
Nippon Paper Group, Inc.	5,100		130,154
Nippon Sheet Glass Co., Ltd.	39,000		111,559
Nippon Steel Corp.	292,000		1,180,534
Nippon Telegraph & Telephone Corp.	101,500		3,992,506
Nippon Yusen KK	63,000		192,757
Nipponkoa Insurance Co., Ltd.	35,000		197,960
Nishi-Nippon City Bank Ltd.	46,000		112,371
Nissan Chemical Industries Ltd.	8,000		113,922
Nissan Motor Co., Ltd.*	553,200		4,834,967
Nissay Dowa General Insurance Co., Ltd.	8,000		38,124
Nissha Printing Co., Ltd.	1,600		78,696
Nisshin Seifun Group, Inc.	11,500		154,461
Nisshin Steel Co., Ltd.	48,000		84,879
Nisshinbo Holdings, Inc.	7,000		64,091
Nissin Food Holdings Co., Ltd.	3,600		117,292
Nitori Co., Ltd.	2,250		167,419
Nitto Denko Corp.	10,000		356,358
NOK Corp.	6,400		88,322
Nomura Holdings, Inc.	238,800		1,759,853
Nomura Real Estate Holdings, Inc.	4,300		63,491
Nomura Real Estate Office Fund, Inc. (REIT)	18		97,572
Nomura Research Institute Ltd.	5,100		99,894
NSK Ltd.	24,000		176,144
NTN Corp.	24,000		107,807
NTT Data Corp.	76		234,698
NTT DoCoMo, Inc.	882		1,228,644

See Notes to Financial Statements.

120

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
NTT Urban Development Corp.	66	$	43,761
Obayashi Corp.	35,000		119,115
Obic Co., Ltd.	400		65,256
Odakyu Electric Railway Co., Ltd.	38,000		291,199
OJI Paper Co., Ltd.	51,000		212,429
Olympus Corp.	12,900		414,496
Omron Corp.	11,100		198,013
Ono Pharmaceutical Co., Ltd.	5,500		235,003
Oracle Corp. Japan	2,200		91,140
Oriental Land Co., Ltd.	2,700		177,286
ORIX Corp.^	28,000		1,904,155
Osaka Gas Co., Ltd.	111,000		373,974
Otsuka Corp.	700		34,704
Panasonic Corp.	112,800		1,613,106
Panasonic Electric Works Co., Ltd.	22,000		264,478
Rakuten, Inc.	405		307,841
Resona Holdings, Inc.	26,800		270,622
Ricoh Co., Ltd.	39,000		550,058
Rinnai Corp.	2,300		110,618
Rohm Co., Ltd.	5,600		363,655
Sankyo Co., Ltd.	3,100		154,424
Santen Pharmaceutical Co., Ltd.	4,100		131,097
Sanyo Electric Co., Ltd.*	93,000		170,730
Sapporo Hokuyo Holdings, Inc.	14,700		53,178
Sapporo Holdings Ltd.	15,000		81,702
SBI Holdings, Inc.	1,074		190,885
Secom Co., Ltd.	12,500		591,249
Sega Sammy Holdings, Inc.	11,800		140,634
Seiko Epson Corp.	8,200		131,564
Sekisui Chemical Co., Ltd.	24,000		148,395
Sekisui House Ltd.	31,000		278,046
Senshu Ikeda Holdings, Inc.*	26,600		96,746
Seven & I Holdings Co., Ltd.	44,000		893,072
Seven Bank Ltd.	24		47,667
Sharp Corp.	207,000		2,604,712
Shikoku Electric Power Co., Inc.	11,000		283,738
Shimadzu Corp.	16,000		106,075
Shimamura Co., Ltd.	1,300		123,669
Shimano, Inc.	3,900		156,093
Shimizu Corp.	36,000		129,053
Shin-Etsu Chemical Co., Ltd.	32,700		1,843,152
Shinko Electric Industries Co., Ltd.	3,400		49,001
Shinsei Bank Ltd.*	48,000		52,020
Shionogi & Co., Ltd.	16,600		359,001
Shiseido Co., Ltd.	21,000		402,500
Shizuoka Bank Ltd.	36,000		311,977
Showa Denko KK	76,000		151,565
Showa Shell Sekiyu KK	12,100		98,449
SMC Corp.	5,300		599,052
Softbank Corp.	44,600		1,042,427
Sojitz Corp.	79,100		148,587
Sompo Japan Insurance, Inc.	54,000		343,648
Sony Corp.	57,800		1,675,418
Sony Financial Holdings, Inc.	50		130,405
Square Enix Holdings Co., Ltd.	3,600		75,521
Stanley Electric Co., Ltd.	7,300		146,802
Sumco Corp.^	96,800		1,702,624
Sumitomo Chemical Co., Ltd.	96,000		419,007

	Number of Shares	Value (Note 1)
Sumitomo Corp.	120,700	$	1,214,853
Sumitomo Electric Industries Ltd.	42,400		525,537
Sumitomo Heavy Industries Ltd.*	37,000		186,746
Sumitomo Metal Industries Ltd.	202,000		538,546
Sumitomo Metal Mining Co., Ltd.	31,000		456,985
Sumitomo Mitsui Financial Group, Inc.^	123,800		3,529,488
Sumitomo Realty & Development Co., Ltd.	23,000		431,376
Sumitomo Rubber Industries Ltd.	9,800		84,361
Sumitomo Trust & Banking Co., Ltd.	87,000		422,943
Suruga Bank Ltd.	12,000		104,088
Suzuken Co., Ltd.	3,700		121,163
Suzuki Motor Corp.	20,400		500,925
Sysmex Corp.	1,900		99,168
T&D Holdings, Inc.	12,900		262,921
Taiheiyo Cement Corp.*	58,000		66,000
Taisei Corp.	51,000		87,314
Taisho Pharmaceutical Co., Ltd.	8,000		136,875
Taiyo Nippon Sanso Corp.	15,000		159,092
Takashimaya Co., Ltd.	19,000		120,166
Takeda Pharmaceutical Co., Ltd.	43,200		1,773,604
TDK Corp.	7,000		426,835
Teijin Ltd.	63,000		202,496
Terumo Corp.	10,100		604,441
THK Co., Ltd.	7,700		136,013
Tobu Railway Co., Ltd.	47,000		244,994
Toho Co., Ltd.	7,300		118,280
Toho Gas Co., Ltd.	27,000		143,195
Tohoku Electric Power Co., Inc.	24,700		488,225
Tokio Marine Holdings, Inc.	41,400		1,123,738
Tokuyama Corp.	14,000		78,015
Tokyo Electric Power Co., Inc.	145,500		3,647,055
Tokyo Electron Ltd.	10,000		639,431
Tokyo Gas Co., Ltd.	134,000		534,184
Tokyo Steel Manufacturing Co., Ltd.	6,200		69,751
Tokyo Tatemono Co., Ltd.	15,000		56,998
Tokyu Corp.	64,000		254,717
Tokyu Land Corp.	26,000		95,442
TonenGeneral Sekiyu KK	18,000		149,987
Toppan Printing Co., Ltd.	32,000		258,882
Toray Industries, Inc.	80,000		431,054
Toshiba Corp.*	671,000		3,700,541
Tosoh Corp.	29,000		79,812
TOTO Ltd.	17,000		107,546
Toyo Seikan Kaisha Ltd.	8,100		122,567
Toyo Suisan Kaisha Ltd.	5,000		114,611
Toyoda Gosei Co., Ltd.	3,700		111,348
Toyota Boshoku Corp.	3,400		75,536
Toyota Industries Corp.	10,100		299,869
Toyota Motor Corp.	169,600		7,125,889
Toyota Tsusho Corp.	11,600		171,060
Trend Micro, Inc.	6,000		228,029
Tsumura & Co.	3,900		125,612
Ube Industries Ltd.	65,000		177,977

See Notes to Financial Statements.

121

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Unicharm Corp.	2,500	$	234,042
UNY Co., Ltd.	11,000		76,871
Ushio, Inc.	7,600		126,522
USS Co., Ltd.	1,400		85,015
West Japan Railway Co.	103		344,771
Yahoo! Japan Corp.	2,071		619,079
Yakult Honsha Co., Ltd.	6,200		186,667
Yamada Denki Co., Ltd.	4,760		319,868
Yamaguchi Financial Group, Inc.	12,000		111,048
Yamaha Corp.	10,700		127,294
Yamaha Motor Co., Ltd.*	12,900		161,996
Yamato Holdings Co., Ltd.	24,000		331,847
Yamato Kogyo Co., Ltd.	2,300		74,414
Yamazaki Baking Co., Ltd.	7,000		82,849
Yaskawa Electric Corp.	14,000		116,595
Yokogawa Electric Corp.	13,000		113,752
			191,354,190
Luxembourg (0.3%)
ArcelorMittal S.A.	49,422		2,241,531
Millicom International Cellular S.A. (SDR)	4,260		315,867
SES S.A. (FDR)	17,335		388,708
Tenaris S.A.	27,306		583,821
			3,529,927
Macau (0.0%)
Sands China Ltd.*	116,000		141,533
Wynn Macau Ltd.*^	148,800		181,163
			322,696
Mexico (0.5%)
America Movil S.A.B. de C.V. (ADR)	10,239		481,028
Cemex S.A.B. de C.V. (ADR)*	402,687		4,759,760
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	7,687		368,054
Fresnillo plc	10,981		138,432
			5,747,274
Netherlands (4.3%)
Aegon N.V.*	91,493		583,071
Akzo Nobel N.V.	84,874		5,594,273
ASML Holding N.V.^	136,018		4,626,378
Corio N.V. (REIT)	2,947		201,274
European Aeronautic Defence and Space Co. N.V.	24,950		498,392
Fugro N.V. (CVA)	4,163		237,736
Heineken Holding N.V.	6,300		263,951
Heineken N.V.	14,277		676,494
ING Groep N.V. (CVA)*	295,378		2,855,471
James Hardie Industries N.V. (CDI)*	24,740		186,538
Koninklijke (Royal) KPN N.V.	96,695		1,640,114
Koninklijke Ahold N.V.^	240,646		3,192,641
Koninklijke Boskalis Westminster N.V.	3,406		131,167
Koninklijke DSM N.V.	21,708		1,064,374
Koninklijke Philips Electronics N.V.	55,858		1,653,957
Koninklijke Vopak N.V.*	1,807		142,763
QIAGEN N.V.*	12,012		268,327

	Number of Shares	Value (Note 1)
Randstad Holding N.V.*^	67,420	$	3,333,520
Reed Elsevier N.V.	88,199		1,082,205
Royal Dutch Shell plc, Class A	455,063		13,753,348
Royal Dutch Shell plc, Class B	156,126		4,549,530
SBM Offshore N.V.	8,134		159,159
TNT N.V.	22,230		680,434
Unilever N.V. (CVA)	95,142		3,100,226
Wolters Kluwer N.V.	33,640		737,328
			51,212,671
New Zealand (0.1%)
Auckland International Airport Ltd.	55,998		81,871
Contact Energy Ltd.*	17,601		78,374
Fletcher Building Ltd.	33,023		190,584
Sky City Entertainment Group Ltd.	30,510		72,838
Telecom Corp. of New Zealand Ltd.	376,092		679,616
			1,103,283
Norway (0.6%)
DnB NOR ASA*	51,822		562,559
Norsk Hydro ASA*	40,797		339,139
Orkla ASA	46,732		455,976
Renewable Energy Corp. A/S*	23,604		180,581
Statoil ASA	184,450		4,600,879
Telenor ASA*	48,000		673,283
Yara International ASA	10,900		493,548
			7,305,965
Portugal (0.2%)
Banco Comercial Portugues S.A. (Registered), Class R	127,182		152,643
Banco Espirito Santo S.A. (Registered)	32,154		208,996
Brisa Auto-Estradas de Portugal S.A.	9,848		100,626
Cimpor Cimentos de Portugal SGPS S.A.	15,360		141,532
EDP - Energias de Portugal S.A.	105,542		467,129
Galp Energia SGPS S.A., Class B	8,758		150,766
Jeronimo Martins SGPS S.A.	12,586		125,188
Portugal Telecom SGPS S.A. (Registered)	35,011		425,612
			1,772,492
Singapore (1.2%)
Ascendas Real Estate Investment Trust (REIT)	77,000		120,585
CapitaLand Ltd.	2,253,500		6,674,808
CapitaMall Trust (REIT)	138,000		174,985
CapitaMalls Asia Ltd.*	79,000		142,834
City Developments Ltd.	32,000		261,035
ComfortDelgro Corp., Ltd.	120,000		139,538
Cosco Corp. (Singapore) Ltd.	39,000		32,749
DBS Group Holdings Ltd.	98,000		1,065,543
Fraser and Neave Ltd.	62,000		184,242
Golden Agri-Resources Ltd.*	346,788		124,861
Jardine Cycle & Carriage Ltd.	8,000		152,659
Keppel Corp., Ltd.	73,000		424,765

See Notes to Financial Statements.

122

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Neptune Orient Lines Ltd.	45,000	$	52,387
Olam International Ltd.	69,962		131,023
Oversea-Chinese Banking Corp., Ltd.	145,525		936,763
SembCorp Industries Ltd.	63,000		164,533
SembCorp Marine Ltd.	47,000		122,479
Singapore Airlines Ltd.	29,000		306,195
Singapore Airport Services	820		1,592
Singapore Exchange Ltd.	49,000		288,842
Singapore Press Holdings Ltd.	89,000		231,303
Singapore Technologies
Engineering Ltd.	75,000		172,399
Singapore Telecommunications Ltd.	469,000		1,032,819
StarHub Ltd.	37,000		56,357
United Overseas Bank Ltd.	69,000		960,240
UOL Group Ltd.	27,000		77,473
Wilmar International Ltd.	70,000		317,680
Yangzijiang Shipbuilding Holdings Ltd.	95,000		81,215
			14,431,904
South Korea (0.0%)
Samsung Electronics Co., Ltd.	730		498,578
Spain (4.6%)
Abertis Infraestructuras S.A.	16,769		378,396
Acciona S.A.	1,339		173,911
Acerinox S.A.	8,964		185,424
ACS Actividades de Construccion y Servicios S.A.	8,194		407,389
Banco Bilbao Vizcaya Argentaria S.A.^	415,794		7,531,834
Banco de Sabadell S.A.	52,458		291,376
Banco de Valencia S.A.	13,653		103,916
Banco Popular Espanol S.A.	46,047		336,190
Banco Santander S.A.	762,273		12,524,064
Bankinter S.A.	16,421		166,908
Criteria Caixacorp S.A.	49,971		236,142
EDP Renovaveis S.A.*	13,977		132,125
Enagas S.A.	10,231		226,438
Ferrovial S.A.	24,475		285,829
Fomento de Construcciones y Contratas S.A.	2,210		92,693
Gamesa Corp. Tecnologica S.A.	10,646		178,465
Gas Natural SDG S.A.	13,712		295,162
Gestevision Telecinco S.A.	4,992		72,865
Grifols S.A.	8,193		142,768
Iberdrola Renovables S.A.	54,146		257,970
Iberdrola S.A.	211,861		2,016,800
Iberia Lineas Aereas de Espana S.A.*	27,232		73,791
Inditex S.A.^	68,451		4,241,476
Indra Sistemas S.A.	5,300		124,677
Mapfre S.A.*	39,748		165,777
Red Electrica Corporacion S.A.	6,418		355,698
Repsol YPF S.A.	43,221		1,153,960
Sacyr Vallehermoso S.A.*	4,920		56,089
Telefonica S.A.	813,752		22,680,531
Zardoya Otis S.A.	7,731		150,704
			55,039,368

	Number of Shares	Value (Note 1)
Sweden (1.4%)
Alfa Laval AB	19,555	$	269,175
Assa Abloy AB, Class B	18,534		354,910
Atlas Copco AB, Class A^	60,539		884,705
Atlas Copco AB, Class B	23,417		303,765
Electrolux AB, Class B*	23,928		561,619
Getinge AB, Class B	11,699		222,015
Hennes & Mauritz AB, Class B	29,437		1,628,967
Holmen AB, Class B	3,021		77,056
Husqvarna AB, Class B*	25,026		184,758
Investor AB, Class B	26,321		486,570
Lundin Petroleum AB*	12,575		98,946
Nordea Bank AB	186,141		1,885,657
Sandvik AB	57,086		684,262
Scania AB, Class B	20,462		262,441
Securitas AB, Class B	18,534		180,884
Skandinaviska Enskilda Banken AB, Class A*	85,625		526,415
Skanska AB, Class B	22,436		381,785
SKF AB, Class B	21,522		369,662
SSAB AB, Class A	11,529		194,915
SSAB AB, Class B	4,277		66,111
Svenska Cellulosa AB, Class B	68,960		921,156
Svenska Handelsbanken AB, Class A	27,816		795,524
Swedbank AB, Class A*	30,991		308,289
Swedish Match AB	13,618		297,691
Tele2 AB, Class B	17,429		267,010
Telefonaktiebolaget LM Ericsson, Class B	197,564		1,817,159
TeliaSonera AB	128,148		925,188
Volvo AB, Class A	24,442		206,906
Volvo AB, Class B^	153,426		1,307,144
			16,470,685
Switzerland (9.2%)
ABB Ltd. (Registered)*^	345,820		6,613,939
Actelion Ltd. (Registered)*^	31,274		1,670,312
Adecco S.A. (Registered)^	49,282		2,720,812
Aryzta AG	5,059		188,696
Baloise Holding AG (Registered)	2,857		237,979
BKW FMB Energie AG	905		70,372
Cie Financiere Richemont S.A., Class A	29,748		995,401
Credit Suisse Group AG (Registered) Repurchase Agreement	265,617		13,081,940
GAM Holding Ltd.	12,925		157,277
Geberit AG (Registered)	2,269		401,922
Givaudan S.A. (Registered)	473		376,437
Holcim Ltd. (Registered)*^	24,277		1,881,862
Julius Baer Group Ltd.	77,033		2,690,422
Kuehne & Nagel International AG (Registered)	3,218		311,294
Lindt & Spruengli AG	48		103,099
Lindt & Spruengli AG (Registered)	6		147,444
Logitech International S.A. (Registered)*	11,052		190,126
Lonza Group AG (Registered)^	55,152		3,867,882
Nestle S.A. (Registered)	347,284		16,872,028

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Nobel Biocare Holding AG (Registered)	6,563	$	219,649
Novartis AG (Registered)	360,322		19,631,147
Pargesa Holding S.A.	1,732		151,677
Roche Holding AG	48,119		8,185,820
Schindler Holding AG	3,847		294,188
SGS S.A. (Registered)	442		575,547
Sonova Holding AG	2,683		324,427
STMicroelectronics N.V.	40,971		371,505
Straumann Holding AG (Registered)	447		125,997
Swatch Group AG	1,771		445,761
Swatch Group AG (Registered)	2,835		135,556
Swiss Life Holding AG (Registered)*	1,671		211,665
Swiss Reinsurance Co., Ltd.	19,671		942,454
Swisscom AG (Registered)	1,349		514,440
Syngenta AG (Registered)	16,660		4,668,418
Transocean Ltd.*	114,026		9,441,353
UBS AG (Registered)*	205,820		3,161,790
Xstrata plc*	284,428		5,009,829
Zurich Financial Services AG	11,212		2,437,788
			109,428,255
Taiwan (0.5%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	492,970		5,639,577
United Kingdom (16.3%)
3i Group plc	56,707		256,348
Admiral Group plc	10,582		201,862
AMEC plc	18,989		241,042
Anglo American plc*	76,072		3,292,306
Antofagasta plc	23,664		375,215
Associated British Foods plc	90,567		1,201,879
AstraZeneca plc	156,681		7,361,982
Autonomy Corp. plc*	163,005		3,974,384
Aviva plc	324,368		2,054,311
BAE Systems plc	368,518		2,123,705
Balfour Beatty plc	36,900		153,337
Barclays plc	1,136,962		5,010,224
BG Group plc	244,937		4,386,276
BHP Billiton plc	127,682		4,078,508
BP plc	1,698,776		16,429,165
British Airways plc*	32,961		98,330
British American Tobacco plc	115,504		3,747,017
British Land Co. plc (REIT)	84,392		646,899
British Sky Broadcasting Group plc	66,249		596,784
BT Group plc, Class A	992,871		2,149,786
Bunzl plc	19,206		208,211
Burberry Group plc	91,295		875,306
Cable & Wireless plc	155,435		351,044
Cadbury plc	78,640		1,011,955
Cairn Energy plc*	76,260		406,403
Capita Group plc	34,797		419,715
Carnival plc*	8,895		303,751
Carphone Warehouse Group plc	21,452		64,664
Centrica plc	394,492		1,781,658
Cobham plc	68,479		276,031

	Number of Shares	Value (Note 1)
Compass Group plc	523,558	$	3,739,376
Diageo plc	144,238		2,515,419
Drax Group plc	95,694		640,591
Eurasian Natural Resources Corp.	15,013		221,431
Firstgroup plc	30,879		210,659
G4S plc	69,472		290,344
GlaxoSmithKline plc	566,165		11,993,160
Hammerson plc (REIT)	42,600		289,293
Home Retail Group plc	50,140		228,558
HSBC Holdings plc	2,116,240		24,146,556
ICAP plc	111,198		770,613
Imperial Tobacco Group plc	84,078		2,649,733
Inmarsat plc	25,264		280,823
Intercontinental Hotels Group plc	13,714		196,250
International Power plc	86,896		429,945
Invensys plc	44,161		211,579
Investec plc	23,068		158,133
J Sainsbury plc	71,402		371,250
Johnson Matthey plc	11,756		290,371
Kazakhmys plc*	12,230		255,890
Kingfisher plc	137,829		505,238
Ladbrokes plc	1,044		2,297
Land Securities Group plc (REIT)	43,593		477,746
Legal & General Group plc	337,378		434,182
Liberty International plc (REIT)	27,718		228,269
Lloyds Banking Group plc*	2,188,482		1,756,900
London Stock Exchange Group plc	8,502		98,369
Lonmin plc*	8,539		265,101
Man Group plc	182,758		899,000
Marks & Spencer Group plc	212,771		1,380,319
National Grid plc	139,707		1,527,150
Next plc	10,871		362,437
Old Mutual plc*	955,373		1,668,246
Pearson plc	48,371		695,364
Petrofac Ltd.	13,119		218,454
Prudential plc	256,116		2,609,069
Randgold Resources Ltd.	4,697		373,207
Reckitt Benckiser Group plc	94,556		5,122,838
Reed Elsevier plc	69,181		568,098
Resolution Ltd.*	146,117		210,962
Rexam plc	51,166		239,056
Rio Tinto plc	127,388		6,865,746
Rolls-Royce Group plc*	427,029		3,332,472
Rolls-Royce Group plc, Class C*†	26,032,380		42,047
Royal Bank of Scotland Group plc*	958,928		449,781
RSA Insurance Group plc	212,142		412,761
SABMiller plc	54,095		1,586,309
Sage Group plc	71,502		253,851
Schroders plc	7,877		168,139
Scottish & Southern Energy plc	54,143		1,011,785
Segro plc (REIT)	38,549		212,787
Serco Group plc	27,788		236,244
Severn Trent plc	15,119		264,106
Smith & Nephew plc	51,002		523,694
Smiths Group plc	22,229		363,724

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares		Value (Note 1)
Standard Chartered plc		289,440	$	7,248,322
Standard Life plc		130,926		454,312
Tesco plc		1,067,396		7,333,875
Thomas Cook Group plc		276,705		1,027,626
Tomkins plc		56,667		174,946
TUI Travel plc^		347,863		1,431,740
Tullow Oil plc		45,736		953,775
Unilever plc		74,967		2,399,632
United Utilities Group plc		37,264		296,494
Vedanta Resources plc		8,241		340,608
Vodafone Group plc		6,306,104		14,603,041
Whitbread plc		9,863		221,820
WM Morrison Supermarkets plc		212,691		948,236
Wolseley plc*		119,050		2,381,601
WPP plc		408,816		3,992,032
				193,141,880
United States (0.0%)
Synthes, Inc.		3,546		464,414
Total Common Stocks (98.3%) (Cost $993,613,543)				1,167,357,193
	Number of Rights		Value (Note 1)
RIGHTS:
Brazil (0.0%)
Jbs S.A., expiring 1/29/10*†(b) (Cost $—)		505.8375		—
	Number of Warrants		Value (Note 1)
WARRANTS:
France (0.0%)
Fonciere Des Regions, expiring 12/31/10*		1,258		1,062
Italy (0.0%)
Mediobanca S.p.A., expiring 3/18/11*		31,536		4,896
Unione di Banche Italiane S.c.p.A., expiring 6/30/11*		34,990		2,463
				7,359
Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12*		155		16
Total Warrants (0.0%) (Cost $—)				8,437
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (0.9%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u)	$	4,227,109		4,227,109
Lehman Brothers Holdings, Inc. 0.00%, 8/21/09(h)(s)		2,109,986		411,447
Monumental Global Funding II 0.43%, 5/26/10(l)		3,960,000		3,881,196

	Principal Amount		Value (Note 1)
Pricoa Global Funding I 0.40%, 6/25/10(l)	$	2,529,876	$	2,493,208
Total Short-Term Investments of Cash Collateral for Securities Loaned				11,012,960
Time Deposit (1.8%)
JPMorgan Chase Nassau 0.000%, 1/4/10		20,922,705		20,922,705
Total Short-Term Investments (2.7%) (Cost/Amortized Cost $33,749,676)				31,935,665
Total Investments (101.0%) (Cost/Amortized Cost $1,027,363,219)				1,199,301,295
Other Assets Less Liabilities (-1.0%)				(12,461,783	)
Net Assets (100%)			$	1,186,839,512

* Non-income producing.

^ All, or a portion of security out on loan (See Note 1).

† Securities (totaling $42,047 or 0.0% of net assets) at fair value by management.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2009, the market value of these securities amounted to $4,806,529 or 0.4% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of December 31, 2009.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000% - 4.500%, maturing 8/1/24 to 2/1/39, which had a total value of $4,311,687.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

RNC — Risparmio Non-Convertible Savings Shares

SDR — Swedish Certification

FDR — Finnish Depositary Receipt

CDI — Chess Depositary Interest

PPS — Price Protected Share

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

At December 31, 2009, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 12/31/2009		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	40	March-10	$	1,611,527	$	1,704,204	$	92,677
E-Mini MSCI EAFE Index	74	March-10		5,782,527		5,804,560		22,033
							$	114,710

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2009:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below:

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	2,953,446	$	125,991,287	$	—	$	128,944,733
Consumer Staples		368,054		104,481,029		—		104,849,083
Energy		20,353,815		87,050,874		—		107,404,689
Financials		13,111,448		264,712,645		—		277,824,093
Health Care		7,883,364		102,076,564		—		109,959,928
Industrials		4,335,564		128,108,084		42,047		132,485,695
Information Technology		12,312,894		60,033,604		—		72,346,498
Materials		10,186,802		100,145,529		—		110,332,331
Telecommunication Services		2,118,763		73,442,955		—		75,561,718
Utilities		—		47,648,425		—		47,648,425
Futures		114,710		—		—		114,710
Rights
Consumer Staples		—		—		—		—
Short-Term Investments		—		31,935,665		—		31,935,665
Warrants
Consumer Staples		—		16		—		16
Financials		—		8,421		—		8,421
Total Assets	$	73,738,860	$	1,125,635,098	$	42,047	$	1,199,416,005
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	73,738,860	$	1,125,635,098	$	42,047	$	1,199,416,005

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

		Investments in Securities-Financials		Investments in Securities-Industrials
Balance as of 12/31/08	$	20,733,155	$	10,230,491
Total gains or losses (realized/unrealized) included in earnings		—		—
Purchases, sales, issuances, and settlements (net)		—		—
Transfers in and/or out of Level 3		(20,733,155)		(10,188,444)
Balance as of 12/31/09	$	—	$	42,047

		Investments in Securities-Materials			Investments in Securities- Telecommunication Services
Balance as of 12/31/08	$	62,042		$	7,997,044
Total gains or losses (realized/unrealized) included in earnings		—			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		(62,042)			(7,997,044)
Balance as of 12/31/09	$	—		$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 12/31/09.	$	(580	)

Fair Values of Derivative Instruments as of December 31, 2009:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		114,710	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	114,710
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	—

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2009:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts			Swaps		Total
Interest rate contracts	$	—	$	—	$	—		$	—	$	—
Foreign exchange contracts		—		—		(3,079,436	)		—		(3,079,436	)
Credit contracts		—		—		—			—		—
Equity contracts		—		4,278,306		—			—		4,278,306
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—
Total	$	—	$	4,278,306	$	(3,079,436	)	$	—	$	1,198,870

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		890,503		—		890,503
Credit contracts		—		—		—		—		—
Equity contracts		—		130,181		—		—		130,181
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	130,181	$	890,503	$	—	$	1,020,684

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $7,093,000 and futures contracts with an average notional balance of approximately $9,508,000 during the year ended December 31, 2009.

^ This Portfolio held forward foreign currency and futures contracts to gain or reduce exposure to the financial markets.

Investment security transactions for the year ended December 31, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,068,537,901
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,842,688,420

As of December 31, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	188,600,863
Aggregate gross unrealized depreciation		(52,573,418	)
Net unrealized appreciation	$	136,027,445
Federal income tax cost of investments	$	1,063,273,850

At December 31, 2009, the Portfolio had loaned securities with a total value of $12,220,443. This was secured by collateral of $12,826,971 which was received as cash and subsequently invested in short-term investments currently valued at $11,012,960, as reported in the Portfolio of Investments.

The Portfolio has a net capital loss carryforward of $1,126,568,730 of which $154,814,122 expires in the year 2016, and $971,754,608 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value (Cost $1,027,363,219) (Securities on loan at market value $12,220,443)	$	1,199,301,295
Cash		545,941
Foreign cash (Cost $2,082,129)		2,071,832
Cash held as collateral at broker		1,137,482
Foreign cash held as collateral at broker (Cost $223,656)		219,482
Dividends, interest and other receivables		2,346,296
Receivable for securities sold		1,196,762
Receivable from Separate Accounts for Trust shares sold		222,130
Other assets		1,836
Total assets		1,207,043,056
LIABILITIES
Payable for return of cash collateral on securities loaned		12,826,971
Payable for securities purchased		5,735,789
Investment management fees payable		836,606
Payable to Separate Accounts for Trust shares redeemed		165,902
Administrative fees payable		164,693
Distribution fees payable - Class B		125,818
Variation margin payable on futures contracts		51,333
Trustees’ fees payable		30,801
Accrued expenses		265,631
Total liabilities		20,203,544
NET ASSETS	$	1,186,839,512
Net assets were comprised of:
Paid in capital	$	2,182,294,100
Accumulated undistributed net investment income (loss)		(1,370,716	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(1,166,194,835	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		172,110,963
Net assets	$	1,186,839,512
Class A
Net asset value, offering and redemption price per share, $592,796,962 / 55,793,244 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.62
Class B
Net asset value, offering and redemption price per share, $594,042,550 / 56,011,406 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.61

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $2,975,517 foreign withholding tax)	$	33,792,165
Interest		1,291
Securities lending (net)		404,724
Total income		34,198,180
EXPENSES
Investment management fees		10,355,672
Administrative fees		2,039,351
Distribution fees - Class B		1,273,370
Custodian fees		411,000
Printing and mailing expenses		191,645
Professional fees		87,613
Trustees’ fees		19,284
Miscellaneous		32,580
Gross expenses		14,410,515
Less:   Fees paid indirectly		(835,211	)
Net expenses		13,575,304
NET INVESTMENT INCOME (LOSS)		20,622,876
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(851,790,398	)
Foreign currency transactions		(6,408,173	)
Futures		4,278,306
Net realized gain (loss)		(853,920,265	)
Change in unrealized appreciation (depreciation) on:
Securities		965,402,697
Foreign currency translations		1,109,658
Futures		130,181
Net change in unrealized appreciation (depreciation)		966,642,536
NET REALIZED AND UNREALIZED GAIN (LOSS)		112,722,271
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	133,345,147

See Notes to Financial Statements.

129

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2009			2008
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	20,622,876		$	54,059,942
Net realized gain (loss) on investments, futures and foreign currency transactions		(853,920,265	)		(318,216,990	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		966,642,536			(1,231,180,198	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		133,345,147			(1,495,337,246	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(9,712,352	)		(37,729,523	)
Class B		(8,200,172	)		(11,217,728	)
		(17,912,524	)		(48,947,251	)
Distributions from net realized capital gains
Class A		—			(33,799,999	)
Class B		—			(13,736,009	)
		—			(47,536,008	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(17,912,524	)		(96,483,259	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 6,861,990 and 47,952,557 shares, respectively ]		54,257,731			513,161,328
Capital shares issued in reinvestment of dividends and distributions [ 941,168 and 6,870,354 shares, respectively ]		9,712,352			71,529,522
Capital shares repurchased [ (126,692,813) and (14,029,381) shares, respectively ]		(905,054,385	)		(190,017,100	)
Total Class A transactions		(841,084,302	)		394,673,750
Class B
Capital shares sold [ 10,298,328 and 12,372,256 shares, respectively ]		91,193,630			161,484,401
Capital shares issued in reinvestment of dividends and distributions [ 796,349 and 2,309,136 shares, respectively ]		8,200,172			24,953,737
Capital shares repurchased [ (11,600,495) and (13,537,669) shares, respectively ]		(103,758,416	)		(171,337,925	)
Total Class B transactions		(4,364,614	)		15,100,213
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(845,448,916	)		409,773,963
TOTAL INCREASE (DECREASE) IN NET ASSETS		(730,016,293	)		(1,182,046,542	)
NET ASSETS:
Beginning of year		1,916,855,805			3,098,902,347
End of year (a)	$	1,186,839,512		$	1,916,855,805
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,370,716	)	$	1,908,988

See Notes to Financial Statements.

130

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	8.29		$	16.38		$	15.58		$	13.03		$	12.14
Income (loss) from investment operations:
Net investment income (loss)		0.14	(e)		0.28	(e)		0.21	(e)		0.11	(e)		0.14	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2.37			(7.90	)		1.73			3.20			1.73
Total from investment operations		2.51			(7.62	)		1.94			3.31			1.87
Less distributions:
Dividends from net investment income		(0.18	)		(0.22	)		(0.16	)		(0.11	)		(0.21	)
Distributions from net realized gains		—			(0.25	)		(0.98	)		(0.65	)		(0.77	)
Total dividends and distributions		(0.18	)		(0.47	)		(1.14	)		(0.76	)		(0.98	)
Net asset value, end of year	$	10.62		$	8.29		$	16.38		$	15.58		$	13.03
Total return		30.28	%		(47.13	)%		12.73	%		25.58	%		15.74	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	592,797		$	1,448,943		$	2,193,441		$	1,356,428		$	379,616
Ratio of expenses to average net assets:
After fees paid indirectly		0.97	%		1.25	%		1.23	%		1.27	%		1.29	%
Before fees paid indirectly		1.06	%		1.25	%		1.23	%		1.28	%		1.33	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		1.65	%		2.19	%		1.27	%		0.78	%		1.17	%
Before fees paid indirectly		1.56	%		2.19	%		1.27	%		0.77	%		1.13	%
Portfolio turnover rate		87	%		56	%		47	%		45	%		67	%

	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	8.28		$	16.35		$	15.56		$	13.01		$	12.12
Income (loss) from investment operations:
Net investment income (loss)		0.15	(e)		0.26	(e)		0.17	(e)		0.10	(e)		0.11	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2.33			(7.88	)		1.72			3.17			1.72
Total from investment operations		2.48			(7.62	)		1.89			3.27			1.83
Less distributions:
Dividends from net investment income		(0.15	)		(0.20	)		(0.12	)		(0.07	)		(0.17	)
Distributions from net realized gains		—			(0.25	)		(0.98	)		(0.65	)		(0.77	)
Total dividends and distributions		(0.15	)		(0.45	)		(1.10	)		(0.72	)		(0.94	)
Net asset value, end of year	$	10.61		$	8.28		$	16.35		$	15.56		$	13.01
Total return		29.99	%		(47.23	)%		12.39	%		25.30	%		15.47	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	594,043		$	467,913		$	905,461		$	765,683		$	449,400
Ratio of expenses to average net assets:
After fees paid indirectly		1.25	%		1.49	%		1.48	%		1.52	%		1.54	%
Before fees paid indirectly		1.31	%(c)		1.49	%		1.48	%		1.53	%		1.58	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		1.66	%		1.99	%		1.08	%		0.68	%		0.92	%
Before fees paid indirectly		1.62	%		1.99	%		1.08	%		0.67	%		0.88	%
Portfolio turnover rate		87	%		56	%		47	%		45	%		67	%

(c) Reflects overall fund ratios for non-class specific expense.

(e) Net investment income is based on average shares outstanding.

See Notes to Financial Statements.

131

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø AllianceBernstein L.P.**

_Ø Janus Capital Management LLC

_Ø Thornburg Investment Management, Inc.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	32.92	%	0.65	%	1.57	%
Portfolio – Class B Shares	32.58		0.38		1.31
S&P 500 Index	26.46		0.42		1.60
*   Date of inception 12/31/01     Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

** Effective December 29, 2009, AllianceBernstein L.P. replaced SSgA Funds Management, Inc. as a sub-advisor of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 32.92% for the year ended December 31, 2009. The Portfolio’s benchmark, the S&P 500 Index, returned 26.46% over the same period.

Asset Class Overview

Over the 12 months, large cap stocks, as measured by the S&P 500 Index, returned 26.46%. Nine out of the ten sectors in the index delivered double-digit returns. Information technology was the strongest performing and largest sector, comprising approximately 18% of the index. Materials and consumer discretionary sectors also made strong gains. Defensive sectors such as utilities and telecommunications services were the worst performing sectors, although both still made a positive contribution to the benchmark’s return.

The following commentary describes key factors (such as stock selection and sector al