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.

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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)	$	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.

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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.

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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 allocation decisions) which helped or hurt the Portfolio’s performance relative to its benchmark, the S&P 500 Index.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• The Consumer Discretionary, Consumer Staples, Financial and Information Technology sectors contributed to relative performance on a positive basis.

• Stock selection in the Consumer Discretionary, Consumer Staples, and Financial sectors aided the Portfolio’s relative returns.

• Among the individual leading contributors to performance were Exxon Mobil Corp. (Energy sector); Goldman Sachs Group (Financial sector); and Corning Inc. (Information Technology sector).

• Owning Genentech Inc. (Health Care sector) and Crown Castle International Corp (Telecommunications Services sector) while the benchmark did not, benefited the Portfolio.

What hurt performance during the year:

• Leading individual detractors from performance included Gilead Sciences Inc. (Health Care sector); Google Inc. (Information Technology sector) and Eli Lilly and Co. (Health Care sector). Lilly made a high-priced acquisition of a biotech company, Imclone, which disappointed investors hoping for a more shareholder friendly use of cash. That acquisition, combined with fears regarding potential healthcare reform initiatives in Congress, provided major headwinds for the stock.

• Holding Mitsubishi UFJ and Ace Ltd. (both in the Financial sector) while the benchmark did not, was detrimental to the Portfolio’s performance.

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO (Unaudited)

Sector Weightings as of 12/31/09	% of Net Assets
Information Technology	21.3	%
Financials	16.1
Health Care	12.9
Energy	10.3
Consumer Discretionary	10.1
Consumer Staples	8.0
Industrials	7.7
Telecommunication Services	4.9
Materials	3.9
Utilities	2.8
Cash and Other	2.0
	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	$1,222.30	$5.21
Hypothetical (5% average return before expenses)	1,000.00	1,020.52	4.74
Class B
Actual	1,000.00	1,219.30	6.60
Hypothetical (5% average return before expenses)	1,000.00	1,019.26	6.01
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.93% and 1.18% , 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 (10.1%)
Auto Components (0.1%)
Goodyear Tire & Rubber Co.*	8,200	$	115,620
Johnson Controls, Inc.	22,800		621,072
			736,692
Automobiles (0.3%)
Ford Motor Co.*^	180,100		1,801,000
Harley-Davidson, Inc.	7,900		199,080
			2,000,080
Distributors (0.0%)
Genuine Parts Co.	5,400		204,984
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*	4,400		266,552
DeVry, Inc.	2,100		119,133
H&R Block, Inc.	11,300		255,606
			641,291
Hotels, Restaurants & Leisure (1.0%)
Carnival Corp.*	14,800		469,012
Darden Restaurants, Inc.	4,700		164,829
International Game Technology	10,000		187,700
Life Time Fitness, Inc.*	95,020		2,368,849
Marriott International, Inc., Class A	8,610		234,622
McDonald’s Corp.	36,700		2,291,548
Starbucks Corp.*	25,200		581,112
Starwood Hotels & Resorts Worldwide, Inc.	6,300		230,391
Wyndham Worldwide Corp.	6,000		121,020
Wynn Resorts Ltd.	3,786		220,459
Yum! Brands, Inc.	15,900		556,023
			7,425,565
Household Durables (0.4%)
Black & Decker Corp.	2,100		136,143
D.R. Horton, Inc.^	29,900		325,013
Fortune Brands, Inc.^	9,800		423,360
Garmin Ltd.^	12,700		389,890
Harman International Industries, Inc.	2,300		81,144
Leggett & Platt, Inc.	5,100		104,040
Lennar Corp., Class A	5,400		68,958
Newell Rubbermaid, Inc.	9,400		141,094
NVR, Inc.*	800		568,568
Pulte Homes, Inc.*^	51,207		512,070
Whirlpool Corp.	2,500		201,650
			2,951,930
Internet & Catalog Retail (0.3%)
Amazon.com, Inc.*	11,400		1,533,528
Expedia, Inc.*	7,100		182,541
Liberty Media Corp. - Interactive, Class A*	37,631		407,920
priceline.com, Inc.*	1,500		327,750
			2,451,739

	Number of Shares	Value (Note 1)
Leisure Equipment & Products (0.1%)
Eastman Kodak Co.*	9,100	$	38,402
Hasbro, Inc.	4,200		134,652
Mattel, Inc.	12,200		243,756
			416,810
Media (5.0%)
CBS Corp., Class B^	253,450		3,560,972
Comcast Corp., Class A^	487,914		7,904,748
DIRECTV, Class A*^	256,390		8,550,606
DISH Network Corp., Class A	212,740		4,418,610
Gannett Co., Inc.	8,000		118,800
Interpublic Group of Cos., Inc.*	16,500		121,770
McGraw-Hill Cos., Inc.	10,700		358,557
Meredith Corp.	1,200		37,020
New York Times Co., Class A*	3,900		48,204
News Corp., Class A	183,600		2,513,484
Omnicom Group, Inc.	10,600		414,990
Scripps Networks Interactive, Inc., Class A	3,000		124,500
Time Warner Cable, Inc.^	41,094		1,700,881
Time Warner, Inc.	85,033		2,477,862
Viacom, Inc., Class B*	42,100		1,251,633
Walt Disney Co.	63,400		2,044,650
Washington Post Co., Class B	300		131,880
			35,779,167
Multiline Retail (0.5%)
Big Lots, Inc.*	2,800		81,144
Family Dollar Stores, Inc.	4,700		130,801
J.C. Penney Co., Inc.	8,000		212,880
Kohl’s Corp.*	10,400		560,872
Macy’s, Inc.^	47,600		797,776
Nordstrom, Inc.	5,600		210,448
Sears Holdings Corp.*	1,700		141,865
Target Corp.	25,600		1,238,272
			3,374,058
Specialty Retail (1.5%)
Abercrombie & Fitch Co., Class A	3,000		104,550
AutoNation, Inc.*	3,100		59,365
AutoZone, Inc.*	1,100		173,877
Bed Bath & Beyond, Inc.*	8,900		343,807
Best Buy Co., Inc.	11,600		457,736
GameStop Corp., Class A*	5,500		120,670
Gap, Inc.	16,100		337,295
Home Depot, Inc.^	117,282		3,392,968
Limited Brands, Inc.^	29,790		573,160
Lowe’s Cos., Inc.	86,000		2,011,540
Office Depot, Inc.*^	69,200		446,340
O’Reilly Automotive, Inc.*	4,700		179,164
RadioShack Corp.	4,200		81,900
Ross Stores, Inc.	4,200		179,382
Sherwin-Williams Co.	3,200		197,280
Staples, Inc.	24,600		604,914
Tiffany & Co.	4,200		180,600
TJX Cos., Inc.^	24,100		880,855
			10,325,403
Textiles, Apparel & Luxury Goods (0.8%)
Coach, Inc.	10,800		394,524
Jones Apparel Group, Inc.	33,460		537,367
NIKE, Inc., Class B^	65,385		4,319,987

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Polo Ralph Lauren Corp.	2,000	$	161,960
VF Corp.	3,000		219,720
			5,633,558
Total Consumer Discretionary			71,941,277
Consumer Staples (8.0%)
Beverages (2.0%)
Brown-Forman Corp., Class B	3,700		198,209
Coca-Cola Co.	130,622		7,445,454
Coca-Cola Enterprises, Inc.	30,720		651,264
Constellation Brands, Inc., Class A*^	31,400		500,202
Dr. Pepper Snapple Group, Inc.	8,600		243,380
Molson Coors Brewing Co., Class B	5,300		239,348
Pepsi Bottling Group, Inc.	4,900		183,750
PepsiCo, Inc.	72,500		4,408,000
			13,869,607
Food & Staples Retailing (2.0%)
Costco Wholesale Corp.	14,800		875,716
CVS Caremark Corp.	91,925		2,960,905
Kroger Co.	22,100		453,713
Rite Aid Corp.*^	488,710		737,952
Safeway, Inc.	13,800		293,802
SUPERVALU, Inc.	40,400		513,484
Sysco Corp.	20,100		561,594
Walgreen Co.	33,600		1,233,792
Wal-Mart Stores, Inc.	115,880		6,193,786
Whole Foods Market, Inc.*	4,700		129,015
			13,953,759
Food Products (1.1%)
Archer-Daniels-Midland Co.	49,600		1,552,976
Bunge Ltd.	4,300		274,469
Campbell Soup Co.	6,400		216,320
ConAgra Foods, Inc.	15,000		345,750
Dean Foods Co.*^	15,700		283,228
Del Monte Foods Co.	17,000		192,780
General Mills, Inc.	11,100		785,991
H.J. Heinz Co.	10,700		457,532
Hershey Co.	5,600		200,424
Hormel Foods Corp.	2,400		92,280
J.M. Smucker Co.	4,100		253,175
Kellogg Co.	8,600		457,520
Kraft Foods, Inc., Class A	62,800		1,706,904
McCormick & Co., Inc. (Non-Voting)	4,400		158,972
Sara Lee Corp.	23,700		288,666
Smithfield Foods, Inc.*^	12,900		195,951
Tyson Foods, Inc., Class A	10,300		126,381
			7,589,319
Household Products (1.5%)
Clorox Co.	4,800		292,800
Colgate-Palmolive Co.	16,900		1,388,335
Kimberly-Clark Corp.	22,395		1,426,785
Procter & Gamble Co.	126,371		7,661,874
			10,769,794

	Number of Shares	Value (Note 1)
Personal Products (0.1%)
Avon Products, Inc.	14,500	$	456,750
Estee Lauder Cos., Inc., Class A	4,000		193,440
Mead Johnson Nutrition Co., Class A	6,993		305,594
			955,784
Tobacco (1.3%)
Altria Group, Inc.	150,843		2,961,048
Lorillard, Inc.	5,500		441,265
Philip Morris International, Inc.	103,433		4,984,436
Reynolds American, Inc.	18,680		989,480
			9,376,229
Total Consumer Staples			56,514,492
Energy (10.3%)
Energy Equipment & Services (1.5%)
Baker Hughes, Inc.	10,500		425,040
BJ Services Co.	9,900		184,140
Cameron International Corp.*	8,300		346,940
Diamond Offshore Drilling, Inc.	2,400		236,208
Ensco International plc (ADR)^	4,200		167,748
FMC Technologies, Inc.*	4,200		242,928
Halliburton Co.	30,600		920,754
Nabors Industries Ltd.*	9,600		210,144
National Oilwell Varco, Inc.	14,200		626,078
Rowan Cos., Inc.*	3,800		86,032
Schlumberger Ltd.	40,800		2,655,672
Smith International, Inc.	157,000		4,265,690
			10,367,374
Oil, Gas & Consumable Fuels (8.8%)
Anadarko Petroleum Corp.	16,700		1,042,414
Apache Corp.	12,800		1,320,576
Cabot Oil & Gas Corp.	3,500		152,565
Chesapeake Energy Corp.	22,000		569,360
Chevron Corp.	73,900		5,689,561
Cimarex Energy Co.^	12,400		656,828
ConocoPhillips	224,340		11,457,044
Consol Energy, Inc.	6,200		308,760
Denbury Resources, Inc.*	8,400		124,320
Devon Energy Corp.	32,400		2,381,400
El Paso Corp.	23,800		233,954
EOG Resources, Inc.	30,037		2,922,600
Exxon Mobil Corp.#	182,800		12,465,132
Gazprom OAO (ADR)	145,840		3,653,292
Hess Corp.	55,327		3,347,284
Marathon Oil Corp.	251,070		7,838,405
Massey Energy Co.	2,900		121,829
Murphy Oil Corp.	6,500		352,300
Nexen, Inc.	29,000		693,970
Noble Energy, Inc.	5,900		420,198
Occidental Petroleum Corp.	33,900		2,757,765
Peabody Energy Corp.	9,100		411,411
Pioneer Natural Resources Co.	3,900		187,863
Range Resources Corp.	5,400		269,190
Southwestern Energy Co.*	11,700		563,940
Spectra Energy Corp.	21,900		449,169
Sunoco, Inc.	3,900		101,790
Tesoro Corp.	4,700		63,685

See Notes to Financial Statements.

135

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Valero Energy Corp.	60,900	$	1,020,075
Williams Cos., Inc.	19,800		417,384
XTO Energy, Inc.	19,700		916,641
			62,910,705
Total Energy			73,278,079
Financials (15.0%)
Capital Markets (3.4%)
Ameriprise Financial, Inc.^	25,500		989,910
Bank of New York Mellon Corp.	40,900		1,143,973
Charles Schwab Corp.	32,300		607,886
Credit Suisse Group AG (ADR)	27,740		1,363,698
Deutsche Bank AG (Registered)	10,600		751,646
E*TRADE Financial Corp.*	52,600		92,050
Federated Investors, Inc., Class B	3,000		82,500
Franklin Resources, Inc.	5,100		537,285
Goldman Sachs Group, Inc.	63,166		10,664,948
Invesco Ltd.	14,500		340,605
Janus Capital Group, Inc.	6,100		82,045
Legg Mason, Inc.	5,500		165,880
Morgan Stanley	186,648		5,524,781
Northern Trust Corp.	8,200		429,680
State Street Corp.	16,800		731,472
T. Rowe Price Group, Inc.	8,800		468,600
			23,976,959
Commercial Banks (3.7%)
BB&T Corp.^	44,200		1,121,354
Comerica, Inc.	5,100		150,807
Fifth Third Bancorp^	256,112		2,497,092
First Horizon National Corp.*	7,575		101,502
Huntington Bancshares, Inc./Ohio	24,300		88,695
KeyCorp^	555,800		3,084,690
M&T Bank Corp.	2,800		187,292
Marshall & Ilsley Corp.	17,800		97,010
Mitsubishi UFJ Financial Group, Inc.	734,900		3,598,209
PNC Financial Services Group, Inc.	15,700		828,803
Regions Financial Corp.	40,300		213,187
SunTrust Banks, Inc.	16,900		342,901
U.S. Bancorp	348,450		7,843,609
Wells Fargo & Co.	219,800		5,932,402
Zions Bancorp.	4,600		59,018
			26,146,571
Consumer Finance (0.4%)
American Express Co.	40,400		1,637,008
Capital One Financial Corp.	15,300		586,602
Discover Financial Services	18,400		270,664
SLM Corp.*	16,100		181,447
			2,675,721
Diversified Financial Services (3.2%)
Bank of America Corp.^	485,980		7,318,859
Citigroup, Inc.	662,900		2,194,199
CME Group, Inc.	2,300		772,685
ING Groep N.V. (CVA)*	426,100		4,119,184
IntercontinentalExchange, Inc.*	2,500		280,750
JPMorgan Chase & Co.	164,800		6,867,216
Leucadia National Corp.*	6,400		152,256

	Number of Shares	Value (Note 1)
Moody’s Corp.	6,600	$	176,880
NASDAQ OMX Group, Inc.*	5,000		99,100
NYSE Euronext^	43,828		1,108,848
			23,089,977
Insurance (3.7%)
ACE Ltd.*	91,126		4,592,750
Aflac, Inc.	15,900		735,375
Allstate Corp.	18,200		546,728
American International Group, Inc.*	4,595		137,758
Aon Corp.	9,300		356,562
Assurant, Inc.	3,900		114,972
Chubb Corp.	11,600		570,488
Cincinnati Financial Corp.	5,500		144,320
Genworth Financial, Inc., Class A*	16,600		188,410
Hartford Financial Services Group, Inc.	188,978		4,395,628
Lincoln National Corp.	10,200		253,776
Loews Corp.	12,300		447,105
Marsh & McLennan Cos., Inc.	17,900		395,232
MetLife, Inc.	46,300		1,636,705
Principal Financial Group, Inc.	10,800		259,632
Progressive Corp.*	22,900		411,971
Prudential Financial, Inc.	15,800		786,208
Swiss Reinsurance Co., Ltd.	55,620		2,664,802
Torchmark Corp.	2,800		123,060
Transatlantic Holdings, Inc.	97,800		5,096,358
Travelers Cos., Inc.	27,200		1,356,192
Unum Group^	24,600		480,192
XL Capital Ltd., Class A	51,045		935,655
			26,629,879
Real Estate Investment Trusts (REITs) (0.6%)
Apartment Investment & Management Co. (REIT), Class A	3,900		62,088
AvalonBay Communities, Inc. (REIT)	2,800		229,908
Boston Properties, Inc. (REIT)	4,700		315,229
Equity Residential (REIT)	9,400		317,532
HCP, Inc. (REIT)	9,900		302,346
Health Care REIT, Inc. (REIT)	4,200		186,144
Host Hotels & Resorts, Inc. (REIT)*	21,358		249,248
Kimco Realty Corp. (REIT)	13,600		184,008
Plum Creek Timber Co., Inc. (REIT)	5,500		207,680
ProLogis (REIT)	16,000		219,040
Public Storage (REIT)	4,600		374,670
Simon Property Group, Inc. (REIT)	9,709		774,778
Ventas, Inc. (REIT)	5,300		231,822
Vornado Realty Trust (REIT)	5,369		375,527
			4,030,020
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*	9,100		123,487

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Thrifts & Mortgage Finance (0.0%)
Hudson City Bancorp, Inc.	16,000	$	219,680
People’s United Financial, Inc.	11,800		197,060
			416,740
Total Financials			107,089,354
Health Care (12.9%)
Biotechnology (2.3%)
Amgen, Inc.*	43,700		2,472,109
Biogen Idec, Inc.*	9,800		524,300
Celgene Corp.*	69,140		3,849,715
Cephalon, Inc.*	2,500		156,025
Genzyme Corp.*	9,000		441,090
Gilead Sciences, Inc.*	154,790		6,699,311
OSI Pharmaceuticals, Inc.*^	67,089		2,081,772
			16,224,322
Health Care Equipment & Supplies (2.3%)
Alcon, Inc.	12,340		2,028,079
Baxter International, Inc.	64,150		3,764,322
Becton, Dickinson and Co.	8,100		638,766
Boston Scientific Corp.*	51,300		461,700
C.R. Bard, Inc.	3,300		257,070
CareFusion Corp.*	5,950		148,809
Covidien plc	20,875		999,704
DENTSPLY International, Inc.	5,200		182,884
Hospira, Inc.*	5,500		280,500
Intuitive Surgical, Inc.*	1,300		394,316
Medtronic, Inc.	37,600		1,653,648
St. Jude Medical, Inc.*	11,300		415,614
Stryker Corp.	9,600		483,552
Varian Medical Systems, Inc.*^	94,948		4,448,314
Zimmer Holdings, Inc.*	7,300		431,503
			16,588,781
Health Care Providers & Services (1.5%)
Aetna, Inc.	41,500		1,315,550
AmerisourceBergen Corp.	9,800		255,486
Cardinal Health, Inc.	12,300		396,552
CIGNA Corp.	9,300		328,011
Community Health Systems, Inc.*^	71,822		2,556,863
Coventry Health Care, Inc.*	5,000		121,450
DaVita, Inc.*	3,500		205,590
Express Scripts, Inc.*	9,400		812,630
Humana, Inc.*	5,800		254,562
Laboratory Corp. of America Holdings*	3,600		269,424
McKesson Corp.	9,100		568,750
Medco Health Solutions, Inc.*	16,200		1,035,342
Patterson Cos., Inc.*	3,100		86,738
Quest Diagnostics, Inc.	5,300		320,014
Tenet Healthcare Corp.*	14,700		79,233
UnitedHealth Group, Inc.	39,500		1,203,960
WellPoint, Inc.*	15,600		909,324
			10,719,479
Health Care Technology (0.1%)
Eclipsys Corp.*^	40,392		748,060
IMS Health, Inc.	6,200		130,572
			878,632

	Number of Shares	Value (Note 1)
Life Sciences Tools & Services (1.1%)
Life Technologies Corp.*	6,100	$	318,603
Millipore Corp.*	1,900		137,465
PerkinElmer, Inc.	3,900		80,301
Thermo Fisher Scientific, Inc.*	151,500		7,225,035
Waters Corp.*	3,200		198,272
			7,959,676
Pharmaceuticals (5.6%)
Abbott Laboratories, Inc.	99,990		5,398,460
Allergan, Inc.	10,500		661,605
Bristol-Myers Squibb Co.	58,124		1,467,631
Eli Lilly and Co.^	173,100		6,181,401
Forest Laboratories, Inc.*	10,200		327,522
Johnson & Johnson	114,500		7,374,945
King Pharmaceuticals, Inc.*	8,400		103,068
Merck & Co., Inc.	163,741		5,983,096
Mylan, Inc.*	10,300		189,829
Novartis AG (ADR)	8,800		478,984
Pfizer, Inc.	385,735		7,016,520
Roche Holding AG	24,700		4,201,870
Watson Pharmaceuticals, Inc.*	3,600		142,596
			39,527,527
Total Health Care			91,898,417
Industrials (7.2%)
Aerospace & Defense (2.8%)
Boeing Co.	125,250		6,779,783
General Dynamics Corp.	13,100		893,027
Goodrich Corp.	4,200		269,850
Honeywell International, Inc.	25,900		1,015,280
ITT Corp.	6,200		308,388
L-3 Communications Holdings, Inc.	4,000		347,800
Lockheed Martin Corp.	13,700		1,032,295
Northrop Grumman Corp.	23,800		1,329,230
Precision Castparts Corp.	32,330		3,567,615
Raytheon Co.^	23,600		1,215,872
Rockwell Collins, Inc.	5,400		298,944
United Technologies Corp.	40,000		2,776,400
			19,834,484
Air Freight & Logistics (0.5%)
C.H. Robinson Worldwide, Inc.	5,700		334,761
Expeditors International of Washington, Inc.	7,200		250,056
FedEx Corp.	10,600		884,570
United Parcel Service, Inc., Class B	33,800		1,939,106
			3,408,493
Airlines (0.0%)
Southwest Airlines Co.	25,200		288,036
Building Products (0.0%)
Masco Corp.^	28,500		393,585
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	3,800		138,662
Cintas Corp.	4,400		114,620
Iron Mountain, Inc.*	6,100		138,836
Pitney Bowes, Inc.	7,000		159,320

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
R.R. Donnelley & Sons Co.	6,900	$	153,663
Republic Services, Inc.	11,000		311,410
Stericycle, Inc.*	2,900		159,993
Waste Management, Inc.	16,600		561,246
			1,737,750
Construction & Engineering (0.1%)
Fluor Corp.	6,100		274,744
Jacobs Engineering Group, Inc.*	4,200		157,962
Quanta Services, Inc.*	7,100		147,964
			580,670
Electrical Equipment (0.3%)
Cooper Industries plc	7,000		298,480
Emerson Electric Co.	25,600		1,090,560
First Solar, Inc.*	1,700		230,180
Rockwell Automation, Inc.	4,800		225,504
Roper Industries, Inc.	3,100		162,347
			2,007,071
Industrial Conglomerates (1.3%)
3M Co.	24,100		1,992,347
General Electric Co.	445,100		6,734,363
Textron, Inc.^	20,700		389,367
			9,116,077
Machinery (1.4%)
Caterpillar, Inc.	28,800		1,641,312
Cummins, Inc.	6,900		316,434
Danaher Corp.^	45,414		3,415,133
Deere & Co.	14,400		778,896
Dover Corp.	6,300		262,143
Eaton Corp.	5,600		356,272
Flowserve Corp.	1,900		179,607
Illinois Tool Works, Inc.	13,100		628,669
Ingersoll-Rand plc	22,000		786,280
PACCAR, Inc.	12,300		446,121
Pall Corp.	4,000		144,800
Parker Hannifin Corp.	5,500		296,340
Snap-On, Inc.	2,000		84,520
SPX Corp.	3,800		207,860
Stanley Works	2,700		139,077
			9,683,464
Professional Services (0.1%)
Dun & Bradstreet Corp.	1,800		151,866
Equifax, Inc.	4,300		132,827
Monster Worldwide, Inc.*	4,200		73,080
Robert Half International, Inc.	5,100		136,323
			494,096
Road & Rail (0.5%)
Burlington Northern Santa Fe Corp.	8,900		877,718
CSX Corp.	13,300		644,917
Hertz Global Holdings, Inc.*^	18,100		215,752
Norfolk Southern Corp.	12,500		655,250
Ryder System, Inc.	1,900		78,223
Union Pacific Corp.	17,200		1,099,080
			3,570,940

	Number of Shares	Value (Note 1)
Trading Companies & Distributors (0.0%)
Fastenal Co.	4,500	$	187,380
W.W. Grainger, Inc.	2,200		213,026
			400,406
Total Industrials			51,515,072
Information Technology (21.3%)
Communications Equipment (2.3%)
Cisco Systems, Inc.*	224,800		5,381,712
Harris Corp.	4,500		213,975
JDS Uniphase Corp.*	7,500		61,875
Juniper Networks, Inc.*^	83,610		2,229,879
Motorola, Inc.*	153,300		1,189,608
Nokia Oyj (ADR)	50,000		642,500
QUALCOMM, Inc.	110,166		5,096,279
Research In Motion Ltd.*^	25,139		1,697,888
Tellabs, Inc.*	13,100		74,408
			16,588,124
Computers & Peripherals (5.8%)
Apple, Inc.*	47,897		10,099,561
Dell, Inc.*	615,520		8,838,867
EMC Corp.*	69,300		1,210,671
Hewlett-Packard Co.	99,000		5,099,490
International Business Machines Corp.	84,065		11,004,109
Lexmark International, Inc., Class A*	2,600		67,548
NCR Corp.*	184,000		2,047,920
NetApp, Inc.*	11,500		395,485
QLogic Corp.*	3,800		71,706
SanDisk Corp.*	7,700		223,223
Seagate Technology^	23,600		429,284
Sun Microsystems, Inc.*	25,600		239,872
Teradata Corp.*	5,800		182,294
Western Digital Corp.*^	23,200		1,024,280
			40,934,310
Electronic Equipment, Instruments & Components (1.6%)
Agilent Technologies, Inc.*	11,700		363,519
Amphenol Corp., Class A	62,035		2,864,776
AU Optronics Corp. (ADR)^	35,400		424,446
Corning, Inc.	335,997		6,488,102
FLIR Systems, Inc.*	5,100		166,872
Jabil Circuit, Inc.	6,400		111,168
Molex, Inc.	4,600		99,130
Tyco Electronics Ltd.	48,400		1,188,220
			11,706,233
Internet Software & Services (1.2%)
Akamai Technologies, Inc.*	5,800		146,914
AOL, Inc.*	4,127		96,077
eBay, Inc.*	107,606		2,533,045
Google, Inc., Class A*	8,200		5,083,836
VeriSign, Inc.*	6,500		157,560
Yahoo!, Inc.*	40,400		677,912
			8,695,344
IT Services (3.6%)
Accenture plc, Class A	18,500		767,750

See Notes to Financial Statements.

138

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Affiliated Computer Services, Inc., Class A*	3,300	$	196,977
Amdocs Ltd.*	168,620		4,810,728
Automatic Data Processing, Inc.	17,100		732,222
Cognizant Technology Solutions Corp., Class A*	10,000		453,000
Computer Sciences Corp.*^	12,900		742,137
Fidelity National Information Services, Inc.	11,100		260,184
Fiserv, Inc.*	129,500		6,278,160
Mastercard, Inc., Class A	3,300		844,734
Paychex, Inc.^	115,940		3,552,402
SAIC, Inc.*	10,400		196,976
Total System Services, Inc.	6,700		115,709
Visa, Inc., Class A^	58,900		5,151,394
Western Union Co.	60,567		1,141,688
			25,244,061
Office Electronics (0.0%)
Xerox Corp.	29,500		249,570
Semiconductors & Semiconductor Equipment (1.5%)
Advanced Micro Devices, Inc.*	19,100		184,888
Altera Corp.	10,000		226,300
Analog Devices, Inc.	9,900		312,642
Applied Materials, Inc.	45,300		631,482
Broadcom Corp., Class A*	14,600		459,170
Intel Corp.	187,700		3,829,080
KLA-Tencor Corp.	5,800		209,728
Linear Technology Corp.	7,600		232,104
LSI Corp.*	22,200		133,422
MEMC Electronic Materials, Inc.*	7,600		103,512
Microchip Technology, Inc.	6,200		180,172
Micron Technology, Inc.*	28,800		304,128
National Semiconductor Corp.	8,000		122,880
Novellus Systems, Inc.*	3,200		74,688
NVIDIA Corp.*	18,800		351,184
ON Semiconductor Corp.*^	245,272		2,160,846
Teradyne, Inc.*	5,900		63,307
Texas Instruments, Inc.	42,500		1,107,550
Xilinx, Inc.	9,400		235,564
			10,922,647
Software (5.3%)
Adobe Systems, Inc.*	17,800		654,684
ANSYS, Inc.*^	81,900		3,559,374
Autodesk, Inc.*	7,800		198,198
BMC Software, Inc.*	6,200		248,620
CA, Inc.	62,600		1,405,996
Citrix Systems, Inc.*	6,200		257,982
Compuware Corp.*	7,800		56,394
Electronic Arts, Inc.*^	43,500		772,125
Intuit, Inc.*	10,700		328,597
McAfee, Inc.*	5,400		219,078
Microsoft Corp.	681,716		20,785,521
Novell, Inc.*	11,700		48,555
Oracle Corp.	289,611		7,107,054
Red Hat, Inc.*	6,400		197,760
Salesforce.com, Inc.*	3,800		280,326
Symantec Corp.*^	78,600		1,406,154
			37,526,418
Total Information Technology			151,866,707

	Number of Shares	Value (Note 1)
Materials (3.9%)
Chemicals (2.2%)
Air Products & Chemicals, Inc.	7,200	$	583,632
Airgas, Inc.	2,800		133,280
CF Industries Holdings, Inc.	3,400		308,652
Dow Chemical Co.	38,800		1,072,044
E.I. du Pont de Nemours & Co.	62,300		2,097,641
Eastman Chemical Co.	2,500		150,600
Ecolab, Inc.	8,100		361,098
FMC Corp.	2,500		139,400
International Flavors & Fragrances, Inc.	2,700		111,078
Monsanto Co.	104,000		8,502,000
PPG Industries, Inc.	5,700		333,678
Praxair, Inc.	10,500		843,255
Sigma-Aldrich Corp.	4,100		207,173
Syngenta AG (ADR)	15,961		898,125
			15,741,656
Construction Materials (0.0%)
Vulcan Materials Co.	4,300		226,481
Containers & Packaging (0.1%)
Ball Corp.	3,200		165,440
Bemis Co., Inc.	3,600		106,740
Owens-Illinois, Inc.*	5,700		187,359
Pactiv Corp.*	4,400		106,216
Sealed Air Corp.	5,400		118,044
			683,799
Metals & Mining (1.5%)
AK Steel Holding Corp.	26,100		557,235
Alcoa, Inc.	33,100		533,572
Allegheny Technologies, Inc.	3,300		147,741
Cliffs Natural Resources, Inc.	4,500		207,405
Freeport-McMoRan Copper & Gold, Inc.*	14,600		1,172,234
Newmont Mining Corp.	16,700		790,077
Nucor Corp.	10,700		499,155
Steel Dynamics, Inc.	23,000		407,560
Titanium Metals Corp.*	2,800		35,056
United States Steel Corp.^	108,300		5,969,496
			10,319,531
Paper & Forest Products (0.1%)
International Paper Co.	14,700		393,666
MeadWestvaco Corp.	5,800		166,054
Weyerhaeuser Co.	7,200		310,608
			870,328
Total Materials			27,841,795
Telecommunication Services (4.9%)
Diversified Telecommunication Services (2.6%)
AT&T, Inc.	420,900		11,797,827
CenturyTel, Inc.	10,135		366,988
Frontier Communications Corp.	10,600		82,786
Level 3 Communications, Inc.*	1,452,300		2,222,019
Qwest Communications International, Inc.	50,400		212,184
Verizon Communications, Inc.	109,100		3,614,483
Windstream Corp.	14,800		162,652
			18,458,939

See Notes to Financial Statements.

139

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Wireless Telecommunication Services (2.3%)
American Tower Corp., Class A*	13,600	$	587,656
China Mobile Ltd.	553,600		5,160,169
Crown Castle International Corp.*	166,686		6,507,422
Leap Wireless International, Inc.*	134,900		2,367,495
MetroPCS Communications, Inc.*	8,800		67,144
Sprint Nextel Corp.*^	290,900		1,064,694
Vodafone Group plc (ADR)	29,800		688,082
			16,442,662
Total Telecommunication Services			34,901,601
Utilities (2.8%)
Electric Utilities (1.9%)
Allegheny Energy, Inc.	5,700		133,836
American Electric Power Co., Inc.	16,200		563,598
Duke Energy Corp.	44,300		762,403
Edison International	11,100		386,058
Entergy Corp.	87,004		7,120,407
Exelon Corp.	22,400		1,094,688
FirstEnergy Corp.	10,400		483,080
FPL Group, Inc.	14,100		744,762
Northeast Utilities	5,900		152,161
Pepco Holdings, Inc.	7,500		126,375
Pinnacle West Capital Corp.	3,400		124,372
PPL Corp.	12,800		413,568
Progress Energy, Inc.	9,500		389,595
Southern Co.	27,200		906,304
			13,401,207
Gas Utilities (0.0%)
EQT Corp.	4,400		193,248
Nicor, Inc.	1,500		63,150
Questar Corp.	5,900		245,263
			501,661
Independent Power Producers & Energy Traders (0.1%)
AES Corp.*	22,600		300,806
Constellation Energy Group, Inc.	6,800		239,156
			539,962
Multi-Utilities (0.8%)
Ameren Corp.	8,000		223,600
CenterPoint Energy, Inc.	13,200		191,532
CMS Energy Corp.^	33,875		530,483
Consolidated Edison, Inc.	9,500		431,585
Dominion Resources, Inc.	20,300		790,076
DTE Energy Co.	5,600		244,104
Integrys Energy Group, Inc.	2,600		109,174
NiSource, Inc.	41,300		635,194
PG&E Corp.	12,600		562,590
Public Service Enterprise Group, Inc.	17,200		571,900
SCANA Corp.	3,800		143,184
Sempra Energy	8,400		470,232
TECO Energy, Inc.	7,200		116,784
Wisconsin Energy Corp.	4,000		199,320
Xcel Energy, Inc.	15,500		328,910
			5,548,668
Total Utilities			19,991,498
Total Common Stocks (96.4%) (Cost $585,746,297)			686,838,292

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bond (0.5%)
Industrials (0.5%)
Road & Rail (0.5%)
Hertz Global Holdings, Inc. 5.250%, 6/1/14	$	1,975,000	$	3,219,250
Total Industrials				3,219,250
Total Convertible Bonds				3,219,250
Corporate Bonds (1.1%)
Financials (1.1%)
Capital Markets (0.1%)
Goldman Sachs Capital II 5.793%, 12/29/49(l)		1,372,000		1,063,300
Commercial Banks (0.1%)
Fifth Third Capital Trust IV 6.500%, 4/15/37(l)		526,000		381,350
Diversified Financial Services (0.9%)
General Electric Capital Corp. 6.375%, 11/15/67(l)		621,000		538,717
Goldman Sachs Capital III 1.026%, 12/31/49(l)		1,402,000		922,236
JPMorgan Chase Capital XXI 1.231%, 2/2/37(l)		1,430,000		976,976
JPMorgan Chase Capital XXIII 1.273%, 5/15/47(l)		5,741,000		3,963,127
				6,401,056
Insurance (0.0%)
Hartford Financial Services Group, Inc. 8.125%, 6/15/68(l)		368,000		353,280
Total Financials				8,198,986
Total Corporate Bonds				8,198,986
Total Long-Term Debt Securities (1.6%) (Cost $7,060,093)				11,418,236
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.2%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u)		4,304,237		4,304,237
Lehman Brothers Holdings, Inc. 0.00%, 8/21/09(h)(s)		1,319,991		257,399
Monumental Global Funding II 0.43%, 5/26/10(l)		2,490,000		2,440,449
Pricoa Global Funding I 0.40%, 6/25/10(l)		1,589,922		1,566,878
Total Short-Term Investments of Cash Collateral for Securities Loaned				8,568,963

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Time Deposit (3.0%)
JPMorgan Chase Nassau 0.000%, 1/4/10	$	21,361,743	$	21,361,743
Total Short-Term Investments (4.2%) (Cost/Amortized Cost $31,065,894)				29,930,706
Total Investments (102.2%) (Cost/Amortized Cost $623,872,284)				728,187,234
Other Assets Less Liabilities (-2.2%)				(15,686,358	)
Net Assets (100%)			$	712,500,876

* Non-income producing.

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

# All, or a portion of security held by broker as collateral for financial futures contracts with a total collateral value of $2,727,600.

(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 $4,390,358.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

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

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/2009		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	48	March-10	$	2,618,234	$	2,665,680	$	47,446

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	$	71,941,277	$	—	$	—	$	71,941,277
Consumer Staples		56,514,492		—		—		56,514,492
Energy		73,278,079		—		—		73,278,079
Financials		96,707,159		10,382,195		—		107,089,354
Health Care		87,696,547		4,201,870		—		91,898,417
Industrials		51,515,072		—		—		51,515,072
Information Technology		151,866,707		—		—		151,866,707
Materials		27,841,795		—		—		27,841,795
Telecommunication Services		29,741,432		5,160,169		—		34,901,601
Utilities		19,991,498		—		—		19,991,498
Convertible Bonds
Industrials		—		3,219,250		—		3,219,250
Corporate Bonds
Financials		—		8,198,986		—		8,198,986

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
Futures	$	47,446	$	—	$	—	$	47,446
Short-Term Investments		—		29,930,706		—		29,930,706
Total Assets	$	667,141,504	$	61,093,176	$	—	$	728,234,680
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	667,141,504	$	61,093,176	$	—	$	728,234,680

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		47,446	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	47,446
	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		—		5,107,821		—		—		5,107,821
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	5,107,821	$	—	$	—	$	5,107,821

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

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		—		47,446		—		—		47,446
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	47,446	$	—	$	—	$	47,446

The Portfolio held futures contracts with an average notional balance of approximately $10,561,000 during the year ended December 31, 2009.

^ This Portfolio held 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	$	564,396,334
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	795,649,778

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	$	110,593,957
Aggregate gross unrealized depreciation		(23,788,916	)
Net unrealized appreciation	$	86,805,041
Federal income tax cost of investments	$	641,382,193

At December 31, 2009, the Portfolio had loaned securities with a total value of $9,352,340. This was secured by collateral of $9,704,150 which was received as cash and subsequently invested in short-term investments currently valued at $8,568,963, as reported in the Portfolio of Investments.

For the year ended December 31, 2009, the Portfolio incurred approximately $6,750 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $1,342 as broker commissions with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $403,669,944 of which $105,713,400 expires in the year 2016, and $297,956,544 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 $623,872,284) (Securities on loan at market value $9,352,340)	$	728,187,234
Cash		4,293
Receivable for securities sold		2,625,566
Dividends, interest and other receivables		767,098
Receivable from Separate Accounts for Trust shares sold		264,233
Other assets		887
Total assets		731,849,311
LIABILITIES
Payable for return of cash collateral on securities loaned		9,704,150
Payable for securities purchased		8,920,899
Investment management fees payable		420,323
Administrative fees payable		103,870
Payable to Separate Accounts for Trust shares redeemed		41,646
Distribution fees payable - Class B		33,072
Variation margin payable on futures contracts		27,360
Trustees’ fees payable		11,149
Accrued expenses		85,966
Total liabilities		19,348,435
NET ASSETS	$	712,500,876
Net assets were comprised of:
Paid in capital	$	1,029,200,892
Accumulated undistributed net investment income (loss)		164,764
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(421,227,298	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		104,362,518
Net assets	$	712,500,876
Class A
Net asset value, offering and redemption price per share, $554,827,685 / 60,704,294 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.14
Class B
Net asset value, offering and redemption price per share, $157,673,191 / 17,245,831 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.14

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $15,676 foreign withholding tax)	$	15,263,226
Interest		777,979
Securities lending (net)		160,451
Total income		16,201,656
EXPENSES
Investment management fees		4,840,989
Administrative fees		1,206,618
Distribution fees - Class B		321,653
Custodian fees		133,000
Printing and mailing expenses		116,391
Professional fees		70,991
Trustees’ fees		10,287
Miscellaneous		22,079
Gross expenses		6,722,008
Less:   Fees paid indirectly		(759,676	)
Net expenses		5,962,332
NET INVESTMENT INCOME (LOSS)		10,239,324
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(268,012,225	)
Foreign currency transactions		(16,336	)
Futures		5,107,821
Net realized gain (loss)		(262,920,740	)
Change in unrealized appreciation (depreciation) on:
Securities		396,644,470
Foreign currency translations		879
Futures		47,446
Net change in unrealized appreciation (depreciation)		396,692,795
NET REALIZED AND UNREALIZED GAIN (LOSS)		133,772,055
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	144,011,379

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)	$	10,239,324		$	8,210,852
Net realized gain (loss) on investments, futures and foreign currency transactions		(262,920,740	)		(152,726,200	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		396,692,795			(362,657,044	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		144,011,379			(507,172,392	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(8,111,150	)		(7,535,645	)
Class B		(1,910,113	)		(867,135	)
		(10,021,263	)		(8,402,780	)
Distributions from net realized capital gains
Class A		—			(2,063,806	)
Class B		—			(364,847	)
		—			(2,428,653	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(10,021,263	)		(10,831,433	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 10,160,542 and 39,980,981 shares, respectively ]		70,545,616			385,557,896
Capital shares issued in reinvestment of dividends and distributions [ 899,409 and 1,290,637 shares, respectively ]		8,111,150			9,599,451
Capital shares repurchased [ (59,862,128) and (3,977,623) shares, respectively ]		(386,878,494	)		(36,109,296	)
Total Class A transactions		(308,221,728	)		359,048,051
Class B
Capital shares sold [ 4,046,714 and 3,846,811 shares, respectively ]		31,985,371			36,151,719
Capital shares issued in reinvestment of dividends and distributions [ 211,717 and 160,975 shares, respectively ]		1,910,113			1,231,982
Capital shares repurchased [ (3,674,557) and (5,810,314) shares, respectively ]		(27,997,649	)		(55,192,133	)
Total Class B transactions		5,897,835			(17,808,432	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(302,323,893	)		341,239,619
TOTAL INCREASE (DECREASE) IN NET ASSETS		(168,333,777	)		(176,764,206	)
NET ASSETS:
Beginning of year		880,834,653			1,057,598,859
End of year (a)	$	712,500,876		$	880,834,653
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	164,764		$	(36,962	)

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	$	6.98		$	11.66		$	11.96		$	10.79		$	10.37
Income (loss) from investment operations:
Net investment income (loss)		0.12	(e)		0.08	(e)		0.09	(e)		0.08	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2.18			(4.67	)		0.52			1.40			0.67
Total from investment operations		2.30			(4.59	)		0.61			1.48			0.73
Less distributions:
Dividends from net investment income		(0.14	)		(0.07	)		(0.08	)		(0.07	)		(0.03	)
Distributions from net realized gains		—			(0.02	)		(0.83	)		(0.24	)		(0.28	)
Total dividends and distributions		(0.14	)		(0.09	)		(0.91	)		(0.31	)		(0.31	)
Net asset value, end of year	$	9.14		$	6.98		$	11.66		$	11.96		$	10.79
Total return		32.92	%		(39.40	)%		5.22	%		13.84	%		7.07	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	554,828		$	764,481		$	842,193		$	598,068		$	309,162
Ratio of expenses to average net assets:
After waivers and reimbursements		0.92	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		0.81	%		1.09	%		1.09	%		1.08	%		1.08	%
Before waivers, reimbursements and fees paid indirectly		0.92	%		1.10	%		1.10	%		1.10	%		1.15	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		1.42	%		0.86	%		0.74	%		0.73	%		0.52	%
After waivers, reimbursements and fees paid indirectly		1.54	%		0.86	%		0.74	%		0.75	%		0.54	%
Before waivers, reimbursements and fees paid indirectly		1.42	%		0.86	%		0.74	%		0.72	%		0.47	%
Portfolio turnover rate		85	%		50	%		51	%		49	%		39	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.01

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	$	6.98		$	11.67		$	11.96		$	10.79		$	10.38
Income (loss) from investment operations:
Net investment income (loss)		0.09	(e)		0.06	(e)		0.06	(e)		0.06	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2.18			(4.68	)		0.53			1.39			0.66
Total from investment operations		2.27			(4.62	)		0.59			1.45			0.69
Less distributions:
Dividends from net investment income		(0.11	)		(0.05	)		(0.05	)		(0.04	)		—	#
Distributions from net realized gains		—			(0.02	)		(0.83	)		(0.24	)		(0.28	)
Total dividends and distributions		(0.11	)		(0.07	)		(0.88	)		(0.28	)		(0.28	)
Net asset value, end of year	$	9.14		$	6.98		$	11.67		$	11.96		$	10.79
Total return		32.58	%		(39.61	)%		5.05	%		13.56	%		6.70	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	157,673		$	116,354		$	215,406		$	208,296		$	185,408
Ratio of expenses to average net assets:
After waivers and reimbursements		1.17	%(c)		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.10	%		1.34	%		1.34	%		1.33	%		1.33	%
Before waivers, reimbursements and fees paid indirectly		1.17	%(c)		1.35	%		1.35	%		1.35	%		1.40	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		1.14	%		0.58	%		0.49	%		0.47	%		0.27	%
After waivers, reimbursements and fees paid indirectly		1.22	%		0.59	%		0.50	%		0.49	%		0.29	%
Before waivers, reimbursements and fees paid indirectly		1.14	%		0.58	%		0.49	%		0.47	%		0.22	%
Portfolio turnover rate		85	%		50	%		51	%		49	%		39	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.01

# Per share amount is less than $0.01.

(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.

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PORTFOLIO ADVISERS

_Ø Goodman & Co. NY Ltd.

_Ø SSgA Funds Management, Inc.

_Ø T. Rowe Price Associates, Inc.

_Ø Westfield Capital Management Company LP

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	36.96	%	(2.02	)%	(1.69	)%
Portfolio – Class B Shares	36.55		(2.23	)	(1.93	)
Russell 1000® Growth Index	37.21		1.63		0.95
*   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 36.96% for the year ended December 31, 2009. The Portfolio's benchmark, the Russell 1000^® Growth Index, returned 37.21% over the same period.

Asset Class Overview

Over the 12 months, large cap growth stocks, as measured by the Russell 1000^® Growth Index, posted an impressive 37.2% gain, as the more cyclical sectors of the market rebounded sharply after underperforming the defensive sectors in late 2008 and early 2009. All of the sectors in the index delivered double-digit returns. Information technology was the clear leader, returning 62%. The materials, consumer discretionary, and telecommunication services sectors were also top performers. Gains were less in utilities and consumer staples sectors.

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 1000 Growth Index.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• The Energy, Consumer Staples and Information Technology sectors contributed to relative performance on a positive basis.

• Stock selection in the Energy and Information Technology sectors was positive for the Portfolio.

• Security selection was most successful in the Information Technology sector. The leading contributors to performance included computer maker Apple and Salesforce.com Inc. Owning Starent Networks Corp while the benchmark did not proved helpful to relative returns.

• Consumer discretionary shares were another source of outperformance. Amazon.com was a key contributor after growing its business despite the difficult consumer environment. Priceline.com Inc. was also a leading contributor to positive performance.

• A portfolio underweight of Consumer Staples, which was the worst performing sector in the benchmark added to relative returns.

What hurt performance during the year:

• The Financial, Health Care and Industrials sectors detracted from relative performance.

• Stock selection in the Financial, Health Care and Industrials sectors held back the Portfolio’s returns.

• An overweight position in the second-worst performing sector in the benchmark contributed to the Health Care holding back performance.

• Stock selection was particularly challenged in the Health Care sector as Cephalon, Inc. and Thoratec Corp. represented the two of the largest detractors in the Portfolio for the year.

• Drug company, Gilead Sciences, was a negative contributor to returns, also. The stock suffered as growth slowed and the company stopped development on a new drug.

• Individual stock selection within the Financial sector detracted during the year, with the largest detraction coming from Wells Fargo & Co.

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Sector Weightings as of 12/31/09	% of Net Assets
Information Technology	36.7	%
Health Care	16.2
Consumer Discretionary	14.8
Consumer Staples	10.2
Industrials	8.4
Energy	4.1
Financials	3.8
Materials	3.4
Telecommunication Services	0.7
Utilities	0.5
Cash and Other	1.2
	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	$1,248.90	$6.12
Hypothetical (5% average return before expenses)	1,000.00	1,019.76	5.50
Class B
Actual	1,000.00	1,247.40	7.53
Hypothetical (5% average return before expenses)	1,000.00	1,018.50	6.77
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.08% and 1.33%, 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 (14.8%)
Auto Components (0.2%)
BorgWarner, Inc.	2,600	$	86,372
Gentex Corp.	3,200		57,120
Goodyear Tire & Rubber Co.*	5,800		81,780
Johnson Controls, Inc.	8,700		236,988
TRW Automotive Holdings Corp.*	200		4,776
WABCO Holdings, Inc.	1,200		30,948
			497,984
Automobiles (0.0%)
Thor Industries, Inc.	400		12,560
Distributors (0.0%)
LKQ Corp.*	3,400		66,606
Diversified Consumer Services (0.2%)
Apollo Group, Inc., Class A*	3,078		186,465
Brink’s Home Security Holdings, Inc.*	1,100		35,904
Career Education Corp.*	1,600		37,296
DeVry, Inc.	1,500		85,095
H&R Block, Inc.	7,800		176,436
Hillenbrand, Inc.	600		11,304
ITT Educational Services, Inc.*	900		86,364
Strayer Education, Inc.	340		72,247
Weight Watchers International, Inc.	100		2,916
			694,027
Hotels, Restaurants & Leisure (1.6%)
Brinker International, Inc.	2,400		35,808
Burger King Holdings, Inc.	2,600		48,932
Carnival Corp.*	4,700		148,943
Chipotle Mexican Grill, Inc.*	700		61,712
Choice Hotels International, Inc.	200		6,332
Darden Restaurants, Inc.	3,200		112,224
Hyatt Hotels Corp., Class A*	600		17,886
International Game Technology	5,900		110,743
Las Vegas Sands Corp.*	5,500		82,170
Marriott International, Inc., Class A^	17,983		490,037
McDonald’s Corp.	25,855		1,614,386
MGM MIRAGE*^	18,800		171,456
Panera Bread Co., Class A*	600		40,182
Royal Caribbean Cruises Ltd.*	1,000		25,280
Scientific Games Corp., Class A*	1,500		21,825
Starbucks Corp.*	27,400		631,844
Starwood Hotels & Resorts Worldwide, Inc.	700		25,599
Wendy’s/Arby’s Group, Inc., Class A	3,500		16,415
WMS Industries, Inc.*	1,200		48,000
Wyndham Worldwide Corp.	1,900		38,323
Yum! Brands, Inc.	17,044		596,029
			4,344,126
Household Durables (0.1%)
Garmin Ltd.	2,200		67,540
Harman International Industries, Inc.	800		28,224

	Number of Shares	Value (Note 1)
Leggett & Platt, Inc.	2,300	$	46,920
M.D.C. Holdings, Inc.	300		9,312
Newell Rubbermaid, Inc.	1,100		16,511
NVR, Inc.*	12		8,528
Pulte Homes, Inc.*	900		9,000
			186,035
Internet & Catalog Retail (4.9%)
Amazon.com, Inc.*	52,453		7,055,978
Expedia, Inc.*	16,540		425,243
Netflix, Inc.*^	35,500		1,957,470
priceline.com, Inc.*^	17,365		3,794,252
			13,232,943
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	1,800		57,708
Mattel, Inc.	6,400		127,872
			185,580
Media (1.9%)
Comcast Corp., Class A	5,209		87,824
CTC Media, Inc.*	800		11,920
DIRECTV, Class A*	10,837		361,414
Discovery Communications, Inc., Class C*	6,100		161,772
DreamWorks Animation SKG, Inc., Class A*	52,900		2,113,355
Interactive Data Corp.	400		10,120
John Wiley & Sons, Inc., Class A	900		37,692
Marvel Entertainment, Inc.*	1,200		64,896
McGraw-Hill Cos., Inc.	7,400		247,974
Morningstar, Inc.*	400		19,336
Omnicom Group, Inc.	7,300		285,795
Regal Entertainment Group, Class A	1,000		14,440
Scripps Networks Interactive, Inc., Class A	1,300		53,950
Viacom, Inc., Class B*	24,450		726,898
Walt Disney Co.	28,100		906,225
Warner Music Group Corp.*	300		1,698
			5,105,309
Multiline Retail (1.4%)
Big Lots, Inc.*	200		5,796
Dollar General Corp.*	500		11,215
Dollar Tree, Inc.*	2,100		101,430
Family Dollar Stores, Inc.	3,400		94,622
Kohl’s Corp.*	27,360		1,475,525
Nordstrom, Inc.	3,800		142,804
Target Corp.	38,227		1,849,040
			3,680,432
Specialty Retail (4.0%)
Aaron’s, Inc.	1,100		30,503
Abercrombie & Fitch Co., Class A	1,100		38,335
Advance Auto Parts, Inc.	2,200		89,056
Aeropostale, Inc.*	1,600		54,480
American Eagle Outfitters, Inc.	4,100		69,618
AutoZone, Inc.*	700		110,649
Bed Bath & Beyond, Inc.*	13,340		515,324
Best Buy Co., Inc.	7,900		311,734

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
CarMax, Inc.*	3,800	$	92,150
Chico’s FAS, Inc.*	4,000		56,200
Dick’s Sporting Goods, Inc.*	2,000		49,740
Foot Locker, Inc.	1,700		18,938
GameStop Corp., Class A*	3,500		76,790
Gap, Inc.	10,000		209,500
Guess?, Inc.	1,400		59,220
Home Depot, Inc.	2,700		78,111
J. Crew Group, Inc.*^	69,500		3,109,430
Limited Brands, Inc.	4,300		82,732
Lowe’s Cos., Inc.	22,700		530,953
Office Depot, Inc.*	1,200		7,740
O’Reilly Automotive, Inc.*^	7,400		282,088
Penske Automotive Group, Inc.*	300		4,554
PetSmart, Inc.	2,900		77,401
RadioShack Corp.	400		7,800
Ross Stores, Inc.	3,000		128,130
Sherwin-Williams Co.	2,000		123,300
Staples, Inc.	16,900		415,571
Tiffany & Co.	2,600		111,800
TJX Cos., Inc.	9,700		354,535
Urban Outfitters, Inc.*^	106,600		3,729,934
Williams-Sonoma, Inc.	900		18,702
			10,845,018
Textiles, Apparel & Luxury Goods (0.4%)
Coach, Inc.	7,400		270,322
Hanesbrands, Inc.*	2,200		53,042
NIKE, Inc., Class B	8,438		557,499
Phillips-Van Heusen Corp.	800		32,544
Polo Ralph Lauren Corp.	1,200		97,176
VF Corp.	500		36,620
			1,047,203
Total Consumer Discretionary			39,897,823
Consumer Staples (10.2%)
Beverages (2.8%)
Brown-Forman Corp.,
Class B	1,800		96,426
Coca-Cola Co.	58,383		3,327,831
Coca-Cola Enterprises, Inc.	6,300		133,560
Hansen Natural Corp.*	1,700		65,280
Molson Coors Brewing Co., Class B	200		9,032
Pepsi Bottling Group, Inc.	2,700		101,250
PepsiCo, Inc.	64,079		3,896,003
			7,629,382
Food & Staples Retailing (3.1%)
BJ’s Wholesale Club, Inc.*	200		6,542
Costco Wholesale Corp.	10,179		602,291
CVS Caremark Corp.	42,949		1,383,387
Kroger Co.	12,900		264,837
Sysco Corp.	13,898		388,310
Walgreen Co.	23,176		851,023
Wal-Mart Stores, Inc.	88,286		4,718,887
Whole Foods Market, Inc.*	2,200		60,390
			8,275,667
Food Products (0.6%)
Archer-Daniels-Midland Co.	8,400		263,004
Campbell Soup Co.	3,200		108,160

	Number of Shares	Value (Note 1)
Dean Foods Co.*	4,300	$	77,572
Flowers Foods, Inc.	1,500		35,640
General Mills, Inc.	3,200		226,592
Green Mountain Coffee Roasters, Inc.*	800		65,176
H.J. Heinz Co.	5,900		252,284
Hershey Co.	2,200		78,738
Hormel Foods Corp.	200		7,690
Kellogg Co.	5,900		313,880
McCormick & Co., Inc. (Non-Voting)	3,100		112,003
Sara Lee Corp.	4,200		51,156
			1,591,895
Household Products (2.2%)
Church & Dwight Co., Inc.	1,700		102,765
Clorox Co.	2,900		176,900
Colgate-Palmolive Co.	11,698		960,991
Energizer Holdings, Inc.*	1,400		85,792
Kimberly-Clark Corp.	8,426		536,820
Procter & Gamble Co.	67,350		4,083,431
			5,946,699
Personal Products (0.2%)
Alberto-Culver Co.	1,700		49,793
Avon Products, Inc.	10,000		315,000
Estee Lauder Cos., Inc., Class A	2,600		125,736
Herbalife Ltd.	1,500		60,855
Mead Johnson Nutrition Co., Class A	2,319		101,341
NBTY, Inc.*	900		39,186
			691,911
Tobacco (1.3%)
Altria Group, Inc.	48,307		948,266
Lorillard, Inc.	3,500		280,805
Philip Morris International, Inc.	45,919		2,212,837
			3,441,908
Total Consumer Staples			27,577,462
Energy (4.1%)
Energy Equipment & Services (2.0%)
Atwood Oceanics, Inc.*	1,200		43,020
Cameron International Corp.*	5,200		217,360
Diamond Offshore Drilling, Inc.	1,600		157,472
Dresser-Rand Group, Inc.*	2,000		63,220
Exterran Holdings, Inc.*	700		15,015
FMC Technologies, Inc.*	2,900		167,736
Halliburton Co.	30,600		920,754
Helmerich & Payne, Inc.	800		31,904
National Oilwell Varco, Inc.	27,550		1,214,680
Oceaneering International, Inc.*	1,300		76,076
Patterson-UTI Energy, Inc.	500		7,675
Pride International, Inc.*	2,000		63,820
Rowan Cos., Inc.*	500		11,320
Schlumberger Ltd.	20,104		1,308,569
Seahawk Drilling, Inc.*	133		2,998
Smith International, Inc.	3,500		95,095
Weatherford International Ltd.*	55,850		1,000,273
			5,396,987

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Oil, Gas & Consumable Fuels (2.1%)
Alpha Natural Resources, Inc.*	2,792	$	121,117
CNX Gas Corp.*	600		17,712
Consol Energy, Inc.	4,300		214,140
Continental Resources, Inc.*	400		17,156
El Paso Corp.	4,700		46,201
EOG Resources, Inc.	3,900		379,470
EXCO Resources, Inc.	3,000		63,690
Exxon Mobil Corp.	29,455		2,008,536
Forest Oil Corp.*	1,000		22,250
Frontier Oil Corp.	2,000		24,080
Holly Corp.	1,000		25,630
Mariner Energy, Inc.*	1,900		22,059
Massey Energy Co.	1,600		67,216
Occidental Petroleum Corp.	6,050		492,168
Peabody Energy Corp.	6,200		280,302
Petrohawk Energy Corp.*	6,900		165,531
Petroleo Brasileiro S.A. (Preference) (ADR)	4,100		173,799
Plains Exploration & Production Co.*	1,600		44,256
Quicksilver Resources, Inc.*	2,500		37,525
Range Resources Corp.	520		25,922
Southwestern Energy Co.*	8,000		385,600
St. Mary Land & Exploration Co.	400		13,696
Suncor Energy, Inc.	29,830		1,053,297
Teekay Corp.	400		9,284
Tesoro Corp.	1,400		18,970
			5,729,607
Total Energy			11,126,594
Financials (3.8%)
Capital Markets (1.5%)
Affiliated Managers Group, Inc.*	1,000		67,350
Ameriprise Financial, Inc.	400		15,528
Bank of New York Mellon Corp.	5,600		156,632
BlackRock, Inc.	200		46,440
Charles Schwab Corp.	34,615		651,454
Eaton Vance Corp.	2,800		85,148
Federated Investors, Inc., Class B	1,900		52,250
Franklin Resources, Inc.^	4,980		524,643
GLG Partners, Inc.*	4,600		14,812
Goldman Sachs Group, Inc.	3,070		518,339
Greenhill & Co., Inc.	500		40,120
Invesco Ltd.	800		18,792
Investment Technology Group, Inc.*	100		1,970
Janus Capital Group, Inc.	3,400		45,730
Jefferies Group, Inc.*	2,100		49,833
Lazard Ltd., Class A	1,800		68,346
Morgan Stanley^	15,900		470,640
Northern Trust Corp.	5,700		298,680
SEI Investments Co.	3,000		52,560
State Street Corp.	6,100		265,594
T. Rowe Price Group, Inc.	6,000		319,500
TD Ameritrade Holding Corp.*	6,300		122,094
Waddell & Reed Financial, Inc., Class A	2,000		61,080
			3,947,535

	Number of Shares	Value (Note 1)
Commercial Banks (0.6%)
Banco Bradesco S.A. (ADR)	36,100	$	789,507
BOK Financial Corp.	200		9,504
Commerce Bancshares, Inc./Missouri	525		20,328
Wells Fargo & Co.	34,000		917,660
			1,736,999
Consumer Finance (0.1%)
American Express Co.	4,305		174,439
AmeriCredit Corp.*	700		13,328
Capital One Financial Corp.	3,000		115,020
SLM Corp.*	2,400		27,048
			329,835
Diversified Financial Services (0.7%)
CME Group, Inc.	2,630		883,549
IntercontinentalExchange, Inc.*	1,700		190,910
JPMorgan Chase & Co.	9,600		400,032
Leucadia National Corp.*	1,600		38,064
Moody’s Corp.	4,500		120,600
MSCI, Inc., Class A*	2,400		76,320
NASDAQ OMX Group, Inc.*	1,400		27,748
NYSE Euronext	1,600		40,480
			1,777,703
Insurance (0.5%)
Aflac, Inc.	11,000		508,750
American International Group, Inc.*	1,105		33,128
Arthur J. Gallagher & Co.	2,200		49,522
Axis Capital Holdings Ltd.	1,000		28,410
Brown & Brown, Inc.	2,100		37,737
CNA Financial Corp.*	300		7,200
Endurance Specialty Holdings Ltd.	400		14,892
Erie Indemnity Co., Class A	500		19,510
Fidelity National Financial, Inc., Class A	800		10,768
Genworth Financial, Inc., Class A*	4,600		52,210
Lincoln National Corp.	2,300		57,224
Marsh & McLennan Cos., Inc.	900		19,872
Principal Financial Group, Inc.	7,200		173,088
Progressive Corp.*	1,700		30,583
Prudential Financial, Inc.	5,500		273,680
Reinsurance Group of America, Inc.	100		4,765
Validus Holdings Ltd.	300		8,082
W.R. Berkley Corp.	1,100		27,104
			1,356,525
Real Estate Investment Trusts (REITs) (0.3%)
Alexandria Real Estate Equities, Inc. (REIT)	200		12,858
Digital Realty Trust, Inc. (REIT)	1,854		93,219
Federal Realty Investment Trust (REIT)	200		13,544
HCP, Inc. (REIT)	2,600		79,404
Health Care REIT, Inc. (REIT)	1,300		57,616
Macerich Co. (REIT)	1		37
Nationwide Health Properties, Inc. (REIT)	1,900		66,842

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Plum Creek Timber Co., Inc. (REIT)	1,300	$	49,088
Public Storage (REIT)	3,100		252,495
Rayonier, Inc. (REIT)	900		37,944
Simon Property Group, Inc. (REIT)	2,347		187,290
			850,337
Real Estate Management & Development (0.1%)
CB Richard Ellis Group, Inc., Class A*	5,300		71,921
St. Joe Co.*	2,200		63,558
			135,479
Thrifts & Mortgage Finance (0.0%)
Capitol Federal Financial	500		15,730
Hudson City Bancorp, Inc.	6,200		85,126
			100,856
Total Financials			10,235,269
Health Care (16.2%)
Biotechnology (4.3%)
Abraxis Bioscience, Inc.*	200		8,110
Alexion Pharmaceuticals, Inc.*	46,500		2,270,130
Amgen, Inc.*	23,700		1,340,709
Amylin Pharmaceuticals, Inc.*	3,100		43,989
Biogen Idec, Inc.*	6,800		363,800
BioMarin Pharmaceutical, Inc.*	2,300		43,263
Celgene Corp.*	41,223		2,295,297
Cephalon, Inc.*	1,698		105,972
Dendreon Corp.*	2,800		73,584
Genzyme Corp.*	6,327		310,086
Gilead Sciences, Inc.*	49,766		2,153,873
Human Genome Sciences, Inc.*	66,800		2,044,080
Myriad Genetics, Inc.*	2,300		60,030
OSI Pharmaceuticals, Inc.*	1,400		43,442
Talecris Biotherapeutics Holdings Corp.*	1,200		26,724
United Therapeutics Corp.*	1,000		52,650
Vertex Pharmaceuticals, Inc.*	7,300		312,805
			11,548,544
Health Care Equipment & Supplies (3.3%)
Baxter International, Inc.	18,274		1,072,319
Beckman Coulter, Inc.	1,600		104,704
Becton, Dickinson and Co.	5,584		440,354
Boston Scientific Corp.*	12,900		116,100
C.R. Bard, Inc.	2,300		179,170
Covidien plc	23,300		1,115,837
DENTSPLY International, Inc.	3,400		119,578
Edwards Lifesciences Corp.*	1,300		112,905
Gen-Probe, Inc.*	1,200		51,480
Hill-Rom Holdings, Inc.	600		14,394
Hologic, Inc.*	600		8,700
Hospira, Inc.*	3,800		193,800
IDEXX Laboratories, Inc.*	1,400		74,816
Intuitive Surgical, Inc.*	9,650		2,927,038
Inverness Medical Innovations, Inc.*	900		37,359
Kinetic Concepts, Inc.*	500		18,825

	Number of Shares	Value (Note 1)
Medtronic, Inc.	26,287	$	1,156,102
ResMed, Inc.*	1,800		94,086
St. Jude Medical, Inc.*	8,100		297,918
Stryker Corp.	12,560		632,647
Teleflex, Inc.	400		21,556
Varian Medical Systems, Inc.*	3,000		140,550
			8,930,238
Health Care Providers & Services (1.4%)
Aetna, Inc.	2,300		72,910
AmerisourceBergen Corp.	6,100		159,027
CIGNA Corp.	400		14,108
Community Health Systems, Inc.*	1,100		39,160
Coventry Health Care, Inc.*	1,000		24,290
DaVita, Inc.*	2,400		140,976
Emdeon, Inc., Class A*	700		10,675
Express Scripts, Inc.*	6,418		554,836
Health Management Associates, Inc., Class A*	5,900		42,893
Henry Schein, Inc.*	2,100		110,460
Humana, Inc.*	1,500		65,835
Laboratory Corp. of America Holdings*	2,512		187,998
Lincare Holdings, Inc.*	1,300		48,256
McKesson Corp.	8,040		502,500
Medco Health Solutions, Inc.*^	23,287		1,488,273
MEDNAX, Inc.*	300		18,033
Omnicare, Inc.	1,200		29,016
Patterson Cos., Inc.*	2,400		67,152
Quest Diagnostics, Inc.	3,600		217,368
Tenet Healthcare Corp.*	7,800		42,042
VCA Antech, Inc.*	2,000		49,840
WellPoint, Inc.*	773		45,058
			3,930,706
Health Care Technology (1.3%)
Allscripts-Misys Healthcare Solutions, Inc.*	1,500		30,345
Cerner Corp.*^	40,700		3,355,308
IMS Health, Inc.	900		18,954
			3,404,607
Life Sciences Tools & Services (2.1%)
Bio-Rad Laboratories, Inc., Class A*	400		38,584
Charles River Laboratories
International, Inc.*	1,100		37,059
Covance, Inc.*	1,500		81,855
Illumina, Inc.*^	19,650		602,273
Life Technologies Corp.*	62,700		3,274,821
Mettler-Toledo International, Inc.*	800		83,992
Millipore Corp.*	1,300		94,055
PerkinElmer, Inc.	600		12,354
Pharmaceutical Product Development, Inc.	2,500		58,600
Techne Corp.	900		61,704
Thermo Fisher Scientific, Inc.*	23,850		1,137,406
Waters Corp.*	2,300		142,508
			5,625,211

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Pharmaceuticals (3.8%)
Abbott Laboratories, Inc.	36,197	$	1,954,276
Allergan, Inc.	12,487		786,806
Bristol-Myers Squibb Co.	21,816		550,854
Elan Corp. plc (ADR)*	84,150		548,658
Eli Lilly and Co.	12,500		446,375
Johnson & Johnson	50,009		3,221,079
Merck & Co., Inc.	27,620		1,009,235
Mylan, Inc.*	5,200		95,836
Perrigo Co.	1,800		71,712
Teva Pharmaceutical Industries Ltd. (ADR)	13,400		752,812
Valeant Pharmaceuticals International*	1,600		50,864
Warner Chilcott plc, Class A*	27,200		774,384
			10,262,891
Total Health Care			43,702,197
Industrials (8.4%)
Aerospace & Defense (2.3%)
Alliant Techsystems, Inc.*	800		70,616
BE Aerospace, Inc.*	1,100		25,850
Boeing Co.	1,362		73,725
General Dynamics Corp.	800		54,536
Goodrich Corp.^	20,450		1,313,913
Honeywell International, Inc.	17,347		680,002
ITT Corp.	17,650		877,911
Lockheed Martin Corp.	7,447		561,132
Northrop Grumman Corp.	900		50,265
Precision Castparts Corp.	5,100		562,785
Raytheon Co.	7,100		365,792
Rockwell Collins, Inc.	3,700		204,832
Spirit AeroSystems Holdings, Inc., Class A*	800		15,888
TransDigm Group, Inc.	1,000		47,490
United Technologies Corp.	17,996		1,249,102
			6,153,839
Air Freight & Logistics (0.7%)
C.H. Robinson Worldwide, Inc.	4,000		234,920
Expeditors International of Washington, Inc.^	16,160		561,237
United Parcel Service, Inc., Class B	16,187		928,648
UTi Worldwide, Inc.	2,100		30,072
			1,754,877
Airlines (0.2%)
AMR Corp.*	6,900		53,337
Continental Airlines, Inc., Class B*	3,000		53,760
Copa Holdings S.A., Class A	700		38,129
Delta Air Lines, Inc.*	17,900		203,702
Southwest Airlines Co.	5,600		64,008
			412,936
Building Products (0.0%)
Armstrong World
Industries, Inc.*	200		7,786
Lennox International, Inc.	1,100		42,944
Masco Corp.	4,100		56,621
Owens Corning, Inc.*	900		23,076
			130,427

	Number of Shares	Value (Note 1)
Commercial Services & Supplies (0.3%)
Avery Dennison Corp.	500	$	18,245
Brink’s Co.	1,100		26,774
Cintas Corp.	600		15,630
Copart, Inc.*	1,500		54,945
Corrections Corp. of America*	300		7,365
Iron Mountain, Inc.*	4,300		97,868
R.R. Donnelley & Sons Co.	1,300		28,951
Republic Services, Inc.	2,500		70,775
Stericycle, Inc.*	2,000		110,340
Waste Connections, Inc.*	1,400		46,676
Waste Management, Inc.	10,400		351,624
			829,193
Construction & Engineering (0.2%)
Aecom Technology Corp.*	2,300		63,250
Fluor Corp.	4,200		189,168
Jacobs Engineering Group, Inc.*	2,800		105,308
Shaw Group, Inc.*	1,600		46,000
URS Corp.*	300		13,356
			417,082
Electrical Equipment (2.2%)
A123 Systems, Inc.*	500		11,220
American Superconductor Corp.*	79,300		3,243,370
AMETEK, Inc.	2,500		95,600
Emerson Electric Co.	44,407		1,891,738
First Solar, Inc.*^	1,749		236,815
Hubbell, Inc., Class B	200		9,460
Rockwell Automation, Inc.	4,900		230,202
Roper Industries, Inc.	1,800		94,266
SunPower Corp., Class A*	2,300		54,464
SunPower Corp., Class B*^	4,020		84,219
Thomas & Betts Corp.*	400		14,316
			5,965,670
Industrial Conglomerates (0.6%)
3M Co.	16,257		1,343,966
Carlisle Cos., Inc.	400		13,704
McDermott International, Inc.*	12,400		297,724
			1,655,394
Machinery (1.4%)
Bucyrus International, Inc.	400		22,548
Caterpillar, Inc.	7,019		400,013
Crane Co.	600		18,372
Cummins, Inc.	1,600		73,376
Danaher Corp.	27,070		2,035,664
Deere & Co.	2,500		135,225
Donaldson Co., Inc.	1,800		76,572
Dover Corp.	3,000		124,830
Flowserve Corp.	1,300		122,889
Graco, Inc.	700		19,999
Harsco Corp.	1,400		45,122
IDEX Corp.	1,100		34,265
Joy Global, Inc.	2,150		110,918
Navistar International Corp.*	1,500		57,975
PACCAR, Inc.	7,900		286,533
Pall Corp.	2,800		101,360
Pentair, Inc.	700		22,610
Snap-On, Inc.	400		16,904
Toro Co.	800		33,448

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Valmont Industries, Inc.	500	$	39,225
Wabtec Corp.	1,100		44,924
			3,822,772
Marine (0.0%)
Kirby Corp.*	300		10,449
Professional Services (0.2%)
Dun & Bradstreet Corp.	1,200		101,244
Equifax, Inc.	2,400		74,136
FTI Consulting, Inc.*	1,200		56,592
IHS, Inc., Class A*	1,100		60,291
Monster Worldwide, Inc.*	1,800		31,320
Robert Half International, Inc.	3,700		98,901
Verisk Analytics, Inc., Class A*	1,700		51,476
			473,960
Road & Rail (0.2%)
Con-way, Inc.	400		13,964
J.B. Hunt Transport Services, Inc.	2,100		67,767
Kansas City Southern*	1,000		33,290
Landstar System, Inc.	1,200		46,524
Norfolk Southern Corp.	1,100		57,662
Union Pacific Corp.	6,320		403,848
			623,055
Trading Companies & Distributors (0.1%)
Fastenal Co.	4,000		166,560
GATX Corp.	500		14,375
MSC Industrial Direct Co., Class A	1,000		47,000
W.W. Grainger, Inc.	1,400		135,562
WESCO International, Inc.*	500		13,505
			377,002
Total Industrials			22,626,656
Information Technology (36.7%)
Communications Equipment (4.7%)
Brocade Communications Systems, Inc.*	3,300		25,179
Ciena Corp.*	200		2,168
Cisco Systems, Inc.*	163,074		3,903,992
F5 Networks, Inc.*	75,800		4,015,884
Harris Corp.	2,500		118,875
JDS Uniphase Corp.*	2,600		21,450
Juniper Networks, Inc.*^	39,800		1,061,466
Motorola, Inc.*	3,500		27,160
QUALCOMM, Inc.	74,402		3,441,836
			12,618,010
Computers & Peripherals (10.1%)
Apple, Inc.*	61,414		12,949,756
Dell, Inc.*	40,255		578,062
Diebold, Inc.	1,300		36,985
EMC Corp.*	16,998		296,955
Hewlett-Packard Co.	63,629		3,277,530
International Business Machines Corp.	41,976		5,494,658
NCR Corp.*	3,800		42,294
NetApp, Inc.*	114,100		3,923,899
QLogic Corp.*	2,900		54,723
SanDisk Corp.*^	6,800		197,132

	Number of Shares	Value (Note 1)
Seagate Technology	10,300	$	187,357
Teradata Corp.*	3,400		106,862
Western Digital Corp.*	4,600		203,090
			27,349,303
Electronic Equipment, Instruments & Components (1.0%)
Agilent Technologies, Inc.*	8,000		248,560
Amphenol Corp., Class A	4,000		184,720
Arrow Electronics, Inc.*	1,200		35,532
Avnet, Inc.*	1,200		36,192
AVX Corp.	100		1,267
Corning, Inc.	87,731		1,694,086
Dolby Laboratories, Inc., Class A*	1,200		57,276
FLIR Systems, Inc.*	3,500		114,520
Itron, Inc.*	900		60,813
Jabil Circuit, Inc.	2,300		39,951
Molex, Inc.	300		6,465
National Instruments Corp.	1,300		38,285
Trimble Navigation Ltd.*	2,700		68,040
Vishay Intertechnology, Inc.*	1,000		8,350
			2,594,057
Internet Software & Services (4.2%)
Akamai Technologies, Inc.*	3,900		98,787
Baidu, Inc. (ADR)*	250		102,808
eBay, Inc.*	5,962		140,345
Equinix, Inc.*	900		95,535
Google, Inc., Class A*	16,452		10,199,911
IAC/InterActiveCorp*	800		16,384
Sohu.com, Inc.*	700		40,096
VeriSign, Inc.*	4,600		111,504
WebMD Health Corp.*	1,300		50,037
Yahoo!, Inc.*	26,171		439,149
			11,294,556
IT Services (2.6%)
Accenture plc, Class A	32,910		1,365,765
Affiliated Computer Services, Inc., Class A*	1,300		77,597
Alliance Data Systems Corp.*	1,200		77,508
Amdocs Ltd.*	700		19,971
Automatic Data Processing, Inc.	11,665		499,495
Broadridge Financial Solutions, Inc.	2,100		47,376
Cognizant Technology Solutions Corp., Class A*	6,800		308,040
DST Systems, Inc.*	800		34,840
Fidelity National Information Services, Inc.	4,535		106,300
Fiserv, Inc.*	3,552		172,201
Genpact Ltd.*	1,300		19,370
Global Payments, Inc.	1,900		102,334
Hewitt Associates, Inc., Class A*	2,000		84,520
Lender Processing Services, Inc.	2,300		93,518
Mastercard, Inc., Class A	3,500		895,930
NeuStar, Inc., Class A*	1,800		41,472
Paychex, Inc.	7,600		232,864
SAIC, Inc.*	6,900		130,686
Total System Services, Inc.	2,800		48,356
Visa, Inc., Class A^	24,908		2,178,454
Western Union Co.	25,500		480,675
			7,017,272

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*	1,200	$	34,032
Semiconductors & Semiconductor Equipment (5.9%)
Advanced Micro Devices, Inc.*	7,100		68,728
Altera Corp.	6,900		156,147
Analog Devices, Inc.	6,800		214,744
ASML Holding N.V. (N.Y. Shares)	7,380		251,584
Atheros Communications, Inc.*	73,600		2,520,064
Broadcom Corp., Class A*	18,980		596,921
Cree, Inc.*	49,000		2,762,130
Cypress Semiconductor Corp.*	3,400		35,904
Integrated Device Technology, Inc.*	800		5,176
Intel Corp.	126,589		2,582,416
International Rectifier Corp.*	800		17,696
Intersil Corp., Class A	1,500		23,010
Lam Research Corp.*	3,000		117,630
Linear Technology Corp.	5,300		161,862
Marvell Technology Group Ltd.*^	35,340		733,305
Maxim Integrated Products, Inc.	5,800		117,740
MEMC Electronic Materials, Inc.*	5,200		70,824
Microchip Technology, Inc.	4,000		116,240
Micron Technology, Inc.*	3,600		38,016
National Semiconductor Corp.	5,500		84,480
Netlogic Microsystems, Inc.*	75,500		3,492,630
Novellus Systems, Inc.*	1,400		32,676
NVIDIA Corp.*	12,800		239,104
ON Semiconductor Corp.*	10,100		88,981
Rambus, Inc.*	2,400		58,560
Silicon Laboratories, Inc.*	1,100		53,174
Teradyne, Inc.*	4,200		45,066
Texas Instruments, Inc.	29,864		778,256
Varian Semiconductor Equipment Associates, Inc.*	1,600		57,408
Xilinx, Inc.	18,240		457,094
			15,977,566
Software (8.2%)
Activision Blizzard, Inc.*	7,800		86,658
Adobe Systems, Inc.*	12,309		452,725
ANSYS, Inc.*	2,000		86,920
Autodesk, Inc.*	3,700		94,017
BMC Software, Inc.*	4,283		171,748
CA, Inc.	7,000		157,220
Cadence Design Systems, Inc.*	6,300		37,737
Check Point Software Technologies Ltd.*	21,950		743,666
Citrix Systems, Inc.*	4,200		174,762
Electronic Arts, Inc.*	7,400		131,350
FactSet Research Systems, Inc.	1,000		65,870
Intuit, Inc.*	7,600		233,396
McAfee, Inc.*	3,700		150,109
MICROS Systems, Inc.*	1,900		58,957
Microsoft Corp.	243,453		7,422,882
Novell, Inc.*	3,600		14,940
Nuance Communications, Inc.*	4,500		69,930

	Number of Shares	Value (Note 1)
Oracle Corp.	147,837	$	3,627,920
Red Hat, Inc.*	4,500		139,050
Rovi Corp.*	1,700		54,179
Salesforce.com, Inc.*^	56,880		4,196,038
Sybase, Inc.*	2,000		86,800
Symantec Corp.*	19,300		345,277
Synopsys, Inc.*	2,200		49,016
VMware, Inc., Class A*	84,300		3,572,634
			22,223,801
Total Information Technology			99,108,597
Materials (3.4%)
Chemicals (2.5%)
Air Products & Chemicals, Inc.	1,714		138,937
Albemarle Corp.	100		3,637
Ashland, Inc.	100		3,962
Celanese Corp., Class A	3,400		109,140
CF Industries Holdings, Inc.	900		81,702
E.I. du Pont de Nemours & Co.	7,000		235,690
Ecolab, Inc.	5,600		249,648
FMC Corp.	1,500		83,640
International Flavors & Fragrances, Inc.	1,800		74,052
Intrepid Potash, Inc.*	900		26,253
Lubrizol Corp.	1,400		102,130
Monsanto Co.	14,837		1,212,925
Mosaic Co.	19,850		1,185,640
Nalco Holding Co.	3,300		84,183
Praxair, Inc.	22,713		1,824,081
RPM International, Inc.	1,600		32,528
Scotts Miracle-Gro Co., Class A	1,100		43,241
Sigma-Aldrich Corp.	2,900		146,537
Syngenta AG (ADR)	17,375		977,691
Terra Industries, Inc.	1,500		48,285
Valhi, Inc.	100		1,397
			6,665,299
Construction Materials (0.0%)
Eagle Materials, Inc.	900		23,445
Martin Marietta Materials, Inc.	400		35,764
			59,209
Containers & Packaging (0.1%)
Ball Corp.	1,400		72,380
Crown Holdings, Inc.*	3,800		97,204
Owens-Illinois, Inc.*	3,300		108,471
Packaging Corp. of America	200		4,602
Pactiv Corp.*	2,600		62,764
			345,421
Metals & Mining (0.8%)
Alcoa, Inc.	10,600		170,872
Cliffs Natural Resources, Inc.	300		13,827
Compass Minerals International, Inc.	400		26,876
Freeport-McMoRan Copper & Gold, Inc.*	5,800		465,682
Goldcorp, Inc.	15,450		607,803
Newmont Mining Corp.	11,129		526,513
Royal Gold, Inc.	200		9,420

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Schnitzer Steel Industries, Inc., Class A	400	$	19,080
Southern Copper Corp.	3,100		102,021
Walter Energy, Inc.	1,200		90,372
			2,032,466
Total Materials			9,102,395
Telecommunication Services (0.7%)
Diversified Telecommunication Services (0.0%)
Frontier
Communications Corp.	3,300		25,773
tw telecom, Inc.*	3,600		61,704
Windstream Corp.	4,500		49,455
			136,932
Wireless Telecommunication Services (0.7%)
American Tower Corp., Class A*	25,560		1,104,448
Crown Castle International Corp.*^	13,000		507,520
Leap Wireless International, Inc.*	1,100		19,305
MetroPCS Communications, Inc.*	6,100		46,543
NII Holdings, Inc.*	200		6,716
SBA Communications Corp., Class A*	2,800		95,648
			1,780,180
Total Telecommunication Services			1,917,112
Utilities (0.5%)
Electric Utilities (0.2%)
Allegheny Energy, Inc.	2,500		58,700
DPL, Inc.	200		5,520
Exelon Corp.	1,343		65,632
FPL Group, Inc.	1,300		68,666
ITC Holdings Corp.	1,200		62,508
NV Energy, Inc.	2,400		29,712
PPL Corp.	8,809		284,619
			575,357
Gas Utilities (0.1%)
EQT Corp.	3,089		135,669
Independent Power Producers & Energy Traders (0.1%)
AES Corp.*	12,400		165,044
Calpine Corp.*	4,400		48,400
Constellation Energy Group, Inc.	3,700		130,129
Ormat Technologies, Inc	500		18,920
			362,493
Multi-Utilities (0.1%)
CenterPoint Energy, Inc.	7,500		108,825
Integrys Energy Group, Inc.	400		16,796
			125,621
Total Utilities			1,199,140
Total Common Stocks (98.8%) (Cost $217,868,313)			266,493,245

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.0%)
U.S. Treasury Bills 0.04%, 3/11/10#(p)	$	225,000	$	224,982
Short-Term Investments of Cash Collateral for Securities Loaned (0.8%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u).		1,531,241		1,531,241
Lehman Brothers Holdings, Inc. 0.00%, 8/21/09(h)(s)		209,999		40,950
Monumental Global Funding II 0.43%, 5/26/10(l)		410,000		401,841
Pricoa Global Funding I 0.40%, 6/25/10(l)		269,987		266,073
Total Short-Term Investments of Cash Collateral for Securities Loaned				2,240,105
Time Deposit (1.3%)
JPMorgan Chase Nassau 0.000%, 1/4/10		3,380,588		3,380,588
Total Short-Term Investments (2.1%) (Cost/Amortized Cost $6,026,807)				5,845,675
Total Investments (100.9%) (Cost/Amortized Cost $223,895,120)				272,338,920
Other Assets Less Liabilities (-0.9%)				(2,529,758	)
Net Assets (100%)			$	269,809,162

* Non-income producing.

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

# All, or a portion of security held by broker as collateral for financial futures contracts with a total collateral value of $224,982.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is 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 $1,561,879.

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)
NASDAQ 100 E-Mini Index	8	March-10	$	282,666	$	297,400	$	14,734
S&P 500 E-Mini Index	13	March-10		709,105		721,955		12,850
							$	27,584

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	$	39,897,823	$	—	$	—	$	39,897,823
Consumer Staples		27,577,462		—		—		27,577,462
Energy		11,126,594		—		—		11,126,594
Financials		10,235,269		—		—		10,235,269
Health Care		43,702,197		—		—		43,702,197
Industrials		22,626,656		—		—		22,626,656
Information Technology		99,108,597		—		—		99,108,597
Materials		9,102,395		—		—		9,102,395
Telecommunication Services		1,917,112		—		—		1,917,112
Utilities		1,199,140		—		—		1,199,140
Futures		27,584		—		—		27,584
Short-Term Investments		—		5,845,675		—		5,845,675
Total Assets	$	266,520,829	$	5,845,675	$	—	$	272,366,504
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	266,520,829	$	5,845,675	$	—	$	272,366,504

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		27,584	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	27,584
	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		—		289,408		—		—		289,408
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	289,408	$	—	$	—	$	289,408

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		—		27,584		—		—		27,584
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	27,584	$	—	$	—	$	27,584

The Portfolio held futures contracts with an average notional balance of approximately $1,070,000 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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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	$	338,663,650
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	351,433,584

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	$	52,393,273
Aggregate gross unrealized depreciation		(6,264,088	)
Net unrealized appreciation	$	46,129,185
Federal income tax cost of investments	$	226,209,735

At December 31, 2009, the Portfolio had loaned securities with a total value of $2,341,999. This was secured by collateral of $2,421,227 which was received as cash and subsequently invested in short-term investments currently valued at $2,240,105, as reported in the Portfolio of Investments.

For the year ended December 31, 2009, the Portfolio incurred approximately $658 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $89,178,531 of which $9,817,379 expires in the year 2016, and $79,361,152 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 $223,895,120)
(Securities on loan at market value $2,341,999)	$	272,338,920
Cash		573
Receivable for securities sold		489,107
Dividends, interest and other receivables		218,599
Receivable from Separate Accounts for Trust shares sold		84,262
Other assets		756
Total assets		273,132,217
LIABILITIES
Payable for return of cash collateral on securities loaned		2,421,227
Payable to Separate Accounts for Trust shares redeemed		396,103
Investment management fees payable		170,009
Payable for securities purchased		140,143
Distribution fees payable - Class B		54,651
Administrative fees payable		47,803
Variation margin payable on futures contracts		10,290
Trustees’ fees payable		5,467
Accrued expenses		77,362
Total liabilities		3,323,055
NET ASSETS	$	269,809,162
Net assets were comprised of:
Paid in capital	$	312,858,911
Accumulated undistributed net investment income (loss)		(403	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(91,520,730	)
Net unrealized appreciation (depreciation) on investments and futures		48,471,384
Net assets	$	269,809,162
Class A
Net asset value, offering and redemption price per share, $9,527,156 / 1,298,426 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.34
Class B
Net asset value, offering and redemption price per share, $260,282,006 / 36,152,222 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.20

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $1,137 foreign withholding tax)	$	3,121,094
Interest		310
Securities lending (net)		37,166
Total income		3,158,570
EXPENSES
Investment management fees		1,709,503
Distribution fees - Class B		550,628
Administrative fees		510,230
Custodian fees		75,000
Printing and mailing expenses		73,390
Professional fees		58,244
Trustees’ fees		3,730
Miscellaneous		9,220
Gross expenses		2,989,945
Less:   Fees paid indirectly		(232,829	)
Net expenses		2,757,116
NET INVESTMENT INCOME (LOSS)		401,454
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(36,543,420	)
Futures		289,408
Net realized gain (loss)		(36,254,012	)
Change in unrealized appreciation (depreciation) on:
Securities		109,506,393
Futures		27,584
Net change in unrealized appreciation (depreciation)		109,533,977
NET REALIZED AND UNREALIZED GAIN (LOSS)		73,279,965
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	73,681,419

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)	$	401,454		$	(1,569,138	)
Net realized gain (loss) on investments and futures		(36,254,012	)		(51,658,403	)
Net change in unrealized appreciation (depreciation) on investments and futures		109,533,977			(126,987,521	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		73,681,419			(180,215,062	)
DIVIDENDS:
Dividends from net investment income
Class A		(36,540	)		—
Class B		(355,173	)		—
		(391,713	)		—
Distributions from net realized capital gains
Class A		—			(3,344	)
Class B		—			(50,652	)
		—			(53,996	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(391,713	)		(53,996	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 236,933 and 1,017,658 shares, respectively ]		1,434,311			8,794,907
Capital shares issued in reinvestment of dividends [ 5,096 and 379 shares, respectively ]		36,540			3,344
Capital shares repurchased [ (211,953) and (2,389,119) shares, respectively ]		(1,252,372	)		(18,558,572	)
Total Class A transactions		218,479			(9,760,321	)
Class B
Capital shares sold [ 4,840,012 and 7,724,754 shares, respectively ]		28,030,392			58,553,655
Capital shares issued in reinvestment of dividends [ 50,471 and 5,863 shares, respectively ]		355,173			50,652
Capital shares repurchased [ (7,202,529) and (9,741,861) shares, respectively ]		(41,953,921	)		(76,008,976	)
Total Class B transactions		(13,568,356	)		(17,404,669	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(13,349,877	)		(27,164,990	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		59,939,829			(207,434,048	)
NET ASSETS:
Beginning of year		209,869,333			417,303,381
End of year (a)	$	269,809,162		$	209,869,333
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(403	)	$	(10,144	)

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	$	5.38		$	9.84		$	9.96		$	10.40		$	9.66
Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		(0.02	)(e)		(0.01	)(e)		(0.03	)(e)		(0.05	)(e)
Net realized and unrealized gain (loss) on investments		1.96			(4.44	)		1.13			0.08			0.79
Total from investment operations		1.99			(4.46	)		1.12			0.05			0.74
Less distributions:
Dividends from net investment income		(0.03	)		—			—			—			—
Distributions from net realized gains		—			—	#		(1.24	)		(0.49	)		—
Total dividends and distributions		(0.03	)		—	#		(1.24	)		(0.49	)		—
Net asset value, end of year	$	7.34		$	5.38		$	9.84		$	9.96		$	10.40
Total return		36.96	%		(45.32	)%		11.51	%		0.44	%		7.66	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	9,527		$	6,823		$	25,968		$	21,104		$	17,780
Ratio of expenses to average net assets:
After waivers and reimbursements		1.07	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		0.97	%		1.01	%		1.04	%		1.08	%		1.08	%
Before waivers, reimbursements and fees paid indirectly		1.07	%		1.14	%		1.12	%		1.12	%		1.13	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.32	%		(0.35	)%		(0.12	)%		(0.27	)%		(0.49	)%
After waivers, reimbursements and fees paid indirectly		0.42	%		(0.25	)%		(0.06	)%		(0.25	)%		(0.47	)%
Before waivers, reimbursements and fees paid indirectly		0.32	%		(0.38	)%		(0.14	)%		(0.28	)%		(0.52	)%
Portfolio turnover rate		151	%		162	%		77	%		48	%		42	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#	$	—	#
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	5.28		$	9.67		$	9.83		$	10.30		$	9.58
Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		(0.04	)(e)		(0.03	)(e)		(0.05	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments		1.92			(4.35	)		1.11			0.07			0.79
Total from investment operations		1.93			(4.39	)		1.08			0.02			0.72
Less distributions:
Dividends from net investment income		(0.01	)		—			—			—			—
Distributions from net realized gains		—			—	#		(1.24	)		(0.49	)		—
Total dividends and distributions		(0.01	)		—	#		(1.24	)		(0.49	)		—
Net asset value, end of year	$	7.20		$	5.28		$	9.67		$	9.83		$	10.30
Total return		36.55	%		(45.39	)%		11.26	%		0.15	%		7.52	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	260,282		$	203,047		$	391,335		$	372,653		$	362,850
Ratio of expenses to average net assets:
After waivers and reimbursements		1.32	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.22	%		1.26	%		1.29	%(c)		1.33	%		1.33	%
Before waivers, reimbursements and fees paid indirectly		1.32	%		1.39	%		1.37	%		1.37	%		1.38	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.07	%		(0.58	)%		(0.37	)%		(0.52	)%		(0.74	)%
After waivers, reimbursements and fees paid indirectly		0.17	%		(0.49	)%		(0.30	)%		(0.50	)%		(0.72	)%
Before waivers, reimbursements and fees paid indirectly		0.07	%		(0.62	)%		(0.39	)%		(0.53	)%		(0.77	)%
Portfolio turnover rate		151	%		162	%		77	%		48	%		42	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	—	#	$	—	#	$	—	#

# Per share amount is less than $0.01.

(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.

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø AllianceBernstein L.P.**

_Ø Institutional Capital LLC

_Ø MFS Investment Management

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	23.29	%	0.61	%	2.82	%
Portfolio – Class B Shares	22.97		0.35		2.56
Russell 1000® Value Index	19.69		(0.25	)	2.97
*   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-adviser of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 23.29% for the year ended December 31, 2009. The Portfolio’s benchmark, the Russell 1000^® Value Index, returned 19.69% over the same period.

Asset Class Overview

Over the 12 months, large cap value stocks, as measured by the Russell 1000^® Value Index, posted a gain of 19.69%. All of the sectors in the index delivered double-digit returns except telecommunications services and energy. The materials and information technology sectors were the strongest performing sectors in the index, followed by consumer discretionary.

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 1000^® Value Index.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• Strong stock selection and an underweighted position in the Energy sector boosted performance relative to the benchmark. An underweighted position in integrated oil and gas company Exxon Mobil helped as this stock underperformed the benchmark.

• The Portfolio’s overweighted position in the Information Technology sector was another contributor to relative results.

• Among the leading contributors to positive performance were Health Care holdings Wyeth and Schering Plough Corp., as well as ExxonMobil Corp (Energy sector), General Electric Co. (Industrials sector) and Citigroup Inc. (Financial sector).

What hurt performance during the year:

• The Materials sector was the leading sector detractor from the Portfolio’s performance.

• Portfolio holding defense contractor Lockheed Martin was among the Portfolio’s top detractors, which was not held by the benchmark.

• Among the leading individual detractors from performance were precious metals company Freeport-McMoran Copper (Materials sector), Capital One Financial Corp. and Bank of New York Mellon (both in the Financial sector) and Ford Motor Co. (Consumer Discretionary sector).

Sector Weightings as of 12/31/09	% of Net Assets
Financials	21.7	%
Energy	15.9
Industrials	11.2
Health Care	10.8
Consumer Discretionary	10.6
Information Technology	7.9
Consumer Staples	7.4
Telecommunication Services	5.5
Utilities	4.9
Materials	3.4
Cash and Other	0.7
	100.0	%

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MULTIMANAGER LARGE CAP VALUE 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	$1,216.00	$5.14
Hypothetical (5% average return before expenses)	1,000.00	1,020.57	4.69
Class B
Actual	1,000.00	1,212.90	6.53
Hypothetical (5% average return before expenses)	1,000.00	1,019.31	5.96
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.92% and 1.17% , 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 (10.6%)
Auto Components (0.7%)
Autoliv, Inc.	11,400	$	494,304
BorgWarner, Inc.	1,100		36,542
Federal Mogul Corp.*	1,900		32,870
Johnson Controls, Inc.^	328,770		8,955,695
TRW Automotive Holdings Corp.*^	42,100		1,005,348
WABCO Holdings, Inc.	900		23,211
			10,547,970
Automobiles (0.5%)
Ford Motor Co.*	700,800		7,008,000
Harley-Davidson, Inc.	31,500		793,800
Thor Industries, Inc.	2,300		72,220
			7,874,020
Distributors (0.0%)
Genuine Parts Co.	21,400		812,344
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*	7,750		469,495
Career Education Corp.*	700		16,317
Education Management Corp.*	1,100		24,211
Hillenbrand, Inc.	5,100		96,084
Service Corp. International	33,700		276,003
Weight Watchers International, Inc.	4,000		116,640
			998,750
Hotels, Restaurants & Leisure (0.3%)
Boyd Gaming Corp.*	7,400		61,938
Carnival Corp.*	32,100		1,017,249
Choice Hotels International, Inc.	2,800		88,648
Hyatt Hotels Corp., Class A*	2,200		65,582
International Game Technology	6,600		123,882
International Speedway Corp., Class A	4,000		113,800
Las Vegas Sands Corp.*	9,700		144,918
Marriott International, Inc., Class A	21,256		579,226
MGM MIRAGE*	14,100		128,592
Penn National Gaming, Inc.*	8,900		241,902
Royal Caribbean Cruises Ltd.*	12,100		305,888
Starwood Hotels & Resorts Worldwide, Inc.	21,000		767,970
Wendy’s/Arby’s Group, Inc., Class A	29,400		137,886
Wyndham Worldwide Corp.	13,300		268,261
Wynn Resorts Ltd.	9,000		524,070
			4,569,812
Household Durables (0.9%)
Black & Decker Corp.	23,200		1,504,056
D.R. Horton, Inc.^	121,100		1,316,357
Fortune Brands, Inc.	20,200		872,640
Garmin Ltd.^	41,400		1,270,980
Harman International Industries, Inc.	4,100		144,648
Jarden Corp.	11,800		364,738

	Number of Shares	Value (Note 1)
KB Home	9,500	$	129,960
Leggett & Platt, Inc.	7,900		161,160
Lennar Corp., Class A	19,900		254,123
M.D.C. Holdings, Inc.	3,100		96,224
Mohawk Industries, Inc.*	7,500		357,000
Newell Rubbermaid, Inc.	31,200		468,312
NVR, Inc.*	3,400		2,416,414
Pulte Homes, Inc.*^	237,867		2,378,670
Toll Brothers, Inc.*	18,200		342,342
Whirlpool Corp.	9,900		798,534
			12,876,158
Internet & Catalog Retail (0.1%)
Expedia, Inc.*	2,200		56,562
Liberty Media Corp. - Interactive, Class A*	80,000		867,200
			923,762
Leisure Equipment & Products (0.1%)
Hasbro, Inc.^	38,010		1,218,601
Mattel, Inc.	10,700		213,786
			1,432,387
Media (4.6%)
Cablevision Systems Corp. - New York Group, Class A	31,500		813,330
CBS Corp., Class B^	249,200		3,501,260
Central European Media Enterprises Ltd., Class A*	4,600		108,606
Clear Channel Outdoor Holdings, Inc., Class A*	5,400		56,106
Comcast Corp., Class A	357,200		6,022,392
DIRECTV, Class A*	69,611		2,321,527
Discovery Communications, Inc., Class C*	2,600		68,952
DISH Network Corp., Class A	27,000		560,790
DreamWorks Animation SKG, Inc., Class A*	9,700		387,515
Gannett Co., Inc.	31,200		463,320
Interactive Data Corp.	2,600		65,780
Interpublic Group of Cos., Inc.*	64,200		473,796
Lamar Advertising Co., Class A*	7,600		236,284
Liberty Global, Inc., Class A*	35,700		782,187
Liberty Media Corp. - Starz*	6,960		321,204
Liberty Media Corp., Capital Series, Class A*	10,700		255,516
Meredith Corp.	4,500		138,825
New York Times Co., Class A*	12,900		159,444
News Corp., Class A	663,400		9,081,946
Omnicom Group, Inc.	83,895		3,284,489
Regal Entertainment Group, Class A	5,200		75,088
Scripps Networks Interactive, Inc., Class A	4,800		199,200
Time Warner Cable, Inc.^	132,960		5,503,214
Time Warner, Inc.^	306,133		8,920,716
Viacom, Inc., Class B*	439,850		13,076,741
Virgin Media, Inc.	38,700		651,321
Walt Disney Co.	371,310		11,974,747

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Warner Music Group Corp.*	5,400	$	30,564
Washington Post Co., Class B	900		395,640
			69,930,500
Multiline Retail (0.4%)
Big Lots, Inc.*	9,800		284,004
Dollar General Corp.*	1,500		33,645
J.C. Penney Co., Inc.	94,150		2,505,332
Kohl’s Corp.*	2,600		140,218
Macy’s, Inc.^	153,150		2,566,794
Sears Holdings Corp.*	6,700		559,115
			6,089,108
Specialty Retail (2.5%)
Abercrombie & Fitch Co., Class A	5,900		205,615
Advance Auto Parts, Inc.^	33,720		1,364,985
AutoNation, Inc.*	8,800		168,520
Barnes & Noble, Inc.	3,900		74,373
CarMax, Inc.*	8,500		206,125
Chico’s FAS, Inc.*	1,400		19,670
Foot Locker, Inc.^	89,900		1,001,486
GameStop Corp., Class A*	2,600		57,044
Gap, Inc.	7,500		157,125
Home Depot, Inc.	316,530		9,157,213
Limited Brands, Inc.	94,200		1,812,408
Lowe’s Cos., Inc.	718,025		16,794,605
Office Depot, Inc.*^	234,300		1,511,235
Penske Automotive Group, Inc.*	3,200		48,576
RadioShack Corp.	14,600		284,700
Sherwin-Williams Co.^	42,230		2,603,479
Signet Jewelers Ltd.*	11,400		304,608
Staples, Inc.^	44,525		1,094,870
Tiffany & Co.	1,400		60,200
Williams-Sonoma, Inc.	7,500		155,850
			37,082,687
Textiles, Apparel & Luxury Goods (0.4%)
Jones Apparel Group, Inc.	85,300		1,369,918
NIKE, Inc., Class B	56,660		3,743,526
Phillips-Van Heusen Corp.	2,400		97,632
Polo Ralph Lauren Corp.	500		40,490
VF Corp.	9,200		673,808
			5,925,374
Total Consumer Discretionary			159,062,872
Consumer Staples (7.4%)
Beverages (2.0%)
Brown-Forman Corp., Class B	2,100		112,497
Central European Distribution Corp.*	8,200		232,962
Coca-Cola Co.	66,600		3,796,200
Coca-Cola Enterprises, Inc.	71,100		1,507,320
Constellation Brands, Inc., Class A*	84,344		1,343,600
Diageo plc	213,604		3,725,118
Dr. Pepper Snapple Group, Inc.	34,100		965,030
Molson Coors Brewing Co., Class B	16,200		731,592

	Number of Shares	Value (Note 1)
Pepsi Bottling Group, Inc.	3,800	$	142,500
PepsiAmericas, Inc.	7,600		222,376
PepsiCo, Inc.	276,935		16,837,648
			29,616,843
Food & Staples Retailing (1.0%)
BJ’s Wholesale Club, Inc.*	6,000		196,260
CVS Caremark Corp.	241,106		7,766,024
Kroger Co.^	78,410		1,609,757
Rite Aid Corp.*	78,500		118,535
Safeway, Inc.	57,200		1,217,788
SUPERVALU, Inc.^	136,700		1,737,457
Wal-Mart Stores, Inc.	32,400		1,731,780
Whole Foods Market, Inc.*	2,300		63,135
			14,440,736
Food Products (2.4%)
Archer-Daniels-Midland Co.	119,100		3,729,021
Bunge Ltd.^	50,200		3,204,266
Campbell Soup Co.^	23,920		808,496
ConAgra Foods, Inc.	60,000		1,383,000
Corn Products International, Inc.	10,000		292,300
Del Monte Foods Co.	26,500		300,510
Flowers Foods, Inc.	1,700		40,392
General Mills, Inc.	47,940		3,394,631
H.J. Heinz Co.	8,000		342,080
Hershey Co.	8,600		307,794
Hormel Foods Corp.	8,400		322,980
J.M. Smucker Co.	35,269		2,177,861
Kellogg Co.	42,060		2,237,592
Kraft Foods, Inc., Class A	269,300		7,319,574
Nestle S.A. (Registered)	101,641		4,938,004
Ralcorp Holdings, Inc.*	7,600		453,796
Sara Lee Corp.^	179,000		2,180,220
Smithfield Foods, Inc.*^	61,600		935,704
Tyson Foods, Inc., Class A	86,900		1,066,263
			35,434,484
Household Products (1.1%)
Clorox Co.	2,100		128,100
Energizer Holdings, Inc.*	1,500		91,920
Kimberly-Clark Corp.	30,050		1,914,485
Procter & Gamble Co.	230,852		13,996,557
			16,131,062
Personal Products (0.0%)
Alberto-Culver Co.	1,700		49,793
Mead Johnson Nutrition Co., Class A	13,708		599,040
NBTY, Inc.*	2,200		95,788
			744,621
Tobacco (0.9%)
Altria Group, Inc.	125,575		2,465,037
Lorillard, Inc.	7,870		631,410
Philip Morris International, Inc.	160,495		7,734,254
Reynolds American, Inc.	63,750		3,376,838
			14,207,539
Total Consumer Staples			110,575,285

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Energy (15.9%)
Energy Equipment & Services (2.1%)
Atwood Oceanics, Inc.*	1,100	$	39,435
Baker Hughes, Inc.	41,600		1,683,968
BJ Services Co.	39,200		729,120
Cameron International Corp.*	2,600		108,680
Ensco International plc (ADR)^	29,400		1,174,236
Exterran Holdings, Inc.*	4,500		96,525
Halliburton Co.	471,991		14,202,209
Helix Energy Solutions Group, Inc.*	13,800		162,150
Helmerich & Payne, Inc.	9,700		386,836
Nabors Industries Ltd.*	38,000		831,820
National Oilwell Varco, Inc.	100,465		4,429,502
Oil States International, Inc.*	6,700		263,243
Patterson-UTI Energy, Inc.	17,600		270,160
Pride International, Inc.*	12,400		395,684
Rowan Cos., Inc.*	12,500		283,000
Schlumberger Ltd.	87,800		5,714,902
SEACOR Holdings, Inc.*	2,700		205,875
Seahawk Drilling, Inc.*	793		17,874
Smith International, Inc.	13,400		364,078
Superior Energy Services, Inc.*	10,500		255,045
Tidewater, Inc.	6,900		330,855
Unit Corp.*	5,500		233,750
			32,178,947
Oil, Gas & Consumable Fuels (13.8%)
Anadarko Petroleum Corp.	67,100		4,188,382
Apache Corp.	98,115		10,122,525
Arch Coal, Inc.	21,800		485,050
Cabot Oil & Gas Corp.	13,900		605,901
Chesapeake Energy Corp.	84,100		2,176,508
Chevron Corp.	410,154		31,577,756
Cimarex Energy Co.^	44,200		2,341,274
Comstock Resources, Inc.*	5,700		231,249
Concho Resources, Inc.*	10,200		457,980
ConocoPhillips	363,240		18,550,667
Continental Resources, Inc.*	2,100		90,069
Denbury Resources, Inc.*	33,400		494,320
Devon Energy Corp.	164,110		12,062,085
El Paso Corp.	67,900		667,457
Encore Acquisition Co.*	7,500		360,150
EOG Resources, Inc.	58,425		5,684,752
EXCO Resources, Inc.	2,100		44,583
Exxon Mobil Corp.^#	680,845		46,426,821
Forest Oil Corp.*	65,700		1,461,825
Frontier Oil Corp.	3,000		36,120
Frontline Ltd.	6,900		188,508
Hess Corp.	97,380		5,891,490
Marathon Oil Corp.	359,650		11,228,273
Mariner Energy, Inc.*	1,400		16,254
Massey Energy Co.	2,300		96,623
Murphy Oil Corp.	25,600		1,387,520
Newfield Exploration Co.*	17,800		858,494
Nexen, Inc.	87,900		2,103,447
Noble Energy, Inc.	23,300		1,659,426
Occidental Petroleum Corp.	285,461		23,222,252
Overseas Shipholding Group, Inc.	3,100		136,245
Pioneer Natural Resources Co.	15,300		737,001

	Number of Shares	Value (Note 1)
Plains Exploration & Production Co.*	8,600	$	237,876
Range Resources Corp.	17,900		892,315
SandRidge Energy, Inc.*	18,800		177,284
Southern Union Co.	14,900		338,230
Spectra Energy Corp.	86,600		1,776,166
St. Mary Land & Exploration Co.	6,300		215,712
Sunoco, Inc.	15,700		409,770
Teekay Corp.	3,100		71,951
Tesoro Corp.	11,000		149,050
Total S.A. (ADR)	122,445		7,841,378
Valero Energy Corp.	235,700		3,947,975
Whiting Petroleum Corp.*	6,800		485,860
Williams Cos., Inc.	77,900		1,642,132
XTO Energy, Inc.	77,900		3,624,687
			207,401,393
Total Energy			239,580,340
Financials (21.5%)
Capital Markets (3.9%)
Ameriprise Financial, Inc.	91,800		3,563,676
Bank of New York Mellon Corp.	397,249		11,111,055
BlackRock, Inc.	2,900		673,380
Deutsche Bank AG (Registered)	33,500		2,375,485
Federated Investors, Inc., Class B	800		22,000
Franklin Resources, Inc.	11,200		1,179,920
Goldman Sachs Group, Inc.	140,160		23,664,614
Invesco Ltd.	51,300		1,205,037
Investment Technology Group, Inc.*	5,300		104,410
Janus Capital Group, Inc.	3,200		43,040
Jefferies Group, Inc.*	3,700		87,801
Legg Mason, Inc.	21,500		648,440
Morgan Stanley^	248,300		7,349,680
Northern Trust Corp.^	19,370		1,014,988
Raymond James Financial, Inc.	13,100		311,387
State Street Corp.	115,160		5,014,066
			58,368,979
Commercial Banks (5.3%)
Associated Banc-Corp	17,100		188,271
BancorpSouth, Inc.	11,100		260,406
Bank of Hawaii Corp.	6,400		301,184
BB&T Corp.^	401,400		10,183,518
BOK Financial Corp.	1,800		85,536
CapitalSource, Inc.	27,500		109,175
City National Corp./California	5,800		264,480
Comerica, Inc.	20,300		600,271
Commerce Bancshares, Inc./Missouri	5,585		216,251
Cullen/Frost Bankers, Inc.	7,000		350,000
Fifth Third Bancorp	106,800		1,041,300
First Citizens BancShares, Inc./North Carolina, Class A	800		131,208
First Horizon National Corp.*	30,168		404,248
Fulton Financial Corp.	23,500		204,920

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Huntington Bancshares, Inc./Ohio	95,900	$	350,035
KeyCorp	118,000		654,900
M&T Bank Corp.	10,300		688,967
Marshall & Ilsley Corp.	70,400		383,680
PNC Financial Services Group, Inc.^	100,795		5,320,968
Popular, Inc.	85,900		194,134
Regions Financial Corp.^	294,480		1,557,799
SunTrust Banks, Inc.	67,000		1,359,430
Synovus Financial Corp.	50,900		104,345
TCF Financial Corp.	17,200		234,264
U.S. Bancorp	834,250		18,778,968
Valley National Bancorp	20,475		289,312
Wells Fargo & Co.	1,273,680		34,376,623
Whitney Holding Corp./ Louisiana	13,000		118,430
Wilmington Trust Corp.	9,300		114,762
Zions Bancorp.	18,300		234,789
			79,102,174
Consumer Finance (1.0%)
American Express Co.	111,400		4,513,928
AmeriCredit Corp.*	8,400		159,936
Capital One Financial Corp.^	215,300		8,254,602
Discover Financial Services	71,900		1,057,649
SLM Corp.*	49,100		553,357
Student Loan Corp.	500		23,285
			14,562,757
Diversified Financial Services (5.2%)
Bank of America Corp.^	1,505,000		22,665,300
Citigroup, Inc.^	2,436,100		8,063,491
CME Group, Inc.	8,400		2,821,980
Interactive Brokers Group, Inc., Class A*	5,400		95,688
JPMorgan Chase & Co.	1,060,570		44,193,952
Leucadia National Corp.*	16,000		380,640
NASDAQ OMX Group, Inc.*	10,100		200,182
NYSE Euronext	25,900		655,270
			79,076,503
Insurance (4.5%)
ACE Ltd.*	17,000		856,800
Alleghany Corp.*	816		225,216
Allied World Assurance Co. Holdings Ltd./Bermuda	6,700		308,669
Allstate Corp.	265,835		7,985,683
American Financial Group, Inc./Ohio	11,500		286,925
American International Group, Inc.*	10,100		302,798
American National Insurance Co.	2,200		262,768
Aon Corp.	231,755		8,885,487
Arch Capital Group Ltd.*	6,500		465,075
Arthur J. Gallagher & Co.	900		20,259
Aspen Insurance Holdings Ltd.	11,100		282,495
Assurant, Inc.	15,800		465,784
Axis Capital Holdings Ltd.	13,700		389,217
Brown & Brown, Inc.	4,100		73,677
Chubb Corp.^	82,010		4,033,252

	Number of Shares	Value (Note 1)
Cincinnati Financial Corp.	19,400	$	509,056
CNA Financial Corp.*	1,900		45,600
Endurance Specialty Holdings Ltd.	4,400		163,812
Erie Indemnity Co., Class A	1,200		46,824
Everest Reinsurance Group Ltd.	8,300		711,144
Fidelity National Financial, Inc., Class A	26,900		362,074
First American Corp.	13,300		440,363
Genworth Financial, Inc., Class A*	37,600		426,760
Hanover Insurance Group, Inc.	6,300		279,909
Hartford Financial Services Group, Inc.	51,400		1,195,564
HCC Insurance Holdings, Inc.	15,000		419,550
Lincoln National Corp.	28,000		696,640
Loews Corp.	44,000		1,599,400
Markel Corp.*	1,400		476,000
Marsh & McLennan Cos., Inc.	64,900		1,432,992
MBIA, Inc.*	17,700		70,446
Mercury General Corp.	3,600		141,336
MetLife, Inc.	312,630		11,051,471
Old Republic International Corp.	32,300		324,292
OneBeacon Insurance Group Ltd., Class A	3,100		42,718
PartnerReinsurance Ltd.	9,600		716,736
Progressive Corp.*	82,100		1,476,979
Protective Life Corp.	11,400		188,670
Prudential Financial, Inc.	60,095		2,990,327
Reinsurance Group of America, Inc.	9,000		428,850
RenaissanceReinsurance Holdings Ltd.	8,400		446,460
StanCorp Financial Group, Inc.	6,600		264,132
Torchmark Corp.	11,100		487,845
Transatlantic Holdings, Inc.	3,700		192,807
Travelers Cos., Inc.	172,640		8,607,830
Unitrin, Inc.	5,600		123,480
Unum Group	107,200		2,092,544
Validus Holdings Ltd.	10,800		290,952
W.R. Berkley Corp.	12,100		298,144
Wesco Financial Corp.	200		68,600
White Mountains Insurance Group Ltd.	1,100		365,926
XL Capital Ltd., Class A^	152,600		2,797,158
			67,117,496
Real Estate Investment Trusts (REITs) (1.4%)
Alexandria Real Estate Equities, Inc. (REIT)	4,700		302,163
AMB Property Corp. (REIT)	19,600		500,780
Annaly Capital Management, Inc. (REIT)	73,100		1,268,285
Apartment Investment & Management Co. (REIT), Class A	15,700		249,944
AvalonBay Communities, Inc. (REIT)	10,800		886,788
Boston Properties, Inc. (REIT)	18,600		1,247,502
Brandywine Realty Trust (REIT)	17,200		196,080

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
BRE Properties, Inc. (REIT)	7,300	$	241,484
Camden Property Trust (REIT)	9,000		381,330
Chimera Investment Corp. (REIT)	90,000		349,200
Corporate Office Properties Trust/Maryland (REIT)	7,700		282,051
Douglas Emmett, Inc. (REIT)	16,200		230,850
Duke Realty Corp. (REIT)	30,000		365,100
Equity Residential (REIT)	36,800		1,243,104
Essex Property Trust, Inc. (REIT)	3,900		326,235
Federal Realty Investment Trust (REIT)	6,900		467,268
HCP, Inc. (REIT)	24,100		736,014
Health Care REIT, Inc. (REIT)	8,000		354,560
Hospitality Properties Trust (REIT)	16,400		388,844
Host Hotels & Resorts, Inc. (REIT)*	82,609		964,047
HRPT Properties Trust (REIT)	30,000		194,100
Kimco Realty Corp. (REIT)	50,500		683,265
Liberty Property Trust (REIT)	15,000		480,150
Macerich Co. (REIT)	12,962		466,001
Mack-Cali Realty Corp. (REIT)	10,500		362,985
Nationwide Health Properties, Inc. (REIT)	3,800		133,684
Plum Creek Timber Co., Inc. (REIT)	14,100		532,416
ProLogis (REIT)	63,500		869,315
Rayonier, Inc. (REIT)	5,800		244,528
Realty Income Corp. (REIT)	14,000		362,740
Regency Centers Corp. (REIT)	12,000		420,720
Senior Housing Properties Trust (REIT)	17,000		371,790
Simon Property Group, Inc. (REIT)	18,624		1,486,195
SL Green Realty Corp. (REIT)	10,300		517,472
Taubman Centers, Inc. (REIT)	7,100		254,961
UDR, Inc. (REIT)	20,200		332,088
Ventas, Inc. (REIT)	21,000		918,540
Vornado Realty Trust (REIT)	20,658		1,444,851
Weingarten Realty Investors (REIT)	14,000		277,060
			21,334,490
Real Estate Management & Development (0.0%)
Forest City Enterprises, Inc., Class A*	14,700		173,166
Jones Lang LaSalle, Inc.	5,600		338,240
			511,406
Thrifts & Mortgage Finance (0.2%)
First Niagara Financial Group, Inc.	25,200		350,532
Hudson City Bancorp, Inc.	27,900		383,067
New York Community Bancorp, Inc.	56,800		824,168
People’s United Financial, Inc.	46,300		773,210
TFS Financial Corp.	9,800		118,972
Washington Federal, Inc.	15,000		290,100
			2,740,049
Total Financials			322,813,854

	Number of Shares	Value (Note 1)
Health Care (10.8%)
Health Care Equipment & Supplies (1.4%)
Becton, Dickinson and Co.^	32,500	$	2,562,950
Boston Scientific Corp.*	130,300		1,172,700
CareFusion Corp.*	24,100		602,741
Cooper Cos., Inc.	6,100		232,532
Covidien plc^	173,100		8,289,759
Hill-Rom Holdings, Inc.	5,000		119,950
Hologic, Inc.*	31,000		449,500
Inverness Medical Innovations, Inc.*	5,900		244,909
Kinetic Concepts, Inc.*	5,300		199,545
Medtronic, Inc.^	86,390		3,799,432
St. Jude Medical, Inc.*	34,960		1,285,829
Teleflex, Inc.	3,100		167,059
Zimmer Holdings, Inc.*	28,900		1,708,279
			20,835,185
Health Care Providers & Services (1.3%)
Aetna, Inc.	137,600		4,361,920
AmerisourceBergen Corp.	5,000		130,350
Brookdale Senior Living, Inc.*	5,900		107,321
Cardinal Health, Inc.	48,400		1,560,416
CIGNA Corp.	34,300		1,209,761
Community Health Systems, Inc.*	6,200		220,720
Coventry Health Care, Inc.*	14,300		347,347
Emdeon, Inc., Class A*	900		13,725
Health Net, Inc.*	13,900		323,731
Humana, Inc.*	14,400		632,016
LifePoint Hospitals, Inc.*	7,300		237,323
Lincare Holdings, Inc.*	1,800		66,816
McKesson Corp.	18,600		1,162,500
MEDNAX, Inc.*	4,200		252,462
Omnicare, Inc.	9,200		222,456
Tenet Healthcare Corp.*	20,600		111,034
UnitedHealth Group, Inc.	159,800		4,870,704
Universal Health Services, Inc., Class B	11,400		347,700
WellPoint, Inc.*	57,200		3,334,188
			19,512,490
Health Care Technology (0.0%)
IMS Health, Inc.	18,800		395,928
Life Sciences Tools & Services (0.3%)
Charles River Laboratories International, Inc.*	3,000		101,070
Life Technologies Corp.*	2,700		141,021
PerkinElmer, Inc.	12,200		251,198
Thermo Fisher Scientific, Inc.*^	71,140		3,392,667
Waters Corp.*^	20,010		1,239,819
			5,125,775
Pharmaceuticals (7.8%)
Abbott Laboratories, Inc.	90,190		4,869,358
Bristol-Myers Squibb Co.	102,537		2,589,059
Eli Lilly and Co.	64,800		2,314,008
Endo Pharmaceuticals Holdings, Inc.*	15,700		322,007
Forest Laboratories, Inc.*	40,500		1,300,455
GlaxoSmithKline plc	61,125		1,294,820

See Notes to Financial Statements.

170

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December 31, 2009

	Number of Shares	Value (Note 1)
Johnson & Johnson	171,825	$	11,067,248
King Pharmaceuticals, Inc.*	33,300		408,591
Merck & Co., Inc.	875,336		31,984,778
Mylan, Inc.*	11,600		213,788
Pfizer, Inc.	2,656,045		48,313,459
Roche Holding AG	5,820		990,076
Sanofi-Aventis S.A. (ADR)	265,400		10,422,258
Watson Pharmaceuticals, Inc.*	14,200		562,462
			116,652,367
Total Health Care			162,521,745
Industrials (11.2%)
Aerospace & Defense (3.4%)
BE Aerospace, Inc.*	6,500		152,750
Boeing Co.	89,600		4,850,048
General Dynamics Corp.	42,100		2,869,957
Honeywell International, Inc.	270,775		10,614,380
ITT Corp.	22,000		1,094,280
L-3 Communications Holdings, Inc.	15,700		1,365,115
Lockheed Martin Corp.	150,180		11,316,063
Northrop Grumman Corp.	206,080		11,509,568
Raytheon Co.	12,200		628,544
Spirit AeroSystems Holdings, Inc., Class A*	9,500		188,670
United Technologies Corp.	87,740		6,090,033
			50,679,408
Air Freight & Logistics (0.2%)
FedEx Corp.	41,900		3,496,555
UTi Worldwide, Inc.	1,000		14,320
			3,510,875
Airlines (0.0%)
Southwest Airlines Co.	68,400		781,812
Building Products (0.1%)
Armstrong World Industries, Inc.*	1,400		54,502
Masco Corp.^	72,900		1,006,749
Owens Corning, Inc.*	6,400		164,096
USG Corp.*	5,500		77,275
			1,302,622
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	12,300		448,827
Cintas Corp.	14,400		375,120
Corrections Corp. of America*	13,700		336,335
Covanta Holding Corp.*	17,300		312,957
Pitney Bowes, Inc.	27,700		630,452
R.R. Donnelley & Sons Co.	20,400		454,308
Republic Services, Inc.	29,500		835,145
Waste Connections, Inc.*	2,800		93,352
Waste Management, Inc.	6,800		229,908
			3,716,404
Construction & Engineering (0.1%)
KBR, Inc.	21,500		408,500
Quanta Services, Inc.*	28,100		585,604
Shaw Group, Inc.*	2,100		60,375
URS Corp.*	9,800		436,296
			1,490,775

	Number of Shares	Value (Note 1)
Electrical Equipment (0.2%)
A123 Systems, Inc.*	1,200	$	26,928
Cooper Industries plc	23,800		1,014,832
General Cable Corp.*	7,000		205,940
Hubbell, Inc., Class B	6,700		316,910
Rockwell Automation, Inc.	17,200		808,056
Roper Industries, Inc.	1,700		89,029
Thomas & Betts Corp.*	4,800		171,792
			2,633,487
Industrial Conglomerates (2.4%)
3M Co.^	34,420		2,845,501
Carlisle Cos., Inc.	6,000		205,560
General Electric Co.	1,889,800		28,592,674
Textron, Inc.^	213,850		4,022,519
			35,666,254
Machinery (2.8%)
AGCO Corp.*	12,400		401,016
Bucyrus International, Inc.	7,800		439,686
Caterpillar, Inc.^	241,150		13,743,139
Crane Co.	3,200		97,984
Cummins, Inc.	130,250		5,973,265
Danaher Corp.	30,795		2,315,784
Deere & Co.	42,700		2,309,643
Dover Corp.	46,500		1,934,865
Eaton Corp.	50,920		3,239,530
Gardner Denver, Inc.	7,000		297,850
Graco, Inc.	4,400		125,708
Harsco Corp.	2,900		93,467
IDEX Corp.	4,400		137,060
Illinois Tool Works, Inc.	60,300		2,893,797
Ingersoll-Rand plc^	70,100		2,505,374
Joy Global, Inc.	1,700		87,703
Kennametal, Inc.	10,900		282,528
Lincoln Electric Holdings, Inc.	5,700		304,722
Manitowoc Co., Inc.	17,500		174,475
Oshkosh Corp.	12,000		444,360
PACCAR, Inc.	3,600		130,572
Parker Hannifin Corp.	21,600		1,163,808
Pentair, Inc.	9,500		306,850
Snap-On, Inc.	5,600		236,656
SPX Corp.	18,300		1,001,010
Stanley Works	10,600		546,006
Terex Corp.*	14,100		279,321
Timken Co.	13,000		308,230
Trinity Industries, Inc.	10,500		183,120
			41,957,529
Marine (0.0%)
Alexander & Baldwin, Inc.	5,500		188,265
Kirby Corp.*	5,700		198,531
			386,796
Professional Services (0.1%)
Dun & Bradstreet Corp.^	11,420		963,505
Equifax, Inc.	3,700		114,293
Manpower, Inc.	10,500		573,090
Monster Worldwide, Inc.*	7,000		121,800
Verisk Analytics, Inc., Class A*	3,300		99,924
			1,872,612

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Road & Rail (1.6%)
Burlington Northern Santa Fe Corp.	35,300	$	3,481,286
Canadian National Railway Co.	13,880		754,517
Con-way, Inc.	4,400		153,604
CSX Corp.	275,475		13,357,783
Hertz Global Holdings, Inc.*^	97,500		1,162,200
Kansas City Southern*	6,700		223,043
Norfolk Southern Corp.	42,900		2,248,818
Ryder System, Inc.	7,500		308,775
Union Pacific Corp.	31,800		2,032,020
			23,722,046
Trading Companies & Distributors (0.1%)
GATX Corp.	3,600		103,500
W.W. Grainger, Inc.^	8,070		781,418
WESCO International, Inc.*	2,700		72,927
			957,845
Total Industrials			168,678,465
Information Technology (7.9%)
Communications Equipment (0.5%)
Brocade Communications Systems, Inc.*	36,400		277,732
Ciena Corp.*	10,800		117,072
CommScope, Inc.*	12,500		331,625
EchoStar Corp., Class A*	5,000		100,700
Harris Corp.	3,900		185,445
JDS Uniphase Corp.*	13,500		111,375
Motorola, Inc.*	622,867		4,833,448
Nokia Oyj (ADR)	144,800		1,860,680
Tellabs, Inc.*	53,100		301,608
			8,119,685
Computers & Peripherals (2.0%)
Dell, Inc.*	176,000		2,527,360
Diebold, Inc.	1,100		31,295
EMC Corp.*	242,300		4,232,981
Hewlett-Packard Co.	265,170		13,658,907
International Business Machines Corp.	34,300		4,489,870
Lexmark International, Inc., Class A*	10,500		272,790
SanDisk Corp.*	15,800		458,042
Seagate Technology	6,500		118,235
Sun Microsystems, Inc.*	100,500		941,685
Teradata Corp.*	4,300		135,149
Western Digital Corp.*	65,650		2,898,447
			29,764,761
Electronic Equipment, Instruments & Components (1.1%)
Arrow Electronics, Inc.*	9,400		278,334
AU Optronics Corp. (ADR)^	96,923		1,162,107
Avnet, Inc.*	13,500		407,160
AVX Corp.	5,100		64,617
Corning, Inc.	447,950		8,649,914
Ingram Micro, Inc., Class A*	21,700		378,665
Itron, Inc.*	400		27,028
Jabil Circuit, Inc.	12,600		218,862
Molex, Inc.	16,100		346,955
Tech Data Corp.*	6,700		312,622

	Number of Shares	Value (Note 1)
Tyco Electronics Ltd.^	155,500	$	3,817,525
Vishay Intertechnology, Inc.*	29,750		248,413
			15,912,202
Internet Software & Services (0.2%)
AOL, Inc.*	27,793		647,021
eBay, Inc.*	115,200		2,711,808
IAC/InterActiveCorp*	7,200		147,456
Yahoo!, Inc.*	10,300		172,834
			3,679,119
IT Services (0.9%)
Accenture plc, Class A	235,860		9,788,190
Affiliated Computer Services, Inc., Class A*	4,800		286,512
Amdocs Ltd.*	22,300		636,219
Broadridge Financial Solutions, Inc.	7,100		160,176
Computer Sciences Corp.*	20,400		1,173,612
Convergys Corp.*	11,400		122,550
DST Systems, Inc.*	600		26,130
Fidelity National Information Services, Inc.	16,900		396,136
SAIC, Inc.*	13,800		261,372
Total System Services, Inc.	6,000		103,620
Western Union Co.^	53,145		1,001,783
			13,956,300
Office Electronics (0.1%)
Xerox Corp.	116,100		982,206
Zebra Technologies Corp., Class A*	700		19,852
			1,002,058
Semiconductors & Semiconductor Equipment (2.5%)
Advanced Micro Devices, Inc.*	35,400		342,672
Applied Materials, Inc.	178,500		2,488,290
Atmel Corp.*	60,500		278,905
Cypress Semiconductor Corp.*	1,800		19,008
Fairchild Semiconductor International, Inc.*	16,600		165,834
Integrated Device Technology, Inc.*	17,400		112,578
Intel Corp.	988,310		20,161,524
International Rectifier Corp.*	5,300		117,236
Intersil Corp., Class A	8,200		125,788
KLA-Tencor Corp.	22,800		824,448
LSI Corp.*	87,100		523,471
Marvell Technology Group Ltd.*	6,900		143,175
Maxim Integrated Products, Inc.	6,500		131,950
Microchip Technology, Inc.	2,100		61,026
Micron Technology, Inc.*	93,700		989,472
Novellus Systems, Inc.*	5,100		119,034
PMC-Sierra, Inc.*	29,900		258,934
Texas Instruments, Inc.	424,075		11,051,395
			37,914,740
Software (0.6%)
Activision Blizzard, Inc.*	31,300		347,743
Autodesk, Inc.*	9,900		251,559
CA, Inc.	12,000		269,520

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Compuware Corp.*	32,500	$	234,975
Microsoft Corp.	24,600		750,054
Novell, Inc.*	25,200		104,580
Nuance Communications, Inc.*	2,800		43,512
Oracle Corp.	157,005		3,852,903
Rovi Corp.*	4,200		133,854
Symantec Corp.*^	146,600		2,622,674
Synopsys, Inc.*	7,200		160,416
			8,771,790
Total Information Technology			119,120,655
Materials (3.4%)
Chemicals (1.5%)
Air Products & Chemicals, Inc.	45,440		3,683,366
Airgas, Inc.	10,900		518,840
Albemarle Corp.	11,600		421,892
Ashland, Inc.	9,700		384,314
Cabot Corp.	8,800		230,824
CF Industries Holdings, Inc.	2,100		190,638
Cytec Industries, Inc.	6,300		229,446
Dow Chemical Co.	149,500		4,130,685
E.I. du Pont de Nemours & Co.	194,000		6,531,980
Eastman Chemical Co.	9,800		590,352
FMC Corp.	1,500		83,640
Huntsman Corp.	21,700		244,993
International Flavors & Fragrances, Inc.	600		24,684
Intrepid Potash, Inc.*	400		11,668
Lubrizol Corp.	1,200		87,540
PPG Industries, Inc.	81,570		4,775,108
RPM International, Inc.	8,100		164,673
Terra Industries, Inc.	4,200		135,198
Valhi, Inc.	500		6,985
Valspar Corp.	13,400		363,676
			22,810,502
Construction Materials (0.1%)
Martin Marietta Materials, Inc.	3,700		330,817
Vulcan Materials Co.	16,800		884,856
			1,215,673
Containers & Packaging (0.2%)
AptarGroup, Inc.	9,100		325,234
Ball Corp.	4,400		227,480
Bemis Co., Inc.	14,500		429,925
Greif, Inc., Class A	4,500		242,910
Owens-Illinois, Inc.*	4,200		138,054
Packaging Corp. of America	12,400		285,324
Pactiv Corp.*	3,200		77,248
Sealed Air Corp.	21,300		465,618
Sonoco Products Co.	13,400		391,950
Temple-Inland, Inc.	14,300		301,873
			2,885,616
Metals & Mining (1.4%)
AK Steel Holding Corp.^	78,900		1,684,515
Alcoa, Inc.	70,200		1,131,624
Allegheny Technologies, Inc.	13,200		590,964
Carpenter Technology Corp.	5,900		159,005
Cliffs Natural Resources, Inc.	15,900		732,831
Commercial Metals Co.	15,100		236,315

	Number of Shares	Value (Note 1)
Compass Minerals International, Inc.	2,000	$	134,380
Freeport-McMoRan Copper & Gold, Inc.*	21,800		1,750,322
Newmont Mining Corp.	196,925		9,316,522
Nucor Corp.	42,200		1,968,630
Reliance Steel & Aluminum Co.	8,500		367,370
Royal Gold, Inc.	3,500		164,850
Schnitzer Steel Industries, Inc., Class A	600		28,620
Southern Copper Corp.	6,200		204,042
Steel Dynamics, Inc.	98,500		1,745,420
Titanium Metals Corp.*	11,400		142,728
United States Steel Corp.	19,300		1,063,816
			21,421,954
Paper & Forest Products (0.2%)
International Paper Co.	58,000		1,553,240
MeadWestvaco Corp.	23,000		658,490
Weyerhaeuser Co.	28,400		1,225,176
			3,436,906
Total Materials			51,770,651
Telecommunication Services (5.5%)
Diversified Telecommunication Services (4.0%)
AT&T, Inc.	1,495,785		41,926,854
CenturyTel, Inc.	39,859		1,443,294
Clearwire Corp., Class A*	8,600		58,136
Frontier Communications Corp.	23,700		185,097
Level 3 Communications, Inc.*	218,600		334,458
Qwest Communications International, Inc.	197,800		832,738
Verizon Communications, Inc.	453,700		15,031,081
Windstream Corp.	32,700		359,373
			60,171,031
Wireless Telecommunication Services (1.5%)
Crown Castle International Corp.*	25,000		976,000
Leap Wireless International, Inc.*	1,800		31,590
NII Holdings, Inc.*	21,100		708,538
Sprint Nextel Corp.*	1,170,500		4,284,030
Telephone & Data Systems, Inc.	12,200		413,824
U.S. Cellular Corp.*	2,100		89,061
Vodafone Group plc	1,674,083		3,876,673
Vodafone Group plc (ADR)^	505,500		11,671,995
			22,051,711
Total Telecommunication Services			82,222,742
Utilities (4.9%)
Electric Utilities (2.3%)
Allegheny Energy, Inc.	8,800		206,624
American Electric Power Co., Inc.	130,050		4,524,439
DPL, Inc.	13,600		375,360
Duke Energy Corp.	172,900		2,975,609
Edison International	43,800		1,523,364
Entergy Corp.	46,850		3,834,204

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Exelon Corp.	80,800	$	3,948,696
FirstEnergy Corp.	41,000		1,904,450
FPL Group, Inc.	77,390		4,087,740
Great Plains Energy, Inc.	18,100		350,959
Hawaiian Electric Industries, Inc.	12,200		254,980
Northeast Utilities	23,500		606,065
NV Energy, Inc.	18,000		222,840
Pepco Holdings, Inc.	29,500		497,075
Pinnacle West Capital Corp.	55,900		2,044,822
PPL Corp.	61,190		1,977,049
Progress Energy, Inc.	37,500		1,537,875
Southern Co.	105,100		3,501,932
Westar Energy, Inc.	14,600		317,112
			34,691,195
Gas Utilities (0.3%)
AGL Resources, Inc.	10,400		379,288
Atmos Energy Corp.	12,300		361,620
Energen Corp.	9,600		449,280
National Fuel Gas Co.	9,500		475,000
ONEOK, Inc.	14,100		628,437
Questar Corp.	23,400		972,738
UGI Corp.	14,500		350,755
			3,617,118
Independent Power Producers & Energy Traders (0.2%)
AES Corp.*	17,300		230,263
Calpine Corp.*	20,600		226,600
Constellation Energy Group, Inc.	3,800		133,646
Dynegy, Inc., Class A*	66,900		121,089
Mirant Corp.*	19,300		294,711
NRG Energy, Inc.*	35,600		840,516
RRI Energy, Inc.*^	171,600		981,552
			2,828,377
Multi-Utilities (2.1%)
Alliant Energy Corp.	14,800		447,848
Ameren Corp.	43,900		1,227,005
CenterPoint Energy, Inc.	8,300		120,433
CMS Energy Corp.^	68,250		1,068,795
Consolidated Edison, Inc.	36,900		1,676,367
Dominion Resources, Inc.^	180,589		7,028,524
DTE Energy Co.	22,000		958,980
Integrys Energy Group, Inc.	8,000		335,920
MDU Resources Group, Inc.	24,700		582,920
NiSource, Inc.	141,400		2,174,732
NSTAR	14,300		526,240
OGE Energy Corp.	12,900		475,881
PG&E Corp.	106,925		4,774,202
Public Service Enterprise Group, Inc.	142,645		4,742,946
SCANA Corp.	16,400		617,952
Sempra Energy	32,800		1,836,144
TECO Energy, Inc.	28,600		463,892
Vectren Corp.	10,800		266,544
Wisconsin Energy Corp.	15,700		782,331
Xcel Energy, Inc.	61,200		1,298,664
			31,406,320

	Number of Shares		Value (Note 1)
Water Utilities (0.0%)
American Water Works Co., Inc.		8,000	$	179,280
Aqua America, Inc.		18,200		318,682
				497,962
Total Utilities				73,040,972
Total Common Stocks (99.1%) (Cost $1,334,862,060)				1,489,387,581
CONVERTIBLE PREFERRED STOCK:
Financials (0.2%)
Diversified Financial Services (0.2%)
Bank of America Corp. 10.000%(l)*		175,560		2,619,355
Total Convertible Preferred Stocks (0.2%) (Cost $2,644,686)				2,619,355
	Number of Rights		Value (Note 1)
RIGHTS:
Telecommunication Services (0.0%)
Diversified Telecommunication Services (0.0%)
Clearwire Corp., expiring 6/21/10* (Cost $—)		6,500		2,600
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.1%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u)	$	10,899,451		10,899,451
Lehman Brothers Holdings 0.00%, 8/21/09(h)(s)		2,039,987		397,797
Monumental Global Funding II 0.43%, 5/26/10(l)		3,830,000		3,753,783
Pricoa Global Funding I 0.40%, 6/25/10(l)		2,439,880		2,404,517
Total Short-Term Investments of Cash Collateral for Securities Loaned				17,455,548
Time Deposit (1.0%)
JPMorgan Chase Nassau 0.000%, 1/4/10		14,751,043		14,751,043
Total Short-Term Investments (2.1%) (Cost/Amortized Cost $33,960,361)				32,206,591
Total Investments (101.4%) (Cost/Amortized Cost $1,371,467,107)				1,524,216,127
Other Assets Less Liabilities (-1.4%)				(21,021,064	)
Net Assets (100%)			$	1,503,195,063

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).

# All, or a portion of security held by broker as collateral for financial futures contracts with a total collateral value of $1,363,800.

(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 $11,117,533.

Glossary:

ADR — American Depositary Receipt

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

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/2009		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	47	March-10	$	2,629,742	$	2,610,145	$	(19,597	)

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	$	159,062,872		$	—	$	—	$	159,062,872
Consumer Staples		101,912,163			8,663,122		—		110,575,285
Energy		239,580,340			—		—		239,580,340
Financials		322,813,854			—		—		322,813,854
Health Care		160,236,849			2,284,896		—		162,521,745
Industrials		168,678,465			—		—		168,678,465
Information Technology		119,120,655			—		—		119,120,655
Materials		51,770,651			—		—		51,770,651
Telecommunication Services		78,346,069			3,876,673		—		82,222,742
Utilities		73,040,972			—		—		73,040,972
Convertible Preferred Stocks
Financials		2,619,355			—		—		2,619,355
Rights
Telecommunication Services		2,600			—		—		2,600
Short-Term Investments		—			32,206,591		—		32,206,591
Total Assets	$	1,477,184,845		$	47,031,282	$	—	$	1,524,216,127
Liabilities:
Futures	$	(19,597	)	$	—	$	—	$	(19,597	)
Total Liabilities	$	(19,597	)	$	—	$	—	$	(19,597	)
Total	$	1,477,165,248		$	47,031,282	$	—	$	1,524,196,530

See Notes to Financial Statements.

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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		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	—
	Liability Derivatives
Interest rate contracts	Payables, Net Assets – Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets – Unrealized depreciation		(19,597	)*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(19,597	)

* 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		—		1,457,762		—		—		1,457,762
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	1,457,762	$	—	$	—	$	1,457,762

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		—		(19,597	)		—		—		(19,597	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(19,597	)	$	—	$	—	$	(19,597	)

The Portfolio held futures contracts with an average notional balance of approximately $5,209,000 during the year ended December 31, 2009.

^ This Portfolio held 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	$	1,067,272,752
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,350,998,790

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	$	174,525,765
Aggregate gross unrealized depreciation		(59,875,312	)
Net unrealized appreciation	$	114,650,453
Federal income tax cost of investments	$	1,409,565,674

At December 31, 2009, the Portfolio had loaned securities with a total value of $18,551,679. This was secured by collateral of $19,209,318 which was received as cash and subsequently invested in short-term investments currently valued at $17,455,548, as reported in the Portfolio of Investments.

For the year ended December 31, 2009, the Portfolio incurred approximately $8,542 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $5,274 as broker commissions with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $781,512,491 of which $165,673,773 expires in the year 2016, and $615,838,718 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 $1,371,467,107)
(Securities on loan at market value $18,551,679)	$	1,524,216,127
Receivable for securities sold		4,737,790
Dividends, interest and other receivables		2,485,823
Receivable from Separate Accounts for Trust shares sold		210,142
Other assets		1,838
Total assets		1,531,651,720
LIABILITIES
Overdraft payable		2,930
Payable for return of cash collateral on securities loaned		19,209,318
Payable for securities purchased		7,414,684
Investment management fees payable		924,376
Payable to Separate Accounts for Trust shares redeemed		385,439
Administrative fees payable		205,057
Distribution fees payable - Class B		103,012
Variation margin payable on futures contracts		23,289
Trustees’ fees payable		22,578
Accrued expenses		165,974
Total liabilities		28,456,657
NET ASSETS	$	1,503,195,063
Net assets were comprised of:
Paid in capital	$	2,171,598,315
Accumulated undistributed net investment income (loss)		260,657
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(821,393,980	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		152,730,071
Net assets	$	1,503,195,063
Class A
Net asset value, offering and redemption price per share, $1,018,251,337 / 116,808,253 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.72
Class B
Net asset value, offering and redemption price per share, $484,943,726 / 55,616,062 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.72

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $24,566 foreign withholding tax)	$	39,919,566
Interest		3,758
Securities lending (net)		87,784
Total income		40,011,108
EXPENSES
Investment management fees		10,238,231
Administrative fees		2,282,405
Distribution fees - Class B		1,089,492
Printing and mailing expenses		232,645
Custodian fees		180,500
Professional fees		79,680
Trustees’ fees		21,002
Miscellaneous		30,720
Gross expenses		14,154,675
Less:   Fees paid indirectly		(1,540,718	)
Net expenses		12,613,957
NET INVESTMENT INCOME (LOSS)		27,397,151
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(530,872,160	)
Foreign currency transactions		7,167
Futures		1,457,762
Net realized gain (loss)		(529,407,231	)
Change in unrealized appreciation (depreciation) on:
Securities		732,295,456
Foreign currency translations		(6,403	)
Futures		(19,597	)
Net change in unrealized appreciation (depreciation)		732,269,456
NET REALIZED AND UNREALIZED GAIN (LOSS)		202,862,225
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	230,259,376

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)	$	27,397,151		$	33,686,560
Net realized gain (loss) on investments, futures and foreign currency transactions		(529,407,231	)		(286,917,393	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		732,269,456			(639,402,834	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		230,259,376			(892,633,667	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(19,167,537	)		(25,468,370	)
Class B		(7,955,602	)		(8,457,415	)
		(27,123,139	)		(33,925,785	)
Distributions from net realized capital gains
Class A		—			(3,399,561	)
Class B		—			(1,455,238	)
		—			(4,854,799	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(27,123,139	)		(38,780,584	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 16,822,927 and 62,027,988 shares, respectively ]		116,248,547			632,740,276
Capital shares issued in reinvestment of dividends and distributions [ 2,218,818 and 3,898,398 shares, respectively ]		19,167,537			28,867,931
Capital shares repurchased [ (65,946,548) and (5,703,677) shares, respectively ]		(417,607,071	)		(52,081,556	)
Total Class A transactions		(282,190,987	)		609,526,651
Class B
Capital shares sold [ 6,967,188 and 13,961,284 shares, respectively ]		49,964,835			139,480,412
Capital shares issued in reinvestment of dividends and distributions [ 920,621 and 1,326,728 shares, respectively ]		7,955,602			9,912,653
Capital shares repurchased [ (13,240,809) and (15,235,176) shares, respectively ]		(96,220,039	)		(145,462,697	)
Total Class B transactions		(38,299,602	)		3,930,368
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(320,490,589	)		613,457,019
TOTAL INCREASE (DECREASE) IN NET ASSETS		(117,354,352	)		(317,957,232	)
NET ASSETS:
Beginning of year		1,620,549,415			1,938,506,647
End of year (a)	$	1,503,195,063		$	1,620,549,415
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	260,657		$	(20,523	)

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	$	7.21		$	11.79		$	12.83		$	11.19		$	10.99
Income (loss) from investment operations:
Net investment income (loss)		0.15	(e)		0.18	(e)		0.19	(e)		0.14	(e)		0.13	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.53			(4.58	)		0.29			2.05			0.68
Total from investment operations		1.68			(4.40	)		0.48			2.19			0.81
Less distributions:
Dividends from net investment income		(0.17	)		(0.16	)		(0.18	)		(0.12	)		(0.09	)
Distributions from net realized gains		—			(0.02	)		(1.34	)		(0.43	)		(0.52	)
Total dividends and distributions		(0.17	)		(0.18	)		(1.52	)		(0.55	)		(0.61	)
Net asset value, end of year	$	8.72		$	7.21		$	11.79		$	12.83		$	11.19
Total return		23.29	%		(37.33	)%		3.88	%		19.62	%		7.37	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,018,251		$	1,180,738		$	1,220,184		$	914,471		$	309,385
Ratio of expenses to average net assets:
After waivers and reimbursements		0.93	%		1.05	%		1.07	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		0.82	%(c)		1.03	%		1.01	%		1.06	%		1.04	%
Before waivers, reimbursements and fees paid indirectly		0.93	%		1.05	%		1.07	%		1.10	%		1.12	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		1.92	%		1.79	%		1.38	%		1.12	%		1.03	%
After waivers, reimbursements and fees paid indirectly		2.04	%		1.82	%		1.44	%		1.16	%		1.09	%
Before waivers, reimbursements and fees paid indirectly		1.92	%		1.79	%		1.38	%		1.12	%		1.01	%
Portfolio turnover rate		77	%		60	%		77	%		63	%		76	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—	#

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	$	7.21		$	11.79		$	12.83		$	11.19		$	10.99
Income (loss) from investment operations:
Net investment income (loss)		0.13	(e)		0.15	(e)		0.16	(e)		0.11	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.53			(4.57	)		0.29			2.05			0.69
Total from investment operations		1.66			(4.42	)		0.45			2.16			0.78
Less distributions:
Dividends from net investment income		(0.15	)		(0.14	)		(0.15	)		(0.09	)		(0.06	)
Distributions from net realized gains		—			(0.02	)		(1.34	)		(0.43	)		(0.52	)
Total dividends and distributions		(0.15	)		(0.16	)		(1.49	)		(0.52	)		(0.58	)
Net asset value, end of year	$	8.72		$	7.21		$	11.79		$	12.83		$	11.19
Total return		22.97	%		(37.49	)%		3.61	%		19.32	%		7.10	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	484,944		$	439,812		$	718,323		$	702,312		$	526,727
Ratio of expenses to average net assets:
After waivers and reimbursements		1.18	%		1.30	%		1.32	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.07	%(c)		1.28	%		1.26	%(c)		1.31	%(c)		1.29	%
Before waivers, reimbursements and fees paid indirectly		1.18	%		1.30	%		1.32	%		1.35	%		1.37	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		1.63	%		1.51	%		1.12	%		0.85	%		0.78	%
After waivers, reimbursements and fees paid indirectly		1.73	%		1.53	%		1.18	%		0.89	%		0.84	%
Before waivers, reimbursements and fees paid indirectly		1.63	%		1.51	%		1.12	%		0.85	%		0.76	%
Portfolio turnover rate		77	%		60	%		77	%		63	%		76	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—	#

# Per share amount is less than $0.01.

(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.

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MULTIMANAGER MID CAP GROWTH PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø AllianceBernstein L.P.

_Ø Franklin Advisers, Inc.

_Ø SSgA Funds Management, Inc.

_Ø Wellington Management Company, LLP

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	42.27	%	1.50	%	0.84	%
Portfolio – Class B Shares	41.88		1.23		0.57
Russell 2500™ Growth Index	41.66		2.00		3.45
*   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 42.27% for the year ended December 31, 2009. The Portfolio’s benchmark, the Russell 2500^™ Growth Index, returned 41.66% over the same period.

Asset Class Overview

Last year was a period of transition in the U.S. stock market, and the small cap growth space was no exception. After starting out with the same negative tone that had marked 2008, one of the worst years ever for U.S. stocks, the market abruptly reversed course in March as investors began seeing so-called “green shoots” of economic recovery. As the year progressed, fears of financial collapse began to give way to expectations for economic recovery. By year end, the Russell 2500^™ Growth Index finished up 41.7%, strongly ahead of the S&P 500’s 26.5% advance.

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 2500^™ Growth Index.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• The Information Technology sector, specifically the semiconductor subsector, positively impacted performance.

• The Industrials and Telecommunications Services sectors contributed to performance on a positive basis.

• Stock selection in the Telecommunications Services sector aided the Portfolio’s relative returns.

• SeaGate Technology, the largest disk drive manufacturer, was the Portfolio’s individual leading contributor to relative performance. It was severely impacted early in the year by inventory reductions at the end of 2008 and negative pricing. Both factors have reversed quicker than investors expected with a more rational competitive environment and stronger than expected overall demand.

• Intuitive Surgical Inc. (Health Care sector), Vistaprint (Information Technology sector), and SBA Communications Corp (Telecommunications Services sector) were among the leading contributors to performance.

• Atheros Communications, a semiconductor company that provides technologies for wireless and wired end-users, was also a leading contributor to positive relative returns. Shares benefited from strong product cycles for mobile handsets, gaming, and notebooks.

What hurt performance during the year:

• The Materials, Consumer Discretionary and Health Care sectors contributed to relative performance on a negative basis.

• Stock selection in the Materials, Consumer Discretionary and Health Care sectors was negative for the Portfolio.

• Leading detractors from relative performance included FLIR Systems Inc. (Information Technology sector); Sequenom Inc. and Psychiatric Solutions (both in the Health Care sector); Huron Consulting Group (Industrials sector); and Advance Auto Parts Inc. (Consumer Discretionary sector).

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MULTIMANAGER MID CAP GROWTH PORTFOLIO (Unaudited)

Sector Weightings as of 12/31/09	% of Net Assets
Information Technology	27.0	%
Consumer Discretionary	19.0
Health Care	17.5
Industrials	14.4
Financials	6.6
Energy	4.6
Materials	4.1
Consumer Staples	3.5
Telecommunication Services	1.5
Utilities	0.5
Cash and Other	1.3
	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	$1,249.10	$6.12
Hypothetical (5% average return before expenses)	1,000.00	1,019.76	5.50
Class B
Actual	1,000.00	1,246.50	7.53
Hypothetical (5% average return before expenses)	1,000.00	1,018.50	6.77
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.08% and 1.33% , 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 (19.0%)
Auto Components (0.9%)
Amerigon, Inc.*^	5,400	$	42,876
ArvinMeritor, Inc.*	1,800		20,124
BorgWarner, Inc.	24,400		810,568
China Automotive Systems, Inc.*	1,100		20,581
Cooper Tire & Rubber Co.	13,400		268,670
Dorman Products, Inc.*^	500		7,830
Drew Industries, Inc.*^	24,400		503,860
Federal Mogul Corp.*	1,600		27,680
Fuel Systems Solutions, Inc.*	3,200		131,968
Gentex Corp.^	31,100		555,135
Goodyear Tire & Rubber Co.*	54,600		769,860
Hawk Corp., Class A*	300		5,283
Raser Technologies, Inc.*^	11,300		14,012
Standard Motor Products, Inc.*	2,100		17,892
Tenneco, Inc.*	33,300		590,409
TRW Automotive Holdings Corp.*^	3,100		74,028
WABCO Holdings, Inc.	12,800		330,112
Wonder Auto Technology, Inc.*	3,600		42,336
			4,233,224
Automobiles (0.0%)
Thor Industries, Inc.	4,300		135,020
Winnebago Industries, Inc.*	900		10,980
			146,000
Distributors (0.3%)
Core-Mark Holding Co., Inc.*^	700		23,072
LKQ Corp.*	75,200		1,473,168
			1,496,240
Diversified Consumer Services (1.9%)
American Public Education, Inc.*	4,100		140,876
Bridgepoint Education, Inc.*^	2,900		43,558
Brink’s Home Security Holdings, Inc.*	33,650		1,098,336
Capella Education Co.*^	16,100		1,212,330
Career Education Corp.*	14,400		335,664
ChinaCast Education Corp.*	6,100		46,116
Coinstar, Inc.*^	19,500		541,710
Corinthian Colleges, Inc.*^	63,671		876,750
CPI Corp.	1,300		15,964
DeVry, Inc.	14,100		799,893
Education Management Corp.*^	3,300		72,633
Grand Canyon Education, Inc.*	3,400		64,634
Hillenbrand, Inc.	5,500		103,620
ITT Educational Services, Inc.*^	8,700		834,852
K12, Inc.*	27,000		547,290
Learning Tree International, Inc.*	2,000		23,880
Lincoln Educational Services Corp.*	2,000		43,340
Mac-Gray Corp.*	500		5,150
Matthews International Corp., Class A	7,000		248,010
Nobel Learning Communities, Inc.*	900		6,831
Pre-Paid Legal Services, Inc.*	1,700		69,836
Princeton Review, Inc.*	3,700		15,022
Sotheby’s, Inc.	13,900		312,472

	Number of Shares	Value (Note 1)
Steiner Leisure Ltd.*	1,600	$	63,616
Strayer Education, Inc.^	7,400		1,572,426
Universal Technical Institute, Inc.*	4,600		92,920
Weight Watchers International, Inc.	800		23,328
			9,211,057
Hotels, Restaurants & Leisure (3.2%)
AFC Enterprises, Inc.*	600		4,896
Ambassadors Group, Inc.	4,400		58,476
Ameristar Casinos, Inc.^	5,800		88,334
Bally Technologies, Inc.*	38,500		1,589,665
Benihana, Inc., Class A*	1,600		6,064
BJ’s Restaurants, Inc.*^	4,500		84,690
Brinker International, Inc.	23,400		349,128
Buffalo Wild Wings, Inc.*^	19,600		789,292
Burger King Holdings, Inc.	24,000		451,680
California Pizza Kitchen, Inc.*	4,500		60,525
Caribou Coffee Co., Inc.*	1,700		13,124
Carrols Restaurant Group, Inc.*	2,800		19,796
CEC Entertainment, Inc.*	5,200		165,984
Cheesecake Factory, Inc.*^	69,400		1,498,346
Chipotle Mexican Grill, Inc.*	12,900		1,137,264
Choice Hotels International, Inc.	1,800		56,988
CKE Restaurants, Inc.	11,300		95,598
Cracker Barrel Old Country Store, Inc.^	3,900		148,161
Ctrip.com International Ltd. (ADR)*	16,600		1,192,876
Denny’s Corp.*^	21,600		47,304
DineEquity, Inc.*	4,000		97,160
Domino’s Pizza, Inc.*	900		7,542
Dover Downs Gaming & Entertainment, Inc.	3,300		12,474
Einstein Noah Restaurant Group, Inc.*	600		5,898
Frisch’s Restaurants, Inc.	100		2,385
Great Wolf Resorts, Inc.*	800		1,896
Interval Leisure Group, Inc.*	8,200		102,254
Isle of Capri Casinos, Inc.*^	3,900		29,172
Jack in the Box, Inc.*	13,100		257,677
Krispy Kreme Doughnuts, Inc.*	13,800		40,710
Lakes Entertainment, Inc.*^	1,600		4,016
Life Time Fitness, Inc.*	900		22,437
Marcus Corp.	400		5,128
McCormick & Schmick’s Seafood Restaurants, Inc.*	400		2,784
MGM MIRAGE*	144,872		1,321,233
Monarch Casino & Resort, Inc.*	1,300		10,530
Morgans Hotel Group Co.*	2,600		11,778
Multimedia Games, Inc.*	1,800		10,818
Orient-Express Hotels Ltd., Class A*^	65,440		663,561
P.F. Chang’s China Bistro, Inc.*^	5,400		204,714
Panera Bread Co., Class A*	19,400		1,299,218
Papa John’s International, Inc.*	3,900		91,104
Peet’s Coffee & Tea, Inc.*	2,500		83,325
Pinnacle Entertainment, Inc.*	7,500		67,350
Red Robin Gourmet Burgers, Inc.*^	900		16,110
Ruth’s Hospitality Group, Inc.*	3,100		6,479

See Notes to Financial Statements.

184

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December 31, 2009

	Number of Shares	Value (Note 1)
Scientific Games Corp., Class A*	14,600	$	212,430
Shuffle Master, Inc.*	128,700		1,060,488
Sonic Corp.*	13,000		130,910
Texas Roadhouse, Inc.*^	11,400		128,022
Town Sports International Holdings, Inc.*^	3,700		8,621
Universal Travel Group*	2,200		22,308
Wendy’s/Arby’s Group, Inc., Class A^	34,300		160,867
WMS Industries, Inc.*	26,400		1,056,000
Wyndham Worldwide Corp.	17,800		359,026
Youbet.com, Inc.*	7,500		21,525
			15,396,141
Household Durables (2.0%)
Blyth, Inc.	100		3,372
D.R. Horton, Inc.	106,900		1,162,003
Harman International Industries, Inc.	8,700		306,936
Hovnanian Enterprises, Inc., Class A*^	7,200		27,648
iRobot Corp.*^	4,200		73,920
Jarden Corp.	61,600		1,904,056
KB Home^	1,400		19,152
Leggett & Platt, Inc.	22,000		448,800
M.D.C. Holdings, Inc.	3,300		102,432
M/I Homes, Inc.*	500		5,195
MRV Engenharia e Participacoes S.A.	155,400		1,240,504
National Presto Industries, Inc.	1,100		120,153
NIVS IntelliMedia Technology Group, Inc.*	2,000		5,160
NVR, Inc.*	200		142,142
Pulte Homes, Inc.*^	52,600		526,000
Sealy Corp.*	1,800		5,688
Tempur-Pedic International, Inc.*	116,900		2,762,347
Tupperware Brands Corp.	14,100		656,637
Universal Electronics, Inc.*	2,300		53,406
			9,565,551
Internet & Catalog Retail (0.8%)
Blue Nile, Inc.*	16,300		1,032,279
Drugstore.Com, Inc.*	20,400		63,036
Gaiam, Inc., Class A*	84,668		651,097
HSN, Inc.*^	9,200		185,748
Netflix, Inc.*^	20,140		1,110,519
NutriSystem, Inc.^	7,100		221,307
Orbitz Worldwide, Inc.*	3,600		26,424
Overstock.com, Inc.*^	3,600		48,816
PetMed Express, Inc.^	5,300		93,439
Shutterfly, Inc.*^	700		12,467
Stamps.com, Inc.*	2,000		18,000
Ticketmaster Entertainment, Inc.*	8,700		106,314
U.S. Auto Parts Network, Inc.*^	300		1,560
Vitacost.com, Inc.*	1,100		11,462
			3,582,468
Leisure Equipment & Products (0.4%)
Hasbro, Inc.	16,800		538,608
Leapfrog Enterprises, Inc.*	1,700		6,647
Polaris Industries, Inc.^	6,900		301,047
Pool Corp.	60,270		1,149,951

	Number of Shares	Value (Note 1)
Smith & Wesson Holding Corp.*^	13,300	$	54,397
Sport Supply Group, Inc.	600		7,554
Sturm Ruger & Co., Inc.^	4,400		42,680
			2,100,884
Media (1.6%)
Arbitron, Inc.^	6,100		142,862
Carmike Cinemas, Inc.*	2,200		16,632
Cinemark Holdings, Inc.	6,300		90,531
CKX, Inc.*	12,700		66,929
Crown Media Holdings, Inc., Class A*^	1,300		1,885
CTC Media, Inc.*	7,900		117,710
Dolan Media Co.*^	7,000		71,470
DreamWorks Animation SKG, Inc., Class A*	26,800		1,070,660
Focus Media Holding Ltd. (ADR)*	90,800		1,439,180
Global Sources Ltd.*	470		2,938
Interactive Data Corp.	3,900		98,670
John Wiley & Sons, Inc., Class A	9,300		389,484
Knology, Inc.*	2,600		28,470
Lamar Advertising Co., Class A*	20,800		646,672
Lions Gate Entertainment Corp.*	143,500		833,735
LodgeNet Interactive Corp.*	3,400		18,802
Martha Stewart Living Omnimedia, Inc., Class A*^	5,000		24,700
Marvel Entertainment, Inc.*	11,000		594,880
Mediacom Communications Corp., Class A*	3,400		15,198
Morningstar, Inc.*^	4,500		217,530
National CineMedia, Inc.	57,320		949,792
New York Times Co., Class A*	1,800		22,248
Outdoor Channel Holdings, Inc.*	400		2,320
Playboy Enterprises, Inc., Class B*	5,000		16,000
Primedia, Inc.	400		1,444
RCN Corp.*	8,500		92,225
Reading International, Inc., Class A*	800		3,240
Regal Entertainment Group, Class A	9,400		135,736
Rentrak Corp.*	2,400		42,408
Valassis Communications, Inc.*	9,100		166,166
Value Line, Inc.	400		10,044
Warner Music Group Corp.*	300		1,698
World Wrestling Entertainment, Inc., Class A^	4,100		62,853
			7,395,112
Multiline Retail (0.3%)
99 Cents Only Stores*^	9,600		125,472
Big Lots, Inc.*	2,100		60,858
Dollar Tree, Inc.*	22,040		1,064,532
Fred’s, Inc., Class A	3,000		30,600
			1,281,462
Specialty Retail (5.1%)
Aaron’s, Inc.	10,800		299,484
Abercrombie & Fitch Co., Class A^	9,900		345,015
Advance Auto Parts, Inc.	33,355		1,350,210

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Aeropostale, Inc.*^	15,200	$	517,560
American Eagle Outfitters, Inc.	78,000		1,324,440
America’s Car-Mart, Inc.*	1,500		39,495
AutoNation, Inc.*^	1,800		34,470
Barnes & Noble, Inc.^	1,900		36,233
bebe Stores, Inc.	6,000		37,620
Best Buy Co., Inc.	38,481		1,518,460
Big 5 Sporting Goods Corp.	5,000		85,900
Books-A-Million, Inc.	200		1,344
Buckle, Inc.^	5,300		155,184
CarMax, Inc.*^	55,700		1,350,725
Cato Corp., Class A	6,200		124,372
Charming Shoppes, Inc.*^	1,900		12,293
Chico’s FAS, Inc.*	37,600		528,280
Children’s Place Retail Stores, Inc.*^	5,100		168,351
Christopher & Banks Corp.	1,100		8,382
Citi Trends, Inc.*	3,300		91,146
Coldwater Creek, Inc.*^	10,500		46,830
Collective Brands, Inc.*	6,400		145,728
Destination Maternity Corp.*	1,200		22,800
Dick’s Sporting Goods, Inc.*	100,520		2,499,933
Dress Barn, Inc.*^	2,929		67,660
DSW, Inc., Class A*	200		5,176
Finish Line, Inc., Class A	5,400		67,770
Foot Locker, Inc.	15,600		173,784
Gap, Inc.	50,300		1,053,785
Guess?, Inc.	23,300		985,590
Gymboree Corp.*	5,300		230,497
hhgregg, Inc.*^	3,000		66,090
Hibbett Sports, Inc.*^	6,500		142,935
HOT Topic, Inc.*	5,800		36,888
J. Crew Group, Inc.*^	26,400		1,181,136
Jo-Ann Stores, Inc.*	2,300		83,352
JoS. A. Bank Clothiers, Inc.*^	4,100		172,979
Kirkland’s, Inc.*^	3,100		53,847
Lumber Liquidators, Inc.*^	3,400		91,120
Men’s Wearhouse, Inc.^	600		12,636
Midas, Inc.*^	3,000		25,350
Monro Muffler Brake, Inc.	3,700		123,728
Office Depot, Inc.*	11,600		74,820
OfficeMax, Inc.*^	12,800		162,432
Penske Automotive Group, Inc.*^	3,000		45,540
PetSmart, Inc.	28,500		760,665
RadioShack Corp.	3,800		74,100
Rue21, Inc.*	700		19,663
Sally Beauty Holdings, Inc.*	5,800		44,370
Sonic Automotive, Inc., Class A*	1,500		15,585
Staples, Inc.	45,900		1,128,681
Stein Mart, Inc.*	5,600		59,696
Systemax, Inc.^	400		6,284
Talbots, Inc.*^	3,800		33,858
Tiffany & Co.^	25,600		1,100,800
Tractor Supply Co.*^	16,900		895,024
Ulta Salon Cosmetics & Fragrance, Inc.*	6,400		116,224
Urban Outfitters, Inc.*^	93,520		3,272,265
Vitamin Shoppe, Inc.*	25,800		573,792
Wet Seal, Inc., Class A*^	22,800		78,660

	Number of Shares	Value (Note 1)
Williams-Sonoma, Inc.^	37,800	$	785,484
Zumiez, Inc.*	4,500		57,240
			24,623,761
Textiles, Apparel & Luxury Goods (2.5%)
American Apparel, Inc.*	8,300		25,730
Carter’s, Inc.*	42,160		1,106,700
Cherokee, Inc.	1,900		33,858
Coach, Inc.	55,400		2,023,762
Crocs, Inc.*	6,600		37,950
Deckers Outdoor Corp.*	3,000		305,160
FGX International Holdings Ltd.*	3,100		60,729
Fossil, Inc.*	10,700		359,092
Fuqi International, Inc.*	2,800		50,260
G-III Apparel Group Ltd.*^	800		17,336
Hanesbrands, Inc.*^	86,064		2,075,003
Iconix Brand Group, Inc.*	57,700		729,905
K-Swiss, Inc., Class A*	3,700		36,778
Liz Claiborne, Inc.*^	15,300		86,139
Lululemon Athletica, Inc.*	9,300		279,930
Maidenform Brands, Inc.*	4,400		73,436
Oxford Industries, Inc.	1,800		37,224
Phillips-Van Heusen Corp.	7,500		305,100
Steven Madden Ltd.*	3,600		148,464
Timberland Co., Class A*	6,100		109,373
True Religion Apparel, Inc.*^	5,800		107,242
Under Armour, Inc., Class A*	34,100		929,907
UniFirst Corp.	500		24,055
Volcom, Inc.*^	4,100		68,634
Warnaco Group, Inc.*^	63,220		2,667,252
Weyco Group, Inc.^	1,700		40,188
Wolverine World Wide, Inc.	11,100		302,142
			12,041,349
Total Consumer Discretionary			91,073,249
Consumer Staples (3.5%)
Beverages (0.3%)
Boston Beer Co., Inc., Class A*	1,900		88,540
Coca-Cola Bottling Co. Consolidated	1,000		54,020
Hansen Natural Corp.*	35,300		1,355,520
National Beverage Corp.*	1,400		19,404
			1,517,484
Food & Staples Retailing (0.3%)
Arden Group, Inc., Class A	300		28,686
BJ’s Wholesale Club, Inc.*	2,100		68,691
Casey’s General Stores, Inc.	7,100		226,632
Diedrich Coffee, Inc.*	800		27,880
Pantry, Inc.*	600		8,154
Pricesmart, Inc.^	3,700		75,628
Ruddick Corp.^	1,900		48,887
Susser Holdings Corp.*	300		2,577
United Natural Foods, Inc.*	9,700		259,378
Village Super Market, Inc., Class A	1,400		38,248
Weis Markets, Inc.^	500		18,180
Whole Foods Market, Inc.*	20,700		568,215
			1,371,156

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Food Products (1.5%)
AgFeed Industries, Inc.*^	5,400	$	27,000
Alico, Inc.^	700		19,922
American Dairy, Inc.*^	2,300		49,864
American Italian Pasta Co., Class A*	3,300		114,807
B&G Foods, Inc., Class A	1,300		11,934
Calavo Growers, Inc.^	2,400		40,800
Cal-Maine Foods, Inc.	3,100		105,648
Darling International, Inc.*	18,700		156,706
Dean Foods Co.*	40,600		732,424
Diamond Foods, Inc.^	3,000		106,620
Dole Food Co., Inc.*	5,300		65,773
Farmer Bros Co.	700		13,818
Flowers Foods, Inc.^	14,600		346,896
Green Mountain Coffee Roasters, Inc.*	36,890		3,005,428
Hain Celestial Group, Inc.*	42,200		717,822
HQ Sustainable Maritime Industries, Inc.*	1,600		11,264
J&J Snack Foods Corp.^	3,200		127,872
Lancaster Colony Corp.	4,400		218,680
Lance, Inc.^	6,500		170,950
Lifeway Foods, Inc.*	1,300		15,444
Overhill Farms, Inc.*	4,000		19,440
Sanderson Farms, Inc.	4,600		193,936
Smart Balance, Inc.*	11,100		66,600
Smithfield Foods, Inc.*	2,300		34,937
Synutra International, Inc.*^	4,200		56,742
Tootsie Roll Industries, Inc.^	5,666		155,135
TreeHouse Foods, Inc.*	16,800		652,848
Zhongpin, Inc.*	4,800		74,928
			7,314,238
Household Products (0.4%)
Church & Dwight Co., Inc.	15,900		961,155
Energizer Holdings, Inc.*	13,100		802,768
Orchids Paper Products Co.*	1,200		24,024
WD-40 Co.	2,500		80,900
			1,868,847
Personal Products (1.0%)
Alberto-Culver Co.	16,400		480,356
American Oriental Bioengineering, Inc.*	5,600		26,040
Avon Products, Inc.	30,300		954,450
Bare Escentuals, Inc.*	15,000		183,450
Chattem, Inc.*	4,200		391,860
China Sky One Medical, Inc.*^	2,400		54,600
China-Biotics, Inc.*	1,800		27,846
Female Health Co.*^	4,000		18,920
Herbalife Ltd.	39,079		1,585,435
Inter Parfums, Inc.	200		2,434
Medifast, Inc.*^	2,800		85,624
NBTY, Inc.*	8,400		365,736
Nu Skin Enterprises, Inc., Class A	11,200		300,944
Nutraceutical International Corp.*	200		2,474
Revlon, Inc., Class A*^	2,300		39,123
Schiff Nutrition International, Inc.	200		1,564
USANA Health Sciences, Inc.*	1,500		47,850
			4,568,706

	Number of Shares	Value (Note 1)
Tobacco (0.0%)
Alliance One International, Inc.*^	13,900	$	67,832
Star Scientific, Inc.*^	19,100		13,370
Universal Corp.^	500		22,805
Vector Group Ltd.	8,820		123,480
			227,487
Total Consumer Staples			16,867,918
Energy (4.6%)
Energy Equipment & Services (1.9%)
Atwood Oceanics, Inc.*	10,800		387,180
Baker Hughes, Inc.	24,100		975,568
Bolt Technology Corp.*	700		7,714
Cal Dive International, Inc.*	2,600		19,656
CARBO Ceramics, Inc.	4,000		272,680
Complete Production Services, Inc.*	57,040		741,520
Dresser-Rand Group, Inc.*	18,600		587,946
Dril-Quip, Inc.*	20,900		1,180,432
ENGlobal Corp.*	3,500		10,955
Exterran Holdings, Inc.*	6,700		143,715
FMC Technologies, Inc.*^	9,180		530,971
Geokinetics, Inc.*	700		6,734
Gulf Island Fabrication, Inc.	200		4,206
GulfMark Offshore, Inc.*	2,800		79,268
Helix Energy Solutions Group, Inc.*	29,100		341,925
Helmerich & Payne, Inc.^	7,400		295,112
Hercules Offshore, Inc.*^	2,300		10,994
ION Geophysical Corp.*^	1,700		10,064
Lufkin Industries, Inc.	3,000		219,600
Matrix Service Co.*	1,900		20,235
Natural Gas Services Group, Inc.*^	300		5,655
Oceaneering International, Inc.*	20,520		1,200,831
Patterson-UTI Energy, Inc.	5,200		79,820
PHI, Inc.*	1,500		31,050
Pioneer Drilling Co.*	1,700		13,430
Rowan Cos., Inc.*	4,600		104,144
RPC, Inc.	6,300		65,520
Sulphco, Inc.*^	15,900		10,653
Superior Energy Services, Inc.*	58,230		1,414,407
TETRA Technologies, Inc.*	9,300		103,044
TGC Industries, Inc.*	2,500		9,775
Willbros Group, Inc.*	8,900		150,143
			9,034,947
Oil, Gas & Consumable Fuels (2.7%)
Alon USA Energy, Inc.	200		1,368
Alpha Natural Resources, Inc.*	27,073		1,174,427
Apco Oil and Gas International, Inc.	1,900		41,990
Approach Resources, Inc.*	400		3,088
Arena Resources, Inc.*	8,700		375,144
Atlas Energy, Inc.	7,500		226,275
ATP Oil & Gas Corp.*	1,500		27,420
Bill Barrett Corp.*	23,700		737,307
BPZ Resources, Inc.*^	17,200		163,400
Brigham Exploration Co.*	51,200		693,760
Cabot Oil & Gas Corp.	14,800		645,132

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Carrizo Oil & Gas, Inc.*^	6,300	$	166,887
Cheniere Energy, Inc.*^	4,500		10,890
Clean Energy Fuels Corp.*	8,300		127,903
Cloud Peak Energy, Inc.*	2,800		40,768
Comstock Resources, Inc.*	900		36,513
Concho Resources, Inc.*	9,340		419,366
Contango Oil & Gas Co.*	2,700		126,927
CREDO Petroleum Corp.*	1,400		13,020
Cubic Energy, Inc.*	2,200		3,278
CVR Energy, Inc.*	400		2,744
Delta Petroleum Corp.*^	23,600		24,544
Endeavour International Corp.*	24,900		26,892
Evergreen Energy, Inc.*	27,700		9,501
EXCO Resources, Inc.^	27,700		588,071
Forest Oil Corp.*	9,300		206,925
Frontier Oil Corp.	19,000		228,760
FX Energy, Inc.*	10,400		29,640
GMX Resources, Inc.*	2,600		35,724
Golar LNG Ltd.*	4,600		58,972
GreenHunter Energy, Inc.*	1,300		1,495
Gulfport Energy Corp.*	5,400		61,830
Holly Corp.^	9,800		251,174
Isramco, Inc.*	200		14,300
James River Coal Co.*	6,500		120,445
Karoon Gas Australia Ltd.*	42,648		400,732
Mariner Energy, Inc.*	20,500		238,005
Massey Energy Co.	44,350		1,863,143
McMoRan Exploration Co.*	17,700		141,954
Newfield Exploration Co.*	14,300		689,689
Northern Oil and Gas, Inc.*	6,500		76,960
Panhandle Oil and Gas, Inc., Class A	1,600		41,440
Peabody Energy Corp.	29,600		1,338,216
PrimeEnergy Corp.*	200		7,278
Quicksilver Resources, Inc.*^	26,500		397,765
Rex Energy Corp.*^	4,100		49,200
Ship Finance International Ltd.	6,359		86,672
St. Mary Land & Exploration Co.	3,600		123,264
Syntroleum Corp.*	15,800		42,028
Teekay Corp.	4,300		99,803
Teekay Tankers Ltd., Class A	2,400		20,472
Tesoro Corp.^	13,000		176,150
Toreador Resources Corp.*	4,800		47,520
Uranerz Energy Corp.*	9,300		12,090
Uranium Energy Corp.*	11,000		41,580
VAALCO Energy, Inc.*	800		3,640
Venoco, Inc.*	1,400		18,256
W&T Offshore, Inc.^	7,400		86,580
Warren Resources, Inc.*	8,000		19,600
Westmoreland Coal Co.*	500		4,455
World Fuel Services Corp.^	13,300		356,307
Zion Oil & Gas, Inc.*^	3,690		26,383
			13,105,062
Total Energy			22,140,009
Financials (6.6%)
Capital Markets (3.5%)
Affiliated Managers Group, Inc.*^	31,280		2,106,708
Ameriprise Financial, Inc.	40,250		1,562,505
Artio Global Investors, Inc.*^	1,100		28,039

	Number of Shares	Value (Note 1)
BGC Partners, Inc., Class A	4,100	$	18,942
Broadpoint Gleacher Securities, Inc.*^	12,000		53,520
Calamos Asset Management, Inc., Class A	400		4,612
Cohen & Steers, Inc.^	1,700		38,828
Diamond Hill Investment Group, Inc.	500		32,115
Duff & Phelps Corp., Class A	3,800		69,388
Eaton Vance Corp.	26,300		799,783
Epoch Holding Corp.^	2,600		27,170
Evercore Partners, Inc., Class A^	18,400		559,360
FBR Capital Markets Corp.*	400		2,472
Federated Investors, Inc., Class B^	18,600		511,500
GAMCO Investors, Inc., Class A	900		43,461
GFI Group, Inc.	15,100		69,007
GLG Partners, Inc.*	42,900		138,138
Greenhill & Co., Inc.	13,170		1,056,761
International Assets Holding Corp.*	700		10,178
Invesco Ltd.	61,240		1,438,528
Investment Technology Group, Inc.*	900		17,730
Janus Capital Group, Inc.	35,700		480,165
Jefferies Group, Inc.*^	19,800		469,854
JMP Group, Inc.	300		2,916
KBW, Inc.*	30,320		829,555
Knight Capital Group, Inc., Class A*	11,000		169,400
Kohlberg Capital Corp.^	542		2,471
Lazard Ltd., Class A	40,380		1,533,229
Main Street Capital Corp.^	1,147		18,490
MF Global Ltd.*^	6,400		44,480
optionsXpress Holdings, Inc.	9,700		149,865
Penson Worldwide, Inc.*	3,100		28,086
Pzena Investment Management, Inc., Class A*^	1,700		13,838
Riskmetrics Group, Inc.*	39,000		620,490
Safeguard Scientifics, Inc.*	1,566		16,145
SEI Investments Co.	27,300		478,296
Stifel Financial Corp.*^	31,880		1,888,571
SWS Group, Inc.^	400		4,840
Teton Advisors, Inc., Class B*^†	10		152
Thomas Weisel Partners Group, Inc.*	500		1,890
TradeStation Group, Inc.*	2,100		16,569
U.S. Global Investors, Inc., Class A	2,600		32,006
Waddell & Reed Financial, Inc., Class A	42,800		1,307,112
Westwood Holdings Group, Inc.	1,100		39,974
			16,737,139
Commercial Banks (0.5%)
Ames National Corp.^	700		14,777
Arrow Financial Corp.^	1,442		36,050
Bank of Marin Bancorp/California^	1,000		32,560
Bank of the Ozarks, Inc.^	200		5,854
BOK Financial Corp.	1,600		76,032
Bridge Bancorp, Inc.	1,300		31,252

See Notes to Financial Statements.

188

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Bryn Mawr Bank Corp.^	300	$	4,527
CapitalSource, Inc.	9,300		36,921
Cardinal Financial Corp.	2,800		24,472
Cathay General Bancorp^	5,300		40,015
Centerstate Banks, Inc.	500		5,045
Citizens Holding Co.	200		4,478
City Holding Co.	400		12,932
CNB Financial Corp./ Pennsylvania^	1,000		15,990
Commerce Bancshares, Inc./Missouri^	4,940		191,277
Danvers Bancorp, Inc.	300		3,897
Enterprise Financial Services Corp.^	1,600		12,336
First Financial Bankshares, Inc.^	2,600		140,998
First of Long Island Corp.^	200		5,050
Great Southern Bancorp, Inc.	600		12,816
Hancock Holding Co.	700		30,653
Investors Bancorp, Inc.*	1,000		10,940
Metro Bancorp, Inc.*^	300		3,771
Nara Bancorp, Inc.*	2,000		22,680
Orrstown Financial Services, Inc.	600		20,928
Park National Corp.	200		11,776
Peapack Gladstone Financial Corp.	315		3,994
Penns Woods Bancorp, Inc.^	500		16,220
PrivateBancorp, Inc.	39,800		357,006
Republic Bancorp, Inc./Kentucky, Class A^	200		4,120
Signature Bank/New York*	23,600		752,840
Southside Bancshares, Inc.^	700		13,734
Suffolk Bancorp^	1,600		47,520
SVB Financial Group*^	800		33,352
SY Bancorp, Inc.^	1,200		25,620
Texas Capital Bancshares, Inc.*	800		11,168
Tompkins Financial Corp.^	700		28,350
Westamerica Bancorp^	3,800		210,406
Wilshire Bancorp, Inc.^	300		2,457
			2,314,814
Consumer Finance (0.1%)
Advance America Cash Advance Centers, Inc.	8,800		48,928
AmeriCredit Corp.*	6,300		119,952
Cardtronics, Inc.*^	2,300		25,461
CompuCredit Holdings Corp.^	1,900		6,327
Credit Acceptance Corp.*	1,400		58,940
Dollar Financial Corp.*	4,800		113,568
EZCORP, Inc., Class A*	10,300		177,263
First Cash Financial Services, Inc.*	5,300		117,607
Nelnet, Inc., Class A	1,400		24,122
QC Holdings, Inc.	900		4,329
Rewards Network, Inc.	533		6,737
Student Loan Corp.	100		4,657
			707,891
Diversified Financial Services (0.2%)
Asset Acceptance Capital Corp.*	1,000		6,780
Financial Federal Corp.	2,300		63,250
Life Partners Holdings, Inc.^	1,575		33,374

	Number of Shares	Value (Note 1)
MarketAxess Holdings, Inc.	7,400	$	102,860
MSCI, Inc., Class A*	22,600		718,680
NewStar Financial, Inc.*	2,100		8,232
PICO Holdings, Inc.*	2,000		65,460
Portfolio Recovery Associates, Inc.*	3,500		157,080
			1,155,716
Insurance (0.8%)
American Safety Insurance Holdings Ltd.*	200		2,890
Amtrust Financial Services, Inc.	300		3,546
Arthur J. Gallagher & Co.	21,000		472,710
Assured Guaranty Ltd.^	3,000		65,280
Axis Capital Holdings Ltd.	9,200		261,372
Brown & Brown, Inc.	19,400		348,618
Citizens, Inc./Texas*^	6,300		41,139
Crawford & Co., Class B*	4,200		16,548
eHealth, Inc.*	5,300		87,079
Endurance Specialty Holdings Ltd.	3,900		145,197
Erie Indemnity Co., Class A	4,700		183,394
FBL Financial Group, Inc., Class A	1,400		25,928
Fidelity National Financial, Inc., Class A	7,700		103,642
First Mercury Financial Corp.^	1,600		21,936
Fortis*	253,116		937,759
Genworth Financial, Inc., Class A*	47,000		533,450
Hallmark Financial Services*	300		2,388
Hanover Insurance Group, Inc.^	800		35,544
Phoenix Cos., Inc.*^	3,100		8,618
Reinsurance Group of America, Inc.	1,300		61,945
RLI Corp.^	1,800		95,850
Safety Insurance Group, Inc.	400		14,492
Tower Group, Inc.	8,200		191,962
Universal Insurance Holdings, Inc.^	2,000		11,740
Validus Holdings Ltd.	3,100		83,514
			3,756,541
Real Estate Investment Trusts (REITs) (1.0%)
Acadia Realty Trust (REIT)^	2,300		38,801
Alexander’s, Inc. (REIT)*^	300		91,326
Alexandria Real Estate Equities, Inc. (REIT)^	2,000		128,580
Associated Estates Realty Corp. (REIT)	400		4,508
Colony Financial, Inc. (REIT)	300		6,111
Cypress Sharpridge Investments, Inc. (REIT)	300		4,053
Digital Realty Trust, Inc. (REIT)^	17,200		864,816
DuPont Fabros Technology, Inc. (REIT)	3,100		55,769
EastGroup Properties, Inc. (REIT)	3,500		133,980
Equity Lifestyle Properties, Inc. (REIT)^	3,600		181,692

See Notes to Financial Statements.

189

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December 31, 2009

	Number of Shares	Value (Note 1)
Federal Realty Investment Trust (REIT)^	1,700	$	115,124
FelCor Lodging Trust, Inc. (REIT)*	86,200		310,320
Getty Realty Corp. (REIT)	1,700		40,001
Government Properties Income Trust (REIT)	200		4,596
Health Care REIT, Inc. (REIT)	13,600		602,752
Invesco Mortgage Capital, Inc. (REIT)	200		4,552
Investors Real Estate Trust (REIT)^	900		8,100
iStar Financial, Inc. (REIT)*	58,700		150,272
LTC Properties, Inc. (REIT)	600		16,050
Mid-America Apartment Communities, Inc. (REIT)	3,200		154,496
National Health Investors, Inc. (REIT)	300		11,097
Nationwide Health Properties, Inc. (REIT)	19,300		678,974
Omega Healthcare Investors, Inc. (REIT)	3,500		68,075
Pennymac Mortgage Investment Trust (REIT)*	300		5,154
Potlatch Corp. (REIT)	4,700		149,836
PS Business Parks, Inc. (REIT)	1,300		65,065
Rayonier, Inc. (REIT)	8,100		341,496
Redwood Trust, Inc. (REIT)	2,500		36,150
Saul Centers, Inc. (REIT)	800		26,208
Tanger Factory Outlet Centers (REIT)	4,900		191,051
UMH Properties, Inc. (REIT)	500		4,240
Universal Health Realty Income Trust (REIT)	1,400		44,842
Washington Real Estate Investment Trust (REIT)^	1,600		44,080
			4,582,167
Real Estate Management & Development (0.3%)
CB Richard Ellis Group, Inc., Class A*	53,300		723,281
St. Joe Co.*^	20,900		603,801
Tejon Ranch Co.*^	2,500		73,050
			1,400,132
Thrifts & Mortgage Finance (0.2%)
Brookline Bancorp, Inc.	3,600		35,676
Brooklyn Federal Bancorp, Inc.	400		4,016
Capitol Federal Financial	4,700		147,862
Cheviot Financial Corp.	100		739
Clifton Savings Bancorp, Inc.	200		1,874
Heritage Financial Group	100		725
Kearny Financial Corp.	900		9,072
Kentucky First Federal Bancorp	100		1,100
Northwest Bancshares, Inc.	52,200		590,904
Oritani Financial Corp.^	1,600		21,968
Prudential Bancorp, Inc. of Pennsylvania	800		7,616
Roma Financial Corp.	900		11,124
Territorial Bancorp, Inc.*	300		5,415
TFS Financial Corp.	2,400		29,136

	Number of Shares	Value (Note 1)
TrustCo Bank Corp. NY/New York	6,200	$	39,060
United Financial Bancorp, Inc.	700		9,177
ViewPoint Financial Group^	2,200		31,702
			947,166
Total Financials			31,601,566
Health Care (17.5%)
Biotechnology (4.1%)
Abraxis Bioscience, Inc.*	1,600		64,880
Acorda Therapeutics, Inc.*	8,800		221,936
Affymax, Inc.*^	3,200		79,168
Alexion Pharmaceuticals, Inc.*	34,740		1,696,007
Alkermes, Inc.*^	21,900		206,079
Allos Therapeutics, Inc.*	14,500		95,265
Alnylam Pharmaceuticals, Inc.*	8,400		148,008
AMAG Pharmaceuticals, Inc.*^	6,300		239,589
Amicus Therapeutics, Inc.*	3,800		15,086
Amylin Pharmaceuticals, Inc.*	47,625		675,799
Arena Pharmaceuticals, Inc.*^	21,600		76,680
ARIAD Pharmaceuticals, Inc.*	25,200		57,456
ArQule, Inc.*	5,600		20,664
Array BioPharma, Inc.*^	10,600		29,786
AVI BioPharma, Inc.*	19,200		28,032
BioCryst Pharmaceuticals, Inc.*^	5,000		32,300
BioMarin Pharmaceutical, Inc.*^	61,300		1,153,053
Biospecifics Technologies Corp.*^	900		26,415
Cardium Therapeutics, Inc.*	9,700		6,596
Celera Corp.*^	4,200		29,022
Cell Therapeutics, Inc.*^	124,900		142,386
Celldex Therapeutics, Inc.*	5,800		27,144
Cepheid, Inc.*^	13,100		163,488
Chelsea Therapeutics International, Inc.*	5,900		15,930
Clinical Data, Inc.*^	2,400		43,824
Cubist Pharmaceuticals, Inc.*	13,300		252,301
Curis, Inc.*^	15,900		51,675
Cytokinetics, Inc.*	10,100		29,391
Cytori Therapeutics, Inc.*^	6,000		36,600
Dendreon Corp.*	60,500		1,589,940
Dyax Corp.*^	15,500		52,545
Emergent Biosolutions, Inc.*	3,800		51,642
Enzon Pharmaceuticals, Inc.*	10,700		112,671
Exelixis, Inc.*	24,200		178,354
Facet Biotech Corp.*^	1,100		19,338
Genomic Health, Inc.*	3,400		66,504
Geron Corp.*^	10,300		57,165
GTx, Inc.*^	4,500		18,900
Halozyme Therapeutics, Inc.*	15,800		92,746
Hemispherx Biopharma, Inc.*^	27,600		15,456
Human Genome Sciences, Inc.*	60,500		1,851,300
Idenix Pharmaceuticals, Inc.*	6,000		12,900
Idera Pharmaceuticals, Inc.*	4,600		23,782
Immunogen, Inc.*^	34,300		269,598
Immunomedics, Inc.*	15,900		51,039
Incyte Corp.*^	49,400		450,034
Infinity Pharmaceuticals, Inc.*^	2,000		12,360
Insmed, Inc.*	31,200		24,024
InterMune, Inc.*^	26,800		349,472
Isis Pharmaceuticals, Inc.*	21,300		236,430

See Notes to Financial Statements.

190

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Lexicon Pharmaceuticals, Inc.*^	6,600	$	11,220
Ligand Pharmaceuticals, Inc., Class B*	24,500		53,165
MannKind Corp.*^	13,400		117,384
Marshall Edwards, Inc.*	5,700		3,990
Martek Biosciences Corp.*^	1,500		28,410
Maxygen, Inc.*	5,300		32,277
Medivation, Inc.*	8,800		331,320
Metabolix, Inc.*	4,300		47,601
Micromet, Inc.*	13,300		88,578
Molecular Insight Pharmaceuticals, Inc.*^	4,200		9,450
Momenta Pharmaceuticals, Inc.*	7,800		98,358
Myriad Genetics, Inc.*	38,100		994,410
Myriad Pharmaceuticals, Inc.*^	5,625		28,294
Nabi Biopharmaceuticals*	9,300		45,570
Nanosphere, Inc.*	2,700		17,388
Neurocrine Biosciences, Inc.*^	8,700		23,664
NeurogesX, Inc.*	2,600		20,046
Novavax, Inc.*^	15,400		40,964
NPS Pharmaceuticals, Inc.*	11,200		38,080
Omeros Corp.*^	1,400		9,828
OncoGenex Pharmaceutical, Inc.*	1,000		22,280
Onyx Pharmaceuticals, Inc.*^	48,160		1,413,014
Opko Health, Inc.*^	11,500		21,045
Orexigen Therapeutics, Inc.*	6,200		46,128
OSI Pharmaceuticals, Inc.*^	22,100		685,763
Osiris Therapeutics, Inc.*^	3,900		27,846
OXiGENE, Inc.*^	6,800		7,752
PDL BioPharma, Inc.^	27,100		185,906
Pharmasset, Inc.*	4,700		97,290
Poniard Pharmaceuticals, Inc.*^	4,800		8,784
Progenics Pharmaceuticals, Inc.*	4,900		21,756
Protalix BioTherapeutics, Inc.*	8,000		52,960
Regeneron Pharmaceuticals, Inc.*	26,700		645,606
Repligen Corp.*	6,900		28,359
Rigel Pharmaceuticals, Inc.*	11,600		110,316
Sangamo BioSciences, Inc.*^	9,500		56,240
Savient Pharmaceuticals, Inc.*	26,000		353,860
Sciclone Pharmaceuticals, Inc.*	8,900		20,737
Seattle Genetics, Inc.*	37,500		381,000
SIGA Technologies, Inc.*^	5,400		31,320
Spectrum Pharmaceuticals, Inc.*	10,000		44,400
StemCells, Inc.*^	25,800		32,508
Synta Pharmaceuticals Corp.*^	4,600		23,276
Talecris Biotherapeutics Holdings Corp.*	11,300		251,651
Theravance, Inc.*	12,300		160,761
Transcept Pharmaceuticals, Inc.*^	25,400		173,482
United Therapeutics Corp.*	23,100		1,216,215
Vanda Pharmaceuticals, Inc.*	6,200		69,688
Vical, Inc.*^	8,300		27,307
ZymoGenetics, Inc.*	8,500		54,315
			19,512,322
Health Care Equipment & Supplies (4.7%)
Abaxis, Inc.*^	4,900		125,195
ABIOMED, Inc.*^	7,000		61,180
Accuray, Inc.*^	8,300		46,563
AGA Medical Holdings, Inc.*	2,600		38,402
Align Technology, Inc.*	13,200		235,224

	Number of Shares	Value (Note 1)
Alphatec Holdings, Inc.*	7,500	$	40,050
American Medical Systems Holdings, Inc.*^	81,100		1,564,419
Analogic Corp.	1,800		69,318
AngioDynamics, Inc.*	1,400		22,512
Atrion Corp.	300		46,716
ATS Medical, Inc.*	11,800		38,114
Beckman Coulter, Inc.	30,600		2,002,464
Bovie Medical Corp.*^	4,300		33,583
Cantel Medical Corp.*	2,200		44,396
Cardiac Science Corp.*	600		1,338
Cardiovascular Systems, Inc.*	2,200		10,098
Conceptus, Inc.*	7,100		133,196
CryoLife, Inc.*	6,300		40,446
Cutera, Inc.*	900		7,659
Cyberonics, Inc.*^	6,100		124,684
Delcath Systems, Inc.*	5,700		29,298
DexCom, Inc.*	119,100		962,328
Edwards Lifesciences Corp.*	25,350		2,201,647
Electro-Optical Sciences, Inc.*^	4,400		45,584
Endologix, Inc.*^	11,000		58,080
EnteroMedics, Inc.*	3,800		2,128
Exactech, Inc.*	1,900		32,889
Gen-Probe, Inc.*	11,100		476,190
Greatbatch, Inc.*^	3,600		69,228
Haemonetics Corp.*	5,800		319,870
Hansen Medical, Inc.*	5,000		15,150
HeartWare International, Inc.*	1,200		42,564
Hill-Rom Holdings, Inc.	5,800		139,142
Hologic, Inc.*	76,900		1,115,050
Home Diagnostics, Inc.*	800		4,880
ICU Medical, Inc.*	3,000		109,320
IDEXX Laboratories, Inc.*^	13,300		710,752
Immucor, Inc.*	15,900		321,816
Insulet Corp.*	8,000		114,240
Integra LifeSciences Holdings Corp.*	4,300		158,154
Intuitive Surgical, Inc.*	6,023		1,826,896
Invacare Corp.	2,700		67,338
Inverness Medical Innovations, Inc.*	8,400		348,684
IRIS International, Inc.*^	4,400		54,384
Kensey Nash Corp.*	1,700		43,350
Kinetic Concepts, Inc.*	5,000		188,250
MAKO Surgical Corp.*	4,000		44,400
Masimo Corp.*	58,780		1,788,088
Medical Action Industries, Inc.*	2,800		44,968
Meridian Bioscience, Inc.^	9,400		202,570
Merit Medical Systems, Inc.*	6,400		123,456
Micrus Endovascular Corp.*	3,800		57,038
Natus Medical, Inc.*	4,700		69,513
Neogen Corp.*	4,350		102,704
NuVasive, Inc.*^	26,060		833,399
NxStage Medical, Inc.*^	5,300		44,255
OraSure Technologies, Inc.*	10,700		54,356
Orthofix International N.V.*^	3,800		117,686
Orthovita, Inc.*^	15,900		55,809
Palomar Medical Technologies, Inc.*	2,800		28,224
Quidel Corp.*^	6,000		82,680
ResMed, Inc.*^	30,300		1,583,781
Rochester Medical Corp.*	2,500		27,825

See Notes to Financial Statements.

191

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Rockwell Medical Technologies, Inc.*	3,500	$	26,915
RTI Biologics, Inc.*	4,900		18,816
Sirona Dental Systems, Inc.*	3,900		123,786
Somanetics Corp.*	2,800		49,140
SonoSite, Inc.*^	3,900		92,157
Spectranetics Corp.*	7,700		53,592
Stereotaxis, Inc.*^	6,700		26,331
STERIS Corp.^	13,400		374,798
SurModics, Inc.*^	3,500		79,310
Symmetry Medical, Inc.*^	1,500		12,090
Synovis Life Technologies, Inc.*	2,700		34,857
Teleflex, Inc.	3,900		210,171
Thoratec Corp.*^	12,800		344,576
TomoTherapy, Inc.*	4,000		15,600
TranS1, Inc.*	3,000		11,850
Utah Medical Products, Inc.^	800		23,456
Vascular Solutions, Inc.*	4,000		33,560
Volcano Corp.*^	52,900		919,402
West Pharmaceutical Services, Inc.	7,500		294,000
Wright Medical Group, Inc.*^	8,600		162,970
Young Innovations, Inc.^	1,000		24,780
Zoll Medical Corp.*	4,300		114,896
			22,450,574
Health Care Providers & Services (3.2%)
Air Methods Corp.*	2,600		87,412
Alliance HealthCare Services, Inc.*^	5,500		31,405
Allied Healthcare International, Inc.*	1,900		5,529
Allion Healthcare, Inc.*	300		1,968
Almost Family, Inc.*	1,500		59,295
Amedisys, Inc.*^	5,800		281,648
America Service Group, Inc.	2,100		33,327
American Caresource Holding, Inc.*	2,600		6,240
American Dental Partners, Inc.*	1,200		15,480
AMERIGROUP Corp.*	11,900		320,824
AMN Healthcare Services, Inc.*	7,200		65,232
Bio-Reference Labs, Inc.*	2,700		105,813
BioScrip, Inc.*^	9,000		75,240
CardioNet, Inc.*	5,900		35,046
Catalyst Health Solutions, Inc.*	8,400		306,348
Centene Corp.*	5,200		110,084
Chemed Corp.	5,200		249,444
Chindex International, Inc.*^	2,700		38,151
Clarient, Inc.*	7,500		19,875
Community Health Systems, Inc.*	36,100		1,285,160
Continuecare Corp.*	6,300		27,531
Corvel Corp.*	1,600		53,664
Coventry Health Care, Inc.*	47,610		1,156,447
Cross Country Healthcare, Inc.*	700		6,937
Emdeon, Inc., Class A*	4,800		73,200
Emergency Medical Services Corp., Class A*	23,300		1,261,695
Emeritus Corp.*^	4,600		86,250
Ensign Group, Inc.	2,700		41,499
Genoptix, Inc.*^	3,800		135,014
Gentiva Health Services, Inc.*	2,600		70,226
Hanger Orthopedic Group, Inc.*	1,200		16,596

	Number of Shares	Value (Note 1)
Health Grades, Inc.*	5,900	$	25,311
Health Management Associates, Inc., Class A*	55,700		404,939
HealthSouth Corp.*^	20,100		377,277
Healthways, Inc.*	400		7,336
HMS Holdings Corp.*	24,560		1,195,826
Humana, Inc.*	26,540		1,164,841
inVentiv Health, Inc.*	2,500		40,425
IPC The Hospitalist Co., Inc.*	3,600		119,700
Landauer, Inc.	1,300		79,820
LCA-Vision, Inc.*	2,600		13,312
LHC Group, Inc.*^	3,500		117,635
Lincare Holdings, Inc.*^	12,700		471,424
Magellan Health Services, Inc.*	700		28,511
MEDNAX, Inc.*	3,400		204,374
Metropolitan Health Networks, Inc.*	10,100		20,099
MWI Veterinary Supply, Inc.*	11,400		429,780
National Healthcare Corp.	900		32,499
National Research Corp.	400		8,280
NovaMed, Inc.*^	3,000		11,640
Odyssey HealthCare, Inc.*	3,800		59,204
Omnicare, Inc.	11,300		273,234
Owens & Minor, Inc.	7,600		326,268
Patterson Cos., Inc.*	22,700		635,146
PharMerica Corp.*^	7,100		112,748
Providence Service Corp.*	2,600		41,080
PSS World Medical, Inc.*^	13,600		306,952
Psychiatric Solutions, Inc.*	38,200		807,548
RadNet, Inc.*	5,400		11,016
RehabCare Group, Inc.*	4,400		133,892
Select Medical Holdings Corp.*	2,300		24,426
Tenet Healthcare Corp.*	73,600		396,704
Triple-S Management Corp., Class B*^	300		5,280
U.S. Physical Therapy, Inc.*	1,300		22,009
Universal Health Services, Inc., Class B	1,600		48,800
VCA Antech, Inc.*	48,800		1,216,096
Virtual Radiologic Corp.*^	1,500		19,140
			15,255,152
Health Care Technology (1.5%)
Allscripts-Misys Healthcare Solutions, Inc.*^	14,400		291,312
AMICAS, Inc.*	6,600		35,904
athenahealth, Inc.*^	35,160		1,590,638
Computer Programs & Systems, Inc.	2,300		105,915
Eclipsys Corp.*	12,700		235,204
IMS Health, Inc.	9,400		197,964
MedAssets, Inc.*^	38,700		820,827
Medidata Solutions, Inc.*	34,300		535,080
Merge Healthcare, Inc.*	6,500		21,840
Omnicell, Inc.*	5,800		67,802
Phase Forward, Inc.*	56,600		868,810
Quality Systems, Inc.	12,200		766,038
SXC Health Solutions Corp.*	35,300		1,904,435
Transcend Services, Inc.*	1,600		34,176
Vital Images, Inc.*	2,300		29,187
			7,505,132

See Notes to Financial Statements.

192

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December 31, 2009

	Number of Shares	Value (Note 1)
Life Sciences Tools & Services (1.7%)
Accelrys, Inc.*	6,500	$	37,245
Affymetrix, Inc.*^	14,200		82,928
BioDelivery Sciences International, Inc.*^	2,400		9,432
Bio-Rad Laboratories, Inc., Class A*	4,300		414,778
Bruker Corp.*	11,400		137,484
Cambrex Corp.*	6,300		35,154
Charles River Laboratories International, Inc.*	10,100		340,269
Covance, Inc.*^	14,400		785,808
Dionex Corp.*	4,000		295,480
Enzo Biochem, Inc.*	6,000		32,280
eResearchTechnology, Inc.*	9,300		55,893
Harvard Bioscience, Inc.*	5,800		20,706
Illumina, Inc.*^	18,540		568,251
Kendle International, Inc.*	800		14,648
Luminex Corp.*^	9,500		141,835
Mettler-Toledo International, Inc.*	7,600		797,924
Millipore Corp.*	12,500		904,375
PAREXEL International Corp.*	71,700		1,010,970
PerkinElmer, Inc.	5,600		115,304
Pharmaceutical Product Development, Inc.	23,700		555,528
QIAGEN N.V.*	36,000		803,520
Sequenom, Inc.*^	58,750		243,225
Techne Corp.	8,400		575,904
Varian, Inc.*	1,500		77,310
			8,056,251
Pharmaceuticals (2.3%)
Acura Pharmaceuticals, Inc.*	1,400		7,462
Adolor Corp.*	3,700		5,402
Akorn, Inc.*^	11,600		20,764
Ardea Biosciences, Inc.*^	14,200		198,800
ARYx Therapeutics, Inc.*^	5,200		16,692
Auxilium Pharmaceuticals, Inc.*	63,435		1,901,781
AVANIR Pharmaceuticals, Inc., Class A*	15,200		28,880
Biodel, Inc.*	3,000		13,020
BioMimetic Therapeutics, Inc.*	3,194		38,105
BMP Sunstone Corp.*	6,900		39,261
Cadence Pharmaceuticals, Inc.*^	57,500		556,025
Caraco Pharmaceutical Laboratories Ltd.*	900		5,436
Cornerstone Therapeutics, Inc.*	1,600		9,760
Cumberland Pharmaceuticals, Inc.*^	1,500		20,385
Cypress Bioscience, Inc.*	8,800		50,688
Daiichi Sankyo Co., Ltd.	58,739		1,229,009
Depomed, Inc.*	11,000		36,850
Discovery Laboratories, Inc.*^	25,100		15,775
Durect Corp.*	19,300		47,671
Hi-Tech Pharmacal Co., Inc.*^	500		14,025
Impax Laboratories, Inc.*	54,400		739,840
Inspire Pharmaceuticals, Inc.*^	14,300		78,936
ISTA Pharmaceuticals, Inc.*	8,300		37,848
Javelin Pharmaceuticals, Inc.*	13,600		17,680
KV Pharmaceutical Co., Class A*^	4,500		16,515

	Number of Shares	Value (Note 1)
Lannett Co., Inc.*	2,500	$	14,775
MAP Pharmaceuticals, Inc.*^	18,900		180,117
Matrixx Initiatives, Inc.*	2,400		10,128
Medicines Co.*	8,600		71,724
Medicis Pharmaceutical Corp., Class A	27,800		751,990
MiddleBrook Pharmaceuticals, Inc.*^	9,900		5,049
Nektar Therapeutics*	34,700		323,404
Obagi Medical Products, Inc.*	3,600		43,200
Optimer Pharmaceuticals, Inc.*	6,600		74,448
Pain Therapeutics, Inc.*	7,700		41,272
Penwest Pharmaceuticals Co.*	79,500		205,905
Perrigo Co.^	18,000		717,120
Pozen, Inc.*	6,000		35,940
Questcor Pharmaceuticals, Inc.*^	13,300		63,175
Repros Therapeutics, Inc.*^	2,400		1,912
Salix Pharmaceuticals Ltd.*	12,500		317,500
Santarus, Inc.*	10,800		49,896
Shionogi & Co., Ltd.	39,500		854,249
Sucampo Pharmaceuticals, Inc., Class A*	2,500		10,100
SuperGen, Inc.*	9,400		24,628
Valeant Pharmaceuticals International*^	15,400		489,566
ViroPharma, Inc.*	3,900		32,721
Vivus, Inc.*^	18,700		171,853
Watson Pharmaceuticals, Inc.*	30,800		1,219,988
XenoPort, Inc.*	7,000		129,920
			10,987,190
Total Health Care			83,766,621
Industrials (14.4%)
Aerospace & Defense (1.6%)
AAR Corp.*	800		18,384
Aerovironment, Inc.*	31,900		927,652
Alliant Techsystems, Inc.*^	7,400		653,198
American Science & Engineering, Inc.	2,100		159,264
Applied Signal Technology, Inc.	2,800		54,012
Argon ST, Inc.*	2,500		54,300
Ascent Solar Technologies, Inc.*^	200		1,060
Astronics Corp.*^	1,900		16,245
BE Aerospace, Inc.*^	58,400		1,372,400
Cubic Corp.	3,600		134,280
DigitalGlobe, Inc.*	22,500		544,500
DynCorp International, Inc., Class A*	800		11,480
Esterline Technologies Corp.*	2,200		89,694
GenCorp, Inc.*^	11,700		81,900
GeoEye, Inc.*^	3,900		108,732
Global Defense Technology & Systems, Inc.*	500		8,230
HEICO Corp.	23,400		1,037,322
Hexcel Corp.*^	72,180		936,896
LMI Aerospace, Inc.*	1,000		13,300
Orbital Sciences Corp.*	12,900		196,854
Precision Castparts Corp.	2,290		252,702
Spirit AeroSystems Holdings, Inc., Class A*	7,600		150,936

See Notes to Financial Statements.

193

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Stanley, Inc.*	2,500	$	68,525
Taser International, Inc.*	15,000		65,700
Teledyne Technologies, Inc.*	2,700		103,572
TransDigm Group, Inc.	9,000		427,410
			7,488,548
Air Freight & Logistics (0.1%)
Air Transport Services Group, Inc.*	8,500		22,440
Dynamex, Inc.*	1,600		28,960
Forward Air Corp.^	3,000		75,150
Hub Group, Inc., Class A*^	4,100		110,003
UTi Worldwide, Inc.	21,100		302,152
			538,705
Airlines (1.1%)
AirTran Holdings, Inc.*^	28,400		148,248
Alaska Air Group, Inc.*^	500		17,280
Allegiant Travel Co.*	23,300		1,099,061
AMR Corp.*^	75,100		580,523
Continental Airlines, Inc., Class B*^	31,500		564,480
Copa Holdings S.A., Class A	6,900		375,843
Hawaiian Holdings, Inc.*	12,000		84,000
JetBlue Airways Corp.*	184,800		1,007,160
Republic Airways Holdings, Inc.*	1,700		12,563
U.S. Airways Group, Inc.*	170,300		824,252
UAL Corp.*	35,500		458,305
			5,171,715
Building Products (0.8%)
AAON, Inc.	3,000		58,470
Apogee Enterprises, Inc.^	500		7,000
Armstrong World Industries, Inc.*	2,000		77,860
Builders FirstSource, Inc.*^	2,900		11,165
Lennox International, Inc.^	31,263		1,220,508
Masco Corp.	100,200		1,383,762
NCI Building Systems, Inc.*	800		1,448
Owens Corning, Inc.*	8,500		217,940
Quanex Building Products Corp.	5,100		86,547
Simpson Manufacturing Co., Inc.	25,500		685,695
Trex Co., Inc.*	2,900		56,840
			3,807,235
Commercial Services & Supplies (1.6%)
ABM Industries, Inc.	2,300		47,518
American Ecology Corp.^	4,200		71,568
American Reprographics Co.*	7,800		54,678
APAC Customer Services, Inc.*	6,300		37,548
ATC Technology Corp.*^	3,400		81,090
Brink’s Co.	10,500		255,570
Cenveo, Inc.*	11,700		102,375
Clean Harbors, Inc.*	17,900		1,067,019
Copart, Inc.*	15,100		553,113
Corrections Corp. of America*	47,506		1,166,272
Deluxe Corp.	6,200		91,698
EnergySolutions, Inc.	1,700		14,433
EnerNOC, Inc.*	3,300		100,287
Fuel Tech, Inc.*	3,000		24,510
GEO Group, Inc.*	9,300		203,484

	Number of Shares	Value (Note 1)
Healthcare Services Group, Inc.^	9,800	$	210,308
Heritage-Crystal Clean, Inc.*	600		6,276
Herman Miller, Inc.^	12,100		193,358
HNI Corp.	7,400		204,462
ICT Group, Inc.*	1,700		27,761
Innerworkings, Inc.*	4,300		25,370
Interface, Inc., Class A	11,300		93,903
Knoll, Inc.	10,900		112,597
McGrath RentCorp	800		17,888
Mine Safety Appliances Co.^	5,600		148,568
Mobile Mini, Inc.*^	53,300		750,997
Multi-Color Corp.	2,000		24,420
North American Galvanizing & Coatings, Inc.*^	2,300		11,155
Perma-Fix Environmental Services*	13,500		30,645
Rollins, Inc.	9,900		190,872
Standard Parking Corp.*	400		6,352
Standard Register Co.^	3,000		15,300
Sykes Enterprises, Inc.*	8,000		203,760
Team, Inc.*	4,100		77,121
Tetra Tech, Inc.*	33,500		910,195
Viad Corp.^	600		12,378
Waste Connections, Inc.*	13,300		443,422
Waste Services, Inc.*^	500		4,555
			7,592,826
Construction & Engineering (0.4%)
Aecom Technology Corp.*	21,300		585,750
Argan, Inc.*^	1,900		27,341
EMCOR Group, Inc.*	4,600		123,740
Furmanite Corp.*	6,600		25,146
Granite Construction, Inc.	1,000		33,660
Great Lakes Dredge & Dock Corp.	8,000		51,840
MasTec, Inc.*	8,700		108,750
Michael Baker Corp.*^	1,700		70,380
MYR Group, Inc.*	4,000		72,320
Orion Marine Group, Inc.*	6,200		130,572
Pike Electric Corp.*^	1,500		13,920
Primoris Services Corp.^	2,000		15,940
Shaw Group, Inc.*	15,500		445,625
Sterling Construction Co., Inc.*	300		5,754
			1,710,738
Electrical Equipment (1.6%)
A123 Systems, Inc.*	4,300		96,492
Acuity Brands, Inc.^	7,500		267,300
Advanced Battery Technologies, Inc.*	11,900		47,600
American Superconductor Corp.*	9,900		404,910
AMETEK, Inc.	45,560		1,742,214
AZZ, Inc.*	2,700		88,290
Baldor Electric Co.^	32,680		917,981
Broadwind Energy, Inc.*	6,800		55,012
Chase Corp.	200		2,362
Ener1, Inc.*	11,100		70,374
Energy Conversion Devices, Inc.*^	9,200		97,244
EnerSys*	21,980		480,703
Evergreen Solar, Inc.*^	24,900		37,599

See Notes to Financial Statements.

194

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December 31, 2009

	Number of Shares	Value (Note 1)
FuelCell Energy, Inc.*^	13,800	$	51,888
GrafTech International Ltd.*	10,500		163,275
GT Solar International, Inc.*^	7,900		43,924
Harbin Electric, Inc.*	3,500		71,890
Hubbell, Inc., Class B	1,600		75,680
II-VI, Inc.*	3,900		124,020
LaBarge, Inc.*	2,300		27,715
Lihua International, Inc.*	400		4,180
Microvision, Inc.*^	16,600		52,622
Polypore International, Inc.*	1,800		21,420
Powell Industries, Inc.*	1,800		56,754
Power-One, Inc.*^	1,300		5,655
PowerSecure International, Inc.*	1,100		7,931
Preformed Line Products Co.	500		21,900
Regal-Beloit Corp.	24,340		1,264,220
Roper Industries, Inc.	17,500		916,475
SatCon Technology Corp.*	13,800		38,916
Thomas & Betts Corp.*	3,900		139,581
Ultralife Corp.*	2,700		11,664
Valence Technology, Inc.*^	9,800		8,918
Vicor Corp.*	1,900		17,670
Woodward Governor Co.	11,100		286,047
			7,720,426
Industrial Conglomerates (0.1%)
Carlisle Cos., Inc.	3,900		133,614
Raven Industries, Inc.	3,700		117,549
			251,163
Machinery (3.7%)
3D Systems Corp.*^	3,000		33,900
Actuant Corp., Class A	43,480		805,684
Altra Holdings, Inc.*	900		11,115
Ampco-Pittsburgh Corp.	1,000		31,530
Badger Meter, Inc.^	3,300		131,406
Blount International, Inc.*	3,100		31,310
Bucyrus International, Inc.^	22,120		1,246,904
Chart Industries, Inc.*	5,800		95,990
China Fire & Security Group, Inc.*^	3,000		40,590
CLARCOR, Inc.^	4,300		139,492
Colfax Corp.*	1,700		20,468
Crane Co.^	5,800		177,596
Donaldson Co., Inc.	17,400		740,196
Duoyuan Printing, Inc.*	600		4,830
Dynamic Materials Corp.	2,800		56,140
Energy Recovery, Inc.*	7,400		50,912
ESCO Technologies, Inc.^	6,000		215,100
Flanders Corp.*^	3,900		17,394
Flow International Corp.*^	9,100		28,028
Force Protection, Inc.*	16,200		84,402
Gorman-Rupp Co.^	2,100		58,044
Graco, Inc.	6,200		177,134
Graham Corp.	1,400		28,980
Hansen Transmissions International NV*	567,996		999,352
Harsco Corp.	13,400		431,882
Hurco Cos., Inc.*	200		2,960
IDEX Corp.^	31,430		979,045
Illinois Tool Works, Inc.	27,773		1,332,826
Ingersoll-Rand plc	65,400		2,337,396

	Number of Shares	Value (Note 1)
Joy Global, Inc.^	11,940	$	615,985
Kaydon Corp.	15,400		550,704
K-Tron International, Inc.*^	400		43,496
Lincoln Electric Holdings, Inc.	14,940		798,692
Lindsay Corp.	2,700		107,595
Met-Pro Corp.	2,400		25,488
Middleby Corp.*^	3,800		186,276
Navistar International Corp.*	14,200		548,830
Nordson Corp.	2,600		159,068
Omega Flex, Inc.^	600		8,400
Pall Corp.	26,600		962,920
Pentair, Inc.	6,200		200,260
PMFG, Inc.*^	3,100		50,251
Portec Rail Products, Inc.	800		8,568
RBC Bearings, Inc.*	22,800		554,724
Robbins & Myers, Inc.	500		11,760
SmartHeat, Inc.*^	1,700		24,684
Snap-On, Inc.	3,700		156,362
Sun Hydraulics Corp.^	1,300		34,125
Tennant Co.	4,300		112,617
Toro Co.^	8,100		338,661
Trimas Corp.*	2,300		15,571
Valmont Industries, Inc.	11,940		936,693
Wabtec Corp.	22,500		918,900
			17,681,236
Marine (0.1%)
Kirby Corp.*^	19,000		661,770
Professional Services (1.5%)
Acacia Research Corp. - Acacia Technologies*^	7,400		67,414
Administaff, Inc.	4,800		113,232
Advisory Board Co.*	3,700		113,442
CBIZ, Inc.*	10,200		78,540
CDI Corp.	300		3,885
Corporate Executive Board Co.	7,800		177,996
CoStar Group, Inc.*^	4,500		187,965
CRA International, Inc.*	2,100		55,965
Diamond Management & Technology Consultants, Inc.	5,600		41,272
Equifax, Inc.	22,300		688,847
Exponent, Inc.*	3,000		83,520
Franklin Covey Co.*	2,600		16,380
FTI Consulting, Inc.*	30,000		1,414,800
GP Strategies Corp.*	2,500		18,825
Hill International, Inc.*	4,500		28,080
Huron Consulting Group, Inc.*	18,100		417,024
ICF International, Inc.*^	21,600		578,880
IHS, Inc., Class A*	10,800		591,948
Kelly Services, Inc., Class A*	700		8,351
Korn/Ferry International*	600		9,900
Mistras Group, Inc.*	1,400		21,084
Monster Worldwide, Inc.*^	16,700		290,580
Navigant Consulting, Inc.*	11,400		169,404
Odyssey Marine Exploration, Inc.*	13,500		19,035
On Assignment, Inc.*	1,000		7,150
Resources Connection, Inc.*^	36,100		766,042
Robert Half International, Inc.	34,500		922,185
School Specialty, Inc.*	1,400		32,746

See Notes to Financial Statements.

195

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
VSE Corp.	700	$	31,556
Watson Wyatt Worldwide, Inc., Class A	8,000		380,160
			7,336,208
Road & Rail (1.5%)
Avis Budget Group, Inc.*	13,800		181,056
Celadon Group, Inc.*	4,500		48,825
Con-way, Inc.	3,800		132,658
Genesee & Wyoming, Inc., Class A*	21,900		714,816
Heartland Express, Inc.^	7,400		112,998
J.B. Hunt Transport Services, Inc.^	53,160		1,715,473
Kansas City Southern*	9,400		312,926
Knight Transportation, Inc.^	66,030		1,273,719
Landstar System, Inc.	11,600		449,732
Localiza Rent a Car S.A.	121,400		1,339,873
Marten Transport Ltd.*	3,300		59,235
Old Dominion Freight Line, Inc.*	1,100		33,770
Patriot Transportation Holding, Inc.*	200		18,892
RailAmerica, Inc.*	81,800		997,960
USA Truck, Inc.*	1,400		17,528
			7,409,461
Trading Companies & Distributors (0.3%)
Beacon Roofing Supply, Inc.*	8,500		136,000
GATX Corp.^	4,700		135,125
Houston Wire & Cable Co.	1,900		22,610
Kaman Corp.	5,100		117,759
MSC Industrial Direct Co., Class A	9,700		455,900
RSC Holdings, Inc.*	10,900		76,736
Rush Enterprises, Inc., Class A*^	1,800		21,402
Titan Machinery, Inc.*^	3,000		34,620
Watsco, Inc.	5,600		274,288
WESCO International, Inc.*	5,200		140,452
			1,414,892
Total Industrials			68,784,923
Information Technology (27.0%)
Communications Equipment (2.8%)
3Com Corp.*	71,700		537,750
Acme Packet, Inc.*	8,500		93,500
ADC Telecommunications, Inc.*^	4,700		29,187
ADTRAN, Inc.^	9,700		218,735
Airvana, Inc.*	2,900		22,040
Anaren, Inc.*	3,200		48,160
Arris Group, Inc.*	21,100		241,173
Aruba Networks, Inc.*^	13,200		140,712
BigBand Networks, Inc.*	7,700		26,488
Blue Coat Systems, Inc.*	40,800		1,164,432
Brocade Communications Systems, Inc.*^	33,300		254,079
Ciena Corp.*^	2,500		27,100
Comtech Telecommunications Corp.*	6,500		227,825
DG FastChannel, Inc.*^	4,800		134,064
Digi International, Inc.*^	2,000		18,240
EMS Technologies, Inc.*	2,700		39,150

	Number of Shares	Value (Note 1)
Emulex Corp.*	17,300	$	188,570
F5 Networks, Inc.*	35,080		1,858,539
Finisar Corp.*^	54,812		488,923
Harmonic, Inc.*	17,000		107,610
Hughes Communications, Inc.*	2,100		54,663
Infinera Corp.*^	18,900		167,643
InterDigital, Inc.*^	9,900		262,746
Ixia*	122,200		909,168
JDS Uniphase Corp.*	25,500		210,375
Juniper Networks, Inc.*	40,900		1,090,803
KVH Industries, Inc.*	3,300		48,675
Loral Space & Communications, Inc.*	2,500		79,025
NETGEAR, Inc.*	2,100		45,549
Network Equipment Technologies, Inc.*^	3,700		14,985
Oplink Communications, Inc.*	3,300		54,087
Opnext, Inc.*	1,100		2,090
Palm, Inc.*^	55,200		554,208
Parkervision, Inc.*	6,400		11,712
Plantronics, Inc.	9,900		257,202
Polycom, Inc.*	47,100		1,176,087
Riverbed Technology, Inc.*	50,400		1,157,688
SeaChange International, Inc.*	4,100		26,937
ShoreTel, Inc.*^	9,600		55,488
Tekelec*	4,900		74,872
ViaSat, Inc.*	44,800		1,423,744
			13,544,024
Computers & Peripherals (2.1%)
3PAR, Inc.*^	5,900		69,915
ActivIdentity Corp.*	3,800		8,930
Avid Technology, Inc.*	1,400		17,864
Compellent Technologies, Inc.*^	3,900		88,452
Cray, Inc.*^	6,100		39,162
Diebold, Inc.	13,300		378,385
Imation Corp.*	700		6,104
Immersion Corp.*	7,000		31,990
Intermec, Inc.*	14,000		180,040
Isilon Systems, Inc.*	6,000		41,160
NCR Corp.*	35,800		398,454
NetApp, Inc.*	41,053		1,411,813
Netezza Corp.*	80,000		776,000
Novatel Wireless, Inc.*^	7,100		56,587
QLogic Corp.*	26,800		505,716
Quantum Corp.*	48,900		143,277
SanDisk Corp.*	54,400		1,577,056
Seagate Technology	205,176		3,732,151
Silicon Graphics International Corp.*	900		6,309
STEC, Inc.*^	5,800		94,772
Stratasys, Inc.*	4,500		77,760
Super Micro Computer, Inc.*	3,300		36,696
Synaptics, Inc.*^	7,900		242,135
Xyratex Ltd.*	20,300		270,193
			10,190,921
Electronic Equipment, Instruments & Components (2.6%)
Anixter International, Inc.*^	1,100		51,810
Arrow Electronics, Inc.*	11,200		331,632
Avnet, Inc.*	11,500		346,840
AVX Corp.	2,600		32,942

See Notes to Financial Statements.

196

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Benchmark Electronics, Inc.*	1,600	$	30,256
Brightpoint, Inc.*	11,600		85,260
Checkpoint Systems, Inc.*	2,300		35,075
China Security & Surveillance Technology, Inc.*^	5,900		45,076
Cogent, Inc.*	9,600		99,744
Cognex Corp.^	1,800		31,896
Coherent, Inc.*	18,400		547,032
Comverge, Inc.*	4,600		51,704
CPI International, Inc.*	200		2,648
CTS Corp.	400		3,848
Daktronics, Inc.^	7,100		65,391
DDi Corp.*	600		2,934
DTS, Inc.*	3,900		133,419
Echelon Corp.*^	5,200		60,112
FARO Technologies, Inc.*	50,000		1,072,000
FLIR Systems, Inc.*^	52,900		1,730,888
ICx Technologies, Inc.*	2,100		19,992
Insight Enterprises, Inc.*	1,500		17,130
IPG Photonics Corp.*^	5,400		90,396
Itron, Inc.*	8,300		560,831
Jabil Circuit, Inc.	126,300		2,193,831
L-1 Identity Solutions, Inc.*^	13,000		97,370
Maxwell Technologies, Inc.*	5,200		92,768
Methode Electronics, Inc.	1,000		8,680
Molex, Inc.	2,400		51,720
MTS Systems Corp.	400		11,496
Multi-Fineline Electronix, Inc.*	2,300		65,251
National Instruments Corp.	40,100		1,180,945
OSI Systems, Inc.*	2,700		73,656
PAR Technology Corp.*	1,400		8,092
Park Electrochemical Corp.	3,000		82,920
PC Mall, Inc.*	100		522
Plexus Corp.*	3,100		88,350
RadiSys Corp.*	5,100		48,705
RAE Systems, Inc.*	10,100		11,110
Rofin-Sinar Technologies, Inc.*	3,000		70,830
Rogers Corp.*	900		27,279
Scansource, Inc.*	400		10,680
SYNNEX Corp.*^	1,000		30,660
Trimble Navigation Ltd.*	111,530		2,810,556
Universal Display Corp.*^	6,900		85,284
Vishay Intertechnology, Inc.*	9,200		76,820
			12,576,381
Internet Software & Services (3.2%)
Akamai Technologies, Inc.*^	39,000		987,870
Ancestry.com, Inc.*	1,300		18,213
Archipelago Learning, Inc.*	1,600		33,120
Art Technology Group, Inc.*^	222,628		1,004,052
comScore, Inc.*	5,000		87,750
Constant Contact, Inc.*^	5,400		86,400
DealerTrack Holdings, Inc.*	76,100		1,429,919
Dice Holdings, Inc.*	3,800		24,890
Digital River, Inc.*	7,000		188,930
DivX, Inc.*	79,300		447,252
EarthLink, Inc.^	3,300		27,423
Equinix, Inc.*^	26,879		2,853,206
GSI Commerce, Inc.*^	41,100		1,043,529
IAC/InterActiveCorp*	9,500		194,560
Imergent, Inc.	2,000		12,140

	Number of Shares	Value (Note 1)
InfoSpace, Inc.*	4,800	$	41,136
Innodata Isogen, Inc.*	5,300		29,362
Internet Brands, Inc., Class A*^	2,700		21,141
Internet Capital Group, Inc.*	4,800		31,920
j2 Global Communications, Inc.*	9,400		191,290
Keynote Systems, Inc.	1,400		15,274
Knot, Inc.*	7,000		70,490
Limelight Networks, Inc.*	8,200		32,226
Liquidity Services, Inc.*	3,100		31,217
LivePerson, Inc.*	8,800		61,336
LogMeIn, Inc.*	1,300		25,935
LoopNet, Inc.*	4,400		43,736
Marchex, Inc., Class B	1,500		7,620
MercadoLibre, Inc.*	5,900		306,033
ModusLink Global Solutions, Inc.*	600		5,646
Move, Inc.*^	36,000		59,760
NIC, Inc.	11,700		106,938
OpenTable, Inc.*	700		17,822
Openwave Systems, Inc.*	6,200		14,136
Perficient, Inc.*	1,500		12,645
Rackspace Hosting, Inc.*^	71,950		1,500,157
RealNetworks, Inc.*	9,900		36,729
Saba Software, Inc.*	6,100		25,254
SAVVIS, Inc.*	8,400		118,020
Sohu.com, Inc.*	6,800		389,504
support.com, Inc.*	800		2,112
Switch & Data Facilities Co., Inc.*	4,800		97,008
Terremark Worldwide, Inc.*^	13,500		92,340
Travelzoo, Inc.*	1,400		17,206
ValueClick, Inc.*	20,000		202,400
VistaPrint NV*^	42,824		2,426,408
Vocus, Inc.*	3,800		68,400
WebMD Health Corp.*	12,232		470,810
Zix Corp.*	15,800		27,018
			15,038,283
IT Services (2.8%)
Acxiom Corp.*	12,500		167,750
Alliance Data Systems Corp.*	12,000		775,080
Broadridge Financial Solutions, Inc.	19,700		444,432
CACI International, Inc., Class A*	800		39,080
Cass Information Systems, Inc.^	1,800		54,720
China Information Security Technology, Inc.*	4,700		28,952
Computer Task Group, Inc.*	2,400		19,224
Convergys Corp.*	3,200		34,400
CSG Systems International, Inc.*	4,900		93,541
Cybersource Corp.*	90,800		1,825,988
DST Systems, Inc.*	7,600		330,980
Echo Global Logistics, Inc.*^	35,700		453,033
eLoyalty Corp.*	1,600		10,992
Euronet Worldwide, Inc.*	9,600		210,720
ExlService Holdings, Inc.*	3,100		56,296
Forrester Research, Inc.*	3,600		93,420
Gartner, Inc.*	13,600		245,344
Genpact Ltd.*	14,500		216,050
Global Cash Access Holdings, Inc.*	75,000		561,750

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Global Payments, Inc.	18,200	$	980,252
Hackett Group, Inc.*	3,000		8,340
Heartland Payment Systems, Inc.	8,700		114,231
Hewitt Associates, Inc., Class A*	18,800		794,488
iGATE Corp.	5,300		53,000
infoGROUP, Inc.*	4,600		36,892
Integral Systems, Inc.*^	1,100		9,526
Lionbridge Technologies, Inc.*^	14,300		32,890
ManTech International Corp., Class A*	4,000		193,120
MAXIMUS, Inc.	3,700		185,000
MoneyGram International, Inc.*^	15,600		44,928
NCI, Inc., Class A*	1,600		44,240
NeuStar, Inc., Class A*	16,300		375,552
Online Resources Corp.*	3,500		18,410
RightNow Technologies, Inc.*	5,000		86,850
SAIC, Inc.*	66,200		1,253,828
Sapient Corp.*	140,856		1,164,879
SRA International, Inc., Class A*	2,800		53,480
StarTek, Inc.*	500		3,740
Syntel, Inc.^	3,000		114,090
TeleTech Holdings, Inc.*	7,300		146,219
Tier Technologies, Inc., Class B*	2,300		18,400
TNS, Inc.*	5,700		146,433
Total System Services, Inc.	26,400		455,928
Unisys Corp.*	520		20,051
VeriFone Holdings, Inc.*	16,300		266,994
Virtusa Corp.*	1,800		16,308
Western Union Co.	50,363		949,343
Wright Express Corp.*	8,800		280,368
			13,529,532
Office Electronics (0.1%)
Zebra Technologies Corp., Class A*	12,200		345,992
Semiconductors & Semiconductor Equipment (7.1%)
Actel Corp.*	2,000		23,760
Advanced Analogic Technologies, Inc.*	10,600		41,764
Advanced Energy Industries, Inc.*	6,000		90,480
Advanced Micro Devices, Inc.*	66,500		643,720
Amkor Technology, Inc.*^	24,700		176,852
ANADIGICS, Inc.*	12,300		51,906
Applied Micro Circuits Corp.*^	15,300		114,291
Atheros Communications, Inc.*	112,051		3,836,626
ATMI, Inc.*	2,300		42,826
Broadcom Corp., Class A*	36,900		1,160,505
Cabot Microelectronics Corp.*^	600		19,776
Cavium Networks, Inc.*	8,200		195,406
CEVA, Inc.*	3,500		45,010
Cirrus Logic, Inc.*	15,200		103,664
Cree, Inc.*	23,300		1,313,421
Cymer, Inc.*	13,000		498,940
Cypress Semiconductor Corp.*^	142,670		1,506,595
Diodes, Inc.*	7,400		151,330
Entropic Communications, Inc.*	13,200		40,524
Exar Corp.*	1,000		7,110
Fairchild Semiconductor International, Inc.*	88,900		888,111
FEI Co.*	8,000		186,880

	Number of Shares	Value (Note 1)
FormFactor, Inc.*	53,800	$	1,170,688
Hittite Microwave Corp.*^	17,580		716,385
Integrated Device Technology, Inc.*	7,500		48,525
International Rectifier Corp.*	7,400		163,688
Intersil Corp., Class A^	13,800		211,692
IXYS Corp.*	4,100		30,422
Kopin Corp.*	15,700		65,626
Kulicke & Soffa Industries, Inc.*^	15,800		85,162
Lattice Semiconductor Corp.*	2,400		6,480
Marvell Technology Group Ltd.*	75,780		1,572,435
Maxim Integrated Products, Inc.	68,321		1,386,916
MEMSIC, Inc.*	300		984
Micrel, Inc.	4,600		37,720
Microsemi Corp.*	68,400		1,214,100
Microtune, Inc.*^	6,200		14,012
MIPS Technologies, Inc.*	11,200		48,944
Monolithic Power Systems, Inc.*^	7,700		184,569
Netlogic Microsystems, Inc.*	23,900		1,105,614
Novellus Systems, Inc.*	13,300		310,422
NVE Corp.*	1,100		45,441
ON Semiconductor Corp.*^	200,360		1,765,172
PLX Technology, Inc.*	7,400		23,902
Power Integrations, Inc.	30,100		1,094,436
Rambus, Inc.*^	23,600		575,840
RF Micro Devices, Inc.*	415,270		1,980,838
Rubicon Technology, Inc.*^	2,600		52,806
Rudolph Technologies, Inc.*	2,500		16,800
Semtech Corp.*	13,800		234,738
Sigma Designs, Inc.*	4,500		48,150
Silicon Laboratories, Inc.*^	36,600		1,769,244
Skyworks Solutions, Inc.*	192,400		2,730,156
Standard Microsystems Corp.*	1,400		29,092
Supertex, Inc.*	2,400		71,520
Techwell, Inc.*	3,100		40,920
Teradyne, Inc.*^	39,500		423,835
Tessera Technologies, Inc.*	11,000		255,970
TriQuint Semiconductor, Inc.*	138,500		831,000
Ultratech, Inc.*	5,400		80,244
Varian Semiconductor Equipment Associates, Inc.*	50,125		1,798,485
Veeco Instruments, Inc.*	15,200		502,208
Virage Logic Corp.*^	300		1,650
Volterra Semiconductor Corp.*	5,200		99,424
Zoran Corp.*	8,600		95,030
			34,080,782
Software (6.3%)
ACI Worldwide, Inc.*	7,900		135,485
Actuate Corp.*	10,900		46,652
Adobe Systems, Inc.*	30,220		1,111,491
Advent Software, Inc.*^	3,500		142,555
American Software, Inc., Class A	4,800		28,800
ANSYS, Inc.*^	46,300		2,012,198
ArcSight, Inc.*	30,600		782,748
Ariba, Inc.*	19,700		246,644
AsiaInfo Holdings, Inc.*^	6,600		201,102
Blackbaud, Inc.	10,000		236,300
Blackboard, Inc.*	7,200		326,808
BMC Software, Inc.*	23,060		924,706
Bottomline Technologies, Inc.*	88,300		1,551,431

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Cadence Design Systems, Inc.*	60,100	$	359,999
Callidus Software, Inc.*	2,000		6,040
China TransInfo Technology Corp.*	2,200		17,974
Chordiant Software, Inc.*	7,300		20,075
CommVault Systems, Inc.*	9,400		222,686
Concur Technologies, Inc.*^	43,948		1,878,777
Deltek, Inc.*	3,547		27,596
DemandTec, Inc.*^	4,700		41,219
Double-Take Software, Inc.*	3,700		36,963
Ebix, Inc.*^	1,500		73,245
EPIQ Systems, Inc.*^	7,500		104,925
ePlus, Inc.*	100		1,651
FactSet Research Systems, Inc.	9,400		619,178
FalconStor Software, Inc.*	7,500		30,450
Fortinet, Inc.*	20,300		356,671
GSE Systems, Inc.*	4,000		21,920
i2 Technologies, Inc.*	3,000		57,360
Informatica Corp.*^	54,808		1,417,335
Interactive Intelligence, Inc.*	2,900		53,476
Jack Henry & Associates, Inc.^	18,900		436,968
JDA Software Group, Inc.*	4,600		117,162
Kenexa Corp.*^	5,200		67,860
Lawson Software, Inc.*	13,000		86,450
Manhattan Associates, Inc.*	5,300		127,359
McAfee, Inc.*	24,618		998,752
Mentor Graphics Corp.*^	1,600		14,128
MICROS Systems, Inc.*	18,200		564,746
MicroStrategy, Inc., Class A*	2,100		197,442
Net 1 UEPS Technologies, Inc.*^	7,200		139,824
NetScout Systems, Inc.*	5,200		76,128
NetSuite, Inc.*	3,900		62,322
Novell, Inc.*	36,500		151,475
Nuance Communications, Inc.*	118,500		1,841,490
Opnet Technologies, Inc.	2,900		35,351
Parametric Technology Corp.*	26,500		433,010
Pegasystems, Inc.	3,500		119,000
Phoenix Technologies Ltd.*	7,600		20,900
Progress Software Corp.*	9,200		268,732
PROS Holdings, Inc.*	4,200		43,470
QAD, Inc.	3,547		21,672
Quest Software, Inc.*	55,100		1,013,840
Radiant Systems, Inc.*	6,100		63,440
Red Hat, Inc.*	85,763		2,650,077
Renaissance Learning, Inc.^	1,600		18,176
Rosetta Stone, Inc.*^	1,600		28,720
Rovi Corp.*	15,800		503,546
S1 Corp.*	11,500		74,980
Smith Micro Software, Inc.*^	6,200		56,668
SolarWinds, Inc.*^	19,500		448,695
Solera Holdings, Inc.	15,700		565,357
SonicWALL, Inc.*	900		6,849
Sourcefire, Inc.*	5,100		136,425
SRS Labs, Inc.*	2,900		21,257
SuccessFactors, Inc.*	58,683		972,964
Sybase, Inc.*	18,800		815,920
Symyx Technologies, Inc.*	6,800		37,400
Synchronoss Technologies, Inc.*	3,700		58,497
Synopsys, Inc.*	20,400		454,512
Take-Two Interactive Software, Inc.*^	2,600		26,130

	Number of Shares	Value (Note 1)
Taleo Corp., Class A*	53,400	$	1,255,968
TeleCommunication Systems, Inc., Class A*	8,400		81,312
THQ, Inc.*^	11,700		58,968
TIBCO Software, Inc.*	99,600		959,148
TiVo, Inc.*	24,000		244,320
Tyler Technologies, Inc.*^	7,100		141,361
Ultimate Software Group, Inc.*	5,700		167,409
Unica Corp.*	2,900		22,475
VASCO Data Security International, Inc.*	5,100		31,977
Websense, Inc.*	10,000		174,600
			30,009,692
Total Information Technology			129,315,607
Materials (4.1%)
Chemicals (2.2%)
Airgas, Inc.	14,000		666,400
Albemarle Corp.^	1,300		47,281
American Vanguard Corp.	600		4,980
Arch Chemicals, Inc.	1,000		30,880
Ashland, Inc.	1,300		51,506
Balchem Corp.	4,300		144,093
Calgon Carbon Corp.*	46,660		648,574
CF Industries Holdings, Inc.	12,200		1,107,516
China Green Agriculture, Inc.*^	2,000		29,400
Hawkins, Inc.^	1,700		37,111
Huabao International Holdings Ltd.	1,284,720		1,385,279
International Flavors & Fragrances, Inc.	16,800		691,152
Intrepid Potash, Inc.*^	51,260		1,495,254
Koppers Holdings, Inc.	3,000		91,320
Landec Corp.*	5,300		33,072
LSB Industries, Inc.*	4,000		56,400
Lubrizol Corp.	13,300		970,235
Nalco Holding Co.	31,200		795,912
NewMarket Corp.	2,300		263,971
NL Industries, Inc.^	1,100		7,634
Olin Corp.^	1,800		31,536
Omnova Solutions, Inc.*	10,200		62,526
PolyOne Corp.*	4,100		30,627
RPM International, Inc.	15,300		311,049
Scotts Miracle-Gro Co., Class A	10,100		397,031
Solutia, Inc.*	44,300		562,610
Stepan Co.	1,600		103,696
STR Holdings, Inc.*	1,800		28,278
Terra Industries, Inc.	15,400		495,726
Valhi, Inc.^	600		8,382
W.R. Grace & Co.*^	4,900		124,215
Zep, Inc.	5,000		86,600
			10,800,246
Construction Materials (0.4%)
Eagle Materials, Inc.^	59,600		1,552,580
Martin Marietta Materials, Inc.	3,900		348,699
United States Lime & Minerals, Inc.*^	300		10,359
			1,911,638

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Containers & Packaging (0.6%)
AEP Industries, Inc.*	1,200	$	45,936
Ball Corp.	13,800		713,460
Boise, Inc.*	3,500		18,585
Bway Holding Co.*	200		3,844
Crown Holdings, Inc.*	36,100		923,438
Packaging Corp. of America	2,500		57,525
Pactiv Corp.*	24,400		589,016
Rock-Tenn Co., Class A	7,600		383,116
Silgan Holdings, Inc.	3,200		185,216
			2,920,136
Metals & Mining (0.9%)
Allied Nevada Gold Corp.*^	10,700		161,356
AMCOL International Corp.	1,300		36,946
Cliffs Natural Resources, Inc.	25,600		1,179,904
Compass Minerals International, Inc.^	4,000		268,760
General Steel Holdings, Inc.*	700		3,087
Paramount Gold and Silver Corp.*	13,200		19,140
Royal Gold, Inc.	2,300		108,330
Schnitzer Steel Industries, Inc., Class A	3,900		186,030
Steel Dynamics, Inc.	60,100		1,064,972
Stillwater Mining Co.*^	700		6,636
Walter Energy, Inc.	11,900		896,189
Worthington Industries, Inc.	12,500		163,375
			4,094,725
Paper & Forest Products (0.0%)
Clearwater Paper Corp.*	200		10,994
Deltic Timber Corp.	1,800		83,124
Wausau Paper Corp.	4,100		47,560
			141,678
Total Materials			19,868,423
Telecommunication Services (1.5%)
Diversified Telecommunication Services (0.6%)
AboveNet, Inc.*	2,900		188,616
Alaska Communications Systems Group, Inc.	10,300		82,194
Cbeyond, Inc.*^	5,300		83,475
Cincinnati Bell, Inc.*	9,800		33,810
Cogent Communications Group, Inc.*	10,200		100,572
Consolidated Communications Holdings, Inc.^	2,800		49,000
Frontier Communications Corp.	31,300		244,453
General Communication, Inc., Class A*	6,000		38,280
Global Crossing Ltd.*	5,800		82,650
HickoryTech Corp.^	3,300		29,139
inContact, Inc.*	6,800		19,924
Iowa Telecommunications Services, Inc.	1,100		18,436
Neutral Tandem, Inc.*	7,600		172,900
PAETEC Holding Corp.*	28,400		117,860
Premiere Global Services, Inc.*	11,100		91,575
tw telecom, Inc.*^	75,800		1,299,212
			2,652,096

	Number of Shares	Value (Note 1)
Wireless Telecommunication Services (0.9%)
American Tower Corp., Class A*	26,640	$	1,151,115
Leap Wireless International, Inc.*	10,200		179,010
NTELOS Holdings Corp.	6,900		122,958
SBA Communications Corp., Class A*^	76,740		2,621,438
Shenandoah Telecommunications Co.	5,300		107,855
Syniverse Holdings, Inc.*	13,100		228,988
USA Mobility, Inc.	4,700		51,747
			4,463,111
Total Telecommunication Services			7,115,207
Utilities (0.5%)
Electric Utilities (0.2%)
DPL, Inc.	3,200		88,320
ITC Holdings Corp.^	11,200		583,408
NV Energy, Inc.	22,600		279,788
			951,516
Gas Utilities (0.0%)
New Jersey Resources Corp.	1,500		56,100
Piedmont Natural Gas Co., Inc.^	1,100		29,425
South Jersey Industries, Inc.^	700		26,726
			112,251
Independent Power Producers & Energy Traders (0.0%)
Ormat Technologies, Inc.	4,500		170,280
U.S. Geothermal, Inc.*	11,300		17,289
			187,569
Multi-Utilities (0.3%)
CenterPoint Energy, Inc.	74,000		1,073,740
Integrys Energy Group, Inc.	3,800		159,562
			1,233,302
Water Utilities (0.0%)
American Water Works Co., Inc.	2,100		47,061
Cadiz, Inc.*	2,900		34,713
California Water Service Group	400		14,728
Connecticut Water Service, Inc.	100		2,477
Consolidated Water Co., Ltd.	1,200		17,148
Pennichuck Corp.	200		4,226
York Water Co.^	1,100		15,961
			136,314
Total Utilities			2,620,952
Total Common Stocks (98.7%) (Cost $376,624,305)			473,154,475
	Number of Rights	Value (Note 1)
RIGHTS:
Industrials (0.0%)
Building Products (0.0%)
Builders FirstSource, Inc., expiring 1/14/10*^ (Cost $—)	4,672		1,143

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills 0.04%, 3/11/10#(p)	$	730,000	$	729,940
Short-Term Investments of Cash Collateral for Securities Loaned (3.6%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u)		9,527,238		9,527,239
Lehman Brothers Holdings, Inc. 0.00%, 8/21/09(h)(s)		2,419,984		471,897
Monumental Global Funding II 0.43%, 5/26/10(l)		4,550,000		4,459,455
Pricoa Global Funding I 0.40%, 6/25/10(l)		2,899,858		2,857,827
Total Short-Term Investments of Cash Collateral for Securities Loaned				17,316,418
Time Deposit (1.9%)
JPMorgan Chase Nassau 0.000%, 1/4/10		8,888,926		8,888,926
Total Short-Term Investments (5.6%) (Cost/Amortized Cost $29,015,979)				26,935,284
Total Investments (104.3%) (Cost/Amortized Cost $405,640,284)				500,090,902
Other Assets Less Liabilities (-4.3%)				(20,786,440	)
Net Assets (100%)			$	479,304,462

* Non-income producing.

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

† Securities (totaling $152 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 $729,940.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is 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 $9,717,864.

Glossary:

ADR — American Depositary Receipt

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)
NASDAQ 100 E-Mini Index	25	March-10	$	883,331	$	929,375	$	46,044
Russell 2000 Mini Index	49	March-10		2,912,153		3,057,110		144,957
S&P MidCap 400 E-Mini Index	30	March-10		2,072,037		2,174,700		102,663
							$	293,664

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:
Common Stocks
Consumer Discretionary	$	89,832,745	$	1,240,504	$	—	$	91,073,249
Consumer Staples		16,867,918		—		—		16,867,918
Energy		21,739,277		400,732		—		22,140,009
Financials		30,663,655		937,759		152		31,601,566
Health Care		81,683,363		2,083,258		—		83,766,621
Industrials		66,445,698		2,339,225		—		68,784,923
Information Technology		129,315,607		—		—		129,315,607
Materials		18,483,144		1,385,279		—		19,868,423
Telecommunication Services		7,115,207		—		—		7,115,207
Utilities		2,620,952		—		—		2,620,952
Futures		293,664		—		—		293,664
Rights
Industrials		1,143		—		—		1,143
Short-Term Investments		—		26,935,284		—		26,935,284
Total Assets	$	465,062,373	$	35,322,041	$	152	$	500,384,566
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	465,062,373	$	35,322,041	$	152	$	500,384,566

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-Health Care
Balance as of 12/31/08	$	—	$	417,652
Total gains or losses (realized/unrealized) included in earnings		—		—
Purchases, sales, issuances, and settlements (net)		—		—
Transfers in and/or out of Level 3		152		(417,652	)
Balance as of 12/31/09	$	152	$	—
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.	$	152

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		293,664	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	293,664
	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		—		1,748,408		—		—		1,748,408
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	1,748,408	$	—	$	—	$	1,748,408

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		—		293,664		—		—		293,664
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	293,664	$	—	$	—	$	293,664

The Portfolio held futures contracts with an average notional balance of approximately $5,512,000 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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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	$	508,640,373
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	602,100,464

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	$	101,895,583
Aggregate gross unrealized depreciation		(14,117,494	)
Net unrealized appreciation	$	87,778,089
Federal income tax cost of investments	$	412,312,813

At December 31, 2009, the Portfolio had loaned securities with a total value of $18,738,730. This was secured by collateral of $19,397,080 which was received as cash and subsequently invested in short-term investments currently valued at $17,316,418, as reported in the Portfolio of Investments.

For the year ended December 31, 2009, the Portfolio incurred approximately $2,213 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $174,298,838 of which $25,170,348 expires in the year 2016, and $149,128,490 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 $405,640,284)
(Securities on loan at market value $18,738,730)	$	500,090,902
Receivable for securities sold		1,049,522
Dividends, interest and other receivables		170,260
Receivable from Separate Accounts for Trust shares sold		143,682
Other assets		1,620
Total assets		501,455,986
LIABILITIES
Payable for return of cash collateral on securities loaned		19,397,080
Payable for securities purchased		1,558,144
Payable to Separate Accounts for Trust shares redeemed		539,239
Investment management fees payable		315,909
Distribution fees payable - Class B		82,008
Administrative fees payable		73,587
Variation margin payable on futures contracts		69,920
Trustees’ fees payable		10,839
Accrued expenses		104,798
Total liabilities		22,151,524
NET ASSETS	$	479,304,462
Net assets were comprised of:
Paid in capital	$	565,958,862
Accumulated undistributed net investment income (loss)		(93,148	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(181,304,913	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		94,743,661
Net assets	$	479,304,462
Class A
Net asset value, offering and redemption price per share, $84,705,302 / 11,658,213 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.27
Class B
Net asset value, offering and redemption price per share, $394,599,160 / 55,708,968 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.08

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $11,453 foreign withholding tax)	$	2,847,692
Interest		1,318
Securities lending (net)		294,310
Total income		3,143,320
EXPENSES
Investment management fees		3,426,533
Distribution fees - Class B		821,354
Administrative fees		809,366
Custodian fees		199,000
Printing and mailing expenses		73,145
Professional fees		61,345
Trustees’ fees		6,232
Miscellaneous		14,435
Gross expenses		5,411,410
Less:   Fees paid indirectly		(846,456	)
Net expenses		4,564,954
NET INVESTMENT INCOME (LOSS)		(1,421,634	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(102,792,684	)
Foreign currency transactions		(93,692	)
Futures		1,748,408
Net realized gain (loss)		(101,137,968	)
Change in unrealized appreciation (depreciation) on:
Securities		245,691,298
Foreign currency translations		(768	)
Futures		293,664
Net change in unrealized appreciation (depreciation)		245,984,194
NET REALIZED AND UNREALIZED GAIN (LOSS)		144,846,226
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	143,424,592

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)	$	(1,421,634	)	$	(4,389,061	)
Net realized gain (loss) on investments, futures and foreign currency transactions		(101,137,968	)		(76,951,975	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		245,984,194			(268,837,796	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		143,424,592			(350,178,832	)
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		—			(2,516,275	)
Class B		—			(4,656,218	)
TOTAL DISTRIBUTIONS		—			(7,172,493	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,587,566 and 4,893,136 shares, respectively ]		8,779,900			37,042,881
Capital shares issued in reinvestment of distributions [ 0 and 317,947 shares, respectively ]		—			2,516,275
Capital shares repurchased [ (19,607,586) and (8,745,164) shares, respectively ]		(100,318,900	)		(68,166,773	)
Total Class A transactions		(91,539,000	)		(28,607,617	)
Class B
Capital shares sold [ 8,202,871 and 7,796,683 shares, respectively ]		46,016,657			55,365,033
Capital shares issued in reinvestment of distributions [ 0 and 601,367 shares, respectively ]		—			4,656,218
Capital shares repurchased [ (10,212,029) and (12,662,453) shares, respectively ]		(58,168,009	)		(92,186,358	)
Total Class B transactions		(12,151,352	)		(32,165,107	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(103,690,352	)		(60,772,724	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		39,734,240			(418,124,049	)
NET ASSETS:
Beginning of year		439,570,222			857,694,271
End of year (a)	$	479,304,462		$	439,570,222
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(93,148	)	$	(13,351	)

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	$	5.11		$	9.13		$	9.04		$	9.12		$	9.63
Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		(0.04	)(e)		(0.07	)(e)		(0.07	)(e)		(0.08	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.16			(3.90	)		1.14			0.96			0.89
Total from investment operations		2.16			(3.94	)		1.07			0.89			0.81
Less distributions:
Distributions from net realized gains		—			(0.08	)		(0.98	)		(0.97	)		(1.32	)
Net asset value, end of year	$	7.27		$	5.11		$	9.13		$	9.04		$	9.12
Total return		42.27	%		(43.47	)%		12.22	%		9.83	%		8.66	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	84,705		$	151,539		$	303,194		$	230,585		$	223,527
Ratio of expenses to average net assets:
After fees paid indirectly		0.78	%		1.21	%		1.27	%		1.26	%		1.30	%
Before fees paid indirectly		1.07	%		1.31	%		1.30	%		1.30	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.05	)%		(0.50	)%		(0.67	)%		(0.74	)%		(0.84	)%
Before fees paid indirectly		(0.34	)%		(0.61	)%		(0.70	)%		(0.78	)%		(0.89	)%
Portfolio turnover rate		122	%		128	%		81	%		77	%		87	%
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	4.99		$	8.95		$	8.90		$	9.01		$	9.55
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		(0.05	)(e)		(0.09	)(e)		(0.09	)(e)		(0.10	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.11			(3.83	)		1.12			0.95			0.88
Total from investment operations		2.09			(3.88	)		1.03			0.86			0.78
Less distributions:
Distributions from net realized gains		—			(0.08	)		(0.98	)		(0.97	)		(1.32	)
Net asset value, end of year	$	7.08		$	4.99		$	8.95		$	8.90		$	9.01
Total return		41.88	%		(43.68	)%		11.97	%		9.62	%		8.41	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	394,599		$	288,031		$	554,500		$	543,139		$	498,431
Ratio of expenses to average net assets:
After fees paid indirectly		1.15	%		1.46	%		1.52	%		1.51	%		1.55	%
Before fees paid indirectly		1.32	%		1.56	%(c)		1.55	%		1.55	%		1.60	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.42	)%		(0.75	)%		(0.93	)%		(0.99	)%		(1.09	)%
Before fees paid indirectly		(0.59	)%		(0.86	)%		(0.96	)%		(1.03	)%		(1.14	)%
Portfolio turnover rate		122	%		128	%		81	%		77	%		87	%

# Per share amount is less than $0.01.

(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.

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MULTIMANAGER MID CAP VALUE PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø AXA Rosenberg Investment Management LLC

_Ø SSgA Funds Management, Inc.

_Ø Tradewinds Global Investors, LLC

_Ø Wellington Management Company, LLP

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	44.90	%	2.91	%	4.36	%
Portfolio – Class B Shares	44.46		2.65		4.10
Russell 2500™ Value Index	27.68		0.84		6.51
*   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 44.90% for the year ended December 31, 2009. The Portfolio’s benchmark, the Russell 2500^™ Value Index, returned 27.68% over the same period.

Asset Class Overview

Over the 12 months, the Russell 2500^™ Value Index returned 27.68%. All sectors of the Russell 2500^™ Value Index posted gains for the year led by the Information Technology, Consumer Discretionary and Telecom & Media sectors. Financial and Utilities lagged. Mid cap stocks outperformed both large cap and small cap stocks as measured by the S&P 400 MidCap, S&P 500, and Russell 2000^® Indices, respectively.

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 2500^™ Value Index.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• The Energy, Materials and Financial sectors contributed to relative performance on a positive basis.

• A significant portion of the Portfolio’s relative out-performance was due to its underweight exposure to Financials.

• The leading individual positive contributor was Ivanhoe Mines Ltd. (Materials sector), an international mining company with operations focused in Central Asia and the Asia Pacific region. The company jointly owns one of the largest undeveloped copper resources, the Oyu Tolgoi copper and gold deposit in Mongolia jointly with Rio Tinto PLC. Copper prices were up for the year and the stock benefited.

• Another leading contributor to the Portfolio’s relative performance, Freeport-McMoRan Copper and Gold Inc., a copper, gold and molybdenum mining company with assets in Indonesia, North and South America and Africa also benefited from this rally.

• The second best performer in the Portfolio was Whole Foods Market, Inc., a member of the Consumer Staples sector. The company owns and operates a chain of natural and organic food supermarkets in the United States. Its share price increased due to better than expected earnings each of the four quarters.

• Tata Motors Limited ADR (Industrials sector), was the third best performer in the Portfolio. Tata is India’s largest truck maker whose principal activities are to manufacture and market commercial, utility and passenger vehicles. Vehicles sales rose, both locally and globally during the period.

What hurt performance during the year:

• The Consumer Discretionary sector contributed to relative returns on a negative basis.

• Owning Kinross Gold Corp (Materials sector); Sumitomo Trust and Banking Ltd. (Financial sector); Sekisui House Ltd (Consumer Discretionary sector) while the benchmark did not, proved detrimental to the Portfolio’s relative performance.

• Delta Airlines Inc. (Industrials sector) and Platinum Underwriter Holdings Ltd. (Financial sector) also negatively impacted relative returns.

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MULTIMANAGER MID CAP VALUE PORTFOLIO (Unaudited)

Sector Weightings as of 12/31/09	% of Net Assets
Financials	20.8	%
Industrials	12.4
Materials	11.6
Energy	11.1
Consumer Discretionary	9.8
Utilities	8.1
Information Technology	7.7
Health Care	6.9
Consumer Staples	6.1
Telecommunication Services	3.3
Cash and Other	2.2
	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	$1,282.30	$4.83
Hypothetical (5% average return before expenses)	1,000.00	1,020.97	4.28
Class B
Actual	1,000.00	1,279.60	6.21
Hypothetical (5% average return before expenses)	1,000.00	1,019.76	5.50
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.84% and 1.08% , 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 (9.8%)
Auto Components (1.1%)
American Axle & Manufacturing Holdings, Inc.*	10,345	$	82,967
ArvinMeritor, Inc.*	16,100		179,998
Autoliv, Inc.^	20,848		903,969
BorgWarner, Inc.	2,100		69,762
Dana Holding Corp.*	33,944		367,953
Dorman Products, Inc.*	2,700		42,282
Drew Industries, Inc.*^	1,813		37,438
Exide Technologies, Inc.*	12,600		89,586
Federal Mogul Corp.*	3,600		62,280
Hawk Corp., Class A*	1,100		19,371
Magna International, Inc., Class A	55,555		2,809,972
Modine Manufacturing Co.*^	11,200		132,608
Motorcar Parts of America, Inc.*	1,500		7,575
Raser Technologies, Inc.*	2,100		2,604
Spartan Motors, Inc.	12,300		69,249
Standard Motor Products, Inc.*^	1,800		15,336
Stoneridge, Inc.*	3,100		27,931
Superior Industries International, Inc.^	6,100		93,330
Tenneco, Inc.*	14,368		254,745
TRW Automotive Holdings Corp.*	29,840		712,579
WABCO Holdings, Inc.	1,800		46,422
			6,027,957
Automobiles (0.0%)
Thor Industries, Inc.	4,300		135,020
Winnebago Industries, Inc.*	6,300		76,860
			211,880
Distributors (0.0%)
Audiovox Corp., Class A*	4,700		33,323
Core-Mark Holding Co., Inc.*	1,800		59,328
			92,651
Diversified Consumer Services (0.3%)
Career Education Corp.*	1,162		27,086
CPI Corp.	1,000		12,280
Education Management Corp.*^	2,000		44,020
Hillenbrand, Inc.	9,500		178,980
Jackson Hewitt Tax Service, Inc.*	11,900		52,360
Mac-Gray Corp.*	3,020		31,106
Nobel Learning Communities, Inc.*	100		759
Regis Corp.	17,500		272,475
Service Corp. International	62,000		507,780
Sotheby’s, Inc.	1,400		31,472
Steiner Leisure Ltd.*	1,800		71,568
Stewart Enterprises, Inc., Class A^	20,100		103,515
Weight Watchers International, Inc.	7,500		218,700
			1,552,101
Hotels, Restaurants & Leisure (0.9%)
AFC Enterprises, Inc.*	5,700		46,512
Benihana, Inc., Class A*	1,700		6,443
Bluegreen Corp.*	4,700		11,374

	Number of Shares	Value (Note 1)
Bob Evans Farms, Inc.	10,403	$	301,167
Boyd Gaming Corp.*	13,800		115,506
Brinker International, Inc.	18,000		268,560
Carrols Restaurant Group, Inc.*	2,000		14,140
CEC Entertainment, Inc.*	1,000		31,920
Choice Hotels International, Inc.	5,000		158,300
Churchill Downs, Inc.	2,300		85,905
CKE Restaurants, Inc.	1,300		10,998
Cracker Barrel Old Country Store, Inc.	2,700		102,573
Domino’s Pizza, Inc.*	8,900		74,582
Einstein Noah Restaurant Group, Inc.*^	500		4,915
Frisch’s Restaurants, Inc.	500		11,925
Gaylord Entertainment Co.*	9,600		189,600
Great Wolf Resorts, Inc.*^	7,500		17,775
International Speedway Corp., Class A	7,513		213,745
Interval Leisure Group, Inc.*	930		11,597
Lakes Entertainment, Inc.*	3,000		7,530
Landry’s Restaurants, Inc.*^	1,816		38,663
Life Time Fitness, Inc.*^	9,200		229,356
Luby’s, Inc.*	5,300		19,504
Marcus Corp.	4,900		62,818
McCormick & Schmick’s Seafood Restaurants, Inc.*	3,300		22,968
Monarch Casino & Resort, Inc.*^	600		4,860
Morgans Hotel Group Co.*	2,600		11,778
Multimedia Games, Inc.*	4,900		29,449
O’Charleys, Inc.*	4,776		31,283
Orient-Express Hotels Ltd., Class A*^	19,200		194,688
Papa John’s International, Inc.*	1,000		23,360
Penn National Gaming, Inc.*	16,500		448,470
Pinnacle Entertainment, Inc.*	6,970		62,590
Red Lion Hotels Corp.*	3,300		16,302
Red Robin Gourmet Burgers, Inc.*^	3,580		64,082
Ruby Tuesday, Inc.*^	27,570		198,504
Ruth’s Hospitality Group, Inc.*	2,000		4,180
Sonic Corp.*	1,700		17,119
Speedway Motorsports, Inc.	3,600		63,432
Steak n Shake Co.*^	325		105,339
Thomas Cook Group plc	137,642		511,174
Town Sports International Holdings, Inc.*^	1,600		3,728
Universal Travel Group*	300		3,042
Vail Resorts, Inc.*	7,400		279,720
Wendy’s/Arby’s Group, Inc., Class A	54,800		257,012
Wyndham Worldwide Corp.	24,289		489,909
			4,878,397
Household Durables (2.4%)
American Greetings Corp., Class A	9,900		215,721
Beazer Homes USA, Inc.*	9,600		46,464
Black & Decker Corp.	14,700		953,001
Blyth, Inc.	1,450		48,894
Brookfield Homes Corp.*	3,000		24,000
Cavco Industries, Inc.*^	1,600		57,472

See Notes to Financial Statements.

210

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December 31, 2009

	Number of Shares	Value (Note 1)
CSS Industries, Inc.	2,000	$	38,880
D.R. Horton, Inc.	67,769		736,649
Ethan Allen Interiors, Inc.^	6,500		87,230
Furniture Brands International, Inc.*	10,200		55,692
Harman International Industries, Inc.	7,500		264,600
Helen of Troy Ltd.*	7,600		185,896
Hooker Furniture Corp.	2,700		33,399
Hovnanian Enterprises, Inc., Class A*^	5,834		22,403
Jarden Corp.	24,208		748,269
KB Home^	17,700		242,136
La-Z-Boy, Inc.*	12,428		118,439
Leggett & Platt, Inc.	14,836		302,654
Lennar Corp., Class A	36,749		469,285
M.D.C. Holdings, Inc.	35,720		1,108,749
M/I Homes, Inc.*	4,300		44,677
Meritage Homes Corp.*	7,758		149,962
Mohawk Industries, Inc.*	13,700		652,120
NVR, Inc.*	1,181		839,348
Pulte Homes, Inc.*	73,972		739,720
Ryland Group, Inc.^	10,400		204,880
Sealy Corp.*^	10,800		34,128
Sekisui House Ltd. (ADR)	411,317		3,792,343
Skyline Corp.	1,900		34,960
Standard Pacific Corp.*	26,600		99,484
Stanley Furniture Co., Inc.*^	2,600		26,390
Toll Brothers, Inc.*^	67,200		1,264,032
Universal Electronics, Inc.*	900		20,898
			13,662,775
Internet & Catalog Retail (0.0%)
1-800-FLOWERS.COM, Inc., Class A*	5,400		14,310
Gaiam, Inc., Class A*	4,000		30,760
Orbitz Worldwide, Inc.*	5,945		43,636
Shutterfly, Inc.*	4,400		78,364
U.S. Auto Parts Network, Inc.*^	2,200		11,440
Vitacost.com, Inc.*	1,200		12,504
			191,014
Leisure Equipment & Products (0.4%)
Brunswick Corp.^	21,600		274,536
Callaway Golf Co.^	16,800		126,672
Eastman Kodak Co.*^	67,100		283,162
Hasbro, Inc.^	12,294		394,146
JAKKS Pacific, Inc.*	7,100		86,052
Leapfrog Enterprises, Inc.*	6,700		26,197
Marine Products Corp.^	2,500		12,325
Mattel, Inc.	28,700		573,426
Polaris Industries, Inc.^	400		17,452
Pool Corp.	5,600		106,848
RC2 Corp.*	5,700		84,075
Sport Supply Group, Inc.	1,700		21,403
Steinway Musical Instruments*	1,500		23,865
Sturm Ruger & Co., Inc.^	300		2,910
			2,033,069
Media (2.2%)
AH Belo Corp., Class A*	1,570		9,043
Alloy, Inc.*	1,600		12,448

	Number of Shares	Value (Note 1)
Ascent Media Corp., Class A*^	3,500	$	89,355
Belo Corp., Class A	21,900		119,136
Carmike Cinemas, Inc.*	500		3,780
Central European Media Enterprises Ltd., Class A*^	8,600		203,046
Cinemark Holdings, Inc.	800		11,496
Clear Channel Outdoor Holdings, Inc., Class A*^	10,100		104,939
Crown Media Holdings, Inc., Class A*^	2,300		3,335
DreamWorks Animation SKG, Inc., Class A*	17,900		715,105
EDCI Holdings, Inc.*	800		4,696
EW Scripps Co., Class A*	7,200		50,112
Fisher Communications, Inc.*	1,500		24,375
Gannett Co., Inc.	57,500		853,875
Global Sources Ltd.*	3,500		21,875
Harte-Hanks, Inc.^	15,099		162,767
Interactive Data Corp.	4,700		118,910
Interpublic Group of Cos., Inc.*	161,210		1,189,730
Journal Communications, Inc., Class A	10,400		40,456
Knology, Inc.*	4,784		52,385
Lamar Advertising Co., Class A*	13,900		432,151
Liberty Media Corp., Capital Series, Class A*	19,841		473,803
LIN TV Corp., Class A*	5,400		24,084
Live Nation, Inc.*	20,941		178,208
LodgeNet Interactive Corp.*	1,600		8,848
Martha Stewart Living Omnimedia, Inc., Class A*^	800		3,952
Mediacom Communications Corp., Class A*	12,448		55,643
Meredith Corp.	8,440		260,374
National CineMedia, Inc.	9,900		164,043
New York Times Co., Class A*	24,200		299,112
Outdoor Channel Holdings, Inc.*	3,800		22,040
Primedia, Inc.	4,700		16,967
Reading International, Inc., Class A*	3,500		14,175
Regal Entertainment Group, Class A	9,700		140,068
Scholastic Corp.^	91,490		2,729,147
Sinclair Broadcast Group, Inc., Class A*	11,500		46,345
Time Warner Cable, Inc.	47,045		1,947,192
Valassis Communications, Inc.*	3,500		63,910
Virgin Media, Inc.^	75,580		1,272,011
Warner Music Group Corp.*	10,600		59,996
World Wrestling Entertainment, Inc., Class A^	1,200		18,396
			12,021,329
Multiline Retail (0.3%)
99 Cents Only Stores*	1,400		18,298
Big Lots, Inc.*	32,000		927,360
Dillard’s, Inc., Class A^	12,768		235,570
Fred’s, Inc., Class A	7,484		76,337
Retail Ventures, Inc.*^	5,100		45,339
Saks, Inc.*	30,700		201,392
Tuesday Morning Corp.*^	7,400		19,092
			1,523,388

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Specialty Retail (1.7%)
Aaron’s, Inc.^	534	$	14,808
Abercrombie & Fitch Co., Class A^	10,800		376,380
American Eagle Outfitters, Inc.	28,100		477,138
America’s Car-Mart, Inc.*^	1,049		27,620
AnnTaylor Stores Corp.*^	33,386		455,385
Asbury Automotive Group, Inc.*	8,200		94,546
AutoNation, Inc.*^	16,100		308,315
Barnes & Noble, Inc.^	7,351		140,184
Big 5 Sporting Goods Corp.	4,700		80,746
Books-A-Million, Inc.^	2,760		18,547
Borders Group, Inc.*	12,200		14,396
Brown Shoe Co., Inc.^	10,800		106,596
Buckle, Inc.^	500		14,640
Build-A-Bear Workshop, Inc.*	3,900		19,071
Cabela’s, Inc.*^	23,220		331,117
CarMax, Inc.*^	16,000		388,000
Charming Shoppes, Inc.*^	25,900		167,573
Chico’s FAS, Inc.*	2,700		37,935
Christopher & Banks Corp.	7,900		60,198
Coldwater Creek, Inc.*^	2,800		12,488
Collective Brands, Inc.*^	9,043		205,909
Conn’s, Inc.*^	6,040		35,274
Dress Barn, Inc.*^	10,885		251,443
DSW, Inc., Class A*	2,900		75,052
Finish Line, Inc., Class A	4,800		60,240
Foot Locker, Inc.	21,700		241,738
Gander Mountain Co.*	1,300		6,630
Genesco, Inc.*	7,280		199,909
Group 1 Automotive, Inc.*^	6,100		172,935
Gymboree Corp.*	1,500		65,235
Haverty Furniture Cos., Inc.	4,400		60,412
HOT Topic, Inc.*	4,419		28,105
Jo-Ann Stores, Inc.*	8,319		301,481
Kirkland’s, Inc.*	2,100		36,477
Lithia Motors, Inc., Class A*	4,200		34,524
Men’s Wearhouse, Inc.^	12,400		261,144
New York & Co., Inc.*	6,300		27,027
Office Depot, Inc.*	56,259		362,870
OfficeMax, Inc.*	5,300		67,257
Pacific Sunwear of California, Inc.*^	16,200		64,476
Penske Automotive Group, Inc.*^	6,100		92,598
PEP Boys-Manny, Moe & Jack^	12,200		103,212
Pier 1 Imports, Inc.*	27,800		141,502
RadioShack Corp.	42,000		819,000
Rent-A-Center, Inc.*	31,300		554,636
REX Stores Corp.*	1,800		25,308
Ross Stores, Inc.	13,600		580,856
Rue21, Inc.*	800		22,472
Sally Beauty Holdings, Inc.*	17,700		135,405
Shoe Carnival, Inc.*	2,200		45,034
Signet Jewelers Ltd.*	20,800		555,776
Sonic Automotive, Inc., Class A*	6,200		64,418
Stage Stores, Inc.	9,600		118,656
Stein Mart, Inc.*	400		4,264
Syms Corp.*^	1,200		8,676
Systemax, Inc.^	1,500		23,565
Talbots, Inc.*^	2,200		19,602

	Number of Shares	Value (Note 1)
Tiffany & Co.	2,600	$	111,800
Vitamin Shoppe, Inc.*	1,100		24,464
West Marine, Inc.*	3,600		29,016
Williams-Sonoma, Inc.	14,100		292,998
Zale Corp.*^	6,600		17,952
Zumiez, Inc.*	300		3,816
			9,498,847
Textiles, Apparel & Luxury Goods (0.5%)
Carter’s, Inc.*	3,000		78,750
Columbia Sportswear Co.^	3,000		117,120
Crocs, Inc.*	13,400		77,050
Delta Apparel, Inc.*	1,200		12,792
G-III Apparel Group Ltd.*^	2,750		59,592
Iconix Brand Group, Inc.*	17,278		218,567
Jones Apparel Group, Inc.	22,130		355,408
Kenneth Cole Productions, Inc., Class A*	1,800		17,370
K-Swiss, Inc., Class A*^	2,900		28,826
Liz Claiborne, Inc.*	7,300		41,099
Movado Group, Inc.	4,100		39,852
Oxford Industries, Inc.	964		19,936
Perry Ellis International, Inc.*	2,340		35,240
Phillips-Van Heusen Corp.	4,600		187,128
Quiksilver, Inc.*^	32,200		65,044
R.G. Barry Corp.	1,800		15,480
Skechers U.S.A., Inc., Class A*	8,100		238,221
Steven Madden Ltd.*	2,700		111,348
Timberland Co., Class A*	3,900		69,927
Unifi, Inc.*	9,661		37,485
UniFirst Corp.	5,700		274,227
VF Corp.	8,380		613,751
			2,714,213
Total Consumer Discretionary			54,407,621
Consumer Staples (5.4%)
Beverages (0.3%)
Central European Distribution Corp.*	14,900		423,309
Constellation Brands, Inc., Class A*	46,500		740,745
Heckmann Corp.*	20,000		99,800
National Beverage Corp.*^	1,300		18,018
PepsiAmericas, Inc.	13,800		403,788
			1,685,660
Food & Staples Retailing (2.0%)
Andersons, Inc.	4,600		118,772
BJ’s Wholesale Club, Inc.*^	71,000		2,322,410
Casey’s General Stores, Inc.	4,907		156,631
Great Atlantic & Pacific Tea Co., Inc.*	8,400		99,036
Ingles Markets, Inc., Class A	3,100		46,903
Kroger Co.	295,545		6,067,539
Nash Finch Co.^	7,141		264,860
Pantry, Inc.*	10,136		137,748
Rite Aid Corp.*^	146,100		220,611
Ruddick Corp.^	8,841		227,479
Spartan Stores, Inc.^	5,600		80,024
Susser Holdings Corp.*	1,300		11,167

See Notes to Financial Statements.

212

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December 31, 2009

	Number of Shares	Value (Note 1)
Village Super Market, Inc., Class A	100	$	2,732
Weis Markets, Inc.^	2,200		79,992
Whole Foods Market, Inc.*	33,420		917,379
Winn-Dixie Stores, Inc.*^	13,600		136,544
			10,889,827
Food Products (2.6%)
American Italian Pasta Co., Class A*	3,000		104,370
B&G Foods, Inc., Class A	4,700		43,146
BRF-Brasil Foods S.A.	21,260		556,399
BRF-Brasil Foods S.A. (ADR)^	2,000		104,740
Bunge Ltd.^	8,100		517,023
Chiquita Brands International, Inc.*^	10,800		194,832
Corn Products International, Inc.	22,641		661,796
Cresud S.A.C.I.F. y A. (ADR)	61,388		882,760
Dean Foods Co.*	12,500		225,500
Del Monte Foods Co.	77,800		882,252
Diamond Foods, Inc.	900		31,986
Dole Food Co., Inc.*^	2,800		34,748
Farmer Bros Co.	1,000		19,740
Flowers Foods, Inc.^	3,300		78,408
Fresh Del Monte Produce, Inc.*^	10,400		229,840
Griffin Land & Nurseries, Inc.	800		23,304
Hain Celestial Group, Inc.*	7,500		127,575
Harbinger Group, Inc.*	2,300		16,146
HQ Sustainable Maritime Industries, Inc.*^	200		1,408
Imperial Sugar Co.^	3,000		52,320
Omega Protein Corp.*	4,103		17,889
Overhill Farms, Inc.*	4,240		20,606
Ralcorp Holdings, Inc.*	13,784		823,043
Seneca Foods Corp., Class A*	2,500		59,675
Smart Balance, Inc.*	3,600		21,600
Smithfield Foods, Inc.*^	174,615		2,652,402
TreeHouse Foods, Inc.*	7,700		299,222
Tyson Foods, Inc., Class A	465,635		5,713,342
			14,396,072
Household Products (0.3%)
Central Garden & Pet Co., Class A*	15,800		157,052
Energizer Holdings, Inc.*	2,800		171,584
KAO Corp. (ADR)	59,600		1,392,256
Oil-Dri Corp. of America	2,400		37,200
WD-40 Co.	1,300		42,068
			1,800,160
Personal Products (0.1%)
Alberto-Culver Co.	3,200		93,728
American Oriental Bioengineering, Inc.*^	9,800		45,570
Chattem, Inc.*	300		27,990
Elizabeth Arden, Inc.*	5,700		82,308
Inter Parfums, Inc.	2,800		34,076
Mannatech, Inc.	4,900		15,288
NBTY, Inc.*	4,100		178,514
Nu Skin Enterprises, Inc., Class A	3,200		85,984

	Number of Shares	Value (Note 1)
Nutraceutical International Corp.*	2,600	$	32,162
Prestige Brands Holdings, Inc.*	8,720		68,539
Revlon, Inc., Class A*^	2,700		45,927
Schiff Nutrition International, Inc.^	3,200		25,024
			735,110
Tobacco (0.1%)
Alliance One International, Inc.*^	6,200		30,256
Universal Corp.^	5,800		264,538
			294,794
Total Consumer Staples			29,801,623
Energy (9.6%)
Energy Equipment & Services (2.4%)
Allis-Chalmers Energy, Inc.*	13,841		52,181
Atwood Oceanics, Inc.*	2,000		71,700
Basic Energy Services, Inc.*	5,700		50,730
BJ Services Co.	159,226		2,961,604
Bolt Technology Corp.*	1,400		15,428
Boots & Coots, Inc.*^	19,600		32,340
Bristow Group, Inc.*^	8,700		334,515
Bronco Drilling Co., Inc.*^	5,500		27,885
Cal Dive International, Inc.*	8,600		65,016
CARBO Ceramics, Inc.	400		27,268
Cie Generale de Geophysique-Veritas (ADR)*^	20,120		427,550
Complete Production Services, Inc.*	14,600		189,800
Dawson Geophysical Co.*	1,974		45,619
ENGlobal Corp.*	300		939
Exterran Holdings, Inc.*^	8,400		180,180
Geokinetics, Inc.*	800		7,696
Global Industries Ltd.*	24,932		177,765
Gulf Island Fabrication, Inc.	2,900		60,987
GulfMark Offshore, Inc.*^	2,700		76,437
Helix Energy Solutions Group, Inc.*	25,400		298,450
Helmerich & Payne, Inc.	17,946		715,686
Hercules Offshore, Inc.*	26,600		127,148
Hornbeck Offshore Services, Inc.*	5,580		129,902
ION Geophysical Corp.*^	23,800		140,896
Key Energy Services, Inc.*^	30,900		271,611
Lufkin Industries, Inc.	400		29,280
Matrix Service Co.*	4,600		48,990
Natural Gas Services Group, Inc.*	2,700		50,895
Newpark Resources, Inc.*^	21,400		90,522
Oil States International, Inc.*	17,400		683,646
OYO Geospace Corp.*	1,000		42,890
Parker Drilling Co.*	29,024		143,669
Patterson-UTI Energy, Inc.^	32,400		497,340
PHI, Inc.*	1,700		35,190
Pioneer Drilling Co.*	8,400		66,360
Rowan Cos., Inc.*	35,500		803,720
SBM Offshore N.V.	17,094		334,480
SEACOR Holdings, Inc.*	9,300		709,125
Smith International, Inc.	12,900		350,493
Solar Cayman Ltd.*†§(b)	141,300		1,100,162
Superior Energy Services, Inc.*	19,300		468,797

See Notes to Financial Statements.

213

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Superior Well Services, Inc.*^	3,500	$	49,910
T-3 Energy Services, Inc.*	3,100		79,050
TETRA Technologies, Inc.*	8,800		97,504
TGC Industries, Inc.*	800		3,128
Tidewater, Inc.	12,725		610,164
Union Drilling, Inc.*	2,000		12,500
Unit Corp.*	10,100		429,250
Vantage Drilling Co.*	20,000		32,200
			13,258,598
Oil, Gas & Consumable Fuels (7.2%)
Alon USA Energy, Inc.	2,400		16,416
Approach Resources, Inc.*	2,000		15,440
Arch Coal, Inc.	190,088		4,229,458
Atlas Energy, Inc.	8,500		256,445
ATP Oil & Gas Corp.*	12,100		221,188
Berry Petroleum Co., Class A	16,699		486,776
Bill Barrett Corp.*	9,600		298,656
BPZ Resources, Inc.*	5,200		49,400
Brigham Exploration Co.*	9,377		127,058
Cabot Oil & Gas Corp.	25,400		1,107,186
Cameco Corp.	125,084		4,023,952
Cheniere Energy, Inc.*	9,600		23,232
Chesapeake Energy Corp.	86,700		2,243,796
Cimarex Energy Co.	20,400		1,080,588
Clayton Williams Energy, Inc.*	1,500		52,560
Cloud Peak Energy, Inc.*	4,200		61,152
Cobalt International Energy, Inc.*	24,500		339,080
Comstock Resources, Inc.*	10,400		421,928
Concho Resources, Inc.*	18,600		835,140
Consol Energy, Inc.	30,429		1,515,364
Contango Oil & Gas Co.*	200		9,402
CREDO Petroleum Corp.*	300		2,790
Crosstex Energy, Inc.	10,100		61,105
Cubic Energy, Inc.*	4,600		6,854
CVR Energy, Inc.*	5,300		36,358
Delek U.S. Holdings, Inc.^	3,700		25,197
Delta Petroleum Corp.*^	20,900		21,736
DHT Maritime, Inc.^	12,400		45,632
Double Eagle Petroleum Co.*	1,080		4,666
Encore Acquisition Co.*	13,700		657,874
Endeavour International Corp.*	1,600		1,728
EXCO Resources, Inc.	4,100		87,043
Forest Oil Corp.*^	17,172		382,077
Frontier Oil Corp.	5,600		67,424
Frontline Ltd.^	12,900		352,428
General Maritime Corp.^	12,200		85,278
GeoResources, Inc.*	1,800		24,588
GMX Resources, Inc.*^	4,200		57,708
Golar LNG Ltd.*	2,900		37,178
Goodrich Petroleum Corp.*^	6,100		148,535
Gran Tierra Energy, Inc.*	51,000		292,230
Green Plains Renewable Energy, Inc.*	2,300		34,201
Gulfport Energy Corp.*	400		4,580
Harvest Natural Resources, Inc.*	13,600		71,944
International Coal Group, Inc.*	35,598		137,408
Knightsbridge Tankers Ltd.	4,300		57,018
Mariner Energy, Inc.*	2,400		27,864
Massey Energy Co.	4,300		180,643
Newfield Exploration Co.*	20,660		996,432

	Number of Shares	Value (Note 1)
Nexen, Inc.	37,731	$	902,903
Noble Energy, Inc.	7,700		548,394
Nordic American Tanker Shipping Ltd.^	10,300		309,000
Oilsands Quest, Inc.*^	59,300		68,195
Overseas Shipholding Group, Inc.^	6,466		284,181
Patriot Coal Corp.*	18,100		279,826
Peabody Energy Corp.	94,878		4,289,434
Penn Virginia Corp.^	11,400		242,706
Petrobras Energia S.A. (ADR)	50,425		788,143
Petroleum Development Corp.*	7,800		142,038
PetroQuest Energy, Inc.*^	12,100		74,173
Pioneer Natural Resources Co.	36,880		1,776,510
Rex Energy Corp.*^	1,700		20,400
Rosetta Resources, Inc.*	13,200		263,076
SandRidge Energy, Inc.*^	34,100		321,563
Ship Finance International Ltd.^	4,400		59,972
Southern Union Co.	41,320		937,964
St. Mary Land & Exploration Co.	11,489		393,383
Stone Energy Corp.*^	10,200		184,110
Sunoco, Inc.	600		15,660
Swift Energy Co.*	9,100		218,036
Teekay Corp.	5,900		136,939
Tesoro Corp.	367,745		4,982,945
Toreador Resources Corp.*^	300		2,970
Uranerz Energy Corp.*	2,000		2,600
Uranium Energy Corp.*^	600		2,268
USEC, Inc.*	28,100		108,185
VAALCO Energy, Inc.*	13,700		62,335
Venoco, Inc.*	3,100		40,424
W&T Offshore, Inc.^	400		4,680
Warren Resources, Inc.*	144,571		354,199
Western Refining, Inc.*^	10,900		51,339
Westmoreland Coal Co.*	1,900		16,929
Whiting Petroleum Corp.*^	12,400		885,980
			40,094,196
Total Energy			53,352,794
Financials (20.8%)
Capital Markets (1.8%)
Affiliated Managers Group, Inc.*^	7,200		484,920
Allied Capital Corp.*	45,900		165,699
American Capital Ltd.*	68,400		166,896
Ameriprise Financial, Inc.	28,940		1,123,451
Apollo Investment Corp.	40,142		382,553
Ares Capital Corp.	26,689		332,278
Artio Global Investors, Inc.*	5,400		137,646
BGC Partners, Inc., Class A	9,400		43,428
BlackRock Kelso Capital Corp.	3,339		28,448
Calamos Asset Management, Inc., Class A	8,000		92,240
Capital Southwest Corp.^	800		63,040
Cohen & Steers, Inc.^	2,300		52,532
Cowen Group, Inc., Class A*^	3,900		23,088
Daiwa Securities Group, Inc. (ADR)	40,450		2,022,905
Diamond Hill Investment Group, Inc.	100		6,423

See Notes to Financial Statements.

214

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
E*TRADE Financial Corp.*	384,500	$	672,875
Epoch Holding Corp.	600		6,270
Evercore Partners, Inc., Class A^	4,060		123,424
FBR Capital Markets Corp.*	4,800		29,664
Federated Investors, Inc., Class B^	1,500		41,250
Fifth Street Finance Corp.^	7,514		80,700
GAMCO Investors, Inc., Class A	700		33,803
Gladstone Capital Corp.	4,900		37,730
Gladstone Investment Corp.^	5,500		25,080
Harris & Harris Group, Inc.*	6,500		29,705
Hercules Technology Growth Capital, Inc.	8,601		89,364
International Assets Holding Corp.*^	2,465		35,841
Invesco Ltd.	31,300		735,237
Investment Technology Group, Inc.*	10,000		197,000
Janus Capital Group, Inc.	6,300		84,735
Jefferies Group, Inc.*^	7,011		166,371
JMP Group, Inc.	3,300		32,076
KBW, Inc.*	4,700		128,592
Knight Capital Group, Inc., Class A*	11,456		176,423
Kohlberg Capital Corp.	4,122		18,796
LaBranche & Co., Inc.*	13,800		39,192
Main Street Capital Corp.^	727		11,719
MCG Capital Corp.*	15,300		66,096
MF Global Ltd.*^	23,700		164,715
MVC Capital, Inc.^	5,000		59,000
NGP Capital Resources Co.	6,116		49,723
Oppenheimer Holdings, Inc., Class A	2,400		79,728
PennantPark Investment Corp.	5,515		49,194
Penson Worldwide, Inc.*^	3,300		29,898
Piper Jaffray Cos., Inc.*	4,900		247,989
Prospect Capital Corp.^	15,235		179,925
Raymond James Financial, Inc.	23,900		568,103
Safeguard Scientifics, Inc.*	3,183		32,817
Sanders Morris Harris Group, Inc.	4,800		26,400
SWS Group, Inc.	5,700		68,970
TD Ameritrade Holding Corp.*	18,980		367,833
Teton Advisors, Inc., Class B*^†	28		425
Thomas Weisel Partners Group, Inc.*	4,700		17,766
TICC Capital Corp.	6,899		41,739
TradeStation Group, Inc.*	6,200		48,918
Triangle Capital Corp.^	2,028		24,519
U.S. Global Investors, Inc., Class A	700		8,617
Virtus Investment Partners, Inc.*	1,283		20,400
Westwood Holdings Group, Inc.	100		3,634
			10,077,803
Commercial Banks (5.1%)
1st Source Corp.	3,600		57,924
Alliance Financial Corp./New York^	1,584		43,006
American National Bankshares, Inc.	1,500		32,850
Ameris Bancorp^	3,452		24,719

	Number of Shares	Value (Note 1)
Ames National Corp.^	900	$	18,999
Arrow Financial Corp.^	927		23,175
Associated Banc-Corp^	31,100		342,411
Auburn National Bancorp., Inc.^	600		11,814
BancFirst Corp.^	1,500		55,560
Banco Latinoamericano de Comercio Exterior S.A.^	16,200		225,180
Bancorp Rhode Island, Inc.^	900		23,112
Bancorp, Inc./Delaware*	5,700		39,102
BancorpSouth, Inc.^	27,420		643,273
Bank of Hawaii Corp.	15,519		730,324
Bank of Kentucky Financial Corp.^	800		15,024
Bank of Marin Bancorp/ California^	300		9,768
Bank of the Ozarks, Inc.^	3,000		87,810
Banner Corp.^	4,100		10,988
Bar Harbor Bankshares^	700		19,215
BOK Financial Corp.^	4,820		229,046
Boston Private Financial Holdings, Inc.^	16,900		97,513
Bridge Bancorp, Inc.^	300		7,212
Bryn Mawr Bank Corp.	1,600		24,144
C&F Financial Corp.	388		7,290
Camden National Corp.^	1,800		58,860
Cape Bancorp, Inc.*	2,900		19,488
Capital City Bank Group, Inc.	3,200		44,288
CapitalSource, Inc.	49,500		196,515
Cardinal Financial Corp.	4,200		36,708
Cathay General Bancorp^	7,100		53,605
Center Bancorp, Inc.	3,140		28,009
Centerstate Banks, Inc.	3,700		37,333
Central Pacific Financial Corp.*^	6,600		8,646
Central Valley Community Bancorp*	1,300		7,215
Century Bancorp, Inc./Massachusetts, Class A^	2,149		47,342
Chemical Financial Corp.^	5,300		124,974
Chicopee Bancorp, Inc.*	1,600		19,968
Citizens & Northern Corp.	2,100		20,034
Citizens Holding Co.^	700		15,673
Citizens Republic Bancorp, Inc.*	92,100		63,549
City Holding Co.^	3,600		116,388
City National Corp./California^	12,443		567,401
CNB Financial Corp./ Pennsylvania^	1,100		17,589
CoBiz Financial, Inc.	8,200		38,950
Columbia Banking System, Inc.	7,300		118,114
Comerica, Inc.^	16,640		492,045
Commerce Bancshares, Inc./ Missouri	16,445		636,750
Community Bank System, Inc.^	8,400		162,204
Community Trust Bancorp, Inc.	3,816		93,301
Cullen/Frost Bankers, Inc.	16,674		833,700
CVB Financial Corp.^	20,600		177,984
Danvers Bancorp, Inc.^	5,100		66,249
Eagle Bancorp, Inc.*	3,400		35,598
East West Bancorp, Inc.	22,600		357,080
Enterprise Bancorp, Inc./Massachusetts	1,300		14,235

See Notes to Financial Statements.

215

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Enterprise Financial Services Corp.^	1,800	$	13,878
F.N.B. Corp./Pennsylvania	27,745		188,389
Farmers Capital Bank Corp.	1,500		15,330
Financial Institutions, Inc.	2,900		34,162
First Bancorp, Inc./Maine^	2,000		30,840
First Bancorp/North Carolina^	3,900		54,483
First BanCorp/Puerto Rico^	21,100		48,530
First Busey Corp.^	11,600		45,124
First California Financial Group, Inc.*	1,400		3,836
First Citizens BancShares, Inc./North Carolina, Class A	3,360		551,074
First Commonwealth Financial Corp.	21,300		99,045
First Community Bancshares, Inc./Virginia^	3,800		45,790
First Financial Bancorp^	12,500		182,000
First Financial Bankshares, Inc.^	2,400		130,152
First Financial Corp./Indiana^	2,900		88,508
First Horizon National Corp.*^	54,151		725,623
First Merchants Corp.	5,600		33,264
First Midwest Bancorp, Inc./ Illinois	13,300		144,837
First of Long Island Corp.	1,100		27,775
First South Bancorp, Inc./North Carolina^	1,900		19,570
FirstMerit Corp.^	25,948		522,593
Fulton Financial Corp.^	43,100		375,832
German American Bancorp, Inc.^	2,800		45,500
Glacier Bancorp, Inc.^	20,778		285,074
Great Southern Bancorp, Inc.	1,900		40,584
Guaranty Bancorp*^	14,700		19,404
Hampton Roads Bankshares, Inc.^	4,600		7,958
Hancock Holding Co.	6,000		262,740
Harleysville National Corp.	11,000		70,840
Heartland Financial USA, Inc.^	3,579		51,359
Heritage Financial Corp./Washington	2,700		37,206
Home Bancorp, Inc.*	2,200		26,818
Home Bancshares, Inc./ Arkansas^	4,600		110,722
Horizon Bancorp/Indiana	910		14,760
Huntington Bancshares, Inc./ Ohio^	254,550		929,107
IBERIABANK Corp.	5,000		269,050
Independent Bank Corp./Massachusetts	5,200		108,628
International Bancshares Corp.	12,746		241,282
Investors Bancorp, Inc.*	10,800		118,152
KeyCorp	215,000		1,193,250
Lakeland Bancorp, Inc.	5,300		33,867
Lakeland Financial Corp.	3,100		53,475
MainSource Financial Group, Inc.^	4,500		21,510
Marshall & Ilsley Corp.	129,700		706,865
MB Financial, Inc.	12,300		242,556
Merchants Bancshares, Inc.	1,200		27,168
Metro Bancorp, Inc.*^	2,300		28,911
Midsouth Bancorp, Inc.	1,100		15,290

	Number of Shares	Value (Note 1)
Nara Bancorp, Inc.*	5,400	$	61,236
National Bankshares, Inc./ Virginia	1,700		48,093
National Penn Bancshares, Inc.^	30,900		178,911
NB&T Financial Group, Inc.	153		2,524
NBT Bancorp, Inc.	8,600		175,182
Northfield Bancorp, Inc./New Jersey	5,200		70,304
Northrim BanCorp, Inc.	1,600		27,008
Norwood Financial Corp.^	500		14,295
Ohio Valley Banc Corp.	1,000		22,030
Old National Bancorp/Indiana	21,393		265,915
Old Point Financial Corp.	500		7,775
Old Second Bancorp, Inc.^	3,400		23,426
Oriental Financial Group, Inc.^	10,700		115,560
Orrstown Financial Services, Inc.	700		24,416
Pacific Capital Bancorp N.A.^	10,700		10,272
Pacific Continental Corp.^	4,200		48,048
PacWest Bancorp	6,400		128,960
Park National Corp.	2,600		153,088
Peapack Gladstone Financial Corp.	1,995		25,297
Penns Woods Bancorp, Inc.^	400		12,976
Peoples Bancorp, Inc./Ohio	2,600		25,168
Peoples Financial Corp./ Mississippi	900		18,288
Pinnacle Financial Partners, Inc.*^	8,500		120,870
Popular, Inc.	259,340		586,108
Porter Bancorp, Inc.	735		11,054
Premier Financial Bancorp, Inc.	800		5,352
Premierwest Bancorp	5,040		7,157
PrivateBancorp, Inc.	3,000		26,910
Prosperity Bancshares, Inc.	15,180		614,335
Renasant Corp.^	5,600		76,160
Republic Bancorp, Inc./Kentucky, Class A^	2,100		43,260
Republic First Bancorp, Inc.*	1,800		7,686
S&T Bancorp, Inc.^	6,200		105,462
Sandy Spring Bancorp, Inc.^	4,300		38,227
Santander BanCorp*	700		8,596
SCBT Financial Corp.^	3,300		91,377
Shore Bancshares, Inc.	2,336		33,779
Sierra Bancorp^	1,600		12,208
Signature Bank/New York*	1,700		54,230
Simmons First National Corp., Class A	3,600		100,080
Smithtown Bancorp, Inc.	4,727		28,126
South Financial Group, Inc.	42,300		27,271
Southside Bancshares, Inc.	2,560		50,227
Southwest Bancorp, Inc./ Oklahoma	3,700		25,678
State Bancorp, Inc./New York	3,600		25,596
StellarOne Corp.^	6,000		59,760
Sterling Bancorp/New York^	4,300		30,702
Sterling Bancshares, Inc./Texas^	21,000		107,730
Sterling Financial Corp./Washington*^	12,200		7,564
Suffolk Bancorp^	800		23,760
Sumitomo Trust & Banking Co., Ltd. (ADR)	597,289		2,944,635

See Notes to Financial Statements.

216

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Sun Bancorp, Inc./New Jersey*	3,360	$	12,600
SunTrust Banks, Inc	15,100		306,379
Susquehanna Bancshares, Inc.^	21,600		127,224
SVB Financial Group*^	11,439		476,892
SY Bancorp, Inc.^	1,700		36,295
Synovus Financial Corp.^	93,200		191,060
TCF Financial Corp.^	39,080		532,270
Texas Capital Bancshares, Inc.*	8,100		113,076
Tompkins Financial Corp.^	1,400		56,700
Tower Bancorp, Inc.	900		20,565
TowneBank/Virginia^	5,200		60,736
Trico Bancshares^	3,500		58,275
Trustmark Corp.^	15,478		348,874
UMB Financial Corp.	9,263		364,499
Umpqua Holdings Corp.	21,200		284,292
Union Bankshares Corp./Virginia^	5,000		61,950
United Bancorp, Inc./Ohio	700		5,971
United Bancshares, Inc./Ohio	691		6,357
United Bankshares, Inc.^	9,200		183,724
United Community Banks, Inc./Georgia*	19,470		66,003
United Security Bancshares, Inc./Alabama	1,500		25,710
Univest Corp. of Pennsylvania	4,300		75,379
Valley National Bancorp	50,271		710,329
Washington Banking Co.^	2,400		28,656
Washington Trust Bancorp, Inc.^	3,400		52,972
Webster Financial Corp.	16,600		197,042
WesBanco, Inc.	5,800		71,572
West Bancorp, Inc.^	3,300		16,269
Westamerica Bancorp^	4,460		246,950
Western Alliance Bancorp*^	11,459		43,315
Whitney Holding Corp./ Louisiana^	23,600		214,996
Wilber Corp.^	1,500		10,800
Wilmington Trust Corp.^	19,716		243,295
Wilshire Bancorp, Inc.^	4,500		36,855
Wintrust Financial Corp.^	5,800		178,582
Yadkin Valley Financial Corp.	4,350		15,921
Zions Bancorp.^	33,600		431,088
			28,278,110
Consumer Finance (0.2%)
Advance America Cash Advance Centers, Inc.	2,300		12,788
AmeriCredit Corp.*^	15,700		298,928
Cardtronics, Inc.*^	800		8,856
Cash America International, Inc.	7,426		259,613
CompuCredit Holdings Corp.	2,100		6,993
Dollar Financial Corp.*	1,800		42,588
First Marblehead Corp.*	17,400		37,062
Nelnet, Inc., Class A	3,400		58,582
QC Holdings, Inc.	600		2,886
Rewards Network, Inc.	1,066		13,474
Student Loan Corp.	1,000		46,570
World Acceptance Corp.*^	4,100		146,903
			935,243

	Number of Shares	Value (Note 1)
Diversified Financial Services (0.3%)
Asset Acceptance Capital Corp.*^	2,300	$	15,594
California First National Bancorp	500		6,530
Compass Diversified Holdings	6,300		80,388
Encore Capital Group, Inc.*	3,100		53,940
Financial Federal Corp.	4,100		112,750
Medallion Financial Corp.	3,700		30,229
NewStar Financial, Inc.*	6,100		23,912
PHH Corp.*^	84,410		1,359,845
PICO Holdings, Inc.*	3,300		108,009
Primus Guaranty Ltd.*	4,400		13,420
Resource America, Inc., Class A	3,600		14,544
			1,819,161
Insurance (6.4%)
Alleghany Corp.*	1,316		363,216
Allied World Assurance Co. Holdings Ltd./Bermuda	22,450		1,034,271
Ambac Financial Group, Inc.*^	69,700		57,851
American Equity Investment Life Holding Co.^	25,200		187,488
American Financial Group, Inc./Ohio	21,961		547,927
American National Insurance Co.	3,900		465,816
American Physicians Capital, Inc.	2,266		68,705
American Physicians Service Group, Inc.	1,600		36,912
American Safety Insurance Holdings Ltd.*	3,100		44,795
AMERISAFE, Inc.*	5,000		89,850
Amtrust Financial Services, Inc.	4,900		57,918
Aon Corp.	42,576		1,632,364
Arch Capital Group Ltd.*	11,882		850,157
Argo Group International Holdings Ltd.*	7,700		224,378
Arthur J. Gallagher & Co.	1,800		40,518
Aspen Insurance Holdings Ltd.	32,206		819,643
Assured Guaranty Ltd.^	26,300		572,288
Axis Capital Holdings Ltd.	90,550		2,572,525
Baldwin & Lyons, Inc., Class B^	2,000		49,220
Brown & Brown, Inc.^	7,700		138,369
Citizens, Inc./Texas*^	2,080		13,582
CNA Financial Corp.*^	62,958		1,510,992
CNA Surety Corp.*	4,500		67,005
Conseco, Inc.*^	69,520		347,600
Crawford & Co., Class B*	1,000		3,940
Delphi Financial Group, Inc., Class A	11,300		252,781
Donegal Group, Inc., Class A	3,000		46,620
Eastern Insurance Holdings, Inc.	2,000		17,240
EMC Insurance Group, Inc.^	1,300		27,963
Employers Holdings, Inc.	10,600		162,604
Endurance Specialty Holdings Ltd.	16,920		629,932
Enstar Group, Ltd.*	1,700		124,134
Erie Indemnity Co., Class A	2,200		85,844
Everest Reinsurance Group Ltd.	8,720		747,130
FBL Financial Group, Inc., Class A^	2,100		38,892

See Notes to Financial Statements.

217

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Fidelity National Financial, Inc., Class A	68,048	$	915,926
First Acceptance Corp.*^	3,100		6,045
First American Corp.	32,211		1,066,506
First Mercury Financial Corp.^	1,900		26,049
Flagstone Reinsurance Holdings Ltd.	9,800		107,212
FPIC Insurance Group, Inc.*	1,800		69,516
Genworth Financial, Inc., Class A*	69,300		786,555
Greenlight Capital Reinsurance Ltd., Class A*^	6,800		160,276
Hallmark Financial Services*	3,400		27,064
Hanover Insurance Group, Inc.	11,700		519,831
Harleysville Group, Inc.^	3,400		108,086
HCC Insurance Holdings, Inc.^	27,448		767,721
Hilltop Holdings, Inc.*^	9,900		115,236
Horace Mann Educators Corp.	10,200		127,500
Independence Holding Co.	2,400		13,920
Infinity Property & Casualty Corp.	3,500		142,240
Kansas City Life Insurance Co.	1,200		35,700
Maiden Holdings Ltd.	13,100		95,892
Markel Corp.*^	2,411		819,740
Marsh & McLennan Cos., Inc.	84,231		1,859,820
Max Capital Group Ltd.	11,500		256,450
MBIA, Inc.*^	33,000		131,340
Meadowbrook Insurance Group, Inc.	14,400		106,560
Mercer Insurance Group, Inc.^	2,000		36,340
Mercury General Corp.	6,631		260,333
Montpelier Reinsurance Holdings Ltd.	21,000		363,720
National Financial Partners Corp.*	10,800		87,372
National Interstate Corp.^	1,700		28,832
National Western Life Insurance Co., Class A	500		86,810
Navigators Group, Inc.*	3,200		150,752
NYMAGIC, Inc.	1,300		21,567
Old Republic International Corp.	59,733		599,719
OneBeacon Insurance Group Ltd., Class A^	5,700		78,546
PartnerReinsurance Ltd.	21,886		1,634,009
Phoenix Cos., Inc.*^	24,600		68,388
Platinum Underwriters Holdings Ltd.	38,326		1,467,503
PMA Capital Corp., Class A*	8,500		53,550
Presidential Life Corp.^	5,000		45,750
Principal Financial Group, Inc.	19,500		468,780
ProAssurance Corp.*	8,100		435,051
Protective Life Corp.	21,180		350,529
Reinsurance Group of America, Inc.	39,678		1,890,657
RenaissanceReinsurance Holdings Ltd.	15,413		819,201
RLI Corp.	2,700		143,775
Safety Insurance Group, Inc.	2,900		105,067
SeaBright Insurance Holdings, Inc.*	7,800		89,622
Selective Insurance Group, Inc.	12,800		210,560

	Number of Shares	Value (Note 1)
StanCorp Financial Group, Inc.	12,043	$	481,961
State Auto Financial Corp.	3,400		62,900
Stewart Information Services Corp.^	4,100		46,248
Tower Group, Inc.	2,181		51,057
Transatlantic Holdings, Inc.	6,700		349,137
Unico American Corp.	700		7,224
United America Indemnity Ltd., Class A*	8,745		69,260
United Fire & Casualty Co.	5,300		96,619
Unitrin, Inc.	10,300		227,115
Universal Insurance Holdings, Inc.^	2,500		14,675
Unum Group	51,400		1,003,328
Validus Holdings Ltd.	20,023		539,420
Wesco Financial Corp.	330		113,190
White Mountains Insurance Group Ltd.	1,900		632,054
Zenith National Insurance Corp.	9,100		270,816
			35,657,092
Real Estate Investment Trusts (REITs) (5.7%)
Acadia Realty Trust (REIT)^	7,600		128,212
Agree Realty Corp. (REIT)^	1,600		37,264
Alexander’s, Inc. (REIT)*	200		60,884
Alexandria Real Estate Equities, Inc. (REIT)^	8,500		546,465
AMB Property Corp. (REIT)	35,751		913,438
American Campus Communities, Inc. (REIT)^	12,826		360,411
American Capital Agency Corp. (REIT)	3,300		87,582
Anworth Mortgage Asset Corp. (REIT)	26,000		182,000
Apartment Investment & Management Co. (REIT), Class A	28,850		459,292
Apollo Commercial Real Estate Finance, Inc. (REIT)*	2,100		37,779
Ashford Hospitality Trust, Inc. (REIT)*^	29,400		136,416
Associated Estates Realty Corp. (REIT)	3,300		37,191
BioMed Realty Trust, Inc. (REIT)^	24,132		380,803
Brandywine Realty Trust (REIT)	32,159		366,613
BRE Properties, Inc. (REIT)^	12,600		416,808
Camden Property Trust (REIT)^	16,505		699,317
CapLease, Inc. (REIT)	11,300		49,494
Capstead Mortgage Corp. (REIT)	15,500		211,575
Care Investment Trust, Inc. (REIT)^	3,300		25,674
CBL & Associates Properties, Inc. (REIT)^	53,812		520,362
Cedar Shopping Centers, Inc. (REIT)	15,705		106,794
Chimera Investment Corp. (REIT)	433,383		1,681,526
Cogdell Spencer, Inc. (REIT)	7,000		39,620
Colonial Properties Trust (REIT)	16,100		188,853
Colony Financial, Inc. (REIT)	3,100		63,147

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Corporate Office Properties Trust/Maryland (REIT)^	14,000	$	512,820
Cousins Properties, Inc. (REIT)	18,049		137,714
CreXus Investment Corp. (REIT)*	2,800		39,088
Cypress Sharpridge Investments, Inc. (REIT)	3,500		47,285
DCT Industrial Trust, Inc. (REIT)^	49,506		248,520
Developers Diversified Realty Corp. (REIT)^	39,300		363,918
DiamondRock Hospitality Co. (REIT)^	28,186		238,735
Douglas Emmett, Inc. (REIT)^	30,720		437,760
Duke Realty Corp. (REIT)^	55,200		671,784
DuPont Fabros Technology, Inc. (REIT)	3,790		68,182
Dynex Capital, Inc. (REIT)	2,800		24,444
EastGroup Properties, Inc. (REIT)^	2,500		95,700
Education Realty Trust, Inc. (REIT)	15,000		72,600
Entertainment Properties Trust (REIT)^	10,200		359,754
Equity Lifestyle Properties, Inc. (REIT)	2,300		116,081
Equity One, Inc. (REIT)	8,200		132,594
Essex Property Trust, Inc. (REIT)^	7,100		593,915
Extra Space Storage, Inc. (REIT)^	21,200		244,860
Federal Realty Investment Trust (REIT)^	12,566		850,969
FelCor Lodging Trust, Inc. (REIT)*	16,300		58,680
First Industrial Realty Trust, Inc. (REIT)*	12,300		64,329
First Potomac Realty Trust (REIT)	7,000		87,990
Franklin Street Properties Corp. (REIT)^	16,300		238,143
Getty Realty Corp. (REIT)	2,600		61,178
Gladstone Commercial Corp. (REIT)	2,100		28,161
Glimcher Realty Trust (REIT)	16,973		45,827
Government Properties Income Trust (REIT)	2,500		57,450
Gramercy Capital Corp./New York (REIT)*	10,200		26,418
Hatteras Financial Corp. (REIT)	9,059		253,290
Health Care REIT, Inc. (REIT)	14,688		650,972
Healthcare Realty Trust, Inc. (REIT)	14,519		311,578
Hersha Hospitality Trust (REIT)	10,600		33,284
Highwoods Properties, Inc. (REIT)	17,500		583,625
Home Properties, Inc. (REIT)^	8,100		386,451
Hospitality Properties Trust (REIT)	43,801		1,038,522
HRPT Properties Trust (REIT)^	100,692		651,477
Inland Real Estate Corp. (REIT)	17,600		143,440

	Number of Shares	Value (Note 1)
Invesco Mortgage Capital, Inc. (REIT)	1,900	$	43,244
Investors Real Estate Trust (REIT)^	16,600		149,400
iStar Financial, Inc. (REIT)*^	25,800		66,048
Kilroy Realty Corp. (REIT)^	10,600		325,102
Kite Realty Group Trust (REIT)	17,500		71,225
LaSalle Hotel Properties (REIT)^	15,611		331,422
Lexington Realty Trust (REIT)	21,568		131,133
Liberty Property Trust (REIT)^	27,322		874,577
LTC Properties, Inc. (REIT)	5,200		139,100
Macerich Co. (REIT)	23,882		858,552
Mack-Cali Realty Corp. (REIT)	19,339		668,549
Medical Properties Trust, Inc. (REIT)	41,982		419,820
MFA Financial, Inc. (REIT)	69,300		509,355
Mid-America Apartment Communities, Inc. (REIT)	3,500		168,980
Mission West Properties, Inc. (REIT)	7,600		54,644
Monmouth Real Estate Investment Corp. (REIT), Class A	5,500		40,920
National Health Investors, Inc. (REIT)	6,200		229,338
National Retail Properties, Inc. (REIT)^	19,700		418,034
Nationwide Health Properties, Inc. (REIT)	6,400		225,152
NorthStar Realty Finance Corp. (REIT)	14,300		49,049
Omega Healthcare Investors, Inc. (REIT)	16,800		326,760
One Liberty Properties, Inc. (REIT)	960		8,429
Parkway Properties, Inc./Maryland (REIT)	5,300		110,346
Pennsylvania Real Estate Investment Trust (REIT)^	14,300		120,978
Pennymac Mortgage Investment Trust (REIT)*	3,200		54,976
Post Properties, Inc. (REIT)^	11,900		233,240
Potlatch Corp. (REIT)	4,708		150,091
PS Business Parks, Inc. (REIT)	3,100		155,155
RAIT Financial Trust (REIT)*^	14,600		19,126
Ramco-Gershenson Properties Trust (REIT)	9,700		92,538
Rayonier, Inc. (REIT)	10,700		451,112
Realty Income Corp. (REIT)^	25,500		660,705
Redwood Trust, Inc. (REIT)	16,900		244,374
Regency Centers Corp. (REIT)^	21,911		768,200
Resource Capital Corp. (REIT)	6,100		30,012
Saul Centers, Inc. (REIT)	500		16,380
Senior Housing Properties Trust (REIT)	31,300		684,531
SL Green Realty Corp. (REIT)	20,100		1,009,824
Sovran Self Storage, Inc. (REIT)^	6,700		239,391
Strategic Hotels & Resorts, Inc. (REIT)*^	20,400		37,944
Sun Communities, Inc. (REIT)	4,100		80,975
Sunstone Hotel Investors, Inc. (REIT)*^	23,912		212,339

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Tanger Factory Outlet Centers (REIT)	4,600	$	179,354
Taubman Centers, Inc. (REIT)^	13,000		466,830
Transcontinental Realty Investors, Inc.*	300		3,573
UDR, Inc. (REIT)	36,777		604,614
UMH Properties, Inc. (REIT)	1,700		14,416
Universal Health Realty Income Trust (REIT)	1,300		41,639
Urstadt Biddle Properties, Inc. (REIT), Class A	5,000		76,350
U-Store-It Trust (REIT)	19,100		139,812
Walter Investment Management Corp. (REIT)	6,100		87,413
Washington Real Estate Investment Trust (REIT)^	12,600		347,130
Weingarten Realty Investors (REIT)	25,799		510,562
Winthrop Realty Trust (REIT)	2,800		30,408
			31,698,229
Real Estate Management & Development (0.4%)
American Realty Investors, Inc.*	700		8,575
Avatar Holdings, Inc.*	1,700		28,917
BR Malls Participacoes S.A.*	31,500		384,419
China Housing & Land Development, Inc.*^	6,800		28,084
Consolidated-Tomoka Land Co.^	1,400		48,916
Forest City Enterprises, Inc., Class A*^	33,900		399,342
Forestar Group, Inc.*	8,672		190,611
Iguatemi Empresa de Shopping Centers S.A.	16,700		324,397
Jones Lang LaSalle, Inc.^	10,286		621,274
Multiplan Empreendimentos Imobiliarios S.A.	26,300		489,227
Reis, Inc.*	1,400		8,610
			2,532,372
Thrifts & Mortgage Finance (0.9%)
Abington Bancorp, Inc.	5,100		35,139
Astoria Financial Corp.^	31,752		394,677
Bank Mutual Corp.	11,800		81,656
BankFinancial Corp.	5,700		56,430
Beneficial Mutual Bancorp, Inc.*	21,889		215,388
Berkshire Hills Bancorp, Inc.	3,500		72,380
Brookline Bancorp, Inc.	11,200		110,992
Brooklyn Federal Bancorp, Inc.	400		4,016
Cheviot Financial Corp.	600		4,434
Clifton Savings Bancorp, Inc.	2,500		23,425
Dime Community Bancshares, Inc.^	6,300		73,836
Doral Financial Corp.*^	1,900		6,897
ESB Financial Corp.^	4,150		54,863
ESSA Bancorp, Inc.	4,100		47,970
First Defiance Financial Corp.^	3,220		36,354
First Financial Holdings, Inc.^	3,600		46,764
First Financial Northwest, Inc.^	5,100		33,405
First Financial Service Corp.	1,000		9,060
First Niagara Financial Group, Inc.	51,300		713,583
Flagstar Bancorp, Inc.*^	22,200		13,320

	Number of Shares	Value (Note 1)
Flushing Financial Corp.	8,000	$	90,080
Fox Chase Bancorp, Inc.*	1,300		12,376
Harleysville Savings Financial Corp.	856		11,736
Heritage Financial Group	400		2,900
HF Financial Corp.	200		1,880
Home Federal Bancorp, Inc./Idaho	4,200		55,902
HopFed Bancorp, Inc.	434		4,123
Kearny Financial Corp.	4,100		41,328
Kentucky First Federal Bancorp	600		6,600
K-Fed Bancorp	1,000		8,790
Legacy Bancorp., Inc./ Massachusetts	1,800		17,748
Meridian Interstate Bancorp, Inc.*	2,600		22,594
MGIC Investment Corp.*^	31,500		182,070
NASB Financial, Inc.	1,000		23,290
New Hampshire Thrift Bancshares, Inc.	1,640		15,892
New York Community Bancorp, Inc.^	22,800		330,828
NewAlliance Bancshares, Inc.^	26,727		320,991
Northeast Community Bancorp, Inc.^	1,500		9,855
Northwest Bancshares, Inc.^	10,125		114,615
OceanFirst Financial Corp.^	2,200		24,860
Ocwen Financial Corp.*	13,700		131,109
Oritani Financial Corp.^	600		8,238
PMI Group, Inc.*^	19,438		48,984
Provident Financial Services, Inc.^	15,000		159,750
Provident New York Bancorp	8,700		73,428
Prudential Bancorp, Inc. of Pennsylvania	200		1,904
Radian Group, Inc.^	20,024		146,375
Rockville Financial, Inc.	2,200		23,100
Roma Financial Corp.	1,200		14,832
Territorial Bancorp, Inc.*	2,500		45,125
TF Financial Corp.	300		5,691
TFS Financial Corp.	18,300		222,162
Tree.com, Inc.*	2,600		23,790
TrustCo Bank Corp. NY/New York^	11,800		74,340
United Financial Bancorp, Inc.	3,400		44,574
United Western Bancorp, Inc.	2,200		6,072
Washington Federal, Inc.	27,700		535,718
Waterstone Financial, Inc.*^	2,600		5,330
Westfield Financial, Inc.^	7,900		65,175
WSFS Financial Corp.	1,700		43,571
			5,012,315
Total Financials			116,010,325
Health Care (6.1%)
Biotechnology (0.1%)
ArQule, Inc.*	4,800		17,712
Celera Corp.*	16,300		112,633
Facet Biotech Corp.*	5,000		87,900
Geron Corp.*	11,100		61,605
Infinity Pharmaceuticals, Inc.*^	2,400		14,832
Lexicon Pharmaceuticals, Inc.*^	11,500		19,550
Martek Biosciences Corp.*^	6,800		128,792
Maxygen, Inc.*	1,000		6,090
Myriad Pharmaceuticals, Inc.*	500		2,515

See Notes to Financial Statements.

220

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Nabi Biopharmaceuticals*	3,500	$	17,150
PDL BioPharma, Inc.^	26,292		180,363
Progenics Pharmaceuticals, Inc.*^	1,600		7,104
Theravance, Inc.*	9,440		123,381
			779,627
Health Care Equipment & Supplies (1.3%)
AGA Medical Holdings, Inc.*	300		4,431
Analogic Corp.	1,100		42,361
AngioDynamics, Inc.*	4,400		70,752
Cantel Medical Corp.*	1,704		34,387
Cardiac Science Corp.*	3,700		8,251
CONMED Corp.*	7,000		159,600
Cooper Cos., Inc.^	15,902		606,184
CryoLife, Inc.*	600		3,852
Cutera, Inc.*	2,400		20,424
Cynosure, Inc., Class A*	2,400		27,576
ev3, Inc.*	18,200		242,788
Greatbatch, Inc.*^	1,658		31,883
Hansen Medical, Inc.*	1,200		3,636
Hill-Rom Holdings, Inc.^	9,400		225,506
Hologic, Inc.*^	57,200		829,400
Home Diagnostics, Inc.*	2,000		12,200
Invacare Corp.^	7,858		195,979
Inverness Medical Innovations, Inc.*^	10,800		448,308
Kewaunee Scientific Corp.	500		7,210
Kinetic Concepts, Inc.*	15,120		569,268
Medical Action Industries, Inc.*	694		11,146
National Dentex Corp.*	800		8,080
Natus Medical, Inc.*	1,800		26,622
OraSure Technologies, Inc.*	1,100		5,588
Palomar Medical Technologies, Inc.*	1,200		12,096
RTI Biologics, Inc.*	8,700		33,408
Span-America Medical Systems, Inc.	700		11,207
Symmetry Medical, Inc.*	7,100		57,226
Teleflex, Inc.	5,746		309,652
TomoTherapy, Inc.*^	6,000		23,400
Volcano Corp.*^	2,900		50,402
Young Innovations, Inc.	400		9,912
Zimmer Holdings, Inc.*	53,535		3,164,454
Zoll Medical Corp.*	700		18,704
			7,285,893
Health Care Providers & Services (3.3%)
Advocat, Inc.	700		5,390
Aetna, Inc.	140,095		4,441,012
Alliance HealthCare Services, Inc.*^	1,000		5,710
Allied Healthcare International, Inc.*^	9,400		27,354
Allion Healthcare, Inc.*	4,700		30,832
Amedisys, Inc.*^	400		19,424
American Dental Partners, Inc.*^	4,000		51,600
AmerisourceBergen Corp.^	29,680		773,758
Amsurg Corp.*	7,800		171,756
Assisted Living Concepts, Inc., Class A*^	2,480		65,398
Brookdale Senior Living, Inc.*	10,700		194,633

	Number of Shares	Value (Note 1)
Capital Senior Living Corp.*	6,400	$	32,128
Centene Corp.*	4,944		104,664
Chindex International, Inc.*^	300		4,239
CIGNA Corp.	31,800		1,121,586
Community Health Systems, Inc.*	11,240		400,144
Continuecare Corp.*	1,000		4,370
Cross Country Healthcare, Inc.*	7,000		69,370
Emdeon, Inc., Class A*	1,500		22,875
Gentiva Health Services, Inc.*	4,600		124,246
Hanger Orthopedic Group, Inc.*	5,100		70,533
Health Management Associates, Inc., Class A*	4,620		33,587
Health Net, Inc.*	44,975		1,047,468
Healthspring, Inc.*	12,000		211,320
Healthways, Inc.*	8,000		146,720
Humana, Inc.*	50,643		2,222,721
inVentiv Health, Inc.*^	5,600		90,552
Kindred Healthcare, Inc.*	13,300		245,518
Laboratory Corp. of America Holdings*	2,880		215,539
Landauer, Inc.	1,000		61,400
LCA-Vision, Inc.*	1,500		7,680
LifePoint Hospitals, Inc.*^	13,377		434,886
Lincare Holdings, Inc.*^	3,300		122,496
Magellan Health Services, Inc.*	8,800		358,424
MedCath Corp.*^	4,100		32,431
MEDNAX, Inc.*	7,600		456,836
Molina Healthcare, Inc.*	3,300		75,471
National Healthcare Corp.	1,100		39,721
Nighthawk Radiology Holdings, Inc.*	6,100		27,633
NovaMed, Inc.*^	2,000		7,760
Odyssey HealthCare, Inc.*	4,100		63,878
Omnicare, Inc.	89,911		2,174,048
Owens & Minor, Inc.	2,100		90,153
Psychiatric Solutions, Inc.*^	4,500		95,130
RadNet, Inc.*	700		1,428
RehabCare Group, Inc.*	1,000		30,430
Res-Care, Inc.*	6,300		70,560
Select Medical Holdings Corp.*	5,500		58,410
Skilled Healthcare Group, Inc., Class A*	8,100		60,345
Sun Healthcare Group, Inc.*	10,900		99,953
Sunrise Senior Living, Inc.*	11,300		36,386
Team Health Holdings, Inc.*	20,700		290,214
Tenet Healthcare Corp.*	38,500		207,515
Triple-S Management Corp., Class B*^	4,900		86,240
U.S. Physical Therapy, Inc.*	1,600		27,088
Universal American Corp.*	14,356		167,965
Universal Health Services, Inc., Class B	21,000		640,500
WellCare Health Plans, Inc.*	10,300		378,628
			18,158,056
Health Care Technology (0.2%)
AMICAS, Inc.*	2,200		11,968
IMS Health, Inc.	34,800		732,888
Medidata Solutions, Inc.*	200		3,120
MedQuist, Inc.	2,300		15,387
Omnicell, Inc.*	1,100		12,859

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
QuadraMed Corp.*	1,000	$	8,390
Vital Images, Inc.*	1,100		13,959
			798,571
Life Sciences Tools & Services (0.2%)
Affymetrix, Inc.*	2,400		14,016
Albany Molecular Research, Inc.*^	5,800		52,664
Cambrex Corp.*	700		3,906
Charles River Laboratories International, Inc.*	5,500		185,295
Enzo Biochem, Inc.*	2,900		15,602
Harvard Bioscience, Inc.*	300		1,071
Kendle International, Inc.*	3,400		62,254
PerkinElmer, Inc.	22,600		465,334
Varian, Inc.*	5,428		279,759
			1,079,901
Pharmaceuticals (1.0%)
Adolor Corp.*^	5,400		7,884
Biodel, Inc.*^	300		1,302
BMP Sunstone Corp.*	1,000		5,690
Caraco Pharmaceutical Laboratories Ltd.*	1,600		9,664
Cumberland Pharmaceuticals, Inc.*^	200		2,718
Endo Pharmaceuticals Holdings, Inc.*	43,260		887,263
Hi-Tech Pharmacal Co., Inc.*^	1,600		44,880
Impax Laboratories, Inc.*	94,260		1,281,936
King Pharmaceuticals, Inc.*	113,500		1,392,645
KV Pharmaceutical Co., Class A*	4,400		16,148
Medicines Co.*	3,900		32,526
Medicis Pharmaceutical Corp., Class A	12,700		343,535
Par Pharmaceutical Cos., Inc.*	8,500		230,010
SuperGen, Inc.*	5,300		13,886
ViroPharma, Inc.*	15,500		130,045
Watson Pharmaceuticals, Inc.*	34,332		1,359,890
			5,760,022
Total Health Care			33,862,070
Industrials (10.5%)
Aerospace & Defense (0.5%)
AAR Corp.*	8,818		202,638
Argon ST, Inc.*^	600		13,032
Ascent Solar Technologies, Inc.*^	3,200		16,960
Astronics Corp.*^	400		3,420
BE Aerospace, Inc.*	12,100		284,350
Ceradyne, Inc.*	6,700		128,707
Curtiss-Wright Corp.	11,100		347,652
Ducommun, Inc.	4,500		84,195
DynCorp International, Inc., Class A*	5,500		78,925
Esterline Technologies Corp.*	5,000		203,850
GeoEye, Inc.*	200		5,576
Global Defense Technology & Systems, Inc.*	400		6,584
Herley Industries, Inc.*^	3,400		47,226
Ladish Co., Inc.*^	3,700		55,796

	Number of Shares	Value (Note 1)
LMI Aerospace, Inc.*	1,200	$	15,960
Moog, Inc., Class A*	11,100		324,453
SIFCO Industries, Inc.	800		11,432
Spirit AeroSystems Holdings, Inc., Class A*	17,769		352,892
Teledyne Technologies, Inc.*	13,600		521,696
Todd Shipyards Corp.	1,400		23,464
Triumph Group, Inc.	4,200		202,650
			2,931,458
Air Freight & Logistics (0.1%)
Air Transport Services Group, Inc.*	5,400		14,256
Atlas Air Worldwide Holdings, Inc.*	5,000		186,250
Dynamex, Inc.*	900		16,290
Forward Air Corp.^	3,800		95,190
Hub Group, Inc., Class A*	4,800		128,784
Pacer International, Inc.*^	8,700		27,492
UTi Worldwide, Inc.	1,900		27,208
			495,470
Airlines (0.5%)
Alaska Air Group, Inc.*	8,314		287,332
Delta Air Lines, Inc.*^	123,480		1,405,202
JetBlue Airways Corp.*^	62,288		339,469
Republic Airways Holdings, Inc.*	15,020		110,998
SkyWest, Inc.	31,340		530,273
U.S. Airways Group, Inc.*^	39,300		190,212
UAL Corp.*	2,100		27,111
			2,890,597
Building Products (0.3%)
American Woodmark Corp.	2,600		51,168
Ameron International Corp.	2,287		145,133
Apogee Enterprises, Inc.^	6,685		93,590
Armstrong World Industries, Inc.*	2,900		112,897
Builders FirstSource, Inc.*^	2,222		8,555
Gibraltar Industries, Inc.*	10,100		158,873
Griffon Corp.*	10,900		133,198
Insteel Industries, Inc.^	4,700		61,100
NCI Building Systems, Inc.*	16,595		30,037
Owens Corning, Inc.*	12,000		307,680
Quanex Building Products Corp.	3,900		66,183
Simpson Manufacturing Co., Inc.	2,128		57,222
Trex Co., Inc.*	400		7,840
Universal Forest Products, Inc.	10,820		398,284
USG Corp.*	10,300		144,715
			1,776,475
Commercial Services & Supplies (0.8%)
ABM Industries, Inc.^	8,900		183,874
ACCO Brands Corp.*	13,093		95,317
American Reprographics Co.*	1,000		7,010
Amrep Corp.*	600		8,220
ATC Technology Corp.*	1,300		31,005
Bowne & Co., Inc.	10,165		67,902
Clean Harbors, Inc.*	300		17,883
Consolidated Graphics, Inc.*	2,400		84,048
Cornell Cos., Inc.*	2,800		63,560
Corrections Corp. of America*	25,300		621,115

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Courier Corp.	2,300	$	32,775
Covanta Holding Corp.*	31,900		577,071
Deluxe Corp.	11,200		165,648
EnergySolutions, Inc.	17,100		145,179
Ennis, Inc.	6,800		114,172
Fuel Tech, Inc.*	900		7,353
G&K Services, Inc., Class A	4,700		118,111
GEO Group, Inc.*	2,500		54,700
HNI Corp.^	3,100		85,653
ICT Group, Inc.*	400		6,532
Innerworkings, Inc.*	1,100		6,490
Kimball International, Inc., Class B	8,100		69,012
M&F Worldwide Corp.*	2,500		98,750
McGrath RentCorp	5,100		114,036
Metalico, Inc.*	6,800		33,456
Mine Safety Appliances Co.	500		13,265
Mobile Mini, Inc.*	6,600		92,994
Multi-Color Corp.	500		6,105
North American Galvanizing & Coatings, Inc.*	1,800		8,730
R.R. Donnelley & Sons Co.	290		6,458
Schawk, Inc.	3,400		46,240
Standard Parking Corp.*	1,500		23,820
Standard Register Co.^	500		2,550
Steelcase, Inc., Class A	17,800		113,208
Team, Inc.*	200		3,762
United Stationers, Inc.*	13,547		770,147
Viad Corp.	4,400		90,772
Virco MFG. Corp.	1,607		5,866
Waste Connections, Inc.*	5,300		176,702
Waste Services, Inc.*	3,900		35,529
			4,205,020
Construction & Engineering (0.9%)
Comfort Systems USA, Inc.	21,389		263,940
Dycom Industries, Inc.*^	13,600		109,208
EMCOR Group, Inc.*	26,300		707,470
Furmanite Corp.*	3,500		13,335
Granite Construction, Inc.	7,400		249,084
Great Lakes Dredge & Dock Corp.	700		4,536
Insituform Technologies, Inc., Class A*	9,446		214,613
Integrated Electrical Services, Inc.*	1,000		5,850
KBR, Inc.	39,700		754,300
Layne Christensen Co.*	4,900		140,679
MasTec, Inc.*	3,700		46,250
Northwest Pipe Co.*	2,338		62,799
Pike Electric Corp.*^	2,600		24,128
Primoris Services Corp.^	2,000		15,940
Shaw Group, Inc.*	57,100		1,641,625
Sterling Construction Co., Inc.*	3,000		57,540
Tutor Perini Corp.*^	10,224		184,850
URS Corp.*	8,580		381,982
			4,878,129
Electrical Equipment (1.0%)
A. O. Smith Corp.	5,500		238,645
A123 Systems, Inc.*	2,100		47,124
Acuity Brands, Inc.^	2,400		85,536
AMETEK, Inc.	16,000		611,840
Baldor Electric Co.	9,404		264,158
Belden, Inc.	11,683		256,091

	Number of Shares	Value (Note 1)
Brady Corp., Class A	12,000	$	360,120
Chase Corp.	1,300		15,353
China BAK Battery, Inc.*^	9,400		26,132
Encore Wire Corp.^	6,600		139,062
Energy Conversion Devices, Inc.*^	1,800		19,026
EnerSys*	10,100		220,887
Evergreen Solar, Inc.*^	22,000		33,220
Franklin Electric Co., Inc.	5,800		168,664
FuelCell Energy, Inc.*	3,000		11,280
Fushi Copperweld, Inc.*	6,400		64,768
General Cable Corp.*^	20,000		588,400
GrafTech International Ltd.*	18,400		286,120
Hubbell, Inc., Class B	12,200		577,060
II-VI, Inc.*	2,000		63,600
LaBarge, Inc.*	400		4,820
Lihua International, Inc.*	100		1,045
LSI Industries, Inc.	4,700		37,036
Orion Energy Systems, Inc.*	4,400		19,316
Polypore International, Inc.*	3,900		46,410
Power-One, Inc.*^	16,300		70,905
PowerSecure International, Inc.*	3,100		22,351
Preformed Line Products Co.	100		4,380
Regal-Beloit Corp.^	8,704		452,086
Roper Industries, Inc.	3,200		167,584
SatCon Technology Corp.*	2,000		5,640
SL Industries, Inc.*	700		5,866
Thomas & Betts Corp.*	22,900		819,591
Ultralife Corp.*	200		864
Valence Technology, Inc.*^	4,600		4,186
Vicor Corp.*	2,900		26,970
Woodward Governor Co.^	3,100		79,887
			5,846,023
Industrial Conglomerates (0.3%)
Carlisle Cos., Inc.	10,907		373,674
Otter Tail Corp.^	8,900		220,720
Seaboard Corp.	87		117,363
Standex International Corp.	3,360		67,502
Textron, Inc.^	25,700		483,417
Tredegar Corp.^	7,400		117,068
United Capital Corp.*	804		19,151
			1,398,895
Machinery (4.3%)
3D Systems Corp.*^	1,700		19,210
Actuant Corp., Class A^	8,782		162,731
AGCO Corp.*	178,301		5,766,254
Alamo Group, Inc.	2,400		41,160
Albany International Corp., Class A	6,800		152,728
Altra Holdings, Inc.*^	5,800		71,630
American Railcar Industries, Inc.	2,300		25,346
Ampco-Pittsburgh Corp.	1,200		37,836
Astec Industries, Inc.*^	4,500		121,230
Barnes Group, Inc.^	45,200		763,880
Blount International, Inc.*^	6,500		65,650
Briggs & Stratton Corp.^	12,500		233,875
Bucyrus International, Inc.	14,400		811,728
Cascade Corp.	2,200		60,478
Chart Industries, Inc.*	1,100		18,205
CIRCOR International, Inc.	4,200		105,756

See Notes to Financial Statements.

223

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
CLARCOR, Inc.	8,000	$	259,520
Colfax Corp.*	4,200		50,568
Columbus McKinnon Corp.*	4,800		65,568
Crane Co.	6,000		183,720
Dover Corp.	11,620		483,508
Duoyuan Printing, Inc.*	1,100		8,855
Eastern Co.	1,500		20,145
EnPro Industries, Inc.*^	8,000		211,280
Federal Signal Corp.	19,400		116,788
Flow International Corp.*^	1,300		4,004
FreightCar America, Inc.	3,200		63,456
Gardner Denver, Inc.^	12,800		544,640
Gorman-Rupp Co.^	1,300		35,932
Graco, Inc.	8,200		234,274
Graham Corp.	900		18,630
Greenbrier Cos., Inc.	4,600		47,748
Harsco Corp.	5,400		174,042
Hurco Cos., Inc.*^	1,500		22,200
IDEX Corp.^	8,300		258,545
John Bean Technologies Corp.	6,900		117,369
Kadant, Inc.*	2,800		44,688
Kaydon Corp.	8,300		296,808
Kennametal, Inc.	43,800		1,135,296
K-Tron International, Inc.*	100		10,874
L.B. Foster Co., Class A*	2,700		80,487
Lincoln Electric Holdings, Inc.	10,500		561,330
Lindsay Corp.	200		7,970
Manitowoc Co., Inc.	32,600		325,022
Met-Pro Corp.	800		8,496
MFRI, Inc.*	200		1,360
Miller Industries, Inc.*	2,500		28,375
Mueller Industries, Inc.	12,020		298,577
Mueller Water Products, Inc., Class A	37,600		195,520
NACCO Industries, Inc., Class A	1,300		64,740
Navistar International Corp.*	9,400		363,310
Nordson Corp.	5,400		330,372
Oshkosh Corp.	25,368		939,377
Pentair, Inc.	45,628		1,473,785
Portec Rail Products, Inc.	800		8,568
RBC Bearings, Inc.*	300		7,299
Robbins & Myers, Inc.	6,100		143,472
Sauer-Danfoss, Inc.*	2,500		30,025
Snap-On, Inc.^	10,200		431,052
SPX Corp.	17,800		973,660
Stanley Works	19,304		994,349
Sun Hydraulics Corp.^	1,800		47,250
Tata Motors Ltd. (ADR)	71,834		1,211,121
Tecumseh Products Co., Class A*	4,600		53,774
Terex Corp.*^	51,600		1,022,196
Timken Co.	24,000		569,040
Titan International, Inc.^	8,800		71,368
Trimas Corp.*	1,600		10,832
Trinity Industries, Inc.^	19,171		334,342
Twin Disc, Inc.	2,600		27,144
Watts Water Technologies, Inc., Class A	7,400		228,808
			23,709,176
Marine (0.2%)
Alexander & Baldwin, Inc.^	10,100		345,723

	Number of Shares	Value (Note 1)
American Commercial Lines, Inc.*	2,300	$	42,159
Eagle Bulk Shipping, Inc.*	16,300		80,685
Genco Shipping & Trading Ltd.*^	7,450		166,731
Horizon Lines, Inc., Class A	7,500		41,775
International Shipholding Corp.	3,380		105,017
Kirby Corp.*^	10,400		362,232
TBS International Ltd., Class A*	3,300		24,255
Ultrapetrol Bahamas Ltd.*	6,219		29,602
			1,198,179
Professional Services (0.3%)
Barrett Business Services, Inc.	1,900		23,351
CDI Corp.	2,900		37,555
COMSYS IT Partners, Inc.*	3,600		32,004
CRA International, Inc.*	400		10,660
Diamond Management & Technology Consultants, Inc.	400		2,948
Equifax, Inc.	6,865		212,060
Franklin Covey Co.*^	500		3,150
GP Strategies Corp.*	1,500		11,295
Heidrick & Struggles International, Inc.	4,100		128,084
Hill International, Inc.*	700		4,368
Kelly Services, Inc., Class A*	5,900		70,387
Kforce, Inc.*	7,500		93,750
Korn/Ferry International*	10,500		173,250
Mistras Group, Inc.*	700		10,542
Monster Worldwide, Inc.*^	13,100		227,940
MPS Group, Inc.*	22,700		311,898
National Technical Systems, Inc.	200		1,130
On Assignment, Inc.*	7,500		53,625
School Specialty, Inc.*	3,000		70,170
Spherion Corp.*	13,000		73,060
TrueBlue, Inc.*	10,900		161,429
Volt Information Sciences, Inc.*^	3,200		32,000
VSE Corp.	600		27,048
Watson Wyatt Worldwide, Inc., Class A	1,900		90,288
			1,861,992
Road & Rail (1.0%)
Amerco, Inc.*	2,200		109,384
Arkansas Best Corp.^	6,369		187,440
Avis Budget Group, Inc.*^	10,648		139,702
Canadian Pacific Railway Ltd.	33,355		1,801,170
Celadon Group, Inc.*	1,000		10,850
Con-way, Inc.^	8,100		282,771
Dollar Thrifty Automotive Group, Inc.*^	6,900		176,709
Heartland Express, Inc.^	4,700		71,769
Hertz Global Holdings, Inc.*	46,010		548,439
J.B. Hunt Transport Services, Inc.	15,100		487,277
Kansas City Southern*^	12,200		406,138
Knight Transportation, Inc.	3,000		57,870
Old Dominion Freight Line, Inc.*	5,800		178,060
Patriot Transportation Holding, Inc.*	100		9,446
RailAmerica, Inc.*	3,300		40,260
Ryder System, Inc.	19,600		806,932
Saia, Inc.*^	3,200		47,424

See Notes to Financial Statements.

224

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Universal Truckload Services, Inc.	1,500	$	27,150
USA Truck, Inc.*	600		7,512
Werner Enterprises, Inc.	10,600		209,774
YRC Worldwide, Inc.*^	13,400		11,253
			5,617,330
Trading Companies & Distributors (0.3%)
Aceto Corp.^	6,200		31,930
Aircastle Ltd.	27,436		270,245
Applied Industrial Technologies, Inc.^	10,600		233,942
Beacon Roofing Supply, Inc.*	3,700		59,200
BlueLinx Holdings, Inc.*	2,900		8,033
DXP Enterprises, Inc.*	1,900		24,833
GATX Corp.^	6,700		192,625
H&E Equipment Services, Inc.*	6,800		71,332
Houston Wire & Cable Co.	2,500		29,750
Interline Brands, Inc.*	7,860		135,742
Kaman Corp.	900		20,781
Lawson Products, Inc.	900		15,885
Rush Enterprises, Inc., Class A*^	6,200		73,718
TAL International Group, Inc.^	3,600		47,628
Textainer Group Holdings Ltd.^	2,860		48,334
Titan Machinery, Inc.*^	300		3,462
United Rentals, Inc.*	14,500		142,245
Watsco, Inc.^	500		24,490
WESCO International, Inc.*^	5,490		148,285
Willis Lease Finance Corp.*	2,798		41,970
			1,624,430
Transportation Infrastructure (0.0%)
CAI International, Inc.*^	2,400		21,672
Total Industrials			58,454,846
Information Technology (7.0%)
Communications Equipment (1.0%)
3Com Corp.*	17,500		131,250
ADC Telecommunications, Inc.*^	19,426		120,635
ADTRAN, Inc.	3,100		69,905
Airvana, Inc.*	2,600		19,760
Anaren, Inc.*^	400		6,020
Arris Group, Inc.*	17,217		196,790
Bel Fuse, Inc., Class B	2,800		60,172
Black Box Corp.	10,683		302,756
Brocade Communications Systems, Inc.*	90,296		688,959
Ciena Corp.*^	20,200		218,968
Cogo Group, Inc.*	6,300		46,431
CommScope, Inc.*	23,100		612,843
Communications Systems, Inc.	1,500		18,660
Digi International, Inc.*	4,000		36,480
EchoStar Corp., Class A*	9,200		185,288
Emcore Corp.*^	18,800		20,116
EMS Technologies, Inc.*	643		9,324
Emulex Corp.*^	1,600		17,440
Extreme Networks, Inc.*	20,300		58,261
Globecomm Systems, Inc.*	5,200		40,664
Harmonic, Inc.*	5,600		35,448
Harris Stratex Networks, Inc.*	14,500		100,195
JDS Uniphase Corp.*	59,120		487,740
KVH Industries, Inc.*	200		2,950

	Number of Shares	Value (Note 1)
NETGEAR, Inc.*	6,400	$	138,816
Network Equipment Technologies, Inc.*	3,600		14,580
Oplink Communications, Inc.*	1,400		22,946
Opnext, Inc.*	7,000		13,300
Palm, Inc.*^	5,200		52,208
PC-Tel, Inc.*	4,100		24,272
Plantronics, Inc.	1,500		38,970
Polycom, Inc.*	12,700		317,119
Powerwave Technologies, Inc.*	32,200		40,572
SeaChange International, Inc.*	3,800		24,966
Sonus Networks, Inc.*	51,600		108,876
Sycamore Networks, Inc.^	4,810		100,579
Symmetricom, Inc.*	11,800		61,360
Tekelec*	20,386		311,498
Tellabs, Inc.*	98,000		556,640
UTStarcom, Inc.*^	30,700		67,233
			5,380,990
Computers & Peripherals (0.3%)
ActivIdentity Corp.*^	7,700		18,095
Adaptec, Inc.*	31,500		105,525
Avid Technology, Inc.*^	5,600		71,456
Cray, Inc.*^	2,400		15,408
Diebold, Inc.	2,100		59,745
Electronics for Imaging, Inc.*	12,300		160,023
Imation Corp.*	7,100		61,912
Intevac, Inc.*	5,600		64,232
Lexmark International, Inc., Class A*	27,354		710,657
NetApp, Inc.*	7,060		242,793
Rimage Corp.*	2,500		43,350
Silicon Graphics International Corp.*^	6,700		46,967
Super Micro Computer, Inc.*	2,100		23,352
			1,623,515
Electronic Equipment, Instruments & Components (2.7%)
Agilysys, Inc.	3,800		34,580
Anixter International, Inc.*^	6,300		296,730
Arrow Electronics, Inc.*	62,530		1,851,513
Avnet, Inc.*	24,800		747,968
AVX Corp.	9,600		121,632
Benchmark Electronics, Inc.*	14,500		274,195
Checkpoint Systems, Inc.*	7,424		113,216
China Security & Surveillance Technology, Inc.*^	1,600		12,224
Cognex Corp.^	8,100		143,532
Coherent, Inc.*^	5,400		160,542
CPI International, Inc.*^	1,258		16,656
CTS Corp.	12,200		117,364
Daktronics, Inc.	1,100		10,131
DDi Corp.*	3,000		14,670
Echelon Corp.*^	2,300		26,588
Electro Rent Corp.	4,900		56,546
Electro Scientific Industries, Inc.*	7,200		77,904
FARO Technologies, Inc.*	400		8,576
Flextronics International Ltd.*	90,180		659,216
Gerber Scientific, Inc.*	3,000		15,150
ICx Technologies, Inc.*	2,300		21,896
Ingram Micro, Inc., Class A*	177,693		3,100,743
Insight Enterprises, Inc.*	10,000		114,200

See Notes to Financial Statements.

225

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Itron, Inc.*	700	$	47,299
Jabil Circuit, Inc.	23,600		409,932
Kingboard Laminates Holdings Ltd.	969,800		669,343
L-1 Identity Solutions, Inc.*^	4,100		30,709
Littelfuse, Inc.*	5,417		174,157
Measurement Specialties, Inc.*	3,207		32,230
Mercury Computer Systems, Inc.*	5,400		59,454
Methode Electronics, Inc.	8,900		77,252
Molex, Inc.	29,800		642,190
MTS Systems Corp.	3,700		106,338
Newport Corp.*^	9,400		86,386
OSI Systems, Inc.*	700		19,096
PAR Technology Corp.*	700		4,046
Park Electrochemical Corp.	1,900		52,516
PC Connection, Inc.*	1,800		12,150
PC Mall, Inc.*	1,900		9,918
Plexus Corp.*	6,611		188,414
Rofin-Sinar Technologies, Inc.*	4,000		94,440
Rogers Corp.*	3,000		90,930
Scansource, Inc.*	6,300		168,210
SMART Modular Technologies (WWH), Inc.*^	9,200		57,868
Spectrum Control, Inc.*	3,100		29,357
SYNNEX Corp.*^	8,230		252,332
Tech Data Corp.*	65,902		3,074,987
Technitrol, Inc.	10,303		45,127
TESSCO Technologies, Inc.	1,327		21,418
TTM Technologies, Inc.*	10,800		124,524
Vicon Industries, Inc.*	500		2,635
Vishay Intertechnology, Inc.*	36,757		306,921
X-Rite, Inc.*^	6,500		14,170
Zygo Corp.*	3,500		23,555
			14,923,676
Internet Software & Services (0.3%)
Ancestry.com, Inc.*	200		2,802
Digital River, Inc.*	1,900		51,281
DivX, Inc.*	3,000		16,920
EarthLink, Inc.	47,100		391,401
IAC/InterActiveCorp*^	13,100		268,288
InfoSpace, Inc.*	3,600		30,852
Internap Network Services Corp.*	12,700		59,690
Internet Brands, Inc., Class A*	2,700		21,141
Internet Capital Group, Inc.*	4,300		28,595
Ipass, Inc.*	12,600		13,104
j2 Global Communications, Inc.*	900		18,315
Keynote Systems, Inc.	1,600		17,456
LogMeIn, Inc.*	300		5,985
Marchex, Inc., Class B	2,200		11,176
ModusLink Global Solutions, Inc.*	10,800		101,628
Openwave Systems, Inc.*	14,700		33,516
Perficient, Inc.*^	5,600		47,208
RealNetworks, Inc.*	10,100		37,471
support.com, Inc.*	8,900		23,496
TechTarget, Inc.*	2,900		16,327
United Online, Inc.	45,056		323,953
Web.com Group, Inc.*	6,600		43,098
			1,563,703

	Number of Shares	Value (Note 1)
IT Services (0.5%)
Acxiom Corp.*^	3,100	$	41,602
Broadridge Financial Solutions, Inc.	13,300		300,048
CACI International, Inc., Class A*^	6,500		317,525
China Information Security Technology, Inc.*	900		5,544
CIBER, Inc.*	39,236		135,364
Computer Task Group, Inc.*	2,500		20,025
Convergys Corp.*	43,196		464,357
CSG Systems International, Inc.*	6,800		129,812
DST Systems, Inc.*	1,200		52,260
Dynamics Research Corp.*	2,200		23,342
Echo Global Logistics, Inc.*	700		8,883
Euronet Worldwide, Inc.*	1,500		32,925
Global Cash Access Holdings, Inc.*	900		6,741
Hackett Group, Inc.*^	4,800		13,344
infoGROUP, Inc.*	7,400		59,348
Information Services Group, Inc.*	5,900		18,703
Integral Systems, Inc.*	3,200		27,712
ManTech International Corp., Class A*	1,100		53,108
MAXIMUS, Inc.	400		20,000
MoneyGram International, Inc.*	3,000		8,640
Ness Technologies, Inc.*	9,500		46,550
Online Resources Corp.*	2,200		11,572
SAIC, Inc.*	25,065		474,731
SRA International, Inc., Class A*	7,500		143,250
StarTek, Inc.*	2,500		18,700
TechTeam Global, Inc.*	1,200		9,132
Tier Technologies, Inc., Class B*	2,100		16,800
Total System Services, Inc.	11,300		195,151
Unisys Corp.*	9,746		375,806
Virtusa Corp.*	900		8,154
			3,039,129
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*	1,400		39,704
Semiconductors & Semiconductor Equipment (1.6%)
Actel Corp.*	4,500		53,460
Advanced Energy Industries, Inc.*	1,800		27,144
Advanced Micro Devices, Inc.*	64,488		624,244
Amkor Technology, Inc.*	2,000		14,320
ANADIGICS, Inc.*	3,100		13,082
Atmel Corp.*	111,300		513,093
ATMI, Inc.*	5,500		102,410
Brooks Automation, Inc.*	15,500		132,990
Cabot Microelectronics Corp.*	5,200		171,392
CEVA, Inc.*	700		9,002
Cirrus Logic, Inc.*	5,360		36,555
Cohu, Inc.^	5,800		80,910
Cymer, Inc.*^	7,400		284,012
Cypress Semiconductor Corp.*^	6,200		65,472
DSP Group, Inc.*	6,100		34,343
Entegris, Inc.*	31,300		165,264
Exar Corp.*	8,600		61,146

See Notes to Financial Statements.

226

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Fairchild Semiconductor International, Inc.*^	30,077	$	300,469
FEI Co.*^	743		17,356
FormFactor, Inc.*	700		15,232
GSI Technology, Inc.*	4,600		20,608
Integrated Device Technology, Inc.*	32,500		210,275
Integrated Silicon Solution, Inc.*	3,000		16,950
International Rectifier Corp.*	10,005		221,311
Intersil Corp., Class A	15,400		236,236
IXYS Corp.*	1,100		8,162
Lattice Semiconductor Corp.*	26,400		71,280
Linear Technology Corp.^	17,400		531,396
LSI Corp.*	160,500		964,605
MEMSIC, Inc.*	3,600		11,808
Micrel, Inc.	6,700		54,940
Microtune, Inc.*^	5,100		11,526
Mindspeed Technologies, Inc.*	3,000		14,070
MKS Instruments, Inc.*	12,312		214,352
Novellus Systems, Inc.*	9,684		226,025
OmniVision Technologies, Inc.*	12,100		175,813
Pericom Semiconductor Corp.*	6,300		72,639
Photronics, Inc.*	21,600		96,120
Pixelworks, Inc.*	1,700		5,168
PMC-Sierra, Inc.*	55,100		477,166
RF Micro Devices, Inc.*	5,000		23,850
Rudolph Technologies, Inc.*	4,700		31,584
Sigma Designs, Inc.*	1,800		19,260
Silicon Image, Inc.*	18,700		48,246
Silicon Storage Technology, Inc.*	22,100		56,576
Skyworks Solutions, Inc.*	19,500		276,705
Standard Microsystems Corp.*	4,100		85,198
Techwell, Inc.*	300		3,960
Teradyne, Inc.*^	50,020		536,715
Trident Microsystems, Inc.*	14,100		26,226
TriQuint Semiconductor, Inc.*	16,000		96,000
Varian Semiconductor Equipment Associates, Inc.*	32,990		1,183,681
Veeco Instruments, Inc.*^	3,500		115,640
Virage Logic Corp.*	3,700		20,350
Zoran Corp.*	3,200		35,360
			8,921,697
Software (0.6%)
American Software, Inc., Class A^	400		2,400
Callidus Software, Inc.*	3,000		9,060
Compuware Corp.*	59,828		432,556
Deltek, Inc.*	580		4,512
Double-Take Software, Inc.*	400		3,996
Epicor Software Corp.*	11,800		89,916
ePlus, Inc.*	900		14,859
Fair Isaac Corp.^	12,000		255,720
Fortinet, Inc.*	700		12,299
i2 Technologies, Inc.*	700		13,384
JDA Software Group, Inc.*	3,300		84,051
Lawson Software, Inc.*	20,400		135,660
McAfee, Inc.*	13,660		554,186
Mentor Graphics Corp.*	21,408		189,033
Monotype Imaging Holdings, Inc.*	5,400		48,762

	Number of Shares	Value (Note 1)
NetScout Systems, Inc.*	500	$	7,320
Novell, Inc.*	47,500		197,125
Nuance Communications, Inc.*	4,900		76,146
Pervasive Software, Inc.*	3,800		18,316
Quest Software, Inc.*	13,300		244,720
Rovi Corp.*	7,800		248,586
SonicWALL, Inc.*	12,500		95,125
Symyx Technologies, Inc.*	1,700		9,350
Synchronoss Technologies, Inc.*	600		9,486
Synopsys, Inc.*	15,963		355,656
Take-Two Interactive Software, Inc.*^	17,500		175,875
THQ, Inc.*^	4,305		21,697
TIBCO Software, Inc.*	28,100		270,603
VASCO Data Security International, Inc.*	1,500		9,405
			3,589,804
Total Information Technology			39,082,218
Materials (11.6%)
Chemicals (2.7%)
A. Schulman, Inc.	5,806		117,165
Agrium, Inc. (When Issued)*	11,720		720,780
Airgas, Inc.	19,900		947,240
Albemarle Corp.	21,100		767,407
American Vanguard Corp.^	4,300		35,690
Ampal American Israel, Class A*^	3,900		10,530
Arch Chemicals, Inc.	5,272		162,799
Ashland, Inc.	17,577		696,401
Cabot Corp.	16,100		422,303
Cytec Industries, Inc.	21,873		796,615
Eastman Chemical Co.	17,753		1,069,441
Ferro Corp.^	20,700		170,568
FMC Corp.	15,040		838,630
H.B. Fuller Co.	12,100		275,275
Hawkins, Inc.^	100		2,183
Huntsman Corp.	39,500		445,955
ICO, Inc.	6,300		46,053
Innophos Holdings, Inc.	5,700		131,043
Innospec, Inc.	7,900		79,711
International Flavors & Fragrances, Inc.	1,100		45,254
Intrepid Potash, Inc.*^	700		20,419
Koppers Holdings, Inc.	1,865		56,771
Lubrizol Corp.	2,188		159,614
Minerals Technologies, Inc.	4,700		256,009
Mosaic Co.	28,702		1,714,370
Nalco Holding Co.	22,800		581,628
NewMarket Corp.	1,100		126,247
NL Industries, Inc.^	1,000		6,940
Olin Corp.	17,700		310,104
OM Group, Inc.*^	13,521		424,424
PolyOne Corp.*	19,000		141,930
Quaker Chemical Corp.	2,800		57,792
Rockwood Holdings, Inc.*	12,300		289,788
RPM International, Inc.	15,170		308,406
Scotts Miracle-Gro Co., Class A	1,930		75,868
Sensient Technologies Corp.	12,232		321,702
ShengdaTech, Inc.*	7,000		42,910

See Notes to Financial Statements.

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December 31, 2009

	Number of Shares	Value (Note 1)
Solutia, Inc.*	29,300	$	372,110
Spartech Corp.	8,084		82,942
Stepan Co.	200		12,962
STR Holdings, Inc.*	900		14,139
Terra Industries, Inc.	27,440		883,294
Valhi, Inc.^	1,300		18,161
Valspar Corp.	24,500		664,930
W.R. Grace & Co.*^	12,700		321,945
Westlake Chemical Corp.	4,700		117,171
Zoltek Cos., Inc.*	6,900		65,550
			15,229,169
Construction Materials (0.2%)
Headwaters, Inc.*	11,600		75,632
Martin Marietta Materials, Inc.^	6,800		607,988
Texas Industries, Inc.	5,900		206,441
U.S. Concrete, Inc.*^	7,700		7,007
United States Lime & Minerals, Inc.*	200		6,906
			903,974
Containers & Packaging (1.3%)
AEP Industries, Inc.*	400		15,312
AptarGroup, Inc.	16,745		598,466
Ball Corp.	8,100		418,770
Bemis Co., Inc.	26,659		790,439
Boise, Inc.*	3,800		20,178
Bway Holding Co.*	2,800		53,816
Graphic Packaging Holding Co.*	27,900		96,813
Greif, Inc., Class A	17,920		967,322
Myers Industries, Inc.	7,900		71,890
Owens-Illinois, Inc.*	22,120		727,085
Packaging Corp. of America	22,796		524,536
Pactiv Corp.*	6,006		144,985
Rexam plc	117,990		551,270
Rock-Tenn Co., Class A	2,400		120,984
Sealed Air Corp.^	38,764		847,381
Silgan Holdings, Inc.	3,100		179,428
Sonoco Products Co.	24,621		720,164
Temple-Inland, Inc.	26,300		555,193
UFP Technologies, Inc.*	300		1,950
			7,405,982
Metals & Mining (6.6%)
A.M. Castle & Co.^	4,510		61,742
AK Steel Holding Corp.	27,100		578,585
Alcoa, Inc.	164,667		2,654,432
Allied Nevada Gold Corp.*	2,000		30,160
AMCOL International Corp.^	4,700		133,574
Banro Corp.*	955,431		1,863,090
Brush Engineered Materials, Inc.*^	4,900		90,846
Carpenter Technology Corp.	11,001		296,477
Century Aluminum Co.*^	13,700		221,803
China Precision Steel, Inc.*	6,400		13,120
Cliffs Natural Resources, Inc.	16,320		752,189
Coeur d’Alene Mines Corp.*^	22,390		404,363
Commercial Metals Co.	27,812		435,258
Compass Minerals International, Inc.^	3,800		255,322
Friedman Industries, Inc.	1,900		11,077
General Moly, Inc.*	15,900		33,072

	Number of Shares	Value (Note 1)
General Steel Holdings, Inc.*	3,300	$	14,553
Geovic Mining Corp.*	612,517		367,510
Gold Fields Ltd. (ADR)	371,690		4,872,856
Haynes International, Inc.	3,000		98,910
Hecla Mining Co.*	58,400		360,912
Horsehead Holding Corp.*^	10,400		132,600
Ivanhoe Mines Ltd.*	103,658		1,514,443
Kaiser Aluminum Corp.	3,730		155,243
Kinross Gold Corp.	414,980		7,635,632
Lihir Gold Ltd. (ADR)	256,858		7,497,685
Novagold Resources, Inc.*	362,648		2,223,032
Olympic Steel, Inc.	2,300		74,934
Paramount Gold and Silver Corp.*	2,600		3,770
Reliance Steel & Aluminum Co.	15,516		670,602
Royal Gold, Inc.	6,463		304,407
RTI International Metals, Inc.*^	7,376		185,654
Schnitzer Steel Industries, Inc., Class A	1,100		52,470
Silver Standard Resources, Inc.*	41,824		914,691
Steel Dynamics, Inc.	75,890		1,344,771
Stillwater Mining Co.*^	8,800		83,424
Sutor Technology Group Ltd.*	2,500		6,650
Titanium Metals Corp.*^	21,265		266,238
U.S. Energy Corp. Wyoming*	500		2,965
Universal Stainless & Alloy Products, Inc.*	1,900		35,834
US Gold Corp.*^	20,000		49,600
Worthington Industries, Inc.	1,300		16,991
			36,721,487
Paper & Forest Products (0.8%)
Buckeye Technologies, Inc.*	15,500		151,280
Clearwater Paper Corp.*	2,600		142,922
Deltic Timber Corp.^	600		27,708
Domtar Corp.*^	46,836		2,595,183
Glatfelter	11,500		139,725
KapStone Paper and Packaging Corp.*	8,620		84,907
Louisiana-Pacific Corp.*^	30,600		213,588
Neenah Paper, Inc.^	3,900		54,405
Schweitzer-Mauduit International, Inc.	9,480		666,918
Sino-Forest Corp.*	22,800		422,492
Wausau Paper Corp.	6,800		78,880
			4,578,008
Total Materials			64,838,620
Telecommunication Services (2.8%)
Diversified Telecommunication Services (1.8%)
Atlantic Tele-Network, Inc.	2,200		121,022
CenturyTel, Inc.	86,599		3,135,750
Cincinnati Bell, Inc.*^	39,900		137,655
Clearwire Corp., Class A*^	16,100		108,836
Consolidated Communications Holdings, Inc.	2,800		49,000
Frontier Communications Corp.^	44,100		344,421
General Communication, Inc., Class A*^	4,500		28,710
Global Crossing Ltd.*	1,000		14,250
HickoryTech Corp.^	3,425		30,243

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
IDT Corp., Class B*	2,000	$	9,700
Iowa Telecommunications Services, Inc.	6,700		112,292
KT Corp. (ADR)	63,804		1,073,183
Level 3 Communications, Inc.*^	401,300		613,989
Premiere Global Services, Inc.*	6,500		53,625
SureWest Communications*^	3,600		35,856
TELUS Corp. (Non-Voting)	143,120		4,458,188
			10,326,720
Wireless Telecommunication Services (1.0%)
Leap Wireless International, Inc.*	3,439		60,355
SK Telecom Co., Ltd. (ADR)	131,900		2,144,694
Syniverse Holdings, Inc.*	2,900		50,692
Telephone & Data Systems, Inc.	22,195		752,854
Tim Participacoes S.A. (Preference) (ADR)	77,409		2,299,821
USA Mobility, Inc.	1,144		12,595
			5,321,011
Total Telecommunication Services			15,647,731
Utilities (8.1%)
Electric Utilities (2.7%)
Allegheny Energy, Inc.	14,100		331,068
Allete, Inc.	7,200		235,296
Centrais Eletricas Brasileiras S.A. (Preference) (ADR)	125,095		2,339,276
Central Vermont Public Service Corp.	3,100		64,480
Cleco Corp.^	14,900		407,217
DPL, Inc.	24,743		682,907
El Paso Electric Co.*	11,300		229,164
Empire District Electric Co.	8,500		159,205
Great Plains Energy, Inc.	33,297		645,629
Hawaiian Electric Industries, Inc.^	22,500		470,250
IDACORP, Inc.	78,798		2,517,596
MGE Energy, Inc.	5,818		207,935
Northeast Utilities	72,724		1,875,552
NV Energy, Inc.	103,540		1,281,825
Pepco Holdings, Inc.	53,848		907,339
Pinnacle West Capital Corp.	28,497		1,042,420
PNM Resources, Inc.	21,800		275,770
Portland General Electric Co.	18,300		373,503
UIL Holdings Corp.	7,100		199,368
UniSource Energy Corp.	8,866		285,397
Unitil Corp.^	2,600		59,748
Westar Energy, Inc.	26,900		584,268
			15,175,213
Gas Utilities (1.5%)
AGL Resources, Inc.	19,100		696,577
Atmos Energy Corp.^	22,700		667,380
Chesapeake Utilities Corp.	2,307		73,940
Energen Corp.	17,500		819,000
Energy, Inc.	1,045		10,764
Laclede Group, Inc.	5,500		185,735

	Number of Shares	Value (Note 1)
National Fuel Gas Co.	17,512	$	875,600
New Jersey Resources Corp.	8,700		325,380
Nicor, Inc.	11,100		467,310
Northwest Natural Gas Co.	6,500		292,760
ONEOK, Inc.	32,760		1,460,113
Piedmont Natural Gas Co., Inc.^	16,919		452,583
South Jersey Industries, Inc.	6,589		251,568
Southwest Gas Corp.	11,000		313,830
UGI Corp.	46,820		1,132,576
WGL Holdings, Inc.	12,321		413,246
			8,438,362
Independent Power Producers & Energy Traders (0.3%)
Dynegy, Inc., Class A*^	124,600		225,526
Mirant Corp.*	49,600		757,392
RRI Energy, Inc.*	86,700		495,924
U.S. Geothermal, Inc.*	3,400		5,202
			1,484,044
Multi-Utilities (3.3%)
Alliant Energy Corp.	27,336		827,187
Ameren Corp.	297,195		8,306,600
Avista Corp.	13,400		289,306
Black Hills Corp.^	9,500		252,985
CenterPoint Energy, Inc.	38,100		552,831
CH Energy Group, Inc.	3,800		161,576
CMS Energy Corp.^	81,856		1,281,865
Integrys Energy Group, Inc.	14,700		617,253
MDU Resources Group, Inc.	48,273		1,139,243
NorthWestern Corp.	9,000		234,180
NSTAR	26,153		962,430
OGE Energy Corp.	23,500		866,915
SCANA Corp.	29,800		1,122,864
TECO Energy, Inc.	52,629		853,642
Vectren Corp.	20,011		493,872
Wisconsin Energy Corp.	13,660		680,678
			18,643,427
Water Utilities (0.3%)
American States Water Co.^	4,700		166,427
American Water Works Co., Inc.	13,700		307,017
Aqua America, Inc.^	33,439		585,517
Artesian Resources Corp., Class A^	1,600		29,296
California Water Service Group	4,558		167,826
Connecticut Water Service, Inc.	2,000		49,540
Consolidated Water Co., Ltd.	2,400		34,296
Middlesex Water Co.	3,200		56,416
Pennichuck Corp.^	900		19,017
SJW Corp.	3,400		76,738
Southwest Water Co.^	6,800		40,052
York Water Co.^	1,800		26,118
			1,558,260
Total Utilities			45,299,306
Total Common Stocks (91.7%) (Cost $397,049,742)			510,757,154

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares		Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Industrials (0.7%)
Road & Rail (0.7%)
Kansas City Southern
5.125%(b)		3,519	$	4,099,635
Total Convertible Preferred Stocks (0.7%) (Cost $2,545,432)				4,099,635
INVESTMENT COMPANY:
Investment Company (0.0%)
Kayne Anderson Energy Development Co. (Cost $32,910)		2,697		39,241
	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bonds (5.4%)
Consumer Staples (0.7%)
Food Products (0.7%)
Smithfield Foods, Inc.
4.000%, 6/30/13	$	4,107,000		4,040,261
Total Consumer Staples				4,040,261
Energy (1.5%)
Oil, Gas & Consumable Fuels (1.5%)
Delta Petroleum Corp.
3.750%, 5/1/37		4,773,000		3,335,134
Goodrich Petroleum Corp.
3.250%, 12/1/26		2,053,000		1,891,326
USEC, Inc.
3.000%, 10/1/14		5,088,000		3,307,200
Total Energy				8,533,660
Health Care (0.8%)
Biotechnology (0.3%)
Cubist Pharmaceuticals, Inc.
2.250%, 6/15/13		1,862,000		1,738,643
Health Care Providers & Services (0.5%)
Omnicare, Inc.
Series OCR 3.250%, 12/15/35		3,303,000		2,687,816
Total Health Care				4,426,459
Industrials (1.2%)
Airlines (0.9%)
JetBlue Airways Corp.
3.750%, 3/15/35		3,643,000		3,620,231
Series B 6.750%, 10/15/39		938,000		1,286,233
				4,906,464
Building Products (0.3%)
Griffon Corp.
4.000%, 7/18/23		1,581,000		1,586,929
Total Industrials				6,493,393

	Principal Amount		Value (Note 1)
Information Technology (0.7%)
Communications Equipment (0.7%)
Alcatel-Lucent USA, Inc.
Series A 2.875%, 6/15/23	$	3,715,000	$	3,682,494
Total Information Technology				3,682,494
Telecommunication Services (0.5%)
Wireless Telecommunication Services (0.5%)
NII Holdings, Inc.
3.125%, 6/15/12		3,403,000		3,122,252
Total Telecommunication Services				3,122,252
Total Convertible Bonds				30,298,519
Total Long-Term Debt Securities (5.4%) (Cost $25,006,516)				30,298,519
	Number of Rights		Value (Note 1)
RIGHTS:
Financials (0.0%)
Thrifts & Mortgage Finance (0.0%)
Flagstar Bancorp, Inc., expiring 1/25/10*		33,300		—
Total Financials				—
Industrials (0.0%)
Building Products (0.0%)
Builders FirstSource, Inc., expiring 1/14/10*^		3,580		876
Total Industrials				876
Telecommunication Services (0.0%)
Diversified Telecommunication Services (0.0%)
Clearwire Corp., expiring 6/21/10*^		16,100		6,440
Total Telecommunication Services				6,440
Total Rights (0.0%) (Cost $—)				7,316
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
0.04%, 3/11/10 #(p)	$	396,000		395,968
Short-Term Investments of Cash Collateral for Securities Loaned (3.9%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.00%, 1/4/10 (u)		12,408,278		12,408,278
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(s)		2,889,981		563,546
Monumental Global Funding II
0.43%, 5/26/10 (l)		5,430,000		5,321,943

See Notes to Financial Statements.

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December 31, 2009

	Principal Amount		Value (Note 1)
Pricoa Global Funding I
0.40%, 6/25/10 (l)	$	3,469,830	$	3,419,538
Total Short-Term Investments of Cash Collateral for Securities Loaned				21,713,305
Time Deposit (2.7%)
JPMorgan Chase Nassau
0.000%, 1/4/10		14,960,649		14,960,649
Total Short-Term Investments (6.7%) (Cost/Amortized Cost $39,554,723)				37,069,922
Total Investments (104.5%) (Cost/Amortized Cost $464,189,323)				582,271,787
Other Assets Less Liabilities (-4.5%)				(25,067,239	)
Net Assets (100%)			$	557,204,548

* Non-income producing.

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

† Securities (totaling $1,100,587 or 0.2% 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 $1,100,162 or 0.2% 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 $395,968.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is 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 $12,656,548.

Glossary:

ADR— American Depositary Receipt

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
Russell 2000 Mini Index	26	March-10	$	1,545,224	$	1,622,140	$	76,916
S&P MidCap 400 E-Mini Index	41	March-10		2,831,784		2,972,090		140,306
							$	217,222

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:
Common Stocks
Consumer Discretionary	$	53,896,447	$	511,174	$	—	$	54,407,621
Consumer Staples		29,245,224		556,399		—		29,801,623
Energy		51,918,152		334,480		1,100,162		53,352,794
Financials		114,811,857		1,198,043		425		116,010,325
Health Care		33,862,070		—		—		33,862,070
Industrials		58,454,846		—		—		58,454,846
Information Technology		38,412,875		669,343		—		39,082,218
Materials		64,287,350		551,270		—		64,838,620
Telecommunication Services		15,647,731		—		—		15,647,731
Utilities		45,299,306		—		—		45,299,306
Convertible Bonds
Consumer Staples		—		4,040,261		—		4,040,261
Energy		—		8,533,660		—		8,533,660
Health Care		—		4,426,459		—		4,426,459
Industrials		—		6,493,393		—		6,493,393
Information Technology		—		3,682,494		—		3,682,494
Telecommunication Services		—		3,122,252		—		3,122,252
Convertible Preferred Stocks
Industrials		4,099,635		—		—		4,099,635
Futures		217,222		—		—		217,222
Investment Companies
Investment Companies		39,241		—		—		39,241
Rights
Financials		—		—		—		—
Industrials		876		—		—		876
Telecommunication Services		6,440		—		—		6,440
Short-Term Investments		—		37,069,922		—		37,069,922
Total Assets	$	510,199,272	$	71,189,150	$	1,100,587	$	582,489,009
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	510,199,272	$	71,189,150	$	1,100,587	$	582,489,009

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-Energy			Investments in Securities-Financials		Investments in Securities-Health Care
Balance as of 12/31/08	$	1,563,767		$	—	$	3,503,638
Total gains or losses (realized/unrealized) included in earnings		(463,605	)		—		—
Purchases, sales, issuances, and settlements (net)		—			—		—
Transfers in and/or out of Level 3		—			425		(3,503,638	)
Balance as of 12/31/09	$	1,100,162		$	425	$	—
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.	$	(463,180	)

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		217,222	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	217,222
	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		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(93,074	)		—		—		(93,074	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(93,074	)	$	—	$	—	$	(93,074	)

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		—		217,222		—		—		217,222
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	217,222	$	—	$	—	$	217,222

The Portfolio held futures contracts with an average notional balance of approximately $4,176,000 during the year ended December 31, 2009.

^ This Portfolio held 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	$	478,810,715
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	705,445,345

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	$	127,883,939
Aggregate gross unrealized depreciation		(16,756,264	)
Net unrealized appreciation	$	111,127,675
Federal income tax cost of investments	$	471,144,112

At December 31, 2009, the Portfolio had loaned securities with a total value of $23,175,640. This was secured by collateral of $24,198,089 which was received as cash and subsequently invested in short-term investments currently valued at $21,713,305, as reported in the Portfolio of Investments.

For the year ended December 31, 2009, the Portfolio incurred approximately $1,089 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $59 as brokerage commissions with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $319,907,273 of which $86,955,157 expires in the year 2016, and $232,952,116 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 $464,189,323) (Securities on loan at market value $23,175,640)	$	582,271,787
Cash		2,590
Foreign cash (Cost $106)		106
Dividends, interest and other receivables		851,345
Receivable from Separate Accounts for Trust shares sold		171,808
Receivable for securities sold		155,005
Other assets		2,350
Total assets		583,454,991
LIABILITIES
Payable for return of cash collateral on securities loaned		24,198,089
Payable to Separate Accounts for Trust shares redeemed		698,293
Payable for securities purchased		610,216
Investment management fees payable		376,460
Distribution fees payable - Class B		96,511
Administrative fees payable		83,788
Variation margin payable on futures contracts		55,400
Trustees’ fees payable		15,086
Accrued expenses		116,600
Total liabilities		26,250,443
NET ASSETS	$	557,204,548
Net assets were comprised of:
Paid in capital	$	765,846,965
Accumulated undistributed net investment income (loss)		(2,091,853	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(324,850,196	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		118,299,632
Net assets	$	557,204,548
Class A
Net asset value, offering and redemption price per share, $95,495,894 / 11,762,084 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.12
Class B
Net asset value, offering and redemption price per share, $461,708,654 / 58,022,866 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.96

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $86,543 foreign withholding tax)	$	9,897,356
Interest		1,999,042
Securities lending (net)		237,925
Total income		12,134,323
EXPENSES
Investment management fees		4,128,368
Administrative fees		940,961
Distribution fees - Class B		933,189
Custodian fees		170,000
Printing and mailing expenses		84,236
Professional fees		71,569
Trustees’ fees		7,693
Miscellaneous		19,037
Gross expenses		6,355,053
Less: Fees paid indirectly		(1,392,916	)
Net expenses		4,962,137
NET INVESTMENT INCOME (LOSS)		7,172,186
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(118,394,226	)
Foreign currency transactions		(34,829	)
Futures		(93,074	)
Net realized gain (loss)		(118,522,129	)
Change in unrealized appreciation (depreciation) on:
Securities		254,553,202
Foreign currency translations		(54	)
Futures		217,222
Net change in unrealized appreciation (depreciation)		254,770,370
NET REALIZED AND UNREALIZED GAIN (LOSS)		136,248,241
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	143,420,427

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)	$	7,172,186		$	5,963,419
Net realized gain (loss) on investments, futures and foreign currency transactions		(118,522,129	)		(186,142,518	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		254,770,370			(189,504,959	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		143,420,427			(369,684,058	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(2,629,322	)		(2,845,283	)
Class B		(11,549,168	)		(1,974,190	)
		(14,178,490	)		(4,819,473	)
Distributions from net realized capital gains
Class A		—			(6,355,612	)
Class B		—			(5,603,113	)
		—			(11,958,725	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(14,178,490	)		(16,778,198	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 2,672,474 and 7,719,084 shares, respectively ]		16,255,094			62,116,295
Capital shares issued in reinvestment of dividends and distributions [ 341,908 and 1,273,135 shares, respectively ]		2,629,322			9,200,895
Capital shares repurchased [ (48,616,943) and (9,937,043) shares, respectively ]		(253,402,415	)		(80,277,882	)
Total Class A transactions		(234,517,999	)		(8,960,692	)
Class B
Capital shares sold [ 12,525,853 and 10,362,685 shares, respectively ]		81,482,834			76,774,572
Capital shares issued in reinvestment of dividends and distributions [ 1,538,281 and 1,048,960 shares, respectively ]		11,549,168			7,577,303
Capital shares repurchased [ (12,621,492) and (14,752,271) shares, respectively ]		(81,559,277	)		(113,657,374	)
Total Class B transactions		11,472,725			(29,305,499	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(223,045,274	)		(38,266,191	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(93,803,337	)		(424,728,447	)
NET ASSETS:
Beginning of year		651,007,885			1,075,736,332
End of year (a)	$	557,204,548		$	651,007,885
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(2,091,853	)	$	1,083,752

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	$	5.77		$	9.19		$	10.03		$	9.74		$	11.48
Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)		0.06	(e)		0.02	(e)		0.03	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.47			(3.33	)		—	#		1.41			0.83
Total from investment operations		2.58			(3.27	)		0.02			1.44			0.84
Less distributions:
Dividends from net investment income		(0.23	)		(0.05	)		—			(0.02	)		—
Distributions from net realized gains		—			(0.10	)		(0.86	)		(1.13	)		(2.58	)
Total dividends and distributions		(0.23	)		(0.15	)		(0.86	)		(1.15	)		(2.58	)
Net asset value, end of year	$	8.12		$	5.77		$	9.19		$	10.03		$	9.74
Total return		44.90	%		(35.88	)%		0.31	%		15.08	%		7.61	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	95,496		$	330,996		$	535,842		$	387,990		$	319,455
Ratio of expenses to average net assets:
After fees paid indirectly		0.58	%		1.15	%		1.28	%		1.30	%		1.24	%
Before fees paid indirectly		1.04	%		1.30	%		1.29	%		1.31	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		1.76	%		0.78	%		0.17	%		0.25	%		0.09	%
Before fees paid indirectly		1.29	%		0.62	%		0.17	%		0.24	%		0.04	%
Portfolio turnover rate		95	%		78	%		60	%		67	%		58	%
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	5.66		$	9.01		$	9.87		$	9.61		$	11.39
Income (loss) from investment operations:
Net investment income (loss)		0.08	(e)		0.04	(e)		(0.01	)(e)		—	#(e)		(0.02	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.42			(3.25	)		0.01			1.39			0.82
Total from investment operations		2.50			(3.21	)		—			1.39			0.80
Less distributions:
Dividends from net investment income		(0.20	)		(0.04	)		—			—			—
Distributions from net realized gains		—			(0.10	)		(0.86	)		(1.13	)		(2.58	)
Total dividends and distributions		(0.20	)		(0.14	)		(0.86	)		(1.13	)		(2.58	)
Net asset value, end of year	$	7.96		$	5.66		$	9.01		$	9.87		$	9.61
Total return		44.46	%		(35.99	)%		0.10	%		14.75	%		7.29	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	461,709		$	320,011		$	539,894		$	599,824		$	510,799
Ratio of expenses to average net assets:
After fees paid indirectly		1.13	%(c)		1.39	%		1.53	%		1.55	%		1.49	%
Before fees paid indirectly		1.29	%(c)		1.55	%		1.54	%		1.56	%(c)		1.54	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		1.25	%		0.54	%		(0.08	)%		(0.01	)%		(0.16	)%
Before fees paid indirectly		1.05	%		0.38	%		(0.09	)%		(0.02	)%		(0.21	)%
Portfolio turnover rate		95	%		78	%		60	%		67	%		58	%

# Per share amount is less than $0.01.

(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.

237

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø Pacific Investment Management Company LLC

_Ø Post Advisory Group, LLC

_Ø SSgA Funds Management, Inc.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – Class A Shares	10.09	%	(0.17	)%	1.77	%	5.99	%
Portfolio – Class B Shares**	9.53		(0.41	)	1.50		5.74
Barclays Capital U.S. Universal Index†	8.60		5.01		6.44		N/A
BofA Merrill Lynch U.S. High Yield Master Cash Pay Only Index	56.28		6.23		6.77		8.58
*   Date of inception 1/2/87 ** 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. †In 2009, the Investment Manager revised the Portfolio’s benchmark index to be the Barclays Capital U.S. Universal Index, which more closely reflects the market sectors in which the Portfolio invests.     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 10.09% for the year ended December 31, 2009. The Portfolio’s benchmark, the Barclays Capital U.S. Universal Index, returned 8.60% 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. Universal Index returned 0.58% during the fourth quarter and 8.60% for all of 2009.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• Security selection of high quality bonds where the Portfolio outperformed the benchmark paid off during the period.

• The Pharmaceutical and Health Care sectors proved to be advantageous. Specific examples of each respectively were: Elan Pharmaceuticals, where a large cash infusion from Johnson and Johnson, had a significant positive impact on the bonds; and US Oncology (Health Care sector) was an excellent credit.

• An overweight to Agency mortgage pass-through securities for the second and third quarters aided performance. Valuations of these bonds benefited from government policy responses.

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

What hurt performance during the year:

• The Financial and Insurance sectors have seen a significant amount of growth over the past year with the issuance of “Trust Preferred” securities that were a part of the TARP program. The Financial and Insurance sectors are up for the year with the performance of most companies coming via a government bailout program.

• The Portfolio had an underweight to corporate bonds at year-end, which were the best performing bond sector across the investment-grade universe.

• The Portfolio was underweight to emerging markets for the year as risky assets outperformed Treasuries for the year.

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO (Unaudited)

Portfolio Characteristics
As of December 31, 2009
Weighted Average Life (Years)	6.3
Weighted Average Coupon (%)	5.2
Weighted Average Modified Duration (Years)*	4.4
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 12/31/09	% of Net Assets
Government Securities	63.6	%
Corporate Bonds	37.5
Asset-Backed and Mortgage-Backed Securities	3.3
Convertible Bonds	0.2
Cash and Other	(4.6	)
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	$1,062.20	$3.85
Hypothetical (5% average return before expenses)	1,000.00	1,021.48	3.77
Class B
Actual	1,000.00	1,059.50	5.14
Hypothetical (5% average return before expenses)	1,000.00	1,020.21	5.04
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.74% and 0.99% , 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 MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (3.3%)
Asset-Backed Securities (1.0%)
AEP Texas Central Transition Funding LLC,
Series 2002-1 A5 6.250%, 1/15/17	$	75,000	$	84,290
Capital One Multi-Asset Execution Trust,
Series 2006-A6 A6 5.300%, 2/18/14		500,000		524,297
Series 2007-A7 A7 5.750%, 7/15/20		600,000		645,298
Series 2009-A2 A2 3.200%, 4/15/14		1,500,000		1,534,189
Chase Issuance Trust,
Series 2008-A9 A9 4.260%, 5/15/13		500,000		519,863
Series 2009-A2 A2 1.783%, 4/15/14(l)		2,800,000		2,862,155
Series 2009-A3 A3 2.400%, 6/17/13		495,000		502,203
Citibank Credit Card Issuance Trust,
Series 2003-A10 A10 4.750%, 12/10/15		150,000		158,302
Series 2007-A8 A8 5.650%, 9/20/19		100,000		107,212
Series 2009-A4 A4 4.900%, 6/23/16		200,000		211,585
Daimler Chrysler Auto Trust,
Series 2007-A A4 5.280%, 3/8/13		150,000		157,760
Ford Credit Auto Owner Trust,
Series 2007-B A4A 5.240%, 7/15/12		100,000		104,848
Series 2008-C A3 1.653%, 6/15/12(l)		2,700,000		2,717,823
Series 2009-C A1 0.796%, 7/15/10§		787,958		787,997
Series 2009-E A2 0.800%, 3/15/12		3,000,000		2,993,067
Franklin Auto Trust,
Series 2008-A A2 1.233%, 10/20/11(l)		1,184,224		1,185,337
Nissan Auto Receivables Owner Trust,
Series 2007-B A4 5.160%, 3/17/14		150,000		156,776
USAA Auto Owner Trust,
Series 2007-2 A4 5.070%, 6/15/13		150,000		156,374
				15,409,376
Non-Agency CMO (2.3%)
Banc of America Commercial Mortgage, Inc.,
Series 2004-6 A5 4.811%, 12/10/42		1,000,000		979,906
Series 2007-2 A4 5.689%, 4/10/49(l)		500,000		414,018
Series 2007-3 A4 5.658%, 6/10/49(l)		801,000		691,657

	Principal Amount		Value (Note 1)
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2003-T12 A4 4.680%, 8/13/39(l)	$	1,205,000	$	1,193,593
Series 2004-T16 A6 4.750%, 2/13/46(l)		790,000		768,579
Series 2006-T22 A4 5.463%, 4/12/38(l)		675,000		645,728
Commercial Mortgage Pass Through Certificates,
Series 2005-LP5 A4 4.982%, 5/10/43(l)		1,000,000		978,415
Credit Suisse Mortgage Capital Certificates,
Series 2006-C4 A3 5.467%, 9/15/39		1,000,000		859,074
CS First Boston Mortgage Securities Corp.,
Series 2004-C2 A1 3.819%, 5/15/36		409,408		402,745
Series 2004-C4 A6 4.691%, 10/15/39		1,210,000		1,106,310
EMF-NL,
Series 2008-APRX A2 1.540%, 4/17/41†(l)(m)		1,000,000		857,606
First Union National Bank Commercial Mortgage Trust,
Series 2001-C2 A2 6.663%, 1/12/43		941,695		970,580
GE Capital Commercial Mortgage Corp.,
Series 2007-C1 A4 5.543%, 12/10/49		1,500,000		1,291,808
Greenwich Capital Commercial Funding Corp.,
Series 2005-GG3 A4 4.799%, 8/10/42(l)		417,000		407,213
GS Mortgage Securities Corp. II,
Series 2004-GG2 A6 5.396%, 8/10/38(l)		1,700,000		1,684,931
Hilton Hotel Pool Trust,
Series 2000-HLTA B 0.731%, 10/3/15(l)§		2,900,000		2,895,774
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2003-CB7 A4 4.879%, 1/12/38(l)		2,000,000		2,003,806
Series 2005-LDP1 A3 4.865%, 3/15/46		1,000,000		998,656
Series 2006-CB15 A4 5.814%, 6/12/43(l)		1,535,000		1,473,862
Series 2007-CB18 A4 5.440%, 6/12/47		1,250,000		1,071,155
LB-UBS Commercial Mortgage Trust,
Series 2004-C1 A4 4.568%, 1/15/31		1,415,000		1,378,936
Series 2004-C2 A4 4.367%, 3/15/36		1,000,000		964,925
Series 2007-C6 A4 5.858%, 7/15/40(l)		1,250,000		1,083,706
Merrill Lynch Mortgage Trust,
Series 2004-KEY2 A4 4.864%, 8/12/39(l)		1,110,000		1,091,530
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2007-5 A4 5.378%, 8/12/48		1,500,000		1,118,190

See Notes to Financial Statements.

240

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Morgan Stanley Capital I, Inc.,
Series 2005-IQ9 A5 4.700%, 7/15/56	$	775,000	$	747,170
Series 2007-HQ12 A5 5.632%, 4/12/49(l)		1,250,000		1,035,440
Series 2007-T25 A3 5.514%, 11/12/49(l)		1,400,000		1,268,929
Morgan Stanley Dean Witter Capital I,
Series 2001-TOP3 A4 6.390%, 7/15/33		1,012,495		1,048,955
Series 2001-TOP5 A4 6.390%, 10/15/35		960,581		1,002,589
Wachovia Bank Commercial Mortgage Trust,
Series 2003-C8 A4 4.964%, 11/15/35(l)		1,000,000		951,625
Series 2004-C11 A5 5.215%, 1/15/41(l)		1,500,000		1,466,770
Series 2007-C30 A5 5.342%, 12/15/43		695,000		529,440
Series 2007-C33 A4 5.902%, 2/15/51(l)		1,000,000		878,218
				36,261,839
Total Asset-Backed and Mortgage-Backed Securities				51,671,215
Convertible Bond (0.2%)
Financials (0.2%)
Commercial Banks (0.2%)
U.S. Bancorp
0.000%, 12/11/35(l)		2,400,000		2,364,000
Total Financials				2,364,000
Total Convertible Bonds				2,364,000
Corporate Bonds (37.5%)
Consumer Discretionary (5.4%)
Auto Components (0.2%)
American Tire Distributors, Inc.
6.540%, 4/1/12(l)		4,500,000		3,735,000
Automobiles (0.1%)
Daimler Finance N.A. LLC
7.750%, 1/18/11		200,000		212,636
6.500%, 11/15/13		700,000		767,365
				980,001
Distributors (0.0%)
SGS International, Inc.
12.000%, 12/15/13		700,000		707,875
Hotels, Restaurants & Leisure (0.7%)
Dave & Buster’s, Inc.
11.250%, 3/15/14		1,742,000		1,807,325
El Pollo Loco, Inc.
11.750%, 11/15/13		750,000		682,500
Harrahs Operating Co., Inc.
11.250%, 6/1/17§		650,000		680,063
Harrahs Operating Escrow LLC/Harrahs Escrow Corp.
11.250%, 6/1/17§		700,000		732,375
International Game Technology
7.500%, 6/15/19		50,000		54,182

	Principal Amount		Value (Note 1)
Landry’s Restaurants, Inc.
11.625%, 12/1/15^§	$	1,450,000	$	1,537,000
McDonald’s Corp.
4.300%, 3/1/13		200,000		211,576
5.350%, 3/1/18		500,000		536,109
MGM MIRAGE
13.000%, 11/15/13		1,000,000		1,147,500
Travelport LLC
9.875%, 9/1/14		1,375,000		1,419,687
11.875%, 9/1/16		775,000		821,500
Wendy’s/Arby’s Restaurants LLC
10.000%, 7/15/16^		1,950,000		2,125,500
				11,755,317
Household Durables (0.8%)
Blyth, Inc.
5.500%, 11/1/13		8,050,000		6,842,500
Fortune Brands, Inc.
3.000%, 6/1/12		200,000		198,222
5.375%, 1/15/16		350,000		348,373
Libbey Glass, Inc.
7.484%, 6/1/11(l)		2,600,000		2,548,000
Sealy Mattress Co.
8.250%, 6/15/14		1,500,000		1,500,000
Toll Brothers Finance Corp.
6.750%, 11/1/19		100,000		97,939
Whirlpool Corp.
8.000%, 5/1/12		115,000		124,591
5.500%, 3/1/13		200,000		205,947
8.600%, 5/1/14		35,000		39,629
				11,905,201
Internet & Catalog Retail (0.2%)
Affinion Group, Inc.
10.125%, 10/15/13^		1,900,000		1,952,250
Visant Corp.
7.625%, 10/1/12		510,000		512,550
				2,464,800
Media (2.9%)
Allbritton Communications Co.
7.750%, 12/15/12		513,000		504,664
CanWest Media, Inc.
8.000%, 9/15/12(h)		4,167,799		3,469,693
CBS Corp.
6.625%, 5/15/11		200,000		209,591
5.625%, 8/15/12		200,000		209,054
8.875%, 5/15/19		125,000		149,540
Clear Channel Worldwide Holdings, Inc.
9.250%, 12/15/17§		800,000		816,000
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		183,000		210,944
Comcast Corp.
5.500%, 3/15/11		200,000		209,294
5.900%, 3/15/16		400,000		430,768
6.500%, 1/15/17		400,000		442,826
5.700%, 7/1/19		100,000		104,904
6.950%, 8/15/37		400,000		435,957
6.550%, 7/1/39		100,000		104,837
COX Communications, Inc.
7.125%, 10/1/12		200,000		222,167

See Notes to Financial Statements.

241

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
CSC Holdings LLC
Series B 7.625%, 4/1/11	$	200,000	$	206,500
CW Media Holdings, Inc.
13.500%, 8/15/15 PIK§		468,486		493,081
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
7.625%, 5/15/16		223,000		243,627
DISH DBS Corp.
7.875%, 9/1/19		1,000,000		1,048,750
Gallery Capital S.A.
10.125%, 5/15/13(h)§		3,550,000		1,810,500
Hughes Network Systems LLC/HNS Finance Corp.
9.500%, 4/15/14		1,500,000		1,533,750
Intelsat Intermediate Holding Co., Ltd.
0.000%, 2/1/15(e)^		1,700,000		1,746,750
Interpublic Group of Cos., Inc.
10.000%, 7/15/17		1,000,000		1,110,000
Kabel Deutschland GmbH
10.625%, 7/1/14		2,000,000		2,090,000
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17		5,071,000		3,270,795
Network Communications, Inc.
10.750%, 12/1/13		7,350,000		2,949,187
News America, Inc.
6.900%, 3/1/19		500,000		563,383
6.150%, 3/1/37		100,000		99,489
6.650%, 11/15/37		200,000		211,261
Nielsen Finance LLC/Nielsen Finance Co.
11.500%, 5/1/16		1,000,000		1,117,500
Omnicom Group, Inc.
6.250%, 7/15/19		200,000		215,770
Rainbow National Services LLC
10.375%, 9/1/14§		2,520,000		2,658,600
Reader’s Digest Association, Inc.
9.000%, 2/15/17(h)		8,000,000		90,000
Thomson Reuters Corp.
6.500%, 7/15/18		500,000		565,123
4.700%, 10/15/19		50,000		49,254
Time Warner Cable, Inc.
6.200%, 7/1/13		200,000		219,691
3.500%, 2/1/15		100,000		98,794
5.850%, 5/1/17		400,000		420,270
8.250%, 4/1/19		700,000		833,766
5.000%, 2/1/20		75,000		72,730
6.550%, 5/1/37		200,000		203,799
6.750%, 6/15/39		150,000		157,096
Time Warner, Inc.
6.875%, 5/1/12		500,000		547,371
5.875%, 11/15/16		200,000		215,902
7.625%, 4/15/31		350,000		406,570
7.700%, 5/1/32		300,000		352,300
Unitymedia GmbH
10.125%, 2/15/15§	EUR	1,750,000		2,634,148
10.375%, 2/15/15§	$	700,000		735,875
Unitymedia Hessen GmbH & Co. KG
3.597%, 4/15/13(l)§	EUR	1,000,000		1,419,214
Valassis Communications, Inc.
8.250%, 3/1/15^	$	1,600,000		1,596,000
Viacom, Inc.
4.375%, 9/15/14		100,000		103,126
5.625%, 9/15/19		100,000		104,411

	Principal Amount		Value (Note 1)
6.875%, 4/30/36	$	200,000	$	216,261
Videotron Ltd.
9.125%, 4/15/18§		900,000		990,000
Walt Disney Co.
4.500%, 12/15/13		500,000		531,123
WMG Acquisition Corp.
9.500%, 6/15/16§		1,900,000		2,035,375
WPP Finance UK Corp.
5.875%, 6/15/14		900,000		929,434
XM Satellite Radio, Inc.
11.250%, 6/15/13§		2,050,000		2,203,750
				46,620,565
Multiline Retail (0.1%)
Kohl’s Corp.
6.250%, 12/15/17		200,000		221,303
Nordstrom, Inc.
6.750%, 6/1/14		60,000		67,008
Target Corp.
5.125%, 1/15/13		400,000		434,321
6.000%, 1/15/18		200,000		220,738
7.000%, 1/15/38		200,000		233,350
				1,176,720
Specialty Retail (0.3%)
AutoZone, Inc.
5.750%, 1/15/15		150,000		162,675
Freedom Group, Inc.
10.250%, 8/1/15§		550,000		583,688
Home Depot, Inc.
5.400%, 3/1/16		200,000		209,372
5.875%, 12/16/36		500,000		482,629
Lowe’s Cos., Inc.
5.600%, 9/15/12		200,000		219,813
Staples, Inc.
9.750%, 1/15/14		500,000		609,225
Toys R Us Property Co. I LLC
10.750%, 7/15/17§		1,250,000		1,368,750
Toys R Us Property Co. II LLC
8.500%, 12/1/17§		1,000,000		1,017,500
				4,653,652
Textiles, Apparel & Luxury Goods (0.1%)
Perry Ellis International, Inc.
Series B 8.875%, 9/15/13		2,195,000		2,184,025
Total Consumer Discretionary				86,183,156
Consumer Staples (2.6%)
Beverages (0.5%)
Anheuser-Busch Cos., Inc.
6.000%, 4/15/11		200,000		210,897
4.950%, 1/15/14		200,000		206,322
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12§		725,000		728,397
4.125%, 1/15/15§		125,000		126,919
5.375%, 1/15/20§		575,000		586,649
6.375%, 1/15/40§		250,000		260,715
Bottling Group LLC
6.950%, 3/15/14		300,000		345,183

See Notes to Financial Statements.

242

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Coca-Cola Co.
5.350%, 11/15/17	$	400,000	$	430,889
Coca-Cola Enterprises, Inc.
8.500%, 2/1/12		200,000		225,154
7.375%, 3/3/14		300,000		347,879
6.950%, 11/15/26		500,000		563,590
Diageo Capital plc
5.750%, 10/23/17		200,000		215,236
Diageo Finance B.V.
5.500%, 4/1/13		400,000		430,859
3.250%, 1/15/15		50,000		49,667
PepsiCo, Inc.
5.000%, 6/1/18		200,000		207,646
7.900%, 11/1/18		2,700,000		3,313,589
				8,249,591
Food & Staples Retailing (0.7%)
Costco Wholesale Corp.
5.500%, 3/15/17		200,000		213,457
CVS Caremark Corp.
5.750%, 6/1/17		200,000		211,083
6.600%, 3/15/19		300,000		328,287
6.250%, 6/1/27		100,000		101,695
CVS Pass-Through Trust
7.507%, 1/10/32(b)§		1,400,000		1,466,486
Great Atlantic & Pacific Tea Co., Inc.
11.375%, 8/1/15§		1,350,000		1,420,875
Kroger Co.
3.900%, 10/1/15		100,000		100,546
6.150%, 1/15/20		300,000		321,074
Rite Aid Corp.
8.625%, 3/1/15		250,000		217,500
10.375%, 7/15/16^		1,300,000		1,378,000
10.250%, 10/15/19§		400,000		422,000
Safeway, Inc.
6.350%, 8/15/17		200,000		218,892
U.S. Foodservice, Inc.
10.250%, 6/30/15(b)§		2,075,000		2,054,250
Walgreen Co.
4.875%, 8/1/13		200,000		214,769
Wal-Mart Stores, Inc.
4.125%, 2/15/11		400,000		414,339
4.550%, 5/1/13		400,000		426,182
5.800%, 2/15/18		500,000		554,876
6.500%, 8/15/37		500,000		568,990
6.200%, 4/15/38		100,000		110,279
				10,743,580
Food Products (0.7%)
Archer-Daniels-Midland Co.
7.000%, 2/1/31		200,000		227,901
Bunge Ltd. Finance Corp.
5.875%, 5/15/13		700,000		728,646
Campbell Soup Co.
3.375%, 8/15/14		100,000		101,642
ConAgra Foods, Inc.
8.250%, 9/15/30		100,000		119,870
General Mills, Inc.
5.650%, 9/10/12		200,000		217,576
5.650%, 2/15/19		300,000		318,165
H.J. Heinz Co.
5.350%, 7/15/13		300,000		322,496

	Principal Amount		Value (Note 1)
Hershey Co.
5.000%, 4/1/13	$	1,000,000	$	1,059,297
Kellogg Co.
4.250%, 3/6/13		200,000		209,661
4.450%, 5/30/16		500,000		514,885
Kraft Foods, Inc.
6.250%, 6/1/12		1,100,000		1,185,504
6.750%, 2/19/14		2,900,000		3,206,916
6.125%, 2/1/18		200,000		210,308
6.875%, 2/1/38		200,000		209,876
National Beef Packing Co. LLC/NB Finance Corp.
10.500%, 8/1/11		825,000		827,063
Ralcorp Holdings, Inc.
6.625%, 8/15/39§		100,000		97,524
Sara Lee Corp.
6.125%, 11/1/32		100,000		96,249
Viskase Cos., Inc.
9.875%, 1/15/18§		1,000,000		1,007,500
				10,661,079
Household Products (0.4%)
American Achievement Corp.
8.250%, 4/1/12§		1,735,000		1,730,663
Clorox Co.
5.000%, 3/1/13		300,000		320,685
3.550%, 11/1/15		50,000		49,432
Colgate-Palmolive Co.
3.150%, 8/5/15		40,000		40,437
Johnsondiversey Holdings, Inc.
10.500%, 5/15/20§		1,300,000		1,306,500
Kimberly-Clark Corp.
6.125%, 8/1/17		200,000		221,714
Prestige Brands, Inc.
9.250%, 4/15/12^		1,369,000		1,387,824
Procter & Gamble Co.
3.500%, 2/15/15		300,000		306,904
4.850%, 12/15/15		200,000		217,928
4.700%, 2/15/19		300,000		307,105
5.550%, 3/5/37		100,000		103,277
				5,992,469
Personal Products (0.0%)
Avon Products, Inc.
5.625%, 3/1/14		300,000		326,969
Tobacco (0.3%)
Altria Group, Inc.
7.750%, 2/6/14^		500,000		567,147
9.250%, 8/6/19		600,000		731,177
9.950%, 11/10/38		200,000		260,702
Lorillard Tobacco Co.
8.125%, 6/23/19		65,000		71,460
Philip Morris International, Inc.
6.875%, 3/17/14		500,000		566,559
5.650%, 5/16/18		200,000		210,316
Reynolds American, Inc.
7.250%, 6/1/13		200,000		218,205
Vector Group Ltd.
11.000%, 8/15/15(b)		2,025,000		2,045,250
				4,670,816
Total Consumer Staples				40,644,504

See Notes to Financial Statements.

243

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Energy (2.8%)
Energy Equipment & Services (0.2%)
Baker Hughes, Inc.
6.500%, 11/15/13	$	200,000	$	225,755
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		65,000		69,240
Geokinetics Holdings, Inc.
9.750%, 12/15/14§		825,000		810,563
Halliburton Co.
6.150%, 9/15/19		300,000		335,013
7.450%, 9/15/39		200,000		247,451
Helix Energy Solutions Group, Inc.
9.500%, 1/15/16§		725,000		743,125
Rowan Cos., Inc.
7.875%, 8/1/19		65,000		72,318
Transocean, Inc.
6.000%, 3/15/18		100,000		106,694
6.800%, 3/15/38		200,000		223,640
Weatherford International Ltd.
6.000%, 3/15/18		200,000		201,393
				3,035,192
Oil, Gas & Consumable Fuels (2.6%)
Anadarko Petroleum Corp.
5.950%, 9/15/16		400,000		432,679
6.450%, 9/15/36		400,000		417,747
Apache Corp.
5.250%, 4/15/13		100,000		107,168
6.000%, 9/15/13		665,000		735,835
6.000%, 1/15/37		250,000		266,013
Buckeye Partners LP
5.500%, 8/15/19		75,000		74,774
Canadian Natural Resources Ltd.
6.250%, 3/15/38		200,000		206,987
Chevron Corp.
3.950%, 3/3/14		1,000,000		1,044,017
Conoco Funding Co.
6.350%, 10/15/11		200,000		217,592
ConocoPhillips
4.750%, 2/1/14		500,000		536,846
5.900%, 5/15/38		100,000		102,503
6.500%, 2/1/39		300,000		332,952
ConocoPhillips Canada
5.625%, 10/15/16		300,000		325,441
ConocoPhillips Canada Funding Co. I
5.300%, 4/15/12		1,500,000		1,607,765
Devon Financing Corp. ULC
7.875%, 9/30/31		400,000		501,165
El Paso Corp.
7.000%, 5/15/11^		1,000,000		1,021,947
EnCana Corp.
5.900%, 12/1/17		100,000		107,546
6.500%, 5/15/19		25,000		27,966
6.625%, 8/15/37		350,000		379,751
Energy Transfer Partners LP
8.500%, 4/15/14		1,500,000		1,731,444
9.000%, 4/15/19		500,000		595,990
Energy XXI Gulf Coast, Inc.
16.000%, 6/15/14 PIK^(b)§		2,000,000		2,200,000

	Principal Amount		Value (Note 1)
Enterprise Products Operating LLC
Series L 6.300%, 9/15/17	$	300,000	$	322,957
EOG Resources, Inc.
5.625%, 6/1/19		90,000		95,610
Hess Corp.
8.125%, 2/15/19		500,000		602,979
Husky Energy, Inc.
5.900%, 6/15/14		105,000		114,455
7.250%, 12/15/19		65,000		75,114
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		300,000		317,261
5.850%, 9/15/12		900,000		968,558
5.950%, 2/15/18		200,000		211,843
9.000%, 2/1/19^		2,050,000		2,522,527
6.850%, 2/15/20		30,000		33,278
5.800%, 3/15/35		200,000		185,298
Linn Energy LLC
9.875%, 7/1/18		1,325,000		1,407,813
Magellan Midstream Partners LP
6.550%, 7/15/19		1,400,000		1,519,718
Marathon Oil Corp.
5.900%, 3/15/18		400,000		421,334
7.500%, 2/15/19		300,000		346,235
6.600%, 10/1/37		100,000		106,080
Mariner Energy, Inc.
11.750%, 6/30/16		1,650,000		1,839,750
Nexen, Inc.
6.200%, 7/30/19		45,000		47,615
6.400%, 5/15/37		200,000		201,503
7.500%, 7/30/39		60,000		68,787
Occidental Petroleum Corp.
4.125%, 6/1/16		150,000		151,098
Ocean Energy, Inc.
7.250%, 10/1/11		1,000,000		1,090,996
ONEOK Partners LP
8.625%, 3/1/19		500,000		603,397
Petrobras International Finance Co.
7.875%, 3/15/19		350,000		403,484
PetroHawk Energy Corp.
10.500%, 8/1/14		1,600,000		1,748,000
Petroleos Mexicanos
8.000%, 5/3/19		1,000,000		1,157,500
Shell International Finance B.V.
4.950%, 3/22/12		100,000		107,304
6.375%, 12/15/38		300,000		338,213
Spectra Energy Capital LLC
6.200%, 4/15/18		500,000		531,007
Statoil ASA
7.150%, 1/15/29		100,000		116,820
Stone Energy Corp.
8.250%, 12/15/11		2,500,000		2,490,625
Suncor Energy, Inc.
7.150%, 2/1/32		100,000		110,168
6.500%, 6/15/38		200,000		210,144
Talisman Energy, Inc.
7.750%, 6/1/19		340,000		399,298
Trans-Canada Pipelines Ltd.
7.250%, 8/15/38		400,000		471,587
Valero Energy Corp.
6.875%, 4/15/12		1,400,000		1,528,633

See Notes to Financial Statements.

244

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
4.750%, 6/15/13	$	100,000	$	102,348
6.625%, 6/15/37		100,000		93,833
Williams Cos., Inc.
8.750%, 3/15/32		400,000		478,668
XTO Energy, Inc.
7.500%, 4/15/12		200,000		223,006
5.900%, 8/1/12		1,500,000		1,643,511
6.250%, 4/15/13		983,000		1,082,641
5.750%, 12/15/13		400,000		444,978
6.500%, 12/15/18		400,000		457,080
6.750%, 8/1/37		100,000		117,789
				40,484,971
Total Energy				43,520,163
Financials (13.8%)
Capital Markets (2.1%)
Bank of New York Mellon Corp.
4.950%, 11/1/12		400,000		430,792
5.125%, 8/27/13		300,000		323,858
4.300%, 5/15/14		115,000		121,033
Bear Stearns Cos., Inc.
5.700%, 11/15/14		200,000		220,067
BlackRock, Inc.
3.500%, 12/10/14		100,000		98,744
5.000%, 12/10/19		100,000		98,268
Charles Schwab Corp.
4.950%, 6/1/14		50,000		52,747
Credit Suisse USA, Inc.
5.375%, 3/2/16		300,000		313,948
Deutsche Bank AG/London
5.375%, 10/12/12		100,000		107,956
4.875%, 5/20/13		400,000		424,951
6.000%, 9/1/17		500,000		545,111
Goldman Sachs Group, Inc.
6.600%, 1/15/12		400,000		434,856
3.250%, 6/15/12		2,110,000		2,192,151
3.625%, 8/1/12		145,000		149,394
5.450%, 11/1/12		500,000		537,589
5.150%, 1/15/14		800,000		846,289
6.000%, 5/1/14		75,000		82,033
5.350%, 1/15/16		600,000		623,199
5.950%, 1/18/18		800,000		844,778
7.500%, 2/15/19		500,000		582,902
6.125%, 2/15/33		200,000		200,846
6.750%, 10/1/37		750,000		770,915
Jefferies Group, Inc.
8.500%, 7/15/19		350,000		382,595
Macquarie Bank Ltd.
2.600%, 1/20/12§		2,900,000		2,961,048
3.300%, 7/17/14§		3,000,000		3,007,128
Merrill Lynch & Co., Inc.
6.150%, 4/25/13		400,000		428,063
0.744%, 1/15/15(l)		1,000,000		916,648
6.875%, 4/25/18		950,000		1,023,566
6.110%, 1/29/37		500,000		460,961
7.750%, 5/14/38		400,000		439,495
Morgan Stanley
6.750%, 4/15/11		400,000		423,793
0.534%, 1/9/12(l)		1,400,000		1,384,149
6.600%, 4/1/12		700,000		761,596
1.950%, 6/20/12		840,000		847,775

	Principal Amount		Value (Note 1)
4.400%, 8/8/12(l)	AUD	2,100,000	$	1,813,858
5.300%, 3/1/13	$	400,000		421,598
4.750%, 4/1/14		400,000		402,299
6.000%, 5/13/14^		3,600,000		3,870,727
6.000%, 4/28/15		300,000		319,567
5.450%, 1/9/17		300,000		303,215
5.550%, 4/27/17		200,000		200,885
5.950%, 12/28/17		400,000		412,576
6.625%, 4/1/18		600,000		648,701
7.300%, 5/13/19		100,000		112,293
Northern Trust Corp.
4.625%, 5/1/14		40,000		42,625
Piper Jaffray Cos.
4.351%, 12/31/10(b)(l)§		2,000,000		2,000,000
Raymond James Financial, Inc.
8.600%, 8/15/19		100,000		108,185
				33,695,773
Commercial Banks (5.3%)
American Express Bank FSB
3.150%, 12/9/11		850,000		878,448
American Express Centurion Bank
5.550%, 10/17/12		3,400,000		3,636,059
Banco Bilbao Vizcaya Argentaria S.A./Puerto Rico
0.262%, 5/25/12(l)		3,000,000		2,998,425
Bank of Scotland plc
7.700%, 8/15/10(b)§		1,000,000		1,014,938
Barclays Bank plc
5.450%, 9/12/12		400,000		432,574
5.000%, 9/22/16		500,000		510,906
6.750%, 5/22/19		150,000		167,315
BB&T Corp.
3.375%, 9/25/13		200,000		201,576
CapitalSource, Inc.
12.750%, 7/15/14§		1,825,000		1,952,750
Citibank N.A.
1.250%, 9/22/11		200,000		200,339
Commonwealth Bank of Australia
0.636%, 12/10/12(l)§		2,900,000		2,883,476
0.704%, 7/12/13(l)§		2,900,000		2,890,085
Credit Suisse/New York
3.450%, 7/2/12		200,000		205,721
5.000%, 5/15/13		900,000		959,792
5.500%, 5/1/14		250,000		271,300
6.000%, 2/15/18		300,000		313,901
Danske Bank A/S
0.612%, 5/24/12(l)§		1,000,000		996,650
Fifth Third Bancorp
8.250%, 3/1/38		250,000		237,697
GMAC, Inc.
1.750%, 10/30/12		300,000		298,047
2.200%, 12/19/12		1,000,000		1,006,132
HSBC Bank USA/New York
4.625%, 4/1/14		400,000		417,557
HSBC Holdings plc
6.500%, 5/2/36		400,000		419,529
6.500%, 9/15/37		400,000		417,917
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		900,000		963,607
KeyCorp
6.500%, 5/14/13		500,000		516,069
Kreditanstalt fuer Wiederaufbau
3.250%, 10/14/11		1,900,000		1,966,137

See Notes to Financial Statements.

245

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
2.000%, 1/17/12	$	1,200,000	$	1,213,229
3.500%, 3/10/14		1,500,000		1,541,504
4.500%, 7/16/18		900,000		929,408
(Zero Coupon), 6/29/37		500,000		122,640
Landwirtschaftliche Rentenbank
3.250%, 3/15/13		1,000,000		1,027,963
Lloyds TSB Bank plc
2.300%, 4/1/11^§		3,100,000		3,142,572
1.287%, 4/2/12(l)§		2,700,000		2,745,112
Oesterreichische Kontrollbank AG
1.875%, 3/21/12		1,500,000		1,506,723
PNC Funding Corp.
5.625%, 2/1/17		600,000		594,554
Rabobank Nederland N.V.
0.568%, 10/11/12		2,900,000		2,867,201
Regions Bank/Alabama
3.250%, 12/9/11		840,000		871,658
Regions Financial Corp.
7.750%, 11/10/14		100,000		98,622
Royal Bank of Scotland Group plc
0.514%, 3/30/12(l)§		3,500,000		3,489,077
6.400%, 10/21/19		300,000		299,037
Royal Bank of Scotland plc
0.973%, 5/11/12(l)§		3,000,000		3,040,614
Societe Financement de l’Economie Francaise
2.250%, 6/11/12§		3,000,000		3,032,877
SunTrust Banks, Inc./Georgia
5.450%, 12/1/17		200,000		190,211
Swedbank AB
2.800%, 2/10/12§		2,800,000		2,860,351
2.900%, 1/14/13^§		3,000,000		3,055,485
U.S. Bancorp
4.200%, 5/15/14		250,000		259,510
U.S. Bank N.A./Ohio
6.375%, 8/1/11		1,000,000		1,074,984
UBS AG/Connecticut
1.501%, 9/29/11(l)		2,800,000		2,793,095
5.875%, 12/20/17		750,000		770,769
5.750%, 4/25/18		400,000		407,204
USB Capital XIII Trust
6.625%, 12/15/39		50,000		50,817
Wachovia Bank N.A.
4.875%, 2/1/15		400,000		408,514
6.600%, 1/15/38		700,000		738,835
Wachovia Corp.
5.300%, 10/15/11		100,000		106,152
2.051%, 5/1/13(l)		2,900,000		2,958,739
5.250%, 8/1/14		1,000,000		1,035,261
5.750%, 2/1/18		700,000		730,498
Wells Fargo & Co.
4.875%, 1/12/11		400,000		414,440
3.000%, 12/9/11		1,950,000		2,013,117
4.375%, 1/31/13		600,000		623,208
3.750%, 10/1/14		400,000		398,822
5.625%, 12/11/17		300,000		312,047
Westpac Banking Corp.
2.250%, 11/19/12		2,900,000		2,893,162
2.900%, 9/10/14§		3,100,000		3,059,412
4.875%, 11/19/19		100,000		98,700
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		2,800,000		2,818,435
				83,351,506

	Principal Amount		Value (Note 1)
Consumer Finance (1.0%)
American Express Co.
7.250%, 5/20/14	$	150,000	$	169,256
6.150%, 8/28/17		500,000		522,552
8.125%, 5/20/19		150,000		177,759
American Express Credit Corp.
5.875%, 5/2/13		200,000		214,632
7.300%, 8/20/13		500,000		561,940
Capital One Bank USA N.A.
8.800%, 7/15/19		250,000		295,417
Capital One Financial Corp.
7.375%, 5/23/14		600,000		679,339
6.150%, 9/1/16		100,000		100,452
6.750%, 9/15/17		300,000		322,820
Ford Motor Credit Co. LLC
9.750%, 9/15/10		1,000,000		1,031,849
5.504%, 6/15/11(l)		1,900,000		1,881,000
3.034%, 1/13/12(l)		1,050,000		976,500
HSBC Finance Corp.
5.250%, 1/14/11		400,000		414,118
0.485%, 8/9/11(l)		2,900,000		2,844,126
0.552%, 4/24/12(l)		2,880,000		2,777,714
6.375%, 11/27/12		500,000		544,516
0.534%, 1/15/14(l)		1,000,000		938,433
5.000%, 6/30/15		400,000		413,202
International Lease Finance Corp.
5.750%, 6/15/11		200,000		183,760
6.625%, 11/15/13		400,000		321,994
PACCAR Financial Corp.
1.950%, 12/17/12		50,000		49,483
SLM Corp.
5.000%, 10/1/13		450,000		413,973
8.450%, 6/15/18		100,000		98,675
				15,933,510
Diversified Financial Services (4.0%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		400,000		426,990
Ameriprise Financial, Inc.
7.300%, 6/28/19		45,000		50,043
Axcan Intermediate Holdings, Inc.
12.750%, 3/1/16		1,400,000		1,564,500
Bank of America Corp.
3.125%, 6/15/12		2,110,000		2,186,376
4.900%, 5/1/13		1,400,000		1,451,395
6.500%, 8/1/16		300,000		322,597
5.625%, 10/14/16		800,000		811,162
5.750%, 12/1/17		250,000		256,004
5.650%, 5/1/18		750,000		761,709
7.250%, 10/15/25		100,000		103,792
Bank of America N.A.
5.300%, 3/15/17		200,000		196,018
Bear Stearns Cos. LLC
5.350%, 2/1/12		400,000		425,030
Boeing Capital Corp.
6.500%, 2/15/12		200,000		218,736
BP Capital Markets plc
1.550%, 8/11/11		150,000		151,086
3.125%, 3/10/12		300,000		309,014
3.625%, 5/8/14		200,000		204,601

See Notes to Financial Statements.

246

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
3.875%, 3/10/15	$	200,000	$	205,483
4.750%, 3/10/19		300,000		306,759
Capital One Capital VI
8.875%, 5/15/40		61,000		64,965
Caterpillar Financial Services Corp.
5.050%, 12/1/10		200,000		208,073
1.900%, 12/17/12		30,000		29,883
4.900%, 8/15/13		200,000		212,456
7.150%, 2/15/19		500,000		578,192
CIT Group Funding Co. of Delaware LLC
10.250%, 5/1/13		410,993		419,213
10.250%, 5/1/15		616,490		622,655
10.250%, 5/1/16		1,027,484		1,032,622
10.250%, 5/1/17		1,438,477		1,445,669
Citigroup Funding, Inc.
1.375%, 5/5/11		1,200,000		1,207,674
1.875%, 10/22/12		250,000		249,055
Citigroup, Inc.
6.500%, 1/18/11		500,000		522,857
5.125%, 2/14/11		400,000		412,713
2.125%, 4/30/12		1,690,000		1,708,097
5.500%, 4/11/13		3,200,000		3,317,648
6.500%, 8/19/13		3,500,000		3,728,175
5.000%, 9/15/14		200,000		192,805
5.850%, 8/2/16		400,000		391,632
6.125%, 5/15/18		600,000		603,245
8.500%, 5/22/19		300,000		346,426
6.125%, 8/25/36		350,000		300,158
6.875%, 3/5/38		600,000		598,811
8.125%, 7/15/39		130,000		146,724
Credit Suisse USA, Inc.
6.500%, 1/15/12		200,000		217,638
Equifax, Inc.
4.450%, 12/1/14		50,000		50,251
General Electric Capital Corp.
3.000%, 12/9/11		1,500,000		1,546,233
5.875%, 2/15/12		800,000		857,100
2.200%, 6/8/12		840,000		851,781
5.250%, 10/19/12		800,000		851,378
0.253%, 12/21/12(l)		5,000,000		5,001,885
4.800%, 5/1/13		650,000		679,426
5.900%, 5/13/14		1,000,000		1,081,072
5.625%, 5/1/18		1,900,000		1,947,008
6.750%, 3/15/32		100,000		101,956
5.875%, 1/14/38		600,000		555,530
6.875%, 1/10/39		500,000		516,342
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.125%, 2/15/13		1,630,000		1,662,600
John Deere Capital Corp.
7.000%, 3/15/12		700,000		776,536
2.875%, 6/19/12		680,000		700,724
5.500%, 4/13/17		200,000		212,008
JPMorgan Chase & Co.
6.750%, 2/1/11		1,100,000		1,160,335
6.625%, 3/15/12		800,000		873,329
2.125%, 6/22/12		2,530,000		2,559,042
4.750%, 5/1/13		400,000		422,209
4.650%, 6/1/14		650,000		684,735
6.000%, 1/15/18		600,000		644,997
6.400%, 5/15/38		300,000		330,233

	Principal Amount		Value (Note 1)
JPMorgan Chase Capital XXV
6.800%, 10/1/37	$	500,000	$	496,781
Leucadia National Corp.
8.125%, 9/15/15		1,200,000		1,224,000
MassMutual Global Funding II
0.415%, 12/6/13(l)§		2,000,000		1,932,304
National Money Mart Co.
10.375%, 12/15/16§		1,275,000		1,303,687
National Rural Utilities Cooperative Finance Corp.
5.450%, 2/1/18		100,000		104,350
8.000%, 3/1/32		400,000		478,347
Private Export Funding Corp.
4.300%, 12/15/21		100,000		95,266
Susser Holdings LLC/Susser Finance Corp.
10.625%, 12/15/13		1,318,000		1,374,015
Textron Financial Corp.
4.600%, 5/3/10		201,000		200,948
UFJ Finance Aruba AEC
6.750%, 7/15/13		700,000		779,350
Unilever Capital Corp.
4.800%, 2/15/19		300,000		307,938
UPC Germany GmbH
9.625%, 12/1/19(b)†§	EUR	1,400,000		2,017,005
				62,889,382
Insurance (1.2%)
ACE INA Holdings, Inc.
5.900%, 6/15/19	$	25,000		26,896
Aflac, Inc.
8.500%, 5/15/19		150,000		172,799
Allied World Assurance Co. Holdings Ltd.
7.500%, 8/1/16		1,000,000		1,067,843
Allstate Corp.
6.200%, 5/16/14		150,000		165,887
7.450%, 5/16/19		100,000		116,182
American Financial Group, Inc./Ohio
9.875%, 6/15/19		50,000		56,062
American International Group, Inc.
8.250%, 8/15/18		600,000		563,310
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		200,000		209,594
Chubb Corp.
5.750%, 5/15/18		400,000		424,660
CNA Financial Corp.
7.350%, 11/15/19		30,000		30,035
Genworth Financial, Inc.
6.515%, 5/22/18		800,000		732,074
Lincoln National Corp.
8.750%, 7/1/19		105,000		119,974
6.250%, 2/15/20		25,000		24,637
Markel Corp.
7.125%, 9/30/19		100,000		103,256
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		400,000		409,086
MetLife, Inc.
5.000%, 6/15/15		400,000		420,711
5.700%, 6/15/35		200,000		197,516
Metropolitan Life Global Funding I
5.750%, 7/25/11§		2,104,000		2,211,338
5.125%, 11/9/11§		770,000		806,158
Pricoa Global Funding I
0.402%, 5/24/11(l)§		1,000,000		984,995

See Notes to Financial Statements.

247

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
0.381%, 1/30/12(l)§	$	1,900,000	$	1,848,261
Principal Life Income Funding Trusts
5.300%, 4/24/13		200,000		211,179
Prudential Financial, Inc.
5.100%, 9/20/14		200,000		208,527
6.200%, 1/15/15		30,000		32,276
7.375%, 6/15/19		385,000		431,649
5.700%, 12/14/36		100,000		90,353
Reinsurance Group of America, Inc.
6.450%, 11/15/19		50,000		49,836
Suncorp-Metway Ltd.
0.628%, 12/17/10(l)§		2,900,000		2,906,421
1.784%, 7/16/12(l)§		2,200,000		2,274,901
Swiss Reinsurance Solutions Holding Corp.
7.000%, 2/15/26		1,500,000		1,465,581
Transatlantic Holdings, Inc.
8.000%, 11/30/39		50,000		50,906
Travelers Cos., Inc.
6.750%, 6/20/36		400,000		441,525
				18,854,428
Real Estate Investment Trusts (REITs) (0.2%)
AvalonBay Communities, Inc.
5.700%, 3/15/17		100,000		101,444
6.100%, 3/15/20		100,000		102,116
ERP Operating LP
5.125%, 3/15/16		400,000		389,929
HCP, Inc.
5.650%, 12/15/13		200,000		200,348
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		50,000		49,529
Hospitality Properties Trust
7.875%, 8/15/14		150,000		154,855
Kimco Realty Corp.
6.875%, 10/1/19		100,000		101,686
Mack-Cali Realty LP
7.750%, 8/15/19		100,000		103,475
ProLogis
7.625%, 8/15/14		100,000		104,572
5.625%, 11/15/15		600,000		570,534
7.375%, 10/30/19		50,000		49,320
Simon Property Group LP
5.000%, 3/1/12		700,000		723,529
6.750%, 5/15/14		105,000		111,896
5.625%, 8/15/14		200,000		205,989
5.250%, 12/1/16		200,000		194,505
				3,163,727
Thrifts & Mortgage Finance (0.0%)
Western Corporate Federal Credit Union
1.750%, 11/2/12		100,000		99,551
Total Financials				217,987,877
Health Care (2.6%)
Biotechnology (0.1%)
Amgen, Inc.
4.850%, 11/18/14		200,000		215,316
6.400%, 2/1/39		300,000		329,180
Genentech, Inc.
5.250%, 7/15/35		200,000		192,651
				737,147

	Principal Amount		Value (Note 1)
Health Care Equipment & Supplies (0.2%)
Accellent, Inc.
10.500%, 12/1/13	$	1,750,000	$	1,684,375
Baxter International, Inc.
4.625%, 3/15/15		200,000		212,025
6.250%, 12/1/37		100,000		109,265
CareFusion Corp.
6.375%, 8/1/19§		300,000		321,156
Covidien International Finance S.A.
6.000%, 10/15/17		100,000		108,086
Hospira, Inc.
6.400%, 5/15/15		45,000		49,807
Mead Johnson Nutrition Co.
3.500%, 11/1/14§		50,000		49,430
4.900%, 11/1/19§		100,000		99,149
5.900%, 11/1/39§		50,000		49,237
Medtronic, Inc.
4.500%, 3/15/14		400,000		423,614
				3,106,144
Health Care Providers & Services (1.1%)
Apria Healthcare Group, Inc.
11.250%, 11/1/14§		500,000		548,750
12.375%, 11/1/14		400,000		440,000
CIGNA Corp.
7.875%, 5/15/27		100,000		102,188
Express Scripts, Inc.
6.250%, 6/15/14		500,000		545,565
HCA, Inc.
9.625%, 11/15/16 PIK		400,000		433,000
7.875%, 2/15/20§		2,100,000		2,186,625
Health Net, Inc.
6.375%, 6/1/17		1,400,000		1,253,000
Medco Health Solutions, Inc.
7.125%, 3/15/18		300,000		337,242
Quest Diagnostics, Inc.
4.750%, 1/30/20		60,000		58,626
5.750%, 1/30/40		20,000		19,409
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		1,295,000		1,369,463
Stonemor Operating LLC/Cornerstone Family Services/Osiris Holdings
10.250%, 12/1/17*^§		1,650,000		1,678,875
Surgical Care Affiliates, Inc.
8.875%, 7/15/15 PIK§		2,043,843		1,859,897
10.000%, 7/15/17§		3,250,000		2,990,000
U.S. Oncology, Inc.
10.750%, 8/15/14		2,108,000		2,213,400
UnitedHealth Group, Inc.
5.250%, 3/15/11		400,000		414,483
6.000%, 2/15/18		250,000		258,237
6.875%, 2/15/38		250,000		258,388
US Oncology, Inc.
9.125%, 8/15/17		550,000		577,500
WellPoint, Inc.
5.850%, 1/15/36		350,000		329,118
				17,873,766
Pharmaceuticals (1.2%)
Abbott Laboratories, Inc.
5.600%, 5/15/11		200,000		212,126

See Notes to Financial Statements.

248

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
5.875%, 5/15/16	$	200,000	$	220,598
5.600%, 11/30/17		600,000		651,604
Angiotech Pharmaceuticals, Inc.
4.006%, 12/1/13(l)		2,695,000		2,290,750
Argatroban Royalty Sub LLC
18.500%, 9/30/14(b)†		3,175,582		2,540,465
AstraZeneca plc
5.400%, 9/15/12		200,000		218,471
5.900%, 9/15/17		500,000		555,585
6.450%, 9/15/37		200,000		225,259
Bristol-Myers Squibb Co.
5.250%, 8/15/13		300,000		325,151
5.450%, 5/1/18		200,000		213,910
6.125%, 5/1/38		500,000		539,259
Elan Finance plc/Elan Finance Corp.
4.273%, 11/15/11(l)		450,000		423,000
4.381%, 12/1/13(l)		2,075,000		1,768,937
8.750%, 10/15/16^§		1,875,000		1,790,625
Eli Lilly and Co.
4.200%, 3/6/14		500,000		524,484
5.200%, 3/15/17		100,000		105,882
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		200,000		214,690
5.650%, 5/15/18		400,000		431,437
6.375%, 5/15/38		200,000		221,575
Johnson & Johnson
5.150%, 7/15/18		200,000		215,127
5.850%, 7/15/38		100,000		107,887
Merck & Co., Inc.
6.000%, 9/15/17		200,000		222,149
5.000%, 6/30/19		350,000		363,804
6.400%, 3/1/28		200,000		220,649
Novartis Securities Investment Ltd.
5.125%, 2/10/19		600,000		630,316
Pfizer, Inc.
4.450%, 3/15/12		200,000		211,530
5.350%, 3/15/15		500,000		546,452
6.200%, 3/15/19		300,000		333,487
7.200%, 3/15/39		200,000		244,387
Phibro Animal Health Corp.
13.000%, 8/1/14§		2,115,000		2,136,150
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		165,000		168,461
6.125%, 8/15/19		85,000		87,703
Wyeth
5.500%, 3/15/13		200,000		217,457
6.000%, 2/15/36		100,000		104,461
5.950%, 4/1/37		200,000		208,556
				19,492,384
Total Health Care				41,209,441
Industrials (2.1%)
Aerospace & Defense (0.3%)
Boeing Co.
5.000%, 3/15/14		500,000		538,275
3.500%, 2/15/15		100,000		100,281
4.875%, 2/15/20		55,000		55,149
6.125%, 2/15/33		100,000		103,841
5.875%, 2/15/40		30,000		30,705
General Dynamics Corp.
4.250%, 5/15/13		200,000		210,852

	Principal Amount		Value (Note 1)
GeoEye, Inc.
9.625%, 10/1/15§	$	1,275,000	$	1,311,656
Goodrich Corp.
4.875%, 3/1/20		50,000		49,457
Honeywell International, Inc.
4.250%, 3/1/13		200,000		209,968
5.000%, 2/15/19		500,000		517,733
ITT Corp.
4.900%, 5/1/14		65,000		68,111
6.125%, 5/1/19		90,000		97,183
Lockheed Martin Corp.
Series B 6.150%, 9/1/36		200,000		211,672
Northrop Grumman Corp.
3.700%, 8/1/14		90,000		90,346
5.050%, 8/1/19		50,000		51,058
Northrop Grumman Systems Corp.
7.125%, 2/15/11		100,000		105,858
7.750%, 2/15/31		200,000		247,108
Raytheon Co.
4.400%, 2/15/20		50,000		49,247
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		51,742
United Technologies Corp.
5.375%, 12/15/17		200,000		213,130
6.125%, 2/1/19		500,000		552,524
6.125%, 7/15/38		100,000		108,336
				4,974,232
Air Freight & Logistics (0.0%)
United Parcel Service, Inc.
4.500%, 1/15/13		200,000		212,640
5.125%, 4/1/19		300,000		316,575
6.200%, 1/15/38		100,000		110,864
				640,079
Airlines (0.1%)
American Airlines, Inc.
13.000%, 8/1/16^		1,375,000		1,533,125
Continental Airlines, Inc.
9.000%, 7/8/16		150,000		159,000
				1,692,125
Building Products (0.1%)
CRH America, Inc.
6.000%, 9/30/16		500,000		522,230
Goodman Global, Inc.
13.500%, 2/15/16		1,250,000		1,382,813
				1,905,043
Commercial Services & Supplies (0.4%)
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		371,438
Dartmouth College
4.750%, 6/1/19		50,000		50,641
Iron Mountain, Inc.
8.375%, 8/15/21		900,000		929,250
Pitney Bowes, Inc.
4.750%, 1/15/16		100,000		103,999
R.R. Donnelley & Sons Co.
4.950%, 4/1/14		400,000		400,121
8.600%, 8/15/16		150,000		163,292

See Notes to Financial Statements.

249

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Republic Services, Inc.
5.500%, 9/15/19§	$	148,000	$	150,287
ServiceMaster Co.
10.750%, 7/15/15 PIK§		2,050,000		2,132,000
Sheridan Group, Inc.
10.250%, 8/15/11		850,000		793,688
Waste Management, Inc.
6.100%, 3/15/18		350,000		372,203
7.000%, 7/15/28		100,000		107,701
Yale University
2.900%, 10/15/14		100,000		99,630
				5,674,250
Construction & Engineering (0.1%)
Esco Corp.
8.625%, 12/15/13§		1,700,000		1,691,500
Electrical Equipment (0.0%)
Amphenol Corp.
4.750%, 11/15/14		50,000		50,018
Emerson Electric Co.
5.250%, 10/15/18		100,000		105,085
Metals USA, Inc.
11.125%, 12/1/15		450,000		455,062
				610,165
Industrial Conglomerates (0.3%)
3M Co.
4.375%, 8/15/13		100,000		107,664
Cooper U.S., Inc.
5.250%, 11/15/12		100,000		107,309
General Electric Co.
5.000%, 2/1/13		200,000		211,592
5.250%, 12/6/17		500,000		510,932
Harland Clarke Holdings Corp.
6.000%, 5/15/15(l)		1,565,000		1,279,388
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		200,000		226,878
Trimas Corp.
9.750%, 12/15/17^§		2,100,000		2,060,625
Tyco International Finance S.A.
4.125%, 10/15/14		100,000		102,223
8.500%, 1/15/19		400,000		483,099
				5,089,710
Machinery (0.2%)
Caterpillar, Inc.
6.050%, 8/15/36		100,000		106,613
Danaher Corp.
5.625%, 1/15/18		300,000		320,644
Deere & Co.
4.375%, 10/16/19		75,000		74,907
5.375%, 10/16/29		50,000		49,905
Dover Corp.
6.600%, 3/15/38		100,000		113,927
Freedom Group, Inc.
10.250%, 8/1/15§		1,375,000		1,459,219
Smith & Wesson Holding Corp.
4.000%, 12/15/26		1,250,000		1,159,375
Snap-On, Inc.
6.125%, 9/1/21		100,000		102,373
				3,386,963

	Principal Amount		Value (Note 1)
Marine (0.2%)
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc.
8.875%, 11/1/17§	$	2,150,000	$	2,233,312
Road & Rail (0.4%)
Burlington Northern Santa Fe Corp.
7.000%, 2/1/14		500,000		567,447
4.700%, 10/1/19		100,000		99,068
6.150%, 5/1/37		100,000		105,184
Burlington Resources Finance Co.
7.200%, 8/15/31		100,000		114,549
Canadian National Railway Co.
5.550%, 3/1/19		700,000		747,935
Canadian Pacific Railway Co.
7.250%, 5/15/19		45,000		51,145
CSX Corp.
7.375%, 2/1/19		300,000		342,725
6.150%, 5/1/37		500,000		506,589
Norfolk Southern Corp.
7.700%, 5/15/17		100,000		117,063
5.750%, 4/1/18		300,000		317,346
5.900%, 6/15/19		65,000		69,403
Union Pacific Corp.
6.125%, 2/15/20		300,000		324,745
6.150%, 5/1/37		100,000		103,223
United Rentals North America, Inc.
9.250%, 12/15/19		2,450,000		2,529,625
				5,996,047
Total Industrials				33,893,426
Information Technology (0.8%)
Communications Equipment (0.1%)
American Tower Corp.
4.625%, 4/1/15§		25,000		25,287
Cisco Systems, Inc.
5.250%, 2/22/11		200,000		209,865
5.500%, 2/22/16		100,000		109,790
4.950%, 2/15/19		400,000		410,004
5.900%, 2/15/39		400,000		404,434
Motorola, Inc.
6.000%, 11/15/17		200,000		193,509
				1,352,889
Computers & Peripherals (0.2%)
Dell, Inc.
3.375%, 6/15/12		30,000		31,024
5.875%, 6/15/19		50,000		52,912
7.100%, 4/15/28		50,000		54,071
6.500%, 4/15/38		200,000		206,031
Hewlett-Packard Co.
4.250%, 2/24/12		750,000		786,702
4.500%, 3/1/13		400,000		424,065
International Business Machines Corp.
4.750%, 11/29/12		200,000		214,869
2.100%, 5/6/13		100,000		99,800
5.700%, 9/14/17		400,000		437,324
5.875%, 11/29/32		100,000		102,604
5.600%, 11/30/39		440,000		442,524
				2,851,926

See Notes to Financial Statements.

250

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Electronic Equipment, Instruments & Components (0.0%)
Arrow Electronics, Inc.
6.000%, 4/1/20	$	100,000	$	98,936
Corning, Inc.
6.625%, 5/15/19		20,000		21,795
				120,731
IT Services (0.3%)
Compucom Systems, Inc.
12.500%, 10/1/15§		1,975,000		2,007,094
SunGard Data Systems, Inc.
9.125%, 8/15/13		1,700,000		1,742,500
Western Union Co.
5.930%, 10/1/16		500,000		539,361
				4,288,955
Office Electronics (0.1%)
Xerox Capital Trust I
8.000%, 2/1/27		1,400,000		1,386,000
Xerox Corp.
8.250%, 5/15/14		95,000		108,977
4.250%, 2/15/15		100,000		99,303
6.350%, 5/15/18		200,000		208,626
5.625%, 12/15/19		100,000		99,860
6.750%, 12/15/39		50,000		50,376
				1,953,142
Semiconductors & Semiconductor Equipment (0.0%)
Analog Devices, Inc.
5.000%, 7/1/14		150,000		156,479
Software (0.1%)
Microsoft Corp.
2.950%, 6/1/14		115,000		116,232
4.200%, 6/1/19		125,000		124,803
5.200%, 6/1/39		110,000		107,723
Oracle Corp.
5.000%, 1/15/11		400,000		415,961
5.750%, 4/15/18		500,000		540,593
6.500%, 4/15/38		50,000		54,905
6.125%, 7/8/39		250,000		262,509
				1,622,726
Total Information Technology				12,346,848
Materials (2.4%)
Chemicals (0.9%)
Air Products and Chemicals, Inc.
4.375%, 8/21/19		100,000		99,105
Cabot Corp.
5.000%, 10/1/16		100,000		98,071
Cognis GmbH
2.254%, 9/15/13(l)^§		900,000		855,000
Dow Chemical Co.
4.850%, 8/15/12		2,000,000		2,101,922
7.600%, 5/15/14		220,000		250,336
8.550%, 5/15/19		155,000		184,937
9.400%, 5/15/39		90,000		118,994
E.I. du Pont de Nemours & Co.
5.000%, 7/15/13		200,000		215,449
3.250%, 1/15/15		100,000		99,063

	Principal Amount		Value (Note 1)
5.250%, 12/15/16	$	100,000	$	105,694
5.750%, 3/15/19		500,000		536,082
4.625%, 1/15/20		40,000		39,160
Momentive Performance Materials, Inc.
12.500%, 6/15/14§		825,000		907,500
Monsanto Co.
7.375%, 8/15/12		200,000		226,696
5.125%, 4/15/18		100,000		104,342
5.875%, 4/15/38		200,000		206,584
Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14		2,980,000		3,202,320
3.750%, 9/30/15		40,000		39,808
6.500%, 5/15/19		65,000		71,991
4.875%, 3/30/20		35,000		34,532
Reichhold Industries, Inc.
9.000%, 8/15/14§		4,745,000		3,985,800
Rohm & Haas Co.
5.600%, 3/15/13		500,000		527,714
Sherwin-Williams Co.
3.125%, 12/15/14		100,000		98,764
Valspar Corp.
7.250%, 6/15/19		100,000		109,737
				14,219,601
Containers & Packaging (0.3%)
Bemis Co., Inc.
5.650%, 8/1/14		30,000		31,931
6.800%, 8/1/19		20,000		21,989
Berry Plastics Corp.
5.034%, 2/15/15(l)		1,450,000		1,324,938
Berry Plastics Escrow LLC/Berry Plastics Escrow Corp.
8.875%, 9/15/14^§		1,200,000		1,167,000
Impress Holdings B.V.
3.409%, 9/15/13(l)§		2,025,000		1,944,000
Packaging Corp. of America
5.750%, 8/1/13		500,000		535,852
				5,025,710
Metals & Mining (1.1%)
Alcoa, Inc.
6.000%, 7/15/13		200,000		210,686
5.900%, 2/1/27		200,000		180,293
Algoma Acquisition Corp.
9.875%, 6/15/15§		2,475,000		2,106,844
Allegheny Technologies, Inc.
9.375%, 6/1/19		100,000		115,105
ArcelorMittal S.A.
5.375%, 6/1/13		200,000		211,050
9.000%, 2/15/15		125,000		147,637
6.125%, 6/1/18		200,000		206,367
9.850%, 6/1/19		150,000		194,011
Barrick Australian Finance Pty Ltd.
5.950%, 10/15/39		100,000		97,596
Barrick Gold Corp.
6.950%, 4/1/19		500,000		562,972
Barrick Gold Finance Co.
4.875%, 11/15/14		2,315,000		2,430,518
Barrick N.A. Finance LLC
7.500%, 9/15/38		100,000		114,834
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12		1,500,000		1,596,603
4.800%, 4/15/13		200,000		212,881

See Notes to Financial Statements.

251

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
7.250%, 3/1/16	$	1,375,000	$	1,567,074
6.500%, 4/1/19		500,000		573,528
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		300,000		328,500
Murray Energy Corp.
10.250%, 10/15/15^§		1,250,000		1,243,750
Newmont Mining Corp.
5.125%, 10/1/19		315,000		315,147
6.250%, 10/1/39		200,000		200,239
Novelis, Inc.
7.250%, 2/15/15		1,350,000		1,285,875
Nucor Corp.
5.750%, 12/1/17		200,000		215,021
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		800,000		863,230
6.500%, 7/15/18		200,000		219,696
7.125%, 7/15/28		100,000		113,189
Ryerson, Inc.
7.656%, 11/1/14(l)		1,750,000		1,612,188
12.000%, 11/1/15		425,000		444,125
Vale Overseas Ltd.
6.875%, 11/21/36		400,000		399,664
6.875%, 11/10/39		85,000		85,572
				17,854,195
Paper & Forest Products (0.1%)
International Paper Co.
7.500%, 8/15/21		200,000		224,094
Sappi Papier Holding AG
6.750%, 6/15/12		1,450,000		1,388,375
				1,612,469
Total Materials				38,711,975
Telecommunication Services (3.0%)
Diversified Telecommunication Services (1.9%)
AT&T Corp.
7.300%, 11/15/11		400,000		440,428
8.000%, 11/15/31		200,000		244,104
AT&T, Inc.
4.950%, 1/15/13		200,000		213,376
5.100%, 9/15/14		200,000		215,132
5.625%, 6/15/16		400,000		429,696
5.500%, 2/1/18		500,000		521,708
6.300%, 1/15/38		500,000		507,867
6.400%, 5/15/38		200,000		205,534
6.550%, 2/15/39		600,000		632,197
BellSouth Capital Funding Corp.
7.875%, 2/15/30		500,000		570,911
British Telecommunications plc
9.625%, 12/15/30		300,000		382,265
Deutsche Telekom International Finance B.V.
8.500%, 6/15/10		2,700,000		2,790,250
4.875%, 7/8/14		150,000		157,297
6.000%, 7/8/19		100,000		106,767
8.750%, 6/15/30		500,000		643,055
Embarq Corp.
7.082%, 6/1/16		100,000		110,458
7.995%, 6/1/36		100,000		107,570
France Telecom S.A.
7.750%, 3/1/11		700,000		750,239
4.375%, 7/8/14^		2,000,000		2,089,924

	Principal Amount		Value (Note 1)
Global Crossing Ltd.
12.000%, 9/15/15^§	$	1,400,000	$	1,536,500
Hawaiian Telcom Communications, Inc.
Series B 9.750%, 5/1/13(b)(h)		4,050,000		70,875
Level 3 Financing, Inc.
12.250%, 3/15/13		2,370,000		2,512,200
Qwest Corp.
8.375%, 5/1/16		600,000		643,500
Telcordia Technologies, Inc.
4.034%, 7/15/12(l)§		2,600,000		2,382,250
Telecom Italia Capital S.A.
4.875%, 10/1/10		400,000		409,399
0.894%, 7/18/11(l)		2,900,000		2,887,916
5.250%, 11/15/13		200,000		210,358
6.175%, 6/18/14		100,000		108,389
5.250%, 10/1/15		400,000		418,219
7.175%, 6/18/19		100,000		111,486
Telefonica Emisiones S.A.U.
0.609%, 2/4/13(l)		1,000,000		984,448
4.949%, 1/15/15		1,685,000		1,801,164
6.421%, 6/20/16		700,000		776,952
5.877%, 7/15/19		145,000		155,415
7.045%, 6/20/36		300,000		342,570
Verizon Communications, Inc.
7.375%, 9/1/12		400,000		450,886
4.350%, 2/15/13		100,000		104,602
5.550%, 2/15/16		500,000		538,999
5.500%, 2/15/18		600,000		626,143
7.750%, 12/1/30		400,000		469,911
6.900%, 4/15/38		100,000		110,834
7.350%, 4/1/39		300,000		348,033
				29,119,827
Wireless Telecommunication Services (1.1%)
America Movil S.A.B. de C.V.
6.375%, 3/1/35		100,000		103,229
Cellco Partnership/Verizon Wireless Capital LLC
2.869%, 5/20/11(l)^		2,900,000		2,998,414
3.750%, 5/20/11		300,000		309,350
5.550%, 2/1/14		500,000		542,639
8.500%, 11/15/18		400,000		496,153
Cricket Communications, Inc.
7.750%, 5/15/16^		1,675,000		1,670,812
Digicel Group Ltd.
8.250%, 9/1/17§		1,800,000		1,755,000
MetroPCS Wireless, Inc.
9.250%, 11/1/14^		2,050,000		2,075,625
New Cingular Wireless Services, Inc.
7.875%, 3/1/11		200,000		214,879
8.125%, 5/1/12		200,000		225,987
8.750%, 3/1/31		100,000		129,231
Nextel Communications, Inc.
Series E 6.875%, 10/31/13		1,600,000		1,552,000
Rogers Communications, Inc.
6.800%, 8/15/18		100,000		111,992
7.500%, 8/15/38		100,000		117,894
Sprint Nextel Corp.
0.651%, 6/28/10(l)^		750,000		738,166
Vodafone Group plc
5.000%, 12/16/13		200,000		211,769
4.150%, 6/10/14		3,200,000		3,292,109

See Notes to Financial Statements.

252

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
5.625%, 2/27/17	$	400,000	$	424,867
5.450%, 6/10/19		150,000		155,327
6.150%, 2/27/37		500,000		520,862
				17,646,305
Total Telecommunication Services				46,766,132
Utilities (2.0%)
Electric Utilities (1.2%)
Ameren Energy Generating Co.
6.300%, 4/1/20		50,000		49,097
Appalachian Power Co.
7.000%, 4/1/38		200,000		220,007
Baltimore Gas & Electric Co.
6.125%, 7/1/13		300,000		324,169
Carolina Power & Light Co.
6.300%, 4/1/38		300,000		324,154
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		300,000		341,569
Commonwealth Edison Co.
6.450%, 1/15/38		400,000		427,618
Consolidated Edison Co. of New York, Inc.
Series 04-A 4.700%, 2/1/14		2,900,000		3,054,150
Series 07-A 6.300%, 8/15/37		100,000		107,689
Series 08-A 5.850%, 4/1/18		500,000		535,573
Series 08-B 6.750%, 4/1/38		100,000		114,009
Duke Energy Carolinas LLC
7.000%, 11/15/18		100,000		116,556
Duke Energy Corp.
5.650%, 6/15/13		400,000		429,084
6.300%, 2/1/14		500,000		549,810
Duke Energy Indiana, Inc.
6.450%, 4/1/39		300,000		334,530
Duke Energy Ohio, Inc.
5.700%, 9/15/12		200,000		216,905
Edison Mission Energy
7.500%, 6/15/13^		2,150,000		2,021,000
Entergy Gulf States Louisiana LLC
5.590%, 10/1/24		60,000		59,965
Exelon Corp.
4.900%, 6/15/15		200,000		206,320
Exelon Generation Co. LLC
6.200%, 10/1/17		100,000		107,194
FirstEnergy Corp.
Series B 6.450%, 11/15/11		9,000		9,650
Series C 7.375%, 11/15/31		200,000		216,781
FirstEnergy Solutions Corp.
4.800%, 2/15/15		120,000		122,483
6.050%, 8/15/21		200,000		201,761
6.800%, 8/15/39		139,000		140,390
FPL Group Capital, Inc.
5.625%, 9/1/11		100,000		106,373
6.000%, 3/1/19		500,000		538,495
Georgia Power Co.
4.250%, 12/1/19		80,000		77,523
5.950%, 2/1/39		300,000		313,157

	Principal Amount		Value (Note 1)
Interstate Power and Light Co.
6.250%, 7/15/39	$	30,000	$	31,498
MidAmerican Energy Co.
5.750%, 11/1/35		100,000		100,111
MidAmerican Energy Holdings Co.
3.150%, 7/15/12		200,000		203,727
5.875%, 10/1/12		400,000		435,637
5.750%, 4/1/18		400,000		421,589
6.125%, 4/1/36		200,000		204,839
5.950%, 5/15/37		100,000		100,112
6.500%, 9/15/37		200,000		215,076
Nevada Power Co.
6.500%, 8/1/18		200,000		214,315
Northern States Power Co.
5.250%, 3/1/18		200,000		209,532
5.350%, 11/1/39		30,000		28,954
NSTAR
4.500%, 11/15/19		50,000		48,895
Ohio Power Co.
5.375%, 10/1/21		100,000		100,268
Oncor Electric Delivery Co.
6.375%, 5/1/12		100,000		108,005
6.800%, 9/1/18		400,000		444,311
Pacific Gas & Electric Co.
4.800%, 3/1/14		100,000		106,200
8.250%, 10/15/18		600,000		732,628
6.050%, 3/1/34		200,000		208,807
PacifiCorp
6.000%, 1/15/39		300,000		315,288
PPL Electric Utilities Corp.
6.250%, 5/15/39		30,000		32,152
PPL Energy Supply LLC
6.500%, 5/1/18		100,000		104,270
Progress Energy, Inc.
7.100%, 3/1/11		100,000		105,842
Public Service Co. of Colorado
5.125%, 6/1/19		85,000		88,418
Public Service Co. of Oklahoma
5.150%, 12/1/19		30,000		29,785
Public Service Electric & Gas Co.
5.375%, 9/1/13		200,000		215,283
Puget Sound Energy, Inc.
5.757%, 10/1/39		150,000		145,138
San Diego Gas & Electric Co.
6.000%, 6/1/39		30,000		32,214
South Carolina Electric & Gas Co.
6.050%, 1/15/38		100,000		104,997
Southern California Edison Co.
5.750%, 3/15/14		400,000		442,291
5.950%, 2/1/38		100,000		105,050
6.050%, 3/15/39		300,000		319,675
Southern Co.
4.150%, 5/15/14		75,000		77,126
Series A 5.300%, 1/15/12		400,000		428,568
Tampa Electric Co.
6.100%, 5/15/18		75,000		79,821
Union Electric Co.
6.700%, 2/1/19		200,000		220,810
Virginia Electric & Power Co.
5.000%, 6/30/19		165,000		168,207
8.875%, 11/15/38		300,000		423,472

See Notes to Financial Statements.

253

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
Series A 4.750%, 3/1/13	$	200,000	$	209,262
6.000%, 5/15/37		100,000		103,544
Wisconsin Electric Power Co.
4.250%, 12/15/19		50,000		48,837
Wisconsin Power & Light Co.
5.000%, 7/15/19		50,000		50,403
				19,030,969
Gas Utilities (0.5%)
Boardwalk Pipelines LP
5.750%, 9/15/19		100,000		98,601
Copano Energy LLC/Copano Energy Finance Corp.
7.750%, 6/1/18		1,250,000		1,253,125
EQT Corp.
8.125%, 6/1/19		75,000		86,653
Kinder Morgan Finance Co. ULC
5.350%, 1/5/11		1,700,000		1,717,000
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
Series B 6.875%, 11/1/14		400,000		378,000
NGPL Pipeco LLC
6.514%, 12/15/12§		2,800,000		3,043,278
ONEOK, Inc.
6.000%, 6/15/35		100,000		93,332
Plains All American Pipeline LP
8.750%, 5/1/19		500,000		589,547
Regency Energy Partners LP/Regency Energy Finance Corp.
9.375%, 6/1/16§		1,200,000		1,278,000
				8,537,536
Independent Power Producers & Energy Traders (0.2%)
NRG Energy, Inc.
8.500%, 6/15/19		1,000,000		1,025,000
Tennessee Valley Authority
5.500%, 7/18/17		550,000		599,500
5.250%, 9/15/39		1,025,000		1,015,627
				2,640,127
Multi-Utilities (0.1%)
Alliant Energy Corp.
4.000%, 10/15/14		50,000		50,013
Avista Corp.
5.125%, 4/1/22		55,000		53,928
CenterPoint Energy Resources Corp.
Series B 7.875%, 4/1/13		200,000		225,275
Dominion Resources, Inc.
8.875%, 1/15/19		300,000		373,864
5.200%, 8/15/19		80,000		81,247
5.950%, 6/15/35		100,000		99,464
DTE Energy Co.
7.625%, 5/15/14		100,000		111,636
6.350%, 6/1/16		200,000		207,823
National Grid plc
6.300%, 8/1/16		500,000		543,776
NiSource Finance Corp.
5.450%, 9/15/20		100,000		96,970
6.125%, 3/1/22		50,000		51,027

	Principal Amount		Value (Note 1)
Sempra Energy
6.000%, 2/1/13	$	200,000	$	213,267
6.500%, 6/1/16		60,000		65,071
				2,173,361
Total Utilities				32,381,993
Total Corporate Bonds				593,645,515
Government Securities (63.8%)
Foreign Governments (1.0%)
Export-Import Bank of Korea
8.125%, 1/21/14		1,000,000		1,160,888
Federative Republic of Brazil
10.250%, 6/17/13		840,000		1,037,400
8.875%, 10/14/19		270,000		348,300
8.875%, 4/15/24		540,000		702,000
10.125%, 5/15/27		120,000		176,400
8.250%, 1/20/34		840,000		1,073,100
5.625%, 1/7/41		125,000		117,813
Province of Manitoba
5.000%, 2/15/12		400,000		427,242
Province of Nova Scotia
5.125%, 1/26/17		270,000		287,498
Province of Ontario
4.950%, 6/1/12		420,000		450,485
4.950%, 11/28/16		550,000		589,439
4.000%, 10/7/19		200,000		191,509
Province of Quebec
4.875%, 5/5/14		540,000		580,742
4.625%, 5/14/18		540,000		552,068
7.500%, 9/15/29		410,000		515,821
Republic of Italy
3.500%, 7/15/11		1,390,000		1,435,346
5.250%, 9/20/16		1,130,000		1,203,466
Republic of Korea
5.750%, 4/16/14		300,000		327,918
7.125%, 4/16/19		250,000		286,169
Republic of Peru
7.125%, 3/30/19		500,000		575,000
6.550%, 3/14/37		270,000		280,800
Republic of Poland
6.375%, 7/15/19		600,000		652,610
Republic of South Africa
6.875%, 5/27/19		150,000		168,375
5.875%, 5/30/22		570,000		584,250
State of Israel
5.125%, 3/1/14		120,000		129,042
5.125%, 3/26/19		300,000		303,981
United Mexican States
6.375%, 1/16/13		270,000		298,350
5.625%, 1/15/17		960,000		1,000,800
8.300%, 8/15/31		270,000		333,801
6.050%, 1/11/40		540,000		519,102
				16,309,715
Municipal Bonds (0.9%)
Bay Area Toll Authority California State
6.263%, 4/1/49		150,000		143,281
Central Puget Sound Washington Regional Transportation Authority
5.491%, 11/1/39		100,000		95,805

See Notes to Financial Statements.

254

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
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
Illinois State Toll Highway Authority
5.293%, 1/1/24		3,000,000		2,931,210
Los Angeles, California Unified School District
5.755%, 7/1/29		50,000		46,230
5.750%, 7/1/34		100,000		92,358
Metro Wastewater Reclamation District, Class B
4.718%, 4/1/19		1,000,000		998,040
Metropolitan Washington Airports Authority
7.462%, 10/1/46		155,000		156,028
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,119,760
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		1,000,000		1,027,230
North Texas Tollway Authority
6.718%, 1/1/49		144,000		149,577
State of California
7.550%, 4/1/39		3,495,000		3,386,900
7.350%, 11/1/39		100,000		94,594
State of Georgia
4.503%, 11/1/25		50,000		48,911
State of Illinois
5.100%, 6/1/33		1,000,000		832,900
State of Massachusetts
5.456%, 12/1/39		100,000		95,567
State of New York
5.206%, 10/1/31		100,000		90,457
5.770%, 3/15/39		30,000		29,090
State of Utah
4.554%, 7/1/24		90,000		87,359
State of Washington
5.481%, 8/1/39		100,000		97,235
University of Texas
6.276%, 8/15/41		2,900,000		2,933,553
				14,602,794
Supranational (1.0%)
African Development Bank
3.000%, 5/27/14		500,000		503,623
Asian Development Bank
3.000%, 2/15/11		400,000		409,254
2.750%, 5/21/14		500,000		499,112
4.250%, 10/20/14		540,000		570,054
Corp. Andina de Fomento
8.125%, 6/4/19		325,000		375,532
European Investment Bank
3.125%, 7/15/11		1,960,000		2,019,041
4.250%, 7/15/13		1,390,000		1,476,655
3.000%, 4/8/14		1,000,000		1,008,225
3.125%, 6/4/14		750,000		758,699
4.875%, 1/17/17		550,000		589,362
Export Development Canada
2.375%, 3/19/12		1,000,000		1,017,417
Inter-American Development Bank
4.375%, 9/20/12		550,000		585,265
3.000%, 4/22/14		500,000		504,334
5.125%, 9/13/16		280,000		305,236

	Principal Amount		Value (Note 1)
International Bank for Reconstruction & Development
5.000%, 4/1/16	$	550,000	$	594,583
4.750%, 2/15/35		130,000		125,081
International Finance Corp.
3.000%, 4/22/14		750,000		751,691
Japan Finance Corp.
2.000%, 6/24/11		500,000		506,029
Kommunalbanken A/S
3.375%, 11/15/11		2,000,000		2,055,244
Korea Development Bank
8.000%, 1/23/14		500,000		576,194
Nordic Investment Bank
3.625%, 6/17/13		550,000		573,177
2.625%, 10/6/14		100,000		98,554
				15,902,362
U.S. Government Agencies (38.3%)
Federal Farm Credit Bank
3.875%, 8/25/11		20,000		20,906
1.125%, 10/3/11		400,000		399,219
1.875%, 12/7/12		200,000		199,958
2.300%, 9/3/13		500,000		493,227
2.970%, 12/2/14		200,000		197,576
Federal Home Loan Bank
1.625%, 1/21/11		1,500,000		1,516,465
1.625%, 7/27/11		2,500,000		2,523,902
5.375%, 8/19/11		1,960,000		2,092,214
1.250%, 10/19/11		100,000		100,044
1.875%, 6/20/12		250,000		251,735
2.000%, 9/24/12		500,000		500,010
1.875%, 11/19/12		500,000		493,693
1.625%, 11/21/12		350,000		347,469
2.000%, 12/28/12		100,000		99,031
5.125%, 8/14/13		1,110,000		1,221,889
4.000%, 9/6/13		1,400,000		1,486,674
2.500%, 10/15/13		500,000		495,511
5.500%, 8/13/14		1,120,000		1,256,572
5.000%, 11/17/17		1,690,000		1,828,105
5.500%, 7/15/36		270,000		276,982
Federal Home Loan Mortgage Corp.
4.750%, 1/18/11		2,000,000		2,085,506
1.625%, 4/26/11		4,000,000		4,043,036
3.875%, 6/29/11		5,730,000		5,978,098
1.125%, 12/15/11		300,000		299,068
2.350%, 3/2/12		500,000		504,392
2.500%, 3/23/12		1,000,000		1,003,919
1.750%, 6/15/12		3,300,000		3,314,616
2.000%, 6/15/12		150,000		150,539
2.000%, 10/1/12		300,000		300,229
2.000%, 11/5/12		400,000		399,146
2.250%, 11/19/12		500,000		498,774
4.500%, 7/15/13		2,800,000		3,021,908
2.500%, 1/7/14		1,690,000		1,691,911
3.250%, 2/18/14		610,000		612,300
2.500%, 4/23/14		6,000,000		5,996,490
5.000%, 7/15/14		1,680,000		1,845,650
3.000%, 12/30/14		250,000		246,780
5.000%, 4/18/17		300,000		325,757
5.125%, 11/17/17		32,000,000		34,839,552
4.875%, 6/13/18		4,300,000		4,599,521
4.250%, 12/12/18		250,000		246,580
5.000%, 7/1/19		3,134,728		3,301,873

See Notes to Financial Statements.

255

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
5.000%, 2/1/22	$	3,988,425	$	4,195,481
5.500%, 5/1/22		3,798,913		4,039,907
4.500%, 2/1/24		4,986,512		5,133,380
4.000%, 7/1/24		2,906,532		2,929,807
4.500%, 8/1/24		980,430		1,009,613
6.500%, 5/1/26		796,000		854,270
6.500%, 8/1/26		1,526,741		1,638,504
6.500%, 9/1/27		1,213,669		1,302,513
6.750%, 3/15/31		550,000		669,784
6.250%, 7/15/32		280,000		325,091
5.000%, 12/1/34		17,656,589		18,167,664
6.000%, 3/1/36		885,184		942,894
6.000%, 8/1/36		1,899,239		2,021,874
5.500%, 10/1/36		804,361		844,705
6.000%, 10/1/36		839,505		892,925
5.500%, 5/1/37		867,033		909,708
6.000%, 6/1/37		227,373		241,628
6.500%, 11/1/37		4,607,147		4,938,646
5.500%, 12/1/37		928,414		974,109
5.500%, 1/1/38		1,469,738		1,542,995
5.500%, 2/1/38		16,979,091		17,814,782
5.500%, 3/1/38		1,155,571		1,212,446
6.000%, 3/1/38		44,704		47,465
6.500%, 5/1/38		675,274		723,651
5.500%, 6/1/38		1,270,800		1,333,347
6.000%, 6/1/38		352,697		374,369
6.000%, 7/1/38		177,361		188,259
6.000%, 8/1/38		643,651		683,201
5.500%, 9/1/38		814,626		855,230
6.000%, 9/1/38		661,135		701,807
6.000%, 10/1/38		189,427		201,067
5.500%, 11/1/38		591,046		620,136
5.500%, 12/1/38		3,256,445		3,418,759
6.000%, 12/1/38		1,122,493		1,191,465
6.000%, 2/1/39		7,530,357		7,993,062
6.000%, 3/1/39		3,120,057		3,311,769
4.500%, 4/1/39		4,869,543		4,863,457
4.000%, 5/1/39		982,378		948,532
4.000%, 6/1/39		2,969,412		2,867,106
4.500%, 6/1/39		1,972,926		1,970,460
4.500%, 7/1/39		5,878,680		5,871,332
5.000%, 7/1/39		4,933,849		5,065,868
4.500%, 8/1/39		2,981,133		2,982,064
5.000%, 9/1/39		1,998,764		2,052,559
4.000%, 1/15/25 TBA		1,000,000		1,006,406
4.500%, 1/15/40 TBA		2,000,000		1,995,313
Federal National Mortgage Association
2.000%, 3/2/11		490,000		491,375
6.000%, 5/15/11		1,120,000		1,199,060
1.000%, 11/23/11		390,000		389,091
5.000%, 2/16/12		2,230,000		2,400,267
2.500%, 2/17/12		2,110,000		2,115,693
1.500%, 4/26/12		250,000		249,075
1.750%, 8/10/12		2,000,000		1,999,598
2.000%, 9/28/12		300,000		299,459
1.875%, 10/29/12		250,000		248,496
1.750%, 12/28/12		100,000		99,102
2.170%, 3/21/13		500,000		498,415
4.625%, 10/15/13		3,460,000		3,749,322
3.000%, 9/15/14		500,000		499,641
3.000%, 9/16/14		1,000,000		1,012,677
3.000%, 10/29/14		800,000		793,793

	Principal Amount		Value (Note 1)
2.625%, 11/20/14	$	400,000	$	396,898
5.000%, 2/13/17		2,810,000		3,050,247
5.000%, 5/11/17		1,390,000		1,509,819
5.210%, 1/25/23		250,000		250,617
4.500%, 3/1/23		7,623,619		7,913,079
5.500%, 7/1/23		44,523		47,202
6.000%, 7/1/23		4,881,066		5,221,978
5.500%, 8/1/23		47,838		50,716
5.500%, 11/1/23		833,946		884,112
5.000%, 4/1/24		3,944,692		4,133,452
5.000%, 5/20/24		200,000		196,469
5.375%, 6/25/24		200,000		197,155
4.000%, 7/1/24		2,981,348		3,004,756
6.250%, 5/15/29		850,000		972,016
7.125%, 1/15/30		550,000		693,530
6.625%, 11/15/30		500,000		600,904
6.000%, 11/1/32		4,007,506		4,280,674
5.000%, 6/1/33		15,394,141		15,856,567
6.000%, 10/1/33		5,860,675		6,257,415
5.500%, 11/1/34		12,589,592		13,238,742
5.000%, 7/1/35		1,943,220		2,000,378
5.500%, 10/1/35		1,461,051		1,535,245
5.500%, 11/1/35		13,012,507		13,673,298
5.500%, 1/1/36		81,807		85,962
5.500%, 3/1/36		749,672		787,156
5.000%, 5/1/36		13,101,826		13,470,827
5.500%, 9/1/36		347,219		364,363
6.000%, 9/1/36		9,572,592		10,183,219
6.500%, 9/1/36		4,411,099		4,738,830
5.500%, 10/1/36		3,853,334		4,046,000
5.500%, 12/1/36		16,371,409		17,189,605
6.500%, 12/1/36		6,410,888		6,902,222
5.500%, 1/1/37		35,606		37,331
5.500%, 2/1/37		341,707		358,258
5.500%, 5/1/37		371,916		389,930
5.500%, 6/1/37		2,155,912		2,260,339
5.500%, 7/1/37		318,928		334,377
5.684%, 7/1/37(l)		8,990,226		9,502,893
6.000%, 7/1/37		8,414,289		8,938,212
5.550%, 8/1/37(l)		8,440,712		8,974,578
6.000%, 8/1/37		4,983,978		5,297,230
5.500%, 9/1/37		31,853		33,396
6.000%, 10/1/37		279,948		297,106
6.500%, 11/1/37		3,582,929		3,843,531
4.500%, 1/1/39		36,253		36,231
5.084%, 2/1/39(l)		8,767,367		9,254,166
4.500%, 4/1/39		7,216,333		7,212,186
4.500%, 5/1/39		2,932,475		2,931,559
4.000%, 6/1/39		2,461,864		2,381,661
4.000%, 7/1/39		168,781		163,283
4.500%, 7/1/39		6,918,407		6,918,406
4.000%, 8/1/39		2,208,009		2,136,076
4.000%, 9/1/39		4,565,398		4,416,666
4.500%, 9/1/39		4,948,630		4,946,310
4.500%, 12/1/39		10,998,900		10,992,026
4.000%, 1/25/40 TBA		2,000,000		2,012,500
4.500%, 1/25/40 TBA		4,500,000		4,537,852
5.000%, 1/25/40 TBA		3,000,000		3,098,359
5.500%, 1/25/40 TBA		68,000,000		71,203,439
Government National Mortgage Association
6.500%, 5/15/31		6,756		7,287
6.500%, 9/15/36		9,745		10,411

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
6.500%, 10/15/37	$	2,009,705	$	2,142,534
6.500%, 8/15/38		376,298		400,934
6.000%, 9/15/38		2,838,219		3,007,404
6.500%, 9/15/38		335,392		357,349
6.000%, 10/15/38		5,064,111		5,365,979
6.500%, 10/15/38		816,098		872,221
6.000%, 11/15/38		391,111		414,425
6.000%, 12/15/38		945,021		1,001,353
6.000%, 1/15/39		791,457		838,737
6.000%, 2/15/39		52,759		55,904
4.500%, 4/15/39		1,284,770		1,288,584
4.000%, 6/15/39		124,565		120,613
4.500%, 6/15/39		5,932,334		5,949,946
5.000%, 6/15/39		3,997,257		4,121,162
4.000%, 7/15/39		871,216		843,582
4.500%, 9/15/39		1,991,036		1,996,947
5.000%, 9/15/39		5,303,903		5,468,192
4.500%, 1/25/40 TBA		4,000,000		4,003,750
5.000%, 1/25/40 TBA		5,000,000		5,143,360
5.500%, 1/25/40 TBA		15,000,000		15,718,359
				606,391,688
U.S. Treasuries (22.6%)
U.S. Treasury Bonds
1.000%, 12/31/11		3,500,000		3,490,158
11.250%, 2/15/15		3,930,000		5,544,369
9.250%, 2/15/16		840,000		1,131,441
7.250%, 5/15/16		2,780,000		3,441,337
8.750%, 5/15/17		1,680,000		2,270,757
9.125%, 5/15/18		840,000		1,179,150
8.875%, 2/15/19		1,200,000		1,676,250
8.125%, 8/15/19		1,980,000		2,664,957
8.750%, 8/15/20		2,880,000		4,074,301
7.875%, 2/15/21		840,000		1,129,012
8.125%, 8/15/21		840,000		1,152,112
8.000%, 11/15/21		2,000,000		2,723,438
7.125%, 2/15/23		840,000		1,077,300
6.750%, 8/15/26		2,240,000		2,826,251
6.625%, 2/15/27		1,550,000		1,935,804
6.125%, 11/15/27		600,000		714,750
5.500%, 8/15/28		2,300,000		2,563,063
5.250%, 11/15/28		1,800,000		1,950,469
5.250%, 2/15/29		2,450,000		2,654,423
6.125%, 8/15/29		2,050,000		2,461,281
6.250%, 5/15/30		1,840,000		2,247,674
5.375%, 2/15/31		1,000,000		1,105,000
4.500%, 2/15/36		2,630,000		2,590,550
4.750%, 2/15/37		1,120,000		1,144,500
5.000%, 5/15/37		500,000		531,016
4.375%, 2/15/38		1,940,000		1,862,400
4.500%, 5/15/38		1,130,000		1,106,517
3.500%, 2/15/39		2,550,000		2,088,608
4.250%, 5/15/39		2,700,000		2,532,938
4.500%, 8/15/39		2,850,000		2,785,430
4.375%, 11/15/39		2,600,000		2,488,689
U.S. Treasury Notes
0.875%, 1/31/11		1,010,000		1,013,156
0.875%, 2/28/11		5,000,000		5,012,110
4.500%, 2/28/11		4,990,000		5,208,507
0.875%, 4/30/11		3,000,000		3,003,984
4.875%, 4/30/11		4,320,000		4,550,174
0.875%, 5/31/11		2,000,000		2,002,422

	Principal Amount		Value (Note 1)
4.875%, 5/31/11	$	5,000,000	$	5,282,615
5.125%, 6/30/11		8,280,000		8,798,469
1.000%, 7/31/11		8,500,000		8,512,946
4.875%, 7/31/11		3,500,000		3,716,972
5.000%, 8/15/11		3,480,000		3,710,550
1.000%, 8/31/11		3,000,000		3,001,524
1.000%, 9/30/11		2,000,000		1,999,454
4.500%, 9/30/11		5,040,000		5,343,579
1.000%, 10/31/11		3,000,000		2,997,300
0.750%, 11/30/11		1,000,000		993,477
4.500%, 11/30/11		1,390,000		1,480,025
1.125%, 12/15/11		3,000,000		3,001,056
4.625%, 12/31/11		2,800,000		2,991,626
1.125%, 1/15/12		2,000,000		1,998,124
1.375%, 2/15/12		1,000,000		1,002,891
4.875%, 2/15/12		2,800,000		3,012,845
4.500%, 3/31/12		2,820,000		3,018,280
1.375%, 4/15/12		1,000,000		1,000,938
1.375%, 5/15/12		1,000,000		1,000,000
1.875%, 6/15/12		2,000,000		2,021,876
1.500%, 7/15/12		2,500,000		2,503,905
4.625%, 7/31/12		550,000		594,000
1.750%, 8/15/12		3,000,000		3,019,452
1.375%, 10/15/12		3,000,000		2,983,125
1.375%, 11/15/12		2,000,000		1,985,624
4.000%, 11/15/12		2,800,000		2,990,968
3.875%, 2/15/13		2,500,000		2,662,500
2.750%, 2/28/13		3,480,000		3,585,486
3.500%, 5/31/13		1,680,000		1,770,431
3.375%, 7/31/13		2,520,000		2,645,214
3.125%, 9/30/13		3,650,000		3,793,434
2.750%, 10/31/13		2,520,000		2,580,835
2.000%, 11/30/13		5,050,000		5,023,174
1.500%, 12/31/13		2,940,000		2,862,596
1.750%, 1/31/14		8,090,000		7,936,419
4.750%, 5/15/14		19,000,000		20,905,928
2.250%, 5/31/14		2,000,000		1,986,406
2.625%, 6/30/14		2,000,000		2,014,532
2.625%, 7/31/14		4,700,000		4,723,500
4.250%, 8/15/14		2,230,000		2,405,786
2.375%, 8/31/14#		1,800,000		1,786,781
2.375%, 9/30/14		3,000,000		2,974,680
2.375%, 10/31/14		24,800,000		24,530,672
4.250%, 11/15/14		1,200,000		1,292,626
2.125%, 11/30/14		42,000,000		41,005,860
2.625%, 12/31/14		3,500,000		3,489,885
4.000%, 2/15/15		2,410,000		2,561,377
4.125%, 5/15/15		2,000,000		2,132,500
4.250%, 8/15/15		2,790,000		2,986,171
4.500%, 11/15/15		1,000,000		1,082,891
5.125%, 5/15/16		1,500,000		1,672,968
4.875%, 8/15/16		1,380,000		1,517,569
3.000%, 8/31/16		1,500,000		1,475,274
3.000%, 9/30/16		1,000,000		981,484
3.125%, 10/31/16		1,000,000		987,422
4.625%, 2/15/17		1,380,000		1,490,077
4.750%, 8/15/17		2,370,000		2,571,635
4.250%, 11/15/17		2,790,000		2,924,269
3.500%, 2/15/18		3,180,000		3,153,915
3.875%, 5/15/18		2,200,000		2,233,860
4.000%, 8/15/18		2,670,000		2,726,946
3.750%, 11/15/18		5,110,000		5,109,601

See Notes to Financial Statements.

257

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
2.750%, 2/15/19	$	3,800,000	$	3,498,375
3.125%, 5/15/19		4,200,000		3,977,530
3.625%, 8/15/19		5,000,000		4,915,625
3.375%, 11/15/19		2,000,000		1,923,760
				356,795,913
Total Government Securities				1,010,002,472
Total Long-Term Debt Securities (104.8%) (Cost $1,652,650,710)				1,657,683,202
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
Federal Home Loan Mortgage Corp.
0.02%, 1/25/10(o)(p)		1,100,000		1,099,987
U.S. Treasury Bills 0.04%, 3/11/10#(p)^		359,000		358,971
Total Government Securities				1,458,958
Short-Term Investments of Cash Collateral for Securities Loaned (1.6%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u)		16,038,041		16,038,042
Lehman Brothers Holdings, Inc. 0.00%, 8/21/09(h)(s)		3,199,979		623,996
Monumental Global Funding II 0.43%, 5/26/10(l)		6,020,000		5,900,202
Pricoa Global Funding I 0.40%, 6/25/10(l)		3,839,812		3,784,157
Total Short-Term Investments of Cash Collateral for Securities Loaned				26,346,397
Time Deposit (3.1%)
JPMorgan Chase Nassau 0.000%, 1/4/10		48,416,646		48,416,646
Total Short-Term Investments (4.8%) (Cost/Amortized Cost $78,973,416)				76,222,001
Total Investments Before Securities Sold Short (109.6%) (Cost/Amortized Cost $1,731,624,126)				1,733,905,203

	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agency (-0.2%)
Federal National Mortgage Association 6.000%, 2/25/40 TBA	$	(3,000,000	)	$	(3,168,398	)
Total Securities Sold Short (-0.2%) (Proceeds Received $3,179,414)					(3,168,398	)
Total Investments after Securities Sold Short (109.4%) (Cost/Amortized Cost $1,728,444,712)					1,730,736,805
Other Assets Less Liabilities (-9.4%)					(148,559,491	)
Net Assets (100%)				$	1,582,177,314

* Non-income producing.

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

† Securities (totaling $5,415,076 or 0.3% 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 $150,582,732 or 9.5% 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 $169,906.

(b) Illiquid Security.

(e) Step Bond—Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2009. Maturity date disclosed is the ultimate maturity date.

(h) Security in default.

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

(m) Regulations S in 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 $16,358,939.

Glossary:

AUD — Australian Dollar

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

PIK   — Payment-in Kind Security

TBA  — Security is subject to delayed delivery.

See Notes to Financial Statements.

258

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

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

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/2009		Unrealized Appreciation/ (Depreciation)
EURODollar	206	December-10	$	50,547,063	$	50,712,050	$	164,987

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

	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contract
European Union Euro vs. U.S. Dollar, expiring 1/15/10	2,460	$	3,526,533	$	3,602,424	$	(75,891	)
	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contracts
Australian Dollar vs. U.S. Dollar, expiring 1/11/10	1,918	$	1,773,958	$	1,721,769	$	52,189
European Union Euro vs. U.S. Dollar, expiring 1/15/10	2,460		3,418,170		3,526,533		(108,363	)
European Union Euro vs. U.S. Dollar, expiring 3/17/10	602		874,438		862,915		11,523
European Union Euro vs. U.S. Dollar, expiring 4/15/10	1,400		2,083,760		2,006,612		77,148
European Union Euro vs. U.S. Dollar, expiring 4/15/10	355		528,950		508,820		20,130
European Union Euro vs. U.S. Dollar, expiring 7/15/10	2,490		3,642,435		3,567,462		74,973
						$	127,600
						$	51,709

See Notes to Financial Statements.

259

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MULTIMANAGER MULTI-SECTOR BOND 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:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—	$	15,409,376		$	—	$	15,409,376
Non-Agency CMO		—		35,404,233			857,606		36,261,839
Convertible Bonds
Financials		—		2,364,000			—		2,364,000
Corporate Bonds
Consumer Discretionary		—		86,183,156			—		86,183,156
Consumer Staples		—		40,644,504			—		40,644,504
Energy		—		43,520,163			—		43,520,163
Financials		—		215,970,872			2,017,005		217,987,877
Health Care		—		38,668,976			2,540,465		41,209,441
Industrials		—		33,893,426			—		33,893,426
Information Technology		—		12,346,848			—		12,346,848
Materials		—		38,711,975			—		38,711,975
Telecommunication Services		—		46,766,132			—		46,766,132
Utilities		—		32,381,993			—		32,381,993
Forward Currency Contracts		—		235,963			—		235,963
Futures		164,987		—			—		164,987
Government Securities
Foreign Governments		—		16,309,715			—		16,309,715
Municipal Bonds		—		14,602,794			—		14,602,794
Supranational		—		15,902,362			—		15,902,362
U.S. Government Agencies		—		606,391,688			—		606,391,688
U.S. Treasuries		—		356,795,913			—		356,795,913
Short-Term Investments		—		76,222,001			—		76,222,001
Total Assets	$	164,987	$	1,728,726,090		$	5,415,076	$	1,734,306,153
Liabilities:
Forward Currency Contracts	$	—	$	(184,254	)	$	—	$	(184,254	)
Government Securities
U.S. Government Agencies		—		(3,168,398	)		—		(3,168,398	)
Total Liabilities	$	—	$	(3,352,652	)	$	—	$	(3,352,652	)
Total	$	164,987	$	1,725,373,438		$	5,415,076	$	1,730,953,501

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- Asset-Backed Securities			Investments in Securities- Energy			Investments in Securities- Financials
Balance as of 12/31/08	$	—		$	7,087,500		$	—
Total gains or losses (realized/unrealized) included in earnings		(34,084	)		2,505,916			185,242
Purchases, sales, issuances, and settlements (net)		891,690			(9,593,416	)		(185,242	)
Transfers in and/or out of Level 3		—			—			2,017,005
Balance as of 12/31/09	$	857,606		$	—		$	2,017,005

	Investments in Securities-Health Care
Balance as of 12/31/08	$	3,597,696
Total gains or losses (realized/unrealized) included in earnings		264,307
Purchases, sales, issuances, and settlements (net)		(1,321,538	)
Transfers in and/or out of Level 3		—
Balance as of 12/31/09	$	2,540,465
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.	$	214,104

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	$	164,987	*
Foreign exchange contracts	Receivables		235,963
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	400,950
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(184,254	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(184,254	)

* 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	$	—	$	3,887,641	$	—	$	—	$	3,887,641
Foreign exchange contracts		—		—		134,378		—		134,378
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	3,887,641	$	134,378	$	—	$	4,022,019

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	$	—	$	(3,636,877	)	$	—	$	—	$	(3,636,877	)
Foreign exchange contracts		—		—			1,946,666		—		1,946,666
Credit contracts		—		—			—		—		—
Equity contracts		—		—			—		—		—
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(3,636,877	)	$	1,946,666	$	—	$	(1,690,211	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $9,046,000 and futures contracts with an average notional balance of approximately $127,722,000 during the year ended December 31, 2009.

^ This Portfolio held forward foreign currency and 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.

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,776,840,226
Long-term U.S. Treasury securities		1,837,428,762
	$	5,614,268,988
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,734,653,743
Long-term U.S. Treasury securities		1,464,669,416
	$	5,199,323,159

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	$	37,945,667
Aggregate gross unrealized depreciation		(37,935,519	)
Net unrealized appreciation	$	10,148
Federal income tax cost of investments	$	1,733,895,055

At December 31, 2009, the Portfolio had loaned securities with a total value of $28,552,769. The was secured by collateral of $29,097,832 which was received as cash and subsequently invested in short-term investments currently valued at $26,346,397, as reported in the Portfolio of Investments.

The Portfolio has a net capital loss carryforward of $703,070,505 of which $91,978,211 expires in the year 2010, $11,568,090 expires in the year 2014, $80,510,058 expires in the year 2016, and $519,014,146 expires in the year 2017. The Portfolio had a net capital loss carryforward of $114,524,895 expire during 2009.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value (Cost $1,731,624,126) (Securities on loan at market value $28,552,769)	$	1,733,905,203
Foreign cash (Cost $308,632)		301,781
Cash held as collateral for forward commitments		279,612
Receivable for securities sold		33,509,077
Dividends, interest and other receivables		14,754,484
Receivable for forward commitments		6,375,859
Receivable from Separate Accounts for Trust shares sold		1,008,766
Unrealized appreciation of forward foreign currency contracts		235,963
Other assets		4,822
Total assets		1,790,375,567
LIABILITIES
Overdraft payable		3,110,540
Payable for forward commitments		112,655,938
Payable for securities purchased		56,707,438
Payable for return of cash collateral on securities loaned		29,097,832
Securities sold short, at value (Proceeds received $3,179,414)		3,168,398
Payable to Separate Accounts for Trust shares redeemed		1,713,452
Investment management fees payable		712,595
Payable for return of cash collateral on forward commitments		279,612
Administrative fees payable		213,486
Unrealized depreciation of forward foreign currency contracts		184,254
Distribution fees payable - Class B		142,313
Variation margin payable on futures contracts		33,475
Trustees’ fees payable		24,910
Accrued expenses		154,010
Total liabilities		208,198,253
NET ASSETS	$	1,582,177,314
Net assets were comprised of:
Paid in capital	$	2,280,304,701
Accumulated undistributed net investment income (loss)		(945,282	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(699,683,150	)
Net unrealized appreciation (depreciation) on investments, securities sold short, futures and foreign currency translations		2,501,045
Net assets	$	1,582,177,314
Class A
Net asset value, offering and redemption price per share, $911,802,215 / 243,808,999 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.74
Class B
Net asset value, offering and redemption price per share, $670,375,099 / 180,133,389 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.72

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Interest (net of $25,788 foreign withholding tax)	$	78,297,569
Dividends		352,838
Securities lending (net)		111,962
Total income		78,762,369
EXPENSES
Investment management fees		7,564,835
Administrative fees		2,264,216
Distribution fees - Class B		1,593,453
Printing and mailing expenses		293,553
Professional fees		142,933
Custodian fees		106,500
Trustees’ fees		23,875
Miscellaneous		82,615
Total expenses		12,071,980
NET INVESTMENT INCOME (LOSS)		66,690,389
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(466,963,221	)
Foreign currency transactions		1,994,596
Futures		3,887,641
Securities sold short		(1,101,574	)
Net realized gain (loss)		(462,182,558	)
Change in unrealized appreciation (depreciation) on:
Securities		530,368,615
Foreign currency translations		1,544,083
Futures		(3,636,877	)
Securities sold short		11,016
Net change in unrealized appreciation (depreciation)		528,286,837
NET REALIZED AND UNREALIZED GAIN (LOSS)		66,104,279
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	132,794,668

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)	$	66,690,389		$	148,679,474
Net realized gain (loss) on investments, securities sold short, futures and foreign currency transactions		(462,182,558	)		(114,844,274	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short, futures and foreign currency translations		528,286,837			(462,189,660	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		132,794,668			(428,354,460	)
DIVIDENDS:
Dividends from net investment income
Class A		(42,279,989	)		(82,876,638	)
Class B		(29,211,024	)		(74,414,047	)
TOTAL DIVIDENDS		(71,491,013	)		(157,290,685	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 62,358,222 and 46,289,901 shares, respectively ]		234,042,050			231,958,242
Capital shares issued in reinvestment of dividends [ 11,212,588 and 24,707,354 shares, respectively ]		42,279,989			82,876,638
Capital shares repurchased [ (21,206,527) and (45,699,159) shares, respectively ]		(79,405,950	)		(215,969,049	)
Total Class A transactions		196,916,089			98,865,831
Class B
Capital shares sold [ 36,339,311 and 13,491,804 shares, respectively ]		135,369,829			64,048,592
Capital shares issued in reinvestment of dividends [ 7,784,037 and 22,288,111 shares, respectively ]		29,211,024			74,414,047
Capital shares repurchased [ (39,727,828) and (54,694,517) shares, respectively ]		(146,381,949	)		(268,514,678	)
Total Class B transactions		18,198,904			(130,052,039	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		215,114,993			(31,186,208	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		276,418,648			(616,831,353	)
NET ASSETS:
Beginning of year		1,305,758,666			1,922,590,019
End of year (a)	$	1,582,177,314		$	1,305,758,666
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(945,282	)	$	(1,929,049	)

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	$	3.56		$	5.34		$	5.61		$	5.47		$	5.75
Income (loss) from investment operations:
Net investment income (loss)		0.18	(e)		0.44	(e)		0.45	(e)		0.42	(e)		0.41	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.18			(1.72	)		(0.27	)		0.14			(0.23	)
Total from investment operations		0.36			(1.28	)		0.18			0.56			0.18
Less distributions:
Dividends from net investment income		(0.18	)		(0.50	)		(0.45	)		(0.42	)		(0.46	)
Net asset value, end of year	$	3.74		$	3.56		$	5.34		$	5.61		$	5.47
Total return		10.09	%		(23.39	)%		3.29	%		10.21	%		3.26	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	911,802		$	682,451		$	887,961		$	855,156		$	770,374
Ratio of expenses to average net assets		0.74	%		0.76	%		0.76	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets		4.72	%		8.81	%		7.78	%		7.45	%		7.08	%
Portfolio turnover rate		371	%		155	%		108	%		103	%		116	%
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	3.55		$	5.32		$	5.58		$	5.44		$	5.71
Income (loss) from investment operations:
Net investment income (loss)		0.17	(e)		0.42	(e)		0.43	(e)		0.41	(e)		0.39	(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.17			(1.70	)		(0.25	)		0.13			(0.21	)
Total from investment operations		0.34			(1.28	)		0.18			0.54			0.18
Less distributions:
Dividends from net investment income		(0.17	)		(0.49	)		(0.44	)		(0.40	)		(0.45	)
Net asset value, end of year	$	3.72		$	3.55		$	5.32		$	5.58		$	5.44
Total return		9.53	%		(23.55	)%		3.18	%		9.93	%		3.13	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	670,375		$	623,307		$	1,034,629		$	1,101,281		$	1,043,950
Ratio of expenses to average net assets		0.99	%(c)		1.01	%		1.01	%		1.01	%		1.01	%
Ratio of net investment income (loss) to average net assets		4.62	%		8.46	%		7.53	%		7.20	%		6.83	%
Portfolio turnover rate		371	%		155	%		108	%		103	%		116	%

(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.

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø Eagle Asset Management, Inc.

_Ø SSgA Funds Management, Inc.

_Ø Wells Capital Management Inc.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – Class A Shares**	34.95	%	(0.78	)%	(0.08	)%	4.83	%
Portfolio – Class B Shares	34.89		(0.86	)	(0.12	)	4.79
Russell 2000® Growth Index	34.47		0.87		(1.37	)	2.78
*   Date of inception 12/1/98. ** Date of inception 1/22/08. Returns shown for Class A shares prior to this period are derived from the historical performance of Class B 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.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 34.89% for the year ended December 31, 2009. The Portfolio’s benchmark, the Russell 2000^® Growth Index, returned 34.47% over the same period.

Asset Class Overview

Over the 12 months, small cap growth stocks, as measured by the Russell 2000^® Growth Index, posted a notable return of 34.5%. All sectors of the index made positive contributions to return, with the largest gains coming from information technology. Consumer discretionary and health care stocks also made significant contributions to return. The worst performing sector was financials, although this sector contributed modestly 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 2000^® Growth Index.

Portfolio Highlights

For the year ended December 31, 2009.

What helped performance during the year:

• The Energy and Materials sectors contributed to relative performance on a positive basis.

• Stock selection was positive for the Portfolio in the Energy and Materials sectors.

• The leading individual contributor to relative performance was chemicals producer Huntsman Corp. (Materials sector). This highly cyclical company rose in anticipation of an economic recovery and due to its cost-reduction program.

• American Medical Systems (Health Care sector) was among the leading contributors to positive performance. It benefited from increased new-product flow, increased operational efficiency and the addition of new management resulting in improving margins and growth rate.

• Several leading contributors were found in the Information Technology sector. These included Vistaprint, Compellent Technologies, Inc. and Rovi Corp., a provider of solutions that enable digital-product protection. It had strong performance during the first three quarters of the year due to excitement about a significant new contract, strong financial performance and increased guidance.

What hurt performance during the year:

• The Consumer Discretionary and Health Care sectors detracted from relative returns.

• Stock selection was negative in the Consumer Discretionary and Health Care sectors.

• Telecommunications company EMS Technologies was the leading individual detractor from relative performance. It declined after announcing lower-than-expected earnings and muted guidance due to the challenging economic environment.

• Health Care sector returns were impacted by medical-device producer Thoratec Corp. which traded down during the year.

• Human Genome Sciences (Health Care sector) held back the Portfolio’s performance.

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• Northwest Pipe Co. (Industrials sector) was among the leading detractors from relative performance. Its shares fell after the company pre-announced disappointing third-quarter results and delayed filing its financial reports due to an ongoing investigation in accounting irregularities.

• Financial sector holding in First Commonwealth Financial weighed down the Portfolio’s relative returns.

Sector Weightings as of 12/31/09	% of Net Assets
Information Technology	26.6	%
Health Care	23.3
Consumer Discretionary	16.5
Industrials	15.4
Financials	6.0
Energy	4.9
Materials	3.3
Consumer Staples	2.4
Telecommunication Services	1.3
Utilities	0.1
Cash and Other	0.2
	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	$1,225.70	$6.06
Hypothetical (5% average return before expenses)	1,000.00	1,019.76	5.50
Class B
Actual	1,000.00	1,227.00	7.47
Hypothetical (5% average return before expenses)	1,000.00	1,018.50	6.77
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.08% and 1.33%, 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 SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.5%)
Auto Components (0.7%)
American Axle & Manufacturing Holdings, Inc.*	282,190	$	2,263,164
Amerigon, Inc.*	14,300		113,542
ArvinMeritor, Inc.*	5,200		58,136
China Automotive Systems, Inc.*	3,100		58,001
Cooper Tire & Rubber Co.	38,800		777,940
Dorman Products, Inc.*	1,300		20,358
Drew Industries, Inc.*^	7,300		150,745
Fuel Systems Solutions, Inc.*	9,400		387,656
Hawk Corp., Class A*	600		10,566
Raser Technologies, Inc.*^	29,900		37,076
Standard Motor Products, Inc.*	4,900		41,748
Wonder Auto Technology, Inc.*	10,400		122,304
			4,041,236
Automobiles (0.0%)
Winnebago Industries, Inc.*	2,400		29,280
Distributors (0.0%)
Core-Mark Holding Co., Inc.*	1,500		49,440
Diversified Consumer Services (2.7%)
American Public Education, Inc.*	12,500		429,500
Bridgepoint Education, Inc.*^	78,051		1,172,326
Capella Education Co.*^	9,929		747,654
ChinaCast Education Corp.*	19,300		145,908
Coinstar, Inc.*^	153,562		4,265,952
Corinthian Colleges, Inc.*^	54,700		753,219
CPI Corp.	2,900		35,612
Grand Canyon Education, Inc.*^	66,865		1,271,104
K12, Inc.*^	57,005		1,155,491
Learning Tree International, Inc.*	4,600		54,924
Lincoln Educational Services Corp.*	6,300		136,521
Mac-Gray Corp.*	1,500		15,450
Matthews International Corp., Class A	20,776		736,094
Nobel Learning Communities, Inc.*	2,200		16,698
Pre-Paid Legal Services, Inc.*^	5,100		209,508
Princeton Review, Inc.*	9,200		37,352
Sotheby’s, Inc.^	154,234		3,467,180
Steiner Leisure Ltd.*	5,000		198,800
Universal Technical Institute, Inc.*	13,700		276,740
Weight Watchers International, Inc.	34,400		1,003,104
			16,129,137
Hotels, Restaurants & Leisure (4.6%)
AFC Enterprises, Inc.*	1,600		13,056
Ambassadors Group, Inc.	13,200		175,428
Ameristar Casinos, Inc.	17,700		269,571
Bally Technologies, Inc.*	161,950		6,686,915
Benihana, Inc., Class A*	3,800		14,402
BJ’s Restaurants, Inc.*^	225,878		4,251,024
Buffalo Wild Wings, Inc.*	12,300		495,321
California Pizza Kitchen, Inc.*^	13,600		182,920
Caribou Coffee Co., Inc.*	4,100		31,652
Carrols Restaurant Group, Inc.*	6,500		45,955

	Number of Shares	Value (Note 1)
CEC Entertainment, Inc.*	15,800	$	504,336
Cheesecake Factory, Inc.*^	39,500		852,805
Choice Hotels International, Inc.	30,918		978,864
CKE Restaurants, Inc.	98,814		835,966
Cracker Barrel Old Country Store, Inc.^	11,400		433,086
Denny’s Corp.*^	63,000		137,970
DineEquity, Inc.*	12,200		296,338
Domino’s Pizza, Inc.*	2,400		20,112
Dover Downs Gaming & Entertainment, Inc.	7,800		29,484
Einstein Noah Restaurant Group, Inc.*	2,800		27,524
Great Wolf Resorts, Inc.*^	130,510		309,309
Interval Leisure Group, Inc.*	25,700		320,479
Isle of Capri Casinos, Inc.*^	11,300		84,524
Jack in the Box, Inc.*	37,559		738,785
Krispy Kreme Doughnuts, Inc.*	38,500		113,575
Lakes Entertainment, Inc.*	4,800		12,048
Life Time Fitness, Inc.*^	2,000		49,860
Marcus Corp.	1,000		12,820
Monarch Casino & Resort, Inc.*^	3,496		28,318
Morgans Hotel Group Co.*	8,200		37,146
Multimedia Games, Inc.*	4,700		28,247
P.F. Chang’s China Bistro, Inc.*^	16,282		617,251
Papa John’s International, Inc.*	12,300		287,328
Peet’s Coffee & Tea, Inc.*	7,900		263,307
Pinnacle Entertainment, Inc.*	20,700		185,886
Red Robin Gourmet Burgers, Inc.*^	2,200		39,380
Ruth’s Hospitality Group, Inc.*	8,900		18,601
Scientific Games Corp., Class A*	127,149		1,850,018
Shuffle Master, Inc.*	464,215		3,825,132
Sonic Corp.*	38,275		385,429
Steak n Shake Co.*	4,335		1,404,914
Texas Roadhouse, Inc.*^	34,500		387,435
Town Sports International Holdings, Inc.*^	7,700		17,941
Universal Travel Group*	5,100		51,714
WMS Industries, Inc.*	16,927		677,080
Youbet.com, Inc.*	17,200		49,364
			28,078,620
Household Durables (1.4%)
Blyth, Inc.	300		10,116
Hovnanian Enterprises, Inc., Class A*^	16,700		64,128
iRobot Corp.*	12,600		221,760
M/I Homes, Inc.*	1,600		16,624
National Presto Industries, Inc.	3,300		360,459
NIVS IntelliMedia Technology Group, Inc.*	2,400		6,192
Sealy Corp.*^	6,000		18,960
Tempur-Pedic International, Inc.*	49,386		1,166,991
Tupperware Brands Corp.	41,400		1,927,998
Universal Electronics, Inc.*	215,276		4,998,709
			8,791,937
Internet & Catalog Retail (0.7%)
1-800-FLOWERS.COM, Inc., Class A*	3,400		9,010
Blue Nile, Inc.*	8,700		550,971

See Notes to Financial Statements.

268

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Drugstore.Com, Inc.*	60,800	$	187,872
HSN, Inc.*	27,300		551,187
NutriSystem, Inc.^	21,100		657,687
Orbitz Worldwide, Inc.*	9,000		66,060
Overstock.com, Inc.*^	10,200		138,312
PetMed Express, Inc.^	16,200		285,606
Shutterfly, Inc.*	85,120		1,515,987
Stamps.com, Inc.*	7,000		63,000
Ticketmaster Entertainment, Inc.*	26,100		318,942
Vitacost.com, Inc.*	3,900		40,638
			4,385,272
Leisure Equipment & Products (0.5%)
Brunswick Corp.	32,599		414,333
Leapfrog Enterprises, Inc.*	4,900		19,159
Polaris Industries, Inc.	44,103		1,924,214
Pool Corp.	18,006		343,555
Smith & Wesson Holding Corp.*^	38,600		157,874
Sport Supply Group, Inc.	1,400		17,626
Sturm Ruger & Co., Inc.^	11,700		113,490
			2,990,251
Media (1.1%)
Arbitron, Inc.^	18,200		426,244
Carmike Cinemas, Inc.*	5,200		39,312
Cinemark Holdings, Inc.	79,810		1,146,870
CKX, Inc.*	37,600		198,152
Crown Media Holdings, Inc., Class A*^	3,700		5,365
Dolan Media Co.*	19,300		197,053
Global Sources Ltd.*	1,450		9,063
Knology, Inc.*^	6,000		65,700
Live Nation, Inc.*^	155,248		1,321,160
LodgeNet Interactive Corp.*	75,129		415,463
Martha Stewart Living Omnimedia, Inc., Class A*	14,200		70,148
Mediacom Communications Corp., Class A*	7,900		35,313
National CineMedia, Inc.	93,328		1,546,445
Outdoor Channel Holdings, Inc.*	1,800		10,440
Playboy Enterprises, Inc., Class B*	12,600		40,320
RCN Corp.*	23,600		256,060
Reading International, Inc., Class A*	1,900		7,695
Rentrak Corp.*	6,800		120,156
Valassis Communications, Inc.*	27,100		494,846
Value Line, Inc.	700		17,577
World Wrestling Entertainment, Inc., Class A	11,800		180,894
			6,604,276
Multiline Retail (0.1%)
99 Cents Only Stores*^	28,400		371,188
Fred’s, Inc., Class A	8,700		88,740
			459,928
Specialty Retail (3.2%)
America’s Car-Mart, Inc.*	4,200		110,586
bebe Stores, Inc.	17,300		108,471
Big 5 Sporting Goods Corp.	13,900		238,802
Buckle, Inc.^	16,100		471,408

	Number of Shares	Value (Note 1)
Cato Corp., Class A	19,100	$	383,146
Charming Shoppes, Inc.*^	5,200		33,644
Children’s Place Retail Stores, Inc.*^	15,100		498,451
Christopher & Banks Corp.^	2,700		20,574
Citi Trends, Inc.*	10,200		281,724
Coldwater Creek, Inc.*^	32,500		144,950
Collective Brands, Inc.*	19,200		437,184
Destination Maternity Corp.*	2,700		51,300
Dress Barn, Inc.*^	8,393		193,878
DSW, Inc., Class A*^	600		15,528
Finish Line, Inc., Class A	15,100		189,505
Genesco, Inc.*	217,447		5,971,095
Gymboree Corp.*	15,800		687,142
hhgregg, Inc.*^	8,300		182,849
Hibbett Sports, Inc.*^	19,700		433,203
HOT Topic, Inc.*	18,900		120,204
J. Crew Group, Inc.*^	33,225		1,486,486
Jo-Ann Stores, Inc.*	6,900		250,056
JoS. A. Bank Clothiers, Inc.*^	12,500		527,375
Kirkland’s, Inc.*	8,800		152,856
Lumber Liquidators, Inc.*^	9,300		249,240
Men’s Wearhouse, Inc.^	1,600		33,696
Midas, Inc.*	8,300		70,135
Monro Muffler Brake, Inc.	11,500		384,560
OfficeMax, Inc.*^	37,900		480,951
Rue21, Inc.*	1,800		50,562
Sally Beauty Holdings, Inc.*	16,500		126,225
Sonic Automotive, Inc., Class A*	4,900		50,911
Stein Mart, Inc.*	15,600		166,296
Systemax, Inc.^	2,600		40,846
Talbots, Inc.*^	8,800		78,408
Tractor Supply Co.*^	23,700		1,255,152
Ulta Salon Cosmetics & Fragrance, Inc.*	19,100		346,856
Vitamin Shoppe, Inc.*	129,146		2,872,207
Wet Seal, Inc., Class A*	62,800		216,660
Zumiez, Inc.*	13,300		169,176
			19,582,298
Textiles, Apparel & Luxury Goods (1.5%)
American Apparel, Inc.*	19,300		59,830
Carter’s, Inc.*	30,400		798,000
Cherokee, Inc.	5,500		98,010
Crocs, Inc.*	21,600		124,200
Deckers Outdoor Corp.*	8,600		874,792
FGX International Holdings Ltd.*	10,200		199,818
Fossil, Inc.*	30,900		1,037,004
Fuqi International, Inc.*	8,000		143,600
G-III Apparel Group Ltd.*^	2,600		56,342
K-Swiss, Inc., Class A*^	10,700		106,358
Liz Claiborne, Inc.*^	42,800		240,964
Lululemon Athletica, Inc.*	26,700		803,670
Maidenform Brands, Inc.*	13,200		220,308
Oxford Industries, Inc.	5,700		117,876
Steven Madden Ltd.*	10,800		445,392
Timberland Co., Class A*	19,300		346,049
True Religion Apparel, Inc.*^	17,500		323,575
Under Armour, Inc., Class A*	22,700		619,029
UniFirst Corp.	1,900		91,409
Volcom, Inc.*	12,200		204,228
Warnaco Group, Inc.*	30,200		1,274,138

See Notes to Financial Statements.

269

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Weyco Group, Inc.	4,600	$	108,744
Wolverine World Wide, Inc.	32,400		881,928
			9,175,264
Total Consumer Discretionary			100,316,939
Consumer Staples (2.4%)
Beverages (0.1%)
Boston Beer Co., Inc., Class A*	5,700		265,620
Coca-Cola Bottling Co. Consolidated	3,000		162,060
National Beverage Corp.*^	3,200		44,352
			472,032
Food & Staples Retailing (0.3%)
Arden Group, Inc., Class A	700		66,934
Casey’s General Stores, Inc.	21,200		676,704
Diedrich Coffee, Inc.*	1,800		62,730
Pantry, Inc.*^	1,800		24,462
Pricesmart, Inc.	11,100		226,884
Ruddick Corp.^	5,000		128,650
Susser Holdings Corp.*	600		5,154
United Natural Foods, Inc.*	29,300		783,482
Village Super Market, Inc., Class A	3,900		106,548
Weis Markets, Inc.	1,200		43,632
			2,125,180
Food Products (0.9%)
AgFeed Industries, Inc.*^	19,800		99,000
Alico, Inc.^	1,900		54,074
American Dairy, Inc.*^	6,400		138,752
American Italian Pasta Co., Class A*	10,300		358,337
B&G Foods, Inc., Class A	5,200		47,736
Calavo Growers, Inc.^	7,400		125,800
Cal-Maine Foods, Inc.	9,400		320,352
Darling International, Inc.*	56,600		474,308
Diamond Foods, Inc.^	8,900		316,306
Dole Food Co., Inc.*^	14,900		184,909
Farmer Bros Co.	1,700		33,558
Hain Celestial Group, Inc.*	7,100		120,771
HQ Sustainable Maritime Industries, Inc.*^	5,700		40,128
J&J Snack Foods Corp.	9,800		391,608
Lancaster Colony Corp.	13,100		651,070
Lance, Inc.	19,100		502,330
Lifeway Foods, Inc.*	3,300		39,204
Overhill Farms, Inc.*	9,100		44,226
Sanderson Farms, Inc.	13,900		586,024
Smart Balance, Inc.*	31,500		189,000
Synutra International, Inc.*^	11,800		159,418
Tootsie Roll Industries, Inc.^	16,568		453,632
Zhongpin, Inc.*	15,600		243,516
			5,574,059
Household Products (0.1%)
Orchids Paper Products Co.*	3,400		68,068
WD-40 Co.	8,000		258,880
			326,948

	Number of Shares	Value (Note 1)
Personal Products (0.9%)
American Oriental Bioengineering, Inc.*^	12,700	$	59,055
Bare Escentuals, Inc.*	45,300		554,019
Chattem, Inc.*	12,000		1,119,600
China Sky One Medical, Inc.*^	7,400		168,350
China-Biotics, Inc.*	6,000		92,820
Female Health Co.*	9,200		43,516
Herbalife Ltd.	52,298		2,121,730
Inter Parfums, Inc.	2,000		24,340
Medifast, Inc.*^	8,400		256,872
Nu Skin Enterprises, Inc., Class A	32,500		873,275
Revlon, Inc., Class A*^	6,600		112,266
Schiff Nutrition International, Inc.	500		3,910
USANA Health Sciences, Inc.*	4,400		140,360
			5,570,113
Tobacco (0.1%)
Alliance One International, Inc.*^	42,200		205,936
Star Scientific, Inc.*	43,800		30,660
Universal Corp.	1,100		50,171
Vector Group Ltd.	26,725		374,150
			660,917
Total Consumer Staples			14,729,249
Energy (4.9%)
Energy Equipment & Services (2.5%)
Bolt Technology Corp.*	1,800		19,836
Cal Dive International, Inc.*	6,000		45,360
CARBO Ceramics, Inc.	11,700		797,589
Dril-Quip, Inc.*^	19,200		1,084,416
ENGlobal Corp.*	10,000		31,300
Geokinetics, Inc.*	2,100		20,202
Gulf Island Fabrication, Inc.	500		10,515
GulfMark Offshore, Inc.*	7,700		217,987
Hercules Offshore, Inc.*	7,900		37,762
ION Geophysical Corp.*^	4,500		26,640
Lufkin Industries, Inc.	93,902		6,873,627
Matrix Service Co.*	4,400		46,860
Natural Gas Services Group, Inc.*	800		15,080
OYO Geospace Corp.*	104,791		4,494,486
PHI, Inc.*	5,100		105,570
Pioneer Drilling Co.*	5,100		40,290
RPC, Inc.	19,700		204,880
Sulphco, Inc.*^	40,900		27,403
TETRA Technologies, Inc.*	27,800		308,024
TGC Industries, Inc.*	6,000		23,460
Willbros Group, Inc.*^	27,100		457,177
			14,888,464
Oil, Gas & Consumable Fuels (2.4%)
Apco Oil and Gas International, Inc.	6,000		132,600
Approach Resources, Inc.*	2,300		17,756
Arena Resources, Inc.*	25,200		1,086,624
Atlas Energy, Inc.	22,300		672,791
ATP Oil & Gas Corp.*	5,100		93,228
BPZ Resources, Inc.*^	50,900		483,550
Brigham Exploration Co.*	75,000		1,016,250
Carrizo Oil & Gas, Inc.*^	39,300		1,041,057
Cheniere Energy, Inc.*^	10,600		25,652

See Notes to Financial Statements.

270

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Clean Energy Fuels Corp.*	24,600	$	379,086
Cloud Peak Energy, Inc.*	7,900		115,024
Contango Oil & Gas Co.*	7,900		371,379
CREDO Petroleum Corp.*	3,400		31,620
CVR Energy, Inc.*	1,200		8,232
Delta Petroleum Corp.*^	53,000		55,120
Endeavour International Corp.*	78,700		84,996
Evergreen Energy, Inc.*	76,900		26,377
FX Energy, Inc.*^	24,500		69,825
GMX Resources, Inc.*^	11,400		156,636
Golar LNG Ltd.*	13,500		173,070
Goodrich Petroleum Corp.*^	27,025		658,059
Gulfport Energy Corp.*	16,200		185,490
Isramco, Inc.*	600		42,900
James River Coal Co.*	19,000		352,070
McMoRan Exploration Co.*^	52,300		419,446
Northern Oil and Gas, Inc.*	24,500		290,080
Panhandle Oil and Gas, Inc., Class A	4,400		113,960
PrimeEnergy Corp.*	400		14,556
Rex Energy Corp.*^	13,200		158,400
Ship Finance International Ltd.^	17,279		235,507
Swift Energy Co.*	21,100		505,556
Syntroleum Corp.*	45,500		121,030
Teekay Tankers Ltd., Class A^	7,000		59,710
Toreador Resources Corp.*	14,300		141,570
Uranerz Energy Corp.*	21,800		28,340
Uranium Energy Corp.*	37,900		143,262
VAALCO Energy, Inc.*	2,600		11,830
Venoco, Inc.*	31,370		409,065
W&T Offshore, Inc.^	20,800		243,360
Warren Resources, Inc.*	24,400		59,780
Westmoreland Coal Co.*	1,400		12,474
Whiting Petroleum Corp.*	49,500		3,536,775
World Fuel Services Corp.^	38,800		1,039,452
Zion Oil & Gas, Inc.*	8,364		59,802
			14,883,347
Total Energy			29,771,811
Financials (6.0%)
Capital Markets (1.4%)
Artio Global Investors, Inc.*^	3,100		79,019
BGC Partners, Inc., Class A	12,000		55,440
Broadpoint Gleacher Securities, Inc.*^	216,087		963,748
Calamos Asset Management, Inc., Class A	800		9,224
Cohen & Steers, Inc.	5,800		132,472
Cowen Group, Inc., Class A*	2,400		14,208
Diamond Hill Investment Group, Inc.	1,400		89,922
Duff & Phelps Corp., Class A	119,249		2,177,487
Epoch Holding Corp.^	6,800		71,060
Evercore Partners, Inc., Class A^	15,981		485,822
FBR Capital Markets Corp.*	1,700		10,506
GAMCO Investors, Inc., Class A	2,800		135,212
GFI Group, Inc.	42,000		191,940
International Assets Holding Corp.*	2,200		31,988
JMP Group, Inc.	800		7,776
KBW, Inc.*	11,200		306,432

	Number of Shares	Value (Note 1)
Knight Capital Group, Inc., Class A*	32,400	$	498,960
Kohlberg Capital Corp.	2,100		9,576
Main Street Capital Corp.^	2,714		43,750
MF Global Ltd.*^	19,000		132,050
optionsXpress Holdings, Inc.	92,220		1,424,799
Penson Worldwide, Inc.*^	7,000		63,420
Pzena Investment Management, Inc., Class A*^	4,900		39,886
Riskmetrics Group, Inc.*^	14,200		225,922
Safeguard Scientifics, Inc.*	4,483		46,220
Stifel Financial Corp.*^	19,800		1,172,952
SWS Group, Inc.	800		9,680
Teton Advisors, Inc., Class B*^†	28		425
Thomas Weisel Partners Group, Inc.*	2,100		7,938
TradeStation Group, Inc.*	5,000		39,450
U.S. Global Investors, Inc., Class A	6,900		84,939
Westwood Holdings Group, Inc.	3,600		130,824
			8,693,047
Commercial Banks (1.2%)
Ames National Corp.^	1,700		35,887
Arrow Financial Corp.^	4,095		102,375
Bank of Marin Bancorp/California	2,900		94,424
Bank of the Ozarks, Inc.^	700		20,489
Bridge Bancorp, Inc.	2,900		69,716
Bryn Mawr Bank Corp.	700		10,563
Cardinal Financial Corp.	7,700		67,298
Cathay General Bancorp^	16,400		123,820
Centerstate Banks, Inc.	2,700		27,243
Citizens Holding Co.	700		15,673
City Holding Co.^	900		29,097
CNB Financial Corp./Pennsylvania^	2,400		38,376
Danvers Bancorp, Inc.	1,200		15,588
Enterprise Financial Services Corp.	3,200		24,672
First Commonwealth Financial Corp.	239,090		1,111,768
First Financial Bankshares, Inc.^	7,700		417,571
First of Long Island Corp.^	500		12,625
Great Southern Bancorp, Inc.^	1,400		29,904
Hancock Holding Co.	2,300		100,717
Investors Bancorp, Inc.*	2,400		26,256
MB Financial, Inc.	25,600		504,832
Metro Bancorp, Inc.*	1,700		21,369
Nara Bancorp, Inc.*	7,100		80,514
Orrstown Financial Services, Inc.	1,400		48,832
Park National Corp.	400		23,552
Peapack Gladstone Financial Corp.	700		8,876
Penns Woods Bancorp, Inc.^	1,300		42,172
PrivateBancorp, Inc.	22,300		200,031
Republic Bancorp, Inc./Kentucky, Class A	700		14,420
Signature Bank/New York*	37,783		1,205,278
Southside Bancshares, Inc.	1,700		33,354
Suffolk Bancorp^	4,600		136,620
SVB Financial Group*	2,700		112,563

See Notes to Financial Statements.

271

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
SY Bancorp, Inc.^	2,600	$	55,510
Texas Capital Bancshares, Inc.*	2,000		27,920
Tompkins Financial Corp.^	2,200		89,100
UMB Financial Corp.	34,830		1,370,560
Westamerica Bancorp^	11,315		626,512
			6,976,077
Consumer Finance (1.6%)
Advance America Cash Advance Centers, Inc.	26,800		149,008
Cardtronics, Inc.*^	7,400		81,918
Cash America International, Inc.^	193,650		6,770,004
CompuCredit Holdings Corp.	5,700		18,981
Credit Acceptance Corp.*	3,700		155,770
Dollar Financial Corp.*	62,715		1,483,837
EZCORP, Inc., Class A*	31,100		535,231
First Cash Financial Services, Inc.*	15,900		352,821
Nelnet, Inc., Class A	3,400		58,582
QC Holdings, Inc.	2,600		12,506
Rewards Network, Inc.	1,500		18,960
			9,637,618
Diversified Financial Services (0.2%)
Asset Acceptance Capital Corp.*^	3,500		23,730
Financial Federal Corp.	6,100		167,750
Life Partners Holdings, Inc.^	4,350		92,176
MarketAxess Holdings, Inc.	22,000		305,800
NewStar Financial, Inc.*	5,900		23,128
PICO Holdings, Inc.*	5,700		186,561
Portfolio Recovery Associates, Inc.*	10,500		471,240
			1,270,385
Insurance (0.5%)
American Safety Insurance Holdings Ltd.*	500		7,225
Amtrust Financial Services, Inc.	1,700		20,094
Assured Guaranty Ltd.^	10,500		228,480
Citizens, Inc./Texas*	17,900		116,887
Crawford & Co., Class B*	9,600		37,824
eHealth, Inc.*	16,000		262,880
FBL Financial Group, Inc., Class A^	3,300		61,116
First Mercury Financial Corp.^	3,900		53,469
Phoenix Cos., Inc.*^	9,100		25,298
RLI Corp.^	5,400		287,550
Safety Insurance Group, Inc.	1,000		36,230
Tower Group, Inc.	78,660		1,841,431
Universal Insurance Holdings, Inc.^	4,900		28,763
			3,007,247
Real Estate Investment Trusts (REITs) (1.0%)
Acadia Realty Trust (REIT)^	6,600		111,342
Alexander’s, Inc. (REIT)*	900		273,978
Associated Estates Realty Corp. (REIT)	1,400		15,778
Cypress Sharpridge Investments, Inc. (REIT)	1,100		14,861

	Number of Shares	Value (Note 1)
DuPont Fabros Technology, Inc. (REIT)	9,200	$	165,508
EastGroup Properties, Inc. (REIT)	10,500		401,940
Equity Lifestyle Properties, Inc. (REIT)^	10,800		545,076
Getty Realty Corp. (REIT)	5,000		117,650
Government Properties Income Trust (REIT)	800		18,384
Invesco Mortgage Capital, Inc. (REIT)	700		15,932
Investors Real Estate Trust (REIT)^	2,500		22,500
LTC Properties, Inc. (REIT)	1,500		40,125
Mid-America Apartment Communities, Inc. (REIT)	9,696		468,123
National Health Investors, Inc. (REIT)^	800		29,592
Omega Healthcare Investors, Inc. (REIT)	10,700		208,115
Pennymac Mortgage Investment Trust (REIT)*	1,000		17,180
Potlatch Corp. (REIT)	14,300		455,884
PS Business Parks, Inc. (REIT)	3,800		190,190
Redwood Trust, Inc. (REIT)	129,263		1,869,143
Saul Centers, Inc. (REIT)	2,500		81,900
Tanger Factory Outlet Centers (REIT)	14,500		565,355
UMH Properties, Inc. (REIT)	1,900		16,112
Universal Health Realty Income Trust (REIT)	3,900		124,917
Washington Real Estate Investment Trust (REIT)^	4,600		126,730
			5,896,315
Real Estate Management & Development (0.0%)
Tejon Ranch Co.*^	7,600		222,072
Thrifts & Mortgage Finance (0.1%)
Brookline Bancorp, Inc.	10,300		102,073
Brooklyn Federal Bancorp, Inc.	700		7,028
Kearny Financial Corp.^	2,100		21,168
Oritani Financial Corp.^	5,900		81,007
Prudential Bancorp, Inc. of Pennsylvania	2,000		19,040
Roma Financial Corp.	2,000		24,720
Territorial Bancorp, Inc.*	1,000		18,050
TrustCo Bank Corp. NY/New York	20,400		128,520
United Financial Bancorp, Inc.	1,700		22,287
ViewPoint Financial Group	7,300		105,193
			529,086
Total Financials			36,231,847
Health Care (23.3%)
Biotechnology (5.8%)
Acorda Therapeutics, Inc.*	44,600		1,124,812
Affymax, Inc.*^	11,300		279,562
Alkermes, Inc.*	64,700		608,827
Allos Therapeutics, Inc.*	49,800		327,186
Alnylam Pharmaceuticals, Inc.*	24,800		436,976

See Notes to Financial Statements.

272

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
AMAG Pharmaceuticals, Inc.*^	11,700	$	444,951
Amicus Therapeutics, Inc.*	8,600		34,142
Arena Pharmaceuticals, Inc.*^	59,800		212,290
ARIAD Pharmaceuticals, Inc.*	70,900		161,652
ArQule, Inc.*	12,700		46,863
Array BioPharma, Inc.*^	35,900		100,879
AVI BioPharma, Inc.*	69,100		100,886
BioCryst Pharmaceuticals, Inc.*^	15,200		98,192
BioMarin Pharmaceutical, Inc.*^	174,936		3,290,546
Biospecifics Technologies Corp.*^	2,100		61,635
Cardium Therapeutics, Inc.*	22,600		15,368
Celera Corp.*	9,500		65,645
Cell Therapeutics, Inc.*^	369,000		420,660
Celldex Therapeutics, Inc.*	14,900		69,732
Cepheid, Inc.*^	39,700		495,456
Chelsea Therapeutics International, Inc.*	14,700		39,690
Clinical Data, Inc.*^	8,100		147,906
Cubist Pharmaceuticals, Inc.*	107,408		2,037,530
Curis, Inc.*	45,300		147,225
Cytokinetics, Inc.*	31,500		91,665
Cytori Therapeutics, Inc.*^	20,800		126,880
Dyax Corp.*	50,200		170,178
Emergent Biosolutions, Inc.*	10,600		144,054
Enzon Pharmaceuticals, Inc.*	31,300		329,589
Exelixis, Inc.*	73,000		538,010
Facet Biotech Corp.*	2,700		47,466
Genomic Health, Inc.*	9,100		177,996
Geron Corp.*	31,300		173,715
GTx, Inc.*	11,200		47,040
Halozyme Therapeutics, Inc.*	46,900		275,303
Hemispherx Biopharma, Inc.*	77,800		43,568
Human Genome Sciences, Inc.*	122,800		3,757,680
Idenix Pharmaceuticals, Inc.*	19,000		40,850
Idera Pharmaceuticals, Inc.*	15,800		81,686
Immunogen, Inc.*^	39,400		309,684
Immunomedics, Inc.*	42,700		137,067
Incyte Corp.*^	59,700		543,867
Infinity Pharmaceuticals, Inc.*^	4,900		30,282
Insmed, Inc.*	69,700		53,669
InterMune, Inc.*	26,400		344,256
Isis Pharmaceuticals, Inc.*	63,700		707,070
Lexicon Pharmaceuticals, Inc.*	35,800		60,860
Ligand Pharmaceuticals, Inc., Class B*	79,700		172,949
MannKind Corp.*^	40,000		350,400
Martek Biosciences Corp.*^	3,400		64,396
Maxygen, Inc.*	15,400		93,786
Medivation, Inc.*	19,600		737,940
Metabolix, Inc.*	12,700		140,589
Micromet, Inc.*^	39,700		264,402
Molecular Insight Pharmaceuticals, Inc.*^	9,600		21,600
Momenta Pharmaceuticals, Inc.*	27,200		342,992
Myriad Pharmaceuticals, Inc.*	12,625		63,504
Nabi Biopharmaceuticals*	26,500		129,850
Nanosphere, Inc.*	8,200		52,808
Neurocrine Biosciences, Inc.*	20,600		56,032
NeurogesX, Inc.*	6,000		46,260
Novavax, Inc.*^	47,100		125,286
NPS Pharmaceuticals, Inc.*	29,200		99,280

	Number of Shares	Value (Note 1)
Omeros Corp.*	1,300	$	9,126
OncoGenex Pharmaceutical, Inc.*	3,100		69,068
Onyx Pharmaceuticals, Inc.*^	146,411		4,295,699
Opko Health, Inc.*^	22,900		41,907
Orexigen Therapeutics, Inc.*	18,900		140,616
OSI Pharmaceuticals, Inc.*^	19,400		601,982
Osiris Therapeutics, Inc.*	12,200		87,108
OXiGENE, Inc.*	21,300		24,282
PDL BioPharma, Inc.^	81,900		561,834
Pharmasset, Inc.*	14,500		300,150
Poniard Pharmaceuticals, Inc.*	13,200		24,156
Progenics Pharmaceuticals, Inc.*	13,300		59,052
Protalix BioTherapeutics, Inc.*	22,300		147,626
Regeneron Pharmaceuticals, Inc.*	103,066		2,492,136
Repligen Corp.*	18,700		76,857
Rigel Pharmaceuticals, Inc.*^	34,500		328,095
Sangamo BioSciences, Inc.*^	31,100		184,112
Savient Pharmaceuticals, Inc.*	45,600		620,616
Sciclone Pharmaceuticals, Inc.*	20,700		48,231
Seattle Genetics, Inc.*	147,241		1,495,968
SIGA Technologies, Inc.*	16,900		98,020
Spectrum Pharmaceuticals, Inc.*^	28,400		126,096
StemCells, Inc.*^	75,400		95,004
Synta Pharmaceuticals Corp.*^	8,300		41,998
Theravance, Inc.*^	36,600		478,362
Vanda Pharmaceuticals, Inc.*^	63,000		708,120
Vical, Inc.*^	24,900		81,921
ZymoGenetics, Inc.*	26,300		168,057
			35,169,319
Health Care Equipment & Supplies (7.0%)
Abaxis, Inc.*^	15,100		385,805
ABIOMED, Inc.*^	20,000		174,800
Accuray, Inc.*^	26,000		145,860
AGA Medical Holdings, Inc.*	7,400		109,298
Align Technology, Inc.*	63,020		1,123,016
Alphatec Holdings, Inc.*	20,200		107,868
American Medical Systems Holdings, Inc.*	330,132		6,368,246
Analogic Corp.	5,400		207,954
AngioDynamics, Inc.*	4,000		64,320
Atrion Corp.^	1,100		171,292
ATS Medical, Inc.*	34,100		110,143
Bovie Medical Corp.*^	12,300		96,063
Cantel Medical Corp.*	6,400		129,152
Cardiovascular Systems, Inc.*	5,300		24,327
Conceptus, Inc.*	21,000		393,960
CryoLife, Inc.*	17,200		110,424
Cutera, Inc.*	209,669		1,784,283
Cyberonics, Inc.*^	18,900		386,316
Delcath Systems, Inc.*	22,900		117,706
DexCom, Inc.*	29,700		239,976
Electro-Optical Sciences, Inc.*	14,200		147,112
Endologix, Inc.*	34,100		180,048
EnteroMedics, Inc.*	9,000		5,040
ev3, Inc.*	101,911		1,359,493
Exactech, Inc.*	5,000		86,550
Greatbatch, Inc.*	39,995		769,104
Haemonetics Corp.*	16,900		932,035
Hansen Medical, Inc.*	13,800		41,814
HeartWare International, Inc.*	3,800		134,786

See Notes to Financial Statements.

273

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Home Diagnostics, Inc.*	2,500	$	15,250
ICU Medical, Inc.*	8,800		320,672
Immucor, Inc.*	46,400		939,136
Insulet Corp.*	22,900		327,012
Integra LifeSciences Holdings Corp.*^	12,900		474,462
Invacare Corp.^	8,700		216,978
IRIS International, Inc.*	11,800		145,848
Kensey Nash Corp.*	5,400		137,700
MAKO Surgical Corp.*	12,400		137,640
Masimo Corp.*	33,400		1,016,028
Medical Action Industries, Inc.*	8,000		128,480
Meridian Bioscience, Inc.^	27,800		599,090
Merit Medical Systems, Inc.*	19,300		372,297
Micrus Endovascular Corp.*	11,100		166,611
Natus Medical, Inc.*	14,500		214,455
Neogen Corp.*^	13,649		322,253
NuVasive, Inc.*^	65,349		2,089,861
NxStage Medical, Inc.*^	16,400		136,940
OraSure Technologies, Inc.*^	30,600		155,448
Orthofix International N.V.*^	11,800		365,446
Orthovita, Inc.*^	46,400		162,864
Palomar Medical Technologies, Inc.*	9,500		95,760
Quidel Corp.*^	16,600		228,748
Rochester Medical Corp.*	5,700		63,441
Rockwell Medical Technologies, Inc.*	10,600		81,514
RTI Biologics, Inc.*	11,200		43,008
SenoRx, Inc.*	48,755		402,229
Sirona Dental Systems, Inc.*	30,635		972,355
Somanetics Corp.*	8,600		150,930
SonoSite, Inc.*	50,952		1,203,996
Spectranetics Corp.*^	142,090		988,946
Stereotaxis, Inc.*	19,100		75,063
STERIS Corp.^	67,723		1,894,212
SurModics, Inc.*	47,278		1,071,319
Symmetry Medical, Inc.*	4,400		35,464
Synovis Life Technologies, Inc.*	7,000		90,370
Thoratec Corp.*	255,729		6,884,225
TomoTherapy, Inc.*	12,800		49,920
TranS1, Inc.*	6,200		24,490
Utah Medical Products, Inc.^	1,900		55,708
Vascular Solutions, Inc.*	11,700		98,163
Volcano Corp.*	105,807		1,838,926
West Pharmaceutical Services, Inc.^	21,600		846,720
Wright Medical Group, Inc.*	26,100		494,595
Young Innovations, Inc.^	2,200		54,516
Zoll Medical Corp.*	12,700		339,344
			42,435,224
Health Care Providers & Services (5.1%)
Addus HomeCare Corp.*	52,170		479,964
Air Methods Corp.*	7,500		252,150
Alliance HealthCare Services, Inc.*^	14,400		82,224
Allied Healthcare International, Inc.*	6,100		17,751
Almost Family, Inc.*	5,500		217,415
Amedisys, Inc.*^	86,064		4,179,268
America Service Group, Inc.	6,000		95,220

	Number of Shares	Value (Note 1)
American Caresource Holding, Inc.*	6,400	$	15,360
American Dental Partners, Inc.*	2,800		36,120
AMERIGROUP Corp.*^	56,300		1,517,848
AMN Healthcare Services, Inc.*	21,200		192,072
Bio-Reference Labs, Inc.*	8,200		321,358
BioScrip, Inc.*^	27,100		226,556
CardioNet, Inc.*^	17,300		102,762
Catalyst Health Solutions, Inc.*	24,130		880,021
Centene Corp.*	141,635		2,998,413
Chemed Corp.	15,400		738,738
Chindex International, Inc.*^	8,100		114,453
Clarient, Inc.*	17,100		45,315
Continuecare Corp.*	14,700		64,239
Corvel Corp.*	4,900		164,346
Cross Country Healthcare, Inc.*	1,600		15,856
Emergency Medical Services Corp., Class A*	19,100		1,034,265
Emeritus Corp.*^	12,800		240,000
Ensign Group, Inc.	7,900		121,423
Genoptix, Inc.*^	108,806		3,865,877
Gentiva Health Services, Inc.*	7,400		199,874
Hanger Orthopedic Group, Inc.*	2,700		37,341
Health Grades, Inc.*	13,700		58,773
HealthSouth Corp.*^	62,900		1,180,633
Healthways, Inc.*	1,100		20,174
HMS Holdings Corp.*	17,000		827,730
inVentiv Health, Inc.*	42,590		688,680
IPC The Hospitalist Co., Inc.*	11,100		369,075
Landauer, Inc.	3,600		221,040
LCA-Vision, Inc.*	6,300		32,256
LHC Group, Inc.*	10,500		352,905
Lincare Holdings, Inc.*^	71,785		2,664,659
Metropolitan Health Networks, Inc.*^	23,300		46,367
MWI Veterinary Supply, Inc.*	7,500		282,750
National Healthcare Corp.	2,500		90,275
National Research Corp.	900		18,630
NovaMed, Inc.*	7,200		27,936
Odyssey HealthCare, Inc.*	10,700		166,706
Owens & Minor, Inc.	21,900		940,167
PharMerica Corp.*^	21,100		335,068
Providence Service Corp.*	6,500		102,700
PSS World Medical, Inc.*^	39,100		882,487
Psychiatric Solutions, Inc.*^	131,860		2,787,521
RadNet, Inc.*	16,300		33,252
RehabCare Group, Inc.*	12,700		386,461
Select Medical Holdings Corp.*	6,100		64,782
Triple-S Management Corp., Class B*^	800		14,080
U.S. Physical Therapy, Inc.*	3,100		52,483
Virtual Radiologic Corp.*^	3,700		47,212
			30,951,031
Health Care Technology (2.7%)
AMICAS, Inc.*	15,400		83,776
athenahealth, Inc.*^	22,100		999,804
Computer Programs & Systems, Inc.	6,700		308,535
Eclipsys Corp.*	268,426		4,971,250
MedAssets, Inc.*	153,884		3,263,880
Medidata Solutions, Inc.*	3,300		51,480

See Notes to Financial Statements.

274

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Merge Healthcare, Inc.*	20,800	$	69,888
Omnicell, Inc.*	18,900		220,941
Phase Forward, Inc.*	29,600		454,360
Quality Systems, Inc.	67,671		4,249,062
Transcend Services, Inc.*	3,600		76,896
Vital Images, Inc.*	137,715		1,747,603
			16,497,475
Life Sciences Tools & Services (1.3%)
Accelrys, Inc.*	19,600		112,308
Affymetrix, Inc.*	39,700		231,848
BioDelivery Sciences International, Inc.*^	5,500		21,615
Bio-Rad Laboratories, Inc., Class A*	13,150		1,268,449
Bruker Corp.*	33,700		406,422
Cambrex Corp.*^	19,400		108,252
Dionex Corp.*	11,600		856,892
Enzo Biochem, Inc.*	14,500		78,010
eResearchTechnology, Inc.*	29,800		179,098
Harvard Bioscience, Inc.*	13,400		47,838
ICON plc (ADR)*	115,141		2,502,014
Kendle International, Inc.*	1,900		34,789
Luminex Corp.*	65,483		977,661
PAREXEL International Corp.*	39,500		556,950
Sequenom, Inc.*^	39,800		164,772
Varian, Inc.*	4,600		237,084
			7,784,002
Pharmaceuticals (1.4%)
Acura Pharmaceuticals, Inc.*^	4,600		24,518
Adolor Corp.*^	11,500		16,790
Akorn, Inc.*	41,700		74,643
Ardea Biosciences, Inc.*^	9,300		130,200
ARYx Therapeutics, Inc.*^	11,900		38,199
Auxilium Pharmaceuticals, Inc.*	30,500		914,390
AVANIR Pharmaceuticals, Inc., Class A*	34,600		65,740
Biodel, Inc.*	8,800		38,192
BioMimetic Therapeutics, Inc.*	9,091		108,456
BMP Sunstone Corp.*^	21,400		121,766
Cadence Pharmaceuticals, Inc.*^	16,100		155,687
Caraco Pharmaceutical Laboratories Ltd.*	2,200		13,288
Cornerstone Therapeutics, Inc.*	3,800		23,180
Cumberland Pharmaceuticals, Inc.*^	3,700		50,283
Cypress Bioscience, Inc.*	25,000		144,000
Depomed, Inc.*	36,500		122,275
Discovery Laboratories, Inc.*^	72,400		45,503
Durect Corp.*	54,000		133,380
Hi-Tech Pharmacal Co., Inc.*^	1,300		36,465
Impax Laboratories, Inc.*	65,673		893,153
Inspire Pharmaceuticals, Inc.*^	39,700		219,144
ISTA Pharmaceuticals, Inc.*	23,800		108,528
Javelin Pharmaceuticals, Inc.*	30,600		39,780
KV Pharmaceutical Co., Class A*	12,500		45,875
Lannett Co., Inc.*	5,900		34,869
MAP Pharmaceuticals, Inc.*^	5,600		53,368
Matrixx Initiatives, Inc.*^	5,600		23,632
Medicines Co.*	26,000		216,840

	Number of Shares	Value (Note 1)
Medicis Pharmaceutical Corp., Class A	5,200	$	140,660
MiddleBrook Pharmaceuticals, Inc.*^	20,300		10,353
Nektar Therapeutics*	63,400		590,888
Obagi Medical Products, Inc.*	12,200		146,400
Optimer Pharmaceuticals, Inc.*^	18,500		208,680
Pain Therapeutics, Inc.*	24,700		132,392
Pozen, Inc.*	18,500		110,815
Questcor Pharmaceuticals, Inc.*	37,400		177,650
Repros Therapeutics, Inc.*^	5,500		4,381
Salix Pharmaceuticals Ltd.*	36,500		927,100
Santarus, Inc.*^	34,000		157,080
Sucampo Pharmaceuticals, Inc., Class A*	5,100		20,604
SuperGen, Inc.*	21,900		57,378
ViroPharma, Inc.*	11,200		93,968
Vivus, Inc.*^	180,242		1,656,424
XenoPort, Inc.*	20,600		382,336
			8,709,253
Total Health Care			141,546,304
Industrials (15.4%)
Aerospace & Defense (1.0%)
AAR Corp.*^	1,900		43,662
Aerovironment, Inc.*	8,600		250,088
American Science & Engineering, Inc.	6,300		477,792
Applied Signal Technology, Inc.	9,100		175,539
Argon ST, Inc.*	8,100		175,932
Ascent Solar Technologies, Inc.*	1,600		8,480
Astronics Corp.*^	4,400		37,620
Cubic Corp.	10,700		399,110
DigitalGlobe, Inc.*	9,500		229,900
DynCorp International, Inc., Class A*	1,900		27,265
Esterline Technologies Corp.*	26,056		1,062,303
GenCorp, Inc.*	34,900		244,300
GeoEye, Inc.*^	12,100		337,348
HEICO Corp.	15,800		700,414
Hexcel Corp.*^	63,500		824,230
LMI Aerospace, Inc.*	2,700		35,910
Orbital Sciences Corp.*	38,687		590,364
Stanley, Inc.*	8,000		219,280
Taser International, Inc.*	40,200		176,076
Teledyne Technologies, Inc.*	8,200		314,552
			6,330,165
Air Freight & Logistics (0.3%)
Air Transport Services Group, Inc.*	19,700		52,008
Atlas Air Worldwide Holdings, Inc.*	13,200		491,700
Dynamex, Inc.*	5,000		90,500
Forward Air Corp.^	9,000		225,450
Hub Group, Inc., Class A*	12,310		330,277
UTi Worldwide, Inc.	45,900		657,288
			1,847,223
Airlines (0.4%)
AirTran Holdings, Inc.*^	92,600		483,372
Alaska Air Group, Inc.*	1,200		41,472

See Notes to Financial Statements.

275

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Allegiant Travel Co.*	10,500	$	495,285
Hawaiian Holdings, Inc.*	33,400		233,800
Republic Airways Holdings, Inc.*	4,600		33,994
UAL Corp.*	103,700		1,338,767
			2,626,690
Building Products (0.2%)
AAON, Inc.^	8,100		157,869
Apogee Enterprises, Inc.^	1,200		16,800
Builders FirstSource, Inc.*	18,200		70,070
NCI Building Systems, Inc.*	11,300		20,453
Quanex Building Products Corp.	14,300		242,671
Simpson Manufacturing Co., Inc.	20,200		543,178
Trex Co., Inc.*	8,900		174,440
			1,225,481
Commercial Services & Supplies (4.0%)
ABM Industries, Inc.^	6,800		140,488
American Ecology Corp.^	12,700		216,408
American Reprographics Co.*	21,200		148,612
APAC Customer Services, Inc.*	18,300		109,068
ATC Technology Corp.*^	9,500		226,575
Cenveo, Inc.*	37,000		323,750
Clean Harbors, Inc.*	17,200		1,025,292
Deluxe Corp.^	19,300		285,447
EnergySolutions, Inc.	4,100		34,809
EnerNOC, Inc.*	9,700		294,783
Fuel Tech, Inc.*	8,300		67,811
GEO Group, Inc.*	233,634		5,111,912
Healthcare Services Group, Inc.^	29,600		635,216
Heritage-Crystal Clean, Inc.*	1,700		17,782
Herman Miller, Inc.^	36,800		588,064
HNI Corp.	22,400		618,912
ICT Group, Inc.*	4,300		70,219
Innerworkings, Inc.*	155,534		917,651
Interface, Inc., Class A	33,700		280,047
Knoll, Inc.	32,500		335,725
McGrath RentCorp	1,900		42,484
Mine Safety Appliances Co.^	17,000		451,010
Mobile Mini, Inc.*	6,600		92,994
Multi-Color Corp.	6,900		84,249
North American Galvanizing & Coatings, Inc.*^	5,400		26,190
Perma-Fix Environmental Services*	39,100		88,757
Ritchie Bros. Auctioneers, Inc.^	166,799		3,741,301
Rollins, Inc.	30,100		580,328
Standard Parking Corp.*	900		14,292
Standard Register Co.^	7,800		39,780
Sykes Enterprises, Inc.*	100,962		2,571,502
Team, Inc.*	12,500		235,125
Tetra Tech, Inc.*	39,700		1,078,649
Viad Corp.^	1,400		28,882
Waste Connections, Inc.*	110,121		3,671,434
Waste Services, Inc.*^	1,800		16,398
			24,211,946
Construction & Engineering (1.1%)
Argan, Inc.*	4,300		61,877
EMCOR Group, Inc.*	14,300		384,670
Furmanite Corp.*	13,800		52,578

	Number of Shares	Value (Note 1)
Granite Construction, Inc.	3,300	$	111,078
Great Lakes Dredge & Dock Corp.	92,158		597,184
MasTec, Inc.*	150,112		1,876,400
Michael Baker Corp.*	5,500		227,700
MYR Group, Inc.*	12,000		216,960
Northwest Pipe Co.*	103,409		2,777,566
Orion Marine Group, Inc.*	18,500		389,610
Pike Electric Corp.*	4,600		42,688
Primoris Services Corp.	4,800		38,256
Sterling Construction Co., Inc.*	800		15,344
			6,791,911
Electrical Equipment (2.7%)
A123 Systems, Inc.*	97,046		2,177,712
Acuity Brands, Inc.^	39,466		1,406,568
Advanced Battery Technologies, Inc.*^	39,300		157,200
American Superconductor Corp.*^	28,600		1,169,740
AZZ, Inc.*	8,400		274,680
Baldor Electric Co.^	12,669		355,872
Broadwind Energy, Inc.*	20,500		165,845
Ener1, Inc.*	33,400		211,756
Energy Conversion Devices, Inc.*^	26,820		283,488
Evergreen Solar, Inc.*^	71,800		108,418
FuelCell Energy, Inc.*	42,300		159,048
GrafTech International Ltd.*	222,585		3,461,197
GT Solar International, Inc.*^	22,500		125,100
Harbin Electric, Inc.*	9,700		199,238
II-VI, Inc.*	11,600		368,880
LaBarge, Inc.*	7,200		86,760
Microvision, Inc.*^	61,300		194,321
Polypore International, Inc.*	54,139		644,254
Powell Industries, Inc.*	5,400		170,262
Power-One, Inc.*^	3,800		16,530
PowerSecure International, Inc.*	3,400		24,514
Preformed Line Products Co.	1,200		52,560
Regal-Beloit Corp.^	71,371		3,707,010
SatCon Technology Corp.*	35,700		100,674
Ultralife Corp.*	6,200		26,784
Valence Technology, Inc.*	23,400		21,294
Vicor Corp.*	4,600		42,780
Woodward Governor Co.	31,900		822,063
			16,534,548
Industrial Conglomerates (0.1%)
Raven Industries, Inc.	11,100		352,647
Machinery (1.7%)
3D Systems Corp.*	9,300		105,090
Actuant Corp., Class A	21,600		400,248
Altra Holdings, Inc.*	2,200		27,170
Ampco-Pittsburgh Corp.	2,500		78,825
Badger Meter, Inc.^	10,210		406,562
Blount International, Inc.*	9,100		91,910
Chart Industries, Inc.*	40,570		671,434
China Fire & Security Group, Inc.*^	10,000		135,300
CLARCOR, Inc.	13,000		421,720
Colfax Corp.*	4,000		48,160

See Notes to Financial Statements.

276

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Dynamic Materials Corp.	9,000	$	180,450
Energy Recovery, Inc.*	22,000		151,360
ESCO Technologies, Inc.^	17,900		641,715
Flanders Corp.*	10,400		46,384
Flow International Corp.*	28,900		89,012
Force Protection, Inc.*	48,500		252,685
Gardner Denver, Inc.^	29,354		1,249,013
Gorman-Rupp Co.^	5,900		163,076
Graham Corp.	4,800		99,360
Hurco Cos., Inc.*	700		10,360
K-Tron International, Inc.*	1,300		141,362
Lindsay Corp.	8,100		322,785
Met-Pro Corp.	7,400		78,588
Middleby Corp.*^	24,314		1,191,872
Mueller Water Products, Inc., Class A	128,150		666,380
Nordson Corp.	7,800		477,204
Omega Flex, Inc.	1,800		25,200
PMFG, Inc.*^	9,300		150,753
Portec Rail Products, Inc.	2,300		24,633
RBC Bearings, Inc.*	14,200		345,486
Robbins & Myers, Inc.	1,200		28,224
Sauer-Danfoss, Inc.*	1,100		13,211
SmartHeat, Inc.*^	5,500		79,860
Sun Hydraulics Corp.^	3,700		97,125
Tennant Co.	12,800		335,232
Timken Co.	18,900		448,119
Trimas Corp.*	5,600		37,912
Wabtec Corp.	15,300		624,852
			10,358,632
Marine (0.3%)
Genco Shipping & Trading Ltd.*^	81,920		1,833,370
Professional Services (2.2%)
Acacia Research Corp.- Acacia Technologies*	20,900		190,399
Administaff, Inc.	35,000		825,650
Advisory Board Co.*	10,700		328,062
CBIZ, Inc.*^	28,400		218,680
CDI Corp.	800		10,360
Corporate Executive Board Co.	46,800		1,067,976
CoStar Group, Inc.*^	13,633		569,450
CRA International, Inc.*	6,100		162,565
Diamond Management & Technology Consultants, Inc.	16,100		118,657
Exponent, Inc.*	8,800		244,992
Franklin Covey Co.*	6,200		39,060
FTI Consulting, Inc.*	8,365		394,493
GP Strategies Corp.*	5,800		43,674
Hill International, Inc.*	13,600		84,864
Huron Consulting Group, Inc.*^	14,800		340,992
ICF International, Inc.*	21,587		578,532
Kelly Services, Inc., Class A*	1,700		20,281
Korn/Ferry International*	1,400		23,100
Mistras Group, Inc.*	3,700		55,722
Monster Worldwide, Inc.*^	141,259		2,457,907
Navigant Consulting, Inc.*	91,098		1,353,716
Odyssey Marine Exploration, Inc.*	31,800		44,838
On Assignment, Inc.*	110,521		790,225
Resources Connection, Inc.*	97,922		2,077,905

	Number of Shares	Value (Note 1)
School Specialty, Inc.*	4,700	$	109,933
VSE Corp.	2,300		103,684
Watson Wyatt Worldwide, Inc., Class A	23,000		1,092,960
			13,348,677
Road & Rail (1.1%)
Avis Budget Group, Inc.*	40,800		535,296
Celadon Group, Inc.*	12,800		138,880
Genesee & Wyoming, Inc., Class A*	24,417		796,971
Heartland Express, Inc.^	21,900		334,413
Knight Transportation, Inc.^	31,000		597,990
Landstar System, Inc.	86,150		3,340,035
Marten Transport Ltd.*	10,800		193,860
Old Dominion Freight Line, Inc.*	3,300		101,310
Patriot Transportation Holding, Inc.*	500		47,230
RailAmerica, Inc.*	35,150		428,830
USA Truck, Inc.*	3,200		40,064
			6,554,879
Trading Companies & Distributors (0.3%)
Beacon Roofing Supply, Inc.*	25,700		411,200
Houston Wire & Cable Co.^	4,400		52,360
Kaman Corp.	15,200		350,968
RSC Holdings, Inc.*	34,100		240,064
Rush Enterprises, Inc., Class A*	4,200		49,938
TAL International Group, Inc.^	400		5,292
Titan Machinery, Inc.*^	8,600		99,244
Watsco, Inc.^	16,100		788,578
			1,997,644
Total Industrials			94,013,813
Information Technology (26.6%)
Communications Equipment (2.8%)
3Com Corp.*	209,500		1,571,250
Acme Packet, Inc.*	26,900		295,900
ADC Telecommunications, Inc.*^	13,800		85,698
ADTRAN, Inc.^	29,400		662,970
Airvana, Inc.*	8,400		63,840
Anaren, Inc.*	8,500		127,925
Arris Group, Inc.*	63,900		730,377
Aruba Networks, Inc.*^	40,600		432,796
BigBand Networks, Inc.*	25,600		88,064
Blue Coat Systems, Inc.*	27,000		770,580
Comtech Telecommunications Corp.*	19,300		676,465
DG FastChannel, Inc.*^	14,300		399,399
Digi International, Inc.*	5,000		45,600
EMS Technologies, Inc.*	162,162		2,351,349
Emulex Corp.*	52,600		573,340
Harmonic, Inc.*	50,800		321,564
Hughes Communications, Inc.*	5,800		150,974
Infinera Corp.*^	57,600		510,912
InterDigital, Inc.*	28,700		761,698
Ixia*	161,446		1,201,158
KVH Industries, Inc.*	9,400		138,650
Loral Space & Communications, Inc.*	7,400		233,914
NETGEAR, Inc.*	5,900		127,971

See Notes to Financial Statements.

277

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Network Equipment Technologies, Inc.*^	8,600	$	34,830
Oplink Communications, Inc.*	10,400		170,456
Opnext, Inc.*^	2,600		4,940
Palm, Inc.*^	96,400		967,856
Parkervision, Inc.*	16,500		30,195
PC-Tel, Inc.*	1,700		10,064
Plantronics, Inc.	28,300		735,234
Polycom, Inc.*^	22,800		569,316
Riverbed Technology, Inc.*	58,854		1,351,876
SeaChange International, Inc.*	9,300		61,101
ShoreTel, Inc.*	31,100		179,758
Tekelec*	14,400		220,032
ViaSat, Inc.*^	17,800		565,684
			17,223,736
Computers & Peripherals (1.7%)
3PAR, Inc.*^	17,800		210,930
ActivIdentity Corp.*^	9,300		21,855
Avid Technology, Inc.*	3,300		42,108
Compellent Technologies, Inc.*^	215,125		4,879,035
Cray, Inc.*	16,300		104,646
Imation Corp.*	1,600		13,952
Immersion Corp.*	20,400		93,228
Intermec, Inc.*	42,553		547,232
Isilon Systems, Inc.*	15,900		109,074
Netezza Corp.*	262,356		2,544,853
Novatel Wireless, Inc.*^	21,300		169,761
Quantum Corp.*	144,900		424,557
Silicon Graphics International Corp.*	2,700		18,927
STEC, Inc.*^	16,000		261,440
Stratasys, Inc.*^	13,100		226,368
Super Micro Computer, Inc.*	11,200		124,544
Synaptics, Inc.*^	23,500		720,275
			10,512,785
Electronic Equipment, Instruments & Components (2.4%)
Anixter International, Inc.*^	3,200		150,720
Benchmark Electronics, Inc.*	5,400		102,114
Brightpoint, Inc.*	34,700		255,045
Checkpoint Systems, Inc.*	6,700		102,175
China Security & Surveillance Technology, Inc.*^	24,900		190,236
Cogent, Inc.*	29,600		307,544
Cognex Corp.^	5,200		92,144
Coherent, Inc.*	138,241		4,109,905
Comverge, Inc.*	12,500		140,500
CPI International, Inc.*	700		9,268
CTS Corp.	1,500		14,430
Daktronics, Inc.^	19,000		174,990
DTS, Inc.*	163,083		5,579,069
Echelon Corp.*^	15,000		173,400
FARO Technologies, Inc.*	9,800		210,112
ICx Technologies, Inc.*^	3,800		36,176
Insight Enterprises, Inc.*	3,500		39,970
IPG Photonics Corp.*	14,900		249,426
L-1 Identity Solutions, Inc.*^	37,800		283,122
Maxwell Technologies, Inc.*	14,500		258,680
Methode Electronics, Inc.	2,800		24,304
MTS Systems Corp.	1,100		31,614
Multi-Fineline Electronix, Inc.*	6,900		195,753

	Number of Shares	Value (Note 1)
OSI Systems, Inc.*	8,600	$	234,608
PAR Technology Corp.*	3,500		20,230
Park Electrochemical Corp.	8,900		245,996
PC Mall, Inc.*	900		4,698
Plexus Corp.*	9,200		262,200
RadiSys Corp.*	15,300		146,115
RAE Systems, Inc.*	24,100		26,510
Rofin-Sinar Technologies, Inc.*	8,900		210,129
Rogers Corp.*	2,000		60,620
Scansource, Inc.*	900		24,030
SYNNEX Corp.*^	2,200		67,452
Universal Display Corp.*^	51,804		640,298
			14,673,583
Internet Software & Services (2.6%)
Ancestry.com, Inc.*	3,500		49,035
Archipelago Learning, Inc.*	4,500		93,150
Art Technology Group, Inc.*	87,200		393,272
comScore, Inc.*	13,900		243,945
Constant Contact, Inc.*^	16,600		265,600
DealerTrack Holdings, Inc.*	25,800		484,782
Dice Holdings, Inc.*	10,000		65,500
Digital River, Inc.*	21,100		569,489
DivX, Inc.*^	14,900		84,036
EarthLink, Inc.^	7,491		62,250
GSI Commerce, Inc.*	123,261		3,129,597
Imergent, Inc.^	4,600		27,922
InfoSpace, Inc.*	13,100		112,267
Innodata Isogen, Inc.*	12,300		68,142
Internet Brands, Inc., Class A*	8,500		66,555
Internet Capital Group, Inc.*	12,900		85,785
j2 Global Communications, Inc.*^	28,100		571,835
Keynote Systems, Inc.	3,600		39,276
Knot, Inc.*^	65,219		656,755
Limelight Networks, Inc.*	23,900		93,927
Liquidity Services, Inc.*	10,900		109,763
LivePerson, Inc.*	26,900		187,493
LogMeIn, Inc.*	3,100		61,845
LoopNet, Inc.*	13,200		131,208
Marchex, Inc., Class B	95,461		484,942
MercadoLibre, Inc.*	16,997		881,635
ModusLink Global Solutions, Inc.*	2,000		18,820
Move, Inc.*	290,702		482,565
NIC, Inc.	34,800		318,072
OpenTable, Inc.*	1,700		43,282
Openwave Systems, Inc.*	14,500		33,060
Perficient, Inc.*	3,700		31,191
Rackspace Hosting, Inc.*^	43,700		911,145
RealNetworks, Inc.*	30,700		113,897
Saba Software, Inc.*	14,100		58,374
SAVVIS, Inc.*	25,000		351,250
SkillSoft plc (ADR)*	201,919		2,116,111
support.com, Inc.*	4,100		10,824
Switch & Data Facilities Co., Inc.*	14,100		284,961
Terremark Worldwide, Inc.*^	40,300		275,652
Travelzoo, Inc.*	3,300		40,557
ValueClick, Inc.*	59,600		603,152
VistaPrint NV*	15,457		875,794
Vocus, Inc.*^	10,800		194,400
Zix Corp.*	36,200		61,902
			15,845,015

See Notes to Financial Statements.

278

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
IT Services (2.8%)
Acxiom Corp.*	38,200	$	512,644
CACI International, Inc., Class A*	2,300		112,355
Cass Information Systems, Inc.^	5,800		176,320
China Information Security Technology, Inc.*	16,700		102,872
Computer Task Group, Inc.*	5,700		45,657
CSG Systems International, Inc.*	14,500		276,805
Cybersource Corp.*	75,530		1,518,908
eLoyalty Corp.*^	3,900		26,793
Euronet Worldwide, Inc.*	29,200		640,940
ExlService Holdings, Inc.*	9,700		176,152
Forrester Research, Inc.*	10,800		280,260
Gartner, Inc.*	147,221		2,655,867
Global Cash Access Holdings, Inc.*^	256,694		1,922,638
Hackett Group, Inc.*	11,500		31,970
Heartland Payment Systems, Inc.	25,900		340,067
iGATE Corp.	14,900		149,000
infoGROUP, Inc.*^	13,300		106,666
Information Services Group, Inc.*	109,085		345,800
Integral Systems, Inc.*	2,700		23,382
Lionbridge Technologies, Inc.*^	41,800		96,140
ManTech International Corp., Class A*	12,000		579,360
MAXIMUS, Inc.	11,000		550,000
MoneyGram International, Inc.*^	50,100		144,288
NCI, Inc., Class A*	4,600		127,190
Online Resources Corp.*	9,600		50,496
RightNow Technologies, Inc.*	15,200		264,024
Sapient Corp.*	186,472		1,542,123
SRA International, Inc., Class A*	7,700		147,070
StarTek, Inc.*	1,200		8,976
Syntel, Inc.	8,900		338,467
TeleTech Holdings, Inc.*	51,623		1,034,009
Tier Technologies, Inc., Class B*	5,300		42,400
TNS, Inc.*	17,300		444,437
Unisys Corp.*	1,370		52,827
VeriFone Holdings, Inc.*	47,400		776,412
Virtusa Corp.*	5,800		52,548
Wright Express Corp.*	49,913		1,590,228
			17,286,091
Semiconductors & Semiconductor Equipment (6.2%)
Actel Corp.*	4,600		54,648
Advanced Analogic Technologies, Inc.*	28,600		112,684
Advanced Energy Industries, Inc.*	18,100		272,948
Amkor Technology, Inc.*^	75,100		537,716
ANADIGICS, Inc.*	36,100		152,342
Applied Micro Circuits Corp.*	45,400		339,138
Atheros Communications, Inc.*	42,204		1,445,065
ATMI, Inc.*	6,600		122,892
Cabot Microelectronics Corp.*^	1,426		47,001
Cavium Networks, Inc.*	24,900		593,367
CEVA, Inc.*	11,000		141,460
Cirrus Logic, Inc.*	42,100		287,122
Diodes, Inc.*	21,900		447,855
Entropic Communications, Inc.*	37,700		115,739
Exar Corp.*	1,300		9,243

	Number of Shares	Value (Note 1)
Fairchild Semiconductor International, Inc.*	57,989	$	579,310
FEI Co.*	23,600		551,296
FormFactor, Inc.*	224,748		4,890,516
Hittite Microwave Corp.*	14,700		599,025
IXYS Corp.*	11,600		86,072
Kopin Corp.*	47,100		196,878
Kulicke & Soffa Industries, Inc.*^	44,200		238,238
Lattice Semiconductor Corp.*	6,400		17,280
Micrel, Inc.	13,300		109,060
Microsemi Corp.*	125,834		2,233,554
Microtune, Inc.*^	18,300		41,358
MIPS Technologies, Inc.*	29,700		129,789
Monolithic Power Systems, Inc.*^	23,200		556,104
Netlogic Microsystems, Inc.*	12,400		573,624
NVE Corp.*	3,100		128,061
ON Semiconductor Corp.*	499,764		4,402,921
PLX Technology, Inc.*	18,900		61,047
PMC-Sierra, Inc.*	148,770		1,288,348
Power Integrations, Inc.	16,300		592,668
RF Micro Devices, Inc.*^	161,700		771,309
Rubicon Technology, Inc.*^	8,200		166,542
Rudolph Technologies, Inc.*	6,900		46,368
Semtech Corp.*	41,700		709,317
Sigma Designs, Inc.*	13,600		145,520
Skyworks Solutions, Inc.*	110,500		1,567,995
Standard Microsystems Corp.*	4,200		87,276
Supertex, Inc.*	7,700		229,460
Techwell, Inc.*	10,300		135,960
Teradyne, Inc.*^	330,786		3,549,334
Tessera Technologies, Inc.*	32,000		744,640
Trident Microsystems, Inc.*^	3,700		6,882
TriQuint Semiconductor, Inc.*^	57,600		345,600
Ultratech, Inc.*	15,300		227,358
Varian Semiconductor Equipment Associates, Inc.*	159,780		5,732,906
Veeco Instruments, Inc.*	14,200		469,168
Volterra Semiconductor Corp.*	15,700		300,184
Zoran Corp.*	27,100		299,455
			37,489,643
Software (8.1%)
ACI Worldwide, Inc.*	24,100		413,315
Actuate Corp.*	31,700		135,676
Advent Software, Inc.*^	10,500		427,665
American Software, Inc., Class A^	12,000		72,000
ANSYS, Inc.*	113,535		4,934,231
ArcSight, Inc.*^	12,700		324,866
Ariba, Inc.*	59,800		748,696
AsiaInfo Holdings, Inc.*^	21,100		642,917
Blackbaud, Inc.	30,000		708,900
Blackboard, Inc.*	20,800		944,112
Bottomline Technologies, Inc.*	17,300		303,961
Callidus Software, Inc.*	6,100		18,422
China TransInfo Technology Corp.*^	5,600		45,752
Chordiant Software, Inc.*	17,400		47,850
CommVault Systems, Inc.*	28,500		675,165
Concur Technologies, Inc.*	26,200		1,120,050
Deltek, Inc.*	12,539		97,553
DemandTec, Inc.*^	12,300		107,871

See Notes to Financial Statements.

279

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Double-Take Software, Inc.*	9,700	$	96,903
Ebix, Inc.*^	5,200		253,916
EPIQ Systems, Inc.*	22,400		313,376
FalconStor Software, Inc.*^	21,600		87,696
Fortinet, Inc.*	5,800		101,906
GSE Systems, Inc.*	11,400		62,472
i2 Technologies, Inc.*	8,600		164,432
Informatica Corp.*^	228,506		5,909,165
Interactive Intelligence, Inc.*	8,900		164,116
Jack Henry & Associates, Inc.^	55,300		1,278,536
JDA Software Group, Inc.*	13,600		346,392
Kenexa Corp.*	15,800		206,190
Lawson Software, Inc.*	172,651		1,148,129
Manhattan Associates, Inc.*	15,900		382,077
Mentor Graphics Corp.*^	4,900		43,267
MicroStrategy, Inc., Class A*	6,200		582,924
Net 1 UEPS Technologies, Inc.*	21,400		415,588
NetScout Systems, Inc.*	15,000		219,600
NetSuite, Inc.*	10,900		174,182
Novell, Inc.*	264,114		1,096,073
Opnet Technologies, Inc.	7,800		95,082
Parametric Technology Corp.*	76,400		1,248,376
Pegasystems, Inc.^	10,400		353,600
Phoenix Technologies Ltd.*	20,900		57,475
Progress Software Corp.*	27,270		796,557
PROS Holdings, Inc.*	13,700		141,795
QAD, Inc.	6,588		40,253
Quest Software, Inc.*	3,900		71,760
Radiant Systems, Inc.*	59,222		615,909
Renaissance Learning, Inc.	3,600		40,896
Rosetta Stone, Inc.*^	4,600		82,570
Rovi Corp.*	177,581		5,659,507
S1 Corp.*	36,800		239,936
Smith Micro Software, Inc.*	20,100		183,714
SolarWinds, Inc.*	7,900		181,779
Solera Holdings, Inc.^	67,589		2,433,880
SonicWALL, Inc.*	2,900		22,069
Sourcefire, Inc.*	15,300		409,275
SRS Labs, Inc.*	6,700		49,111
SuccessFactors, Inc.*	31,700		525,586
Symyx Technologies, Inc.*	19,700		108,350
Synchronoss Technologies, Inc.*	87,520		1,383,691
Take-Two Interactive Software, Inc.*^	7,600		76,380
Taleo Corp., Class A*	25,800		606,816
TeleCommunication Systems, Inc., Class A*	24,700		239,096
THQ, Inc.*^	116,300		586,152
TIBCO Software, Inc.*	479,160		4,614,311
TiVo, Inc.*	179,263		1,824,897
Tyler Technologies, Inc.*^	21,500		428,065
Ultimate Software Group, Inc.*	16,700		490,479
Unica Corp.*	8,000		62,000
VASCO Data Security International, Inc.*	15,000		94,050
Websense, Inc.*	30,400		530,784
			49,110,143
Total Information Technology			162,140,996

	Number of Shares	Value (Note 1)
Materials (3.3%)
Chemicals (2.7%)
American Vanguard Corp.^	1,500	$	12,450
Arch Chemicals, Inc.	2,300		71,024
Balchem Corp.	12,600		422,226
Calgon Carbon Corp.*^	88,382		1,228,510
China Green Agriculture, Inc.*^	7,100		104,370
Hawkins, Inc.^	5,400		117,882
Huntsman Corp.	625,104		7,057,424
Koppers Holdings, Inc.	9,000		273,960
Landec Corp.*	18,700		116,688
LSB Industries, Inc.*	11,300		159,330
NewMarket Corp.	6,622		760,007
NL Industries, Inc.^	4,000		27,760
Olin Corp.^	5,300		92,856
Omnova Solutions, Inc.*	28,400		174,092
PolyOne Corp.*	9,800		73,206
Senomyx, Inc.*	61,283		231,037
Stepan Co.	4,700		304,607
STR Holdings, Inc.*	4,800		75,408
Terra Industries, Inc.	139,761		4,498,906
W.R. Grace & Co.*	14,700		372,645
Zep, Inc.	14,900		258,068
			16,432,456
Construction Materials (0.0%)
United States Lime & Minerals, Inc.*^	900		31,077
Containers & Packaging (0.3%)
AEP Industries, Inc.*	3,500		133,980
Boise, Inc.*	9,800		52,038
Bway Holding Co.*	500		9,610
Rock-Tenn Co., Class A	22,100		1,114,061
Silgan Holdings, Inc.^	9,600		555,648
			1,865,337
Metals & Mining (0.2%)
Allied Nevada Gold Corp.*^	31,600		476,528
AMCOL International Corp.	3,800		107,996
General Steel Holdings, Inc.*	7,100		31,311
Paramount Gold and Silver Corp.*	41,600		60,320
Stillwater Mining Co.*^	3,100		29,388
Worthington Industries, Inc.	37,900		495,353
			1,200,896
Paper & Forest Products (0.1%)
Clearwater Paper Corp.*	600		32,982
Deltic Timber Corp.^	5,300		244,754
Schweitzer-Mauduit International, Inc.	6,400		450,240
Wausau Paper Corp.	11,600		134,560
			862,536
Total Materials			20,392,302
Telecommunication Services (1.3%)
Diversified Telecommunication Services (1.0%)
AboveNet, Inc.*	8,500		552,840

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Alaska Communications Systems Group, Inc.^	28,600	$	228,228
Cbeyond, Inc.*^	131,967		2,078,480
Cincinnati Bell, Inc.*^	28,400		97,980
Cogent Communications Group, Inc.*	30,700		302,702
Consolidated Communications Holdings, Inc.	8,000		140,000
General Communication, Inc., Class A*	17,200		109,736
Global Crossing Ltd.*	17,400		247,950
HickoryTech Corp.^	7,500		66,225
inContact, Inc.*	15,700		46,001
Iowa Telecommunications Services, Inc.	2,800		46,928
Neutral Tandem, Inc.*	22,500		511,875
PAETEC Holding Corp.*	278,087		1,154,061
Premiere Global Services, Inc.*	30,200		249,150
			5,832,156
Wireless Telecommunication Services (0.3%)
Leap Wireless International, Inc.*	34,900		612,495
NTELOS Holdings Corp.	20,800		370,656
Shenandoah Telecommunications Co.	16,400		333,740
Syniverse Holdings, Inc.*	38,800		678,224
USA Mobility, Inc.^	13,400		147,534
			2,142,649
Total Telecommunication Services			7,974,805
Utilities (0.1%)
Gas Utilities (0.1%)
New Jersey Resources Corp.	4,800		179,520
Piedmont Natural Gas Co., Inc.	2,600		69,550
South Jersey Industries, Inc.	2,500		95,450
			344,520
Independent Power Producers & Energy Traders (0.0%)
U.S. Geothermal, Inc.*	27,200		41,616
Water Utilities (0.0%)
Cadiz, Inc.*	8,900		106,533
California Water Service Group	900		33,138
Connecticut Water Service, Inc.	300		7,431
Consolidated Water Co., Ltd.	2,800		40,012
Pennichuck Corp.	300		6,339
York Water Co.^	2,600		37,726
			231,179
Total Utilities			617,315
Total Common Stocks (99.8%) (Cost $502,761,924)			607,735,381
	Number of Rights	Value (Note 1)
RIGHTS:
Industrials (0.0%)
Building Products (0.0%)
Builders FirstSource, Inc., expiring 1/14/10* (Cost $—)	11,117		2,720

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills 0.04%, 3/11/10#(p)	$	380,000	$	379,969
Short-Term Investments of Cash Collateral for Securities Loaned (2.8%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u)		8,401,434		8,401,434
Lehman Brothers Holdings, Inc. 0.00%, 8/21/09(h)(s)		2,689,982		524,547
Monumental Global Funding II 0.43%, 5/26/10(l)		5,060,000		4,959,306
Pricoa Global Funding I 0.40%, 6/25/10(l)		3,229,842		3,183,029
Total Short-Term Investments of Cash Collateral for Securities Loaned				17,068,316
Time Deposit (1.0%)
JPMorgan Chase Nassau 0.000%, 1/4/10		6,078,506		6,078,506

Total Short-Term Investments (3.9%) (Cost/Amortized Cost $25,839,750)		23,526,791
Total Investments (103.7%) (Cost/Amortized Cost $528,601,674)		631,264,892
Other Assets Less Liabilities (-3.7%)		(22,665,351	)
Net Assets (100%)	$	608,599,541

* Non-income producing.

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

† Securities (totaling $425 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 $379,969.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is 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 $8,569,534.

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)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/2009		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	50	March-10	$	2,971,585	$	3,119,500	$	147,915

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at 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	$	100,316,939	$	–	$	–	$	100,316,939
Consumer Staples		14,729,249		–		–		14,729,249
Energy		29,771,811		–		–		29,771,811
Financials		36,231,422		–		425		36,231,847
Health Care		141,546,304		–		–		141,546,304
Industrials		94,013,813		–		–		94,013,813
Information Technology		162,140,996		–		–		162,140,996
Materials		20,392,302		–		–		20,392,302
Telecommunication Services		7,974,805		–		–		7,974,805
Utilities		617,315		–		–		617,315
Futures		147,915		–		–		147,915
Rights
Industrials		2,720		–		–		2,720
Short-Term Investments		–		23,526,791		–		23,526,791
Total Assets	$	607,885,591	$	23,526,791	$	425	$	631,412,807
Total Liabilities	$	–	$	–	$	–	$	–
Total	$	607,885,591	$	23,526,791	$	425	$	631,412,807

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		425
Balance as of 12/31/09	$	425
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.	$	425

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		147,915	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	147,915
	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		—		674,814		—		—		674,814
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	674,814	$	—	$	—	$	674,814

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		—		147,915		—		—		147,915
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	147,915	$	—	$	—	$	147,915

The Portfolio held futures contracts with an average notional balance of approximately $2,778,000 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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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	$	555,323,902
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	623,076,880

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	$	114,679,364
Aggregate gross unrealized depreciation		(22,973,235	)
Net unrealized appreciation	$	91,706,129
Federal income tax cost of investments	$	539,558,763

At December 31, 2009, the Portfolio had loaned securities with a total value of $18,705,920. This was secured by collateral of $19,381,258 which was received as cash and subsequently invested in short-term investments currently valued at $17,068,316, as reported in the Portfolio of Investments.

For the year ended December 31, 2009, the Portfolio incurred approximately $9,240 as brokerage commissions with Raymond James & Associates, Inc. and $2,243 as brokerage commissions with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $299,082,172 of which $69,758,333 expires in the year 2016, and $229,323,839 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 $528,601,674) (Securities on loan at market value $18,705,920)	$	631,264,892
Cash		2,169
Receivable for securities sold		194,011
Dividends, interest and other receivables		171,225
Receivable from Separate Accounts for Trust shares sold		127,861
Other assets		72
Total assets		631,760,230
LIABILITIES
Payable for return of cash collateral on securities loaned		19,381,258
Payable for securities purchased		2,364,357
Payable to Separate Accounts for Trust shares redeemed		549,162
Investment management fees payable		518,389
Administrative fees payable		88,455
Distribution fees payable - Class B		60,744
Variation margin payable on futures contracts		34,000
Trustees’ fees payable		105
Accrued expenses		164,219
Total liabilities		23,160,689
NET ASSETS	$	608,599,541
Net assets were comprised of:
Paid in capital	$	815,977,967
Accumulated undistributed net investment income (loss)		(2,382	)
Accumulated undistributed net realized gains (losses) on investments and futures		(310,187,177	)
Net unrealized appreciation (depreciation) on investments and futures		102,811,133
Net assets	$	608,599,541
Class A
Net asset value, offering and redemption price per share, $315,378,761 / 45,387,058 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.95
Class B
Net asset value, offering and redemption price per share, $293,220,780 / 42,400,880 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.92

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $6,515 foreign withholding tax)	$	3,900,614
Interest		575
Securities lending (net)		452,172
Total income		4,353,361
EXPENSES
Investment management fees		4,106,399
Administrative fees		827,681
Distribution fees - Class B		593,852
Custodian fees		91,500
Printing and mailing expenses		80,614
Professional fees		51,933
Trustees’ fees		7,267
Miscellaneous		14,976
Gross expenses		5,774,222
Less:   Fees paid indirectly		(1,220,103	)
Net expenses		4,554,119
NET INVESTMENT INCOME (LOSS)		(200,758	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(165,879,504	)
Futures		674,814
Net realized gain (loss)		(165,204,690	)
Change in unrealized appreciation (depreciation) on:
Securities		271,739,703
Futures		147,915
Net change in unrealized appreciation (depreciation)		271,887,618
NET REALIZED AND UNREALIZED GAIN (LOSS)		106,682,928
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	106,482,170

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)	$	(200,758	)	$	(4,093,016	)
Net realized gain (loss) on investments and futures		(165,204,690	)		(140,345,864	)
Net change in unrealized appreciation (depreciation) on investments and futures		271,887,618			(174,244,893	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		106,482,170			(318,683,773	)
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A*		—			(1,488,507	)
Class B		—			(1,149,052	)
TOTAL DISTRIBUTIONS		—			(2,637,559	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [ 16,163,252 and 73,387,630 shares, respectively ]		95,022,342			545,258,661
Capital shares issued in reinvestment of dividends [ 0 and 194,933 shares, respectively ]		—			1,488,507
Capital shares repurchased [ (42,137,347) and (2,221,410) shares, respectively ]		(178,841,128	)		(13,828,734	)
Total Class A transactions		(83,818,786	)		532,918,434
Class B
Capital shares sold [ 11,720,648 and 8,185,618 shares, respectively ]		65,191,386			55,336,899
Capital shares issued in reinvestment of dividends [ 0 and 150,717 shares, respectively ]		—			1,149,052
Capital shares repurchased [ (9,778,339) and (11,868,175) shares, respectively ]		(54,827,394	)		(84,548,019	)
Total Class B transactions		10,363,992			(28,062,068	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(73,454,794	)		504,856,366
TOTAL INCREASE (DECREASE) IN NET ASSETS		33,027,376			183,535,034
NET ASSETS:
Beginning of year		575,572,165			392,037,131
End of year (a)	$	608,599,541		$	575,572,165
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(2,382	)	$	(3,307	)
*   Class A commenced operations on January 22, 2008.

See Notes to Financial Statements.

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (d)

FINANCIAL HIGHLIGHTS

Class A	Year Ended December 31, 2009			January 22, 2008* to December 31, 2008
Net asset value, beginning of period	$	5.15		$	7.61
Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		(0.04	)(e)
Net realized and unrealized gain (loss) on investments and futures		1.79			(2.39	)
Total from investment operations		1.80			(2.43	)
Less distributions:
Distributions from net realized gains		—			(0.03	)
Net asset value, end of period	$	6.95		$	5.15
Total return (b)		34.95	%		(32.08	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	315,379		$	367,823
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.75	%		1.30	%(c)
Before fees paid indirectly (a)		1.07	%		1.35	%(c)
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.15	%		(0.59	)%
Before fees paid indirectly (a)		(0.17	)%		(0.64	)%
Portfolio turnover rate		116	%		98	%

	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	5.13		$	8.91		$	9.52		$	8.76		$	8.28
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)		(0.06	)(e)		(0.02	)(e)		(0.07	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		1.80			(3.69	)		0.33			0.95			0.70
Total from investment operations		1.79			(3.75	)		0.31			0.88			0.63
Less distributions:
Distributions from net realized gains		—			(0.03	)		(0.92	)		(0.12	)		(0.15	)
Net asset value, end of year	$	6.92		$	5.13		$	8.91		$	9.52		$	8.76
Total return		34.89	%		(42.21	)%		3.60	%		10.26	%		7.55	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	293,221		$	207,749		$	392,037		$	277,810		$	176,610
Ratio of expenses to average net assets:
After waivers		1.32	%		1.53	%		1.47	%		1.30	%		1.30	%
After waivers and fees paid indirectly		1.14	%		1.48	%		1.27	%		1.30	%		1.30	%
Before waivers and fees paid indirectly		1.32	%		1.53	%		1.54	%		1.39	%		1.37	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.42	)%		(0.90	)%		(0.39	)%		(0.77	)%		(0.85	)%
After waivers and fees paid indirectly		(0.24	)%		(0.85	)%		(0.19	)%		(0.77	)%		(0.85	)%
Before waivers and fees paid indirectly		(0.42	)%		(0.90	)%		(0.46	)%		(0.85	)%		(0.92	)%
Portfolio turnover rate		116	%		98	%		177	%		279	%		273	%
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 SMALL CAP GROWTH PORTFOLIO (d)

FINANCIAL HIGHLIGHTS (Continued)

* Commencement of operations.

(a) Ratios for periods less than one year are annualized.

(b) Total returns for periods less than one year are not annualized.

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

(d) On July 6, 2007, this Portfolio received, through a merger, the assets and liabilities of the EQ/Wells Fargo Montgomery Small Cap Portfolio that followed the same investment objectives of this Portfolio. The information prior to January 1, 2005 is that of the predecessor EQ/Wells Fargo Montgomery Small Cap Portfolio. Information for the year ended December 31, 2007 includes the results of the operations of the predecessor EQ/Wells Fargo Montgomery Small Cap Portfolio from January 1, 2007 through July 6, 2007.

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

See Notes to Financial Statements.

288

MULTIMANAGER SMALL CAP VALUE PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø Franklin Advisory Services, LLC

_Ø Pacific Global Management Company

_Ø SSgA Funds Management, Inc.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		10 Years		Since Incept.**
Portfolio – Class A Shares*	26.76	%	(2.72	)%	5.42	%	4.01	%
Portfolio – Class B Shares	26.40		(2.95	)	5.23		3.85
Russell 2000® Value Index	20.58		(0.01	)	8.27		6.12
*   Date of inception 10/2/02. Returns shown for Class A shares prior to this period are derived from the historical performance of Class B shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees. ** Date of inception 1/1/98     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 26.76% for the year ended December 31, 2009. The Portfolio's benchmark, the Russell 2000^® Value Index, returned 20.58% over the same period.

Asset Class Overview

Over the 12 months, small cap value stocks, as measured by the Russell 2000^® Value Index, returned 20.58%. Nine of the ten sectors in the index made positive contributions to return. The leading contributors to the benchmark’s performance were consumer discretionary and information technology stocks. Negative performance in the financial sector, which comprised approximately 35% of the index, detracted from 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 2000^® Value Index.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• The Portfolio outperformed its benchmark in 2009.

• The Energy, Industrials, Consumer Discretionary, Financial and Utilities sectors contributed to the Portfolio’s relative performance on a positive basis.

• Stock selection was a positive for the Portfolio in the Industrials sector.

• Owning Thor Industries Inc. and Amerigon Inc. (both in the Consumer Discretionary sector); Reliance Steel and Aluminum (Materials sector) and Orion Marine Group, Inc. (Industrials sector) while the benchmark did not, proved beneficial for the Portfolio.

• The leading individual contributor to relative performance was Sonic Automotive Inc. (Consumer Discretionary sector).

What hurt performance during the year:

• The Information Technology sector detracted from relative performance.

• Leading detractors from performance came mainly from the Financial sector. These included Cathay General Bancorp, TrustCo Bank Corp., and Webster Financial Corp.

• Owning Old Republic International Corp. (Financial sector) while the benchmark did not proved harmful to the Portfolio’s relative performance.

• 3Com Corp. (Information Technology sector) was also among the leading detractors.

289

MULTIMANAGER SMALL CAP VALUE PORTFOLIO (Unaudited)

Sector Weightings as of 12/31/09	% of Net Assets
Financials	24.1	%
Industrials	22.8
Consumer Discretionary	15.1
Energy	9.1
Materials	8.4
Information Technology	6.8
Health Care	5.0
Utilities	4.3
Consumer Staples	2.5
Telecommunication Services	0.5
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	$1,247.70	$5.95
Hypothetical (5% average return before expenses)	1,000.00	1,019.91	5.35
Class B
Actual	1,000.00	1,247.80	7.37
Hypothetical (5% average return before expenses)	1,000.00	1,018.65	6.61
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.05% and 1.30% , respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

290

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2009

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.1%)
Auto Components (2.0%)
American Axle & Manufacturing Holdings, Inc.*	37,700	$	302,354
Amerigon, Inc.*	340,000		2,699,600
ArvinMeritor, Inc.*	53,800		601,484
Autoliv, Inc.^	101,100		4,383,696
Dana Holding Corp.*	116,200		1,259,608
Dorman Products, Inc.*	7,800		122,148
Drew Industries, Inc.*	31,900		658,735
Exide Technologies, Inc.*	40,100		285,111
Gentex Corp.^	197,400		3,523,590
Hawk Corp., Class A*	4,500		79,245
Modine Manufacturing Co.*	38,700		458,208
Raser Technologies, Inc.*	9,000		11,160
Spartan Motors, Inc.	25,300		142,439
Standard Motor Products, Inc.*	7,500		63,900
Stoneridge, Inc.*	14,400		129,744
Superior Industries International, Inc.	19,600		299,880
Tenneco, Inc.*	48,200		854,586
			15,875,488
Automobiles (1.0%)
Thor Industries, Inc.	181,000		5,683,400
Winnebago Industries, Inc.*^	166,900		2,036,180
			7,719,580
Distributors (0.0%)
Audiovox Corp., Class A*	16,400		116,276
Core-Mark Holding Co., Inc.*	5,900		194,464
			310,740
Diversified Consumer Services (0.5%)
Jackson Hewitt Tax Service, Inc.*	27,100		119,240
Mac-Gray Corp.*	9,300		95,790
Regis Corp.	161,400		2,512,998
Sotheby’s, Inc.	5,600		125,888
Steiner Leisure Ltd.*	6,200		246,512
Stewart Enterprises, Inc., Class A	68,500		352,775
			3,453,203
Hotels, Restaurants & Leisure (0.9%)
AFC Enterprises, Inc.*	19,100		155,856
Benihana, Inc., Class A*	7,200		27,288
Bluegreen Corp.*	12,900		31,218
Bob Evans Farms, Inc.	24,900		720,855
Churchill Downs, Inc.	8,300		310,005
Cracker Barrel Old Country Store, Inc.	5,400		205,146
Domino’s Pizza, Inc.*	29,000		243,020
Frisch’s Restaurants, Inc.	1,900		45,315
Gaylord Entertainment Co.*	31,200		616,200
Great Wolf Resorts, Inc.*	23,100		54,747
Lakes Entertainment, Inc.*	12,700		31,877
Landry’s Restaurants, Inc.*	5,800		123,482
Life Time Fitness, Inc.*	29,800		742,914
Luby’s, Inc.*	19,900		73,232
Marcus Corp.	16,700		214,094
McCormick & Schmick’s Seafood Restaurants, Inc.*	13,300		92,568

	Number of Shares	Value (Note 1)
Monarch Casino & Resort, Inc.*	1,400	$	11,340
Multimedia Games, Inc.*	19,400		116,594
O’Charleys, Inc.*	15,800		103,490
Orient-Express Hotels Ltd., Class A*	62,200		630,708
Papa John’s International, Inc.*	3,600		84,096
Pinnacle Entertainment, Inc.*	23,500		211,030
Red Lion Hotels Corp.*	13,500		66,690
Red Robin Gourmet Burgers, Inc.*	9,900		177,210
Ruby Tuesday, Inc.*	55,600		400,320
Ruth’s Hospitality Group, Inc.*	5,500		11,495
Sonic Corp.*	4,200		42,294
Speedway Motorsports, Inc.	10,800		190,296
Steak n Shake Co.*	985		319,258
Vail Resorts, Inc.*	24,600		929,880
			6,982,518
Household Durables (2.3%)
American Greetings Corp., Class A	32,000		697,280
Bassett Furniture Industries, Inc.*	19,600		68,992
Beazer Homes USA, Inc.*	33,800		163,592
Blyth, Inc.	4,975		167,757
Brookfield Homes Corp.*	9,400		75,200
Cavco Industries, Inc.*	5,600		201,152
CSS Industries, Inc.	6,600		128,304
D.R. Horton, Inc.^	222,200		2,415,314
Ethan Allen Interiors, Inc.^	194,500		2,610,190
Furniture Brands International, Inc.*	34,400		187,824
Helen of Troy Ltd.*	24,800		606,608
Hooker Furniture Corp.	178,000		2,201,860
Hovnanian Enterprises, Inc., Class A*	17,000		65,280
La-Z-Boy, Inc.*	296,500		2,825,645
M.D.C. Holdings, Inc.	70,800		2,197,632
M/I Homes, Inc.*	163,900		1,702,921
Meritage Homes Corp.*	26,905		520,074
Ryland Group, Inc.	34,900		687,530
Sealy Corp.*	31,000		97,960
Skyline Corp.	6,600		121,440
Standard Pacific Corp.*	88,700		331,738
Stanley Furniture Co., Inc.*	10,200		103,530
Universal Electronics, Inc.*	3,500		81,270
			18,259,093
Internet & Catalog Retail (0.1%)
1-800-FLOWERS.COM, Inc., Class A*	22,300		59,095
Gaiam, Inc., Class A*	15,900		122,271
Orbitz Worldwide, Inc.*	15,700		115,238
Shutterfly, Inc.*	15,500		276,055
			572,659
Leisure Equipment & Products (0.6%)
Brunswick Corp.^	192,300		2,444,133
Callaway Golf Co.	53,000		399,620
Eastman Kodak Co.*	224,200		946,124
JAKKS Pacific, Inc.*	23,800		288,456
Leapfrog Enterprises, Inc.*	27,100		105,961
Marine Products Corp.	6,700		33,031

See Notes to Financial Statements.

291

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Pool Corp.	18,300	$	349,164
RC2 Corp.*	16,800		247,800
Sport Supply Group, Inc.	6,700		84,353
Steinway Musical Instruments*	6,600		105,006
			5,003,648
Media (0.5%)
Ascent Media Corp., Class A*	12,500		319,125
Belo Corp., Class A	73,200		398,208
Cinemark Holdings, Inc.	3,200		45,984
EW Scripps Co., Class A*	24,800		172,608
Fisher Communications, Inc.*	5,600		91,000
Global Sources Ltd.*	13,900		86,875
Harte-Hanks, Inc.	31,100		335,258
Journal Communications, Inc., Class A	38,900		151,321
Knology, Inc.*	16,100		176,295
LIN TV Corp., Class A*	26,300		117,298
Live Nation, Inc.*	69,200		588,892
Mediacom Communications Corp., Class A*	19,300		86,271
National CineMedia, Inc.	32,700		541,839
Outdoor Channel Holdings, Inc.*	10,100		58,580
Primedia, Inc.	14,200		51,262
Reading International, Inc., Class A*	14,000		56,700
Scholastic Corp.	18,200		542,906
Sinclair Broadcast Group, Inc., Class A*	30,600		123,318
Valassis Communications, Inc.*	7,300		133,298
World Wrestling Entertainment, Inc., Class A	5,000		76,650
			4,153,688
Multiline Retail (1.3%)
99 Cents Only Stores*	5,600		73,192
Dillard’s, Inc., Class A	42,600		785,970
Fred’s, Inc., Class A^	285,300		2,910,060
J.C. Penney Co., Inc.	145,900		3,882,399
Retail Ventures, Inc.*	20,700		184,023
Saks, Inc.*^	307,200		2,015,232
Tuesday Morning Corp.*^	189,599		489,165
			10,340,041
Specialty Retail (4.6%)
America’s Car-Mart, Inc.*	4,000		105,320
AnnTaylor Stores Corp.*	48,800		665,632
Asbury Automotive Group, Inc.*	26,200		302,086
Books-A-Million, Inc.	6,600		44,352
Borders Group, Inc.*	47,700		56,286
Brown Shoe Co., Inc.^	280,200		2,765,574
Buckle, Inc.	2,100		61,488
Build-A-Bear Workshop, Inc.*	16,200		79,218
Cabela’s, Inc.*	33,000		470,580
Charming Shoppes, Inc.*	92,300		597,181
Christopher & Banks Corp.	391,100		2,980,182
Coldwater Creek, Inc.*	11,200		49,952
Collective Brands, Inc.*	29,300		667,161
Conn’s, Inc.*	339,400		1,982,096
Dress Barn, Inc.*	36,201		836,243
DSW, Inc., Class A*	9,600		248,448
Finish Line, Inc., Class A	16,000		200,800

	Number of Shares	Value (Note 1)
Genesco, Inc.*	18,800	$	516,248
Group 1 Automotive, Inc.*^	149,600		4,241,160
Gymboree Corp.*^	32,300		1,404,727
Haverty Furniture Cos., Inc.	14,800		203,204
HOT Topic, Inc.*	13,400		85,224
Jo-Ann Stores, Inc.*	13,600		492,864
Lithia Motors, Inc., Class A*	14,600		120,012
Men’s Wearhouse, Inc.^	218,700		4,605,822
New York & Co., Inc.*	19,500		83,655
OfficeMax, Inc.*	18,600		236,034
Pacific Sunwear of California, Inc.*	53,763		213,977
PEP Boys-Manny, Moe & Jack	40,000		338,400
Pier 1 Imports, Inc.*	326,200		1,660,358
Rent-A-Center, Inc.*	55,400		981,688
REX Stores Corp.*	5,700		80,142
Rue21, Inc.*	2,800		78,652
Sally Beauty Holdings, Inc.*	58,400		446,760
Shoe Carnival, Inc.*	6,900		141,243
Sonic Automotive, Inc., Class A*	442,200		4,594,458
Stage Stores, Inc.	32,500		401,700
Stein Mart, Inc.*	2,000		21,320
Syms Corp.*	6,100		44,103
Systemax, Inc.	6,400		100,544
Talbots, Inc.*	9,000		80,190
Vitamin Shoppe, Inc.*	3,800		84,512
West Marine, Inc.*^	222,700		1,794,962
Zale Corp.*^	228,400		621,248
			35,785,806
Textiles, Apparel & Luxury Goods (1.3%)
Carter’s, Inc.*	10,700		280,875
Columbia Sportswear Co.	9,800		382,592
Crocs, Inc.*	47,600		273,700
G-III Apparel Group Ltd.*	6,900		149,523
Iconix Brand Group, Inc.*	57,800		731,170
Jones Apparel Group, Inc.	69,500		1,116,170
Kenneth Cole Productions, Inc., Class A*	6,000		57,900
K-Swiss, Inc., Class A*	11,300		112,322
Liz Claiborne, Inc.*	24,000		135,120
Movado Group, Inc.	12,700		123,444
Oxford Industries, Inc.	2,800		57,904
Perry Ellis International, Inc.*	7,600		114,456
Quiksilver, Inc.*	115,300		232,906
Skechers U.S.A., Inc., Class A*	27,600		811,716
Timberland Co., Class A*	67,100		1,203,103
Unifi, Inc.*	34,000		131,920
UniFirst Corp.	9,400		452,234
Warnaco Group, Inc.*^	86,900		3,666,311
			10,033,366
Total Consumer Discretionary			118,489,830
Consumer Staples (2.5%)
Beverages (0.0%)
Heckmann Corp.*	70,300		350,797
National Beverage Corp.*	5,500		76,230
			427,027

See Notes to Financial Statements.

292

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Food & Staples Retailing (1.0%)
Andersons, Inc.	15,600	$	402,792
Casey’s General Stores, Inc.	130,500		4,165,560
Great Atlantic & Pacific Tea Co., Inc.*	29,300		345,447
Ingles Markets, Inc., Class A	10,100		152,813
Nash Finch Co.	10,900		404,281
Pantry, Inc.*	17,400		236,466
Ruddick Corp.	29,500		759,035
Spartan Stores, Inc.	19,400		277,226
Susser Holdings Corp.*	4,600		39,514
Village Super Market, Inc., Class A	400		10,928
Weis Markets, Inc.	7,800		283,608
Winn-Dixie Stores, Inc.*	46,900		470,876
			7,548,546
Food Products (1.1%)
Alico, Inc.	400		11,384
American Italian Pasta Co., Class A*	5,000		173,950
B&G Foods, Inc., Class A	17,700		162,486
Chiquita Brands International, Inc.*	37,100		669,284
Darling International, Inc.*	330,000		2,765,400
Diamond Foods, Inc.	2,700		95,958
Dole Food Co., Inc.*	9,600		119,136
Farmer Bros Co.	3,800		75,012
Fresh Del Monte Produce, Inc.*	34,100		753,610
Griffin Land & Nurseries, Inc.	3,200		93,216
Hain Celestial Group, Inc.*	24,600		418,446
Imperial Sugar Co.	9,800		170,912
Omega Protein Corp.*	377,900		1,647,644
Seneca Foods Corp., Class A*	8,400		200,508
Smart Balance, Inc.*	14,000		84,000
TreeHouse Foods, Inc.*	26,400		1,025,904
			8,466,850
Household Products (0.1%)
Central Garden & Pet Co., Class A*	51,600		512,904
Oil-Dri Corp. of America	5,100		79,050
WD-40 Co.	4,100		132,676
			724,630
Personal Products (0.2%)
American Oriental Bioengineering, Inc.*	30,600		142,290
Chattem, Inc.*	1,000		93,300
Elizabeth Arden, Inc.*	21,100		304,684
Inter Parfums, Inc.	10,500		127,785
Mannatech, Inc.	12,400		38,688
Nutraceutical International Corp.*	7,700		95,249
Prestige Brands Holdings, Inc.*	28,400		223,224
Revlon, Inc., Class A*	8,200		139,482
Schiff Nutrition International, Inc.	8,600		67,252
			1,231,954

	Number of Shares	Value (Note 1)
Tobacco (0.1%)
Alliance One International, Inc.*	24,500	$	119,560
Universal Corp.	19,400		884,834
			1,004,394
Total Consumer Staples			19,403,401
Energy (9.1%)
Energy Equipment & Services (6.5%)
Allis-Chalmers Energy, Inc.*	54,000		203,580
Atwood Oceanics, Inc.*	64,600		2,315,910
Basic Energy Services, Inc.*	17,600		156,640
Bolt Technology Corp.*	5,800		63,916
Boots & Coots, Inc.*	1,827,000		3,014,550
Bristow Group, Inc.*^	152,600		5,867,470
Bronco Drilling Co., Inc.*	19,900		100,893
Cal Dive International, Inc.*	30,600		231,336
CARBO Ceramics, Inc.	8,300		565,811
Complete Production Services, Inc.*	48,200		626,600
Dawson Geophysical Co.*	6,500		150,215
Global Industries Ltd.*	422,580		3,012,995
Gulf Island Fabrication, Inc.	9,700		203,991
GulfMark Offshore, Inc.*	9,500		268,945
Helix Energy Solutions Group, Inc.*	154,200		1,811,850
Hercules Offshore, Inc.*	84,700		404,866
Hornbeck Offshore Services, Inc.*	125,000		2,910,000
ION Geophysical Corp.*	295,200		1,747,584
Key Energy Services, Inc.*	103,300		908,007
Lufkin Industries, Inc.	1,200		87,840
Matrix Service Co.*	240,200		2,558,130
Mitcham Industries, Inc.*	310,000		2,284,700
Natural Gas Services Group, Inc.*	109,100		2,056,535
Newpark Resources, Inc.*	74,900		316,827
Oil States International, Inc.*^	78,900		3,099,981
OYO Geospace Corp.*	3,000		128,670
Parker Drilling Co.*	501,200		2,480,940
PHI, Inc.*	4,300		89,010
Pioneer Drilling Co.*	29,200		230,680
Rowan Cos., Inc.*	195,000		4,414,800
Superior Well Services, Inc.*	14,200		202,492
T-3 Energy Services, Inc.*	10,900		277,950
TETRA Technologies, Inc.*	31,000		343,480
Tidewater, Inc.	87,305		4,186,275
Union Drilling, Inc.*	6,995		43,719
Unit Corp.*^	77,200		3,281,000
Vantage Drilling Co.*	55,800		89,838
			50,738,026
Oil, Gas & Consumable Fuels (2.6%)
Alon USA Energy, Inc.	6,300		43,092
Approach Resources, Inc.*	8,100		62,532
Arch Coal, Inc.^	29,700		660,825
Atlas Energy, Inc.	29,200		880,964
ATP Oil & Gas Corp.*	25,100		458,828
Berry Petroleum Co., Class A	35,900		1,046,485
Bill Barrett Corp.*	32,200		1,001,742
BPZ Resources, Inc.*	15,500		147,250
Brigham Exploration Co.*	33,300		451,215
Cheniere Energy, Inc.*	37,700		91,234
Clayton Williams Energy, Inc.*	4,800		168,192

See Notes to Financial Statements.

293

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Cloud Peak Energy, Inc.*	14,200	$	206,752
Crosstex Energy, Inc.	33,900		205,095
CVR Energy, Inc.*	18,400		126,224
Delek U.S. Holdings, Inc.	12,800		87,168
Delta Petroleum Corp.*	73,800		76,752
DHT Maritime, Inc.	41,100		151,248
General Maritime Corp.	42,900		299,871
GeoResources, Inc.*	7,200		98,352
GMX Resources, Inc.*	10,100		138,774
Golar LNG Ltd.*	9,500		121,790
Goodrich Petroleum Corp.*	19,800		482,130
Gran Tierra Energy, Inc.*	170,400		976,392
Green Plains Renewable Energy, Inc.*	7,300		108,551
Gulfport Energy Corp.*	1,900		21,755
Harvest Natural Resources, Inc.*	27,500		145,475
International Coal Group, Inc.*	79,800		308,028
Knightsbridge Tankers Ltd.	14,300		189,618
Nordic American Tanker Shipping Ltd.	34,300		1,029,000
Oilsands Quest, Inc.*	158,500		182,275
Overseas Shipholding Group, Inc.	59,000		2,593,050
Patriot Coal Corp.*	61,500		950,790
Penn Virginia Corp.	37,900		806,891
Petroleum Development Corp.*	16,900		307,749
PetroQuest Energy, Inc.*	41,600		255,008
Quest Resource Corp.*	600,000		348,000
Rex Energy Corp.*	7,100		85,200
Rosetta Resources, Inc.*	43,400		864,962
Ship Finance International Ltd.	14,385		196,065
Stone Energy Corp.*	33,700		608,285
Swift Energy Co.*	30,300		725,988
Teekay Corp.	78,900		1,831,269
Toreador Resources Corp.*	1,700		16,830
USEC, Inc.*	92,300		355,355
VAALCO Energy, Inc.*	45,900		208,845
Venoco, Inc.*	10,100		131,704
Warren Resources, Inc.*	27,000		66,150
Western Refining, Inc.*	35,700		168,147
Westmoreland Coal Co.*	7,600		67,716
			20,555,613
Total Energy			71,293,639
Financials (24.1%)
Capital Markets (1.8%)
Allied Capital Corp.*	147,800		533,558
American Capital Ltd.*	233,100		568,764
Apollo Investment Corp.	132,748		1,265,088
Ares Capital Corp.	89,146		1,109,868
Artio Global Investors, Inc.*	18,200		463,918
BGC Partners, Inc., Class A	15,400		71,148
BlackRock Kelso Capital Corp.	9,072		77,293
Calamos Asset Management, Inc., Class A	16,700		192,551
Capital Southwest Corp.	2,400		189,120
Cohen & Steers, Inc.	7,600		173,584
Cowen Group, Inc., Class A*	10,300		60,976
E*TRADE Financial Corp.*	1,285,500		2,249,625
Evercore Partners, Inc., Class A	8,200		249,280
FBR Capital Markets Corp.*	13,400		82,812
Fifth Street Finance Corp.	25,891		278,069

	Number of Shares	Value (Note 1)
GAMCO Investors, Inc., Class A	2,800	$	135,212
Gladstone Capital Corp.	16,500		127,050
Gladstone Investment Corp.	20,500		93,480
Harris & Harris Group, Inc.*	23,200		106,024
Hercules Technology Growth Capital, Inc.	29,692		308,500
International Assets Holding Corp.*	8,053		117,091
JMP Group, Inc.	9,900		96,228
KBW, Inc.*	15,400		421,344
Knight Capital Group, Inc., Class A*	38,100		586,740
Kohlberg Capital Corp.	13,701		62,477
LaBranche & Co., Inc.*	42,900		121,836
MCG Capital Corp.*	59,000		254,880
MF Global Ltd.*	56,000		389,200
MVC Capital, Inc.	17,100		201,780
NGP Capital Resources Co.	17,762		144,405
Oppenheimer Holdings, Inc., Class A	7,600		252,472
PennantPark Investment Corp.	19,829		176,875
Penson Worldwide, Inc.*	7,200		65,232
Piper Jaffray Cos., Inc.*	16,400		830,004
Prospect Capital Corp.	53,060		626,639
Safeguard Scientifics, Inc.*	11,200		115,472
Sanders Morris Harris Group, Inc.	18,100		99,550
SWS Group, Inc.	18,300		221,430
Teton Advisors, Inc., Class B*†	74		1,124
Thomas Weisel Partners Group, Inc.*	18,300		69,174
TICC Capital Corp.	21,676		131,140
TradeStation Group, Inc.*	20,600		162,534
Triangle Capital Corp.	7,906		95,583
Virtus Investment Partners, Inc.*	5,700		90,630
Westwood Holdings Group, Inc.	900		32,706
			13,702,466
Commercial Banks (6.6%)
1st Source Corp.	12,600		202,734
Alliance Financial Corp./New York	4,000		108,600
American National Bankshares, Inc.	4,700		102,930
Ameris Bancorp	12,388		88,695
Ames National Corp.	3,600		75,996
Arrow Financial Corp.	3,605		90,125
Auburn National Bancorp., Inc.	2,400		47,256
BancFirst Corp.	5,200		192,608
Banco Latinoamericano de Comercio Exterior S.A.	23,900		332,210
Bancorp Rhode Island, Inc.	3,600		92,448
Bancorp, Inc./Delaware*	11,200		76,832
Bank of Kentucky Financial Corp.	3,100		58,218
Bank of the Ozarks, Inc.	10,600		310,262
Banner Corp.	14,500		38,860
Bar Harbor Bankshares	2,900		79,605
Boston Private Financial Holdings, Inc.	55,400		319,658
Bryn Mawr Bank Corp.	4,500		67,905
Camden National Corp.	6,400		209,280
Cape Bancorp, Inc.*	11,600		77,952
Capital City Bank Group, Inc.	11,300		156,392

See Notes to Financial Statements.

294

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Cardinal Financial Corp.	11,300	$	98,762
Cathay General Bancorp	337,500		2,548,125
Center Bancorp, Inc.	12,226		109,056
Centerstate Banks, Inc.	8,300		83,747
Central Pacific Financial Corp.*	27,500		36,025
Century Bancorp, Inc./Massachusetts, Class A	3,500		77,105
Chemical Financial Corp.^	145,400		3,428,532
Chicopee Bancorp, Inc.*	6,400		79,872
Citizens & Northern Corp.	8,100		77,274
Citizens Holding Co.	3,000		67,170
Citizens Republic Bancorp, Inc.*	341,000		235,290
City Holding Co.	12,400		400,892
CNB Financial Corp./Pennsylvania	4,600		73,554
CoBiz Financial, Inc.	25,700		122,075
Columbia Banking System, Inc.	23,000		372,140
Community Bank System, Inc.	26,400		509,784
Community Trust Bancorp, Inc.	12,900		315,405
CVB Financial Corp.	68,600		592,704
Danvers Bancorp, Inc.	16,900		219,531
Eagle Bancorp, Inc.*	9,900		103,653
East West Bancorp, Inc.	376,400		5,947,120
Enterprise Bancorp, Inc./Massachusetts	5,100		55,845
Enterprise Financial Services Corp.	5,400		41,634
F.N.B. Corp./Pennsylvania	95,000		645,050
Farmers Capital Bank Corp.	5,700		58,254
Financial Institutions, Inc.	9,800		115,444
First Bancorp, Inc./Maine	7,500		115,650
First Bancorp/North Carolina	11,600		162,052
First BanCorp/Puerto Rico	62,400		143,520
First Busey Corp.	37,200		144,708
First California Financial Group, Inc.*	5,900		16,166
First Commonwealth Financial Corp.	72,700		338,055
First Community Bancshares, Inc./Virginia	12,500		150,625
First Financial Bancorp	42,700		621,712
First Financial Bankshares, Inc.	7,900		428,417
First Financial Corp./Indiana	10,400		317,408
First Merchants Corp.	16,000		95,040
First Midwest Bancorp, Inc./Illinois	43,500		473,715
First of Long Island Corp.	3,400		85,850
First South Bancorp, Inc./North Carolina	7,100		73,130
FirstMerit Corp.	67,215		1,353,710
German American Bancorp, Inc.	9,200		149,500
Glacier Bancorp, Inc.	51,267		703,383
Great Southern Bancorp, Inc.	6,400		136,704
Guaranty Bancorp*	46,200		60,984
Hampton Roads Bankshares, Inc.	18,000		31,140
Hancock Holding Co.	20,400		893,316
Harleysville National Corp.	34,600		222,824
Heartland Financial USA, Inc.	11,500		165,025
Heritage Financial Corp./Washington	5,600		77,168
Home Bancorp, Inc.*	8,800		107,272
Home Bancshares, Inc./Arkansas	14,000		336,980

	Number of Shares	Value (Note 1)
IBERIABANK Corp.	17,200	$	925,532
Independent Bank Corp./Massachusetts	17,900		373,931
International Bancshares Corp.	43,400		821,562
Investors Bancorp, Inc.*	36,900		403,686
Lakeland Bancorp, Inc.	18,500		118,215
Lakeland Financial Corp.	12,500		215,625
MainSource Financial Group, Inc.	18,700		89,386
MB Financial, Inc.	41,800		824,296
Merchants Bancshares, Inc.	4,700		106,408
Metro Bancorp, Inc.*	3,000		37,710
Midsouth Bancorp, Inc.	4,600		63,940
Nara Bancorp, Inc.*	13,000		147,420
National Bankshares, Inc./Virginia	5,800		164,082
National Penn Bancshares, Inc.	105,200		609,108
NBT Bancorp, Inc.	27,700		564,249
Northfield Bancorp, Inc./New Jersey	15,500		209,560
Northrim BanCorp, Inc.	6,300		106,344
Norwood Financial Corp.	1,900		54,321
Ohio Valley Banc Corp.	3,900		85,917
Old National Bancorp/Indiana	72,600		902,418
Old Point Financial Corp.	2,100		32,655
Old Second Bancorp, Inc.	8,900		61,321
Oriental Financial Group, Inc.	20,400		220,320
Orrstown Financial Services, Inc.	2,700		94,176
Pacific Capital Bancorp N.A.	43,900		42,144
Pacific Continental Corp.	15,700		179,608
PacWest Bancorp	22,700		457,405
Park National Corp.	8,900		524,032
Peapack Gladstone Financial Corp.	6,580		83,434
Penns Woods Bancorp, Inc.	1,700		55,148
Peoples Bancorp, Inc./Ohio^	68,500		663,080
Peoples Financial Corp./Mississippi	3,800		77,216
Pinnacle Financial Partners, Inc.*	28,100		399,582
Porter Bancorp, Inc.	2,940		44,218
Premierwest Bancorp	18,585		26,391
PrivateBancorp, Inc.	10,500		94,185
Prosperity Bancshares, Inc.	37,600		1,521,672
Renasant Corp.	17,100		232,560
Republic Bancorp, Inc./Kentucky, Class A	7,700		158,620
Republic First Bancorp, Inc.*	7,300		31,171
S&T Bancorp, Inc.	20,600		350,406
Sandy Spring Bancorp, Inc.	12,900		114,681
Santander BanCorp*	4,300		52,804
SCBT Financial Corp.	10,300		285,207
Shore Bancshares, Inc.	8,000		115,680
Sierra Bancorp	6,600		50,358
Signature Bank/New York*	6,600		210,540
Simmons First National Corp., Class A	13,400		372,520
Smithtown Bancorp, Inc.	11,200		66,640
South Financial Group, Inc.	144,500		93,159
Southside Bancshares, Inc.	8,560		167,947
Southwest Bancorp, Inc./Oklahoma	13,900		96,466
State Bancorp, Inc./New York	12,800		91,008
StellarOne Corp.	19,100		190,236

See Notes to Financial Statements.

295

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Sterling Bancorp/New York	17,300	$	123,522
Sterling Bancshares, Inc./Texas	70,500		361,665
Sterling Financial Corp./Washington*	49,800		30,876
Suffolk Bancorp	3,100		92,070
Sun Bancorp, Inc./New Jersey*	14,175		53,156
Susquehanna Bancshares, Inc.	73,800		434,682
SVB Financial Group*	30,200		1,259,038
SY Bancorp, Inc.	5,300		113,155
Texas Capital Bancshares, Inc.*	26,600		371,336
Tompkins Financial Corp.	4,100		166,050
Tower Bancorp, Inc.	3,400		77,690
TowneBank/Virginia	19,100		223,088
Trico Bancshares	11,600		193,140
Trustmark Corp.	51,800		1,167,572
UMB Financial Corp.	27,000		1,062,450
Umpqua Holdings Corp.	72,400		970,884
Union Bankshares Corp./Virginia	15,800		195,762
United Bankshares, Inc.	30,900		617,073
United Community Banks, Inc./Georgia*	71,603		242,734
United Security Bancshares, Inc./Alabama	4,600		78,844
Univest Corp. of Pennsylvania	14,600		255,938
Washington Banking Co.	9,400		112,236
Washington Trust Bancorp, Inc.	12,300		191,634
Webster Financial Corp.	55,200		655,224
WesBanco, Inc.	19,500		240,630
West Bancorp, Inc.	15,500		76,415
Westamerica Bancorp	10,500		581,385
Western Alliance Bancorp*	38,200		144,396
Wilber Corp.	5,900		42,480
Wilshire Bancorp, Inc.	14,600		119,574
Wintrust Financial Corp.	19,900		612,721
Yadkin Valley Financial Corp.	13,200		48,312
			51,542,695
Consumer Finance (1.0%)
Advance America Cash Advance Centers, Inc.	5,300		29,468
Cash America International, Inc.	24,700		863,512
CompuCredit Holdings Corp.	4,900		16,317
Credit Acceptance Corp.*	100		4,210
Dollar Financial Corp.*	3,600		85,176
EZCORP, Inc., Class A*	240,000		4,130,400
First Cash Financial Services, Inc.*	100,000		2,219,000
First Marblehead Corp.*	46,900		99,897
Nelnet, Inc., Class A	11,200		192,976
Rewards Network, Inc.	4,333		54,769
World Acceptance Corp.*	13,300		476,539
			8,172,264
Diversified Financial Services (0.3%)
Asset Acceptance Capital Corp.*	9,100		61,698
Compass Diversified Holdings	20,100		256,476
Encore Capital Group, Inc.*	11,300		196,620
Financial Federal Corp.	13,600		374,000
Medallion Financial Corp.	13,500		110,295
NewStar Financial, Inc.*	16,200		63,504
PHH Corp.*	44,100		710,451
PICO Holdings, Inc.*	11,100		363,303

	Number of Shares	Value (Note 1)
Primus Guaranty Ltd.*	8,100	$	24,705
Resource America, Inc., Class A	9,700		39,188
			2,200,240
Insurance (7.0%)
Ambac Financial Group, Inc.*	254,600		211,318
American Equity Investment Life Holding Co.	48,200		358,608
American National Insurance Co.^	20,500		2,448,520
American Physicians Capital, Inc.	6,933		210,209
American Physicians Service Group, Inc.	4,900		113,043
American Safety Insurance Holdings Ltd.*	6,800		98,260
AMERISAFE, Inc.*	16,400		294,708
Amtrust Financial Services, Inc.	16,400		193,848
Argo Group International Holdings Ltd.*	25,800		751,812
Arthur J. Gallagher & Co.^	73,800		1,661,238
Aspen Insurance Holdings Ltd.	151,600		3,858,220
Assured Guaranty Ltd.	87,922		1,913,183
Baldwin & Lyons, Inc., Class B	6,900		169,809
Citizens, Inc./Texas*	8,300		54,199
CNA Surety Corp.*	14,200		211,438
Conseco, Inc.*	164,000		820,000
Crawford & Co., Class B*	4,700		18,518
Delphi Financial Group, Inc., Class A	38,700		865,719
Donegal Group, Inc., Class A	10,800		167,832
Eastern Insurance Holdings, Inc.	7,800		67,236
EMC Insurance Group, Inc.	4,700		101,097
Employers Holdings, Inc.	35,500		544,570
Enstar Group, Ltd.*	5,500		401,610
Erie Indemnity Co., Class A	52,500		2,048,550
FBL Financial Group, Inc., Class A	6,200		114,824
First Acceptance Corp.*	15,900		31,005
First Mercury Financial Corp.	7,400		101,454
Flagstone Reinsurance Holdings Ltd.	32,100		351,174
FPIC Insurance Group, Inc.*	6,200		239,444
Greenlight Capital Reinsurance Ltd., Class A*	23,300		549,181
Hallmark Financial Services*	5,800		46,168
Harleysville Group, Inc.	10,800		343,332
Hilltop Holdings, Inc.*	32,700		380,628
Horace Mann Educators Corp.	33,600		420,000
Independence Holding Co.	7,300		42,340
Infinity Property & Casualty Corp.	11,800		479,552
Kansas City Life Insurance Co.	4,100		121,975
Maiden Holdings Ltd.	42,400		310,368
Max Capital Group Ltd.	38,600		860,780
Meadowbrook Insurance Group, Inc.	47,000		347,800
Mercer Insurance Group, Inc.	5,500		99,935
Montpelier Reinsurance Holdings Ltd.	256,900		4,449,508
National Financial Partners Corp.*	35,400		286,386
National Interstate Corp.	6,000		101,760

See Notes to Financial Statements.

296

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
National Western Life Insurance Co., Class A	1,973	$	342,552
Navigators Group, Inc.*	10,400		489,944
NYMAGIC, Inc.	4,300		71,337
Old Republic International Corp.^	520,000		5,220,800
Phoenix Cos., Inc.*	84,500		234,910
Platinum Underwriters Holdings Ltd.	41,700		1,596,693
PMA Capital Corp., Class A*	28,800		181,440
Presidential Life Corp.	17,300		158,295
ProAssurance Corp.*	27,000		1,450,170
Protective Life Corp.	294,000		4,865,700
RLI Corp.^	49,100		2,614,575
Safety Insurance Group, Inc.	9,500		344,185
SeaBright Insurance Holdings, Inc.*	17,400		199,926
Selective Insurance Group, Inc.	42,800		704,060
StanCorp Financial Group, Inc.^	60,300		2,413,206
State Auto Financial Corp.	12,000		222,000
Stewart Information Services Corp.	13,400		151,152
Tower Group, Inc.	7,193		168,388
United America Indemnity Ltd., Class A*	31,751		251,468
United Fire & Casualty Co.	19,500		355,485
Validus Holdings Ltd.	135,000		3,636,900
Zenith National Insurance Corp.	74,200		2,208,192
			55,142,537
Real Estate Investment Trusts (REITs) (5.5%)
Acadia Realty Trust (REIT)	25,100		423,437
Agree Realty Corp. (REIT)	5,600		130,424
Alexander’s, Inc. (REIT)*	700		213,094
American Campus Communities, Inc. (REIT)	42,500		1,194,250
American Capital Agency Corp. (REIT)	13,000		345,020
Anworth Mortgage Asset Corp. (REIT)	92,400		646,800
Apollo Commercial Real Estate Finance, Inc. (REIT)*	7,100		127,729
Ashford Hospitality Trust, Inc. (REIT)*	41,600		193,024
Associated Estates Realty Corp. (REIT)	9,900		111,573
BioMed Realty Trust, Inc. (REIT)	79,800		1,259,244
CapLease, Inc. (REIT)	41,900		183,522
Capstead Mortgage Corp. (REIT)	56,200		767,130
Care Investment Trust, Inc. (REIT)	12,300		95,694
CBL & Associates Properties, Inc. (REIT)	112,200		1,084,974
Cedar Shopping Centers, Inc. (REIT)	31,000		210,800
Cogdell Spencer, Inc. (REIT)	27,300		154,518
Colonial Properties Trust (REIT)	55,100		646,323
Colony Financial, Inc. (REIT)	10,400		211,848
Cousins Properties, Inc. (REIT)	61,201		466,963
CreXus Investment Corp. (REIT)*	9,600		134,016

	Number of Shares	Value (Note 1)
Cypress Sharpridge Investments, Inc. (REIT)	12,900	$	174,279
DCT Industrial Trust, Inc. (REIT)	170,800		857,416
Developers Diversified Realty Corp. (REIT)	131,600		1,218,616
DiamondRock Hospitality Co. (REIT)	96,800		819,896
DuPont Fabros Technology, Inc. (REIT)	10,400		187,096
Dynex Capital, Inc. (REIT)	11,200		97,776
EastGroup Properties, Inc. (REIT)	8,100		310,068
Education Realty Trust, Inc. (REIT)	46,000		222,640
Entertainment Properties Trust (REIT)	34,200		1,206,234
Equity Lifestyle Properties, Inc. (REIT)	8,200		413,854
Equity One, Inc. (REIT)	28,000		452,760
Extra Space Storage, Inc. (REIT)	72,000		831,600
FelCor Lodging Trust, Inc. (REIT)*	51,400		185,040
First Industrial Realty Trust, Inc. (REIT)*	35,800		187,234
First Potomac Realty Trust (REIT)	23,300		292,881
Franklin Street Properties Corp. (REIT)	55,600		812,316
Getty Realty Corp. (REIT)	8,900		209,417
Gladstone Commercial Corp. (REIT)	8,400		112,644
Glimcher Realty Trust (REIT)	53,200		143,640
Government Properties Income Trust (REIT)	9,100		209,118
Gramercy Capital Corp./New York (REIT)*	32,700		84,693
Hatteras Financial Corp. (REIT)	30,300		847,188
Healthcare Realty Trust, Inc. (REIT)	49,700		1,066,562
Hersha Hospitality Trust (REIT)	34,300		107,702
Highwoods Properties, Inc. (REIT)	57,800		1,927,630
Home Properties, Inc. (REIT)	26,800		1,278,628
Inland Real Estate Corp. (REIT)	58,200		474,330
Invesco Mortgage Capital, Inc. (REIT)	6,800		154,768
Investors Real Estate Trust (REIT)	56,800		511,200
iStar Financial, Inc. (REIT)*	87,100		222,976
Kilroy Realty Corp. (REIT)	35,100		1,076,517
Kite Realty Group Trust (REIT)	35,400		144,078
LaSalle Hotel Properties (REIT)	53,200		1,129,436
Lexington Realty Trust (REIT)	74,210		451,197
LTC Properties, Inc. (REIT)	17,700		473,475
Medical Properties Trust, Inc. (REIT)	64,900		649,000
MFA Financial, Inc. (REIT)	228,700		1,680,945
Mid-America Apartment Communities, Inc. (REIT)	11,700		564,876
Mission West Properties, Inc. (REIT)	14,300		102,817

See Notes to Financial Statements.

297

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Monmouth Real Estate Investment Corp. (REIT), Class A	17,500	$	130,200
National Health Investors, Inc. (REIT)	20,000		739,800
National Retail Properties, Inc. (REIT)	65,100		1,381,422
NorthStar Realty Finance Corp. (REIT)	53,200		182,476
Omega Healthcare Investors, Inc. (REIT)	56,200		1,093,090
Parkway Properties, Inc./Maryland (REIT)	18,400		383,088
Pennsylvania Real Estate Investment Trust (REIT)	33,700		285,102
Pennymac Mortgage Investment Trust (REIT)*	11,600		199,288
Post Properties, Inc. (REIT)	40,500		793,800
Potlatch Corp. (REIT)	15,600		497,328
PS Business Parks, Inc. (REIT)	10,000		500,500
RAIT Financial Trust (REIT)*	59,500		77,945
Ramco-Gershenson Properties Trust (REIT)	22,400		213,696
Redwood Trust, Inc. (REIT)	56,400		815,544
Resource Capital Corp. (REIT)	15,500		76,260
Saul Centers, Inc. (REIT)	2,100		68,796
Sovran Self Storage, Inc. (REIT)	22,900		818,217
Strategic Hotels & Resorts, Inc. (REIT)*	71,700		133,362
Sun Communities, Inc. (REIT)	14,500		286,375
Sunstone Hotel Investors, Inc. (REIT)*	81,700		725,496
Tanger Factory Outlet Centers (REIT)	15,900		619,941
UMH Properties, Inc. (REIT)	6,800		57,664
Universal Health Realty Income Trust (REIT)	4,300		137,729
Urstadt Biddle Properties, Inc. (REIT), Class A	18,000		274,860
U-Store-It Trust (REIT)	65,500		479,460
Walter Investment Management Corp. (REIT)	15,500		222,115
Washington Real Estate Investment Trust (REIT)	42,200		1,162,610
Winthrop Realty Trust (REIT)	10,700		116,202
			42,965,292
Real Estate Management & Development (0.1%)
Avatar Holdings, Inc.*	5,900		100,359
China Housing & Land Development, Inc.*	25,300		104,489
Consolidated-Tomoka Land Co.	4,500		157,230
Forestar Group, Inc.*	29,700		652,806
			1,014,884
Thrifts & Mortgage Finance (1.8%)
Abington Bancorp, Inc.	20,200		139,178
Astoria Financial Corp.	71,300		886,259
Bank Mutual Corp.	41,300		285,796
BankFinancial Corp.	18,200		180,180
Beneficial Mutual Bancorp, Inc.*	27,700		272,568
Berkshire Hills Bancorp, Inc.	12,300		254,364

	Number of Shares	Value (Note 1)
Brookline Bancorp, Inc.	36,700	$	363,697
Brooklyn Federal Bancorp, Inc.	900		9,036
Clifton Savings Bancorp, Inc.	7,200		67,464
Dime Community Bancshares, Inc.	22,400		262,528
Doral Financial Corp.*	5,100		18,513
ESB Financial Corp.	9,000		118,980
ESSA Bancorp, Inc.	12,000		140,400
First Defiance Financial Corp.	6,100		68,869
First Financial Holdings, Inc.	11,200		145,488
First Financial Northwest, Inc.	14,700		96,285
First Financial Service Corp.	4,000		36,240
Flagstar Bancorp, Inc.*	59,200		35,520
Flushing Financial Corp.	26,400		297,264
Fox Chase Bancorp, Inc.*	5,400		51,408
Home Federal Bancorp, Inc./Idaho	13,900		185,009
Kearny Financial Corp.	13,300		134,064
K-Fed Bancorp	4,200		36,918
Legacy Bancorp., Inc./Massachusetts	7,300		71,978
Meridian Interstate Bancorp, Inc.*	9,600		83,424
MGIC Investment Corp.*	107,200		619,616
NASB Financial, Inc.	3,300		76,857
NewAlliance Bancshares, Inc.	89,500		1,074,895
Northeast Community Bancorp, Inc.	6,000		39,420
Northwest Bancshares, Inc.	33,750		382,050
OceanFirst Financial Corp.	8,500		96,050
Ocwen Financial Corp.*	47,300		452,661
Oritani Financial Corp.	2,000		27,460
PMI Group, Inc.*	64,400		162,288
Provident Financial Services, Inc.	48,300		514,395
Provident New York Bancorp	29,400		248,136
Radian Group, Inc.	67,500		493,425
Rockville Financial, Inc.	7,900		82,950
Roma Financial Corp.	4,900		60,564
Territorial Bancorp, Inc.*	9,200		166,060
Tree.com, Inc.*	6,500		59,475
TrustCo Bank Corp. NY/New York^	689,400		4,343,220
United Financial Bancorp, Inc.	12,500		163,875
Waterstone Financial, Inc.*	6,800		13,940
Westfield Financial, Inc.	26,300		216,975
WSFS Financial Corp.	5,900		151,217
			13,686,959
Total Financials			188,427,337
Health Care (5.0%)
Biotechnology (0.2%)
ArQule, Inc.*	18,800		69,372
Celera Corp.*	53,400		368,994
Facet Biotech Corp.*	17,800		312,924
Geron Corp.*	37,500		208,125
Infinity Pharmaceuticals, Inc.*	9,900		61,182
Lexicon Pharmaceuticals, Inc.*	29,700		50,490
Martek Biosciences Corp.*	22,500		426,150
Maxygen, Inc.*	4,400		26,796
Nabi Biopharmaceuticals*	14,700		72,030
			1,596,063

See Notes to Financial Statements.

298

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Health Care Equipment & Supplies (1.3%)
Analogic Corp.	3,700	$	142,487
AngioDynamics, Inc.*	15,200		244,416
Cantel Medical Corp.*	3,600		72,648
Cardiac Science Corp.*	18,000		40,140
CONMED Corp.*	24,100		549,480
Cutera, Inc.*	9,500		80,845
Cynosure, Inc., Class A*	7,200		82,728
ev3, Inc.*	62,100		828,414
Greatbatch, Inc.*	5,000		96,150
Home Diagnostics, Inc.*	8,400		51,240
Invacare Corp.	13,100		326,714
Medical Action Industries, Inc.*	3,100		49,786
Natus Medical, Inc.*	5,400		79,866
Palomar Medical Technologies, Inc.*	4,900		49,392
RTI Biologics, Inc.*	26,700		102,528
STERIS Corp.^	81,300		2,273,961
Symmetry Medical, Inc.*	23,900		192,634
Teleflex, Inc.	57,200		3,082,508
TomoTherapy, Inc.*	24,400		95,160
Volcano Corp.*	9,700		168,586
West Pharmaceutical Services, Inc.^	45,000		1,764,000
Zoll Medical Corp.*	2,700		72,144
			10,445,827
Health Care Providers & Services (2.0%)
Alliance HealthCare Services, Inc.*	2,800		15,988
Allied Healthcare International, Inc.*	37,500		109,125
Allion Healthcare, Inc.*	18,600		122,016
Amedisys, Inc.*	1,600		77,696
America Service Group, Inc.	300,000		4,761,000
American Dental Partners, Inc.*	8,300		107,070
Amsurg Corp.*	24,800		546,096
Assisted Living Concepts, Inc., Class A*	8,460		223,090
Capital Senior Living Corp.*	19,900		99,898
Centene Corp.*	15,800		334,486
Cross Country Healthcare, Inc.*	24,000		237,840
Gentiva Health Services, Inc.*	14,500		391,645
Hanger Orthopedic Group, Inc.*	17,400		240,642
Healthspring, Inc.*	40,700		716,727
Healthways, Inc.*	26,400		484,176
inVentiv Health, Inc.*	18,200		294,294
Kindred Healthcare, Inc.*	32,300		596,258
Landauer, Inc.	3,400		208,760
Magellan Health Services, Inc.*	28,700		1,168,951
MedCath Corp.*	12,000		94,920
Molina Healthcare, Inc.*	11,700		267,579
National Healthcare Corp.	3,700		133,607
Nighthawk Radiology Holdings, Inc.*	16,300		73,839
Odyssey HealthCare, Inc.*	13,900		216,562
Owens & Minor, Inc.	7,300		313,389
Psychiatric Solutions, Inc.*	14,800		312,872
RehabCare Group, Inc.*	3,800		115,634
Res-Care, Inc.*	20,400		228,480
Select Medical Holdings Corp.*	18,600		197,532

	Number of Shares	Value (Note 1)
Skilled Healthcare Group, Inc., Class A*	16,800	$	125,160
Sun Healthcare Group, Inc.*	35,700		327,369
Sunrise Senior Living, Inc.*	39,000		125,580
Triple-S Management Corp., Class B*	17,100		300,960
U.S. Physical Therapy, Inc.*	6,200		104,966
Universal American Corp.*	22,800		266,760
WellCare Health Plans, Inc.*	34,400		1,264,544
			15,205,511
Health Care Technology (0.0%)
MedQuist, Inc.	9,400		62,886
Omnicell, Inc.*	4,600		53,774
Vital Images, Inc.*	3,700		46,953
			163,613
Life Sciences Tools & Services (1.1%)
Affymetrix, Inc.*	9,600		56,064
Albany Molecular Research, Inc.*	19,500		177,060
Cambrex Corp.*	2,900		16,182
Enzo Biochem, Inc.*	7,700		41,426
Kendle International, Inc.*	9,800		179,438
Mettler-Toledo International, Inc.*	36,000		3,779,640
Pharmaceutical Product Development, Inc.^	150,300		3,523,032
Varian, Inc.*	18,600		958,644
			8,731,486
Pharmaceuticals (0.4%)
Adolor Corp.*	22,300		32,558
Hi-Tech Pharmacal Co., Inc.*	5,200		145,860
KV Pharmaceutical Co., Class A*	18,000		66,060
Medicines Co.*	11,700		97,578
Medicis Pharmaceutical Corp., Class A	42,600		1,152,330
Par Pharmaceutical Cos., Inc.*	28,200		763,092
SuperGen, Inc.*	22,000		57,640
ViroPharma, Inc.*	51,000		427,890
			2,743,008
Total Health Care			38,885,508
Industrials (22.8%)
Aerospace & Defense (0.9%)
AAR Corp.*	29,500		677,910
Argon ST, Inc.*	1,700		36,924
Ascent Solar Technologies, Inc.*	12,600		66,780
Ceradyne, Inc.*^	69,000		1,325,490
Curtiss-Wright Corp.	36,800		1,152,576
Ducommun, Inc.	8,700		162,777
DynCorp International, Inc., Class A*	18,100		259,735
Esterline Technologies Corp.*	16,200		660,474
GeoEye, Inc.*	1,100		30,668
Herley Industries, Inc.*	11,200		155,568
Ladish Co., Inc.*	13,300		200,564
LMI Aerospace, Inc.*	3,300		43,890
Moog, Inc., Class A*	36,900		1,078,587
Teledyne Technologies, Inc.*	20,200		774,872

See Notes to Financial Statements.

299

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Todd Shipyards Corp.	5,700	$	95,532
Triumph Group, Inc.	13,500		651,375
			7,373,722
Air Freight & Logistics (0.2%)
Air Transport Services Group, Inc.*	22,100		58,344
Atlas Air Worldwide Holdings, Inc.*	16,900		629,525
Dynamex, Inc.*	2,200		39,820
Forward Air Corp.	13,200		330,660
Hub Group, Inc., Class A*	16,000		429,280
Pacer International, Inc.*	20,400		64,464
			1,552,093
Airlines (0.9%)
Alaska Air Group, Inc.*	28,700		991,872
JetBlue Airways Corp.*	206,256		1,124,095
Republic Airways Holdings, Inc.*	25,200		186,228
SkyWest, Inc.	233,300		3,947,436
U.S. Airways Group, Inc.*	132,700		642,268
UAL Corp.*	9,000		116,190
			7,008,089
Building Products (2.6%)
American Woodmark Corp.	140,900		2,772,912
Ameron International Corp.	7,600		482,296
Apogee Enterprises, Inc.^	257,400		3,603,600
Builders FirstSource, Inc.*	3,100		11,935
Gibraltar Industries, Inc.*^	271,600		4,272,268
Griffon Corp.*	35,600		435,032
Insteel Industries, Inc.	15,200		197,600
NCI Building Systems, Inc.*	62,900		113,849
Quanex Building Products Corp.	12,600		213,822
Simpson Manufacturing Co., Inc.^	121,900		3,277,891
Trex Co., Inc.*	1,900		37,240
Universal Forest Products, Inc.	141,899		5,223,302
			20,641,747
Commercial Services & Supplies (2.9%)
ABM Industries, Inc.^	207,400		4,284,884
ACCO Brands Corp.*	48,000		349,440
American Reprographics Co.*	4,400		30,844
Amrep Corp.*	1,600		21,920
ATC Technology Corp.*	3,800		90,630
Bowne & Co., Inc.	33,700		225,116
Clean Harbors, Inc.*	800		47,688
Consolidated Graphics, Inc.*	8,100		283,662
Copart, Inc.*	60,000		2,197,800
Cornell Cos., Inc.*	9,300		211,110
Courier Corp.	9,400		133,950
Deluxe Corp.	19,800		292,842
EnergySolutions, Inc.	56,800		482,232
Ennis, Inc.	22,100		371,059
Fuel Tech, Inc.*	3,900		31,863
G&K Services, Inc., Class A	15,800		397,054
GEO Group, Inc.*	8,400		183,792
HNI Corp.	10,648		294,204
ICT Group, Inc.*	1,000		16,330
Kimball International, Inc., Class B	27,000		230,040
M&F Worldwide Corp.*	9,200		363,400

	Number of Shares	Value (Note 1)
McGrath RentCorp	16,800	$	375,648
Metalico, Inc.*	26,600		130,872
Mine Safety Appliances Co.	112,100		2,974,013
Mobile Mini, Inc.*	201,500		2,839,135
Multi-Color Corp.	1,700		20,757
Schawk, Inc.	11,600		157,760
Standard Parking Corp.*	6,000		95,280
Standard Register Co.	1,900		9,690
Steelcase, Inc., Class A	58,600		372,696
Team, Inc.*	180,000		3,385,800
United Stationers, Inc.*	19,300		1,097,205
Viad Corp.	15,600		321,828
Waste Services, Inc.*	13,500		122,985
			22,443,529
Construction & Engineering (1.8%)
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	80,000		1,617,600
Comfort Systems USA, Inc.	33,100		408,454
Dycom Industries, Inc.*	33,300		267,399
EMCOR Group, Inc.*	116,700		3,139,230
Furmanite Corp.*	359,300		1,368,933
Granite Construction, Inc.	24,700		831,402
Great Lakes Dredge & Dock Corp.	3,300		21,384
Insituform Technologies, Inc., Class A*	32,400		736,128
Integrated Electrical Services, Inc.*	6,000		35,100
Layne Christensen Co.*	16,100		462,231
MasTec, Inc.*	12,100		151,250
Northwest Pipe Co.*	7,800		209,508
Orion Marine Group, Inc.*	185,000		3,896,100
Pike Electric Corp.*	7,900		73,312
Sterling Construction Co., Inc.*	10,100		193,718
Tutor Perini Corp.*	21,200		383,296
			13,795,045
Electrical Equipment (2.4%)
A. O. Smith Corp.	46,500		2,017,635
Acuity Brands, Inc.	8,100		288,684
Baldor Electric Co.	31,400		882,026
Belden, Inc.	39,000		854,880
Brady Corp., Class A	154,000		4,621,540
Chase Corp.	5,400		63,774
China BAK Battery, Inc.*	37,000		102,860
Encore Wire Corp.	14,900		313,943
Energy Conversion Devices, Inc.*	7,000		73,990
EnerSys*	33,700		737,019
Evergreen Solar, Inc.*	67,000		101,170
Franklin Electric Co., Inc.	90,700		2,637,556
FuelCell Energy, Inc.*	12,200		45,872
Fushi Copperweld, Inc.*	12,400		125,488
GrafTech International Ltd.*	61,600		957,880
II-VI, Inc.*	6,700		213,060
LSI Industries, Inc.	17,900		141,052
Orion Energy Systems, Inc.*	17,600		77,264
Polypore International, Inc.*	12,800		152,320
Powell Industries, Inc.*	24,600		775,638
Power-One, Inc.*	58,000		252,300
PowerSecure International, Inc.*	9,100		65,611
Preformed Line Products Co.	300		13,140

See Notes to Financial Statements.

300

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Regal-Beloit Corp.	29,200	$	1,516,648
Roper Industries, Inc.^	35,000		1,832,950
Valence Technology, Inc.*	6,300		5,733
Vicor Corp.*	11,700		108,810
Woodward Governor Co.	9,900		255,123
			19,233,966
Industrial Conglomerates (0.7%)
Carlisle Cos., Inc.	108,000		3,700,080
Otter Tail Corp.	29,600		734,080
Seaboard Corp.	300		404,700
Standex International Corp.	10,400		208,936
Tredegar Corp.	24,200		382,844
United Capital Corp.*	1,800		42,876
			5,473,516
Machinery (6.0%)
Actuant Corp., Class A	29,400		544,782
Alamo Group, Inc.	6,000		102,900
Albany International Corp., Class A	23,100		518,826
Altra Holdings, Inc.*	19,300		238,355
American Railcar Industries, Inc.	9,300		102,486
Ampco-Pittsburgh Corp.	3,200		100,896
Astec Industries, Inc.*^	52,800		1,422,432
Barnes Group, Inc.	37,700		637,130
Blount International, Inc.*	21,700		219,170
Briggs & Stratton Corp.^	156,100		2,920,631
Cascade Corp.	7,600		208,924
Chart Industries, Inc.*	3,300		54,615
CIRCOR International, Inc.	57,500		1,447,850
CLARCOR, Inc.	26,800		869,392
CNH Global N.V.*	25,400		634,492
Colfax Corp.*	14,100		169,764
Columbus McKinnon Corp.*	16,200		221,292
Eastern Co.	5,900		79,237
EnPro Industries, Inc.*	16,400		433,124
Federal Signal Corp.	43,400		261,268
FreightCar America, Inc.	10,100		200,283
Gardner Denver, Inc.^	84,800		3,608,240
Gorman-Rupp Co.	4,100		113,324
Graco, Inc.	114,500		3,271,265
Graham Corp.	3,600		74,520
Greenbrier Cos., Inc.	13,000		134,940
Hurco Cos., Inc.*	4,700		69,560
John Bean Technologies Corp.	22,700		386,127
Kadant, Inc.*	10,100		161,196
Kaydon Corp.	27,900		997,704
Kennametal, Inc.	118,700		3,076,704
K-Tron International, Inc.*	600		65,244
L.B. Foster Co., Class A*	8,900		265,309
Lincoln Electric Holdings, Inc.^	60,000		3,207,600
Miller Industries, Inc.*	10,000		113,500
Mueller Industries, Inc.	179,400		4,456,296
Mueller Water Products, Inc., Class A	127,900		665,080
NACCO Industries, Inc., Class A	4,400		219,120
Nordson Corp.^	82,000		5,016,760
Robbins & Myers, Inc.	20,300		477,456
Sauer-Danfoss, Inc.*	10,000		120,100
Sun Hydraulics Corp.	6,000		157,500
Tecumseh Products Co., Class A*	15,700		183,533

	Number of Shares	Value (Note 1)
Timken Co.	36,600	$	867,786
Titan International, Inc.	30,700		248,977
Trimas Corp.*	3,845		26,031
Trinity Industries, Inc.^	200,000		3,488,000
Twin Disc, Inc.	7,600		79,344
Wabash National Corp.*	373,200		705,348
Watts Water Technologies, Inc., Class A	108,400		3,351,728
			46,996,141
Marine (0.5%)
American Commercial Lines, Inc.*	7,500		137,475
Eagle Bulk Shipping, Inc.*	54,800		271,260
Genco Shipping & Trading Ltd.*	21,300		476,694
Horizon Lines, Inc., Class A	24,900		138,693
International Shipholding Corp.	4,700		146,029
Kirby Corp.*	75,000		2,612,250
TBS International Ltd., Class A*	10,000		73,500
Ultrapetrol Bahamas Ltd.*	16,100		76,636
			3,932,537
Professional Services (0.6%)
Barrett Business Services, Inc.	7,600		93,404
CDI Corp.	9,100		117,845
COMSYS IT Partners, Inc.*	14,100		125,349
CRA International, Inc.*	1,700		45,305
Heidrick & Struggles International, Inc.	14,000		437,360
Kelly Services, Inc., Class A*	18,800		224,284
Kforce, Inc.*	24,400		305,000
Korn/Ferry International*	34,900		575,850
MPS Group, Inc.*	77,500		1,064,850
On Assignment, Inc.*	27,200		194,480
School Specialty, Inc.*	10,600		247,934
Spherion Corp.*	45,800		257,396
TrueBlue, Inc.*	35,300		522,793
Volt Information Sciences, Inc.*	10,200		102,000
Watson Wyatt Worldwide, Inc., Class A	6,800		323,136
			4,636,986
Road & Rail (2.4%)
Amerco, Inc.*	7,600		377,872
Arkansas Best Corp.	20,500		603,315
Avis Budget Group, Inc.*	34,800		456,576
Celadon Group, Inc.*	4,300		46,655
Dollar Thrifty Automotive Group, Inc.*	23,000		589,030
Genesee & Wyoming, Inc., Class A*^	197,000		6,430,080
Heartland Express, Inc.	16,600		253,482
Kansas City Southern*^	37,300		1,241,717
Knight Transportation, Inc.	10,000		192,900
Old Dominion Freight Line, Inc.*	18,900		580,230
Patriot Transportation Holding, Inc.*	500		47,230
RailAmerica, Inc.*	11,300		137,860
Saia, Inc.*	235,700		3,493,074
Universal Truckload Services, Inc.	4,600		83,260
Vitran Corp., Inc.*	330,000		3,587,100

See Notes to Financial Statements.

301

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Werner Enterprises, Inc.	35,500	$	702,545
YRC Worldwide, Inc.*	54,600		45,853
			18,868,779
Trading Companies & Distributors (0.9%)
Aceto Corp.	22,000		113,300
Aircastle Ltd.	38,400		378,240
Applied Industrial Technologies, Inc.^	94,700		2,090,029
Beacon Roofing Supply, Inc.*	5,800		92,800
BlueLinx Holdings, Inc.*	8,900		24,653
DXP Enterprises, Inc.*	147,600		1,929,132
H&E Equipment Services, Inc.*	23,800		249,662
Houston Wire & Cable Co.	7,400		88,060
Interline Brands, Inc.*	27,800		480,106
Kaman Corp.	3,600		83,124
Lawson Products, Inc.	4,100		72,365
Rush Enterprises, Inc., Class A*	21,600		256,824
TAL International Group, Inc.	11,900		157,437
Textainer Group Holdings Ltd.	7,500		126,750
United Rentals, Inc.*	49,800		488,538
Watsco, Inc.	1,900		93,062
Willis Lease Finance Corp.*	4,800		72,000
			6,796,082
Transportation Infrastructure (0.0%)
CAI International, Inc.*	9,900		89,397
Total Industrials			178,841,629
Information Technology (6.8%)
Communications Equipment (0.9%)
3Com Corp.*	57,900		434,250
ADC Telecommunications, Inc.*	66,600		413,586
ADTRAN, Inc.	10,700		241,285
Airvana, Inc.*	10,700		81,320
Anaren, Inc.*	1,800		27,090
Arris Group, Inc.*	27,200		310,896
Bel Fuse, Inc., Class B	8,800		189,112
Black Box Corp.	15,000		425,100
Cogo Group, Inc.*	19,300		142,241
Communications Systems, Inc.	6,200		77,128
Digi International, Inc.*	15,500		141,360
Emcore Corp.*	74,400		79,608
EMS Technologies, Inc.*	2,800		40,600
Emulex Corp.*	6,322		68,910
Extreme Networks, Inc.*	81,200		233,044
Globecomm Systems, Inc.*	16,100		125,902
Harmonic, Inc.*	16,900		106,977
Harris Stratex Networks, Inc.*	50,300		347,573
NETGEAR, Inc.*	21,000		455,490
Network Equipment Technologies, Inc.*	14,700		59,535
Oplink Communications, Inc.*	5,600		91,784
Opnext, Inc.*	23,600		44,840
Palm, Inc.*	14,700		147,588
PC-Tel, Inc.*	16,200		95,904
Plantronics, Inc.	4,793		124,522
Polycom, Inc.*	42,400		1,058,728
Powerwave Technologies, Inc.*	103,200		130,032
SeaChange International, Inc.*	15,100		99,207
Sonus Networks, Inc.*	169,100		356,801

	Number of Shares	Value (Note 1)
Sycamore Networks, Inc.	15,930	$	333,096
Symmetricom, Inc.*	38,800		201,760
Tekelec*	35,800		547,024
UTStarcom, Inc.*	97,100		212,649
			7,444,942
Computers & Peripherals (0.4%)
ActivIdentity Corp.*	30,700		72,145
Adaptec, Inc.*	104,000		348,400
Avid Technology, Inc.*	19,700		251,372
Cray, Inc.*	9,700		62,274
Diebold, Inc.	29,700		844,965
Electronics for Imaging, Inc.*	42,300		550,323
Imation Corp.*	24,500		213,640
Intevac, Inc.*	18,400		211,048
Rimage Corp.*	8,700		150,858
Silicon Graphics International Corp.*	20,700		145,107
Super Micro Computer, Inc.*	4,500		50,040
			2,900,172
Electronic Equipment, Instruments & Components (2.3%)
Agilysys, Inc.	13,100		119,210
Anixter International, Inc.*	21,100		993,810
Benchmark Electronics, Inc.*	330,300		6,245,973
Checkpoint Systems, Inc.*	24,300		370,575
China Security & Surveillance Technology, Inc.*	6,500		49,660
Cognex Corp.	26,900		476,668
Coherent, Inc.*	18,600		552,978
CPI International, Inc.*	4,100		54,284
CTS Corp.	25,900		249,158
DDi Corp.*	12,400		60,636
Echelon Corp.*	7,600		87,856
Electro Rent Corp.	16,300		188,102
Electro Scientific Industries, Inc.*	22,100		239,122
ICx Technologies, Inc.*	5,700		54,264
Insight Enterprises, Inc.*	32,800		374,576
L-1 Identity Solutions, Inc.*	15,900		119,091
Littelfuse, Inc.*	18,000		578,700
Measurement Specialties, Inc.*	14,000		140,700
Mercury Computer Systems, Inc.*	18,200		200,382
Methode Electronics, Inc.	27,000		234,360
MTS Systems Corp.	12,300		353,502
Newport Corp.*	30,500		280,295
OSI Systems, Inc.*	3,200		87,296
Park Electrochemical Corp.	6,300		174,132
PC Connection, Inc.*	9,300		62,775
PC Mall, Inc.*	7,700		40,194
Plexus Corp.*	21,800		621,300
Rofin-Sinar Technologies, Inc.*	99,800		2,356,278
Rogers Corp.*	10,800		327,348
Scansource, Inc.*	20,200		539,340
SMART Modular Technologies (WWH), Inc.*	31,800		200,022
Spectrum Control, Inc.*	12,400		117,428
SYNNEX Corp.*	13,100		401,646
Technitrol, Inc.	37,000		162,060
TTM Technologies, Inc.*	35,400		408,162
X-Rite, Inc.*	26,700		58,206
Zygo Corp.*	14,300		96,239
			17,676,328

See Notes to Financial Statements.

302

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Internet Software & Services (0.4%)
Digital River, Inc.*	6,400	$	172,736
DivX, Inc.*	12,200		68,808
EarthLink, Inc.	77,100		640,701
InfoSpace, Inc.*	14,000		119,980
Internap Network Services Corp.*	42,000		197,400
Internet Brands, Inc., Class A*	12,100		94,743
Internet Capital Group, Inc.*	14,500		96,425
Ipass, Inc.*	50,100		52,104
j2 Global Communications, Inc.*	3,600		73,260
Keynote Systems, Inc.	6,300		68,733
ModusLink Global Solutions, Inc.*	36,700		345,347
Openwave Systems, Inc.*	44,400		101,232
Perficient, Inc.*	18,600		156,798
RealNetworks, Inc.*	35,900		133,189
support.com, Inc.*	35,500		93,720
TechTarget, Inc.*	11,900		66,997
United Online, Inc.	67,400		484,606
Web.com Group, Inc.*	20,100		131,253
			3,098,032
IT Services (0.6%)
Acxiom Corp.*	9,400		126,148
CACI International, Inc., Class A*	21,600		1,055,160
CIBER, Inc.*	59,600		205,620
CSG Systems International, Inc.*	11,200		213,808
Dynamics Research Corp.*	6,400		67,904
Euronet Worldwide, Inc.*	4,651		102,090
Global Cash Access Holdings, Inc.*	4,000		29,960
Hackett Group, Inc.*	19,900		55,322
infoGROUP, Inc.*	11,700		93,834
Information Services Group, Inc.*	23,600		74,812
Integral Systems, Inc.*	9,500		82,270
ManTech International Corp., Class A*	3,700		178,636
MAXIMUS, Inc.	1,500		75,000
Ness Technologies, Inc.*	34,100		167,090
Online Resources Corp.*	8,900		46,814
SRA International, Inc., Class A*	24,700		471,770
StarTek, Inc.*	9,800		73,304
Tier Technologies, Inc., Class B*	8,500		68,000
Unisys Corp.*	32,470		1,252,043
Virtusa Corp.*	3,100		28,086
			4,467,671
Semiconductors & Semiconductor Equipment (1.5%)
Actel Corp.*	15,200		180,576
Advanced Energy Industries, Inc.*	7,100		107,068
ANADIGICS, Inc.*	12,900		54,438
ATMI, Inc.*	17,700		329,574
Brooks Automation, Inc.*	55,000		471,900
Cabot Microelectronics Corp.*	16,900		557,024
CEVA, Inc.*	1,800		23,148
Cohu, Inc.^	266,700		3,720,465
Cymer, Inc.*	24,800		951,824
DSP Group, Inc.*	17,200		96,836
Entegris, Inc.*	107,200		566,016
Exar Corp.*	25,400		180,594

	Number of Shares	Value (Note 1)
FEI Co.*	2,900	$	67,744
FormFactor, Inc.*	2,900		63,104
GSI Technology, Inc.*	18,600		83,328
IXYS Corp.*	3,000		22,260
Lattice Semiconductor Corp.*	88,300		238,410
MEMSIC, Inc.*	14,600		47,888
Micrel, Inc.	22,400		183,680
Microtune, Inc.*	20,900		47,234
MKS Instruments, Inc.*	41,000		713,810
OmniVision Technologies, Inc.*	71,800		1,043,254
Pericom Semiconductor Corp.*	22,000		253,660
Photronics, Inc.*	40,600		180,670
RF Micro Devices, Inc.*	19,936		95,095
Rudolph Technologies, Inc.*	14,500		97,440
Sigma Designs, Inc.*	7,100		75,970
Silicon Image, Inc.*	61,700		159,186
Silicon Storage Technology, Inc.*	74,800		191,488
Standard Microsystems Corp.*	14,500		301,310
Trident Microsystems, Inc.*	35,800		66,588
TriQuint Semiconductor, Inc.*	52,100		312,600
Veeco Instruments, Inc.*	12,464		411,810
Virage Logic Corp.*	15,000		82,500
White Electronic Designs Corp.*	22,600		105,542
Zoran Corp.*	9,500		104,975
			12,189,009
Software (0.7%)
American Software, Inc., Class A	500		3,000
Epicor Software Corp.*	41,200		313,944
ePlus, Inc.*	3,600		59,436
Fair Isaac Corp.	40,900		871,579
i2 Technologies, Inc.*	3,100		59,272
JDA Software Group, Inc.*	5,600		142,632
Lawson Software, Inc.*	67,400		448,210
Mentor Graphics Corp.*	69,900		617,217
Monotype Imaging Holdings, Inc.*	17,900		161,637
NetScout Systems, Inc.*	2,100		30,744
Pervasive Software, Inc.*	15,300		73,746
Quest Software, Inc.*	45,700		840,880
SonicWALL, Inc.*	40,800		310,488
Symyx Technologies, Inc.*	7,200		39,600
Take-Two Interactive Software, Inc.*	56,300		565,815
THQ, Inc.*	15,400		77,616
TIBCO Software, Inc.*	93,800		903,294
VASCO Data Security International, Inc.*	6,100		38,247
			5,557,357
Total Information Technology			53,333,511
Materials (8.4%)
Chemicals (3.9%)
A. Schulman, Inc.	19,200		387,456
Airgas, Inc.^	67,900		3,232,040
American Vanguard Corp.	13,100		108,730
Ampal American Israel, Class A*	15,800		42,660
Arch Chemicals, Inc.	17,500		540,400
Cabot Corp.	101,300		2,657,099
Ferro Corp.	69,500		572,680
H.B. Fuller Co.	149,600		3,403,400

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
ICO, Inc.	16,900	$	123,539
Innophos Holdings, Inc.	15,100		347,149
Innospec, Inc.	20,900		210,881
Koppers Holdings, Inc.	6,300		191,772
Minerals Technologies, Inc.	15,700		855,179
NL Industries, Inc.	2,800		19,432
Olin Corp.	59,140		1,036,133
OM Group, Inc.*	25,449		798,844
PolyOne Corp.*	62,400		466,128
Quaker Chemical Corp.	9,300		191,952
Rockwood Holdings, Inc.*	41,200		970,672
RPM International, Inc.	216,300		4,397,379
Sensient Technologies Corp.	40,800		1,073,040
ShengdaTech, Inc.*	23,300		142,829
Solutia, Inc.*	96,900		1,230,630
Spartech Corp.	26,800		274,968
Stepan Co.	700		45,367
W.R. Grace & Co.*	42,600		1,079,910
Westlake Chemical Corp.	234,900		5,856,057
Zoltek Cos., Inc.*	23,400		222,300
			30,478,626
Construction Materials (0.1%)
Headwaters, Inc.*	44,200		288,184
Texas Industries, Inc.	19,700		689,303
U.S. Concrete, Inc.*	34,500		31,395
United States Lime & Minerals, Inc.*	538		18,577
			1,027,459
Containers & Packaging (0.5%)
AptarGroup, Inc.	60,200		2,151,548
Boise, Inc.*	10,800		57,348
Bway Holding Co.*	5,100		98,022
Graphic Packaging Holding Co.*	97,200		337,284
Myers Industries, Inc.	27,600		251,160
Rock-Tenn Co., Class A	4,000		201,640
Silgan Holdings, Inc.	10,300		596,164
			3,693,166
Metals & Mining (2.9%)
A.M. Castle & Co.	13,200		180,708
Allied Nevada Gold Corp.*	6,900		104,052
AMCOL International Corp.	15,100		429,142
Brush Engineered Materials, Inc.*	16,500		305,910
Century Aluminum Co.*	46,000		744,740
China Precision Steel, Inc.*	31,000		63,550
Coeur d’Alene Mines Corp.*	61,410		1,109,065
Commercial Metals Co.	135,000		2,112,750
General Moly, Inc.*	49,300		102,544
Gerdau Ameristeel Corp.^	339,200		2,798,400
Haynes International, Inc.	10,700		352,779
Hecla Mining Co.*	197,300		1,219,314
Horsehead Holding Corp.*	35,600		453,900
Kaiser Aluminum Corp.	12,800		532,736
Olympic Steel, Inc.	7,900		257,382
Reliance Steel & Aluminum Co.	115,000		4,970,300
RTI International Metals, Inc.*	24,800		624,216
Steel Dynamics, Inc.	275,000		4,873,000
Stillwater Mining Co.*	29,700		281,556
United States Steel Corp.^	13,600		749,632

	Number of Shares	Value (Note 1)
Universal Stainless & Alloy Products, Inc.*	5,900	$	111,274
US Gold Corp.*	66,800		165,664
Worthington Industries, Inc.	5,100		66,657
			22,609,271
Paper & Forest Products (1.0%)
Buckeye Technologies, Inc.*	30,800		300,608
Clearwater Paper Corp.*	8,600		472,742
Deltic Timber Corp.	1,800		83,124
Domtar Corp.*	33,900		1,878,399
Glatfelter	212,600		2,583,090
KapStone Paper and Packaging Corp.*	26,100		257,085
Louisiana-Pacific Corp.*	104,300		728,014
Neenah Paper, Inc.	11,800		164,610
Schweitzer-Mauduit International, Inc.	14,400		1,013,040
Wausau Paper Corp.	23,700		274,920
			7,755,632
Total Materials			65,564,154
Telecommunication Services (0.5%)
Diversified Telecommunication Services (0.5%)
Atlantic Tele-Network, Inc.	7,600		418,076
Cincinnati Bell, Inc.*	133,646		461,079
Consolidated Communications Holdings, Inc.	10,000		175,000
General Communication, Inc., Class A*	17,700		112,926
Global Crossing Ltd.*	4,300		61,275
Iowa Telecommunications Services, Inc.	22,900		383,804
Premiere Global Services, Inc.*	263,600		2,174,700
SureWest Communications*	10,900		108,564
			3,895,424
Wireless Telecommunication Services (0.0%)
Syniverse Holdings, Inc.*	9,800		171,304
USA Mobility, Inc.	2,400		26,424
			197,728
Total Telecommunication Services			4,093,152
Utilities (4.3%)
Electric Utilities (1.8%)
Allete, Inc.	24,495		800,497
Central Vermont Public Service Corp.	9,800		203,840
Cleco Corp.	49,200		1,344,636
El Paso Electric Co.*	37,500		760,500
Empire District Electric Co.	29,400		550,662
IDACORP, Inc.	38,400		1,226,880
MGE Energy, Inc.	19,300		689,782
NV Energy, Inc.	373,200		4,620,216
PNM Resources, Inc.	72,400		915,860
Portland General Electric Co.	61,200		1,249,092
UIL Holdings Corp.	23,800		668,304
UniSource Energy Corp.	29,800		959,262
Unitil Corp.	8,800		202,224
			14,191,755

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Gas Utilities (1.8%)
Atmos Energy Corp.^	50,900	$	1,496,460
Chesapeake Utilities Corp.	7,870		252,234
Energen Corp.	72,900		3,411,720
Laclede Group, Inc.	17,900		604,483
New Jersey Resources Corp.	28,700		1,073,380
Nicor, Inc.	36,900		1,553,490
Northwest Natural Gas Co.	22,200		999,888
Piedmont Natural Gas Co., Inc.	56,200		1,503,350
South Jersey Industries, Inc.	21,969		838,776
Southwest Gas Corp.	36,400		1,038,492
WGL Holdings, Inc.	40,900		1,371,786
			14,144,059
Multi-Utilities (0.4%)
Avista Corp.	45,700		986,663
Black Hills Corp.	32,400		862,812
CH Energy Group, Inc.	13,100		557,012
NorthWestern Corp.	29,900		777,998
			3,184,485
Water Utilities (0.3%)
American States Water Co.	15,300		541,773
Artesian Resources Corp., Class A	6,100		111,691
California Water Service Group	15,100		555,982
Connecticut Water Service, Inc.	6,800		168,436
Consolidated Water Co., Ltd.	7,500		107,175
Middlesex Water Co.	11,800		208,034
Pennichuck Corp.	3,400		71,842
SJW Corp.	11,300		255,041
Southwest Water Co.	18,900		111,321
York Water Co.	6,900		100,119
			2,231,414
Total Utilities			33,751,713
Total Common Stocks (98.6%) (Cost $752,563,539)			772,083,874
INVESTMENT COMPANY:
Investment Company (0.0%)
Kayne Anderson Energy Development Co. (Cost $103,485)	8,470		123,239
	Number of Rights	Value (Note 1)
RIGHTS:
Financials (0.0%)
Thrifts & Mortgage Finance (0.0%)
Flagstar Bancorp, Inc., expiring 1/25/10*	88,800		—
Total Financials			—
Industrials (0.0%)
Building Products (0.0%)
Builders FirstSource, Inc., expiring 1/14/10*	4,995		1,222
Total Industrials			1,222
Total Rights (0.0%) (Cost $—)			1,222

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills 0.04%, 3/11/10#(p)	$	410,000	$	409,966
Short-Term Investments of Cash Collateral for Securities Loaned (1.3%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.00%, 1/4/10(u)		5,884,940		5,884,940
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09(h)(s)		1,409,991		274,948
Monumental Global Funding II
0.43%, 5/26/10(l)		2,650,000		2,597,265
Pricoa Global Funding I
0.40%, 6/25/10(l)		1,689,917		1,665,424
Total Short-Term Investments of Cash Collateral for Securities Loaned				10,422,577
Time Deposit (1.6%)
JPMorgan Chase Nassau
0.000%, 1/4/10		12,246,738		12,246,738
Total Short-Term Investments (3.0%) (Cost/Amortized Cost $24,291,570)				23,079,281
Total Investments (101.6%) (Cost/Amortized Cost $776,958,594)				795,287,616
Other Assets Less Liabilities (-1.6%)				(12,615,462	)
Net Assets (100%)			$	782,672,154

* Non-income producing.

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

† Securities (totaling $1,124 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 $409,966.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is 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 $6,002,689.

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)
America Service Group, Inc.	$	5,350,000	$	—	$	2,064,625	$	4,761,000	$	40,250	$	949,003

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

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/2009		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	68	March-10	$	4,041,355	$	4,242,520	$	201,165

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	$	118,489,830	$	—	$	—	$	118,489,830
Consumer Staples		19,403,401		—		—		19,403,401
Energy		71,293,639		—		—		71,293,639
Financials		188,426,213		—		1,124		188,427,337
Health Care		38,885,508		—		—		38,885,508
Industrials		178,841,629		—		—		178,841,629
Information Technology		53,333,511		—		—		53,333,511
Materials		65,564,154		—		—		65,564,154
Telecommunication Services		4,093,152		—		—		4,093,152
Utilities		33,751,713		—		—		33,751,713
Futures		201,165		—		—		201,165
Investment Companies
Investment Companies		123,239		—		—		123,239
Rights
Financials		—		—		—		—
Industrials		1,222		—		—		1,222
Short-Term Investments		—		23,079,281		—		23,079,281
Total Assets	$	772,408,376	$	23,079,281	$	1,124	$	795,488,781
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	772,408,376	$	23,079,281	$	1,124	$	795,488,781

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
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		1,124
Balance as of 12/31/09	$	1,124
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.	$	1,124

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		201,165
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	201,165
	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		—		1,368,250		—		—		1,368,250
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	1,368,250	$	—	$	—	$	1,368,250

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

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		—		201,165		—		—		201,165
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	201,165	$	—	$	—	$	201,165

The Portfolio held futures contracts with an average notional balance of approximately $3,354,000 during the year ended December 31, 2009.

^ This Portfolio held 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	$	458,026,086
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	580,730,425

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	$	125,176,952
Aggregate gross unrealized depreciation		(110,475,848	)
Net unrealized appreciation	$	14,701,104
Federal income tax cost of investments	$	780,586,512

At December 31, 2009, the Portfolio had loaned securities with a total value of $11,207,282. This was secured by collateral of $11,634,848 which was received as cash and subsequently invested in short-term investments currently valued at $10,422,577, as reported in the Portfolio of Investments.

The Portfolio has a net capital loss carryforward of $497,117,855 of which $237,563,279 expires in the year 2016, and $259,554,576 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 $776,958,594) (Securities on loan at market value $11,207,282)	$	795,287,616
Cash		39,866
Dividends, interest and other receivables		1,052,448
Receivable from Separate Accounts for Trust shares sold		207,834
Receivable for securities sold		63,645
Total assets		796,651,409
LIABILITIES
Payable for return of cash collateral on securities loaned		11,634,848
Payable for securities purchased		730,610
Payable to Separate Accounts for Trust shares redeemed		496,303
Distribution fees payable - Class B		380,220
Investment management fees payable		341,985
Administrative fees payable		258,597
Variation margin payable on futures contracts		46,240
Trustees’ fees payable		1,458
Accrued expenses		88,994
Total liabilities		13,979,255
NET ASSETS	$	782,672,154
Net assets were comprised of:
Paid in capital	$	1,281,419,712
Accumulated undistributed net investment income (loss)		(204,868	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(517,072,877	)
Net unrealized appreciation (depreciation) on investments and futures		18,530,187
Net assets	$	782,672,154
Class A
Net asset value, offering and redemption price per share, $201,332,228 / 23,209,237 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.67
Class B
Net asset value, offering and redemption price per share, $581,339,926 / 66,960,042 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.68

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends ($40,250 of dividend income received from affiliates) (net of $2,043 foreign withholding tax)	$	14,054,772
Interest		753
Securities lending (net)		101,158
Total income		14,156,683
EXPENSES
Investment management fees		6,351,162
Distribution fees - Class B		1,266,295
Administrative fees		1,226,770
Printing and mailing expenses		164,388
Professional fees		72,880
Trustees' fees		11,139
Custodian fees		7,500
Miscellaneous		15,541
Gross expenses		9,115,675
Less:   Fees paid indirectly		(2,019,559	)
Net expenses		7,096,116
NET INVESTMENT INCOME (LOSS)		7,060,567
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities ($949,003 of realized gain (loss) from affiliates)		(214,788,848	)
Foreign currency transactions		509
Futures		1,368,250
Net realized gain (loss)		(213,420,089	)
Change in unrealized appreciation (depreciation) on:
Securities		387,126,840
Futures		201,165
Net change in unrealized appreciation (depreciation)		387,328,005
NET REALIZED AND UNREALIZED GAIN (LOSS)		173,907,916
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	180,968,483

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)	$	7,060,567		$	3,478,092
Net realized gain (loss) on investments, futures and foreign currency transactions		(213,420,089	)		(296,890,842	)
Net change in unrealized appreciation (depreciation) on investments and futures		387,328,005			(201,580,569	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		180,968,483			(494,993,319	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(2,290,689	)		(1,454,138	)
Class B		(5,214,890	)		(1,814,260	)
		(7,505,579	)		(3,268,398	)
Distributions from net realized capital gains
Class A		—			(1,359,535	)
Class B		—			(3,142,013	)
		—			(4,501,548	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(7,505,579	)		(7,769,946	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,463,202 and 2,165,916 shares, respectively ]		10,041,375			21,131,804
Capital shares issued in reinvestment of dividends and distributions [ 268,471 and 351,563 shares, respectively ]		2,290,689			2,813,673
Capital shares repurchased [ (13,588,645) and (23,427,863) shares, respectively ]		(108,397,361	)		(242,504,041	)
Total Class A transactions		(96,065,297	)		(218,558,564	)
Class B
Capital shares sold [ 6,304,512 and 4,655,483 shares, respectively ]		45,034,173			42,737,903
Capital shares issued in reinvestment of dividends and distributions [ 610,630 and 582,928 shares, respectively ]		5,214,890			4,956,273
Capital shares repurchased [ (13,083,686) and (19,378,975) shares, respectively ]		(94,275,320	)		(186,700,967	)
Total Class B transactions		(44,026,257	)		(139,006,791	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(140,091,554	)		(357,565,355	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		33,371,350			(860,328,620	)
NET ASSETS:
Beginning of year		749,300,804			1,609,629,424
End of year (a)	$	782,672,154		$	749,300,804
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(204,868	)	$	52,871

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	$	6.92		$	11.23		$	13.70		$	13.37		$	14.02
Income (loss) from investment operations:
Net investment income (loss)		0.08	(e)		0.05	(e)		0.10	(e)		0.07	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments		1.77			(4.28	)		(1.42	)		2.09			0.61
Total from investment operations		1.85			(4.23	)		(1.32	)		2.16			0.67
Less distributions:
Dividends from net investment income		(0.10	)		(0.04	)		(0.07	)		(0.08	)		(0.06	)
Distributions from net realized gains		—			(0.04	)		(1.08	)		(1.75	)		(1.26	)
Total dividends and distributions		(0.10	)		(0.08	)		(1.15	)		(1.83	)		(1.32	)
Net asset value, end of year	$	8.67		$	6.92		$	11.23		$	13.70		$	13.37
Total return		26.76	%		(37.75	)%		(9.62	)%		16.38	%		4.94	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	201,332		$	242,715		$	628,684		$	577,637		$	523,308
Ratio of expenses to average net assets:
After waivers		1.05	%		1.23	%		1.07	%(c)		0.85	%(c)		0.79	%
After waivers and fees paid indirectly		0.77	%		1.17	%		1.06	%		0.77	%(c)		0.70	%
Before waivers and fees paid indirectly		1.05	%		1.23	%		1.10	%		0.85	%(c)		0.79	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.82	%		0.42	%		0.71	%		0.40	%(c)		0.37	%
After waivers and fees paid indirectly		1.09	%		0.47	%		0.72	%		0.47	%(c)		0.46	%
Before waivers and fees paid indirectly		0.82	%		0.42	%		0.68	%		0.40	%(c)		0.37	%
Portfolio turnover rate		63	%		98	%		103	%		114	%		90	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—		$	—

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	$	6.93		$	11.24		$	13.71		$	13.38		$	14.02
Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.02	(e)		0.07	(e)		0.03	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments		1.77			(4.27	)		(1.42	)		2.09			0.62
Total from investment operations		1.83			(4.25	)		(1.35	)		2.12			0.65
Less distributions:
Dividends from net investment income		(0.08	)		(0.02	)		(0.04	)		(0.04	)		(0.03	)
Distributions from net realized gains		—			(0.04	)		(1.08	)		(1.75	)		(1.26	)
Total dividends and distributions		(0.08	)		(0.06	)		(1.12	)		(1.79	)		(1.29	)
Net asset value, end of year	$	8.68		$	6.93		$	11.24		$	13.71		$	13.38
Total return		26.40	%		(37.87	)%		(9.84	)%		16.07	%		4.75	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	581,340		$	506,586		$	980,945		$	1,326,859		$	1,153,566
Ratio of expenses to average net assets:
After waivers		1.30	%		1.48	%		1.32	%(c)		1.10	%(c)		1.04	%
After waivers and fees paid indirectly		1.03	%		1.42	%		1.31	%(c)		1.02	%(c)		0.95	%
Before waivers and fees paid indirectly		1.30	%		1.48	%		1.35	%(c)		1.10	%(c)		1.04	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.60	%		0.17	%		0.48	%		0.15	%(c)		0.12	%
After waivers and fees paid indirectly		0.87	%		0.23	%		0.50	%		0.22	%(c)		0.21	%
Before waivers and fees paid indirectly		0.60	%		0.17	%		0.46	%		0.15	%(c)		0.12	%
Portfolio turnover rate		63	%		98	%		103	%		114	%		90	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	—		$	—

# Per share amount is less than $0.01.

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

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

See Notes to Financial Statements.

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MULTIMANAGER TECHNOLOGY PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø AXA Equitable Life Insurance Company**

_Ø RCM Capital Management LLC

_Ø SSgA Funds Management, Inc.

_Ø Wellington Management Company, LLP

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		5 Years		Since Incept.*
Portfolio – Class A Shares	58.80	%	3.67	%	1.73	%
Portfolio – Class B Shares	58.60		3.41		1.47
S&P North American Technology Sector Index†	63.19		3.75		1.65
Russell 1000® Technology Index	64.47		4.71		2.01
Russell 1000® Index	28.43		0.79		2.08
*   Date of inception 12/31/01 †  In 2009, the Investment Manager revised the Portfolio’s benchmark index to be the S&P North American Technology Index, which more closely reflects the market sectors in which the portfolio invests.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

** Effective May 1, 2009, AXA Equitable Life Insurance Company was added as a sub-adviser of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 58.80% for the year ended December 31, 2009. This compares to the returns of the following broad market benchmarks: S&P North American Technology Sector Index 63.19%, the Russell 1000^® Technology Index 64.47% and the Russell 1000^® Index 28.43%.

Asset Class Overview

Over the 12 months, the S&P North America Technology Sector Index rose 63.19% for the year. Three sectors of technology beat the benchmark: internet, semiconductors, and computers.

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 1000^® Technology Index.

Portfolio Highlights

For the year ended December 31, 2009

What helped performance during the year:

• Stock selection in the Information Technology sector aided the Portfolio’s performance.

• Security selection in the Computers & Peripherals, Semiconductors & Semiconductor Equipment, and Electronic Equipment & Instruments industries assisted performance.

• On an individual basis, SeaGate Technology, manufacturer and marketer of disc drives, contributed to performance. The company reported better-than-expected results driven by higher volumes and favorable margins.

• Microsoft contributed to returns on a positive basis. Shares of the global technology company gained on earnings and revenue numbers that beat expectations.

• Shares of Intel, the chip maker, rose over the period as earnings came in ahead of expectations and conditions in the computer industry improved.

What hurt performance during the year:

• Security selection in IT Services and Communications Equipment detracted from relative performance.

• Shares of Google, the leading internet search engine, rose as earnings improved over the period. The Portfolio’s underweight position hurt relative results.

• Shares of management consulting, technology services and outsourcing firm, Accenture, struggled to stay in positive territory as the company lowered its earnings forecast.

• Western Union, the global money transfer company, benefited from an increase in global transaction volumes over the period. After posting better-than-expected earnings, the company boosted its revenue guidance and outlook. The Portfolio’s overweight position detracted from relative results as the stock lagged the benchmark.

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Sector Weightings as of 12/31/09	% of Net Assets
Exchange Traded Funds	20.1	%
Computers & Peripherals	18.7
Software	15.8
Semiconductors & Semiconductor Equipment	11.0
Internet Software & Services	10.3
Communications Equipment	8.6
IT Services	5.5
Consumer Discretionary	3.0
Electronic Equipment, Instruments & Components	2.7
Telecommunication Services	2.0
Industrials	1.1
Materials	0.4
Office Electronics	0.1
Cash and Other	0.7
	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	$1,281.80	$6.79
Hypothetical (5% average return before expenses)	1,000.00	1,019.26	6.01
Class B
Actual	1,000.00	1,280.00	8.22
Hypothetical (5% average return before expenses)	1,000.00	1,018.00	7.27
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.18% and 1.43% , 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 (3.0%)
Auto Components (0.1%)
Johnson Controls, Inc.	27,480	$	748,555
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*	7,460		451,927
Strayer Education, Inc.^	1,550		329,359
			781,286
Internet & Catalog Retail (2.8%)
Amazon.com, Inc.*	111,705		15,026,557
Blue Nile, Inc.*	1,300		82,329
Expedia, Inc.*	17,600		452,496
Netflix, Inc.*	7,986		440,348
NutriSystem, Inc.	2,600		81,042
priceline.com, Inc.*	3,700		808,450
			16,891,222
Total Consumer Discretionary			18,421,063
Industrials (1.1%)
Construction & Engineering (0.4%)
Quanta Services, Inc.*^	105,610		2,200,912
Electrical Equipment (0.3%)
ABB Ltd. (ADR)*	40,530		774,123
SunPower Corp., Class B*^	59,170		1,239,612
			2,013,735
Professional Services (0.4%)
Verisk Analytics, Inc., Class A*	77,850		2,357,298
Total Industrials			6,571,945
Information Technology (72.7%)
Communications Equipment (8.6%)
3Com Corp.*	33,100		248,250
ADC Telecommunications, Inc.*	8,100		50,301
ADTRAN, Inc.	4,700		105,985
Arris Group, Inc.*	10,900		124,587
Blue Coat Systems, Inc.*	3,500		99,890
Brocade Communications Systems, Inc.*	35,200		268,576
Ciena Corp.*^	38,100		413,004
Cisco Systems, Inc.*	573,166		13,721,594
CommScope, Inc.*	8,000		212,240
Comtech Telecommunications Corp.*	2,400		84,120
EchoStar Corp., Class A*	3,200		64,448
Emulex Corp.*	6,700		73,030
F5 Networks, Inc.*^	161,335		8,547,528
Harris Corp.	11,000		523,050
Infinera Corp.*	8,000		70,960
InterDigital, Inc.*	3,600		95,544
JDS Uniphase Corp.*	19,200		158,400
Juniper Networks, Inc.*	90,710		2,419,236
Motorola, Inc.*^	845,255		6,559,179
Palm, Inc.*	14,000		140,560
Plantronics, Inc.	4,100		106,518
Polycom, Inc.*	6,900		172,293
QUALCOMM, Inc.	217,485		10,060,856
Research In Motion Ltd.*	42,000		2,836,680

	Number of Shares	Value (Note 1)
Riverbed Technology, Inc.*^	213,090	$	4,894,677
Sonus Networks, Inc.*	21,300		44,943
Sycamore Networks, Inc.^	1,500		31,365
Tekelec*	5,600		85,568
Tellabs, Inc.*	32,400		184,032
ViaSat, Inc.*	2,400		76,272
			52,473,686
Computers & Peripherals (18.7%)
Acer, Inc.	242,908		725,676
Acer, Inc. (GDR)	74,150		1,115,090
Apple, Inc.*	177,360		37,398,130
Avid Technology, Inc.*	2,400		30,624
Dell, Inc.*	240,680		3,456,165
Diebold, Inc.	5,700		162,165
Electronics for Imaging, Inc.*	3,400		44,234
EMC Corp.*	640,740		11,193,728
Hewlett-Packard Co.	610,623		31,453,191
HTC Corp.	56,900		647,579
Intermec, Inc.*	3,900		50,154
International Business Machines Corp.	107,232		14,036,669
Lexmark International, Inc., Class A*	6,700		174,066
NCR Corp.*	13,800		153,594
NetApp, Inc.*	229,260		7,884,251
QLogic Corp.*^	68,500		1,292,595
SanDisk Corp.*	19,100		553,709
Seagate Technology^	140,840		2,561,879
STEC, Inc.*	2,700		44,118
Sun Microsystems, Inc.*	62,900		589,373
Synaptics, Inc.*	2,700		82,755
Teradata Corp.*	14,300		449,449
Western Digital Corp.*	18,800		830,020
			114,929,214
Electronic Equipment, Instruments & Components (2.7%)
Agilent Technologies, Inc.*	28,900		897,923
Amphenol Corp., Class A	126,412		5,837,706
Anixter International, Inc.*	2,500		117,750
Arrow Electronics, Inc.*	10,100		299,061
Avnet, Inc.*	12,700		383,032
AVX Corp.	3,900		49,413
Benchmark Electronics, Inc.*	5,400		102,114
Celestica, Inc.*	17,900		168,976
Cogent, Inc.*	4,200		43,638
Corning, Inc.	200,900		3,879,379
Delta Electronics, Inc.	286,080		889,847
Dolby Laboratories, Inc., Class A*	4,500		214,785
FLIR Systems, Inc.*	12,700		415,544
Hon Hai Precision Industry Co., Ltd.	99,431		467,744
Ingram Micro, Inc., Class A*	14,000		244,300
Itron, Inc.*	3,400		229,738
Jabil Circuit, Inc.	16,400		284,868
L-1 Identity Solutions, Inc.*	5,600		41,944
Molex, Inc.	11,300		243,515
National Instruments Corp.^	4,800		141,360
Plexus Corp.*	3,300		94,050
Rofin-Sinar Technologies, Inc.*	2,400		56,664

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
SYNNEX Corp.*	1,700	$	52,122
Tech Data Corp.*	4,300		200,638
Trimble Navigation Ltd.*^	50,000		1,260,000
Vishay Intertechnology, Inc.*	16,200		135,270
			16,751,381
Internet Software & Services (10.3%)
Akamai Technologies, Inc.*^	62,285		1,577,679
Baidu, Inc. (ADR)*	11,908		4,896,927
DealerTrack Holdings, Inc.*	3,200		60,128
Digital River, Inc.*	3,200		86,368
EarthLink, Inc.	8,900		73,959
eBay, Inc.*	94,100		2,215,114
Equinix, Inc.*^	63,123		6,700,507
Google, Inc., Class A*	46,639		28,915,247
GSI Commerce, Inc.*	2,700		68,553
IAC/InterActiveCorp*	8,200		167,936
j2 Global Communications, Inc.*	3,800		77,330
NetEase.com, Inc. (ADR)*^	76,240		2,867,386
Open Text Corp.*	4,800		195,120
Rackspace Hosting, Inc.*	5,700		118,845
SAVVIS, Inc.*	2,900		40,745
SINA Corp.*	111,315		5,029,212
Sohu.com, Inc.*	20,560		1,177,677
Tencent Holdings Ltd.	277,510		5,981,010
ValueClick, Inc.*	6,900		69,828
VeriSign, Inc.*	16,100		390,264
WebMD Health Corp.*	4,100		157,809
Yahoo!, Inc.*	147,781		2,479,765
			63,347,409
IT Services (5.5%)
Accenture plc, Class A	42,400		1,759,600
Acxiom Corp.*	6,800		91,256
Affiliated Computer Services, Inc., Class A*	8,200		489,458
Alliance Data Systems Corp.*^	32,916		2,126,044
Automatic Data Processing, Inc.	69,050		2,956,721
Broadridge Financial Solutions, Inc.	11,700		263,952
CACI International, Inc., Class A*	2,500		122,125
Cognizant Technology Solutions Corp., Class A*	176,635		8,001,565
Computer Sciences Corp.*	12,700		730,631
Convergys Corp.*	10,300		110,725
Cybersource Corp.*	6,100		122,671
DST Systems, Inc.*	3,200		139,360
Euronet Worldwide, Inc.*	4,300		94,385
Fidelity National Information Services, Inc.	27,350		641,084
Fiserv, Inc.*	12,800		620,544
Gartner, Inc.*	5,000		90,200
Genpact Ltd.*^	8,210		122,329
Global Payments, Inc.	6,800		366,248
Hewitt Associates, Inc., Class A*	7,000		295,820
Hi Sun Technology China Ltd.*	321,000		179,314
Lender Processing Services, Inc.	8,000		325,280
ManTech International Corp., Class A*	1,900		91,732
Mastercard, Inc., Class A	8,000		2,047,840
MAXIMUS, Inc.	1,500		75,000

	Number of Shares	Value (Note 1)
NeuStar, Inc., Class A*	6,400	$	147,456
Paychex, Inc.	27,000		827,280
SAIC, Inc.*	33,200		628,808
Sapient Corp.*^	54,500		450,715
SRA International, Inc., Class A*	3,400		64,940
Syntel, Inc.	1,100		41,833
TeleTech Holdings, Inc.*	2,900		58,087
Tivit Terceirizacao de Tecnologia e Servicos S.A.	74,630		680,237
Total System Services, Inc.	16,700		288,409
Unisys Corp.*	3,600		138,816
VeriFone Holdings, Inc.*	6,200		101,556
Visa, Inc., Class A^	50,875		4,449,528
Western Union Co.	191,350		3,606,948
Wright Express Corp.*	3,100		98,766
			33,447,263
Office Electronics (0.1%)
Xerox Corp.	72,500		613,350
Zebra Technologies Corp., Class A*	4,900		138,964
			752,314
Semiconductors & Semiconductor Equipment (11.0%)
Advanced Micro Devices, Inc.*	47,100		455,928
Altera Corp.	24,700		558,961
Amkor Technology, Inc.*	11,300		80,908
Analog Devices, Inc.^	219,510		6,932,126
Applied Materials, Inc.	111,800		1,558,492
Applied Micro Circuits Corp.*^	32,100		239,787
Atheros Communications, Inc.*	5,600		191,744
Atmel Corp.*	38,000		175,180
Broadcom Corp., Class A*	88,300		2,777,035
Cavium Networks, Inc.*	3,200		76,256
Cree, Inc.*	8,700		490,419
Cymer, Inc.*	2,400		92,112
Cypress Semiconductor Corp.*	13,500		142,560
Epistar Corp.	155,000		579,530
Epistar Corp. (GDR)*§	20,200		366,428
Fairchild Semiconductor International, Inc.*	10,400		103,896
FEI Co.*	3,000		70,080
FormFactor, Inc.*	4,000		87,040
Hittite Microwave Corp.*	1,900		77,425
Infineon Technologies AG*	258,980		1,429,717
Integrated Device Technology, Inc.*	13,900		89,933
Intel Corp.	1,148,195		23,423,178
International Rectifier Corp.*	6,000		132,720
Intersil Corp., Class A	10,300		158,002
KLA-Tencor Corp.	14,300		517,088
Lam Research Corp.*^	21,850		856,738
Linear Technology Corp.	18,600		568,044
LSI Corp.*	54,900		329,949
Marvell Technology Group Ltd.*^	46,770		970,477
Maxim Integrated Products, Inc.^	100,385		2,037,815
MediaTek, Inc.	39,000		677,272
MEMC Electronic Materials, Inc.*	19,100		260,142
Micrel, Inc.	3,600		29,520
Microchip Technology, Inc.	15,300		444,618

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Number of Shares	Value (Note 1)
Micron Technology, Inc.*	70,900	$	748,704
Microsemi Corp.*	6,900		122,475
MKS Instruments, Inc.*	3,900		67,899
National Semiconductor Corp.	19,900		305,664
Netlogic Microsystems, Inc.*	2,000		92,520
Novellus Systems, Inc.*	8,300		193,722
NVIDIA Corp.*	46,500		868,620
ON Semiconductor Corp.*^	711,916		6,271,980
PMC-Sierra, Inc.*	18,500		160,210
Power Integrations, Inc.	2,300		83,628
Rambus, Inc.*	8,900		217,160
RF Micro Devices, Inc.*	23,000		109,710
Semtech Corp.*	5,200		88,452
Silicon Laboratories, Inc.*	3,800		183,692
Skyworks Solutions, Inc.*^	63,300		898,227
Taiwan Semiconductor Manufacturing Co., Ltd.	358,889		719,909
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)^	216,170		2,472,985
Teradyne, Inc.*^	14,300		153,439
Tessera Technologies, Inc.*	4,200		97,734
Texas Instruments, Inc.	196,715		5,126,393
TriQuint Semiconductor, Inc.*^	113,720		682,320
Varian Semiconductor Equipment Associates, Inc.*	6,200		222,456
Veeco Instruments, Inc.*	3,300		109,032
Xilinx, Inc.	23,100		578,886
Zoran Corp.*	4,400		48,620
			67,605,557
Software (15.8%)
Activision Blizzard, Inc.*	205,165		2,279,383
Adobe Systems, Inc.*	58,080		2,136,182
Advent Software, Inc.*	1,300		52,949
ANSYS, Inc.*	7,400		321,604
Ariba, Inc.*	7,200		90,144
Autodesk, Inc.*	19,200		487,872
Blackbaud, Inc.	3,800		89,794
Blackboard, Inc.*	2,800		127,092
BMC Software, Inc.*	38,960		1,562,296
CA, Inc.	33,200		745,672
Cadence Design Systems, Inc.*	22,500		134,775
Citrix Systems, Inc.*	15,300		636,633
CommVault Systems, Inc.*	3,600		85,284
Compuware Corp.*	19,200		138,816
Concur Technologies, Inc.*^	3,600		153,900
Electronic Arts, Inc.*	27,200		482,800
FactSet Research Systems, Inc.	3,500		230,545
Fair Isaac Corp.	4,000		85,240
Informatica Corp.*	7,600		196,536
Intuit, Inc.*	26,400		810,744
Jack Henry & Associates, Inc.	7,100		164,152
JDA Software Group, Inc.*	2,700		68,769
Lawson Software, Inc.*	11,500		76,475
Longtop Financial Technologies Ltd. (ADR)*^	21,400		792,228
McAfee, Inc.*	21,870		887,266
Mentor Graphics Corp.*	8,200		72,406
MICROS Systems, Inc.*	6,700		207,901
Microsoft Corp.	1,569,223		47,845,609
MicroStrategy, Inc., Class A*	800		75,216

	Number of Shares	Value (Note 1)
NetSuite, Inc.*	1,600	$	25,568
Novell, Inc.*	29,100		120,765
Nuance Communications, Inc.*	19,200		298,368
Oracle Corp.	655,198		16,078,559
Parametric Technology Corp.*	10,000		163,400
Pegasystems, Inc.	1,300		44,200
Progress Software Corp.*	3,200		93,472
Quest Software, Inc.*	5,200		95,680
Red Hat, Inc.*^	99,230		3,066,207
Rovi Corp.*	8,700		277,269
Salesforce.com, Inc.*^	127,645		9,416,372
Shanda Interactive Entertainment Ltd. (ADR)*^	14,685		772,578
SolarWinds, Inc.*	2,900		66,729
Solera Holdings, Inc.	5,900		212,459
SuccessFactors, Inc.*	145,876		2,418,624
Sybase, Inc.*	6,800		295,120
Symantec Corp.*	67,900		1,214,731
Synopsys, Inc.*	12,300		274,044
Take-Two Interactive Software, Inc.*	6,700		67,335
Taleo Corp., Class A*	3,300		77,616
TIBCO Software, Inc.*	14,200		136,746
TiVo, Inc.*	39,460		401,703
VMware, Inc., Class A*^	5,385		228,216
Websense, Inc.*	3,500		61,110
			96,945,154
Total Information Technology			446,251,978
Materials (0.4%)
Chemicals (0.4%)
Monsanto Co.	27,315		2,233,001
Total Materials			2,233,001
Telecommunication Services (2.0%)
Diversified Telecommunication Services (0.1%)
China Telecom Corp., Ltd. (ADR)	12,371		512,407
Wireless Telecommunication Services (1.9%)
American Tower Corp., Class A*	176,470		7,625,269
Crown Castle International Corp.*	114,825		4,482,768
			12,108,037
Total Telecommunication Services			12,620,444
Total Common Stocks (79.2%) (Cost $372,523,401)			486,098,431
INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs) (20.1%)
iShares S&P North American Technology Sector Index Fund*	148,750		8,065,225
Technology Select Sector SPDR Fund	5,052,100		115,541,527
Total Investment Companies (20.1%) (Cost $97,785,156)			123,606,752

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.1%)
Credit Suisse (USA) LLC, Repurchase Agreement 0.00%, 1/4/10(u)	$	4,290,744	$	4,290,743
Lehman Brothers Holdings, Inc. 0.00%, 8/21/09(h)(s)		849,994		165,748
Monumental Global Funding II 0.43%, 5/26/10(l)		1,590,000		1,558,359
Pricoa Global Funding I 0.40%, 6/25/10(l)		1,009,950		995,312
Total Short-Term Investments of Cash Collateral for Securities Loaned				7,010,162
Time Deposit (1.2%)
JPMorgan Chase Nassau 0.000%, 1/4/10		7,287,660		7,287,660
Total Short-Term Investments (2.3%) (Cost/Amortized Cost $15,028,347)				14,297,822
Total Investments (101.6%) (Cost/Amortized Cost $485,336,904)				624,003,005
Other Assets Less Liabilities (-1.6%)				(9,908,718	)
Net Assets (100%)			$	614,094,287

* Non-income producing.

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

§ 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 $366,428 or 0.1% 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.

(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 $4,376,594.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

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	$	18,421,063	$	—	$	—	$	18,421,063
Industrials		6,571,945		—		—		6,571,945
Information Technology		432,159,053		14,092,925		—		446,251,978
Materials		2,233,001		—		—		2,233,001
Telecommunication Services		12,620,444		—		—		12,620,444
Investment Companies
Exchange Traded Funds (ETFs)		123,606,752		—		—		123,606,752
Short-Term Investments		—		14,297,822		—		14,297,822
Total Assets	$	595,612,258	$	28,390,747	$	—	$	624,003,005
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	595,612,258	$	28,390,747	$	—	$	624,003,005

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:
Stocks and long-term corporate debt securities	$	643,530,472
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	569,276,789

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	$	108,960,754
Aggregate gross unrealized depreciation		(3,280,710	)
Net unrealized appreciation	$	105,680,044
Federal income tax cost of investments	$	518,322,961

At December 31, 2009, the Portfolio had loaned securities with a total value of $7,530,063. This was secured by collateral of $7,740,688 which was received as cash and subsequently invested in short-term investments currently valued at $7,010,162, as reported in the Portfolio of Investments.

For the year ended December 31, 2009, the Portfolio incurred approximately $1,515 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $201,099,710 of which $38,254,621 expires in the year 2010, $25,653,017 expires in the year 2011, $18,596,528 expires in the year 2016, and $118,595,544 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 $485,336,904) (Securities on loan at market value $7,530,063)	$	624,003,005
Foreign cash (Cost $1,221,766)		1,236,256
Cash		7,463
Receivable from Separate Accounts for Trust shares sold		843,083
Dividends, interest and other receivables		93,393
Other assets		1,291
Total assets		626,184,491
LIABILITIES
Payable for return of cash collateral on securities loaned		7,740,688
Payable to Separate Accounts for Trust shares redeemed		1,842,234
Payable for securities purchased		1,708,578
Investment management fees payable		478,633
Distribution fees payable - Class B		125,447
Administrative fees payable		87,840
Trustees’ fees payable		7,472
Accrued expenses		99,312
Total liabilities		12,090,204
NET ASSETS	$	614,094,287
Net assets were comprised of:
Paid in capital	$	709,504,725
Accumulated undistributed net investment income (loss)		(6,941	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency transactions		(234,084,293	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		138,680,796
Net assets	$	614,094,287
Class A
Net asset value, offering and redemption price per share, $11,949,449 / 1,076,089 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.10
Class B
Net asset value, offering and redemption price per share, $602,144,838/ 55,333,042 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.88

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (net of $29,024 foreign withholding tax)	$	4,393,173
Interest		1,056
Securities lending (net)		175,841
Total income		4,570,070
EXPENSES
Investment management fees		4,304,211
Distribution fees - Class B		1,110,163
Administrative fees		833,914
Printing and mailing expenses		102,261
Professional fees		74,970
Custodian fees		63,000
Trustees’ fees		7,217
Miscellaneous		16,256
Gross expenses		6,511,992
Less: Fees paid indirectly		(457,235	)
Net expenses		6,054,757
NET INVESTMENT INCOME (LOSS)		(1,484,687	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(73,158,440	)
Foreign currency transactions		(430,888	)
Net realized gain (loss)		(73,589,328	)
Change in unrealized appreciation (depreciation) on:
Securities		284,804,775
Foreign currency translations		367,868
Net change in unrealized appreciation (depreciation)		285,172,643
NET REALIZED AND UNREALIZED GAIN (LOSS)		211,583,315
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	210,098,628

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)	$	(1,484,687	)	$	(3,801,137	)
Net realized gain (loss) on investments and foreign currency transactions		(73,589,328	)		(88,883,999	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		285,172,643			(224,983,907	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		210,098,628			(317,669,043	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 188,682 and 872,625 shares, respectively ]		1,664,376			9,947,303
Capital shares repurchased [ (132,240) and (2,602,977) shares, respectively ]		(1,072,283	)		(26,549,959	)
Total Class A transactions		592,093			(16,602,656	)
Class B
Capital shares sold [ 21,774,382 and 14,217,141 shares, respectively ]		190,294,003			148,874,264
Capital shares repurchased [ (14,791,991) and (16,465,307) shares, respectively ]		(125,909,355	)		(168,507,712	)
Total Class B transactions		64,384,648			(19,633,448	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		64,976,741			(36,236,104	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		275,075,369			(353,905,147	)
NET ASSETS:
Beginning of year		339,018,918			692,924,065
End of year (a)	$	614,094,287		$	339,018,918
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(6,941	)	$	(18,288	)

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	$	6 .99		$	13.18		$	11.12		$	10.34		$	9.26
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)		(0.05	)(e)		(0.08	)(e)		(0.07	)(e)		(0.08	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		4.12			(6.14	)		2.14			0.85			1.16
Total from investment operations		4.11			(6.19	)		2.06			0.78			1.08
Net asset value, end of year	$	11.10		$	6.99		$	13.18		$	11.12		$	10.34
Total return		58.80	%		(46.97	)%		18.53	%		7.54	%		11.54	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	11,949		$	7,124		$	36,248		$	28,469		$	27,263
Ratio of expenses to average net assets:
After fees paid indirectly		1.09	%		1.41	%		1.41	%		1.39	%		1.36	%
Before fees paid indirectly		1.19	%		1.42	%		1.42	%		1.43	%		1.42	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.08	)%		(0.41	)%		(0.62	)%		(0.69	)%		(0.85	)%
Before fees paid indirectly		(0.19	)%		(0.42	)%		(0.63	)%		(0.72	)%		(0.91	)%
Portfolio turnover rate		129	%		148	%		132	%		163	%		148	%
	Year Ended December 31,
Class B	2009			2008			2007			2006			2005
Net asset value, beginning of year	$	6.86		$	12.98		$	10.98		$	10.23		$	9.19
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.07	)(e)		(0.11	)(e)		(0.10	)(e)		(0.10	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		4.05			(6.05	)		2.11			0.85			1.14
Total from investment operations		4.02			(6.12	)		2.00			0.75			1.04
Net asset value, end of year	$	10.88		$	6.86		$	12.98		$	10.98		$	10.23
Total return		58.60	%		(47.15	)%		18.21	%		7.33	%		11.20	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	602,145		$	331,894		$	656,676		$	516,556		$	507,474
Ratio of expenses to average net assets:
After fees paid indirectly		1.34	%		1.66	%(c)		1.66	%		1.64	%		1.61	%
Before fees paid indirectly		1.44	%		1.67	%(c)		1.67	%		1.68	%		1.67	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.33	)%		(0.73	)%		(0.87	)%		(0.94	)%		(1.10	)%
Before fees paid indirectly		(0.43	)%		(0.74	)%		(0.88	)%		(0.97	)%		(1.16	)%
Portfolio turnover rate		129	%		148	%		132	%		163	%		148	%

(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.

322

TARGET 2015 ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year		Since Incept.*
Portfolio – Class A Shares	20.57	%	(0.76	)%
Portfolio – Class B Shares	20.40		(0.98	)
S&P 500 Index†	26.46		(2.47	)
Barclays Capital U.S. Aggregate Bond Index†	5.93		6.09
MSCI EAFE Index†	31.78		(2.57	)
Target 2015 Composite Index	20.25		0.65
*   Date of inception 8/31/06 †  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 Target 2015 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 20.57% 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 Portfolios 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 12 underlying EQ Advisors Trust and AXA Premier VIP Portfolios. These included 8 equity portfolios and 4 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (33.1%) and high yield bonds (0.6%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (14.5%), large cap value stocks (15.4%), international stocks (23.5%) and small and mid cap stocks (12.8%).

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

323

TARGET 2015 ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2009
EQ/Equity 500 Index Portfolio	24.0	%
EQ/Core Bond Index Portfolio	22.5
EQ/International ETF Portfolio	14.3
EQ/Global Multi-Sector Equity Portfolio	14.2
Multimanager Multi-Sector Bond Portfolio	6.3
Multimanager Large Cap Value Portfolio	4.5
EQ/Small Company Index Portfolio	4.3
EQ/Global Bond PLUS Portfolio	3.0
Multimanager Mid Cap Value Portfolio	2.9
Multimanager Aggressive Equity Portfolio	2.8
EQ/Quality Bond PLUS Portfolio	0.9
Multimanager Mid Cap Growth Portfolio	0.3

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	$1,158.80	$1.90
Hypothetical (5% average return before expenses)	1,000.00	1,023.44	1.79
Class B
Actual	1,000.00	1,158.80	3.26
Hypothetical (5% average return before expenses)	1,000.00	1,022.18	3.06
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, 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:
EQ/Core Bond Index Portfolio‡	1,871,953	$	17,570,196
EQ/Equity 500 Index Portfolio‡	963,031		18,717,898
EQ/Global Bond PLUS Portfolio‡	242,872		2,345,774
EQ/Global Multi-Sector Equity Portfolio‡	974,924		11,054,803
EQ/International ETF Portfolio‡	1,604,938		11,114,508
EQ/Quality Bond PLUS Portfolio‡	74,863		675,211
EQ/Small Company Index Portfolio‡	400,858		3,379,482
Multimanager Aggressive Equity Portfolio‡	94,460		2,206,176
Multimanager Large Cap Value Portfolio‡	405,514		3,534,974
Multimanager Mid Cap Growth Portfolio*‡	33,611		244,230
Multimanager Mid Cap Value Portfolio‡	273,161		2,217,760
Multimanager Multi-Sector Bond Portfolio‡	1,309,322		4,898,169
Total Investment Companies (100.1%) (Cost $80,933,286)			77,959,181

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 1/4/10 (Amortized Cost $196,846)	$	196,846	$	196,846
Total Investments (100.4%) (Cost/Amortized Cost $81,130,132)				78,156,027
Other Assets Less Liabilities (-0.4%)				(280,649	)
Net Assets (100%)			$	77,875,378

* 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.

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/Bond Index Portfolio(a)	$	15,264,311	$	2,988,511	$	1,215,040	$	—	$	516,618	$	(8,580	)
EQ/Core Bond Index Portfolio(b)		—		920,267		290,327		17,570,196		445,923		4,165
EQ/Equity 500 Index Portfolio		13,867,546		4,737,527		5,107,274		18,717,898		359,965		(1,606,853	)
EQ/Global Bond PLUS Portfolio(c)		—		2,481,618		165,445		2,345,774		6,626		10,715
EQ/Global Multi-Sector Equity Portfolio(d)		3,000,069		5,944,891		1,293,420		11,054,803		141,844		(662,793	)
EQ/International ETF Portfolio		10,111,089		3,944,621		7,023,327		11,114,508		931,283		(3,164,176	)
EQ/PIMCO Ultra Short Bond Portfolio(e)		547,408		422,450		1,018,448		—		—		(19,911	)
EQ/Quality Bond PLUS Portfolio		—		838,787		165,024		675,211		19,974		8,088
EQ/Small Company Index Portfolio		2,644,635		699,287		998,040		3,379,482		47,400		(375,497	)
Multimanager Aggressive Equity Portfolio		2,800,187		1,080,111		3,847,933		2,206,176		7,229		(1,343,902	)
Multimanager Large Cap Value Portfolio		3,208,569		1,075,846		2,101,752		3,534,974		66,331		(714,532	)
Multimanager Mid Cap Growth Portfolio		153,771		42,063		31,552		244,230		—		(10,627	)
Multimanager Mid Cap Value Portfolio		1,401,247		376,340		266,054		2,217,760		60,230		(96,459	)
Multimanager Multi-Sector Bond Portfolio(f)		3,444,376		1,864,548		829,736		4,898,169		225,049		(239,534	)
	$	56,443,208	$	27,416,867	$	24,353,372	$	77,959,181	$	2,828,472	$	(8,219,896	)

(a) merged into EQ/Core Bond Index Portfolio

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

(f) formerly known as Multimanager High Yield 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	$	—	$	77,959,181	$	—	$	77,959,181
Short-Term Investments		—		196,846		—		196,846
Total Assets	$	—	$	78,156,027	$	—	$	78,156,027
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	78,156,027	$	—	$	78,156,027

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	$	27,416,867
Net Proceeds of Sales and Redemptions:
Investment Companies	$	15,723,460

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	$	1,718,255
Aggregate gross unrealized depreciation		(4,581,945	)
Net unrealized depreciation	$	(2,863,690	)
Federal income tax cost of investments	$	81,019,717

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $80,933,286)	$	77,959,181
Unaffiliated Issuers (Cost $196,846)		196,846
Receivable from Separate Accounts for Trust shares sold		42,425
Receivable for securities sold		25,231
Receivable from investment manager		18,855
Other assets		57
Total assets		78,242,595
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		288,579
Distribution fees payable - Class B		7,566
Trustees’ fees payable		84
Accrued expenses		70,988
Total liabilities		367,217
NET ASSETS	$	77,875,378
Net assets were comprised of:
Paid in capital	$	93,702,129
Accumulated undistributed net investment income (loss)		110,270
Accumulated undistributed net realized gain (loss) on investments		(12,962,916	)
Unrealized appreciation (depreciation) on investments		(2,974,105	)
Net assets	$	77,875,378
Class A
Net asset value, offering and redemption price per share, $42,218,181 / 5,085,354 shares outstanding (unlimited amount authorized: $0.001 par value).	$	8.30
Class B
Net asset value, offering and redemption price per share, $35,657,197 / 4,293,191 shares outstanding (unlimited amount authorized: $0.001 par value).	$	8.31

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	2,828,472
EXPENSES
Administrative fees		131,109
Custodian fees		102,500
Distribution fees - Class B		70,754
Investment management fees		64,629
Professional fees		59,207
Printing and mailing expenses		26,736
Trustees’ fees		1,062
Miscellaneous		6,472
Gross expenses		462,469
Less:   Waiver from investment advisor		(165,380	)
Net expenses		297,089
NET INVESTMENT INCOME (LOSS)		2,531,383
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(8,629,912	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		410,016
Net realized gain (loss)		(8,219,896	)
Net change in unrealized appreciation (depreciation) on securities		18,452,478
NET REALIZED AND UNREALIZED GAIN (LOSS)		10,232,582
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,763,965

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)	$	2,531,383		$	2,144,715
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(8,219,896	)		(3,693,007	)
Net change in unrealized appreciation (depreciation) on investments		18,452,478			(21,060,283	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		12,763,965			(22,608,575	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,614,306	)		(1,352,082	)
Class B		(1,282,611	)		(905,135	)
		(2,896,917	)		(2,257,217	)
Distributions from net realized capital gains
Class A		(67,832	)		(382,443	)
Class B		(57,790	)		(237,911	)
		(125,622	)		(620,354	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(3,022,539	)		(2,877,571	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 734,573 and 5,416,870 shares, respectively ]		5,551,763			56,270,383
Capital shares issued in reinvestment of dividends and distributions [ 202,770 and 241,780 shares, respectively ]		1,682,138			1,734,525
Capital shares repurchased [ (471,085) and (1,093,022) shares, respectively ]		(3,621,161	)		(9,277,484	)
Total Class A transactions		3,612,740			48,727,424
Class B
Capital shares sold [ 2,170,695 and 3,049,586 shares, respectively ]		16,161,152			28,434,019
Capital shares issued in reinvestment of dividends and distributions [ 161,500 and 160,317 shares, respectively ]		1,340,401			1,143,046
Capital shares repurchased [ (1,301,954) and (1,165,277) shares, respectively ]		(9,501,524	)		(10,095,569	)
Total Class B transactions		8,000,029			19,481,496
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		11,612,769			68,208,920
TOTAL INCREASE (DECREASE) IN NET ASSETS		21,354,195			42,722,774
NET ASSETS:
Beginning of year		56,521,183			13,798,409
End of year (a)	$	77,875,378		$	56,521,183
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	110,270		$	322,205

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	7.17		$	10.85		$	10.54		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(x)		0.30	(e)		0.40	(e)		0.26	(e)		0.23	(e)
Net realized and unrealized gain (loss) on investments		1.17			(3.69	)		0.53			0.56
Total from investment operations		1.47			(3.29	)		0.79			0.79
Less distributions:
Dividends from net investment income		(0.33	)		(0.31	)		(0.35	)		(0.25	)
Distributions from net realized gains		(0.01	)		(0.08	)		(0.13	)		—	#
Total dividends and distributions		(0.34	)		(0.39	)		(0.48	)		(0.25	)
Net asset value, end of period	$	8.30		$	7.17		$	10.85		$	10.54
Total return (b)		20.57	%		(30.31	)%		7.49	%		7.94	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	42,218		$	33,119		$	580		$	540
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.60	%		0.55	%		1.81	%		7.98	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		3.88	%		4.45	%		2.37	%		6.68	%(l)
Before waivers and reimbursements (a)(f)(x)		3.63	%		4.25	%		0.91	%		(1.66	)%(l)
Portfolio turnover rate		24	%		43	%		12	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.02		$	0.02		$	0.16		$	0.29
	Year Ended December 31,
Class B	2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	7.17		$	10.85		$	10.54		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(x)		0.30	(e)		0.36	(e)		0.46	(e)		0.39	(e)
Net realized and unrealized gain (loss) on investments		1.16			(3.67	)		0.30			0.39
Total from investment operations		1.46			(3.31	)		0.76			0.78
Less distributions:
Dividends from net investment income		(0.31	)		(0.29	)		(0.32	)		(0.24	)
Distributions from net realized gains		(0.01	)		(0.08	)		(0.13	)		—	#
Total dividends and distributions		(0.32	)		(0.37	)		(0.45	)		(0.24	)
Net asset value, end of period	$	8.31		$	7.17		$	10.85		$	10.54
Total return (b)		20.40	%		(30.50	)%		7.22	%		7.85	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	35,657		$	23,402		$	13,218		$	2,023
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.85	%(c)		0.80	%(c)		2.06	%(c)		8.23	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		3.96	%		3.97	%		4.12	%		11.01	%(l)
Before waivers and reimbursements (a)(f)(x)		3.70	%		3.63	%		2.72	%		3.72	%(l)
Portfolio turnover rate		24	%		43	%		12	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.02		$	0.03		$	0.16		$	0.26

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

* Commencement of operations.

# Per share amount is less than $0.01.

(a) Ratios for periods less than one year are annualized.

(b) Total returns for periods less than one year are not annualized.

(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.

(l) The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.

(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.

330

TARGET 2025 ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year	Since Incept.*
Portfolio – Class A Shares	23.56	(1.77	)
Portfolio – Class B Shares	23.25	(2.03	)
S&P 500 Index†	26.46	(2.47	)
Barclays Capital U.S. Aggregate Bond Index†	5.93	6.09
MSCI EAFE Index†	31.78	(2.57	)
Target 2025 Composite Index	23.20	(0.44	)
*   Date of inception 8/31/06
†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 Target 2025 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 23.56% 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 Portfolios 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 12 underlying EQ Advisors Trust and AXA Premier VIP Portfolios. These included 8 equity portfolios and 4 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (20.6%) and high yield bonds (0.5%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (17.8%), large cap value stocks (18.7%), international stocks (26.7%) and small and mid cap stocks (15.7%).

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

331

TARGET 2025 ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2009
EQ/Equity 500 Index Portfolio	32.2	%
EQ/International ETF Portfolio	17.0
EQ/Global Multi-Sector Equity Portfolio	14.9
EQ/Core Bond Index Portfolio	12.9
EQ/Small Company Index Portfolio	5.8
Multimanager Multi-Sector Bond Portfolio	4.7
Multimanager Large Cap Value Portfolio	4.4
Multimanager Mid Cap Value Portfolio	3.2
Multimanager Aggressive Equity Portfolio	2.3
EQ/Global Bond PLUS Portfolio	1.7
EQ/Quality Bond PLUS Portfolio	0.7
Multimanager Mid Cap Growth 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	$1,185.20	$1.93
Hypothetical (5% average return before expenses)	1,000.00	1,023.44	1.79
Class B
Actual	1,000.00	1,183.80	3.30
Hypothetical (5% average return before expenses)	1,000.00	1,022.18	3.06
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60% 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:
EQ/Core Bond Index Portfolio‡	1,142,577	$	10,724,254
EQ/Equity 500 Index Portfolio‡	1,377,192		26,767,722
EQ/Global Bond PLUS Portfolio‡	144,556		1,396,190
EQ/Global Multi-Sector Equity Portfolio‡	1,088,486		12,342,503
EQ/International ETF Portfolio‡	2,034,682		14,090,571
EQ/Quality Bond PLUS Portfolio‡	60,415		544,896
EQ/Small Company Index Portfolio‡	573,455		4,834,588
Multimanager Aggressive Equity Portfolio‡	82,294		1,922,042
Multimanager Large Cap Value Portfolio‡	423,084		3,688,139
Multimanager Mid Cap Growth Portfolio*‡	28,182		204,779
Multimanager Mid Cap Value Portfolio‡	331,114		2,688,273
Multimanager Multi-Sector Bond Portfolio‡	1,039,068		3,887,150
Total Investment Companies (100.6%) (Cost $90,628,713)			83,091,107

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau 0.000%, 1/4/10 (Amortized Cost $136,254)	$	136,254	$	136,254
Total Investments (100.8%) (Cost/Amortized Cost $90,764,967)				83,227,361
Other Assets Less Liabilities (-0.8%)				(654,983	)
Net Assets (100%)			$	82,572,378

* 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.

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/Bond Index Portfolio(a)	$	8,823,115	$	1,542,188	$	267,772	$	—	$	305,916	$	(794	)
EQ/Core Bond Index Portfolio(b)		—		756,683		65,278		10,724,254		270,148		484
EQ/Equity 500 Index Portfolio		17,485,334		6,305,600		2,933,661		26,767,722		508,928		(1,045,540	)
EQ/Global Bond PLUS Portfolio(c)		—		1,432,572		60,389		1,396,190		5,529		4,468
EQ/Global Multi- Sector Equity Portfolio(d)		2,933,722		6,788,170		599,091		12,342,503		157,053		(308,600	)
EQ/International ETF Portfolio		10,963,054		4,830,939		5,020,713		14,090,571		1,167,608		(2,118,997	)
EQ/PIMCO Ultra Short Bond Portfolio(e)		423,252		225,722		698,409		—		—		(22,923	)
EQ/Quality Bond PLUS Portfolio		—		602,880		60,172		544,896		15,315		2,142
EQ/Small Company Index Portfolio		3,531,876		946,589		1,055,805		4,834,588		67,147		(482,504	)
Multimanager Aggressive Equity Portfolio		2,924,488		1,089,114		4,456,561		1,922,042		6,110		(1,510,194	)
Multimanager Large Cap Value Portfolio		3,262,534		1,075,936		1,942,102		3,688,139		68,173		(628,585	)
Multimanager Mid Cap Growth Portfolio		114,461		42,774		14,531		204,779		—		(6,126	)
Multimanager Mid Cap Value Portfolio		1,617,642		399,304		109,007		2,688,273		72,574		(47,704	)
Multimanager Multi-Sector Bond Portfolio(f)		2,150,542		1,819,651		263,451		3,887,150		176,026		(91,868	)
	$	54,230,020	$	27,858,122	$	17,546,942	$	83,091,107	$	2,820,527	$	(6,256,741	)

(a) merged into EQ/Core Bond Index Portfolio

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

(f) formerly known as Multimanager High Yield 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	$	—	$	83,091,107	$	—	$	83,091,107
Short-Term Investments		—		136,254		—		136,254
Total Assets	$	—	$	83,227,361	$	—	$	83,227,361
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	83,227,361	$	—	$	83,227,361

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	$	27,858,122
Net Proceeds of Sales and Redemptions:
Investment Companies	$	10,774,094

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	$	848,130
Aggregate gross unrealized depreciation		(8,168,491	)
Net unrealized depreciation	$	(7,320,361	)
Federal income tax cost of investments	$	90,547,722

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $90,628,713)	$	83,091,107
Unaffiliated Issuers (Cost $136,254)		136,254
Cash		8,598
Receivable from investment manager		18,095
Receivable from Separate Accounts for Trust shares sold		15,455
Total assets		83,269,509
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		392,383
Payable for securities purchased		224,752
Distribution fees payable - Class B		8,183
Trustees’ fees payable		123
Accrued expenses		71,690
Total liabilities		697,131
NET ASSETS	$	82,572,378
Net assets were comprised of:
Paid in capital	$	98,393,023
Accumulated undistributed net investment income (loss)		217,093
Accumulated undistributed net realized gain (loss) on investments		(8,500,132	)
Unrealized appreciation (depreciation) on investments		(7,537,606	)
Net assets	$	82,572,378
Class A
Net asset value, offering and redemption price per share, $43,236,234 / 5,353,749 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.08
Class B
Net asset value, offering and redemption price per share, $39,336,144 / 4,868,651 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.08

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	2,820,527
EXPENSES
Administrative fees		131,516
Custodian fees		104,000
Distribution fees - Class B		72,283
Investment management fees		64,900
Professional fees		60,207
Printing and mailing expenses		26,631
Trustees’ fees		1,048
Miscellaneous		6,835
Gross expenses		467,420
Less: Waiver from investment advisor		(167,830	)
Net expenses		299,590
NET INVESTMENT INCOME (LOSS)		2,520,937
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(6,772,848	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		516,107
Net realized gain (loss)		(6,256,741	)
Net change in unrealized appreciation (depreciation) on securities		18,549,907
NET REALIZED AND UNREALIZED GAIN (LOSS)		12,293,166
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,814,103

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)	$	2,520,937		$	1,825,577
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(6,256,741	)		(902,430	)
Net change in unrealized appreciation (depreciation) on investments		18,549,907			(25,537,634	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		14,814,103			(24,614,487	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,617,793	)		(1,179,240	)
Class B		(1,359,604	)		(763,601	)
		(2,977,397	)		(1,942,841	)
Distributions from net realized capital gains
Class A		(92,972	)		(507,352	)
Class B		(79,593	)		(298,804	)
		(172,565	)		(806,156	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(3,149,962	)		(2,748,997	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 854,670 and 5,043,287 shares, respectively ]		6,043,152			52,605,183
Capital shares issued in reinvestment of dividends and distributions [ 212,668 and 242,561 shares, respectively ]		1,710,765			1,686,592
Capital shares repurchased [ (393,114) and (659,409) shares, respectively ]		(2,797,505	)		(5,674,222	)
Total Class A transactions		4,956,412			48,617,553
Class B
Capital shares sold [ 2,003,209 and 2,146,095 shares, respectively ]		14,553,964			19,443,385
Capital shares issued in reinvestment of dividends and distributions [ 178,808 and 154,462 shares, respectively ]		1,439,197			1,062,405
Capital shares repurchased [ (595,076) and (587,845) shares, respectively ]		(4,265,046	)		(5,418,973	)
Total Class B transactions		11,728,115			15,086,817
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		16,684,527			63,704,370
TOTAL INCREASE (DECREASE) IN NET ASSETS		28,348,668			36,340,886
NET ASSETS:
Beginning of year		54,223,710			17,882,824
End of year (a)	$	82,572,378		$	54,223,710
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	217,093		$	346,565

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									August 31, 2006* to December 31, 2006
Class A	2009			2008			2007
Net asset value, beginning of period	$	6.81		$	11.02		$	10.65		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		0.28	(e)		0.36	(e)		0.21	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		1.32			(4.20	)		0.60			0.68
Total from investment operations		1.60			(3.84	)		0.81			0.87
Less distributions:
Dividends from net investment income		(0.31	)		(0.26	)		(0.30	)		(0.22	)
Distributions from net realized gains		(0.02	)		(0.11	)		(0.14	)		—	#
Total dividends and distributions		(0.33	)		(0.37	)		(0.44	)		(0.22	)
Net asset value, end of period	$	8.08		$	6.81		$	11.02		$	10.65
Total return (b)		23.56	%		(34.83	)%		7.62	%		8.71	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	43,236		$	31,868		$	585		$	544
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a) (f)		0.61	%		0.57	%		1.51	%		7.39	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		3.80	%		4.11	%		1.86	%		5.55	%(l)
Before waivers and reimbursements (a) (f) (x)		3.54	%		3.90	%		0.69	%		(2.33	)%(l)
Portfolio turnover rate		17	%		21	%		15	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.02		$	0.02		$	0.13		$	0.27
	Year Ended December 31,									August 31, 2006* to December 31, 2006
Class B	2009			2008			2007
Net asset value, beginning of period	$	6.81		$	11.02		$	10.65		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		0.29	(e)		0.31	(e)		0.35	(e)		0.31	(e)
Net realized and unrealized gain (loss) on investments		1.29			(4.16	)		0.43			0.55
Total from investment operations		1.58			(3.85	)		0.78			0.86
Less distributions:
Dividends from net investment income		(0.29	)		(0.25	)		(0.27	)		(0.21	)
Distributions from net realized gains		(0.02	)		(0.11	)		(0.14	)		—	#
Total dividends and distributions		(0.31	)		(0.36	)		(0.41	)		(0.21	)
Net asset value, end of period	$	8.08		$	6.81		$	11.02		$	10.65
Total return (b)		23.25	%		(35.00	)%		7.35	%		8.62	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	39,336		$	22,355		$	17,298		$	2,154
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a) (f)		0.86	%		0.82	%(c)		1.76	%(c)		7.64	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		3.98	%		3.40	%		3.10	%		8.86	%(l)
Before waivers and reimbursements (a) (f) (x)		3.72	%		3.05	%		2.03	%		2.18	%(l)
Portfolio turnover rate		17	%		21	%		15	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.02		$	0.03		$	0.12		$	0.24

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

* Commencement of operations.

# Per share amount is less than $0.01.

(a) Ratios for periods less than one year are annualized.

(b) Total returns for periods less than one year are not annualized.

(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.

(l) The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.

(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.

338

TARGET 2035 ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year	Since Incept.*
Portfolio – Class A Shares	25.92	(2.42	)
Portfolio – Class B Shares	25.41	(2.67	)
S&P 500 Index†	26.46	(2.47	)
Barclays Capital U.S. Aggregate Bond Index†	5.93	6.09
MSCI EAFE Index†	31.78	(2.57	)
Target 2035 Composite Index	25.42	(1.34	)
*   Date of inception 8/31/06 †  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 Target 2035 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 25.92% 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 Portfolios 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 12 underlying EQ Advisors Trust and AXA Premier VIP Portfolios. These included 8 equity portfolios and 4 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (10.6%) and high yield bonds (0.3%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (20.5%), large cap value stocks (20.8%), international stocks (29.5%) and small and mid cap stocks (18.3%).

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

Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2009
EQ/Equity 500 Index Portfolio	39.1	%
EQ/International ETF Portfolio	18.8
EQ/Global Multi-Sector Equity Portfolio	16.7
EQ/Small Company Index Portfolio	7.7
EQ/Core Bond Index Portfolio	5.7
Multimanager Multi-Sector Bond Portfolio	2.8
Multimanager Mid Cap Value Portfolio	2.7
Multimanager Large Cap Value Portfolio	2.7
Multimanager Aggressive Equity Portfolio	2.1
EQ/Global Bond PLUS Portfolio	0.7
EQ/Quality Bond PLUS Portfolio	0.6
Multimanager Mid Cap Growth Portfolio	0.4

339

TARGET 2035 ALLOCATION 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	$1,204.40	$1.94
Hypothetical (5% average return before expenses)	1,000.00	1,023.44	1.79
Class B
Actual	1,000.00	1,203.00	3.33
Hypothetical (5% average return before expenses)	1,000.00	1,022.18	3.06
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60% , 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:
EQ/Core Bond Index Portfolio‡	258,249	$	2,423,931
EQ/Equity 500 Index Portfolio‡	853,564		16,590,251
EQ/Global Bond PLUS Portfolio‡	29,704		286,894
EQ/Global Multi-Sector Equity Portfolio‡	626,634		7,105,492
EQ/International ETF Portfolio‡	1,149,673		7,961,709
EQ/Quality Bond PLUS Portfolio‡	28,678		258,655
EQ/Small Company Index Portfolio‡	389,199		3,281,188
Multimanager Aggressive Equity Portfolio‡	37,881		884,733
Multimanager Large Cap Value Portfolio‡	131,271		1,144,326

	Number of Shares	Value (Note 1)
Multimanager Mid Cap Growth Portfolio*‡	24,879	$	180,777
Multimanager Mid Cap Value Portfolio‡	141,491		1,148,745
Multimanager Multi-Sector Bond Portfolio‡	313,341		1,172,206
Total Investments (100.6%) (Cost $44,135,562)			42,438,907
Other Assets Less Liabilities (-0.6%)			(262,941	)
Net Assets (100%)		$	42,175,966

* 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.

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/Bond Index Portfolio(a)	$	1,838,822	$	526,749	$	60,324	$	—	$	69,777	$	867
EQ/Core Bond Index Portfolio(b)		—		202,947		67,436		2,423,931		61,549		968
EQ/Equity 500 Index Portfolio		9,564,697		5,171,061		1,799,335		16,590,251		319,426		(601,757	)
EQ/Global Bond PLUS Portfolio(c)		—		315,276		37,294		286,894		1,875		2,543
EQ/Global Multi-Sector Equity Portfolio(d)		1,525,334		4,217,271		569,568		7,105,492		91,040		(269,730	)
EQ/International ETF Portfolio		5,492,134		3,521,525		3,038,231		7,961,709		667,692		(1,204,049	)
EQ/PIMCO Ultra Short Bond Portfolio(e)		124,398		90,463		228,025		—		—		(4,379	)
EQ/Quality Bond PLUS Portfolio		—		286,285		31,052		258,655		7,851		1,428
EQ/Small Company Index Portfolio		1,673,030		1,440,169		694,501		3,281,188		46,073		(310,322	)
Multimanager Aggressive Equity Portfolio		1,392,198		786,455		2,357,801		884,733		2,892		(638,376	)
Multimanager Large Cap Value Portfolio		1,507,827		744,672		2,009,028		1,144,326		21,418		(548,087	)
Multimanager Mid Cap Growth Portfolio		105,746		30,764		10,769		180,777		—		(3,402	)
Multimanager Mid Cap Value Portfolio		621,774		260,836		73,092		1,148,745		31,022		(26,276	)
Multimanager Multi-Sector Bond Portfolio(f)		621,675		625,456		167,185		1,172,206		53,852		(56,279	)
	$	24,467,635	$	18,219,929	$	11,143,641	$	42,438,907	$	1,374,467	$	(3,656,851	)

(a) merged into EQ/Core Bond Index Portfolio

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

(f) formerly known as Multimanager High Yield 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	$	—	$	42,438,907	$	—	$	42,438,907
Total Assets	$	—	$	42,438,907	$	—	$	42,438,907
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	42,438,907	$	—	$	42,438,907

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	$	18,219,929
Net Proceeds of Sales and Redemptions:
Investment Companies	$	7,190,271

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	$	962,710
Aggregate gross unrealized depreciation		(2,544,205	)
Net unrealized depreciation	$	(1,581,495	)
Federal income tax cost of investments	$	44,020,402

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $44,135,562)	$	42,438,907
Receivable for securities sold		113,394
Receivable from investment manager		28,162
Receivable from Separate Accounts for Trust shares sold		4,912
Total assets		42,585,375
LIABILITIES
Overdraft payable		142,179
Payable to Separate Accounts for Trust shares redeemed		191,537
Distribution fees payable - Class B		5,827
Trustees’ fees payable		85
Accrued expenses		69,781
Total liabilities		409,409
NET ASSETS	$	42,175,966
Net assets were comprised of:
Paid in capital	$	48,497,643
Accumulated undistributed net investment income (loss)		115,088
Accumulated undistributed net realized gain (loss) on investments		(4,740,110	)
Unrealized appreciation (depreciation) on investments		(1,696,655	)
Net assets	$	42,175,966
Class A
Net asset value, offering and redemption price per share, $14,680,164 / 1,841,457 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.97
Class B
Net asset value, offering and redemption price per share, $27,495,802 / 3,447,988 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.97

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,374,467
EXPENSES
Custodian fees		100,500
Administrative fees		83,011
Professional fees		59,609
Distribution fees - Class B		51,031
Investment management fees		32,564
Printing and mailing expenses		18,063
Trustees’ fees		521
Miscellaneous		4,469
Gross expenses		349,768
Less:  Waiver from investment advisor		(115,575	)
Reimbursement from investment advisor		(69,086	)
Net expenses		165,107
NET INVESTMENT INCOME (LOSS)		1,209,360
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(3,953,370	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		296,519
Net realized gain (loss)		(3,656,851	)
Net change in unrealized appreciation (depreciation) on securities		10,894,984
NET REALIZED AND UNREALIZED GAIN (LOSS)		7,238,133
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,447,493

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)	$	1,209,360		$	772,983
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(3,656,851	)		(353,044	)
Net change in unrealized appreciation (depreciation) on investments		10,894,984			(12,353,416	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		8,447,493			(11,933,477	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(532,746	)		(352,218	)
Class B		(937,221	)		(476,040	)
		(1,469,967	)		(828,258	)
Distributions from net realized capital gains
Class A		(44,790	)		(197,695	)
Class B		(81,335	)		(246,026	)
		(126,125	)		(443,721	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,596,092	)		(1,271,979	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 433,989 and 1,544,854 shares, respectively ]		2,958,133			15,928,606
Capital shares issued in reinvestment of dividends and distributions [ 72,784 and 79,746 shares, respectively ]		577,536			549,913
Capital shares repurchased [ (187,611) and (154,903) shares, respectively ]		(1,434,554	)		(1,124,312	)
Total Class A transactions		2,101,115			15,354,207
Class B
Capital shares sold [ 1,672,210 and 1,467,660 shares, respectively ]		11,638,159			13,372,024
Capital shares issued in reinvestment of dividends and distributions [ 128,295 and 105,984 shares, respectively ]		1,018,556			722,066
Capital shares repurchased [ (540,351) and (262,540) shares, respectively ]		(3,901,489	)		(2,189,537	)
Total Class B transactions		8,755,226			11,904,553
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		10,856,341			27,258,760
TOTAL INCREASE (DECREASE) IN NET ASSETS		17,707,742			14,053,304
NET ASSETS:
Beginning of year		24,468,224			10,414,920
End of year (a)	$	42,175,966		$	24,468,224
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	115,088		$	172,194

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									August 31, 2006* to December 31, 2006
Class A	2009			2008			2007
Net asset value, beginning of period	$	6.59		$	11.21		$	10.76		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		0.25	(e)		0.34	(e)		0.17	(e)		0.16	(e)
Net realized and unrealized gain (loss) on investments		1.46			(4.58	)		0.66			0.78
Total from investment operations		1.71			(4.24	)		0.83			0.94
Less distributions:
Dividends from net investment income		(0.30	)		(0.24	)		(0.27	)		(0.18	)
Distributions from net realized gains		(0.03	)		(0.14	)		(0.11	)		—	#
Total dividends and distributions		(0.33	)		(0.38	)		(0.38	)		(0.18	)
Net asset value, end of period	$	7.97		$	6.59		$	11.21		$	10.76
Total return (b)		25.92	%		(37.94	)%		7.75	%		9.45	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	14,680		$	10,038		$	589		$	547
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a) (f)		0.91	%		0.94	%		2.48	%		9.66	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		3.58	%		3.92	%		1.48	%		4.50	%(l)
Before waivers and reimbursements (a) (f) (x)		3.02	%		3.33	%		(0.64	)%		(4.99	)%(l)
Portfolio turnover rate		22	%		12	%		6	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.04		$	0.05		$	0.24		$	0.33
	Year Ended December 31,									August 31, 2006* to December 31, 2006
Class B	2009			2008			2007
Net asset value, beginning of period	$	6.60		$	11.21		$	10.76		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		0.27	(e)		0.30	(e)		0.29	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		1.41			(4.55	)		0.51			0.74
Total from investment operations		1.68			(4.25	)		0.80			0.93
Less distributions:
Dividends from net investment income		(0.28	)		(0.22	)		(0.24	)		(0.17	)
Distributions from net realized gains		(0.03	)		(0.14	)		(0.11	)		—	#
Total dividends and distributions		(0.31	)		(0.36	)		(0.35	)		(0.17	)
Net asset value, end of period	$	7.97		$	6.60		$	11.21		$	10.76
Total return (b)		25.41	%		(38.01	)%		7.37	%		9.45	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	27,496		$	14,430		$	9,825		$	1,228
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a) (f)		1.16	%(c)		1.19	%(c)		2.73	%(c)		9.91	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		3.79	%		3.34	%		2.54	%		5.42	%(l)
Before waivers and reimbursements (a) (f) (x)		3.22	%		2.59	%		0.53	%		(3.77	)%(l)
Portfolio turnover rate		22	%		12	%		6	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.04		$	0.07		$	0.23		$	0.32

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

* Commencement of operations.

# Per share amount is less than $0.01.

(a) Ratios for periods less than one year are annualized.

(b) Total returns for periods less than one year are not annualized.

(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.

(l) The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.

(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.

346

TARGET 2045 ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/09
	1 Year	Since Incept.*
Portfolio – Class A Shares	28.13	(3.20	)
Portfolio – Class B Shares	27.80	(3.44	)
S&P 500 Index†	26.46	(2.47	)
Barclays Capital U.S. Aggregate Bond Index†	5.93	6.09
MSCI EAFE Index†	31.78	(2.57	)
Target 2045 Composite Index	27.60	(2.38	)
*   Date of inception 8/31/06 †  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 Target 2045 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 28.13% 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 Portfolios 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 10 underlying EQ Advisors Trust and AXA Premier VIP Portfolios. These included 8 equity portfolios and 2 fixed income portfolios.

• The Portfolio’s fixed income allocation consisted of investment grade bonds (2.0%).

• The Portfolio’s equity allocation consisted of large cap growth stocks (22.5%), large cap value stocks (22.7%), international stocks (32.6%) and small and mid cap stocks (20.2%).

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

347

TARGET 2045 ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2009
EQ/Equity 500 Index Portfolio	43.2	%
EQ/International ETF Portfolio	21.4
EQ/Global Multi-Sector Equity Portfolio	17.3
EQ/Small Company Index Portfolio	8.5
Multimanager Mid Cap Value Portfolio	3.2
Multimanager Large Cap Value Portfolio	2.9
Multimanager Aggressive Equity Portfolio	2.2
Multimanager Mid Cap Growth Portfolio	0.5
EQ/Core Bond Index Portfolio	0.5
Multimanager Multi-Sector Bond Portfolio	0.3

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	$1,222.20	$1.96
Hypothetical (5% average return before expenses)	1,000.00	1,023.44	1.79
Class B
Actual	1,000.00	1,220.90	3.36
Hypothetical (5% average return before expenses)	1,000.00	1,022.18	3.06
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60% 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:
EQ/Core Bond Index Portfolio‡	11,406	$	107,057
EQ/Equity 500 Index Portfolio‡	497,512		9,669,867
EQ/Global Multi-Sector Equity Portfolio‡	341,932		3,877,220
EQ/International ETF Portfolio‡	691,712		4,790,238
EQ/Small Company Index Portfolio‡	224,447		1,892,229
Multimanager Aggressive Equity Portfolio‡	20,831		486,534
Multimanager Large Cap Value Portfolio‡	73,783		643,186
Multimanager Mid Cap Growth Portfolio*‡	15,647		113,697
Multimanager Mid Cap Value Portfolio‡	87,342		709,117
Multimanager Multi-Sector Bond Portfolio‡	17,698		66,209
Total Investment Companies (101.1%) (Cost $22,492,801)			22,355,354

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 1/4/10 (Amortized Cost $56,574)	$	56,574	$	56,574
Total Investments (101.4%) (Cost/Amortized Cost $22,549,375)				22,411,928
Other Assets Less Liabilities (-1.4%)				(319,651	)
Net Assets (100%)			$	22,092,277

* 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.

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/Bond Index Portfolio(a)	$	—	$	108,417	$	6,603	$	—	$	3,074	$	208
EQ/Core Bond Index Portfolio(b)		—		12,266		5,929		107,057		2,681		162
EQ/Equity 500 Index Portfolio		5,164,352		4,076,963		2,034,072		9,669,867		183,741		(718,033	)
EQ/Global Multi-Sector Equity Portfolio(c)		775,313		2,526,030		586,575		3,877,220		49,258		(274,541	)
EQ/International ETF Portfolio		2,866,485		2,664,182		1,983,629		4,790,238		396,418		(769,206	)
EQ/Small Company Index Portfolio		983,300		927,469		632,990		1,892,229		26,280		(281,036	)
Multimanager Aggressive Equity Portfolio		724,968		532,465		1,318,473		486,534		1,544		(323,750	)
Multimanager Large Cap Value Portfolio		717,881		552,357		1,070,611		643,186		11,777		(265,058	)
Multimanager Mid Cap Growth Portfolio		79,999		—		—		113,697		—		—
Multimanager Mid Cap Value Portfolio		341,906		231,806		87,241		709,117		19,003		(31,305	)
Multimanager Multi-Sector Bond Portfolio(d)		—		77,912		12,255		66,209		2,985		647
	$	11,654,204	$	11,709,867	$	7,738,378	$	22,355,354	$	696,761	$	(2,661,912	)

(a) merged into EQ/Core Bond Index Portfolio

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

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

(d) 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.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2009

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	$	—	$	22,355,354	$	—	$	22,355,354
Short-Term Investments		—		56,574		—		56,574
Total Assets	$	—	$	22,411,928	$	—	$	22,411,928
Total Liabilities	$	—	$	–	$	—	$	—
Total	$	—	$	22,411,928	$	—	$	22,411,928

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

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

Cost of Purchases:
Investment Companies	$	11,709,867
Net Proceeds of Sales and Redemptions:
Investment Companies	$	4,902,058

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	$	637,000
Aggregate gross unrealized depreciation		(732,208	)
Net unrealized depreciation	$	(95,208	)
Federal income tax cost of investments	$	22,507,136

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2009

ASSETS
Investments at value:
Affiliated Issuers (Cost $22,492,801)	$	22,355,354
Unaffiliated Issuers (Cost $56,574)		56,574
Receivable from investment manager		20,775
Receivable from Separate Accounts for Trust shares sold		10,740
Total assets		22,443,443
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		263,145
Payable for securities purchased		22,020
Distribution fees payable - Class B		3,715
Trustees’ fees payable		64
Accrued expenses		62,222
Total liabilities		351,166
NET ASSETS	$	22,092,277
Net assets were comprised of:
Paid in capital	$	25,190,357
Accumulated undistributed net investment income (loss)		42,200
Accumulated undistributed net realized gain (loss) on investments		(3,002,833	)
Unrealized appreciation (depreciation) on investments		(137,447	)
Net assets	$	22,092,277
Class A
Net asset value, offering and redemption price per share, $4,406,510 / 578,602 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.62
Class B
Net asset value, offering and redemption price per share, $17,685,767 / 2,321,296 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.62

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	696,761
EXPENSES
Custodian fees		70,000
Administrative fees		58,902
Professional fees		58,307
Distribution fees - Class B		31,816
Investment management fees		16,491
Printing and mailing expenses		13,826
Trustees’ fees		260
Miscellaneous		3,306
Gross expenses		252,908
Less:  Waiver from investment advisor		(75,393	)
Reimbursement from investment advisor		(87,919	)
Net expenses		89,596
NET INVESTMENT INCOME (LOSS)		607,165
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(2,836,320	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		174,408
Net realized gain (loss)		(2,661,912	)
Net change in unrealized appreciation (depreciation) on securities		6,729,661
NET REALIZED AND UNREALIZED GAIN (LOSS)		4,067,749
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,674,914

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)	$	607,165		$	317,105
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(2,661,912	)		62,779
Net change in unrealized appreciation (depreciation) on investments		6,729,661			(6,615,297	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		4,674,914			(6,235,413	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(160,118	)		(94,101	)
Class B		(601,358	)		(249,904	)
		(761,476	)		(344,005	)
Distributions from net realized capital gains
Class A		(18,900	)		(83,604	)
Class B		(70,782	)		(212,964	)
		(89,682	)		(296,568	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(851,158	)		(640,573	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 204,967 and 426,915 shares, respectively ]		1,303,788			4,328,983
Capital shares issued in reinvestment of dividends and distributions [ 23,678 and 26,115 shares, respectively ]		179,018			177,705
Capital shares repurchased [ (136,166) and (20,253) shares, respectively ]		(977,476	)		(150,888	)
Total Class A transactions		505,330			4,355,800
Class B
Capital shares sold [ 1,387,350 and 894,274 shares, respectively ]		9,217,209			7,809,024
Capital shares issued in reinvestment of dividends and distributions [ 88,803 and 68,732 shares, respectively ]		672,140			462,868
Capital shares repurchased [ (557,304) and (150,840) shares, respectively ]		(3,836,201	)		(1,224,740	)
Total Class B transactions		6,053,148			7,047,152
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		6,558,478			11,402,952
TOTAL INCREASE (DECREASE) IN NET ASSETS		10,382,234			4,526,966
NET ASSETS:
Beginning of year		11,710,043			7,183,077
End of year (a)	$	22,092,277		$	11,710,043
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	42,200		$	89,524

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									August 31, 2006* to December 31, 2006
Class A	2009			2008			2007
Net asset value, beginning of period	$	6.20		$	11.16		$	10.86		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		0.22	(e)		0.29	(e)		0.13	(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments		1.52			(4.86	)		0.74			0.89
Total from investment operations		1.74			(4.57	)		0.87			1.01
Less distributions:
Dividends from net investment income		(0.29	)		(0.20	)		(0.23	)		(0.15	)
Distributions from net realized gains		(0.03	)		(0.19	)		(0.34	)		—	#
Total dividends and distributions		(0.32	)		(0.39	)		(0.57	)		(0.15	)
Net asset value, end of period	$	7.62		$	6.20		$	11.16		$	10.86
Total return (b)		28.13	%		(41.18	)%		8.09	%		10.16	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,407		$	3,014		$	595		$	551
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a) (f)		1.33	%		1.63	%		2.91	%		10.59	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		3.35	%		3.40	%		1.13	%		3.47	%(l)
Before waivers and reimbursements (a) (f) (x)		2.37	%		2.12	%		(1.42	)%		(6.92	)%(l)
Portfolio turnover rate		30	%		5	%		23	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.07		$	0.11		$	0.29		$	0.36
	Year Ended December 31,									August 31, 2006* to December 31, 2006
Class B	2009			2008			2007
Net asset value, beginning of period	$	6.20		$	11.16		$	10.86		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		0.25	(e)		0.24	(e)		0.21	(e)		0.18	(e)
Net realized and unrealized gain (loss) on investments		1.47			(4.82	)		0.63			0.82
Total from investment operations		1.72			(4.58	)		0.84			1.00
Less distributions:
Dividends from net investment income		(0.27	)		(0.19	)		(0.20	)		(0.14	)
Distributions from net realized gains		(0.03	)		(0.19	)		(0.34	)		—	#
Total dividends and distributions		(0.30	)		(0.38	)		(0.54	)		(0.14	)
Net asset value, end of period	$	7.62		$	6.20		$	11.16		$	10.86
Total return (b)		27.80	%		(41.33	)%		7.82	%		10.06	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	17,686		$	8,696		$	6,588		$	1,052
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a) (f)		1.58	%(c)		1.88	%(c)		3.16	%(c)		10.84	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		3.78	%		2.71	%		1.78	%		5.06	%(l)
Before waivers and reimbursements (a) (f) (x)		2.78	%		1.33	%		(0.70	)%		(5.07	)%(l)
Portfolio turnover rate		30	%		5	%		23	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.07		$	0.12		$	0.29		$	0.36

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

* Commencement of operations.

# Per share amount is less than $0.01.

(a) Ratios for periods less than one year are annualized.

(b) Total returns for periods less than one year are not annualized.

(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.

(l) The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.

(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.

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NOTES TO FINANCIAL STATEMENTS

December 31, 2009

Note  1 Organization and Selected Significant Accounting Policies

AXA Premier VIP Trust (the “Trust”) was organized as a Delaware business trust on October 2, 2001 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with twenty-one diversified Portfolios (each a “Portfolio”). The investment manager to each Portfolio is AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”). The day-to-day portfolio management of each Portfolio, other than the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (“AXA Allocation Portfolios”), and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio (“Target Allocation Portfolios”), and an allocated portion of the Multimanager Technology Portfolio, is provided by multiple investment sub-advisers (each an “Adviser”).

On January 22, 2008, AXA Equitable contributed $100,000 in seed capital to the Class A shares of the Multimanager Small Cap Growth Portfolio.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

The AXA Allocation Portfolios and the Target Allocation Portfolios are types of mutual funds often described as “fund of funds.” Each AXA Allocation Portfolio and Target Allocation Portfolio pursues its investment objective by investing exclusively in other affiliated mutual funds managed by AXA Equitable (EQ Advisors Trust and AXA Premier VIP Trust).

All of the Portfolios, except the AXA Allocation Portfolios and Target Allocation Portfolios, employ multiple Advisers. Each of the Advisers independently chooses and maintains a portfolio of securities for the Portfolio and each is responsible for investing a specific allocated portion of the Portfolio’s assets. Because each Adviser will be managing its allocated portion of the Portfolio independently from the other Advisers, the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the Portfolio at a time when the Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate when the other Adviser or Advisers believe continued exposure to the equity markets is appropriate for their portions of the Portfolio. Because each Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions with those of the other Advisers, the Portfolio may incur higher brokerage costs, and have higher portfolio turnover, than would be the case if a single Adviser were managing the entire Portfolio.

The Trust has the right to issue two classes of shares, Class A and Class B. The Class B shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, an indirect wholly-owned subsidiary of AXA, AXA Life and Annuity Company and other affiliated or unaffiliated insurance companies and to the AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other Series of the Trust and to Series of EQ Advisors Trust, a separate registered investment company managed by AXA Equitable that currently sell its shares to accounts and plans.

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December 31, 2009

The investment objectives of each Portfolio are as follows:

AXA Conservative Allocation Portfolio — Seeks a high level of current income.

AXA Conservative-Plus Allocation Portfolio — Seeks current income and growth of capital, with a greater emphasis on current income.

AXA Moderate Allocation Portfolio — Seeks long-term capital appreciation and current income.

AXA Moderate-Plus Allocation Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

AXA Aggressive Allocation Portfolio — Seeks long-term capital appreciation.

Multimanager Aggressive Equity Portfolio (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of AXA Equitable), ClearBridge Advisors, LLC, Legg Mason Capital Management, Inc., and Marsico Capital Management, LLC (“Marsico”)) — Long-term growth of capital. On December 29, 2009, Alliance Bernstein replaced SSgA Funds Management, Inc. (“SSgA FM”) as an Adviser to the Portfolio.

Multimanager Core Bond Portfolio (advised by BlackRock Financial Management, Inc., Pacific Investment Management Company LLC (“PIMCO”), and SSgA FM) — To seek a balance of a high current income and capital appreciation, consistent with a prudent level of risk.

Multimanager International Equity Portfolio (advised by AllianceBernstein, JPMorgan Investment Management Inc., Marsico and SSgA FM) — Long-term growth of capital.

Multimanager Large Cap Core Equity Portfolio (advised by AllianceBernstein, Janus Capital Management LLC, and Thornburg Investment Management, Inc.) — Long-term growth of capital. On December 29, 2009, AllianceBernstein replaced SSgA FM as an Adviser to the Portfolio.

Multimanager Large Cap Growth Portfolio (advised by Goodman & Co. NY Ltd., SSgA FM, T. Rowe Price Associates, Inc. and Westfield Capital Management Company, L.P.) — Long-term growth of capital.

Multimanager Large Cap Value Portfolio (advised by AllianceBernstein, Institutional Capital LLC, and MFS Investment Management) — Long-term growth of capital. On December 29, 2009, AllianceBernstein replaced SSgA FM as an Adviser to the Portfolio.

Multimanager Mid Cap Growth Portfolio (advised by AllianceBernstein, Franklin Advisers, Inc., SSgA FM and Wellington Management Company, LLP (“Wellington Management”)) — Long-term growth of capital.

Multimanager Mid Cap Value Portfolio (advised by AXA Rosenberg Investment Management LLC (an affiliate of AXA Equitable), SSgA FM, Tradewinds Global Investors, LLC and Wellington Management) — Long-term growth of capital.

Multimanager Multi-Sector Bond Portfolio (formerly Multimanager High Yield Portfolio) (advised by PIMCO, Post Advisory Group, LLC and SSgA FM) — High total return through a combination of current income and capital appreciation.

Multimanager Small Cap Growth Portfolio (advised by Eagle Asset Management, Inc., SSgA FM and Wells Capital Management Inc.) — Long-term growth of capital.

Multimanager Small Cap Value Portfolio (advised by Franklin Advisory Services, LLC, Pacific Global Investment Management Company and SSgA FM) — Long-term growth of capital.

Multimanager Technology Portfolio (advised by AXA Equitable, RCM Capital Management LLC (“RCM”), SSgA FM and Wellington Management) — Long-term growth of capital.

Target 2015 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

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December 31, 2009

Target 2025 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2035 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2045 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

The Portfolios are subject to the provisions of FASB Accounting Standards Codification ^TM (“ASC”), “Fair Value Measurements and Disclosure” (ASC 820) (formerly known as SFAS 157). This standard defines fair value, sets out a framework for measuring fair value and requires certain disclosures about fair value measurements. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are summarized below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices of 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)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value 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 the rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

A summary of inputs used to value each Portfolio’s net assets as of December 31, 2009 is included in the Portfolio of Investments.

Equity securities listed on national securities exchanges are valued at the last sale price or official closing price or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ Stock Market will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. Other unlisted stocks are valued at their last sale price or official closing price.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price.

Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such bonds or stocks. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks.

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December 31, 2009

Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities.

Options are valued at their last sale price, or if not available, previous day’s sales price. If the bid price is higher or the asked price is lower than the last sale price, the higher bid or lower asked price may be used. Options not traded on an exchange or actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

Corporate bonds and notes may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities and any developments related to specific securities.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depository Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

All securities held in the EQ/Money Market Portfolio are valued at amortized cost provided that certain conditions are met, including that the Portfolio’s Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Portfolio. The EQ/Money Market Portfolio seeks to maintain a constant net asset value per share of $1.00, but there can be no assurance that it will be able to do so.

Investments in Exchange Traded Funds (ETFs) are valued based on last sale or official closing price.

Investments in shares of open-end mutual funds (other than ETFs) held by a Portfolio will be valued at the net asset value of the shares of such funds as described in these funds’ prospectuses.

Futures contracts are valued at their last sale price or, if there is no sale, at the latest available bid price.

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

If market quotations are not readily available for a security or other financial instruments, such securities or instruments shall be referred to the Trust’s Valuation Committee, who will value the assets in good faith and pursuant to procedures adopted by the Board of Trustees of the Trust. Such procedures may include the use of assumptions and inputs including, but not limited to, acquisition price, future cash flows, estimated risk premiums, duration and broker quotations for comparable securities. These securities and other financial instruments may be classified as Level 2 or 3 depending on the significance of the inputs that are not observable.

Investments in the AXA Allocation Portfolios and the Target Allocation Portfolios are valued based on the net asset value per share of each underlying open-end mutual fund (other than ETFs), which follow the policies as described above.

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value. The value and

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December 31, 2009

percentage, based on Total Investments, of the investments that applied these procedures on December 31, 2009 are as follows:

Portfolios:	Market Value		Percentage of Total Investments*
Multimanager International Equity	$	1,088,892,904	91.6	%
Multimanager Large Cap Core		19,744,233	2.7
Multimanager Large Cap Value		14,824,691	1.0
Multimanager Mid Cap Growth		8,386,756	1.7
Multimanager Mid Cap Value		3,820,710	0.7
Multimanager Technology		12,977,834	2.1

* excluding Investments of Cash Collateral for Securities on Loan.

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income (net of withholding taxes) and distributions to shareholders are recorded on the ex-dividend date. Interest income (including amortization of premium and discount on long-term securities using the effective yield method) is accrued daily. The Trust records gains and losses realized on prepayments received on mortgage-backed securities as interest income.

The Portfolios record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolios adjust the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

Realized gains and losses on the sale of investments are computed on the basis of the specific identification method of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities is presented net of deferred taxes on unrealized gains in the Statement of Assets and Liabilities.

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods.

All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(i) market value of investment securities, other assets and liabilities - at the valuation date.

(ii) purchases and sales of investment securities, income and expenses - at the date of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on securities.

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, forward foreign currency exchange contracts and foreign cash recorded on the Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions in the realized and unrealized gains and losses section

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December 31, 2009

of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal income tax provision is required. Dividends from net investment income, if any, are declared and distributed at least annually for all Portfolios (Multimanager Core Bond declares and distributes monthly).

The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, the Portfolios’ conclusions may be subject to future review based on changes in or the interpretation of, the accounting standards or tax laws and regulations. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year, the Portfolios did not incur any interest or penalties. Each of the tax years in the four year period ended December 31, 2009 remain subject to examination by the Internal Revenue Service and state taxing authorities.

Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Those differences are primarily due to differing book and tax treatments for derivative transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies, investments in Real Estate Investment Trusts, post-October losses, paydowns, mergers and affiliated fund of fund investments. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting purposes but are considered ordinary income for tax purposes. Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2009 and December 31, 2008, were as follows:

	Year Ended December 31, 2009								Year Ended December 31, 2008
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Conservative Allocation	$	103,723,297	$	2,842,654	$	5,670,245	$	1,446,446	$	66,401,374	$	14,776,714	$	—	$	2,702,908
AXA Conservative- Plus Allocation		137,056,942		3,625,414		1,625,797		331,489		54,829,847		36,745,585		—		2,679,153
AXA Moderate Allocation		789,882,043		12,069,728		41,006,521		562,114		370,627,445		388,857,007		—		11,769,459
AXA Moderate-Plus Allocation		1,071,322,419		21,579,273		67,880,293		944,600		250,828,191		559,424,936		—		20,523,372
AXA Aggressive Allocation		378,718,962		3,685,655		8,055,639		2,976,403		49,303,399		206,971,528		59,296		3,083,153

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	Year Ended December 31, 2009								Year Ended December 31, 2008
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
Multimanager Aggressive Equity	$	3,392,378	$	—	$	5,484,078	$	—	$	6,214,318	$	—	$	35,872	$	—
Multimanager Core Bond		144,363,283		—		2,221,491		—		207,175,981		47,135,586		—		—
Multimanager International Equity		17,912,524		—		1,468,294		—		77,511,552		18,971,707		972,411		—
Multimanager Large Cap Core Equity		10,021,263		—		193,561		—		10,831,433		—		—		—
Multimanager Large Cap Growth		391,713		—		8,931		—		53,996		—		—		—
Multimanager Large Cap Value		27,123,139		—		281,454		—		35,259,292		3,521,292		—		—
Multimanager Mid Cap Growth		—		—		—		—		3,043,981		4,128,512		—		—
Multimanager Mid Cap Value		14,178,490		—		162,151		—		4,821,485		11,956,713		3,755,335		—
Multimanager Multi-Sector Bond		71,491,013		—		260,197		—		157,290,685		—		—		—
Multimanager Small Cap Growth		—		—		—		—		2,535,039		102,520		—		—
Multimanager Small Cap Value		7,505,579		—		—		—		3,268,398		4,501,548		—		—
Multimanager Technology		—		—		—		—		—		—		—		—
Target 2015 Allocation		2,960,180		62,359		8,175		3,168		1,952,642		924,929		—		—
Target 2025 Allocation		3,010,637		139,325		381		124		1,595,453		1,153,544		—		70,416
Target 2035 Allocation		1,523,698		72,394		18,120		528		653,191		618,788		—		28,830
Target 2045 Allocation		804,648		46,510		28,338		11,748		253,717		386,856		—		26,023

Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed (overdistributed) net investment income (loss), accumulated net realized gain (loss) and paid-in capital at December 31, 2009 as follows:

Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
AXAConservative Allocation	$	1,793,582		$	(1,793,581	)	$	(1	)
AXAConservative Plus Allocation		1,457,766			(1,457,768	)		2
AXA Moderate Allocation		7,423,481			(7,423,481	)		—
AXA Moderate Plus Allocation		6,002,149			(6,002,149	)		—
AXA Aggressive Allocation		1,201,016			(1,201,016	)		—
Multimanager Aggressive Equity		(529,792	)		(59,951,671	)		60,481,463
Multimanager Core Bond		22,645,233			(22,787,279	)		142,046
Multimanager International Equity		(5,990,056	)		5,990,056			—
Multimanager Large Cap Core Equity		(16,335	)		16,338			(3	)
Multimanager Large Cap Growth		—			(6	)		6
Multimanager Large Cap Value		7,168			(7,167	)		(1	)
Multimanager Mid Cap Growth		1,341,837			334,937			(1,676,774	)
Multimanager Mid Cap Value		3,830,699			(3,831,496	)		797
Multimanager Multi-Sector Bond		5,784,391			108,740,504			(114,524,895	)
Multimanager Small Cap Growth		201,683			—			(201,683	)
Multimanager Small Cap Value		187,273			194,790			(382,063	)
Multimanager Technology		1,496,034			432,361			(1,928,395	)
Target 2015 Allocation		153,599			(145,998	)		(7,601	)
Target 2025 Allocation		326,988			(326,856	)		(132	)
Target 2035 Allocation		203,501			(200,120	)		(3,381	)
Target 2045 Allocation		106,987			(106,510	)		(477	)

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Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. For the period from November 1, 2009 to December 31, 2009, the Portfolios elected to defer until the first business day of 2010 for U.S. Federal income tax purposes net capital and net currency losses as stated below:

Portfolios:	Net Currency Loss		Net Capital Loss
AXA Conservative Allocation	$	—	$	—
AXA Conservative-Plus Allocation		—		—
AXA Moderate Allocation		—		—
AXA Moderate-Plus Allocation		—		—
AXA Aggressive Allocation		—		—
Multimanager Aggressive Equity		—		4,531,131
Multimanager Core Bond		—		—
Multimanager International Equity		—		6,495,360
Multimanager Large Cap Core Equity		17,492		—
Multimanager Large Cap Growth		—		—
Multimanager Large Cap Value		—		1,802,520
Multimanager Mid Cap Growth		71,722		—
Multimanager Mid Cap Value		2,421		—
Multimanager Multi-Sector Bond		—		5,823,260
Multimanager Small Cap Growth		—		—
Multimanager Small Cap Value		—		16,324,826
Multimanager Technology		—		—
Target Allocation 2015		—		—
Target Allocation 2025		—		—
Target Allocation 2035		—		—
Target Allocation 2045		—		—

Fees Paid Indirectly:

For all Portfolios, the Board of Trustees has approved the payment of certain Trust expenses using brokerage service arrangements. These payments are reflected on the Statements of Operations. For the year ended December 31, 2009, several Portfolios reduced expenses under these arrangements as follows:

Portfolios:	Amount
Multimanager Aggressive Equity	$	1,420,560
Multimanager International Equity		835,211
Multimanager Large Cap Core Equity		759,676
Multimanager Large Cap Growth		232,829
Multimanager Large Cap Value		1,540,718
Multimanager Mid Cap Growth		846,456
Multimanager Mid Cap Value		1,392,916
Multimanager Small Cap Growth		1,220,103
Multimanager Small Cap Value		2,019,559
Multimanager Technology		457,235

Securities Lending:

For all Portfolios (except the AXA Allocation Portfolios and Target Allocation Portfolios), the Board of Trustees has approved the lending of portfolio securities, through its custodian bank, JPMorgan Chase Bank (“JPMorgan”), acting as lending agent, to certain approved broker-dealers in exchange for negotiated lenders’ fees. By lending investment securities, a Portfolio attempts to increase its net investment income through the return on the investment of cash collateral received on

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the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will generally be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. Cash collateral is invested on behalf of a Portfolio in a manner similar to the Portfolio’s investment of its cash reserves and the Portfolio bears all of the gains and losses on such investments. The net asset value of a Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At December 31, 2009, the cash collateral received by each Portfolio for securities loaned was invested by JPMorgan and is summarized in the Portfolio of Investments.

Repurchase Agreements:

Certain Portfolios may enter into repurchase agreements with qualified and Manager approved banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on their cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Portfolio, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one day) and price. Each repurchase agreement entered into by a Portfolio will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Not more than 10% of a Portfolio’s net assets may be held as collateral for short sales against the box at any one time. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

Accounting for Derivative Instruments:

The Portfolios are subject to the provisions of ASC 815, “Derivatives and Hedging.” ASC 815 requires disclosures about entities derivative and hedging activities. The following is a description of how and why the Portfolios use derivative instruments, the type of derivatives utilized by the Portfolios during the reporting period, as well as the primary underlying risk exposures related to each

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instrument type. Derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Portfolio may use derivatives in an attempt to achieve an economic hedge, the Portfolio’s derivatives are not accounted for as hedging instruments under ASC 815 because the Portfolios account for their derivatives at fair value and record any changes in fair value in current period earnings. All open derivative positions at year end are reflected on each respective Portfolio’s Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Portfolio’s Portfolio of Investments.

Futures Contracts, Options on Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts and options on futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Certain Portfolios may buy or sell futures contracts and options on futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios’ securities or the price of securities that it intends to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and options on futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts and options on futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts and options on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward commitments”) if they designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or if they enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value in the financial statements. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is risk in addition to the risk of decline in value of the Portfolio’s other assets. Where such purchases or sales are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends. The use of forward commitments may result in market risk to the Portfolios that is greater than if the Portfolios had engaged solely in transactions that settle in the customary time. Certain Portfolios purchase forward commitments to gain or reduce exposure to the financial markets.

Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such

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contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options which expire unexercised are recognized as gains on the expiration date. Premiums received from writing options which are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. By writing a covered call option, a Portfolio, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options. The Portfolios, however, are not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Market and Credit Risk:

Written options, futures contracts, forward commitments and forward foreign currency exchange contracts involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Portfolio at the contract price, which could be disadvantageous relative to the market price. The Portfolio bears the market risk, which arises from any changes in security values. The credit risk for futures contracts and exchange traded options is limited to failure of the exchange or board of trade which acts as the counterparty to the Portfolio’s futures transactions. Forward commitments, forward foreign currency exchange contracts and over-the-counter options are done directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement and the Portfolio is exposed to the risk of default by the counterparty.

Note  2 Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with AXA Equitable. The Management Agreement for the Portfolios (other than the AXA Allocation Portfolios and the Target Allocation Portfolios) obligates the Manager to: (i) provide investment management services to the Trust; (ii) select the sub-advisers for each portfolio: (iii) monitor each sub-adviser’s investment programs and results; (iv) review brokerage matters: (v) oversee the Trust’s compliance with various federal and state statutes; and (vi) carry out

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the directives of the Board of Trustees. The Management Agreement for the AXA Allocation Portfolios and the Target Allocation Portfolios obligates the Manager to: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying funds in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios and the Target Allocation Portfolios; (iii) review brokerage matters; (iv) oversee the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the year ended December 31, 2009, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:

Portfolios:	Management Fee
AXA Conservative Allocation	0.10% of average daily net assets
AXA Conservative-Plus Allocation	0.10% of average daily net assets
AXA Moderate Allocation	0.10% of average daily net assets
AXA Moderate-Plus Allocation	0.10% of average daily net assets
AXA Aggressive Allocation	0.10% of average daily net assets
Target 2015 Allocation	0.10% of average daily net assets
Target 2025 Allocation	0.10% of average daily net assets
Target 2035 Allocation	0.10% of average daily net assets
Target 2045 Allocation	0.10% of average daily net assets

	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
Multimanager Aggressive Equity	0.600	%	0.550	%	0.525	%	0.500	%	0.475	%
Multimanager International Equity	0.850		0.800		0.775		0.750		0.725
Multimanager Large Cap Core Equity	0.700		0.650		0.625		0.600		0.575
Multimanager Large Cap Growth	0.750		0.700		0.675		0.650		0.625
Multimanager Large Cap Value	0.750		0.700		0.675		0.650		0.625
Multimanager Mid Cap Growth	0.800		0.750		0.725		0.700		0.675
Multimanager Mid Cap Value	0.800		0.750		0.725		0.700		0.675
Multimanager Small Cap Growth	0.850		0.800		0.775		0.750		0.725
Multimanager Small Cap Value	0.850		0.800		0.775		0.750		0.725
Multimanager Technology	0.950		0.900		0.875		0.850		0.825
	(as a percentage of average daily net assets)
	First $500 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
Multimanager Multi-Sector Bond	0.550	%	0.525	%	0.500	%	0.480	%	0.470	%
	First $1.25 Billion		Next $1 Billion		Next $1 Billion		Next $2.5 Billion		Thereafter
Multimanager Core Bond	0.550	%	0.525	%	0.500	%	0.475	%	0.450	%

On behalf of the Trust, with the exception of the AXA Allocation Portfolios and Target Allocation Portfolios, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers for the Trust’s Portfolios. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

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Note  3 Administrative Fees

Pursuant to an administrative agreement, AXA Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Trust shall pay to AXA Equitable an annual fee in accordance with the following schedule:

(i) $35,000 for each Allocation and Target Allocation Portfolio, $32,500 for each multi-advised Portfolio, and for each “sleeve” of the multi-advised Portfolio except for the “sleeve” of the Multimanager Technology Portfolio advised by AXA Equitable for which the $32,500 fee will not apply; and

(ii) With respect to all Portfolios except the Allocation Portfolios and the Target Allocation Portfolios (“Multimanager Portfolios”):

0.150 of 1% of total average net assets of the Multimanager Portfolios up to and including $15 billion;

0.125 of 1% of total average net assets of the Multimanager Portfolios in excess of $15 billion and up to and including $30 billion;

0.100 of 1% of total average net assets of the Multimanager Portfolios in excess of $30 billion; and

(iii) With respect to the Allocation Portfolios and Target Allocation Portfolios: 0.150 of 1% of total average net assets of the Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios).

The foregoing calculations are based on the average daily net assets of the Trust as described. The fees will be computed, billed and payable monthly.

Prior to September 1, 2009, the Trust paid an annual fee as follows:

(i) $35,000 for each Portfolio, and for each multi-advised Portfolio, each “sleeve” of the multi-advised Portfolio except for the “sleeve” of the Multimanager Technology Portfolio advised by AXA Equitable for which the $35,000 fee will not apply; and

(ii) With respect to all Portfolios except the Allocation Portfolios and the Target Allocation Portfolios (“Multimanager Portfolios”):

0.150 of 1% of total average net assets of the Multimanager Portfolios up to and including $15 billion;

0.125 of 1% of total average net assets of the Multimanager Portfolios in excess of $15 billion and up to and including $30 billion;

0.100 of 1% of total average net assets of the Multimanager Portfolios in excess of $30 billion; and

(iii) With respect to the Allocation Portfolios and Target Allocation Portfolios:

0.150 of 1% of total average net assets of the Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios).

Pursuant to a sub-administration arrangement with AXA Equitable, J.P. Morgan Investor Services Co. (“Sub-administrator”) provides the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services.

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Note  4 Custody Fees

JPMorgan, an affiliate of J.P. Morgan Investor Services Co., serves as custodian of the Trust’s portfolio securities and other assets. The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains cash, securities and other assets of the Portfolios. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the U.S. are maintained in the custody of these entities.

Note  5 Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”), both indirect wholly-owned subsidiaries of AXA Equitable (collectively, the “Distributors”), pursuant to which the Distributors serve as the principal underwriters of the Class A and Class B shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to the Class B shares of the Trust (“Distribution Plan”). The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average daily net assets attributable to the Trust’s Class B shares for which it provides service. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class B shares. This limitation will be in effect at least until April 30, 2010. The Trust’s Class A shares are not subject to such fees.

Note  6 Expense Limitation

The Manager has contractually agreed to make payments or waive its fees to limit the expenses of certain Portfolios (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which a Portfolio invests and extraordinary expenses) through April 30, 2010 (“Expense Limitation Agreement”). The Manager first waives its management fees, then waives its administration fees, and then reimburses the Portfolio’s expenses out of its own resources. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense ratio cap. If the actual expense ratio is less than the expense cap and AXA Equitable has recouped any eligible previous payments and waivers made, the Portfolio will be charged such lower expenses. The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan) for each Portfolio (except the AXA Allocation Portfolios) are limited to:

Portfolios:
Multimanager Core Bond	0.75	%
Target 2015 Allocation	0.35	%
Target 2025 Allocation	0.35	%
Target 2035 Allocation	0.35	%
Target 2045 Allocation	0.35	%

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December 31, 2009

The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan) for each AXA Allocation Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expense, but inclusive of Underlying Portfolios fees and expenses) are limited to:

Portfolios:
AXA Conservative Allocation	0.75	%
AXA Conservative-Plus Allocation	0.85	%
AXA Moderate Allocation	0.90	%
AXA Moderate-Plus Allocation	0.95	%
AXA Aggressive Allocation	1.00	%

Prior to May 1, 2009, the following expense limitations were limited to:

Portfolios:
Multimanager International Equity	1.55	%
Multimanager Large Cap Core Equity	1.10	%
Multimanager Large Cap Growth	1.10	%
Multimanager Large Cap Value	1.10	%
Multimanager Mid Cap Growth	1.35	%
Multimanager Mid Cap Value	1.35	%
Multimanager Small Cap Growth	1.30	%
Multimanager Small Cap Value	1.30	%
Multimanager Technology	1.60	%

During the year ended December 31, 2009, the Manager did not receive any recoupment for the Portfolios within the Trust. Recoupments in excess of waivers during the year would be presented as Recoupment Fees in the Statement of Operations. At December 31, 2009, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:

	Amount Eligible through						Total Eligible for Reimbursement
Portfolios:	2010		2011		2012
AXA Conservative Allocation	$	—	$	—	$	3,242,167	$	3,242,167
AXA Conservative-Plus Allocation		—		—		1,888,421		1,888,421
AXA Moderate Allocation		—		—		6,185,225		6,185,225
AXA Moderate-Plus Allocation		—		—		4,873,727		4,873,727
AXA Aggressive Allocation		—		—		1,162,821		1,162,821
Target 2015 Allocation		108,122		129,824		165,380		403,326
Target 2025 Allocation		106,806		131,260		167,830		405,896
Target 2035 Allocation		113,404		148,465		184,661		446,530
Target 2045 Allocation		100,020		149,579		163,312		412,911

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December 31, 2009

The AXA Allocation Portfolios and the Target Allocation Portfolios invest exclusively in shares of other mutual funds (the “Underlying Portfolios”) managed by AXA Equitable. Therefore, each AXA Allocation Portfolio, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying Portfolios and the investment return of each AXA Allocation Portfolio is reduced by each Underlying Portfolio’s expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with each AXA Allocation Portfolio’s investments in Underlying Portfolios is:

Portfolios:	Range of Expenses
AXA Conservative Allocation	0.50% to 0.75%
AXA Conservative-Plus Allocation	0.55% to 0.80%
AXA Moderate Allocation	0.55% to 0.80%
AXA Moderate-Plus Allocation	0.55% to 0.80%
AXA Aggressive Allocation	0.60% to 0.85%
Target 2015 Allocation	0.50% to 0.75%
Target 2025 Allocation	0.50% to 0.75%
Target 2035 Allocation	0.50% to 0.75%
Target 2045 Allocation	0.50% to 0.75%

Thus, the net expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio, including the AXA Allocation Portfolio’s direct and indirect expenses, would range from:

Portfolios:	Class A	Class B
AXA Conservative Allocation*	0.75%	1.00%
AXA Conservative-Plus Allocation*	0.85%	1.10%
AXA Moderate Allocation*	0.90%	1.15%
AXA Moderate-Plus Allocation*	0.95%	1.20%
AXA Aggressive Allocation*	1.00%	1.25%

* Expenses limited to an expense cap which is inclusive of Underlying Portfolio’s fees and expenses.

Portfolios:	Class A	Class B
Target 2015 Allocation	0.85% to 1.10%	1.10% to 1.35%
Target 2025 Allocation	0.85% to 1.10%	1.10% to 1.35%
Target 2035 Allocation	0.85% to 1.10%	1.10% to 1.35%
Target 2045 Allocation	0.85% to 1.10%	1.10% to 1.35%

Absent the Expense Limitation Agreement of the Allocation Portfolios and the Target Allocation Portfolios, the total expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio would range from:

Portfolios:	Class A	Class B
AXA Conservative Allocation	0.80% to 1.05%	1.05% to 1.30%
AXA Conservative-Plus Allocation	0.85% to 1.10%	1.10% to 1.35%
AXA Moderate Allocation	0.85% to 1.10%	1.10% to 1.35%
AXA Moderate-Plus Allocation	0.90% to 1.15%	1.15% to 1.40%
AXA Aggressive Allocation	0.95% to 1.20%	1.20% to 1.45%
Target 2015 Allocation	1.10% to 1.35%	1.35% to 1.60%
Target 2025 Allocation	1.11% to 1.36%	1.36% to 1.61%
Target 2035 Allocation	1.41% to 1.66%	1.66% to 1.91%
Target 2045 Allocation	1.83% to 2.08%	2.08% to 2.33%

The above Allocation Portfolio information is based on a weighted-average range of the expense ratios since the average assets of each AXA Allocation Portfolio invested in Underlying Portfolios

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December 31, 2009

will fluctuate. The total expense ratios may be higher or lower depending on the allocation of an AXA Allocation Portfolio’s assets among Underlying Portfolios and the actual expenses of the Underlying Portfolios. An investor could realize lower overall expenses by allocating investments directly to the Underlying Portfolios.

Note  7 Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At December 31, 2009, the total amount deferred by the Trustees participating in the Plan was $481,762.

Note  8 Percentage of Ownership by Affiliates

At December 31, 2009, AXA Equitable held investments in each of the Portfolios as follows:

Portfolios:	Percentage of Ownership
AXA Conservative Allocation	0.02	%
AXA Conservative-Plus Allocation	—	#
AXA Moderate Allocation	0.01
AXA Moderate-Plus Allocation	—	#
AXA Aggressive Allocation	—	#
Multimanager Aggressive Equity	0.06
Multimanager Core Bond	—	#
Multimanager International Equity	—	#
Multimanager Large Cap Core Equity	0.01
Multimanager Large Cap Growth	0.02
Multimanager Large Cap Value	—	#
Multimanager Mid Cap Growth	0.02
Multimanager Mid Cap Value	0.03
Multimanager Multi-Sector Bond	0.02
Multimanager Small Cap Growth	0.06
Multimanager Small Cap Value	0.01
Multimanager Technology	0.04
Target 2015 Allocation	0.01
Target 2025 Allocation	—	#
Target 2035 Allocation	2.19
Target 2045 Allocation	4.04

# Percentage of ownership is less than 0.005% .

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Shares of some of the Portfolios are held by the All Asset Allocation Portfolio of the EQ Advisors Trust, also managed by AXA Equitable, and the AXA Allocation Portfolios and Target Allocation Portfolios. The following tables represent the percentage of ownership that the All Asset Allocation Portfolio, and each AXA Allocation Portfolio and Target Allocation Portfolio has in each respective underlying investment company’s net assets as of December 31, 2009.

Portfolios:	All Asset Allocation
Multimanager Core Bond	0.21	%
Multimanager International Equity	0.59
Multimanager Large Cap Core Equity	0.69
Multimanager Large Cap Value	0.45
Multimanager Mid Cap Growth	0.38
Multimanager Mid Cap Value	0.56
Multimanager Small Cap Growth	1.07
Multimanager Small Cap Value	0.11

Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/International ETF	1.64	%	4.04	%	28.35	%	41.09	%	12.16	%
EQ/AXA Tactical Manager 500-II	3.16		4.82		29.81		45.24		16.97
EQ/AXA Tactical Manager 400-II	2.11		4.67		30.94		44.07		18.20
EQ/AXA Tactical Manager 2000-II	—		2.88		30.59		47.07		19.44
EQ/AXA Tactical Manager International-II	1.98		4.38		31.22		46.44		15.98
EQ/AllianceBernstein International	0.20		0.47		3.00		6.51		3.24
EQ/AllianceBernstein Small Cap Growth	—		—		6.78		14.74		5.44
EQ/AXA Franklin Small Cap Value Core	—		3.60		24.41		27.92		9.86
EQ/BlackRock Basic Value Equity	0.59		1.12		6.99		10.56		3.92
EQ/BlackRock International Value	0.46		0.82		4.99		10.47		5.56
EQ/Boston Advisors Equity Income	3.02		4.44		20.88		25.25		6.74
EQ/Core Bond Index	8.86		5.90		24.27		19.84		1.68
EQ/GAMCO Small Company Value	—		0.77		4.76		5.89		3.51
EQ/Global Bond PLUS	11.03		8.83		35.22		—		—
EQ/Global Multi-Sector Equity	0.45		0.81		6.15		7.97		2.98
EQ/Intermediate Government Bond Index	6.38		4.42		23.40		20.66		1.32
EQ/International Core PLUS	0.57		1.23		8.09		11.97		3.30
EQ/International Growth	0.67		1.53		10.04		22.03		10.97
EQ/Large Cap Core PLUS	2.54		3.57		21.81		28.71		10.91
EQ/Large Cap Growth Index	1.51		2.44		14.44		22.57		8.55
EQ/Large Cap Growth PLUS	1.70		2.50		16.43		24.46		9.54
EQ/Large Cap Value PLUS	0.76		1.29		11.19		12.60		5.47
EQ/Mid Cap Index	—		0.34		2.22		2.88		1.29
EQ/PIMCO Ultra Short Bond	5.26		3.82		17.80		11.62		1.00
EQ/Quality Bond PLUS	10.39		6.84		31.16		22.90		1.90
EQ/Small Company Index	—		0.38		4.08		3.64		0.60
Multimanager Core Bond	9.13		6.03		27.44		23.64		1.71
Multimanager International Equity	0.90		1.31		17.88		24.27		3.78
Multimanager Large Cap Core Equity	2.98		3.18		17.36		37.47		14.24
Multimanager Large Cap Value	2.24		3.58		17.67		29.11		11.82
Multimanager Mid Cap Growth	—		0.90		5.66		6.99		1.08

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December 31, 2009

Portfolios:	AXA Conservative Allocation	AXA Conservative- Plus Allocation	AXA Moderate Allocation	AXA Moderate- Plus Allocation	AXA Aggressive Allocation
Multimanager Mid Cap Value	1.67	0.65	3.54	5.90	1.36
Multimanager Multi-Sector Bond	7.08	6.22	27.70	—	—
Multimanager Small Cap Growth	—	—	11.69	29.37	9.68
Multimanager Small Cap Value	—	0.67	3.82	18.92	0.74

Portfolios:	Target 2015 Allocation		Target 2025 Allocation		Target 2035 Allocation		Target 2045 Allocation
EQ/International ETF	3.54	%	4.49	%	2.54	%	1.53	%
EQ/Core Bond Index	0.42		0.26		0.06		—
EQ/Equity 500 Index	0.68		0.97		0.60		0.35
EQ/Global Bond PLUS	0.19		0.12		0.02		—
EQ/Global Multi-Sector Equity	0.45		0.51		0.29		0.16
EQ/Quality Bond PLUS	0.02		0.02		0.01		—
EQ/Small Company Index	0.42		0.61		0.41		0.24
Multimanager Aggressive Equity	0.16		0.14		0.07		0.04
Multimanager Large Cap Value	0.24		0.25		0.08		0.04
Multimanager Mid Cap Growth	0.05		0.04		0.04		0.02
Multimanager Mid Cap Value	0.40		0.48		0.21		0.13
Multimanager Multi-Sector Bond	0.31		0.25		0.07		—	#

# Percentage of ownership is less than 0.005%.

Note  9 Substitution and Reorganization Transactions

After the close of business September 18, 2009, Multimanager Aggressive Equity Portfolio acquired the net assets of the Multimanager Health Care Portfolio pursuant to a Plan of Reorganization and Termination as approved by shareholders on September 10, 2009. For accounting purposes, this transaction was treated as a merger. The purpose of this merger was to combine two funds managed by AXA Equitable with comparable investment objectives. The reorganization was accomplished by a tax-free exchange resulting in the Multimanager Aggressive Equity Portfolio issuing 2,497,130 Class A shares and 13,092,839 Class B shares (valued at $55,141,362 and $283,699,895 respectively) in exchange for Class A shares and Class B shares of the Multimanager Health Care Portfolio. The investment portfolio of Multimanager Health Care, with a fair value of $340,840,500 and identified cost of $321,454,076 at September 18, 2009, was the principal asset acquired by Multimanager Aggressive Equity Portfolio. For financial reporting purposes, assets received and shares issued by Multimanager Aggressive Equity Portfolio were recorded at fair value; however the cost basis of the investments from Multimanager Health Care Portfolio was carried forward to align ongoing reporting of Multimanager Aggressive Equity Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Multimanager Health Care Portfolio’s net assets at that date of $338,841,257, including $19,386,424 of unrealized appreciation, were combined with those of Multimanager Aggressive Equity Portfolio. Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of Multimanager Aggressive Equity Portfolio, pro forma results of operations for the year ended December 31, 2009 would include net investment income of $10,860,305 and net gain on investments of $335,190,290, resulting in an increase in net assets from operations of $346,050,595. Because the combined investment portfolios have been managed as a single integrated portfolio since acquisition date, it is not practicable to separate the amounts of revenue and earnings of the Multimanager Health Care Portfolio that have been included in Multimanager Aggressive Equity Portfolio’s Statement of Operations since the merger date, September 18, 2009. Prior to the combination, the net assets of the Multimanager Aggressive Equity Portfolio totaled $973,340,476. Immediately after the combination, the net assets of the Multimanager Aggressive Equity Portfolio totaled $1,312,181,733.

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December 31, 2009

Note  10 Subsequent Events

The Manager evaluated subsequent events from December 31, 2009, the date of these financial statements, through February 17, 2010, the date these financial statements were issued and available. The subsequent events include the following:

At a meeting held on December 9, 2009, the Trustees approved the termination of SSgA FM as an Adviser to the Index Allocated Portions of the Portfolios listed below and the appointment of BlackRock Investment Management LLC as adviser to the Index Allocated Portions effective February 1, 2010:

Multimanager International Equity Portfolio

Multimanager Mid Cap Growth Portfolio

Multimanager Mid Cap Value Portfolio

Multimanager Small Cap Growth Portfolio

Multimanager Small Cap Value Portfolio

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of AXA Premier VIP Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the portfolios constituting the AXA Premier VIP Trust (as listed in note 1 to the financial statements and collectively referred to as the “Trust”) at December 31, 2009, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian, transfer agents and brokers, and the application of alternative auditing procedures where such confirmations were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 17, 2010

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DISCLOSURE REGARDING ADVISORY CONTRACT RENEWALS AND APPROVALS

RENEWALS OF INVESTMENT MANAGEMENT AND INVESTMENT ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2009 (UNAUDITED)

At a meeting held on July 22-23, 2009, the Board of Trustees (the “Board”) of AXA Premier VIP Trust (the “Trust”), including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (“Independent Trustees”), unanimously approved the renewal of the Investment Management Agreements with AXA Equitable (“Manager”) (the “Management Agreements”) and the Investment Advisory Agreement(s) (each, an “Advisory Agreement” and together with the Management Agreements, the “Agreements”) with each investment sub-adviser (“Adviser”) as shown in the table below with respect to the Portfolio(s) listed.

Portfolios	Agreements Renewed by the Trust’s Board with respect to the Portfolio(s)
AXA Aggressive Allocation Portfolio AXA Conservative Allocation Portfolio AXA Conservative-Plus Allocation Portfolio AXA Moderate Allocation Portfolio AXA Moderate-Plus Allocation Portfolio (collectively, the “Allocation Portfolios”) Target 2015 Allocation Portfolio Target 2025 Allocation Portfolio Target 2035 Allocation Portfolio Target 2045 Allocation Portfolio (collectively, the “Target Allocation Portfolios”)	Management Agreement with AXA Equitable
Multimanager Aggressive Equity Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with AllianceBernstein L.P. (“AllianceBernstein”) Advisory Agreement with ClearBridge Advisors, LLC Advisory Agreement with Legg Mason Capital Management, Inc. Advisory Agreement with Marsico Capital Management, LLC (“Marsico”)
Multimanager Core Bond Portfolio*	Management Agreement with AXA Equitable Advisory Agreements with BlackRock Financial Management, Inc. Advisory Agreement with Pacific Investment Management Company, LLC (“PIMCO”)
Multimanager International Equity Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with AllianceBernstein Advisory Agreement with JPMorgan Investment Management Inc. Advisory Agreement with Marsico
Multimanager Large Cap Core Equity Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with AllianceBernstein Advisory Agreement with Janus Capital Management LLC Advisory Agreement with Thornburg Investment Management, Inc.
Multimanager Large Cap Growth Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with T. Rowe Price Associates, Inc.

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Portfolios	Agreements Renewed by the Trust’s Board with respect to the Portfolio(s)
Multimanager Large Cap Value Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with AllianceBernstein Advisory Agreement with Institutional Capital LLC Advisory Agreement with MFS Investment Management
Multimanager Mid Cap Growth Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with AllianceBernstein Advisory Agreement with Franklin Advisers, Inc. Advisory Agreement with Wellington Management Company, LLP (“Wellington”)
Multimanager Mid Cap Value Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with AXA Rosenberg Investment Management LLC (“AXA Rosenberg”) Advisory Agreement with Wellington
Multimanager Multi-Sector Bond Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with PIMCO Advisory Agreement with Post Advisory Group, LLC
Multimanager Small Cap Growth Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with Eagle Asset Management, Inc. Advisory Agreement with Wells Capital Management Inc.
Multimanager Small Cap Value Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with Franklin Advisory Services, LLC Advisory Agreement with Pacific Global Investment Management Company
Multimanager Technology Portfolio*	Management Agreement with AXA Equitable Advisory Agreement with RCM Advisory Agreement with Wellington

* The investment advisory agreements with Goodman & Co. NY Ltd. (Multimanager Large Cap Growth Portfolio), Westfield Capital Management Company, LLC (Multimanager Large Cap Growth Portfolio), Tradewinds Global Investors, LLC (Multimanager Mid Cap Value Portfolio) and SSgA Funds Management, Inc. (Multimanager Aggressive Equity Portfolio, Multimanager Core Bond Portfolio, Multimanager Health Care Portfolio, Multimanager International Equity Portfolio, Multimanager Large Cap Core Equity Portfolio, Multimanager Large Cap Growth Portfolio, Multimanager Large Cap Value Portfolio, Multimanager Mid Cap Growth Portfolio, Multimanager Mid Cap Value Portfolio, Multimanager Multi-Sector Bond Portfolio, Multimanager Small Cap Growth Portfolio, Multimanager Small Cap Value Portfolio and Multimanager Technology Portfolio (collectively, the “Multimanager Portfolios”)) are not included in the table above because their renewal is not scheduled to be considered by the Board until July 2010.

In reaching its decision to renew each Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interest of the affected Portfolio. The Board further considered factors it deemed relevant with respect to each Portfolio, including, as applicable: (1) the nature, quality and extent of the services provided to the Portfolio by the Manager, each Adviser and their respective affiliates; (2) the performance of the Portfolio (and, where applicable, each portion of the Portfolio advised by a different Adviser) as compared to a peer group and/or an appropriate benchmark; (3) the level of the Portfolio’s management and subadvisory fees and expense ratios; (4) the costs of the services provided and profits realized by the Manager and its affiliates from their relationship with the Portfolio; (5) the anticipated effect of growth and size on the Portfolio’s performance and expenses; and (6) the “fall out” benefits to be realized by the Manager, each Adviser and their respective affiliates (i.e., any direct or indirect benefits to be derived by the Manager, each Adviser and their respective affiliates from their relationships with the Trust). In considering each Agreement, the Board did not identify any single factor or information as all-important or controlling and each Trustee may have contributed different weight to each factor.

With respect to the Multimanager Portfolios, the Board also considered factors in the context of the overall objectives for the Portfolios including the following: (1) to offer a broad array of investment disciplines; (2) to provide performance over extended market cycles that exceeds the performance of the relevant benchmark with lower volatility by combining different investment styles and Advisers within the same discipline; (3) to offer a

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product to investors that provides access to Advisers that may not otherwise be available to many of the Portfolios’ investors because of those Advisers’ minimum investment amounts; and (4) to provide active oversight through the Manager’s monitoring of compliance with performance, volatility and other stated objectives.

In connection with its deliberations, the Board took into account information furnished throughout the year at regular and special Board meetings, as well as information prepared specifically in connection with the annual renewal review process. Information furnished and discussed throughout the year included investment performance reports and related financial information for each Portfolio, as well as periodic reports on shareholder services, legal, compliance, pricing, brokerage commissions and execution and other services provided by the Manager, the Advisers and their respective affiliates. Information furnished specifically in connection with the renewal process included a report for each Portfolio prepared by Lipper, Inc. (“Lipper”), an independent organization, as well as additional material prepared by management regarding each Portfolio. The Lipper reports compared each Portfolio’s expenses with those of other mutual funds deemed comparable to the Portfolio as selected by Lipper. The information prepared by management generally included Portfolio-by-Portfolio information showing each Portfolio’s management fees, advisory fees, expense ratios, expense limitation arrangements, investment performance and profitability (actual and pro forma) information, including information regarding the profitability of the Manager’s overall mutual fund operations, as well as on an individual Portfolio-by-Portfolio basis. Additional information furnished specifically in connection with the renewal process was a detailed memorandum prepared by the Manager, as well as separate memoranda prepared by each Adviser, describing the services provided, fees charged, the investment performance of each Portfolio and other matters. These materials also discussed some of the actions taken by the Manager and the applicable Advisers to address problems arising out of recent market events.

The Independent Trustees met in advance of the meeting at which the Agreements were renewed, and in executive session during these meetings, to review the information provided. The Independent Trustees were assisted by independent counsel during these meetings and during their deliberations regarding the Agreements, and also received materials discussing the legal standards applicable to their consideration of the Agreements. The Independent Trustees additionally reviewed information and met during the year to discuss information relevant to the contract renewal considerations. While the Agreements for all of the Portfolios were considered at the same Board meeting, the Board dealt with each Portfolio separately. In approving the renewal of the relevant Agreements with respect to each Portfolio, the Board, including the Independent Trustees, determined that the existing management and (where applicable) advisory fee structure was fair and reasonable and that renewal of each Agreement was in the best interests of each Portfolio and its shareholders. While attention was given to all information furnished, the following discusses some of the primary factors relevant to the Board’s decision.

Nature, Quality and Extent of Services. The Board was satisfied with the nature, quality and extent of the overall services provided by the Manager and the Advisers and, where applicable, their respective affiliates to the Portfolios. In addition to the investment performance and expense information discussed later, the Board considered the responsibilities of the Manager and each Adviser to each Portfolio and the Manager’s and each Adviser’s experience in serving as an investment adviser for the Portfolio(s) and for portfolios similar to the Portfolio(s) it advises. With respect to the Manager, the Board considered that the Manager is responsible for the search, selection and monitoring of the Advisers for the Multimanager Portfolios, oversight of the selection of investments by Advisers for the Multimanager Portfolios, the selection of investments for the Allocation Portfolios and Target Allocation Portfolios, oversight of compliance with the Portfolios’ investment objectives and policies as well as oversight of the Portfolios’ compliance with applicable law, review of brokerage matters and implementation of Board directives as they relate to the Portfolios. The Board also considered information regarding the Manager’s process for selecting and monitoring Advisers and its process for making investment decisions for the Allocation Portfolios and Target Allocation Portfolios as well as the backgrounds of the personnel who perform those functions with respect to the Portfolios. With respect to the Advisers, the Board considered that each Adviser is responsible for making investment decisions on behalf of each of the allocated portions of the Portfolio(s) it advises, placing all orders for the purchase and sale of investments for each of the allocated portions it advises with brokers or dealers and performing related administrative functions. The Board also reviewed information regarding each Adviser’s investment process, the background of each portfolio manager of each Adviser who provides services to the Multimanager Portfolios and the general method of compensation for the portfolio managers.

The Board’s opinion regarding the nature, quality and extent of services also was based, in part, upon periodic reports furnished to the Board showing, among other things, that the investment policies and restrictions for each Portfolio were consistently complied with, as well as other reports periodically furnished to the Board covering

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matters such as the compliance of portfolio managers and other personnel with the applicable codes of ethics. The Board also noted the extent of the benefits provided to Portfolio shareholders as part of the Manager’s family of funds, including the wide range of Portfolios, Advisers and investment styles offered through the fund family. In addition, the Board considered, among other factors, the Manager’s and each Adviser’s best execution trading policies, including a favorable report by an independent portfolio trading analytical firm. The Board also took into account the quality of the administrative, shareholder servicing and distribution services provided to the Portfolios by the Manager and its affiliates. The Board also considered the overall performance and actions taken by the Manager and the Advisers in response to problems arising out of the market turmoil and financial crisis experienced during 2008 and 2009.

Performance. As discussed further below with respect to each Portfolio, the Board also received and reviewed information regarding the short-, intermediate- and long-term performance of each Portfolio over multiple periods, which generally included annual total returns, average annual total returns and rolling period total returns, on both an absolute basis and relative to an appropriate benchmark and/or peer group(s) provided by Lipper (with the first quartile being the best performers of the peer group and the fourth quartile being the worst performers of the peer group). In general, the Board considered long-term performance to be more important in its evaluation than short-term performance. The Board also generally considered the performance of the allocated portions of each Multimanager Portfolio and whether the performance of the portions allocated to each of the Advisers met the Board’s expectations as to the compatibility of the Advisers’ different investment strategies and styles and the contributions of each to the overall Portfolio strategy and performance. The Board took into consideration that the Lipper performance information reflected the investment performance of each Portfolio’s Class B shares, which have higher expense ratios, and therefore lower performance, than the Class A shares.

AXA Aggressive Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the third quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2009. The Board also considered that the Portfolio underperformed a benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the three-year, five-year and since inception periods ended on that date generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. Based on its review, the Board was satisfied with the Portfolio’s medium- and long-term performance relative to the benchmark and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

AXA Conservative Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2009, and was in the third quartile for the five-year period ended on that date. The Board also considered that the Portfolio underperformed a benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the five-year and since inception periods generally was in line with that of the benchmark. The Board noted that the Portfolio’s investment objective and policies generally are more conservative than those of other portfolios included in the peer group, which may limit the Portfolio’s ability to outperform its peer group but also generally reduces the Portfolio’s risk profile. The Board and the Manager also discussed other reasons for the Portfolio’s underperformance for certain periods relative to its peer group and benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. Based on its review, the Board was satisfied with the Portfolio’s overall performance relative to its peer group and the benchmark given the Portfolio’s conservative investment objective and policies and was satisfied with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

AXA Conservative-Plus Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the third quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2009. The Board also considered that the Portfolio underperformed a benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the three-year, five-year and since inception periods generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s

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underperformance relative to its peer group and benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. Based on its review, the Board was satisfied with the Portfolio’s medium- and long-term performance relative to the benchmark and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

AXA Moderate Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the third quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2009 and the fourth quartile for the ten-year period ended on the same date. The Board also considered that the Portfolio underperformed a benchmark for the one-, three-, five- and ten-year periods ended May 31, 2009, but that the Portfolio’s performance for the five- and ten-year periods generally was comparable to that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. Based on its review, the Board was satisfied with the Portfolio’s long-term performance relative to the benchmark and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

AXA Moderate-Plus Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the third quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2009. The Board also considered that the Portfolio underperformed a benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the three-year, five-year and since inception periods generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. Based on its review, the Board was satisfied with the Portfolio’s medium- and long-term performance relative to the benchmark and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

Target 2015 Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the third quartile relative to its Lipper peer group for the one-year period ended May 31, 2009. The Board also considered that the Portfolio underperformed a time weighted benchmark for the one-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the since inception period generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. The Board took into consideration in connection with its review that the Portfolio commenced operations on September 1, 2006 and, therefore, had a relatively short operating history on which to evaluate performance and a small asset base. Based on its review, the Board was satisfied with the Portfolio’s performance given its relatively short operating history and its comparable performance relative to the benchmark for the since inception period, and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

Target 2025 Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the fourth quartile relative to its Lipper peer group for the one-year period ended May 31, 2009. The Board also considered that the Portfolio underperformed a time weighted benchmark for the one-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the since inception period generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. The Board took into consideration in connection with its review that the Portfolio commenced operations on September 1, 2006 and, therefore, had a relatively short operating history on which to evaluate performance and a small asset base. Based on its review, the Board was satisfied with the Portfolio’s performance given its relatively short operating history and its comparable performance relative to the benchmark for the since inception period, and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

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Target 2035 Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2009. The Board also considered that the Portfolio underperformed a time weighted benchmark for the one-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the since inception period generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. The Board took into consideration in connection with its review that the Portfolio commenced operations on September 1, 2006 and, therefore, had a relatively short operating history on which to evaluate performance and a small asset base. Based on its review, the Board was satisfied with the Portfolio’s performance given its relatively short operating history and its performance relative to its peer group and to the benchmark for the since inception period, and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

Target 2045 Allocation Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the third quartile relative to its Lipper peer group for the one-year period ended May 31, 2009. The Board also considered that the Portfolio underperformed a time weighted benchmark for the one-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the since inception period generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the impact of the recent economic downturn on the Portfolio’s performance, and efforts to improve the Portfolio’s overall performance. The Board took into consideration in connection with its review that the Portfolio commenced operations on September 1, 2006 and, therefore, had a relatively short operating history on which to evaluate performance and a small asset base. Based on its review, the Board was satisfied with the Portfolio’s performance given its relatively short operating history and its comparable performance relative to the benchmark for the since inception period, and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance.

Multimanager Aggressive Equity Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the fourth quartile relative to its Lipper peer group for the one-, three-, five- and ten-year periods ended May 31, 2009. The Board also considered that the Portfolio underperformed its benchmark for the one-, three-, five- and ten-year periods ended May 31, 2009, but that the Portfolio’s performance for the five- and ten-year periods generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the performance of certain allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s overall performance. The Board also considered that the Manager had taken steps to improve the Portfolio’s performance through the appointment of new Advisers in June 2005 and January 2007 and had created an index allocated portion of the Portfolio in December 2008 advised by a new Adviser. Based on its review, the Board was satisfied with the Portfolio’s long-term performance relative to its benchmark and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance, and determined that no further changes to the Portfolio’s portfolio management were warranted.

Multimanager Core Bond Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2009. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for these periods generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its benchmark, including the performance of certain allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s overall performance. The Board also considered that the Manager had created an index allocated portion of the Portfolio in December 2008 and appointed a new Adviser to manage this portion to enhance the Portfolio’s overall performance. Based on its review, the Board was satisfied with the Portfolio’s

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overall performance relative to its peer group and benchmark and with the actions taken by the Manager to enhance the Portfolio’s performance.

Multimanager International Equity Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares relative to its Lipper peer group was in the fourth quartile for the one-, three- and five-year periods ended May 31, 2009. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2009, but that the Portfolio’s performance for the three-year, five-year and since inception periods generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance for certain periods relative to its peer group and benchmark, including the performance of certain allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s overall performance. The Board also considered that the Manager had taken steps to strengthen the Portfolio’s performance in December 2008 by creating an index allocated portion of the Portfolio and appointing a new Adviser to manage this portion. Based on its review, the Board was satisfied with the Portfolio’s medium- and long-term performance relative to its benchmark and with the Manager’s explanations and efforts to improve the Portfolio’s overall performance, and determined that no further changes to the Portfolio’s portfolio management were warranted.

Multimanager Large Cap Core Equity Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2009, and was in the third quartile for the five-year period ended on that date. The Board also considered that the Portfolio generally outperformed its benchmark for the one-, three- and five-year periods ended May 31, 2009 and performed comparably to its benchmark for the since inception period ended on that date. The Board and the Manager discussed the Portfolio’s overall performance relative to its peer group and benchmark, including the performance of the allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance. The Board also considered that the Manager had created an index allocated portion of the Portfolio in December 2008 and appointed a new Adviser to manage this portion to enhance the Portfolio’s overall performance. Based on its review, the Board was satisfied with the Portfolio’s overall performance relative to its peer group and benchmark and with the actions taken by the Manager to enhance the Portfolio’s performance.

Multimanager Large Cap Growth Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the fourth quartile relative to its Lipper peer group for the one-, three- and five-year periods ended May 31, 2009. The Board also considered that the Portfolio underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2009. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the performance of certain allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s performance. The Board noted that the Manager had taken steps to improve the Portfolio’s performance by hiring new Advisers for the Portfolio in January 2007 and June 2008. The Board also considered that the Manager had taken further steps to strengthen the Portfolio’s performance in December 2008 by creating an index allocated portion of the Portfolio and appointing a new Adviser to manage this portion. Based on its review, the Board was satisfied with the Manager’s explanations and efforts to improve the Portfolio’s performance and determined that no further changes to the Portfolio’s portfolio management were warranted.

Multimanager Large Cap Value Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the three- and five-year periods ended May 31, 2009, and was in the third quartile for the one-year period ended on that date. The Board also considered that the Portfolio outperformed its benchmark for the one-, three- and five-year periods ended May 31, 2009 and that the Portfolio performed comparably to its benchmark for the since inception period ended on that date. The Board and the Manager discussed the Portfolio’s overall performance relative to its peer group and benchmark, including the performance of the allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance. The Board also considered that the Manager had created an index allocated portion of the Portfolio in December 2008 and

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appointed a new Adviser to manage this portion to enhance the Portfolio’s overall performance. Based on its review, the Board was satisfied with the Portfolio’s overall performance relative to its peer group and benchmark and with the actions taken by the Manager to enhance the Portfolio’s performance.

Multimanager Mid Cap Growth Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2009, but was in the third quartile for the five-year period and the fourth quartile for the three-year period ended on that date. The Board also considered that the Portfolio matched the performance of its benchmark for the one-year period ended May 31, 2009, and underperformed its benchmark for the three-year, five-year and since inception periods ended on that date, but that the Portfolio’s performance for the three- and five-year periods ended on that date generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance for certain periods relative to its peer group and benchmark, including the performance of certain allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s overall performance. The Board noted that the Manager recently had taken steps to improve the Portfolio’s performance by hiring a new Adviser for an allocated portion of the Portfolio in June 2008. The Board also considered that the Manager had taken further steps to strengthen the Portfolio’s performance in December 2008 by creating an index allocated portion of the Portfolio and appointing a new Adviser to manage this portion. Based on its review, the Board was satisfied with the Portfolio’s improving performance relative to its peer group and benchmark. The Board also was satisfied with the Manager’s explanations and efforts to further improve the Portfolio’s performance and determined that no additional changes to the Portfolio’s portfolio management were warranted.

Multimanager Mid Cap Value Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the first quartile relative to its Lipper peer group for the one- and three-year periods ended May 31, 2009, and was in the second quartile for the five-year period ended on that date. The Board also considered that the Portfolio outperformed its benchmark for the one-, three- and five-year periods ended May 31, 2009, but underperformed its benchmark for the since inception period ended on that date. The Board noted, however, that the Portfolio’s performance for the since inception period ended May 31, 2009 generally was in line with that of the benchmark. The Board and the Manager discussed the Portfolio’s overall performance relative to its peer group and benchmark, including the performance of the allocated portions of the Portfolio and the impact of the recent economic downtown on the Portfolio’s performance. The Board also considered that the Manager had taken steps to enhance the Portfolio’s performance by hiring a new Adviser for an allocated portion of the Portfolio in September 2008 and creating an index allocated portion of the Portfolio in December 2008 advised by a new Adviser. Based on its review, the Board was satisfied with the Portfolio’s overall performance relative to its peer group and benchmark and with the actions taken by the Manager to enhance the Portfolio’s performance.

Multimanager Multi-Sector Bond Portfolio (formerly, the Multimanager High Yield Portfolio).

The Board considered that the performance of the Portfolio’s Class B shares was in the fourth quartile relative to its Lipper peer group for the one-, three-, five- and ten-year periods ended May 31, 2009. The Board also considered that the Portfolio underperformed its benchmark for the one-, three-, five- and ten-year periods ended May 31, 2009. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the performance of the allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s performance. The Board considered that the Manager had taken steps to improve the Portfolio’s performance through the appointment of a new Adviser for a portion of the Portfolio in June 2005 and that, prior to the recent downturn, the performance of the Portfolio generally had improved as a result of this change. The Board also considered that the Manager had taken further steps to improve the Portfolio’s performance in May 2009 by restructuring the Portfolio from a Portfolio that invested substantially in high-yield bonds to a Portfolio that invested in a diversified mix of bonds, including investment grade bonds and high-yield bonds, and creating two index allocated portions of the Portfolio advised by a new Adviser. The Board noted that the very short period of time since the restructuring had taken place provided a limited basis on which to evaluate the impact of these changes on the Portfolio’s performance. Based on its review, the Board was satisfied with the Manager’s explanations and efforts to improve the Portfolio’s performance and determined that no further changes to the Portfolio’s portfolio management were warranted.

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Multimanager Small Cap Growth Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the one- and ten-year periods ended May 31, 2009, but was in the third quartile for the five-year period and the fourth quartile for the three-year period ended on that date. The Board also considered that the Portfolio had outperformed its benchmark for the ten-year period ended May 31, 2009, but had underperformed its benchmark for the one-, three- and five-year periods ended on that date. The Board noted, however, that the Portfolio’s performance for the one- and five-year periods ended May 31, 2009 generally was in line with that of the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance for certain periods relative to its peer group and benchmark, including the performance of certain allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s overall performance. The Board considered that the Manager had taken steps to improve the Portfolio’s performance by hiring a new Adviser for a portion of the Portfolio in October 2007 and by creating an index allocated portion of the Portfolio in December 2008 advised by a new Adviser. Based on its review, the Board was satisfied with the Portfolio’s long-term performance and improving recent performance relative to its peer group and benchmark and with the actions taken by the Manager to enhance the Portfolio’s performance.

Multimanager Small Cap Value Portfolio.

The Board considered that the performance of the Portfolio was in the third quartile relative to its Lipper peer group for the ten-year period ended May 31, 2009, and the fourth quartile relative to its peer group for the one-, three- and five-year periods ended on that date. The Board also considered that the Portfolio had underperformed its benchmark for the one-, three-, five- and ten-year periods ended May 31, 2009. The Board and the Manager discussed the reasons for the Portfolio’s underperformance relative to its peer group and benchmark, including the performance of certain allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s performance. The Board noted that the Manager had recently taken steps to improve the Portfolio’s performance by hiring a new Adviser for the Portfolio in June 2008 and by creating an index allocated portion of the Portfolio in December 2008 advised by a new Adviser. Based on its review, the Board was satisfied with the Manager’s explanations and efforts to improve the Portfolio’s performance and determined that no further changes to the Portfolio’s portfolio management were warranted.

Multimanager Technology Portfolio.

The Board considered that the performance of the Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the five-year period ended May 31, 2009, and the third quartile relative to its peer group for the one- and three-year periods ended on that date. The Board also considered that the Portfolio outperformed its primary benchmark for the five-year period ended May 31, 2009, but underperformed its benchmark for the one- and three-year periods, and for the period since inception, ended on that date, but that the Portfolio’s longer-term performance approximated the benchmark. The Board and the Manager discussed the reasons for the Portfolio’s underperformance for certain periods relative to its peer group and benchmark, including the performance of certain allocated portions of the Portfolio and the impact of the recent economic downturn on the Portfolio’s performance, as well as efforts to improve the Portfolio’s overall performance. The Board considered that the Manager had taken steps to strengthen the Portfolio’s performance in December 2008 by creating an index allocated portion of the Portfolio and appointing a new Adviser to manage this portion. The Board also factored into its evaluation the fact that the Portfolio is a specialty portfolio offering a unique investment strategy that enhances the range of investment options available to investors in the fund complex. Based on its review, the Board was satisfied with the Portfolio’s long-term performance relative to its peer group and benchmark and with the actions taken by the Manager to enhance the Portfolio’s performance.

Comparative Expenses. The Board also reviewed a comparative analysis of the contractual and net management fees and the actual expense ratios of each Portfolio compared with those of a group of other funds selected by Lipper as constituting its appropriate Lipper expense group. The Lipper expense data is based upon historical information taken from each Portfolio’s annual report for the period ended December 31, 2008 (updated to reflect changes to the contractual management fee schedules for certain Portfolios that were implemented in early 2009) and, as a result of the severe decline in mutual fund industry assets during the last quarter of 2008, is based on asset levels that are higher than the level currently existing for most Portfolios. While recognizing the

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limitations inherent in Lipper’s methodology and that current expense ratios may increase as assets decline, the Board believed that the independent analysis conducted by Lipper remained an appropriate measure of comparative expenses. In reviewing comparative expenses, Lipper provides information on each Portfolio’s contractual investment management fee in comparison with the contractual investment management fee that would have been charged by other funds within its Lipper expense group assuming they were similar in size to the Portfolio, as well as the actual management fee and expense ratios of the Portfolio in comparison with those of its expense group. The Lipper investment management fee analysis includes within such fee any separate administrative fees, and the Lipper expense ratios are shown for Class A and Class B shares of the relevant Portfolio. For the Multimanager Portfolios, the Board also considered a separate report provided by Lipper containing similar information regarding the management fee and expense ratios for each Multimanager Portfolio relative to the median and average management fee and expense ratio for a peer group of multi-adviser portfolios. In reviewing the comparative expense information, the Board also considered each Portfolio’s investment management fee and, where applicable, investment advisory fees, in light of the nature, quality and extent of the services provided by the Manager and Adviser(s).

Allocation Portfolios.

The Board considered that the contractual management fees for the AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio and AXA Moderate Allocation Portfolio were above the medians for their respective Lipper peer groups. The Board noted, however, that the Manager had agreed to make payments or waive all or a portion of its management, administration and other fees so that each Portfolio’s expense ratios did not exceed certain levels as set forth in the prospectus, and that as a result of these waivers and reimbursements each Portfolio’s net management fee was below, or, in the case of the AXA Conservative-Plus Portfolio, the same as, the median for its Lipper peer group. The Board also considered that the expense ratios (excluding fees and expenses of other investment companies in which the Portfolios invest) for each Portfolio’s Class A and Class B shares were in the first and third quartiles, respectively, relative to the Portfolio’s peer group. In addition, the Board noted the nature, quality and extent of the services provided by the Manager to the Portfolios, including the resources devoted to Portfolio compliance. Based on its review, the Board was satisfied with the Manager’s management fee rate and the expense ratios of each Portfolio.

The Board considered that the contractual management fee for the AXA Moderate-Plus Allocation Portfolio was above the median for its Lipper peer group. The Board noted, however, that the Manager had agreed to make payments or waive all or a portion of its management, administration and other fees so that the Portfolio’s expense ratios did not exceed certain levels as set forth in the prospectus. The Board also considered that the expense ratios (excluding fees and expenses of other investment companies in which the Portfolio invests) for the Portfolio’s Class A and Class B shares were in the second and third quartiles, respectively, relative to the Portfolio’s peer group. In addition, the Board noted the nature, quality and extent of the services provided by the Manager to the Portfolio, including the resources devoted to Portfolio compliance. Based on its review, the Board was satisfied with the Manager’s management fee rate and the expense ratios of the Portfolio.

Target Allocation Portfolios.

The Board considered that each Portfolio’s contractual management fee was above the median for its Lipper peer group. The Board noted, however, that the Manager had agreed to make payments or waive all or a portion of its management, administration and other fees so that each Portfolio’s expense ratios did not exceed certain levels as set forth in the prospectus, and that as a result of these waivers and reimbursements each Portfolio’s net management fee was below the median for its Lipper peer group. The Board also considered that the expense ratios (excluding fees and expenses of other investment companies in which each Portfolio invests) for each Portfolio’s Class A and Class B shares were above the median for the Portfolio’s peer group. In addition, the Board noted the nature, quality and extent of the services provided by the Manager to the Target Allocation Portfolios, including the resources devoted to Portfolio compliance. Based on its review, the Board was satisfied with the Manager’s management fee rate and the expense ratios of each Portfolio, noting that the Portfolios were among the smallest Portfolios in the Trust and that their expenses were subsidized through fee waivers and reimbursements.

Multimanager Portfolios.

The Board considered that the contractual management fee and actual expense ratios for each Multimanager Portfolio generally were higher than the median contractual management fee and actual expense ratio for the

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particular Portfolio’s Lipper peer group (except for the actual expense ratios of the Class A shares of the Aggressive Equity, Core Bond, International Equity, Large Cap Growth, Mid Cap Growth, Mid Cap Value, Multi-Sector Bond, Small Cap Growth and Small Cap Value Portfolios, which were the same as or below the median for their respective Lipper peer groups). The Board determined, however, that the higher contractual management fees and expense ratios were consistent with the higher costs and greater complexity associated with multi-manager funds and generally with the higher contractual median management fees and expense ratios of other multi-manager funds. The Board also noted the nature, quality and extent of the services provided by the Manager to the Multimanager Portfolios, including the resources devoted to Portfolio compliance. In addition, the Board noted that, effective January 2009, the Manager had reduced the contractual management fee rate for each Multimanager Portfolio and that the Manager had agreed to reduce each Multimanager Portfolio’s administration fee effective September 1, 2009. The Board further noted that each Multimanager Portfolio’s management fee includes breakpoints, which reduce the management fee as the assets of the Portfolio increase, and that, with respect to the Core Bond Portfolio, the Manager had agreed to make payments or waive all or a portion of its management, administration and other fees so that the Portfolio’s expense ratios did not exceed certain levels as set forth in the Portfolio’s prospectus. The Board also considered that disclosure of all fees and expenses of each Multimanager Portfolio is explicit to potential and current shareholders. In connection with its deliberations regarding the renewal of the Advisory Agreements for the Multimanager Portfolios, the Board also examined the advisory fees paid with respect to each Portfolio in light of the fees paid by similar portfolios advised by each Adviser. Based on its review, the Board was satisfied with the Manager’s and each Adviser’s fee rate and the expense ratios of each Multimanager Portfolio.

Profitability and Costs. The Board also considered the level of profits realized by the Manager and its affiliates in connection with the operation of each Portfolio. In this respect, the Board reviewed the Portfolio profitability information setting forth the overall profitability of the Trust to the Manager, as well as the Manager’s profits in providing management and other services to each of the individual Portfolios during the 12-month period ended December 31, 2008, which was the most recent fiscal year end for the Manager. During portions of such period, the assets of the Trust were significantly higher than at the time the Board met to consider the renewal of the Agreements, and to such extent, the profitability analysis did not reflect fund operations as of that time. While taking this into account in assessing the significance of the Portfolio profitability analysis, the Board recognized such analysis was made at a given point in time and that the decline in assets and effect on profitability would be more fully reflected in the profitability analysis covering the Manager’s 2009 fiscal year period. The Board also reviewed information provided by the Manager regarding the potential impact on profitability of certain contractual changes to the management fee schedules for certain Portfolios that were implemented in early 2009.

In reviewing the analysis, attention was given to the methodology followed in allocating costs to each Portfolio, it being recognized that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. In this respect, the Board noted that, while being continuously refined and reflecting changes in the Manager’s own cost accounting and other appropriate adjustments, the cost allocation methodology was consistent with that followed in profitability report presentations for the Portfolios made in prior years. In reviewing and discussing such analysis, the Manager discussed with the Board its belief that costs incurred in establishing the infrastructure necessary for the type of mutual fund operations conducted by the Manager and its affiliates may not be fully reflected in the expenses allocated to each Portfolio in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. The Board also took into account management’s ongoing costs and expenditures in providing and improving services for the Portfolios, as well as the need to meet additional regulatory and compliance requirements resulting from recently adopted SEC rules and other regulatory requirements. In addition, the Board considered information prepared by management comparing the profitability of the Manager on an overall basis as compared to other publicly held managers broken down to show profitability from management operations exclusive of distribution expenses, as well as profitability including distribution expenses.

The Board also considered the extent to which the Manager and its affiliates might derive ancillary benefits from Portfolio operations, including the following. The Board noted that the Manager also serves as the administrator for the Portfolios, receiving compensation for acting in this capacity. In addition, the Board recognized that two of the Manager’s affiliates, AllianceBernstein and AXA Rosenberg, serve as Advisers to certain Portfolios and receive advisory fees that are paid by the Manager out of the fees that it earns from those Portfolios. The Board also recognized that AXA Advisors, LLC and AXA Distributors, LLC, which also are affiliated with the Manager, serve as the underwriters for the Trust and receive payments pursuant to Rule 12b-1 plans from the

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Portfolios with respect to their Class B shares to compensate them for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Manager and from time to time may receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities, provided, however, that those transactions, among other things, must be consistent with seeking best execution. The Board also recognized that the Allocation Portfolios and Target Allocation Portfolios invest in other portfolios managed by the Manager and advised by Advisers that may be affiliates of the Manager and that these underlying portfolios pay management and administration fees to the Manager, who may in certain cases pay advisory fees to affiliated Advisers, and pay distribution fees to the Manager’s distribution affiliates. The Board also noted that the Manager, as the depositor of insurance company separate accounts investing in the Portfolios, receives certain significant tax benefits associated with such investments. Based on its consideration of the factors above, the Board determined that the level of profits realized by the Manager and its affiliates from providing services to each Portfolio was not excessive in view of the nature, quality and extent of services provided.

With respect to the Multimanager Portfolios, the Manager advised the Board that it does not regard Adviser profitability as meaningful to an evaluation of the Agreements with the Advisers because the willingness of the Advisers to serve in such capacity depends upon arm’s-length negotiations with the Manager, the Manager generally is aware of the fees charged by the Advisers to other clients, and the Manager believes that the fees agreed upon with the Advisers are reasonable in light of the quality of investment advisory services rendered. The Board accepted the Manager’s explanation in light of the Board’s findings as to the reasonableness of the aggregate investment advisory fees paid by each Portfolio and the fact that each Adviser’s fee is paid by the Manager. However, in its consideration of the Advisory Agreements, the Board noted, among other things, that each Adviser may derive ancillary benefits from Portfolio operations. For example, each Adviser, through its position as an Adviser to its Portfolio(s), may engage in soft dollar transactions. The Board received information regarding each Adviser’s procedures for executing portfolio transactions for the allocated portion of the Portfolio(s) it advises and each Adviser’s policies and procedures for the selection of brokers and dealers and obtaining research from those brokers and dealers. In addition, the Board considered that each Adviser may be affiliated with registered broker-dealers, who may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, must be consistent with seeking best execution. The Board also recognized that affiliates of the Advisers may sell, and earn sales commissions and/or other compensation with respect to, insurance products issued by the Manager or its affiliates and that the proceeds of those sales may be invested in the Portfolios.

Economies of Scale. The Board also considered whether economies of scale are realized by the Manager as the Portfolios grow larger and the extent to which this is reflected in the level of management fees charged. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board noted that economies of scale are shared with each Multimanager Portfolio and its shareholders through management fee breakpoints so that as a Portfolio grows in size, its effective management fee rate declines. The Board also noted that, effective January 2009, the Manager had reduced the contractual management fee rate for each Multimanager Portfolio and that the Manager had agreed to reduce the Portfolio’s administration fee effective September 1, 2009. The Board also believed that the asset sizes of the Target Allocation Portfolios, the Trust’s smallest Portfolios, did not afford any economies of scale, and noted that the Manager was subsidizing the expenses of these Portfolios. The Board also noted that, although the management and administration fees for each Allocation Portfolio do not include breakpoints, the Manager was subsidizing each Allocation Portfolio’s expenses and that, as a result of the waivers and reimbursements with respect to each Portfolio, each Portfolio’s (except the AXA Moderate-Plus Allocation Portfolio’s) actual management fee was the same as or below the median for its Lipper peer group.

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2009 (UNAUDITED)

At a subsequent meeting held on December 9, 2009, the Trust’s Board, including the Independent Trustees, unanimously approved an Advisory Agreement between the Manager and BlackRock Investment Management LLC (“BlackRock”) with respect to the Multimanager International Equity Portfolio, Multimanager Mid Cap Growth Portfolio, Multimanager Mid Cap Value Portfolio, Multimanager Small Cap Growth Portfolio and Multimanager Small Cap Value Portfolio. When effective BlackRock will be responsible for managing the index

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allocated portion of each Portfolio and replace the prior Adviser for this portion of each Portfolio. In addition, BlackRock will be responsible for managing an additional investment strategy that also was approved for each Portfolio at the meeting, which focuses on investments in futures and options contracts to manage equity market exposure. Information regarding this additional investment strategy is available in each Portfolio’s current Prospectus, as supplemented.

In reaching its decision to approve the Advisory Agreement, the Board considered the overall fairness of the Advisory Agreement and whether the Advisory Agreement was in the best interest of each Portfolio. The Board further considered factors it deemed relevant with respect to each Portfolio, including, as applicable: (1) the nature, quality and extent of the services to be provided to the Portfolio by BlackRock and its respective affiliates; (2) composite performance of the relevant index strategies managed by BlackRock as well as other performance information; (3) the proposed subadvisory fees; (4) the impact of the appointment of BlackRock on the Manager’s profitability; (5) the anticipated effect of growth and size on the Portfolio’s expenses; and (6) the “fall out” benefits to be realized by the Manager, BlackRock and their respective affiliates (i.e., any direct or indirect benefits to be derived by the Manager, BlackRock and their respective affiliates). In considering the Advisory Agreement, the Board did not identify any single factor or information as all-important or controlling and each Trustee may have contributed different weight to each factor.

The Board also considered factors in the context of the overall objectives for the Portfolios as multi-advised portfolios, including the following: (1) to offer a broad array of investment disciplines; (2) to provide performance over extended market cycles that exceeds the performance of the relevant benchmark with lower volatility by combining different investment styles and Advisers within the same discipline; (3) to offer a product to investors that provides access to Advisers that may not otherwise be available to many of the Portfolios’ investors because of those Advisers’ minimum investment amounts; and (4) to provide active oversight through the Manager’s monitoring of compliance with performance, volatility and other stated objectives.

Information furnished specifically in connection with the approval process included a detailed memorandum and other materials prepared by the Manager, as well as a separate memorandum prepared by BlackRock, describing, among other things, the services to be provided by BlackRock and the investment personnel of BlackRock, current and proposed advisory fees, performance information and other matters. The information regarding BlackRock and the Advisory Agreement was provided to the Trustees prior to the meeting. During the meeting, the Trustees reviewed the information provided and the Independent Trustees also met in executive session during the meeting to review this information. The Independent Trustees were assisted by independent counsel during these meetings and during their deliberations regarding the Advisory Agreement, and also received materials discussing the legal standards applicable to their consideration of the Advisory Agreement. While the Advisory Agreement for each of the Portfolios was considered at the same Board meeting, the Board dealt with each Portfolio separately. In approving the Advisory Agreement with respect to each Portfolio, the Board, including the Independent Trustees, determined that the proposed advisory fee structure was fair and reasonable and that approval of the Advisory Agreement was in the best interests of each Portfolio and its shareholders. While attention was given to all information furnished, the following discusses some of the primary factors relevant to the Board’s decision.

Nature, Quality and Extent of Services. The Board was satisfied with the nature, quality and extent of the overall services to be provided by BlackRock to the Portfolios. In addition to the investment performance information discussed later, the Board considered the responsibilities and experience of BlackRock. The Board also considered that BlackRock would be responsible for making investment decisions on behalf of the index allocated portions of the Portfolios and implementing each Portfolio’s futures and options strategy, placing all orders for the purchase and sale of investments for assets managed by BlackRock with brokers or dealers and performing related administrative functions. The Board reviewed, among other things, information regarding BlackRock’s investment process, experience managing portfolios with similar investment strategies, the background of each portfolio manager of BlackRock who would provide services to the Portfolios, the general method of compensation for the portfolio managers and BlackRock’s best execution trading policies.

Performance. The Board also received and reviewed information regarding the composite performance of BlackRock’s relevant index strategies that generally showed annual returns over a ten year period, as well as the hypothetical performance of the futures and options strategy under different market conditions. Based on its review, the Board was satisfied with the performance of BlackRock’s index strategies, noting that the tracking error was reasonable, and with the Manager’s explanation that the futures and options strategy could reduce the risk of investing in the Portfolios and potentially enhance each Portfolio’s long term performance.

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Fees, Economies of Scale and Profitability. The Board also considered the proposed advisory fee for each Portfolio in light of the nature, quality and extent of the services to be provided by BlackRock. The Board compared the proposed fee to the current advisory fee for the index allocated portion of each Portfolio and also considered that the futures and options strategy is a relatively unique strategy requiring additional skills and experience. In connection with its deliberations, the Board also examined whether the advisory fees include breakpoints in the fees as assets of the Portfolios grow. The Board noted that the proposed advisory fee includes breakpoints, and in addition, economies of scale are shared with each Portfolio and its shareholders through management fee breakpoints so that as a Portfolio grows in size, its effective management fee rate declines. The Board further considered the impact of the proposed advisory fees on the level of profits realized by the Manager and its affiliates. The Manager further advised the Board that it does not regard BlackRock’s profitability as meaningful to an evaluation of the Advisory Agreement because the willingness of BlackRock to serve in such capacity depends upon arm’s-length negotiations with the Manager, the Manager generally is aware of the fees charged by BlackRock to other clients, and the Manager believes that the fees agreed upon with BlackRock are reasonable in light of the quality of investment advisory services rendered. The Board accepted the Manager’s explanation in light of the Board’s findings as to the reasonableness of the proposed advisory fees to be paid by each Portfolio and the fact that BlackRock’s fee is paid by the Manager. Based on its review, the Board was satisfied with BlackRock’s proposed fee rate.

Fall-Out Benefits. In its consideration of the Advisory Agreement, the Board also noted, among other things, that the Manager and BlackRock may derive ancillary benefits from Portfolio operations. For example, the Board considered that the appointment of BlackRock and the implementation of the futures and options strategy could reduce the risk of investing in the Portfolios and potentially enhance the performance of the Portfolios, but also could benefit the Manager and its affiliates, for example, by reducing the risk that the assets of the Portfolios, and therefore the Manager’s management fee and other revenue from the Portfolio, will decline or fluctuate significantly and by reducing the risks associated with guarantees that the Manager and its affiliates provide as the issuers of certain variable insurance contracts that offer the Portfolios as investment options. In addition, the Board considered that BlackRock, through its position as an Adviser to the Portfolios, may engage in soft dollar transactions. The Board received information regarding BlackRock’s procedures for executing portfolio transactions for the Portfolios and BlackRock’s policies and procedures for the selection of brokers and dealers and obtaining research from those brokers and dealers. In addition, the Board considered that BlackRock is affiliated with registered broker-dealers, which may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, must be consistent with seeking best execution. The Board also recognized that affiliates of BlackRock may sell, and earn sales commissions and/or other compensation with respect to, insurance products issued by the Manager or its affiliates and that the proceeds of those sales may be invested in the Portfolios.

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PROXY VOTE RESULTS (UNAUDITED)

On September 10, 2009, the shareholders of the Multimanager Health Care Portfolio (“Portfolio”) approved the Plan of Reorganization and Termination pursuant to which, the Portfolio was merged into the Multimanager Aggressive Equity Portfolio at the close of business on September 18, 2009. The results of the shareholder vote are as follows:

For	Against	Authority Withheld
33,290,844	3,077,570	2,767,712

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Federal Income Tax Information (Unaudited)

For the year ended December 31, 2009, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, long-term capital gain dividends for the purpose of the dividend paid reduction on its Federal income tax return were as follows:

	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
AXA Conservative Allocation Portfolio	4.93	%	$	—	$	—	$	2,842,654
AXA Conservative-Plus Allocation Portfolio	4.86			—		—		3,625,414
AXA Moderate Allocation Portfolio	5.04			—		—		12,069,728
AXA Moderate-Plus Allocation Portfolio	5.47			—		—		21,579,273
AXA Aggressive Allocation Portfolio	5.71			—		—		3,685,655
Multimanager Aggressive Equity Portfolio	100.00			—		—		—
Multimanager Core Bond Portfolio	0.24			—		—		—
Multimanager International Equity Portfolio	0.25			2,251,471		35,078,421		—
Multimanager Large Cap Core Equity Portfolio	100.00			—		—		—
Multimanager Large Cap Growth Portfolio	100.00			—		—		—
Multimanager Large Cap Value Portfolio	100.00			—		—		—
Multimanager Mid Cap Growth Portfolio	0.00			—		—		—
Multimanager Mid Cap Value Portfolio	72.18			—		—		—
Multimanager Multi-Sector Bond Portfolio	0.49			—		—		—
Multimanager Small Cap Growth Portfolio	0.00			—		—		—
Multimanager Small Cap Value Portfolio	100.00			—		—		—
Multimanager Technology Portfolio	0.00			—		—		—
Target 2015 Allocation Portfolio	19.71			—		—		62,359
Target 2025 Allocation Portfolio	25.50			—		—		139,325
Target 2035 Allocation Portfolio	29.12			—		—		72,394
Target 2045 Allocation Portfolio	30.82			—		—		46,510

391

MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board has the responsibility for the overall management of the Trust and the Portfolios, including general supervision and review of the Portfolios’ investment activities and their conformity with Delaware law and the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. The Trustees and officers of the Trust, together with information as to their principal business occupation during the last five years, and other information are shown below.

The Trustees and Officers

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee†	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (51)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group (“FMG”); since July 2004, and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. Seguros de Vida (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).	86	None
Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (58)	Trustee	From November 2001 to present	From 2001 to present, President of Weichert Enterprise LLC, a private equity investment firm.	21	From 2002 to present, Director of Cinedigm Digital Cinema Corp. (f/k/a Access Integrated Technologies, Inc.); from 2005 to present, director of Jones Apparel Group, Inc.
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (64)	Trustee	From November 2001 to present	Since 1998, Managing Partner of Premium Ice Cream of America; Since 2003, Managing Partner of Premium Salads; from 1970 to 1998, President of Ayco Co. L.P., the largest independent financial counseling firm in the United States.	21	From 2007 to present, Independent Director of the Merger Fund; from 1998 to present, Director and Chairman of Ayco Charitable Foundation.

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

† The registered investment companies in the fund complex include EQ Advisor Trust and the Trust.

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Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees (Continued)
Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (53)	Trustee	From November 2001 to present	Since June 2006, Portfolio Manager at Williams Capital Management, Inc.; from June 2003 to 2006, Managing Director and Chief Investment Officer of Blaylock-Abacus Asset Management, Inc.; prior thereto, Founder, Chief Investment Officer and Managing Director of Abacus Financial Group from May 1991 to 2003, a manager of fixed income portfolios for institutional clients.	21	None
Rayman Louis Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (62)	Trustee	From November 2001 to present	Since 1998, Dean and a Professor of Law at Rutgers University School of Law; prior thereto, an Associate Dean for Academic Affairs at Northwestern University School of Law.	21	None

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

393

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (51)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s FMG; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. Seguros de Vida (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (54)	Vice President and Secretary	From November 2001 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable.
Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (39)	Chief Compliance Officer, Vice President and Anti- Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007 to present; Vice President and AML Compliance Officer from December 2005 to present	From June 2007 to present, Vice President of AXA Equitable and Chief Compliance Officer of AXA Equitable’s FMG; from August 2005 to June 2007, Vice President of AXA Equitable and Deputy Chief Compliance Officer of AXA Equitable’s FMG; from March 2004 to August 2005, Vice President of AXA Equitable and Compliance Officer of AXA Equitable’s FMG.
Brian E. Walsh 1290 Avenue of the Americas, New York, New York 10104 (42)	Chief Financial Officer and Treasurer	From June 2007 to present	From February 2003 to present, Vice President of AXA Equitable.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (48)	Vice President	From November 2001 to present	From February 2001 to present, Vice President of AXA Financial.
Armando Capasso, Esq. 1290 Avenue of the Americas, New York, New York 10104 (35)	Vice President and Assistant Secretary	From December 2007 to present	From September 2008 to present, Vice President of AXA Equitable; from September 2007 to September 2008, Counsel of AXA Equitable; from March 2005 September 2007, Investment Management Associate, Drinker Biddle & Reath, LLP; from September 2004 to March 2005, Associate, Ballard Spahr Andrews & Ingersoll, LLP.
William T. MacGregor, Esq. 1290 Avenue of the Americas, New York, New York 10104 (34)	Vice President and Assistant Secretary	From June 2006 to present	From May 2008 to present, Vice President and Counsel of AXA Equitable; from May 2007 to May 2008, Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP.

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

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Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers (Continued)
Alwi Chan 1290 Avenue of the Americas, New York, New York 10104 (34)	Vice President	From June 2007 to present	From May 2007 to present, Vice President, AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Equitable; from December 2002 to November 2005, Senior Investment Analyst of AXA Equitable.
James D. Kelly 1290 Avenue of the Americas, New York, New York 10104 (41)	Controller	From June 2007 to present	From September 2008 to present, Vice President of AXA Equitable; from March 2006 to September 2008, Assistant Vice President, AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord Abbett & Co.; from July 2002 to June 2005, Director, Prudential Investments.
Carla M. Byer 1290 Avenue of the Americas, New York, New York 10104 (33)	Assistant Treasurer	From December 2006 to present	From September 2008 to present, Vice President of AXA Equitable; from February 2004 to September 2008, Assistant Vice President of AXA Equitable; from January 2003 to February 2004, Mutual Fund Manager of AXA Equitable.
David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (35)	Assistant AML Compliance Officer	From December 2005 to present	From September 2007 to present, Assistant Vice President and Compliance Risk Manager of AXA Equitable; from August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management.
Roselle Ibanga 1290 Avenue of the Americas, New York, New York 10104 (31)	Assistant Controller	From February 2009 to present	From February 2009 to present, Assistant Vice President of AXA Equitable; from December 2008 to February 2009, Director of AXA Equitable’s FMG; from October 2007 to December 2008, Second Vice President, New York Life Investments Management, LLC; from May 2007 to September 2007, Manager of FMG; from August 2004 to May 2007, Fund Administrator of FMG.
Lisa Perrelli 1290 Avenue of the Americas, New York, New York 10104 (35)	Assistant Controller	From February 2009 to present	From September 2008 to present, Assistant Vice President of AXA Equitable; from February 2008 to September 2008, Director of FMG; from September 2006 to February 2008, Manager of FMG; from November 2002 to September 2006, Fund Administrator of FMG.
Judy Guhring 1290 Avenue of the Americas, New York, New York 10104 (38)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Equitable.

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

395

PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-888-292-4492 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2009 is available (i) on the Trust’s website at www.axa-equitablefunds.com and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the Securities and Exchange Commission’s website at http://www.sec.gov and may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

396

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a “code of ethics,” as defined in Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant’s code of ethics is filed as an exhibit pursuant to Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Gerald C. Crotty and Barry Hamerling each serve on its audit committee as an “audit committee financial expert” as defined in Item 3. Messrs. Crotty and Hamerling are each considered to be “independent” for purposes of Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees for fiscal year 2009: $117,100 and fiscal year 2008: $1,116,429

(b) Audit-Related Fees for fiscal year 2009: $65,488 and fiscal year 2008: $55,374

(c) Tax Fees for fiscal year 2009: $255,954 and fiscal year 2008: $293,563

Tax fees include amounts related to tax compliance, tax advice and tax planning.

(d) All Other Fees for fiscal year 2009: $0 and fiscal year 2008: $0

All other fees include amounts related to review of the registrant’s various regulatory filings.

(e)(1)

The registrant’s audit committee has adopted policies and procedures relating to pre-approval of services performed by the registrant’s principal accountant for the registrant. Audit, audit-related and tax services provided to the registrant on an annual basis require pre-approval by the entire audit committee. With respect to audit fees, the audit committee also pre-approves an additional amount above the pre-approved amount to allow for unanticipated scope extensions and overruns. Any audit amounts in excess of the pre-approved amounts must be approved by the audit committee or its delegate prior to payment. The audit committee chair also has the authority to approve de minimis non-audit services (i.e., services in which the fee does not exceed $10,000 per engagement) to be provided by the registrant’s principal accountant for the registrant, provided that each such service is brought to the attention of the audit committee prior to the completion of the audit of the registrant’s financial statements.

(e)(2) None of the services included in (b) – (d) above was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For fiscal year 2009: $6,043,694

      For fiscal year 2008: $6,324,127

(h) The registrant’s audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Disclosures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940”Act)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	The Amended and Restated Code of Ethics for Senior Officers of the Registrant is filed herewith.
(a)(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AXA Premier VIP Trust

/S/    STEVEN M. JOENK        

Steven M. Joenk

President and Chief Executive Officer

March 5, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/S/    STEVEN M. JOENK        

Steven M. Joenk

Chief Executive Officer

March 5, 2010

/S/    BRIAN E. WALSH        

Brian E. Walsh

Chief Financial Officer

March 5, 2010