AXA Premier VIP Trust

N-CSRS 1 dncsrs.htm AXA PREMIER VIP TRUST AXA Premier VIP Trust

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.

Senior Vice President and Corporate Counsel

AXA Equitable Funds Management Group, LLC

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. 20006-1600

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2011 – June 30, 2011

Item 1.

Reports to Stockholders.

AXA Premier VIP Trust

2011 Semi-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

Semi-Annual Report

June 30, 2011

Table of Contents


Portfolios

AXA Allocation Portfolios
AXA Conservative Allocation		2
AXA Conservative-Plus Allocation		10
AXA Moderate Allocation		18
AXA Moderate-Plus Allocation		26
AXA Aggressive Allocation		34

Multimanager Portfolios
Multimanager Aggressive Equity		42
Multimanager Core Bond		63
Multimanager International Equity		101
Multimanager Large Cap Core Equity		121
Multimanager Large Cap Value		136
Multimanager Mid Cap Growth		152
Multimanager Mid Cap Value		176
Multimanager Multi-Sector Bond		203
Multimanager Small Cap Growth		242
Multimanager Small Cap Value		263
Multimanager Technology		287

Target Allocation Portfolios
Target 2015 Allocation		297
Target 2025 Allocation		304
Target 2035 Allocation		311
Target 2045 Allocation		318

Notes to Financial Statements		325
Approvals of Investment Advisory Agreements		344
Management of the Trust		347
Proxy Voting Policies and Procedures		351

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2011
EQ/Core Bond Index Portfolio	29.6	%
Multimanager Core Bond Portfolio	16.5
EQ/PIMCO Ultra Short Bond Portfolio	12.8
Multimanager Multi-Sector Bond Portfolio	8.7
ATM Large Cap Portfolio	6.7
EQ/Global Bond PLUS Portfolio	6.7
EQ/Intermediate Government Bond Index Portfolio	5.2
ATM International Portfolio	2.1
EQ/Large Cap Growth PLUS Portfolio	1.6
Multimanager Large Cap Core Equity Portfolio	1.0
Multimanager Large Cap Value Portfolio	1.0
EQ/BlackRock Basic Value Equity Portfolio	0.9
EQ/Large Cap Value PLUS Portfolio	0.9
ATM Mid Cap Portfolio	0.8
EQ/Large Cap Core PLUS Portfolio	0.7
EQ/Large Cap Growth Index Portfolio	0.6
EQ/Boston Advisors Equity Income Portfolio	0.5
EQ/Global Multi-Sector Equity Portfolio	0.5
ATM Small Cap Portfolio	0.5
EQ/GAMCO Small Company Value Portfolio	0.4
EQ/International Core PLUS Portfolio	0.4
Multimanager Mid Cap Growth Portfolio	0.3
EQ/MFS International Growth Portfolio	0.2
EQ/International ETF Portfolio	0.2
Multimanager International Equity Portfolio	0.2
EQ/AllianceBernstein Small Cap Growth Portfolio	0.2
EQ/International Equity Index Portfolio	0.2
Multimanager Small Cap Growth Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.2
EQ/International Value PLUS 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 June 30, 2011 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 feed and expenses, which would increase overall fees and expenses.

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,027.20		$0.75
Hypothetical (5% average return before expenses)		1,000.00		1,024.05		0.75
Class B
Actual		1,000.00		1,026.20		2.01
Hypothetical (5% average return before expenses)		1,000.00		1,022.81		2.01
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.15% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		4,037,982	$	44,938,650
ATM Large Cap Portfolio‡		12,092,487		144,007,384
ATM Mid Cap Portfolio‡		1,375,582		17,191,792
ATM Small Cap Portfolio‡		792,819		10,123,659
EQ/AllianceBernstein Small Cap Growth Portfolio‡		222,783		4,013,394
EQ/BlackRock Basic Value Equity Portfolio‡		1,342,819		19,156,129
EQ/Boston Advisors Equity Income Portfolio‡		2,089,597		11,609,880
EQ/Core Bond Index Portfolio‡		63,804,045		631,854,444
EQ/GAMCO Small Company Value Portfolio‡		189,852		7,838,325
EQ/Global Bond PLUS Portfolio‡		14,018,321		144,006,674
EQ/Global Multi-Sector Equity Portfolio‡		813,399		10,596,739
EQ/Intermediate Government Bond Index Portfolio‡		10,989,361		110,559,681
EQ/International Core PLUS Portfolio‡		772,174		7,757,902
EQ/International Equity Index Portfolio‡		433,494		3,946,932
EQ/International ETF Portfolio‡		578,287		4,345,026
EQ/International Value PLUS Portfolio‡		297,830		3,671,039
EQ/Large Cap Core PLUS Portfolio‡		2,043,836		15,548,284
EQ/Large Cap Growth Index Portfolio‡		1,442,419		13,479,220
EQ/Large Cap Growth PLUS Portfolio‡		1,851,627		33,296,016
EQ/Large Cap Value PLUS Portfolio‡		1,717,755		18,481,298
EQ/MFS International Growth Portfolio‡		782,238		5,316,886
EQ/PIMCO Ultra Short Bond Portfolio‡		27,420,509		274,213,363
Multimanager Core Bond Portfolio‡		33,203,504		351,965,158


	Number of Shares		Value (Note 1)

Multimanager International Equity Portfolio‡		355,951	$	4,061,339
Multimanager Large Cap Core Equity Portfolio‡		2,102,933		22,705,066
Multimanager Large Cap Value Portfolio‡		2,017,401		20,785,905
Multimanager Mid Cap Growth Portfolio*‡		667,227		6,772,055
Multimanager Mid Cap Value Portfolio‡		352,437		3,716,093
Multimanager Multi-Sector Bond Portfolio‡		46,618,142		185,654,903
Multimanager Small Cap Growth Portfolio*‡		409,443		3,776,442

Total Investment Companies (99.9%)
(Cost $2,016,535,436)				2,135,389,678

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $5,959,772)	$	5,959,772		5,959,772

Total Investments (100.2%) (Cost $2,022,495,208)				2,141,349,450
Other Assets Less Liabilities (-0.2%)				(5,157,425	)

Net Assets (100%)			$	2,136,192,025

*	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 Portfolio.

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	44,273,564	$	3,526,375	$	5,047,113	$	44,938,650	$	—	$	284,518
ATM Large Cap Portfolio		158,183,231		16,783,108		36,310,167		144,007,384		—		3,516,994
ATM Mid Cap Portfolio		13,891,769		4,763,187		2,546,036		17,191,792		—		119,779
ATM Small Cap Portfolio		6,561,059		3,000,000		—		10,123,659		—		—
EQ/AllianceBernstein Small Cap Growth Portfolio		3,667,620		—		—		4,013,394		—		—
EQ/BlackRock Basic Value Equity Portfolio		28,009,118		1,322,390		9,198,882		19,156,129		—		2,300,480
EQ/Boston Advisors Equity Income Portfolio		8,922,203		4,381,594		2,184,893		11,609,880		—		148,015
EQ/Core Bond Index Portfolio		715,025,534		66,119,523		160,192,463		631,854,444		—		775,612
EQ/International Equity Index Portfolio(a)		3,935,312		440,797		604,263		3,946,932		—		62,191

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/GAMCO Small Company Value Portfolio	$	7,410,863	$	—	$	—	$	7,838,325	$	—	$	—
EQ/Global Bond PLUS Portfolio		142,200,449		15,901,514		18,217,042		144,006,674		—		(222,788	)
EQ/Global Multi-Sector Equity Portfolio		10,596,014		881,594		1,190,353		10,596,739		—		142,554
EQ/Intermediate Government Bond Index Portfolio		111,747,747		10,906,733		13,949,869		110,559,681		—		45,661
EQ/International Core PLUS Portfolio		7,629,343		440,797		594,174		7,757,902		—		72,280
EQ/International ETF Portfolio		4,134,920		—		—		4,345,026		—		—
EQ/International Value PLUS Portfolio (b)		3,695,272		440,797		596,823		3,671,039		—		69,631
EQ/Large Cap Core PLUS Portfolio		15,392,779		1,322,390		1,890,962		15,548,284		—		108,400
EQ/Large Cap Growth Index Portfolio		13,238,226		1,322,390		1,728,344		13,479,220		—		271,017
EQ/Large Cap Growth PLUS Portfolio		32,953,028		3,085,578		4,007,553		33,296,016		—		657,624
EQ/Large Cap Value PLUS Portfolio		12,559,173		6,381,594		1,208,291		18,481,298		—		124,616
EQ/MFS International Growth Portfolio (c)		5,301,322		440,797		582,759		5,316,886		—		83,695
EQ/PIMCO Ultra Short Bond Portfolio		206,809,256		83,310,717		17,535,798		274,213,363		—		(207,999	)
Multimanager Core Bond Portfolio		373,802,898		34,384,175		59,386,483		351,965,158		4,409,992		432,377
Multimanager International Equity Portfolio		4,139,008		440,797		602,839		4,061,339		—		63,615
Multimanager Large Cap Core Equity Portfolio		22,231,147		1,763,186		2,339,002		22,705,066		—		326,813
Multimanager Large Cap Value Portfolio		26,306,093		3,644,781		8,586,616		20,785,905		—		1,912,107
Multimanager Mid Cap Growth Portfolio		6,597,978		881,594		1,149,499		6,772,055		—		183,409
Multimanager Mid Cap Value Portfolio		3,982,278		881,594		1,182,466		3,716,093		—		150,442
Multimanager Multi-Sector Bond Portfolio		179,148,615		19,460,717		17,585,826		185,654,903		—		(258,027	)
Multimanager Small Cap Growth Portfolio		3,635,396		—		—		3,776,442		—		—

	$	2,175,981,215	$	286,228,719	$	368,418,516	$	2,135,389,678	$	4,409,992	$	11,163,016

(a)

formerly known as EQ/AllianceBernstein International Portfolio

(b)

formerly known as EQ/BlackRock International Value Portfolio

(c)

formerly known as EQ/International Growth Portfolio

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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	$	—	$	2,135,389,678	$	—	$	2,135,389,678
Short-Term Investments		—		5,959,772		—		5,959,772

Total Assets	$	—	$	2,141,349,450	$	—	$	2,141,349,450

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	2,141,349,450	$	—	$	2,141,349,450

The Portfolio held no derivatives contracts during the six months ended June 30, 2011.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	286,228,719
Net Proceeds of Sales and Redemptions:
Investment Companies	$	379,581,532

As of June 30, 2011, 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	$	118,669,734
Aggregate gross unrealized depreciation		(19,299	)

Net unrealized appreciation	$	118,650,435

Federal income tax cost of investments	$	2,022,699,015

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $2,016,535,436)	$	2,135,389,678
Unaffiliated Issuers (Cost $5,959,772)		5,959,772
Receivable from Separate Accounts for Trust shares sold		2,044,391
Receivable for securities sold		1,722,182
Other assets		10,340

Total assets		2,145,126,363

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		8,064,896
Distribution fees payable - Class B		429,921
Administrative fees payable		222,430
Trustees’ fees payable		10,287
Accrued expenses		206,804

Total liabilities		8,934,338

NET ASSETS	$	2,136,192,025

Net assets were comprised of:
Paid in capital	$	2,179,878,670
Accumulated undistributed net investment income (loss)		330,903
Accumulated undistributed net realized gain (loss) on investments		(162,871,790	)
Unrealized appreciation (depreciation) on investments		118,854,242

Net assets	$	2,136,192,025

Class A
Net asset value, offering and redemption price per share, $30,334,204 / 3,090,552 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.82

Class B
Net asset value, offering and redemption price per share, $2,105,857,821 / 214,732,277 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.81

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	4,409,992
Interest		1

Total income		4,409,993

EXPENSES
Distribution fees - Class B		2,551,501
Administrative fees		1,566,105
Investment management fees		1,033,313
Custodian fees		87,386
Printing and mailing expenses		81,009
Professional fees		36,814
Trustees’ fees		17,678
Miscellaneous		17,570

Gross expenses		5,391,376
Less: Waiver from investment advisor		(1,317,313	)

Net expenses		4,074,063

NET INVESTMENT INCOME (LOSS)		335,930

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		11,163,016
Net change in unrealized appreciation (depreciation) on securities		41,598,260

NET REALIZED AND UNREALIZED GAIN (LOSS)		52,761,276

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	53,097,206

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	335,930		$	37,355,206
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		11,163,016			103,410,970
Net change in unrealized appreciation (depreciation) on investments		41,598,260			16,613,550

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		53,097,206			157,379,726

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(491,531	)
Class B		—			(46,032,734	)

		—			(46,524,265	)

Distributions from net realized capital gains
Class A		—			(875,484	)
Class B		—			(91,638,792	)

		—			(92,514,276	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(139,038,541	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,274,467 and 1,486,178 shares, respectively ]		12,341,031			14,582,391
Capital shares issued in reinvestment of dividends and distributions [ 0 and 143,279 shares, respectively ]		—			1,367,015
Capital shares repurchased [ (376,938) and (2,414,101) shares, respectively ]		(3,657,885	)		(23,469,547	)

Total Class A transactions		8,683,146			(7,520,141	)

Class B
Capital shares sold [ 31,220,131 and 73,737,828 shares, respectively ]		303,520,007			719,449,201
Capital shares issued in reinvestment of dividends and distributions [ 0 and 14,423,205 shares, respectively ]		—			137,671,526
Capital shares repurchased [ (41,813,559) and (76,731,608) shares, respectively ]		(404,432,732	)		(756,484,066	)

Total Class B transactions		(100,912,725	)		100,636,661

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(92,229,579	)		93,116,520

TOTAL INCREASE (DECREASE) IN NET ASSETS		(39,132,373	)		111,457,705
NET ASSETS:
Beginning of period		2,175,324,398			2,063,866,693

End of period (a)	$	2,136,192,025		$	2,175,324,398

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	330,903		$	(5,027	)

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.56		$	9.51		$	9.13		$	10.90		$	10.87		$	10.69

Income (loss) from investment operations:
Net investment income (loss) (x)		0.01	(e)		0.19	(e)		0.33	(e)		0.53	(e)		0.47	(e)		0.41	(e)
Net realized and unrealized gain (loss) on investments		0.25			0.53			0.59			(1.71	)		0.18			0.30

Total from investment operations		0.26			0.72			0.92			(1.18	)		0.65			0.71

Less distributions:
Dividends from net investment income		—			(0.24	)		(0.24	)		(0.46	)		(0.43	)		(0.38	)
Distributions from net realized gains		—			(0.43	)		(0.30	)		(0.13	)		(0.19	)		(0.15	)

Total dividends and distributions		—			(0.67	)		(0.54	)		(0.59	)		(0.62	)		(0.53	)

Net asset value, end of period	$	9.82		$	9.56		$	9.51		$	9.13		$	10.90		$	10.87

Total return (b)		2.72	%		7.59	%		10.07	%		(10.79	)%		6.11	%		6.55	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	30,334		$	20,959		$	28,327		$	13,472		$	9,015		$	4,999
Ratio of expenses to average net assets:
After waivers (a)(f)		0.15	%(j)		0.13	%(j)		0.11	%(j)		0.10	%		0.10	%		0.10	%
Before waivers (a)(f)		0.27	%		0.28	%		0.29	%		0.30	%		0.31	%		0.32	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		0.28	%		1.91	%		3.44	%		5.12	%		4.17	%		3.80	%
Before waivers (a)(f)(x)		0.15	%		1.77	%		3.25	%		4.92	%		3.96	%		3.58	%
Portfolio turnover rate		14	%		50	%		79	%		59	%		39	%		55	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.56		$	9.52		$	9.13		$	10.90		$	10.87		$	10.69

Income (loss) from investment operations:
Net investment income (loss) (x)		—	#(e)		0.17	(e)		0.22	(e)		0.58	(e)		0.45	(e)		0.38	(e)
Net realized and unrealized gain (loss) on investments		0.25			0.52			0.68			(1.78	)		0.17			0.30

Total from investment operations		0.25			0.69			0.90			(1.20	)		0.62			0.68

Less distributions:
Dividends from net investment income		—			(0.22	)		(0.21	)		(0.44	)		(0.40	)		(0.35	)
Distributions from net realized gains		—			(0.43	)		(0.30	)		(0.13	)		(0.19	)		(0.15	)

Total dividends and distributions		—			(0.65	)		(0.51	)		(0.57	)		(0.59	)		(0.50	)

Net asset value, end of period	$	9.81		$	9.56		$	9.52		$	9.13		$	10.90		$	10.87

Total return (b)		2.62	%		7.20	%		9.90	%		(11.02	)%		5.74	%		6.37	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,105,858		$	2,154,365		$	2,035,540		$	1,443,563		$	585,489		$	339,978
Ratio of expenses to average net assets:
After waivers (a)(f)		0.40	%(j)		0.38	%(j)		0.36	%(j)		0.35	%		0.35	%		0.35	%
Before waivers (a)(f)		0.52	%		0.53	%		0.54	%		0.55	%		0.56	%		0.57	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		0.03	%		1.71	%		2.30	%		5.69	%		4.02	%		3.48	%
Before waivers (a)(f)(x)		(0.10	)%		1.56	%		2.12	%		5.50	%		3.81	%		3.26	%
Portfolio turnover rate		14	%		50	%		79	%		59	%		39	%		55	%

#	Per share amount is less than $0.005.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

Net investment income is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying Portfolios.

(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.

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2011
EQ/Core Bond Index Portfolio	20.3	%
Multimanager Core Bond Portfolio	11.2
ATM Large Cap Portfolio	10.9
EQ/PIMCO Ultra Short Bond Portfolio	10.0
Multimanager Multi-Sector Bond Portfolio	8.2
EQ/Global Bond PLUS Portfolio	5.5
ATM International Portfolio	5.0
EQ/Intermediate Government Bond Index Portfolio	4.0
ATM Small Cap Portfolio	2.6
EQ/Large Cap Growth PLUS Portfolio	2.5
ATM Mid Cap Portfolio	2.0
Multimanager Large Cap Value Portfolio	1.6
EQ/Global Multi-Sector Equity Portfolio	1.5
EQ/Large Cap Value PLUS Portfolio	1.5
EQ/BlackRock Basic Value Equity Portfolio	1.4
Multimanager Large Cap Core Equity Portfolio	1.3
EQ/Large Cap Core PLUS Portfolio	1.2
EQ/Large Cap Growth Index Portfolio	1.1
EQ/Boston Advisors Equity Income Portfolio	1.0
EQ/GAMCO Small Company Value Portfolio	0.9
EQ/International Core PLUS Portfolio	0.8
EQ/AllianceBernstein Small Cap Growth Portfolio	0.8
EQ/MFS International Growth Portfolio	0.8
EQ/International ETF Portfolio	0.6
EQ/AXA Franklin Small Cap Value Core Portfolio	0.5
EQ/International Value PLUS Portfolio	0.5
Multimanager International Equity Portfolio	0.5
Multimanager Small Cap Growth Portfolio	0.4
EQ/International Equity Index Portfolio	0.4
Multimanager Mid Cap Growth Portfolio	0.3
Multimanager Small Cap Value Portfolio	0.2
EQ/Small Company Index Portfolio	0.2
EQ/Mid Cap Index Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,035.40		$1.11
Hypothetical (5% average return before expenses)		1,000.00		1,023.70		1.10
Class B
Actual		1,000.00		1,033.30		2.37
Hypothetical (5% average return before expenses)		1,000.00		1,022.46		2.36
* 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, and multiplied by 181/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		9,376,814	$	104,354,447
ATM Large Cap Portfolio‡		18,976,349		225,986,123
ATM Mid Cap Portfolio‡		3,276,305		40,946,701
ATM Small Cap Portfolio‡		4,242,776		54,176,823
EQ/AllianceBernstein Small Cap Growth Portfolio‡		888,493		16,006,061
EQ/AXA Franklin Small Cap Value Core Portfolio‡		1,036,347		11,022,702
EQ/BlackRock Basic Value Equity Portfolio‡		2,016,291		28,763,627
EQ/Boston Advisors Equity Income Portfolio‡		3,780,969		21,007,208
EQ/Core Bond Index Portfolio‡		42,609,522		421,964,088
EQ/GAMCO Small Company Value Portfolio‡		433,977		17,917,389
EQ/Global Bond PLUS Portfolio‡		11,144,358		114,483,178
EQ/Global Multi-Sector Equity Portfolio‡		2,418,315		31,505,145
EQ/International Equity Index Portfolio‡		936,127		8,523,375
EQ/Intermediate Government Bond Index Portfolio‡		8,359,421		84,100,875
EQ/International Core PLUS Portfolio‡		1,615,698		16,232,652
EQ/International ETF Portfolio‡		1,687,144		12,676,554
EQ/International Value PLUS Portfolio‡		858,564		10,582,639
EQ/Large Cap Core PLUS Portfolio‡		3,278,360		24,939,804
EQ/Large Cap Growth Index Portfolio‡		2,465,571		23,040,445
EQ/Large Cap Growth PLUS Portfolio‡		2,933,290		52,746,519
EQ/Large Cap Value PLUS Portfolio‡		2,914,470		31,356,730
EQ/MFS International Growth Portfolio‡		2,329,123		15,831,087
EQ/Mid Cap Index Portfolio‡		384,761		3,510,617
EQ/PIMCO Ultra Short Bond Portfolio‡		20,825,254		208,258,822
EQ/Small Company Index Portfolio‡		367,512		4,108,054


	Number of Shares		Value (Note 1)

Multimanager Core Bond Portfolio‡		22,021,670	$	233,435,016
Multimanager International Equity Portfolio‡		886,378		10,113,408
Multimanager Large Cap Core Equity Portfolio‡		2,388,556		25,788,898
Multimanager Large Cap Value Portfolio‡		3,267,955		33,670,751
Multimanager Mid Cap Growth Portfolio*‡		515,410		5,231,172
Multimanager Mid Cap Value Portfolio‡		243,991		2,572,635
Multimanager Multi-Sector Bond Portfolio‡		42,646,600		169,838,391
Multimanager Small Cap Growth Portfolio*‡		982,571		9,062,607
Multimanager Small Cap Value Portfolio‡		386,095		4,419,181

Total Investment Companies (99.9%)
(Cost $1,885,484,721)				2,078,173,724

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $1,083,306)	$	1,083,306		1,083,306

Total Investments (100.0%) (Cost $1,886,568,027)				2,079,257,030
Other Assets Less Liabilities (0.0%)				1,006,406

Net Assets (100%)			$	2,080,263,436

*	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 six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	100,305,622	$	9,326,205	$	10,479,686	$	104,354,447	$	—	$	521,284
ATM Large Cap Portfolio		234,476,259		12,270,439		31,166,683		225,986,123		—		2,656,823
ATM Mid Cap Portfolio		43,746,416		1,854,088		7,409,745		40,946,701		—		804,957
ATM Small Cap Portfolio		42,763,755		10,942,068		2,379,280		54,176,823		—		121,043
EQ/AllianceBernstein Small Cap Growth Portfolio		12,582,614		2,812,019		646,044		16,006,061		—		68,334
EQ/AXA Franklin Small Cap Value Core Portfolio		10,108,446		1,162,019		707,459		11,022,702		—		6,919
EQ/BlackRock Basic Value Equity Portfolio		28,091,909		824,039		1,305,252		28,763,627		—		123,504

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/Boston Advisors Equity Income Portfolio	$	26,804,066	$	1,030,049	$	7,005,872	$	21,007,208	$	—	$	1,280,073
EQ/Core Bond Index Portfolio		473,259,064		25,881,024		85,158,804		421,964,088		—		346,044
EQ/GAMCO Small Company Value Portfolio		16,474,535		1,162,019		643,680		17,917,389		—		70,698
EQ/Global Bond PLUS Portfolio		115,324,228		6,826,205		11,052,073		114,483,178		—		(51,103	)
EQ/Global Multi-Sector Equity Portfolio		26,461,940		5,530,049		1,596,911		31,505,145		—		189,034
EQ/Intermediate Government Bond Index Portfolio		77,849,244		10,496,156		5,700,816		84,100,875		—		14,208
EQ/International Core PLUS Portfolio		15,962,733		618,029		982,078		16,232,652		—		89,489
EQ/International Equity Index Portfolio(a)		8,340,959		412,019		653,192		8,523,375		—		61,186
EQ/International ETF Portfolio		12,360,005		412,019		680,429		12,676,554		—		33,949
EQ/International Value PLUS Portfolio(b)		9,992,514		1,118,029		988,539		10,582,639		—		83,029
EQ/Large Cap Core PLUS Portfolio		24,237,935		824,039		1,324,935		24,939,804		—		103,821
EQ/Large Cap Growth Index Portfolio		27,269,450		1,030,049		5,734,186		23,040,445		—		1,426,759
EQ/Large Cap Growth PLUS Portfolio		49,305,829		4,060,097		3,147,599		52,746,519		—		424,291
EQ/Large Cap Value PLUS Portfolio		30,700,181		1,442,068		2,216,607		31,356,730		—		283,716
EQ/MFS International Growth Portfolio(c)		14,440,094		1,412,019		630,785		15,831,087		—		83,593
EQ/Mid Cap Index Portfolio		3,240,503		—		—		3,510,617		—		—
EQ/PIMCO Ultra Short Bond Portfolio		153,262,715		60,714,185		6,819,890		208,258,822		—		(33,299	)
EQ/Small Company Index Portfolio		3,864,915		—		—		4,108,054		—		—
Multimanager Core Bond Portfolio		236,721,547		21,605,875		27,385,581		233,435,016		2,937,359		45,436
Multimanager International Equity Portfolio		9,872,330		1,324,039		1,323,837		10,113,408		—		104,919
Multimanager Large Cap Core Equity Portfolio		24,861,160		824,039		1,447,180		25,788,898		—		(18,424	)
Multimanager Large Cap Value Portfolio		43,318,627		3,060,097		15,127,233		33,670,751		—		(180,343	)
Multimanager Mid Cap Growth Portfolio		4,905,624		206,010		308,821		5,231,172		—		48,368
Multimanager Mid Cap Value Portfolio		2,602,221		206,010		306,553		2,572,635		—		50,636
Multimanager Multi-Sector Bond Portfolio		174,707,070		7,944,234		17,763,215		169,838,391		—		(690,678	)
Multimanager Small Cap Growth Portfolio		8,266,257		806,010		326,193		9,062,607		—		30,996
Multimanager Small Cap Value Portfolio		4,307,922		206,011		353,478		4,419,181		—		3,711

	$	2,070,788,689	$	198,341,257	$	252,772,636	$	2,078,173,724	$	2,937,359	$	8,102,973

(a)

formerly known as EQ/AllianceBernstein International Portfolio

(b)

formerly known as EQ/BlackRock International Value Portfolio

(c)

formerly known as EQ/International Growth Portfolio

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	—	$	2,078,173,724	$	—	$	2,078,173,724
Short-Term Investments		—		1,083,306		—		1,083,306

Total Assets	$	—	$	2,079,257,030	$	—	$	2,079,257,030

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	2,079,257,030	$	—	$	2,079,257,030

The Portfolio held no derivatives contracts during the six months ended June 30, 2011.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	198,341,257
Net Proceeds of Sales and Redemptions:
Investment Companies	$	260,875,609

As of June 30, 2011, 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	$	203,752,342
Aggregate gross unrealized depreciation		(11,172,551	)

Net unrealized appreciation	$	192,579,791

Federal income tax cost of investments	$	1,886,677,239

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $1,885,484,721)	$	2,078,173,724
Unaffiliated Issuers (Cost $1,083,306)		1,083,306
Receivable for securities sold		1,525,758
Receivable from Separate Accounts for Trust shares sold		1,200,134
Other assets		10,117

Total assets		2,081,993,039

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		785,369
Distribution fees payable - Class B		408,408
Administrative fees payable		255,540
Investment management fees payable		75,891
Trustees’ fees payable		16,795
Accrued expenses		187,600

Total liabilities		1,729,603

NET ASSETS	$	2,080,263,436

Net assets were comprised of:
Paid in capital		2,202,780,194
Accumulated undistributed net investment income (loss)		(1,775,094	)
Accumulated undistributed net realized gain (loss) on investments		(313,430,667	)
Unrealized appreciation (depreciation) on investments		192,689,003

Net assets	$	2,080,263,436

Class A
Net asset value, offering and redemption price per share, $63,831,189 / 6,417,254 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.95

Class B
Net asset value, offering and redemption price per share, $2,016,432,247 / 202,891,643 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.94

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	2,937,359

EXPENSES
Distribution fees - Class B		2,471,040
Administrative fees		1,546,271
Investment management fees		1,020,091
Custodian fees		116,017
Printing and mailing expenses		79,919
Professional fees		36,625
Trustees’ fees		17,190
Miscellaneous		16,572

Gross expenses		5,303,725
Less: Waiver from investment advisor		(590,144	)

Net expenses		4,713,581

NET INVESTMENT INCOME (LOSS)		(1,776,222	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		8,102,973
Net change in unrealized appreciation (depreciation) on securities		61,816,414

NET REALIZED AND UNREALIZED GAIN (LOSS)		69,919,387

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	68,143,165

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,776,222	)	$	27,199,402
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		8,102,973			83,768,295
Net change in unrealized appreciation (depreciation) on investments		61,816,414			66,206,703

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		68,143,165			177,174,400

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(1,391,896	)
Class B		—			(38,823,864	)

		—			(40,215,760	)

Distributions from net realized capital gains
Class A		—			(1,860,732	)
Class B		—			(58,479,779	)

		—			(60,340,511	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(100,556,271	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 881,538 and 2,071,628 shares, respectively ]		8,665,215			19,616,507
Capital shares issued in reinvestment of dividends and distributions [ 0 and 339,484 shares, respectively ]		—			3,252,628
Capital shares repurchased [ (1,065,475) and (3,090,779) shares, respectively ]		(10,463,876	)		(29,718,231	)

Total Class A transactions		(1,798,661	)		(6,849,096	)

Class B
Capital shares sold [ 16,754,375 and 31,741,437 shares, respectively ]		164,521,538			300,951,943
Capital shares issued in reinvestment of dividends and distributions [ 0 and 10,151,119 shares, respectively ]		—			97,303,643
Capital shares repurchased [ (22,230,162) and (35,023,683) shares, respectively ]		(217,833,298	)		(336,007,924	)

Total Class B transactions		(53,311,760	)		62,247,662

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(55,110,421	)		55,398,566

TOTAL INCREASE (DECREASE) IN NET ASSETS		13,032,744			132,016,695
NET ASSETS:
Beginning of period		2,067,230,692			1,935,213,997

End of period (a)	$	2,080,263,436		$	2,067,230,692

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,775,094	)	$	1,128

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.61		$	9.27		$	8.73		$	11.59		$	11.61		$	11.16

Income (loss) from investment operations:
Net investment income (loss) (x)		—	#(e)		0.14	(e)		0.24	(e)		0.44	(e)		0.43	(e)		0.36	(e)
Net realized and unrealized gain (loss) on investments		0.34			0.71			1.05			(2.65	)		0.23			0.65

Total from investment operations		0.34			0.85			1.29			(2.21	)		0.66			1.01

Less distributions:
Dividends from net investment income		—			(0.22	)		(0.20	)		(0.38	)		(0.42	)		(0.36	)
Distributions from net realized gains		—			(0.29	)		(0.55	)		(0.27	)		(0.26	)		(0.20	)

Total dividends and distributions		—			(0.51	)		(0.75	)		(0.65	)		(0.68	)		(0.56	)

Net asset value, end of period	$	9.95		$	9.61		$	9.27		$	8.73		$	11.59		$	11.61

Total return (b)		3.54	%		9.24	%		14.78	%		(19.24	)%		5.73	%		9.06	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	63,831		$	63,455		$	67,465		$	42,358		$	10,943		$	5,544
Ratio of expenses to average net assets:
After waivers (a)(f)		0.22	%(j)		0.20	%(j)		0.18	%(j)		0.10	%		0.10	%		0.10	%
Before waivers (a)(f)		0.28	%		0.28	%		0.30	%		0.30	%		0.29	%		0.28	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		0.07	%		1.48	%		2.56	%		4.29	%		3.58	%		3.10	%
Before waivers (a)(f)(x)		0.01	%		1.41	%		2.45	%		4.10	%		3.39	%		2.91	%
Portfolio turnover rate		10	%		33	%		75	%		51	%		21	%		20	%

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.62		$	9.27		$	8.73		$	11.59		$	11.61		$	11.16

Income (loss) from investment operations:
Net investment income (loss) (x)		—	#(e)		0.13	(e)		0.17	(e)		0.35	(e)		0.37	(e)		0.33	(e)
Net realized and unrealized gain (loss) on investments		0.32			0.71			1.09			(2.58	)		0.26			0.64

Total from investment operations		0.32			0.84			1.26			(2.23	)		0.63			0.97

Less distributions:
Dividends from net investment income		—			(0.20	)		(0.17	)		(0.36	)		(0.39	)		(0.32	)
Distributions from net realized gains		—			(0.29	)		(0.55	)		(0.27	)		(0.26	)		(0.20	)

Total dividends and distributions		—			(0.49	)		(0.72	)		(0.63	)		(0.65	)		(0.52	)

Net asset value, end of period	$	9.94		$	9.62		$	9.27		$	8.73		$	11.59		$	11.61

Total return (b)		3.33	%		9.07	%		14.48	%		(19.45	)%		5.46	%		8.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,016,432		$	2,003,775		$	1,867,749		$	1,369,870		$	1,150,399		$	809,200
Ratio of expenses to average net assets:
After waivers (a)(f)		0.47	%(j)		0.45	%(j)		0.43	%(j)		0.35	%		0.35	%		0.35	%
Before waivers (a)(f)		0.53	%		0.53	%		0.55	%		0.55	%(c)		0.54	%		0.53	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		(0.18	)%		1.35	%		1.90	%		3.37	%		3.07	%		2.84	%
Before waivers (a)(f)(x)		(0.24	)%		1.28	%		1.79	%		3.18	%		2.88	%		2.65	%
Portfolio turnover rate		10	%		33	%		75	%		51	%		21	%		20	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

#	Per share amount is less than $0.005.

(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.

(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.

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2011
EQ/Core Bond Index Portfolio	15.9	%
ATM Large Cap Portfolio	12.1
Multimanager Core Bond Portfolio	9.0
EQ/PIMCO Ultra Short Bond Portfolio	8.6
Multimanager Multi-Sector Bond Portfolio	7.7
ATM International Portfolio	7.4
EQ/Global Bond PLUS Portfolio	4.5
ATM Small Cap Portfolio	3.7
EQ/Intermediate Government Bond Index Portfolio	3.4
EQ/Large Cap Growth PLUS Portfolio	3.0
EQ/Large Cap Value PLUS Portfolio	2.1
EQ/Global Multi-Sector Equity Portfolio	1.9
ATM Mid Cap Portfolio	1.9
Multimanager Large Cap Value Portfolio	1.9
EQ/AllianceBernstein Small Cap Growth Portfolio	1.5
Multimanager International Equity Portfolio	1.3
EQ/Large Cap Growth Index Portfolio	1.2
EQ/GAMCO Small Company Value Portfolio	1.2
EQ/Large Cap Core PLUS Portfolio	1.2
EQ/International Core PLUS Portfolio	1.2
Multimanager Large Cap Core Equity Portfolio	1.2
EQ/BlackRock Basic Value Equity Portfolio	1.1
EQ/Boston Advisors Equity Income Portfolio	1.1
EQ/MFS International Growth Portfolio	1.1
EQ/AXA Franklin Small Cap Value Core Portfolio	0.9
Multimanager Small Cap Growth Portfolio	0.8
EQ/International ETF Portfolio	0.8
EQ/International Value PLUS Portfolio	0.8
EQ/International Equity Index Portfolio	0.6
Multimanager Small Cap Value Portfolio	0.3
EQ/Small Company Index Portfolio	0.2
Multimanager Mid Cap Growth Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.1
EQ/Mid Cap Index Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,037.90		$1.26
Hypothetical (5% average return before expenses)		1,000.00		1,023.55		1.25
Class B
Actual		1,000.00		1,036.60		2.52
Hypothetical (5% average return before expenses)		1,000.00		1,022.32		2.51
* 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, and multiplied by 181/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		74,167,384	$	825,407,863
ATM Large Cap Portfolio‡		113,175,500		1,347,787,876
ATM Mid Cap Portfolio‡		16,859,673		210,709,319
ATM Small Cap Portfolio‡		32,364,119		413,263,676
EQ/AllianceBernstein Small Cap Growth Portfolio‡		9,055,817		163,139,143
EQ/AXA Franklin Small Cap Value Core Portfolio‡		9,076,343		96,536,994
EQ/BlackRock Basic Value Equity Portfolio‡		8,759,725		124,962,843
EQ/Boston Advisors Equity Income Portfolio‡		22,483,014		124,916,474
EQ/Core Bond Index Portfolio‡		179,407,974		1,776,685,577
EQ/GAMCO Small Company Value Portfolio‡		3,321,257		137,122,925
EQ/Global Bond PLUS Portfolio‡		49,184,313		505,258,039
EQ/Global Multi-Sector Equity Portfolio‡		16,410,890		213,796,540
EQ/Intermediate Government Bond Index Portfolio‡		38,212,215		384,438,220
EQ/International Core PLUS Portfolio‡		13,564,539		136,280,709
EQ/International Equity Index Portfolio‡		7,603,645		69,230,659
EQ/International ETF Portfolio‡		11,993,413		90,113,937
EQ/International Value PLUS Portfolio‡		6,864,050		84,606,076
EQ/Large Cap Core PLUS Portfolio‡		17,999,400		136,928,662
EQ/Large Cap Growth Index Portfolio‡		14,828,469		138,570,147
EQ/Large Cap Growth PLUS Portfolio‡		18,436,069		331,518,013
EQ/Large Cap Value PLUS Portfolio‡		21,906,326		235,689,754
EQ/MFS International Growth Portfolio‡		17,881,157		121,538,521
EQ/Mid Cap Index Portfolio‡		1,174,508		10,716,404
EQ/PIMCO Ultra Short Bond Portfolio‡		96,234,219		962,371,227


	Number of Shares		Value (Note 1)

EQ/Small Company Index Portfolio‡		2,125,149	$	23,754,926
Multimanager Core Bond Portfolio‡		95,079,906		1,007,869,970
Multimanager International Equity Portfolio‡		12,360,514		141,031,154
Multimanager Large Cap Core Equity Portfolio‡		12,355,135		133,396,636
Multimanager Large Cap Value Portfolio‡		20,061,344		206,698,236
Multimanager Mid Cap Growth Portfolio*‡		2,312,273		23,468,515
Multimanager Mid Cap Value Portfolio‡		1,223,311		12,898,573
Multimanager Multi-Sector Bond Portfolio‡		216,073,160		860,502,792
Multimanager Small Cap Growth Portfolio*‡		10,069,862		92,877,979
Multimanager Small Cap Value Portfolio‡		3,044,576		34,847,773

Total Investment Companies (99.9%)
(Cost $10,028,434,766)				11,178,936,152

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $9,803,138)	$	9,803,138		9,803,138

Total Investments (100.0%) (Cost $10,038,237,904)				11,188,739,290
Other Assets Less Liabilities (0.0%)				(3,715,473	)

Net Assets (100%)			$	11,185,023,817

*	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 six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	808,396,818	$	20,951,787	$	46,077,149	$	825,407,863	$	—	$	2,422,498
ATM Large Cap Portfolio		1,397,402,113		8,618,037		123,495,717		1,347,787,876		—		12,753,683
ATM Mid Cap Portfolio		234,585,487		348,988		38,001,099		210,709,319		—		3,915,439
ATM Small Cap Portfolio		340,256,973		61,317,262		10,496,564		413,263,676		—		336,651
EQ/AllianceBernstein Small Cap Growth Portfolio		134,910,972		18,726,905		3,759,402		163,139,143		—		573,884
EQ/AXA Franklin Small Cap Value Core Portfolio		95,770,039		95,179		3,188,822		96,536,994		—		61,143
EQ/BlackRock Basic Value Equity Portfolio		125,236,186		2,158,631		8,150,288		124,962,843		—		16,320

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/Boston Advisors Equity Income Portfolio	$	126,033,710	$	158,631	$	7,526,183	$	124,916,474	$	—	$	890,424
EQ/Core Bond Index Portfolio		2,019,504,508		29,165,002		307,473,528		1,776,685,577		—		25,483
EQ/GAMCO Small Company Value Portfolio		113,681,514		20,126,905		4,023,936		137,122,925		—		309,351
EQ/Global Bond PLUS Portfolio		494,553,070		30,539,346		34,954,990		505,258,039		—		(38,523	)
EQ/Global Multi-Sector Equity Portfolio		208,781,644		3,722,084		7,711,167		213,796,540		—		(127,917	)
EQ/Intermediate Government Bond Index Portfolio		409,086,841		475,893		32,049,143		384,438,220		—		200,680
EQ/International Core PLUS Portfolio		129,811,962		7,595,179		6,943,698		136,280,709		—		306,267
EQ/International Equity Index Portfolio(a)		68,390,941		95,179		3,000,832		69,230,659		—		249,133
EQ/International ETF Portfolio		92,719,924		95,179		7,092,347		90,113,937		—		157,618
EQ/International Value PLUS Portfolio (b)		88,282,343		126,905		8,403,373		84,606,076		—		(70,087	)
EQ/Large Cap Core PLUS Portfolio		139,653,063		158,631		9,688,692		136,928,662		—		727,916
EQ/Large Cap Growth Index Portfolio		154,521,566		190,357		20,260,266		138,570,147		—		6,239,663
EQ/Large Cap Growth PLUS Portfolio		321,952,549		1,817,262		9,452,372		331,518,013		—		1,380,844
EQ/Large Cap Value PLUS Portfolio		287,121,718		348,988		51,682,821		235,689,754		—		15,733,717
EQ/MFS International Growth Portfolio (c)		108,486,276		9,563,452		2,030,010		121,538,521		—		136,633
EQ/Mid Cap Index Portfolio		9,891,860		—		—		10,716,404		—		—
EQ/PIMCO Ultra Short Bond Portfolio		654,438,549		322,571,072		19,539,063		962,371,227		—		(39,275	)
EQ/Small Company Index Portfolio		22,348,969		—		—		23,754,926		—		—
Multimanager Core Bond Portfolio		1,056,830,324		36,027,132		96,750,256		1,007,869,970		13,194,632		249,250
Multimanager International Equity Portfolio		147,513,901		222,084		11,403,652		141,031,154		—		179,599
Multimanager Large Cap Core Equity Portfolio		127,209,287		3,658,631		5,463,326		133,396,636		—		(46,718	)
Multimanager Large Cap Value Portfolio		209,830,602		285,536		14,575,668		206,698,236		—		(75,774	)
Multimanager Mid Cap Growth Portfolio		21,372,007		—		—		23,468,515		—		—
Multimanager Mid Cap Value Portfolio		12,320,859		—		—		12,898,573		—		—
Multimanager Multi-Sector Bond Portfolio		888,735,939		6,697,977		57,543,886		860,502,792		—		(710,812	)
Multimanager Small Cap Growth Portfolio		90,082,882		2,495,179		2,998,422		92,877,979		—		251,539
Multimanager Small Cap Value Portfolio		33,852,462		31,726		1,103,188		34,847,773		—		(19,866	)

	$	11,173,567,858	$	588,385,119	$	954,839,860	$	11,178,936,152	$	13,194,632	$	45,988,763

(a)

formerly known as EQ/AllianceBernstein International Portfolio

(b)

formerly known as EQ/BlackRock International Value Portfolio

(c)

formerly known as EQ/International Growth Portfolio

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	—	$	11,178,936,152	$	—	$	11,178,936,152
Short-Term Investments		—		9,803,138		—		9,803,138

Total Assets	$	—	$	11,188,739,290	$	—	$	11,188,739,290

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	11,188,739,290	$	—	$	11,188,739,290

The Portfolio held no derivatives contracts during the six months ended June 30, 2011.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	588,385,119
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,000,828,623

As of June 30, 2011, 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	$	1,256,502,013
Aggregate gross unrealized depreciation		(106,423,688	)

Net unrealized appreciation	$	1,150,078,325

Federal income tax cost of investments	$	10,038,660,965

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $10,028,434,766)	$	11,178,936,152
Unaffiliated Issuers (Cost $9,803,138)		9,803,138
Receivable from Separate Accounts for Trust shares sold		2,917,454
Receivable for securities sold		1,140,895
Other assets		59,538

Total assets		11,192,857,177

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		3,125,830
Distribution fees payable - Class B		1,685,745
Administrative fees payable		1,368,422
Investment management fees payable		819,466
Trustees’ fees payable		235,036
Accrued expenses		598,861

Total liabilities		7,833,360

NET ASSETS	$	11,185,023,817

Net assets were comprised of:
Paid in capital		12,304,328,975
Accumulated undistributed net investment income (loss)		(8,409,692	)
Accumulated undistributed net realized gain (loss) on investments		(2,261,396,852	)
Unrealized appreciation (depreciation) on investments		1,150,501,386

Net assets	$	11,185,023,817

Class A
Net asset value, offering and redemption price per share, $2,902,981,212 / 207,978,627 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.96

Class B
Net asset value, offering and redemption price per share, $8,282,042,605 / 597,747,225 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.86

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	13,194,632

EXPENSES
Distribution fees - Class B		10,342,604
Administrative fees		8,386,463
Investment management fees		5,580,163
Printing and mailing expenses		437,092
Professional fees		98,333
Custodian fees		93,927
Trustees’ fees		93,379
Miscellaneous		80,069

Gross expenses		25,112,030
Less: Waiver from investment advisor		(632,926	)

Net expenses		24,479,104

NET INVESTMENT INCOME (LOSS)		(11,284,472	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities ($45,988,763 of realized gain (loss) from affiliates)		46,064,383
Net change in unrealized appreciation (depreciation) on securities		371,823,035

NET REALIZED AND UNREALIZED GAIN (LOSS)		417,887,418

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	406,602,946

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(11,284,472	)	$	130,618,494
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		46,064,383			322,553,175
Net change in unrealized appreciation (depreciation) on investments		371,823,035			566,725,120

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		406,602,946			1,019,896,789

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(65,828,006	)
Class B		—			(168,414,316	)

		—			(234,242,322	)

Distributions from net realized capital gains
Class A		—			(66,277,351	)
Class B		—			(191,968,620	)

		—			(258,245,971	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(492,488,293	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 3,473,553 and 7,894,626 shares, respectively ]		47,861,635			103,941,913
Capital shares issued in reinvestment of dividends and distributions [ 0 and 9,886,927 shares, respectively ]		—			132,105,357
Capital shares repurchased [ (9,726,193) and (20,376,573) shares, respectively ]		(134,062,111	)		(268,625,794	)

Total Class A transactions		(86,200,476	)		(32,578,524	)

Class B
Capital shares sold [ 15,035,898 and 42,896,091 shares, respectively ]		205,648,953			561,702,310
Capital shares issued in reinvestment of dividends and distributions [ 0 and 27,143,448 shares, respectively ]		—			360,382,936
Capital shares repurchased [ (37,547,243) and (65,337,266) shares, respectively ]		(513,697,956	)		(850,216,515	)

Total Class B transactions		(308,049,003	)		71,868,731

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(394,249,479	)		39,290,207

TOTAL INCREASE (DECREASE) IN NET ASSETS		12,353,467			566,698,703
NET ASSETS:
Beginning of period		11,172,670,350			10,605,971,647

End of period (a)	$	11,185,023,817		$	11,172,670,350

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(8,409,692	)	$	2,874,780

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	13.45		$	12.80		$	11.82		$	17.10		$	16.93		$	15.88

Income (loss) from investment operations:
Net investment income (loss) (x)		—	#(e)		0.18	(e)		0.23	(e)		0.48	(e)		0.45	(e)		0.39	(e)
Net realized and unrealized gain (loss) on investments		0.51			1.11			1.82			(4.57	)		0.65			1.29

Total from investment operations		0.51			1.29			2.05			(4.09	)		1.10			1.68

Less distributions:
Dividends from net investment income		—			(0.32	)		(0.21	)		(0.57	)		(0.60	)		(0.49	)
Distributions from net realized gains		—			(0.32	)		(0.86	)		(0.62	)		(0.33	)		(0.14	)

Total dividends and distributions		—			(0.64	)		(1.07	)		(1.19	)		(0.93	)		(0.63	)

Net asset value, end of period	$	13.96		$	13.45		$	12.80		$	11.82		$	17.10		$	16.93

Total return (b)		3.79	%		10.14	%		17.34	%		(24.29	)%		6.56	%		10.58	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,902,981		$	2,881,375		$	2,775,033		$	2,494,212		$	3,143,322		$	3,103,418
Ratio of expenses to average net assets:
After waivers (a)(f)		0.25	%(j)		0.23	%(j)		0.21	%(j)		0.10	%		0.10	%		0.10	%
Before waivers (a)(f)		0.26	%		0.27	%		0.28	%		0.27	%		0.27	%		0.27	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		(0.02	)%		1.39	%		1.85	%		3.19	%		2.58	%		2.36	%
Before waivers (a)(f)(x)		(0.03	)%		1.36	%		1.78	%		3.02	%		2.41	%		2.20	%
Portfolio turnover rate		5	%		26	%		71	%		34	%		9	%		19	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	13.37		$	12.72		$	11.76		$	17.01		$	16.84		$	15.79

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.15	(e)		0.21	(e)		0.48	(e)		0.45	(e)		0.37	(e)
Net realized and unrealized gain (loss) on investments		0.51			1.10			1.78			(4.57	)		0.60			1.26

Total from investment operations		0.49			1.25			1.99			(4.09	)		1.05			1.63

Less distributions:
Dividends from net investment income		—			(0.28	)		(0.17	)		(0.54	)		(0.55	)		(0.44	)
Distributions from net realized gains		—			(0.32	)		(0.86	)		(0.62	)		(0.33	)		(0.14	)

Total dividends and distributions		—			(0.60	)		(1.03	)		(1.16	)		(0.88	)		(0.58	)

Net asset value, end of period	$	13.86		$	13.37		$	12.72		$	11.76		$	17.01		$	16.84

Total return (b)		3.66	%		9.91	%		16.95	%		(24.46	)%		6.31	%		10.34	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,282,043		$	8,291,295		$	7,830,939		$	5,897,027		$	6,289,959		$	4,867,869
Ratio of expenses to average net assets:
After waivers (a)(f)		0.50	%(j)		0.48	%(j)		0.46	%(j)		0.35	%		0.35	%		0.35	%
Before waivers (a)(f)		0.51	%		0.52	%		0.53	%		0.52	%(c)		0.52	%		0.52	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		(0.27	)%		1.16	%		1.69	%		3.23	%		2.57	%		2.26	%
Before waivers (a)(f)(x)		(0.28	)%		1.13	%		1.62	%		3.05	%		2.40	%		2.09	%
Portfolio turnover rate		5	%		26	%		71	%		34	%		9	%		19	%

#	Per share amount is less than $0.005.

(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.

(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.

AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2011
ATM Large Cap Portfolio	16.7	%
EQ/Core Bond Index Portfolio	12.0
ATM International Portfolio	9.7
Multimanager Core Bond Portfolio	7.2
ATM Small Cap Portfolio	5.5
EQ/PIMCO Ultra Short Bond Portfolio	5.1
EQ/Large Cap Growth PLUS Portfolio	3.8
EQ/Large Cap Value PLUS Portfolio	3.1
ATM Mid Cap Portfolio	2.8
Multimanager Large Cap Value Portfolio	2.7
EQ/AllianceBernstein Small Cap Growth Portfolio	2.5
Multimanager Multi-Sector Bond Portfolio	2.4
EQ/Intermediate Government Bond Index Portfolio	2.3
Multimanager Large Cap Core Equity Portfolio	2.3
EQ/Large Cap Growth Index Portfolio	1.9
EQ/Global Multi-Sector Equity Portfolio	1.9
Multimanager Small Cap Growth Portfolio	1.7
EQ/MFS International Growth Portfolio	1.6
EQ/BlackRock Basic Value Equity Portfolio	1.6
Multimanager International Equity Portfolio	1.5
EQ/Large Cap Core PLUS Portfolio	1.5
EQ/International Core PLUS Portfolio	1.4
EQ/Boston Advisors Equity Income Portfolio	1.4
Multimanager Small Cap Value Portfolio	1.4
EQ/International Value PLUS Portfolio	1.2
EQ/GAMCO Small Company Value Portfolio	1.1
EQ/International Equity Index Portfolio	1.1
EQ/International ETF Portfolio	1.1
EQ/AXA Franklin Small Cap Value Core Portfolio	0.9
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Small Company Index Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.1
EQ/Mid Cap Index Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

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 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,045.40		$1.42
Hypothetical (5% average return before expenses)		1,000.00		1,023.41		1.40
Class B
Actual		1,000.00		1,043.40		2.69
Hypothetical (5% average return before expenses)		1,000.00		1,022.17		2.66
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.28% and 0.53%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		111,014,030	$	1,235,473,717
ATM Large Cap Portfolio‡		177,953,107		2,119,213,431
ATM Mid Cap Portfolio‡		28,267,829		353,286,509
ATM Small Cap Portfolio‡		55,022,136		702,588,259
EQ/AllianceBernstein Small Cap Growth Portfolio‡		17,288,295		311,445,967
EQ/AXA Franklin Small Cap Value Core Portfolio‡		10,995,778		116,952,317
EQ/BlackRock Basic Value Equity Portfolio‡		13,782,894		196,621,416
EQ/Boston Advisors Equity Income Portfolio‡		32,130,181		178,516,501
EQ/Core Bond Index Portfolio‡		154,005,969		1,525,128,328
EQ/GAMCO Small Company Value Portfolio‡		3,525,531		145,556,685
EQ/Global Multi-Sector Equity Portfolio‡		18,706,643		243,704,971
EQ/Intermediate Government Bond Index Portfolio‡		29,294,852		294,724,095
EQ/International Core PLUS Portfolio‡		18,251,677		183,371,621
EQ/International Equity Index Portfolio‡		15,925,997		145,005,085
EQ/International ETF Portfolio‡		18,630,030		139,978,949
EQ/International Value PLUS Portfolio‡		12,244,920		150,930,530
EQ/Large Cap Core PLUS Portfolio‡		24,870,075		189,196,642
EQ/Large Cap Growth Index Portfolio‡		26,327,798		246,029,904
EQ/Large Cap Growth PLUS Portfolio‡		26,637,898		479,003,591
EQ/Large Cap Value PLUS Portfolio‡		37,072,613		398,863,550
EQ/MFS International Growth Portfolio‡		30,730,181		208,873,555
EQ/Mid Cap Index Portfolio‡		1,170,839		10,682,921
EQ/PIMCO Ultra Short Bond Portfolio‡		64,613,803		646,157,526
EQ/Small Company Index Portfolio‡		1,661,284		18,569,844


	Number of Shares		Value (Note 1)

Multimanager Core Bond Portfolio‡		86,019,514	$	911,827,624
Multimanager International Equity Portfolio‡		16,638,359		189,840,562
Multimanager Large Cap Core Equity Portfolio‡		27,096,582		292,557,935
Multimanager Large Cap Value Portfolio‡		33,485,299		345,009,395
Multimanager Mid Cap Growth Portfolio*‡		2,047,261		20,778,772
Multimanager Mid Cap Value Portfolio‡		1,330,692		14,030,796
Multimanager Multi-Sector Bond Portfolio‡		77,282,513		307,774,542
Multimanager Small Cap Growth Portfolio*‡		23,197,411		213,958,113
Multimanager Small Cap Value Portfolio‡		15,168,266		173,613,728

Total Investment Companies (99.9%)
(Cost $10,802,741,061)				12,709,267,381

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $8,900,533)	$	8,900,533		8,900,533

Total Investments (100.0%) (Cost $10,811,641,594)				12,718,167,914
Other Assets Less Liabilities (0.0%)				(2,007,877	)

Net Assets (100%)			$	12,716,160,037

*	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 six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	1,186,959,563	$	30,046,158	$	45,639,837	$	1,235,473,717	$	—	$	1,766,955
ATM Large Cap Portfolio		2,161,717,978		12,700,758		161,536,105		2,119,213,431		—		15,402,320
ATM Mid Cap Portfolio		410,108,651		965,855		79,203,477		353,286,509		—		10,827,945
ATM Small Cap Portfolio		614,732,837		70,411,634		21,453,119		702,588,259		—		515,882
EQ/AllianceBernstein Small Cap Growth Portfolio		254,471,203		39,020,076		7,398,651		311,445,967		—		695,192
EQ/AXA Franklin Small Cap Value Core Portfolio		116,516,333		297,186		4,420,155		116,952,317		—		204,897
EQ/BlackRock Basic Value Equity Portfolio		194,347,853		445,779		6,914,083		196,621,416		—		23,497

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/Boston Advisors Equity Income Portfolio	$	175,019,539	$	445,779	$	6,464,669	$	178,516,501	$	—	$	472,910
EQ/Core Bond Index Portfolio		1,648,458,812		24,606,385		181,470,641		1,525,128,328		—		(782,322	)
EQ/GAMCO Small Company Value Portfolio		111,250,752		30,797,186		4,423,968		145,556,685		—		201,085
EQ/Global Multi-Sector Equity Portfolio		226,206,280		15,520,076		8,237,402		243,704,971		—		(143,559	)
EQ/Intermediate Government Bond Index Portfolio		353,067,043		891,558		64,272,064		294,724,095		—		603,095
EQ/International Core PLUS Portfolio		178,487,551		222,890		3,256,199		183,371,621		—		212,590
EQ/International Equity Index Portfolio(a)		143,151,761		445,779		6,485,302		145,005,085		—		452,278
EQ/International ETF Portfolio		133,436,039		4,297,186		4,539,417		139,978,949		—		85,636
EQ/International Value PLUS Portfolio(b)		149,543,464		445,779		7,031,599		150,930,530		—		(94,019	)
EQ/Large Cap Core PLUS Portfolio		185,728,270		445,779		6,529,033		189,196,642		—		408,547
EQ/Large Cap Growth Index Portfolio		267,046,495		668,669		30,376,452		246,029,904		—		9,529,917
EQ/Large Cap Growth PLUS Portfolio		458,827,290		8,465,855		13,441,105		479,003,591		—		1,590,317
EQ/Large Cap Value PLUS Portfolio		428,340,685		1,114,448		43,325,340		398,863,550		—		11,518,609
EQ/MFS International Growth Portfolio(c)		201,682,077		2,297,186		4,305,232		208,873,555		—		319,820
EQ/Mid Cap Index Portfolio		9,860,954		—		—		10,682,921		—		—
EQ/PIMCO Ultra Short Bond Portfolio		437,670,801		215,668,669		10,420,409		646,157,526		—		(14,041	)
EQ/Small Company Index Portfolio		17,470,771		—		—		18,569,844		—		—
Multimanager Core Bond Portfolio		1,040,021,663		25,106,261		164,677,335		911,827,624		12,580,178		(364,386	)
Multimanager International Equity Portfolio		193,115,070		668,669		10,434,246		189,840,562		—		(27,877	)
Multimanager Large Cap Core Equity Portfolio		283,766,364		594,372		9,334,506		292,557,935		—		(84,401	)
Multimanager Large Cap Value Portfolio		386,307,846		891,558		63,108,249		345,009,395		—		(233,090	)
Multimanager Mid Cap Growth Portfolio		18,922,546		—		—		20,778,772		—		—
Multimanager Mid Cap Value Portfolio		13,402,371		—		—		14,030,796		—		—
Multimanager Multi-Sector Bond Portfolio		195,940,598		106,000,000		—		307,774,542		—		—
Multimanager Small Cap Growth Portfolio		212,303,312		445,779		6,130,938		213,958,113		—		806,641
Multimanager Small Cap Value Portfolio		168,811,470		371,483		5,797,150		173,613,728		—		(15,834	)

	$	12,576,694,242	$	594,298,792	$	980,626,683	$	12,709,267,381	$	12,580,178	$	53,878,604

(a)

formerly known as EQ/AllianceBernstein International Portfolio

(b)

formerly known as EQ/BlackRock International Value Portfolio

(c)

formerly known as EQ/International Growth Portfolio

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	—	$	12,709,267,381	$	—	$	12,709,267,381
Short-Term Investments		—		8,900,533		—		8,900,533

Total Assets	$	—	$	12,718,167,914	$	—	$	12,718,167,914

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	12,718,167,914	$	—	$	12,718,167,914

The Portfolio held no derivatives contracts during the six months ended June 30, 2011.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	594,298,792
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,034,505,287

As of June 30, 2011, 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	$	1,950,681,994
Aggregate gross unrealized depreciation		(44,022,916	)

Net unrealized appreciation	$	1,906,659,078

Federal income tax cost of investments	$	10,811,508,836

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $10,802,741,061)	$	12,709,267,381
Unaffiliated Issuers (Cost $8,900,533)		8,900,533
Receivable from Separate Accounts for Trust shares sold		5,656,485
Receivable for securities sold		1,648,404
Other assets		61,533

Total assets		12,725,534,336

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		2,746,255
Distribution fees payable - Class B		2,502,316
Investment management fees payable		1,685,908
Administrative fees payable		1,545,378
Trustees’ fees payable		139,736
Accrued expenses		754,706

Total liabilities		9,374,299

NET ASSETS	$	12,716,160,037

Net assets were comprised of:
Paid in capital		14,621,447,810
Accumulated undistributed net investment income (loss)		(20,824,414	)
Accumulated undistributed net realized gain (loss) on investments		(3,790,989,679	)
Unrealized appreciation (depreciation) on investments		1,906,526,320

Net assets	$	12,716,160,037

Class A
Net asset value, offering and redemption price per share, $341,096,918 / 31,510,800 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.82

Class B
Net asset value, offering and redemption price per share, $12,375,063,119 / 1,144,319,051 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.81

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	12,580,178

EXPENSES
Distribution fees - Class B		15,447,178
Administrative fees		9,535,226
Investment management fees		6,326,226
Recoupment fees		1,258,820
Printing and mailing expenses		496,561
Custodian fees		151,731
Professional fees		108,587
Trustees’ fees		105,602
Miscellaneous		90,159

Total expenses		33,520,090

NET INVESTMENT INCOME (LOSS)		(20,939,912	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		53,878,604
Net change in unrealized appreciation (depreciation) on securities		518,901,027

NET REALIZED AND UNREALIZED GAIN (LOSS)		572,779,631

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	551,839,719

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(20,939,912	)	$	87,258,932
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		53,878,604			364,327,083
Net change in unrealized appreciation (depreciation) on investments		518,901,027			846,415,459

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		551,839,719			1,298,001,474

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(6,045,165	)
Class B		—			(197,818,217	)

		—			(203,863,382	)

Distributions from net realized capital gains
Class A		—			(8,291,865	)
Class B		—			(314,668,650	)

		—			(322,960,515	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(526,823,897	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 2,357,035 and 4,942,738 shares, respectively ]		25,208,763			49,059,435
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,402,482 shares, respectively ]		—			14,337,030
Capital shares repurchased [ (2,212,182) and (4,170,336) shares, respectively ]		(23,625,177	)		(41,323,101	)

Total Class A transactions		1,583,586			22,073,364

Class B
Capital shares sold [ 22,106,549 and 53,759,882 shares, respectively ]		236,213,773			535,722,261
Capital shares issued in reinvestment of dividends and distributions [ 0 and 50,164,327 shares, respectively ]		—			512,486,867
Capital shares repurchased [ (59,850,274) and (110,924,687) shares, respectively ]		(638,736,404	)		(1,090,250,579	)

Total Class B transactions		(402,522,631	)		(42,041,451	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(400,939,045	)		(19,968,087	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		150,900,674			751,209,490
NET ASSETS:
Beginning of period		12,565,259,363			11,814,049,873

End of period (a)	$	12,716,160,037		$	12,565,259,363

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(20,824,414	)	$	115,498

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.35		$	9.70		$	8.76		$	13.95		$	13.89		$	12.60

Income (loss) from investment operations:
Net investment income (loss) (x)		—	#(e)		0.10	(e)		0.15	(e)		0.25	(e)		0.32	(e)		0.32	(e)
Net realized and unrealized gain (loss) on investments		0.47			1.03			1.80			(4.55	)		0.60			1.52

Total from investment operations		0.47			1.13			1.95			(4.30	)		0.92			1.84

Less distributions:
Dividends from net investment income		—			(0.20	)		(0.15	)		(0.28	)		(0.43	)		(0.33	)
Distributions from net realized gains		—			(0.28	)		(0.86	)		(0.61	)		(0.43	)		(0.22	)

Total dividends and distributions		—			(0.48	)		(1.01	)		(0.89	)		(0.86	)		(0.55	)

Net asset value, end of period	$	10.82		$	10.35		$	9.70		$	8.76		$	13.95		$	13.89

Total return (b)		4.54	%		11.69	%		22.34	%		(31.63	)%		6.68	%		14.77	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	341,097		$	324,712		$	283,013		$	225,734		$	198,686		$	100,459
Ratio of expenses to average net assets:
After waivers (a)(f)		0.28	%(j)		0.26	%(j)		0.23	%(j)		0.10	%		0.10	%		0.10	%
Before waivers (a)(f)		0.28	%		0.27	%		0.28	%		0.27	%		0.27	%		0.27	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		(0.09	)%		1.01	%		1.57	%		2.17	%		2.20	%		2.38	%
Before waivers (a)(f)(x)		(0.09	)%		1.00	%		1.52	%		2.00	%		2.03	%		2.22	%
Portfolio turnover rate		5	%		20	%		88	%		35	%		8	%		4	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)



	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.36		$	9.70		$	8.76		$	13.95		$	13.89		$	12.60

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.07	(e)		0.12	(e)		0.21	(e)		0.26	(e)		0.26	(e)
Net realized and unrealized gain (loss) on investments		0.47			1.04			1.81			(4.54	)		0.62			1.55

Total from investment operations		0.45			1.11			1.93			(4.33	)		0.88			1.81

Less distributions:
Dividends from net investment income		—			(0.17	)		(0.13	)		(0.25	)		(0.39	)		(0.30	)
Distributions from net realized gains		—			(0.28	)		(0.86	)		(0.61	)		(0.43	)		(0.22	)

Total dividends and distributions		—			(0.45	)		(0.99	)		(0.86	)		(0.82	)		(0.52	)

Net asset value, end of period	$	10.81		$	10.36		$	9.70		$	8.76		$	13.95		$	13.89

Total return (b)		4.34	%		11.52	%		22.03	%		(31.81	)%		6.41	%		14.48	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	12,375,063		$	12,240,547		$	11,531,037		$	8,914,572		$	10,665,262		$	6,607,618
Ratio of expenses to average net assets:
After waivers (a)(f)		0.53	%(j)		0.51	%(j)		0.48	%(j)		0.35	%		0.35	%		0.35	%
Before waivers (a)(f)		0.53	%		0.52	%		0.53	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		(0.34	)%		0.73	%		1.31	%		1.83	%		1.83	%		1.95	%
Before waivers (a)(f)(x)		(0.34	)%		0.72	%		1.26	%		1.65	%		1.66	%		1.79	%
Portfolio turnover rate		5	%		20	%		88	%		35	%		8	%		4	%

#	Per share amount is less than $0.005.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

Net investment income is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying Portfolios.

(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.

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2011
ATM Large Cap Portfolio	22.8	%
ATM International Portfolio	11.0
ATM Small Cap Portfolio	6.7
EQ/Large Cap Value PLUS Portfolio	5.4
EQ/Large Cap Growth PLUS Portfolio	4.7
Multimanager Large Cap Value Portfolio	4.4
EQ/Core Bond Index Portfolio	4.0
ATM Mid Cap Portfolio	3.6
EQ/Large Cap Growth Index Portfolio	3.1
Multimanager Large Cap Core Equity Portfolio	3.0
EQ/AllianceBernstein Small Cap Growth Portfolio	2.6
EQ/MFS International Growth Portfolio	2.6
EQ/GAMCO Small Company Value Portfolio	2.4
EQ/International Value PLUS Portfolio	2.3
EQ/Global Multi-Sector Equity Portfolio	2.1
EQ/BlackRock Basic Value Equity Portfolio	2.0
Multimanager Small Cap Growth Portfolio	2.0
EQ/Large Cap Core PLUS Portfolio	1.9
Multimanager Core Bond Portfolio	1.8
EQ/International Equity Index Portfolio	1.8
EQ/PIMCO Ultra Short Bond Portfolio	1.5
EQ/Boston Advisors Equity Income Portfolio	1.4
EQ/AXA Franklin Small Cap Value Core Portfolio	1.3
EQ/International Core PLUS Portfolio	1.2
Multimanager International Equity Portfolio	1.2
EQ/International ETF Portfolio	1.1
Multimanager Multi-Sector Bond Portfolio	0.6
EQ/Intermediate Government Bond Index Portfolio	0.6
Multimanager Mid Cap Growth Portfolio	0.2
Multimanager Small Cap Value Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.2
EQ/Small Company Index Portfolio	0.2
EQ/Mid Cap Index Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

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 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,051.90		$1.58
Hypothetical (5% average return before expenses)		1,000.00		1,023.26		1.56
Class B
Actual		1,000.00		1,050.90		2.85
Hypothetical (5% average return before expenses)		1,000.00		1,022.02		2.81
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.31% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		37,493,091	$	417,260,132
ATM Large Cap Portfolio‡		72,611,530		864,718,416
ATM Mid Cap Portfolio‡		10,839,929		135,475,585
ATM Small Cap Portfolio‡		19,991,288		255,272,610
EQ/AllianceBernstein Small Cap Growth Portfolio‡		5,561,199		100,184,134
EQ/AXA Franklin Small Cap Value Core Portfolio‡		4,477,987		47,628,371
EQ/BlackRock Basic Value Equity Portfolio‡		5,374,851		76,675,534
EQ/Boston Advisors Equity Income Portfolio‡		9,435,205		52,422,356
EQ/Core Bond Index Portfolio‡		15,531,748		153,811,630
EQ/GAMCO Small Company Value Portfolio‡		2,201,319		90,884,644
EQ/Global Multi-Sector Equity Portfolio‡		6,032,970		78,595,869
EQ/Intermediate Government Bond Index Portfolio‡		2,145,263		21,582,660
EQ/International Core PLUS Portfolio‡		4,728,288		47,504,336
EQ/International Equity Index Portfolio‡		7,620,446		69,383,625
EQ/International ETF Portfolio‡		5,393,509		40,524,771
EQ/International Value PLUS Portfolio‡		7,076,626		87,226,289
EQ/Large Cap Core PLUS Portfolio‡		9,629,969		73,259,042
EQ/Large Cap Growth Index Portfolio‡		12,417,729		116,042,086
EQ/Large Cap Growth PLUS Portfolio‡		9,811,798		176,436,083
EQ/Large Cap Value PLUS Portfolio‡		18,975,944		204,161,828
EQ/MFS International Growth Portfolio‡		14,266,441		96,969,236
EQ/Mid Cap Index Portfolio‡		584,627		5,334,234
EQ/PIMCO Ultra Short Bond Portfolio‡		5,611,523		56,116,925
EQ/Small Company Index Portfolio‡		522,537		5,840,919


	Number of Shares		Value (Note 1)

Multimanager Core Bond Portfolio‡		6,583,934	$	69,791,290
Multimanager International Equity Portfolio‡		3,959,866		45,181,329
Multimanager Large Cap Core Equity Portfolio‡		10,382,728		112,100,838
Multimanager Large Cap Value Portfolio‡		16,325,725		168,208,995
Multimanager Mid Cap Growth Portfolio*‡		680,091		6,902,618
Multimanager Mid Cap Value Portfolio‡		600,620		6,332,929
Multimanager Multi-Sector Bond Portfolio‡		5,952,149		23,704,197
Multimanager Small Cap Growth Portfolio*‡		8,120,645		74,899,650
Multimanager Small Cap Value Portfolio‡		556,884		6,374,007

Total Investment Companies (99.9%)
(Cost $3,031,535,336)				3,786,807,168

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $7,776,573)	$	7,776,573		7,776,573

Total Investments (100.1%) (Cost $3,039,311,909)				3,794,583,741
Other Assets Less Liabilities (-0.1%)				(2,950,010	)

Net Assets (100%)			$	3,791,633,731

*	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 six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	407,401,323	$	12,539,934	$	24,274,526	$	417,260,132	$	—	$	738,291
ATM Large Cap Portfolio		839,512,167		22,186,038		43,008,190		864,718,416		—		1,245,255
ATM Mid Cap Portfolio		139,441,858		3,376,136		15,903,854		135,475,585		—		1,830,366
ATM Small Cap Portfolio		245,456,790		4,823,052		9,375,208		255,272,610		—		245,106
EQ/AllianceBernstein Small Cap Growth Portfolio		93,111,530		1,688,068		3,020,304		100,184,134		—		346,806
EQ/AXA Franklin Small Cap Value Core Portfolio		47,142,364		1,446,916		2,857,670		47,628,371		—		28,424
EQ/BlackRock Basic Value Equity Portfolio		75,195,419		1,929,221		3,719,591		76,675,534		—		128,535

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/Boston Advisors Equity Income Portfolio	$	50,930,619	$	1,446,916	$	2,775,511	$	52,422,356	$	—	$	110,583
EQ/Core Bond Index Portfolio		175,280,039		4,823,052		29,732,216		153,811,630		—		(111,902	)
EQ/GAMCO Small Company Value Portfolio		87,323,270		1,446,916		2,747,593		90,884,644		—		138,501
EQ/Global Multi-Sector Equity Portfolio		77,256,948		1,929,221		3,912,306		78,595,869		—		(64,181	)
EQ/Intermediate Government Bond Index Portfolio		21,897,913		723,458		1,436,885		21,582,660		—		6,162
EQ/International Core PLUS Portfolio		46,354,246		964,610		1,858,644		47,504,336		—		65,419
EQ/International Equity Index Portfolio(a)		68,044,634		2,652,678		5,110,299		69,383,625		—		180,874
EQ/International ETF Portfolio		39,259,607		723,458		1,418,314		40,524,771		—		24,733
EQ/International Value PLUS Portfolio(b)		85,345,340		2,652,678		5,328,896		87,226,289		—		(37,723	)
EQ/Large Cap Core PLUS Portfolio		71,559,864		2,170,373		4,216,972		73,259,042		—		112,169
EQ/Large Cap Growth Index Portfolio		111,174,663		2,893,831		5,466,632		116,042,086		—		305,557
EQ/Large Cap Growth PLUS Portfolio		170,899,623		4,340,747		8,233,101		176,436,083		—		425,182
EQ/Large Cap Value PLUS Portfolio		203,255,187		5,546,509		13,175,154		204,161,828		—		2,638,207
EQ/Mid Cap Index Portfolio		4,923,806		—		—		5,334,234		—		—
EQ/MFS International Growth Portfolio(c)		94,652,719		2,170,373		4,122,131		96,969,236		—		207,010
EQ/PIMCO Ultra Short Bond Portfolio		34,546,568		22,723,461		1,443,741		56,116,925		—		(694	)
EQ/Small Company Index Portfolio		5,495,219		—		—		5,840,919		—		—
Multimanager Core Bond Portfolio		62,226,039		12,054,292		5,286,696		69,791,290		901,614		4,477
Multimanager International Equity Portfolio		44,869,258		1,205,763		2,349,348		45,181,329		—		55,730
Multimanager Large Cap Core Equity Portfolio		108,295,755		2,893,831		5,832,076		112,100,838		—		(59,887	)
Multimanager Large Cap Value Portfolio		168,486,385		4,340,747		14,318,321		168,208,995		—		(910,038	)
Multimanager Mid Cap Growth Portfolio		6,285,988		—		—		6,902,618		—		—
Multimanager Mid Cap Value Portfolio		6,049,284		—		—		6,332,929		—		—
Multimanager Multi-Sector Bond Portfolio		23,122,061		—		—		23,704,197		—		—
Multimanager Small Cap Growth Portfolio		73,973,718		1,929,221		3,658,828		74,899,650		—		189,298
Multimanager Small Cap Value Portfolio		6,237,343		241,153		465,906		6,374,007		—		15,110

	$	3,695,007,547	$	127,862,653	$	225,048,913	$	3,786,807,168	$	901,614	$	7,857,370

(a)

formerly known as EQ/AllianceBernstein International Portfolio

(b)

formerly known as EQ/BlackRock International Value Portfolio

(c)

formerly known as EQ/International Growth Portfolio

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	—	$	3,786,807,168	$	—	$	3,786,807,168
Short-Term Investments		—		7,776,573		—		7,776,573

Total Assets	$	—	$	3,794,583,741	$	—	$	3,794,583,741

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	3,794,583,741	$	—	$	3,794,583,741

The Portfolio held no derivatives contracts during the six months ended June 30, 2011.

Investment security transactions for the period ended June 30, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	127,862,653
Net Proceeds of Sales and Redemptions:
Investment Companies	$	232,906,283

As of June 30, 2011, 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	$	760,016,934
Aggregate gross unrealized depreciation		(4,810,727	)

Net unrealized appreciation	$	755,206,207

Federal income tax cost of investments	$	3,039,377,534

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $3,031,535,336)	$	3,786,807,168
Unaffiliated Issuers (Cost $7,776,573)		7,776,573
Receivable from Separate Accounts for Trust shares sold		1,034,586
Receivable for securities sold		637,031
Other assets		18,100

Total assets		3,796,273,458

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		2,396,179
Distribution fees payable - Class B		737,308
Investment management fees payable		715,805
Administrative fees payable		459,507
Trustees’ fees payable		39,039
Accrued expenses		291,889

Total liabilities		4,639,727

NET ASSETS	$	3,791,633,731

Net assets were comprised of:
Paid in capital		4,558,031,515
Accumulated undistributed net investment income (loss)		(9,587,208	)
Accumulated undistributed net realized gain (loss) on investments		(1,512,082,408	)
Unrealized appreciation (depreciation) on investments		755,271,832

Net assets	$	3,791,633,731

Class A
Net asset value, offering and redemption price per share, $120,549,135 / 11,432,359 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.54

Class B
Net asset value, offering and redemption price per share, $3,671,084,596 / 348,508,143 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.53

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	901,614

EXPENSES
Distribution fees - Class B		4,598,277
Administrative fees		2,863,626
Investment management fees		1,898,317
Recoupment fees		784,533
Printing and mailing expenses		148,611
Custodian fees		91,230
Professional fees		48,466
Trustees’ fees		31,347
Miscellaneous		27,692

Total expenses		10,492,099

NET INVESTMENT INCOME (LOSS)		(9,590,485	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		7,857,370
Net change in unrealized appreciation (depreciation) on securities		188,985,887

NET REALIZED AND UNREALIZED GAIN (LOSS)		196,843,257

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	187,252,772

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(9,590,485	)	$	13,433,814
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		7,857,370			111,340,056
Net change in unrealized appreciation (depreciation) on investments		188,985,887			293,364,371

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		187,252,772			418,138,241

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(1,944,297	)
Class B		—			(51,708,195	)

		—			(53,652,492	)

Distributions from net realized capital gains
Class A		—			(2,478,226	)
Class B		—			(77,626,823	)

		—			(80,105,049	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(133,757,541	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,005,377 and 2,780,791 shares, respectively ]		10,460,309			26,112,718
Capital shares issued in reinvestment of dividends and distributions [ 0 and 446,428 shares, respectively ]		—			4,422,523
Capital shares repurchased [ (968,450) and (2,406,618) shares, respectively ]		(10,089,558	)		(22,405,028	)

Total Class A transactions		370,751			8,130,213

Class B
Capital shares sold [ 18,985,194 and 38,618,118 shares, respectively ]		197,391,420			363,955,617
Capital shares issued in reinvestment of dividends and distributions [ 0 and 13,065,650 shares, respectively ]		—			129,335,018
Capital shares repurchased [ (27,437,199) and (53,884,318) shares, respectively ]		(285,681,204	)		(497,344,072	)

Total Class B transactions		(88,289,784	)		(4,053,437	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(87,919,033	)		4,076,776

TOTAL INCREASE (DECREASE) IN NET ASSETS		99,333,739			288,457,476
NET ASSETS:
Beginning of period		3,692,299,992			3,403,842,516

End of period (a)	$	3,791,633,731		$	3,692,299,992

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(9,587,208	)	$	3,277

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.02		$	9.20		$	8.15		$	14.68		$	14.71		$	12.96

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.06	(e)		0.10	(e)		0.15	(e)		0.22	(e)		0.24	(e)
Net realized and unrealized gain (loss) on investments		0.53			1.16			2.15			(5.71	)		0.71			2.10

Total from investment operations		0.52			1.22			2.25			(5.56	)		0.93			2.34

Less distributions:
Dividends from net investment income		—			(0.18	)		(0.12	)		(0.19	)		(0.40	)		(0.30	)
Distributions from net realized gains		—			(0.22	)		(1.08	)		(0.78	)		(0.56	)		(0.29	)

Total dividends and distributions		—			(0.40	)		(1.20	)		(0.97	)		(0.96	)		(0.59	)

Net asset value, end of period	$	10.54		$	10.02		$	9.20		$	8.15		$	14.68		$	14.71

Total return (b)		5.19	%		13.33	%		27.56	%		(39.05	)%		6.43	%		18.22	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	120,549		$	114,201		$	97,335		$	75,827		$	97,742		$	51,217
Ratio of expenses to average net assets:
After waivers (a)(f)		0.31	%(j)		0.28	%(j)		0.24	%(j)		0.10	%		0.10	%		0.10	%
Before waivers (a)(f)		0.31	%		0.28	%		0.29	%		0.28	%		0.27	%		0.28	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		(0.26	)%		0.67	%		1.18	%		1.27	%		1.41	%		1.72	%
Before waivers (a)(f)(x)		(0.26	)%		0.67	%		1.14	%		1.09	%		1.23	%		1.54	%
Portfolio turnover rate		3	%		15	%		102	%		39	%		10	%		6	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.02		$	9.21		$	8.15		$	14.68		$	14.71		$	12.96

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.04	(e)		0.08	(e)		0.14	(e)		0.18	(e)		0.18	(e)
Net realized and unrealized gain (loss) on investments		0.54			1.14			2.15			(5.72	)		0.71			2.13

Total from investment operations		0.51			1.18			2.23			(5.58	)		0.89			2.31

Less distributions:
Dividends from net investment income		—			(0.15	)		(0.09	)		(0.17	)		(0.36	)		(0.27	)
Distributions from net realized gains		—			(0.22	)		(1.08	)		(0.78	)		(0.56	)		(0.29	)

Total dividends and distributions		—			(0.37	)		(1.17	)		(0.95	)		(0.92	)		(0.56	)

Net asset value, end of period	$	10.53		$	10.02		$	9.21		$	8.15		$	14.68		$	14.71

Total return (b)		5.09	%		12.92	%		27.37	%		(39.21	)%		6.16	%		17.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,671,085		$	3,578,099		$	3,306,507		$	2,426,997		$	3,038,613		$	1,595,326
Ratio of expenses to average net assets:
After waivers (a)(f)		0.56	%(j)		0.53	%(j)		0.50	%(j)		0.35	%		0.35	%		0.35	%
Before waivers (a)(f)		0.56	%		0.53	%		0.54	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assets:
After waivers (a)(f)(x)		(0.51	)%		0.39	%		0.97	%		1.18	%		1.17	%		1.30	%
Before waivers (a)(f)(x)		(0.51	)%		0.39	%		0.93	%		1.01	%		1.00	%		1.12	%
Portfolio turnover rate		3	%		15	%		102	%		39	%		10	%		6	%

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

Net investment income is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying Portfolios.

(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.

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/11	% of Net Assets
Information Technology		21.9	%
Consumer Discretionary		13.8
Health Care		11.0
Industrials		9.9
Energy		8.9
Consumer Staples		4.8
Materials		4.5
Financials		3.6
Telecommunication Services		0.5
Utilities		0.2
Cash and Other		20.9

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,065.50		$3.84
Hypothetical (5% average return before expenses)		1,000.00		1,021.08		3.76
Class B
Actual		1,000.00		1,064.40		5.12
Hypothetical (5% average return before expenses)		1,000.00		1,019.84		5.01
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (13.8%)
*Auto Components (0.4%)*
Amerigon, Inc.*		1,800	$	31,284
BorgWarner, Inc.*		32,093		2,592,793
Dana Holding Corp.*		9,800		179,340
Drew Industries, Inc.		1,400		34,608
Gentex Corp.		11,900		359,737
Goodyear Tire & Rubber Co.*		20,593		345,345
Johnson Controls, Inc.		69,241		2,884,580
Tenneco, Inc.*		4,300		189,501

				6,617,188

*Automobiles (0.5%)*
Ford Motor Co.*		372,934		5,142,760
Harley-Davidson, Inc.		19,400		794,818
Tesla Motors, Inc.*		62,782		1,828,839

				7,766,417

*Distributors (0.0%)*
Genuine Parts Co.		3,100		168,640
LKQ Corp.*		12,018		313,550
Pool Corp.		3,200		95,392

				577,582

*Diversified Consumer Services (0.1%)*
American Public Education, Inc.*		1,643		73,130
Apollo Group, Inc., Class A*		10,961		478,776
Bridgepoint Education, Inc.*		1,425		35,625
DeVry, Inc.		5,346		316,109
Grand Canyon Education, Inc.*		2,000		28,360
H&R Block, Inc.		12,800		205,312
Hillenbrand, Inc.		3,408		80,599
ITT Educational Services, Inc.*		3,000		234,720
K12, Inc.*		2,197		72,809
Pre-Paid Legal Services, Inc.*		600		39,894
Sotheby’s, Inc.		6,600		287,100
Steiner Leisure Ltd.*		800		36,544
Strayer Education, Inc.		1,240		156,724
Universal Technical Institute, Inc.		1,961		38,769
Weight Watchers International, Inc.		968		73,055

				2,157,526

*Hotels, Restaurants & Leisure (3.5%)*
AFC Enterprises, Inc.*		1,100		18,095
Ambassadors Group, Inc.		1,500		13,245
Ameristar Casinos, Inc.		2,398		56,857
BJ’s Restaurants, Inc.*		68,400		3,581,424
Brinker International, Inc.		2,400		58,704
Buffalo Wild Wings, Inc.*		2,200		145,882
California Pizza Kitchen, Inc.*		1,300		24,011
Carnival Corp.		30,100		1,132,663
CEC Entertainment, Inc.		2,094		83,990
Chipotle Mexican Grill, Inc.*		24,437		7,531,239
Choice Hotels International, Inc.		200		6,672
Cracker Barrel Old Country Store, Inc.		2,100		103,551


	Number of Shares		Value (Note 1)

Ctrip.com International Ltd. (ADR)*		74,786	$	3,221,781
Darden Restaurants, Inc.		12,000		597,120
Denny’s Corp.*		7,700		29,876
DineEquity, Inc.*		2,200		114,994
Einstein Noah Restaurant Group, Inc.		200		2,994
International Game Technology		10,953		192,554
Interval Leisure Group, Inc.*		3,592		49,174
Krispy Kreme Doughnuts, Inc.*		4,600		43,746
Las Vegas Sands Corp.*		45,673		1,927,857
Life Time Fitness, Inc.*		296		11,813
Marriott International, Inc., Class A		61,781		2,192,608
McDonald’s Corp.		73,893		6,230,658
MGM Resorts International*		10,300		136,063
Morgans Hotel Group Co.*		1,800		12,942
Panera Bread Co., Class A*		2,200		276,452
Papa John’s International, Inc.*		1,400		46,564
Peet’s Coffee & Tea, Inc.*		1,100		63,470
Pinnacle Entertainment, Inc.*		3,134		46,697
Royal Caribbean Cruises Ltd.*		5,400		203,256
Ruth’s Hospitality Group, Inc.*		900		5,049
Scientific Games Corp., Class A*		7,600		78,584
Shuffle Master, Inc.*		7,000		65,485
Sonic Corp.*		6,900		73,347
Starbucks Corp.		363,739		14,364,053
Starwood Hotels & Resorts Worldwide, Inc.		48,800		2,734,752
Texas Roadhouse, Inc.		6,300		110,471
Wynn Resorts Ltd.		84,760		12,166,450
Yum! Brands, Inc.		33,096		1,828,223

				59,583,366

*Household Durables (0.1%)*
Harman International Industries, Inc.		21,166		964,535
iRobot Corp.*		1,500		52,935
Leggett & Platt, Inc.		7,830		190,895
Tempur-Pedic International, Inc.*		6,368		431,878
Tupperware Brands Corp.		5,400		364,230
Universal Electronics, Inc.*		1,100		27,786

				2,032,259

*Internet & Catalog Retail (3.3%)*
1-800-FLOWERS.COM, Inc., Class A*		2,100		6,510
Amazon.com, Inc.*		113,274		23,163,400
Blue Nile, Inc.*		1,500		65,970
Expedia, Inc.		5,982		173,418
HomeAway, Inc.*		40,000		1,548,000
Liberty Media Corp. - Interactive*		185,495		3,110,751
Netflix, Inc.*		35,530		9,333,376
Nutrisystem, Inc.		2,500		35,150
Overstock.com, Inc.*		1,300		19,786
PetMed Express, Inc.		1,900		22,515
priceline.com, Inc.*		35,431		18,138,192

				55,617,068

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Leisure Equipment & Products (0.1%)*
Hasbro, Inc.		11,075	$	486,525
Mattel, Inc.		18,383		505,348
Polaris Industries, Inc.		1,900		211,223
Smith & Wesson Holding Corp.*		8,200		24,600
Sturm Ruger & Co., Inc.		1,838		40,344

				1,268,040

*Media (3.3%)*
Arbitron, Inc.		2,200		90,926
Cablevision Systems Corp. - New York Group, Class A		199,190		7,212,670
CBS Corp., Class B		41,280		1,176,067
Charter Communications, Inc., Class A*		4,100		222,466
Comcast Corp., Class A		461,567		11,398,276
Crown Media Holdings, Inc., Class A*		400		764
DIRECTV, Class A*		109,491		5,564,333
Discovery Communications, Inc., Class A*		19,800		811,008
DISH Network Corp., Class A*		10,700		328,169
Global Sources Ltd.*		1,540		14,153
Interpublic Group of Cos., Inc.		13,300		166,250
John Wiley & Sons, Inc., Class A		3,300		171,633
Lamar Advertising Co., Class A*		300		8,211
Liberty Global, Inc., Class A*		29,695		1,337,463
Liberty Media Corp. - Capital*		39,248		3,365,516
Liberty Media Corp. - Starz*		15,636		1,176,453
Madison Square Garden Co., Class A*		49,747		1,369,535
McGraw-Hill Cos., Inc.		18,235		764,229
Morningstar, Inc.		600		36,468
National CineMedia, Inc.		224		3,788
Omnicom Group, Inc.		20,713		997,538
Regal Entertainment Group, Class A		4,227		52,203
Scripps Networks Interactive, Inc., Class A		7,366		360,050
Sirius XM Radio, Inc.*		320,700		702,333
Thomson Reuters Corp.		12,600		473,256
Time Warner Cable, Inc.		23,900		1,865,156
Time Warner, Inc.		158,382		5,760,353
Value Line, Inc.		100		1,341
Viacom, Inc., Class B		107,190		5,466,690
Virgin Media, Inc.		22,600		676,418
Walt Disney Co.		114,160		4,456,806
Warner Music Group Corp.*		1,100		9,042
World Wrestling Entertainment, Inc., Class A		42,700		406,931

				56,446,495

*Multiline Retail (0.2%)*
99 Cents Only Stores*		3,796		76,831
Big Lots, Inc.*		6,775		224,591
Dollar General Corp.*		27,000		915,030
Dollar Tree, Inc.*		8,700		579,594
Family Dollar Stores, Inc.		8,703		457,430
Kohl’s Corp.		16,133		806,811


	Number of Shares		Value (Note 1)

Nordstrom, Inc.		14,373	$	674,669
Target Corp.		3,269		153,349

				3,888,305

*Specialty Retail (1.2%)*
Aaron’s, Inc.		850		24,021
Abercrombie & Fitch Co., Class A		5,600		374,752
Advance Auto Parts, Inc.		7,600		444,524
Aeropostale, Inc.*		8,050		140,875
America’s Car-Mart, Inc.*		900		29,700
Ascena Retail Group, Inc.*		2,252		76,681
AutoNation, Inc.*		500		18,305
AutoZone, Inc.*		2,014		593,828
Bed Bath & Beyond, Inc.*		18,605		1,085,974
Buckle, Inc.		2,900		123,830
CarMax, Inc.*		5,240		173,287
Cato Corp., Class A		2,606		75,053
Dick’s Sporting Goods, Inc.*		7,400		284,530
DSW, Inc., Class A*		600		30,366
Finish Line, Inc., Class A		1,100		23,540
Guess?, Inc.		5,200		218,712
hhgregg, Inc.*		1,000		13,400
Home Depot, Inc.		68,589		2,484,293
Limited Brands, Inc.		22,400		861,280
Lowe’s Cos., Inc.		112,700		2,627,037
Lumber Liquidators Holdings, Inc.*		2,000		50,800
O’Reilly Automotive, Inc.*		18,983		1,243,576
PetSmart, Inc.		10,600		480,922
Ross Stores, Inc.		8,400		673,008
Sally Beauty Holdings, Inc.*		1,963		33,567
Systemax, Inc.*		400		5,976
Tiffany & Co.		10,039		788,262
TJX Cos., Inc.		28,875		1,516,804
Tractor Supply Co.		6,082		406,764
Ulta Salon Cosmetics & Fragrance, Inc.*		73,400		4,740,172
Urban Outfitters, Inc.*		10,752		302,669
Williams-Sonoma, Inc.		7,980		291,190
Zumiez, Inc.*		1,600		39,952

				20,277,650

*Textiles, Apparel & Luxury Goods (1.1%)*
Cherokee, Inc.		300		5,148
Coach, Inc.		21,614		1,381,783
Crocs, Inc.*		3,900		100,425
Deckers Outdoor Corp.*		2,800		246,792
Fossil, Inc.*		49,700		5,850,684
G-III Apparel Group Ltd.*		700		24,136
Hanesbrands, Inc.*		8,200		234,110
Liz Claiborne, Inc.*		6,868		36,744
Maidenform Brands, Inc.*		2,500		69,150
NIKE, Inc., Class B		45,389		4,084,102
Oxford Industries, Inc.		1,300		43,888
Polo Ralph Lauren Corp.		4,468		592,501
Steven Madden Ltd.*		3,327		124,796
Timberland Co., Class A*		2,670		114,730
True Religion Apparel, Inc.*		2,344		68,164
Under Armour, Inc., Class A*		72,100		5,574,051
Warnaco Group, Inc.*		5,300		276,925

				18,828,129

Total Consumer Discretionary				235,060,025

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Consumer Staples (4.8%)
*Beverages (1.5%)*
Brown-Forman Corp., Class B		6,600	$	492,954
Coca-Cola Bottling Co. Consolidated		300		20,298
Coca-Cola Co.		140,606		9,461,378
Coca-Cola Enterprises, Inc.		16,436		479,602
Diageo plc (ADR)		33,100		2,709,897
Dr. Pepper Snapple Group, Inc.		15,800		662,494
Hansen Natural Corp.*		5,600		453,320
National Beverage Corp.		100		1,465
PepsiCo, Inc.		161,971		11,407,618

				25,689,026

*Food & Staples Retailing (1.0%)*
Arden Group, Inc., Class A		100		9,202
BJ’s Wholesale Club, Inc.*		3,300		166,155
Costco Wholesale Corp.		31,169		2,532,169
Fresh Market, Inc.*		4,200		162,456
Kroger Co.		32,300		801,040
Pantry, Inc.*		300		5,637
Pricesmart, Inc.		1,200		61,476
Ruddick Corp.		3,500		152,390
Sysco Corp.		41,937		1,307,596
United Natural Foods, Inc.*		3,700		157,879
Walgreen Co.		63,164		2,681,943
Wal-Mart Stores, Inc.		96,005		5,101,706
Whole Foods Market, Inc.		68,064		4,318,661

				17,458,310

*Food Products (1.0%)*
Alico, Inc.		200		5,124
Archer-Daniels-Midland Co.		48,300		1,456,245
Bunge Ltd.		2,700		186,165
Campbell Soup Co.		10,850		374,867
ConAgra Foods, Inc.		5,600		144,536
Corn Products International, Inc.		4,400		243,232
Darling International, Inc.*		9,000		159,300
Flowers Foods, Inc.		7,650		168,606
General Mills, Inc.		78,616		2,926,088
Green Mountain Coffee Roasters, Inc.*		9,000		803,340
H.J. Heinz Co.		13,364		712,034
Hershey Co.		37,183		2,113,854
Hormel Foods Corp.		5,200		155,012
Kellogg Co.		16,303		901,882
Lifeway Foods, Inc.*		400		4,472
McCormick & Co., Inc. (Non-Voting)		5,449		270,107
Mead Johnson Nutrition Co.		82,436		5,568,552
Sara Lee Corp.		39,554		751,130
Smart Balance, Inc.*		3,900		20,202
TreeHouse Foods, Inc.*		2,600		141,986

				17,106,734

*Household Products (0.5%)*
Church & Dwight Co., Inc.		5,900		239,186
Clorox Co.		2,237		150,863
Colgate-Palmolive Co.		31,398		2,744,499
Kimberly-Clark Corp.		24,479		1,629,322
Procter & Gamble Co.		48,657		3,093,126

				7,856,996


	Number of Shares		Value (Note 1)

*Personal Products (0.2%)*
Avon Products, Inc.		30,360	$	850,080
Estee Lauder Cos., Inc., Class A		9,514		1,000,778
Herbalife Ltd.		10,600		610,984
Inter Parfums, Inc.		100		2,303
Nu Skin Enterprises, Inc., Class A		4,100		153,955
USANA Health Sciences, Inc.*		500		15,640

				2,633,740

*Tobacco (0.6%)*
Altria Group, Inc.		111,193		2,936,607
Philip Morris International, Inc.		114,534		7,647,435
Reynolds American, Inc.		7,300		270,465
Star Scientific, Inc.*		1,100		4,950

				10,859,457

Total Consumer Staples				81,604,263

Energy (8.9%)
*Energy Equipment & Services* (*3.2%)*
Atwood Oceanics, Inc.*		4,100		180,933
Baker Hughes, Inc.		12,300		892,488
Cameron International Corp.*		61,066		3,071,009
CARBO Ceramics, Inc.		1,400		228,130
Complete Production Services, Inc.*		5,600		186,816
Core Laboratories N.V.		3,800		423,852
Diamond Offshore Drilling, Inc.		2,300		161,943
Dresser-Rand Group, Inc.*		7,000		376,250
Dril-Quip, Inc.*		2,400		162,792
Ensco plc (ADR)		3,324		177,169
FMC Technologies, Inc.*		31,600		1,415,364
Halliburton Co.		270,339		13,787,289
Helmerich & Payne, Inc.		6,300		416,556
Lufkin Industries, Inc.		2,200		189,310
McDermott International, Inc.*		18,528		367,040
Nabors Industries Ltd.*		173,100		4,265,184
National Oilwell Varco, Inc.		62,131		4,859,266
Oceaneering International, Inc.		7,700		311,850
Oil States International, Inc.*		3,100		247,721
Patterson-UTI Energy, Inc.		5,500		173,855
Rowan Cos., Inc.*		2,183		84,722
RPC, Inc.		3,600		88,344
Schlumberger Ltd.		150,101		12,968,726
Superior Energy Services, Inc.*		5,700		211,698
TETRA Technologies, Inc.*		3,406		43,358
Tidewater, Inc.		3,000		161,430
Weatherford International Ltd.*		505,010		9,468,938

				54,922,033

*Oil, Gas & Consumable Fuels* (*5.7%)*
Alpha Natural Resources, Inc.*		9,000		408,960
Anadarko Petroleum Corp.		185,146		14,211,807
Apache Corp.		7,900		974,781
Apco Oil and Gas International, Inc.		1,200		104,316
Arch Coal, Inc.		9,500		253,270
Berry Petroleum Co., Class A		3,700		196,581
BPZ Resources, Inc.*		9,200		30,176
Brigham Exploration Co.*		8,298		248,359
Cabot Oil & Gas Corp.		7,400		490,694

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Cheniere Energy, Inc.*		3,100	$	28,396
Chevron Corp.		8,900		915,276
Cimarex Energy Co.		9,800		881,216
Clean Energy Fuels Corp.*		4,600		60,490
Cobalt International Energy, Inc.*		12,100		164,923
Concho Resources, Inc.*		7,600		698,060
Consol Energy, Inc.		117,881		5,714,871
Contango Oil & Gas Co.*		1,100		64,284
Continental Resources, Inc.*		3,000		194,730
Denbury Resources, Inc.*		312,677		6,253,540
El Paso Corp.		51,500		1,040,300
Energy XXI Bermuda Ltd.*		5,400		179,388
EOG Resources, Inc.		73,971		7,733,668
EQT Corp.		3,773		198,158
EXCO Resources, Inc.		17,600		310,640
Exxon Mobil Corp.		258,786		21,060,005
Forest Oil Corp.*		6,000		160,260
Frontier Oil Corp.		7,600		245,556
FX Energy, Inc.*		3,300		28,974
Golar LNG Ltd.		2,400		83,736
Gulfport Energy Corp.*		3,600		106,884
Holly Corp.*		3,100		215,140
Isramco, Inc.*		200		13,216
Kinder Morgan, Inc.		178,162		5,118,594
Kosmos Energy Ltd.*		8,400		142,632
McMoRan Exploration Co.*		9,800		181,104
Murphy Oil Corp.		2,900		190,414
Newfield Exploration Co.*		5,500		374,110
Noble Energy, Inc.		31,600		2,832,308
Northern Oil and Gas, Inc.*		1,700		37,655
Oasis Petroleum, Inc.*		5,700		169,176
Occidental Petroleum Corp.		100,204		10,425,224
Panhandle Oil and Gas, Inc., Class A		600		17,694
Peabody Energy Corp.		65,510		3,859,194
Petrohawk Energy Corp.*		17,790		438,879
Pioneer Natural Resources Co.		6,700		600,119
QEP Resources, Inc.		9,900		414,117
Quicksilver Resources, Inc.*		10,400		153,504
Range Resources Corp.		35,767		1,985,069
Rex Energy Corp.*		1,400		14,378
Rosetta Resources, Inc.*		3,800		195,852
SandRidge Energy, Inc.*		29,200		311,272
SM Energy Co.		3,700		271,876
Southwestern Energy Co.*		24,488		1,050,045
Suncor Energy, Inc.		52,710		2,060,961
Syntroleum Corp.*		9,600		14,112
Ultra Petroleum Corp.*		12,600		577,080
VAALCO Energy, Inc.*		1,500		9,030
Valero Energy Corp.		68,770		1,758,449
Venoco, Inc.*		1,600		20,384
W&T Offshore, Inc.		2,400		62,688
Warren Resources, Inc.*		4,700		17,907
Whiting Petroleum Corp.*		8,400		478,044

				97,052,526

Total Energy				151,974,559


	Number of Shares		Value (Note 1)

Financials (3.6%)
*Capital Markets* (*1.3%)*
Affiliated Managers Group, Inc.*		3,700	$	375,365
Apollo Global Management LLC, Class A		257,900		4,435,880
BGC Partners, Inc., Class A		1,500		11,595
BlackRock, Inc.		17,375		3,332,699
Charles Schwab Corp.		190,097		3,127,096
Cohen & Steers, Inc.		800		26,520
Diamond Hill Investment Group, Inc.		200		16,258
Duff & Phelps Corp., Class A		2,100		26,943
Eaton Vance Corp.		10,011		302,632
Epoch Holding Corp.		800		14,280
Federated Investors, Inc., Class B		6,200		147,808
Franklin Resources, Inc.		24,315		3,192,316
GAMCO Investors, Inc., Class A		200		9,258
Greenhill & Co., Inc.		42,800		2,303,496
ICG Group, Inc.*		1,900		23,237
Lazard Ltd., Class A		6,900		255,990
LPL Investment Holdings, Inc.*		4,400		150,524
optionsXpress Holdings, Inc.		5,100		85,068
Pzena Investment Management, Inc., Class A		500		2,840
SEI Investments Co.		10,900		245,359
State Street Corp.		37,900		1,708,911
T. Rowe Price Group, Inc.		18,402		1,110,377
TD Ameritrade Holding Corp.		21,721		423,777
Waddell & Reed Financial, Inc., Class A		7,500		272,625
Westwood Holdings Group, Inc.		400		15,240

				21,616,094

*Commercial Banks* (*0.4%)*
Arrow Financial Corp.		927		22,684
PNC Financial Services Group, Inc.		69,051		4,116,130
Signature Bank/New York*		2,900		165,880
SY Bancorp, Inc.		100		2,325
Wells Fargo & Co.		87,650		2,459,459
Westamerica Bancorp		1,978		97,416

				6,863,894

*Consumer Finance* (*0.8%)*
Advance America Cash Advance Centers, Inc.		5,800		39,962
American Express Co.		193,121		9,984,356
Discover Financial Services		6,500		173,875
EZCORP, Inc., Class A*		4,336		154,253
Green Dot Corp., Class A*		100,514		3,415,466

				13,767,912

*Diversified Financial Services* (*0.2%)*
IntercontinentalExchange, Inc.*		10,695		1,333,773
JPMorgan Chase & Co.		25,400		1,039,876
Moody’s Corp.		16,426		629,937
MSCI, Inc., Class A*		8,741		329,361
NASDAQ OMX Group, Inc.*		6,700		169,510

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

NYSE Euronext		5,052	$	173,132
Portfolio Recovery Associates, Inc.*		1,811		153,555

				3,829,144

*Insurance* (*0.1%)*
Erie Indemnity Co., Class A		2,800		198,016
MetLife, Inc.		34,810		1,527,114
Validus Holdings Ltd.		6,743		208,696

				1,933,826

*Real Estate Investment Trusts (REITs)* (*0.5%)*
Acadia Realty Trust (REIT)		1,300		26,429
Alexander’s, Inc. (REIT)		100		39,700
Apartment Investment & Management Co. (REIT), Class A		7,200		183,816
Associated Estates Realty Corp. (REIT)		700		11,375
Boston Properties, Inc. (REIT)		8,500		902,360
Camden Property Trust (REIT)		3,600		229,032
CBL & Associates Properties, Inc. (REIT)		8,500		154,105
Digital Realty Trust, Inc. (REIT)		6,711		414,606
DuPont Fabros Technology, Inc. (REIT)		600		15,120
Equity Lifestyle Properties, Inc. (REIT)		1,900		118,636
Equity Residential (REIT)		3,000		180,000
Essex Property Trust, Inc. (REIT)		1,300		175,877
Federal Realty Investment Trust (REIT)		3,000		255,540
Getty Realty Corp. (REIT)		1,000		25,230
Home Properties, Inc. (REIT)		2,800		170,464
Macerich Co. (REIT)		3,300		176,550
Mid-America Apartment Communities, Inc. (REIT)		1,500		101,205
Plum Creek Timber Co., Inc. (REIT)		5,200		210,808
Potlatch Corp. (REIT)		1,929		68,036
PS Business Parks, Inc. (REIT)		400		22,040
Public Storage (REIT)		9,030		1,029,510
Rayonier, Inc. (REIT)		5,800		379,030
Saul Centers, Inc. (REIT)		500		19,685
Simon Property Group, Inc. (REIT)		17,050		1,981,721
Tanger Factory Outlet Centers (REIT)		5,076		135,885
UDR, Inc. (REIT)		6,300		154,665
Universal Health Realty Income Trust (REIT)		900		35,982
Ventas, Inc. (REIT)		11,000		579,810
Vornado Realty Trust (REIT)		1,900		177,042
Washington Real Estate Investment Trust (REIT)		547		17,788
Weyerhaeuser Co. (REIT)		11,100		242,646

				8,234,693


	Number of Shares		Value (Note 1)

*Real Estate Management & Development* (*0.1%)*
CB Richard Ellis Group, Inc., Class A*		43,391	$	1,089,548
Jones Lang LaSalle, Inc.		3,500		330,050
Tejon Ranch Co.*		900		30,690

				1,450,288

*Thrifts & Mortgage Finance* (*0.2%)*
Astoria Financial Corp.		174,000		2,225,460
Hudson City Bancorp, Inc.		18,600		152,334
New York Community Bancorp, Inc.		117,500		1,761,325
People’s United Financial, Inc.		11,600		155,904
TrustCo Bank Corp./New York		2,100		10,290

				4,305,313

Total Financials				62,001,164

Health Care (11.0%)
*Biotechnology (3.6%)*
Affymax, Inc.*		900		6,183
Alexion Pharmaceuticals, Inc.*		118,796		5,586,976
Allos Therapeutics, Inc.*		7,600		16,264
Alnylam Pharmaceuticals, Inc.*		4,300		40,291
AMAG Pharmaceuticals, Inc.*		2,000		37,600
Amgen, Inc.*		108,305		6,319,597
Amylin Pharmaceuticals, Inc.*		12,000		160,320
Ardea Biosciences, Inc.*		1,200		30,552
Arena Pharmaceuticals, Inc.*		7,588		10,320
ARIAD Pharmaceuticals, Inc.*		15,100		171,083
ArQule, Inc.*		3,300		20,625
Array BioPharma, Inc.*		3,900		8,736
AVI BioPharma, Inc.*		15,200		21,736
BioCryst Pharmaceuticals, Inc.*		2,500		9,550
Biogen Idec, Inc.*		180,861		19,337,658
BioMarin Pharmaceutical, Inc.*		7,200		195,912
BioMimetic Therapeutics, Inc.*		34,618		177,244
Celgene Corp.*		147,053		8,870,237
Celldex Therapeutics, Inc.*		1,200		4,260
Cepheid, Inc.*		78,754		2,728,038
Chelsea Therapeutics International Ltd.*		3,900		19,890
Codexis, Inc.*		149		1,435
Curis, Inc.*		9,800		35,084
Cytori Therapeutics, Inc.*		1,700		8,143
Dendreon Corp.*		19,219		757,997
Dyax Corp.*		4,500		8,910
Emergent Biosolutions, Inc.*		2,300		51,865
Enzon Pharmaceuticals, Inc.*		3,600		36,180
Exelixis, Inc.*		12,700		113,792
Genomic Health, Inc.*		108,782		3,036,106
Geron Corp.*		4,000		16,040
Gilead Sciences, Inc.*		94,664		3,920,036
Halozyme Therapeutics, Inc.*		8,500		58,735
Human Genome Sciences, Inc.*		63,192		1,550,732
Idenix Pharmaceuticals, Inc.*		2,000		10,000
Immunogen, Inc.*		17,300		210,887
Immunomedics, Inc.*		5,300		21,571
Incyte Corp.*		6,200		117,428
InterMune, Inc.*		4,700		168,495
Isis Pharmaceuticals, Inc.*		39,560		362,370
Lexicon Pharmaceuticals, Inc.*		1,900		3,344

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Ligand Pharmaceuticals, Inc., Class B*		1,383	$	16,527
MannKind Corp.*		4,949		18,806
Medivation, Inc.*		3,400		72,862
Metabolix, Inc.*		1,500		10,710
Micromet, Inc.*		4,528		25,991
Momenta Pharmaceuticals, Inc.*		4,500		87,570
Myriad Genetics, Inc.*		59,700		1,355,787
Nabi Biopharmaceuticals*		400		2,152
Neurocrine Biosciences, Inc.*		3,100		24,955
Novavax, Inc.*		4,700		9,494
NPS Pharmaceuticals, Inc.*		3,800		35,910
Onyx Pharmaceuticals, Inc.*		4,500		158,850
Opko Health, Inc.*		3,900		14,391
Orexigen Therapeutics, Inc.*		1,600		2,544
Osiris Therapeutics, Inc.*		1,200		9,288
PDL BioPharma, Inc.		14,400		84,528
Pharmasset, Inc.*		2,600		291,720
Progenics Pharmaceuticals, Inc.*		2,200		15,796
Regeneron Pharmaceuticals, Inc.*		5,200		294,892
Rigel Pharmaceuticals, Inc.*		3,000		27,510
Sangamo BioSciences, Inc.*		3,000		17,670
Sciclone Pharmaceuticals, Inc.*		5,800		35,032
Seattle Genetics, Inc.*		9,600		196,992
SIGA Technologies, Inc.*		2,771		26,989
Spectrum Pharmaceuticals, Inc.*		3,469		32,140
Synta Pharmaceuticals Corp.*		1,400		7,042
United Therapeutics Corp.*		4,142		228,224
Vanda Pharmaceuticals, Inc.*		2,614		18,664
Vertex Pharmaceuticals, Inc.*		66,320		3,447,977
Vical, Inc.*		6,900		28,428

				60,861,663

*Health Care Equipment & Supplies (1.8%)*
Abaxis, Inc.*		2,700		73,575
ABIOMED, Inc.*		2,800		45,360
Accuray, Inc.*		3,411		27,321
Align Technology, Inc.*		7,000		159,600
Analogic Corp.		1,100		57,849
Atrion Corp.		100		19,780
Baxter International, Inc.		45,814		2,734,638
Becton, Dickinson and Co.		16,525		1,423,959
C.R. Bard, Inc.		6,053		664,983
CareFusion Corp.*		6,600		179,322
Cerus Corp.*		498,150		1,494,450
Conceptus, Inc.*		3,800		44,346
Cooper Cos., Inc.		2,200		174,328
Covidien plc		87,795		4,673,328
CryoLife, Inc.*		2,300		12,880
Cyberonics, Inc.*		3,500		97,825
DENTSPLY International, Inc.		4,200		159,936
DexCom, Inc.*		5,033		72,928
Edwards Lifesciences Corp.*		17,496		1,525,301
Endologix, Inc.*		5,900		54,870
Exactech, Inc.*		600		10,806
GenMark Diagnostics, Inc.*		100,000		583,000
Gen-Probe, Inc.*		4,200		290,430
Given Imaging Ltd.*		143,809		2,926,513
Hansen Medical, Inc.*		1,400		4,774
HeartWare International, Inc.*		800		59,264
Hill-Rom Holdings, Inc.		3,581		164,869


	Number of Shares		Value (Note 1)

ICU Medical, Inc.*		1,176	$	51,391
IDEXX Laboratories, Inc.*		5,000		387,800
Insulet Corp.*		3,600		79,812
Integra LifeSciences Holdings Corp.*		2,300		109,963
Intuitive Surgical, Inc.*		2,756		1,025,535
Invacare Corp.		1,700		56,423
IRIS International, Inc.*		1,500		14,985
Kensey Nash Corp.*		600		15,138
Kinetic Concepts, Inc.*		2,742		158,022
MAKO Surgical Corp.*		2,600		77,298
Medtronic, Inc.		140,002		5,394,277
Meridian Bioscience, Inc.		4,800		115,728
Merit Medical Systems, Inc.*		4,500		80,865
Natus Medical, Inc.*		2,200		33,330
Neogen Corp.*		1,800		81,378
NxStage Medical, Inc.*		1,200		24,984
OraSure Technologies, Inc.*		3,600		30,708
Orthofix International N.V.*		1,609		68,334
Quidel Corp.*		2,300		34,845
ResMed, Inc.*		13,000		402,350
RTI Biologics, Inc.*		4,400		11,924
Sirona Dental Systems, Inc.*		4,000		212,400
SonoSite, Inc.*		1,400		49,238
Spectranetics Corp.*		2,600		16,172
St. Jude Medical, Inc.		23,111		1,101,933
Stereotaxis, Inc.*		2,500		8,775
Stryker Corp.		37,103		2,177,575
Synovis Life Technologies, Inc.*		900		15,678
Thoratec Corp.*		4,700		154,254
Varian Medical Systems, Inc.*		8,313		582,076
Volcano Corp.*		2,500		80,725
Zoll Medical Corp.*		1,700		96,322

				30,486,473

*Health Care Providers & Services (1.8%)*
Aetna, Inc.		59,350		2,616,741
Air Methods Corp.*		900		67,266
Alliance HealthCare Services, Inc.*		1,900		7,220
AMERIGROUP Corp.*		2,400		169,128
AmerisourceBergen Corp.		21,999		910,759
AMN Healthcare Services, Inc.*		2,600		21,632
Bio-Reference Labs, Inc.*		1,800		37,620
BioScrip, Inc.*		4,447		28,861
Brookdale Senior Living, Inc.*		6,700		162,475
Cardinal Health, Inc.		12,500		567,750
CardioNet, Inc.*		2,261		12,006
Catalyst Health Solutions, Inc.*		3,000		167,460
Chindex International, Inc.*		900		12,258
Corvel Corp.*		700		32,830
DaVita, Inc.*		6,831		591,633
Emeritus Corp.*		1,600		34,000
Ensign Group, Inc.		1,800		54,702
Express Scripts, Inc.*		58,074		3,134,835
HCA Holdings, Inc.*		58,010		1,914,330
Health Management Associates, Inc., Class A*		18,000		194,040
Healthspring, Inc.*		3,500		161,385
Henry Schein, Inc.*		3,517		251,782
IPC The Hospitalist Co., Inc.*		1,517		70,313

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Laboratory Corp. of America Holdings*		7,381	$	714,407
Landauer, Inc.		400		24,636
Lincare Holdings, Inc.		7,400		216,598
McKesson Corp.		40,258		3,367,582
Medco Health Solutions, Inc.*		30,691		1,734,655
MEDNAX, Inc.*		2,751		198,595
MWI Veterinary Supply, Inc.*		1,400		113,078
National Research Corp.		100		3,653
Patterson Cos., Inc.		8,601		282,887
Providence Service Corp.*		800		10,120
Quest Diagnostics, Inc.		9,113		538,578
Tenet Healthcare Corp.*		31,500		196,560
U.S. Physical Therapy, Inc.		1,000		24,730
UnitedHealth Group, Inc.		226,995		11,708,402
Universal Health Services, Inc., Class B		6,434		331,544

				30,687,051

*Health Care Technology (0.2%)*
Allscripts Healthcare Solutions, Inc.*		9,525		184,975
athenahealth, Inc.*		65,489		2,691,598
Cerner Corp.*		11,600		708,876
Computer Programs & Systems, Inc.		1,300		82,524
Emdeon, Inc., Class A*		2,813		36,907
MedAssets, Inc.*		4,765		63,660
Omnicell, Inc.*		2,500		38,975
Quality Systems, Inc.		1,900		165,870

				3,973,385

*Life Sciences Tools & Services (1.3%)*
Agilent Technologies, Inc.*		93,348		4,771,016
Bruker Corp.*		12,600		256,536
Charles River Laboratories International, Inc.*		300		12,195
Complete Genomics, Inc.*		96,000		1,466,880
Compugen Ltd.*		144,885		588,233
Covance, Inc.*		29,791		1,768,692
Enzo Biochem, Inc.*		2,000		8,500
eResearchTechnology, Inc.*		3,500		22,295
Illumina, Inc.*		137,172		10,308,476
Life Technologies Corp.*		2,892		150,586
Luminex Corp.*		5,000		104,500
Mettler-Toledo International, Inc.*		2,900		489,143
Pharmaceutical Product Development, Inc.		9,100		244,244
Sequenom, Inc.*		4,900		36,995
Techne Corp.		3,200		266,784
Waters Corp.*		6,500		622,310

				21,117,385

*Pharmaceuticals (2.3%)*
Abbott Laboratories, Inc.		153,491		8,076,697
Acura Pharmaceuticals, Inc.*		700		2,709
Akorn, Inc.*		4,600		32,200
Allergan, Inc.		85,366		7,106,720
Cadence Pharmaceuticals, Inc.*		2,900		26,680
Depomed, Inc.*		4,100		33,538
Durect Corp.*		6,600		13,398


	Number of Shares		Value (Note 1)

Eli Lilly and Co.		24,127	$	905,486
Endo Pharmaceuticals Holdings, Inc.*		8,300		333,411
Forest Laboratories, Inc.*		248,795		9,787,595
Hospira, Inc.*		9,985		565,750
Impax Laboratories, Inc.*		5,689		123,963
Johnson & Johnson		80,130		5,330,248
MAP Pharmaceuticals, Inc.*		600		9,582
Medicines Co.*		4,200		69,342
Mylan, Inc.*		28,265		697,298
Obagi Medical Products, Inc.*		1,400		13,202
Optimer Pharmaceuticals, Inc.*		3,700		43,993
Pain Therapeutics, Inc.*		2,800		10,836
Perrigo Co.		6,900		606,303
Pozen, Inc.*		2,100		8,820
Questcor Pharmaceuticals, Inc.*		4,100		98,810
Salix Pharmaceuticals Ltd.*		5,900		234,997
Santarus, Inc.*		5,801		19,549
Sucampo Pharmaceuticals, Inc., Class A*		700		2,870
Teva Pharmaceutical Industries Ltd. (ADR)		29,700		1,432,134
Valeant Pharmaceuticals International, Inc.		31,650		1,644,534
Vivus, Inc.*		8,400		68,376
Warner Chilcott plc, Class A		78,100		1,884,553
Watson Pharmaceuticals, Inc.*		8,500		584,205
XenoPort, Inc.*		3,500		24,920

				39,792,719

Total Health Care				186,918,676

Industrials (9.9%)
*Aerospace & Defense (2.8%)*
Aerovironment, Inc.*		1,700		60,095
Alliant Techsystems, Inc.		2,821		201,222
BE Aerospace, Inc.*		6,500		265,265
Boeing Co.		80,889		5,980,124
Cubic Corp.		1,439		73,374
DigitalGlobe, Inc.*		1,478		37,556
GenCorp, Inc.*		4,600		29,532
GeoEye, Inc.*		1,673		62,570
Goodrich Corp.		107,148		10,232,634
HEICO Corp.		3,000		164,220
Honeywell International, Inc.		91,571		5,456,716
L-3 Communications Holdings, Inc.		36,065		3,153,884
Lockheed Martin Corp.		17,168		1,390,093
National Presto Industries, Inc.		459		46,584
Precision Castparts Corp.		46,671		7,684,380
Rockwell Collins, Inc.		10,989		677,911
Spirit AeroSystems Holdings, Inc., Class A*		3,446		75,812
Taser International, Inc.*		5,100		23,205
Teledyne Technologies, Inc.*		1,000		50,360
Textron, Inc.		11,700		276,237
TransDigm Group, Inc.*		3,472		316,612
United Technologies Corp.		120,527		10,667,845

				46,926,231

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Air Freight & Logistics (0.6%)*
C.H. Robinson Worldwide, Inc.		11,711	$	923,295
Expeditors International of Washington, Inc.		26,243		1,343,379
FedEx Corp.		26,420		2,505,937
Forward Air Corp.		1,173		39,636
Hub Group, Inc., Class A*		1,900		71,554
United Parcel Service, Inc., Class B		71,748		5,232,582
UTi Worldwide, Inc.		2,100		41,349

				10,157,732

*Airlines (0.2%)*
Allegiant Travel Co.*		1,415		70,042
AMR Corp.*		16,068		86,767
Copa Holdings S.A., Class A		400		26,696
Delta Air Lines, Inc.*		36,141		331,413
Southwest Airlines Co.		162,800		1,859,176
United Continental Holdings, Inc.*		22,652		512,615

				2,886,709

*Building Products (0.0%)*
AAON, Inc.		1,650		36,036
Armstrong World Industries, Inc.		1,200		54,672
Lennox International, Inc.		6,500		279,955
Masco Corp.		25,475		306,464
Trex Co., Inc.*		1,900		46,512
USG Corp.*		600		8,604

				732,243

*Commercial Services & Supplies (0.2%)*
ABM Industries, Inc.		1,120		26,141
American Reprographics Co.*		3,000		21,210
APAC Customer Services, Inc.*		4,100		21,853
Avery Dennison Corp.		2,045		78,998
Cenveo, Inc.*		3,900		24,960
Clean Harbors, Inc.*		1,700		175,525
Copart, Inc.*		5,769		268,835
Covanta Holding Corp.		200		3,298
Deluxe Corp.		3,500		86,485
EnerNOC, Inc.*		1,185		18,652
Healthcare Services Group, Inc.		7,800		126,750
InnerWorkings, Inc.*		2,600		21,684
Interface, Inc., Class A		4,300		83,291
Iron Mountain, Inc.		15,393		524,747
KAR Auction Services, Inc.*		100		1,891
Knoll, Inc.		6,000		120,420
Mine Safety Appliances Co.		2,266		84,613
Multi-Color Corp.		800		19,752
Standard Parking Corp.*		500		7,985
Stericycle, Inc.*		7,300		650,576
Sykes Enterprises, Inc.*		4,302		92,622
Team, Inc.*		1,500		36,195
U.S. Ecology, Inc.		1,300		22,230
Waste Connections, Inc.		7,756		246,098

				2,764,811

*Construction & Engineering (0.4%)*
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		900		35,010


	Number of Shares		Value (Note 1)

Fluor Corp.		38,750	$	2,505,575
Furmanite Corp.*		2,200		17,468
KBR, Inc.		5,200		195,988
MYR Group, Inc.*		1,650		38,610
Quanta Services, Inc.*		88,850		1,794,770
Shaw Group, Inc.*		99,918		3,018,523

				7,605,944

*Electrical Equipment (0.6%)*
A123 Systems, Inc.*		407,500		2,167,900
Acuity Brands, Inc.		2,600		145,028
AMETEK, Inc.		13,810		620,069
AZZ, Inc.		1,149		52,624
Babcock & Wilcox Co.*		9,264		256,705
Broadwind Energy, Inc.*		3,167		4,592
Cooper Industries plc		7,700		459,459
Emerson Electric Co.		69,654		3,918,038
General Cable Corp.*		400		17,032
GrafTech International Ltd.*		5,547		112,438
II-VI, Inc.*		4,400		112,640
Polypore International, Inc.*		2,800		189,952
PowerSecure International, Inc.*		1,400		10,108
Rockwell Automation, Inc.		12,000		1,041,120
Roper Industries, Inc.		7,172		597,428
Thomas & Betts Corp.*		1,760		94,776
Vicor Corp.		1,600		25,872

				9,825,781

*Industrial Conglomerates (0.9%)*
3M Co.		85,868		8,144,580
Carlisle Cos., Inc.		1,675		82,460
General Electric Co.		132,490		2,498,762
Raven Industries, Inc.		1,300		72,423
Tyco International Ltd.		98,005		4,844,387

				15,642,612

*Machinery (3.0%)*
3D Systems Corp.*		2,600		51,246
Actuant Corp., Class A		3,923		105,254
Ampco-Pittsburgh Corp.		500		11,725
Badger Meter, Inc.		1,800		66,582
Bucyrus International, Inc.		6,300		577,458
Caterpillar, Inc.		45,870		4,883,320
CLARCOR, Inc.		2,298		108,649
Colfax Corp.*		1,700		42,160
Cummins, Inc.		103,366		10,697,347
Danaher Corp.		231,697		12,277,624
Deere & Co.		29,867		2,462,534
Donaldson Co., Inc.		6,600		400,488
Dover Corp.		10,941		741,800
Dynamic Materials Corp.		1,000		22,420
Eaton Corp.		125,072		6,434,954
Flow International Corp.*		3,100		11,036
Flowserve Corp.		3,393		372,857
Gardner Denver, Inc.		4,100		344,605
Gorman-Rupp Co.		1,500		49,410
Graco, Inc.		4,610		233,543
Graham Corp.		800		16,320
Harsco Corp.		100		3,260
IDEX Corp.		5,600		256,760
Illinois Tool Works, Inc.		31,200		1,762,488

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Ingersoll-Rand plc		18,700	$	849,167
Joy Global, Inc.		7,933		755,539
Kennametal, Inc.		1,300		54,873
Lincoln Electric Holdings, Inc.		7,000		250,950
Lindsay Corp.		1,000		68,800
Manitowoc Co., Inc.		2,900		48,836
Met-Pro Corp.		1,200		13,656
Navistar International Corp.*		5,599		316,120
Nordson Corp.		4,920		269,862
Omega Flex, Inc.*		300		4,209
PACCAR, Inc.		25,818		1,319,042
Pall Corp.		55,745		3,134,541
Parker Hannifin Corp.		4,800		430,752
PMFG, Inc.*		1,100		21,835
RBC Bearings, Inc.*		1,800		67,968
Sauer-Danfoss, Inc.*		800		40,312
SPX Corp.		2,200		181,852
Sun Hydraulics Corp.		900		43,020
Tennant Co.		2,300		91,839
Timken Co.		4,500		226,800
Valmont Industries, Inc.		500		48,195
WABCO Holdings, Inc.*		6,900		476,514
Wabtec Corp.		3,400		223,448

				50,871,970

*Marine (0.0%)*
Kirby Corp.*		1,037		58,767

*Professional Services (0.2%)*
Acacia Research Corp. - Acacia Technologies*		3,307		121,334
Advisory Board Co.*		1,300		75,244
CDI Corp.		100		1,329
CoStar Group, Inc.*		2,400		142,272
CRA International, Inc.*		600		16,254
Dun & Bradstreet Corp.		4,249		320,970
Equifax, Inc.		4,500		156,240
Exponent, Inc.*		1,800		78,318
Huron Consulting Group, Inc.*		2,700		81,567
ICF International, Inc.*		909		23,070
IHS, Inc., Class A*		4,130		344,525
Insperity, Inc.		2,600		76,986
Korn/Ferry International*		300		6,597
Manpower, Inc.		21,420		1,149,183
Nielsen Holdings N.V.*		5,200		162,032
Robert Half International, Inc.		13,212		357,120
Towers Watson & Co., Class A		2,500		164,275
Verisk Analytics, Inc., Class A*		9,800		339,276

				3,616,592

*Road & Rail (0.8%)*
Avis Budget Group, Inc.*		6,628		113,272
Celadon Group, Inc.*		2,003		27,962
Con-way, Inc.		2,020		78,396
CSX Corp.		78,500		2,058,270
Genesee & Wyoming, Inc., Class A*		2,800		164,192
Heartland Express, Inc.		2,800		46,368
Hertz Global Holdings, Inc.*		17,400		276,312
J.B. Hunt Transport Services, Inc.		7,723		363,676
Kansas City Southern*		5,000		296,650


	Number of Shares		Value (Note 1)

Landstar System, Inc.		4,200	$	195,216
Marten Transport Ltd.		1,496		32,314
Old Dominion Freight Line, Inc.*		571		21,298
Union Pacific Corp.		101,534		10,600,150

				14,274,076

*Trading Companies & Distributors (0.2%)*
Beacon Roofing Supply, Inc.*		3,481		79,437
Fastenal Co.		41,608		1,497,472
Houston Wire & Cable Co.		1,400		21,770
Kaman Corp.		2,098		74,416
MSC Industrial Direct Co., Class A		3,700		245,347
TAL International Group, Inc.		300		10,359
Titan Machinery, Inc.*		600		17,268
W.W. Grainger, Inc.		4,102		630,272
WESCO International, Inc.*		3,000		162,270

				2,738,611

Total Industrials				168,102,079

Information Technology (21.9%)
*Communications Equipment (2.9%)*
Acme Packet, Inc.*		62,800		4,404,164
ADTRAN, Inc.		4,400		170,324
Anaren, Inc.*		1,339		28,454
Arris Group, Inc.*		27,371		317,777
Aruba Networks, Inc.*		6,200		183,210
Ciena Corp.*		2,836		52,126
Cisco Systems, Inc.		270,630		4,224,534
DG FastChannel, Inc.*		2,500		80,125
Digi International, Inc.*		400		5,200
EMS Technologies, Inc.*		1,269		41,839
F5 Networks, Inc.*		22,600		2,491,650
Harmonic, Inc.*		6,860		49,598
Harris Corp.		3,369		151,807
Infinera Corp.*		10,300		71,173
Ixia*		2,100		26,880
JDS Uniphase Corp.*		17,800		296,548
Juniper Networks, Inc.*		210,007		6,615,221
Loral Space & Communications, Inc.*		1,058		73,499
NETGEAR, Inc.*		500		21,860
Nokia Oyj (ADR)		108,480		696,442
Oplink Communications, Inc.*		600		11,178
Polycom, Inc.*		7,000		450,100
QUALCOMM, Inc.		365,161		20,737,493
Riverbed Technology, Inc.*		205,000		8,115,950
ShoreTel, Inc.*		3,000		30,600
ViaSat, Inc.*		2,361		102,160

				49,449,912

*Computers & Peripherals (4.3%)*
Apple, Inc.*		141,129		47,372,771
Dell, Inc.*		85,860		1,431,286
EMC Corp.*		385,627		10,624,024
Immersion Corp.*		1,200		10,236
NCR Corp.*		11,360		214,590
NetApp, Inc.*		83,315		4,397,366
Novatel Wireless, Inc.*		3,014		16,517
SanDisk Corp.*		128,815		5,345,823

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Seagate Technology plc		147,825	$	2,388,852
Silicon Graphics International Corp.*		97,200		1,671,840
STEC, Inc.*		3,341		56,830
Stratasys, Inc.*		1,700		57,290
Super Micro Computer, Inc.*		1,600		25,744

				73,613,169

*Electronic Equipment, Instruments & Components (0.5%)*
Amphenol Corp., Class A		14,660		791,493
Anixter International, Inc.		200		13,068
Arrow Electronics, Inc.*		4,400		182,600
Brightpoint, Inc.*		4,906		39,788
Cognex Corp.		607		21,506
Corning, Inc.		59,800		1,085,370
Daktronics, Inc.		2,700		29,133
Dolby Laboratories, Inc., Class A*		22,000		934,120
DTS, Inc.*		1,400		56,770
Echelon Corp.*		2,400		21,816
FARO Technologies, Inc.*		1,400		61,320
FLIR Systems, Inc.		12,888		434,454
IPG Photonics Corp.*		1,600		116,336
Jabil Circuit, Inc.		11,300		228,260
Maxwell Technologies, Inc.*		1,500		24,285
MTS Systems Corp.		500		20,915
Multi-Fineline Electronix, Inc.*		1,300		28,093
National Instruments Corp.		6,500		192,985
OSI Systems, Inc.*		1,000		43,000
Plexus Corp.*		1,118		38,918
Power-One, Inc.*		400		3,240
Rofin-Sinar Technologies, Inc.*		1,083		36,984
TE Connectivity Ltd.		87,780		3,226,793
Trimble Navigation Ltd.*		10,300		408,292
Universal Display Corp.*		2,300		80,707

				8,120,246

*Internet Software & Services (2.5%)*
Akamai Technologies, Inc.*		15,019		472,648
Baidu, Inc. (ADR)*		73,854		10,349,161
comScore, Inc.*		1,500		38,850
Constant Contact, Inc.*		2,900		73,602
Cornerstone OnDemand, Inc.*		95,118		1,678,833
DealerTrack Holdings, Inc.*		4,700		107,865
Dice Holdings, Inc.*		1,300		17,576
Digital River, Inc.*		3,675		118,188
eBay, Inc.*		143,298		4,624,227
Equinix, Inc.*		3,760		379,835
Google, Inc., Class A*		28,898		14,633,369
InfoSpace, Inc.*		1,600		14,592
j2 Global Communications, Inc.*		4,900		138,327
Keynote Systems, Inc.		200		4,326
Limelight Networks, Inc.*		1,300		5,928
LinkedIn Corp., Class A*		15,647		1,409,638
Liquidity Services, Inc.*		1,200		28,332
LivePerson, Inc.*		5,500		77,770
LoopNet, Inc.*		2,400		44,112
MercadoLibre, Inc.		18,700		1,483,658
Move, Inc.*		973,370		2,131,680
NIC, Inc.		6,200		83,452


	Number of Shares		Value (Note 1)

Rackspace Hosting, Inc.*		89,650	$	3,831,641
RightNow Technologies, Inc.*		2,300		74,520
SAVVIS, Inc.*		4,400		173,932
Stamps.com, Inc.		1,100		14,674
support.com, Inc.*		2,600		12,480
VeriSign, Inc.		15,600		521,976
Vocus, Inc.*		1,300		39,793
WebMD Health Corp.*		4,458		203,196
XO Group, Inc.*		2,300		22,885
Zix Corp.*		9,600		36,864

				42,847,930

*IT Services (2.9%)*
Accenture plc, Class A		126,064		7,616,787
Alliance Data Systems Corp.*		4,580		430,840
Automatic Data Processing, Inc.		35,659		1,878,516
Broadridge Financial Solutions, Inc.		12,969		312,164
CACI International, Inc., Class A*		500		31,540
Cardtronics, Inc.*		1,000		23,450
Cass Information Systems, Inc.		500		18,880
Cognizant Technology Solutions Corp., Class A*		21,164		1,552,168
CSG Systems International, Inc.*		1,500		27,720
DST Systems, Inc.		700		36,960
ExlService Holdings, Inc.*		1,200		27,720
Fiserv, Inc.*		8,409		526,656
Forrester Research, Inc.		1,300		42,848
Gartner, Inc.*		5,200		209,508
Genpact Ltd.*		11,000		189,640
Global Payments, Inc.		7,000		357,000
Hackett Group, Inc.*		3,300		16,797
Heartland Payment Systems, Inc.		4,700		96,820
iGATE Corp.		1,800		29,376
Integral Systems, Inc.*		1,400		17,038
International Business Machines Corp.		86,174		14,783,150
Jack Henry & Associates, Inc.		9,701		291,127
Lender Processing Services, Inc.		8,237		172,236
Lionbridge Technologies, Inc.*		9,400		29,892
Mastercard, Inc., Class A		19,668		5,926,755
MAXIMUS, Inc.		1,465		121,199
MoneyGram International, Inc.*		10,300		34,196
NCI, Inc., Class A*		500		11,360
NeuStar, Inc., Class A*		1,600		41,920
Paychex, Inc.		21,172		650,404
SAIC, Inc.*		9,236		155,349
SRA International, Inc., Class A*		1,600		49,472
Syntel, Inc.		1,600		94,592
TeleTech Holdings, Inc.*		3,000		63,240
Teradata Corp.*		90,385		5,441,177
TNS, Inc.*		3,200		53,120
VeriFone Systems, Inc.*		6,100		270,535
Virtusa Corp.*		500		9,475
Visa, Inc., Class A		91,723		7,728,580
Western Union Co.		47,559		952,607

				50,322,814

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*		3,900	$	164,463

*Semiconductors & Semiconductor Equipment (2.1%)*
Advanced Analogic Technologies, Inc.*		3,700		22,403
Advanced Micro Devices, Inc.*		43,800		306,162
Altera Corp.		25,174		1,166,815
Analog Devices, Inc.		25,099		982,375
Applied Materials, Inc.		12,300		160,023
Applied Micro Circuits Corp.*		6,142		54,418
Atmel Corp.*		34,100		479,787
ATMI, Inc.*		782		15,976
Avago Technologies Ltd.		13,600		516,800
Broadcom Corp., Class A*		183,951		6,188,112
Cabot Microelectronics Corp.*		212		9,852
CEVA, Inc.*		1,200		36,552
Cree, Inc.*		108,180		3,633,766
Cypress Semiconductor Corp.*		13,400		283,276
Diodes, Inc.*		3,900		101,790
Entropic Communications, Inc.*		700		6,223
Exar Corp.*		300		1,899
FEI Co.*		4,106		156,808
First Solar, Inc.*		4,516		597,331
Freescale Semiconductor Holdings I Ltd.*		10,200		187,578
GT Solar International, Inc.*		1,700		27,540
Integrated Device Technology, Inc.*		2,978		23,407
Intel Corp.		90,595		2,007,585
Intersil Corp., Class A		8,272		106,295
IXYS Corp.*		1,500		22,470
KLA-Tencor Corp.		9,200		372,416
Kopin Corp.*		6,811		32,080
Lam Research Corp.*		10,859		480,837
Lattice Semiconductor Corp.*		4,700		30,644
Linear Technology Corp.		19,142		632,069
LSI Corp.*		22,400		159,488
Maxim Integrated Products, Inc.		22,786		582,410
MEMC Electronic Materials, Inc.*		2,100		17,913
Micrel, Inc.		427		4,518
Microchip Technology, Inc.		14,581		552,766
Monolithic Power Systems, Inc.*		4,055		62,528
National Semiconductor Corp.		19,600		482,356
Netlogic Microsystems, Inc.*		138,634		5,603,586
NVE Corp.*		400		23,380
NVIDIA Corp.*		194,760		3,103,501
ON Semiconductor Corp.*		35,965		376,554
PMC-Sierra, Inc.*		300		2,271
Power Integrations, Inc.		2,800		107,604
Rambus, Inc.*		9,000		132,120
Rubicon Technology, Inc.*		1,100		18,546
Silicon Laboratories, Inc.*		41,661		1,718,933
Skyworks Solutions, Inc.*		14,994		344,562
Standard Microsystems Corp.*		25,400		685,546
Texas Instruments, Inc.		52,471		1,722,623
TriQuint Semiconductor, Inc.*		7,870		80,195
Ultratech, Inc.*		1,900		57,722
Varian Semiconductor Equipment Associates, Inc.*		6,200		380,928


	Number of Shares		Value (Note 1)

Veeco Instruments, Inc.*		2,300	$	111,343
Volterra Semiconductor Corp.*		2,100		51,786
Xilinx, Inc.		18,300		667,401

				35,693,869

*Software (6.7%)*
ACI Worldwide, Inc.*		4,400		148,588
Actuate Corp.*		4,900		28,665
Adobe Systems, Inc.*		152,287		4,789,426
Advent Software, Inc.*		2,800		78,876
American Software, Inc., Class A		1,200		9,972
ANSYS, Inc.*		7,541		412,266
Ariba, Inc.*		6,900		237,843
Autodesk, Inc.*		104,461		4,032,195
Blackbaud, Inc.		5,000		138,600
BMC Software, Inc.*		12,595		688,946
Bottomline Technologies, Inc.*		2,617		64,666
BroadSoft, Inc.*		79,100		3,016,083
Cadence Design Systems, Inc.*		19,100		201,696
Check Point Software Technologies Ltd.*		22,910		1,302,434
Citrix Systems, Inc.*		35,492		2,839,360
CommVault Systems, Inc.*		106,900		4,751,705
Compuware Corp.*		2,800		27,328
Concur Technologies, Inc.*		2,900		145,203
Deltek, Inc.*		1,306		9,782
DemandTec, Inc.*		1,700		15,470
Ebix, Inc.*		1,500		28,575
Electronic Arts, Inc.*		27,211		642,180
EPIQ Systems, Inc.		3,002		42,688
FactSet Research Systems, Inc.		3,600		368,352
FalconStor Software, Inc.*		3,100		13,888
Fortinet, Inc.*		231,300		6,312,177
Informatica Corp.*		114,200		6,672,706
Interactive Intelligence, Inc.*		1,100		38,555
Intuit, Inc.*		21,567		1,118,465
JDA Software Group, Inc.*		2,324		71,788
Kenexa Corp.*		2,900		69,542
Lawson Software, Inc.*		4,734		53,115
Manhattan Associates, Inc.*		2,000		68,880
Mentor Graphics Corp.*		500		6,405
MICROS Systems, Inc.*		6,900		342,999
Microsoft Corp.#		650,759		16,919,734
MicroStrategy, Inc., Class A*		1,100		178,948
NetScout Systems, Inc.*		2,000		41,780
NetSuite, Inc.*		2,200		86,240
Nuance Communications, Inc.*		204,912		4,399,461
Opnet Technologies, Inc.		1,000		40,940
Oracle Corp.		616,345		20,283,914
Parametric Technology Corp.*		13,400		307,262
Pegasystems, Inc.		1,900		88,445
PROS Holdings, Inc.*		1,000		17,490
QLIK Technologies, Inc.*		5,000		170,300
Radiant Systems, Inc.*		2,200		45,980
Red Hat, Inc.*		117,225		5,380,627
Renaissance Learning, Inc.		800		10,032
Rovi Corp.*		20,338		1,166,588
Salesforce.com, Inc.*		66,794		9,950,970
SolarWinds, Inc.*		1,326		34,662
Solera Holdings, Inc.		5,945		351,706
Sourcefire, Inc.*		2,800		83,216

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

SuccessFactors, Inc.*		50,400	$	1,481,760
Symantec Corp.*		53,800		1,060,936
Synchronoss Technologies, Inc.*		1,700		53,941
Synopsys, Inc.*		6,100		156,831
Take-Two Interactive Software, Inc.*		890		13,599
Taleo Corp., Class A*		3,700		137,011
TeleCommunication Systems, Inc., Class A*		2,700		13,041
TIBCO Software, Inc.*		204,347		5,930,150
Tyler Technologies, Inc.*		3,100		83,018
VASCO Data Security International, Inc.*		2,200		27,390
VMware, Inc., Class A*		60,485		6,062,412
Websense, Inc.*		5,300		137,641

				113,505,444

Total Information Technology				373,717,847

Materials (4.5%)
*Chemicals (2.8%)*
Air Products & Chemicals, Inc.		29,538		2,823,242
Airgas, Inc.		6,900		483,276
Albemarle Corp.		7,549		522,391
Balchem Corp.		2,250		98,505
Calgon Carbon Corp.*		6,600		112,200
Celanese Corp.		13,324		710,302
CF Industries Holdings, Inc.		4,218		597,564
Dow Chemical Co.		254,205		9,151,380
E.I. du Pont de Nemours & Co.		66,058		3,570,435
Eastman Chemical Co.		5,100		520,557
Ecolab, Inc.		16,508		930,721
FMC Corp.		5,016		431,476
Hawkins, Inc.		891		32,272
Huntsman Corp.		9,000		169,650
International Flavors & Fragrances, Inc.		6,400		411,136
Koppers Holdings, Inc.		1,245		47,223
LSB Industries, Inc.*		2,300		98,716
Lubrizol Corp.		5,273		708,006
LyondellBasell Industries N.V., Class A		4,200		161,784
Monsanto Co.		191,227		13,871,607
Mosaic Co.		19,568		1,325,341
Nalco Holding Co.		68,045		1,892,331
NewMarket Corp.		1,221		208,437
NL Industries, Inc.		300		5,508
Omnova Solutions, Inc.*		5,500		38,280
PPG Industries, Inc.		11,300		1,025,927
Praxair, Inc.		40,519		4,391,854
Rockwood Holdings, Inc.*		4,600		254,334
Scotts Miracle-Gro Co., Class A		3,295		169,066
Sherwin-Williams Co.		6,373		534,504
Sigma-Aldrich Corp.		7,911		580,509
Solutia, Inc.*		8,700		198,795
Valspar Corp.		4,500		162,270
W.R. Grace & Co.*		4,701		214,507
Zep, Inc.		1,700		32,130

				46,486,236


	Number of Shares		Value (Note 1)

*Construction Materials (0.0%)*
Eagle Materials, Inc.		5,974	$	166,495
Martin Marietta Materials, Inc.		1,900		151,943
United States Lime & Minerals, Inc.*		100		4,101

				322,539

*Containers & Packaging (0.1%)*
AEP Industries, Inc.*		400		11,676
Ball Corp.		12,000		461,520
Crown Holdings, Inc.*		13,600		527,952
Packaging Corp. of America		6,600		184,734
Rock-Tenn Co., Class A		4,900		325,066
Silgan Holdings, Inc.		3,400		139,298
Temple-Inland, Inc.		400		11,896

				1,662,142

*Metals & Mining (1.6%)*
AK Steel Holding Corp.		400		6,304
Allegheny Technologies, Inc.		8,200		520,454
Allied Nevada Gold Corp.*		6,400		226,368
AMCOL International Corp.		700		26,712
Barrick Gold Corp.		104,900		4,750,921
Carpenter Technology Corp.		3,100		178,808
Cliffs Natural Resources, Inc.		11,364		1,050,602
Compass Minerals International, Inc.		2,700		232,389
Freeport-McMoRan Copper & Gold, Inc.		312,601		16,536,593
Molycorp, Inc.*		4,000		244,240
Nucor Corp.		33,300		1,372,626
Reliance Steel & Aluminum Co.		3,400		168,810
Royal Gold, Inc.		3,878		227,134
Schnitzer Steel Industries, Inc., Class A		100		5,760
Southern Copper Corp.		13,954		458,668
Steel Dynamics, Inc.		11,300		183,625
Stillwater Mining Co.*		900		19,809
SXC Health Solutions Corp.*		5,200		306,384
Titanium Metals Corp.		1,900		34,808
Walter Energy, Inc.		4,300		497,940

				27,048,955

*Paper & Forest Products (0.0%)*
Deltic Timber Corp.		900		48,321
International Paper Co.		6,600		196,812

				245,133

Total Materials				75,765,005

Telecommunication Services (0.5%)
*Diversified Telecommunication Services (0.2%)*
AboveNet, Inc.		1,150		81,029
Alaska Communications Systems Group, Inc.		4,318		38,301
Cogent Communications Group, Inc.*		5,500		93,555
Consolidated Communications Holdings, Inc.		700		13,608
Global Crossing Ltd.*		3,200		122,816
tw telecom, Inc.*		12,703		260,793

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Verizon Communications, Inc.		45,500	$	1,693,965
Windstream Corp.		20,141		261,027

				2,565,094

*Wireless Telecommunication Services (0.3%)*
American Tower Corp., Class A*		28,588		1,496,010
Clearwire Corp., Class A*		2,500		9,450
Crown Castle International Corp.*		61,517		2,509,278
MetroPCS Communications, Inc.*		15,322		263,692
NII Holdings, Inc.*		10,900		461,942
NTELOS Holdings Corp.		3,800		77,596
SBA Communications Corp., Class A*		10,100		385,719

				5,203,687

Total Telecommunication Services				7,768,781

Utilities (0.2%)
*Electric Utilities (0.1%)*
ITC Holdings Corp.		22,820		1,637,791

*Gas Utilities (0.0%)*
Oneok, Inc.		2,200		162,822

*Independent Power Producers & Energy Traders (0.1%)*
Calpine Corp.*		93,800		1,512,994

Total Utilities				3,313,607

Total Common Stocks (79.1%) (Cost $1,044,473,893)				1,346,226,006

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bond (0.0%)
Financials (0.0%)
*Capital Markets (0.0%*)
GAMCO Investors, Inc. (Zero Coupon), 12/31/15	$	600		401

Total Financials				401

Total Corporate Bonds				401

Total Long-Term Debt Securities (0.0%) (Cost $600)				401


	Number of Rights		Value (Note 1)

RIGHTS:
Health Care (0.0%)
*Biotechnology (0.0%)*
Celgene Corp., expiring 12/31/11*		700	$	1,435
Clinical Data, Inc., expiring 12/31/49*†		900		855

Total Rights (0.0%) (Cost $3,710)				2,290

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (2.5%)
Federal Home Loan Bank 0.00%, 7/1/11 (o)(p)	$	15,600,000		15,600,000
U.S. Treasury Bills 0.04%, 11/3/11 (p)#		28,032,000		28,027,907

Total Government Securities				43,627,907

Time Deposit (18.6%)
JPMorgan Chase Nassau 0.000%, 7/1/11		316,393,866		316,393,866

Total Short-Term Investments (21.1%) (Cost $360,021,000)				360,021,773

Total Investments (100.2%) (Cost $1,404,499,203)				1,706,250,470
Other Assets Less Liabilities (-0.2%)				(3,258,161	)

Net Assets (100%)			$	1,702,992,309

*	Non-income producing.

†	Securities (totalling $855 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 $28,703,907.

(o)

Discount Note Security. Effective rate calculated as of June 30, 2011.

(p)

Yield to maturity.

Glossary:

ADR—

American Depositary Receipt

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index		1,806		September-11	$	80,174,769	$	83,834,520	$	3,659,751
S&P 500 E-Mini Index		2,833		September-11		179,361,649		186,340,575		6,978,926
S&P MidCap 400 E-Mini Index		842		September-11		78,126,284		82,221,300		4,095,016

									$	14,733,693

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	235,060,025	$	—	$	—	$	235,060,025
Consumer Staples		81,604,263		—		—		81,604,263
Energy		151,974,559		—		—		151,974,559
Financials		62,001,164		—		—		62,001,164
Health Care		186,918,676		—		—		186,918,676
Industrials		168,102,079		—		—		168,102,079
Information Technology		373,717,847		—		—		373,717,847
Materials		75,765,005		—		—		75,765,005
Telecommunication Services		7,768,781		—		—		7,768,781
Utilities		3,313,607		—		—		3,313,607
Corporate Bonds
Financials		—		401		—		401
Futures		14,733,693		—		—		14,733,693
Rights
Health Care		1,435		—		855		2,290
Short-Term Investments		—		360,021,773		—		360,021,773

Total Assets	$	1,360,961,134	$	360,022,174	$	855	$	1,720,984,163

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	1,360,961,134	$	360,022,174	$	855	$	1,720,984,163

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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



	Investments in Common Stocks- Financials			Investments in Corporate Bonds- Financials			Investments in Rights-Health Care

Balance as at 12/31/10	$	2,800,000		$	640		$	—
Total gains or losses (realized/unrealized) included in earnings		4,180,925			—			855
Purchases		—			—			—
Sales		(6,980,925	)		—			—
Issuances		—			—			—
Settlements		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			(640	)		—

Balance as at 6/30/11	$	—		$	—		$	855

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11	$	—		$	—		$	855

Fair Values of Derivative Instruments as of June 30, 2011:


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		14,733,693	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	14,733,693


	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 & Liabilities.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2011:


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		—		9,305,020		—		—		9,305,020
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	9,305,020	$	—	$	—	$	9,305,020


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		—		11,551,813		—		—		11,551,813
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	11,551,813	$	—	$	—	$	11,551,813

The Portfolio held futures contracts with an average notional balance of approximately $356,340,000 during the six months ended June 30, 2011.

^ This Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	556,984,004
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	653,767,266

As of June 30, 2011, 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	$	300,419,183
Aggregate gross unrealized depreciation		(17,812,126	)

Net unrealized appreciation	$	282,607,057

Federal income tax cost of investments	$	1,423,643,413

The Portfolio has a net capital loss carryforward of $1,210,824,720 of which $67,203,341 expires in the year 2011, $5,225,109 expires in the year 2015, $810,264,883 expires in the year 2016 and $328,131,387 expires in the year 2017.

Included in the capital loss carryforward amounts are $51,095,816 of losses acquired from the Multimanager Health Care Portfolio and $68,634,370 of losses acquired from the Multimanager Large Cap Growth Portfolio as a result of a tax free reorganization that occurred during the year 2009 and 2010, respectively. 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.

For the six months ended June 30, 2011, the Portfolio incurred approximately $1,266 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

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*STATEMENT OF ASSETS AND LIABILITIES* *June 30, 2011 (Unaudited)*
ASSETS
Investments at value (Cost $1,404,499,203)	$	1,706,250,470
Cash		206,897
Foreign cash (Cost $2,555)		2,818
Receivable for securities sold		24,534,383
Due from Broker for futures variation margin		3,016,400
Dividends, interest and other receivables		826,400
Receivable from Separate Accounts for Trust shares sold		82,637
Other assets		10,233

Total assets		1,734,930,238

LIABILITIES
Payable for securities purchased		29,314,471
Payable to Separate Accounts for Trust shares redeemed		1,267,680
Investment management fees payable		776,448
Administrative fees payable		219,350
Distribution fees payable - Class B		136,526
Trustees’ fees payable		50,300
Accrued expenses		173,154

Total liabilities		31,937,929

NET ASSETS	$	1,702,992,309

Net assets were comprised of:
Paid in capital	$	2,542,080,524
Accumulated undistributed net investment income (loss)		741,946
Accumulated undistributed net realized gains (losses) on investments and futures		(1,156,315,384	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		316,485,223

Net assets	$	1,702,992,309

Class A
Net asset value, offering and redemption price per share, $1,017,773,154 / 34,960,957 shares outstanding (unlimited amount authorized: $0.001 par value)	$	29.11

Class B
Net asset value, offering and redemption price per share, $685,219,155 / 23,976,386 shares outstanding (unlimited amount authorized: $0.001 par value)	$	28.58

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (net of $7,950 foreign withholding tax)	$	7,633,078
Interest		17,928

Total income		7,651,006

EXPENSES
Investment management fees		4,906,419
Administrative fees		1,303,175
Distribution fees - Class B		870,981
Custodian fees		89,975
Printing and mailing expenses		67,391
Professional fees		31,142
Trustees’ fees		14,337
Miscellaneous		15,217

Gross expenses		7,298,637
Less: Fees paid indirectly		(83,446	)

Net expenses		7,215,191

NET INVESTMENT INCOME (LOSS)		435,815

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		67,854,419
Futures		9,305,020

Net realized gain (loss)		77,159,439

Change in unrealized appreciation (depreciation) on:
Securities		20,097,216
Foreign currency translations		193
Futures		11,551,813

Net change in unrealized appreciation (depreciation)		31,649,222

NET REALIZED AND UNREALIZED GAIN (LOSS)		108,808,661

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	109,244,476

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	435,815		$	5,027,663
Net realized gain (loss) on investments, futures and foreign currency transactions		77,159,439			179,150,675
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		31,649,222			73,202,695

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		109,244,476			257,381,033

DIVIDENDS:
Dividends from net investment income
Class A		—			(7,972,678	)
Class B		—			(2,946,880	)

TOTAL DIVIDENDS		—			(10,919,558	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 369,049 and 738,394 shares, respectively ]		10,481,110			18,070,245
Capital shares issued in connection with merger (Note 9) [ 0 and 1,655,085 shares, respectively ]		—			39,434,930
Capital shares issued in reinvestment of dividends [ 0 and 321,629 shares, respectively ]		—			7,972,678
Capital shares repurchased [ (2,370,390) and (4,871,363) shares, respectively ]		(67,698,247	)		(117,545,634	)

Total Class A transactions		(57,217,137	)		(52,067,781	)

Class B
Capital shares sold [ 600,079 and 1,295,694 shares, respectively ]		16,772,503			31,040,311
Capital shares issued in connection with merger (Note 9) [ 0 and 9,968,749 shares, respectively ]		—			233,048,272
Capital shares issued in reinvestment of dividends [ 0 and 123,771 shares, respectively ]		—			2,946,880
Capital shares repurchased [ (2,549,860) and (4,200,858) shares, respectively ]		(71,603,577	)		(100,066,371	)

Total Class B transactions		(54,831,074	)		166,969,092

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(112,048,211	)		114,901,311

TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,803,735	)		361,362,786
NET ASSETS:
Beginning of period		1,705,796,044			1,344,433,258

End of period (a)	$	1,702,992,309		$	1,705,796,044

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	741,946		$	306,131

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (p)(q)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	27.32		$	23.37		$	17.03		$	32.11		$	28.78		$	27.36

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.14	(e)		0.19	(e)		0.08	(e)		0.04	(e)		0.05	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		1.77			4.03			6.23			(15.09	)		3.32			1.42

Total from investment operations		1.79			4.17			6.42			(15.01	)		3.36			1.47

Capital contribution from affiliate (†)		—			—			—			0.06			—			—

Less distributions:
Dividends from net investment income		—			(0.22	)		(0.08	)		(0.13	)		(0.03	)		(0.05	)

Net asset value, end of period	$	29.11		$	27.32		$	23.37		$	17.03		$	32.11		$	28.78

Total return (b)		6.55	%		17.92	%(aa)		37.69	%		(46.55	)%(n)		11.69	%		5.38	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,017,773		$	1,009,682		$	914,031		$	690,098		$	2,638,093		$	2,332,898
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.74	%		0.76	%		0.67	%		0.77	%		0.72	%		0.78	%
Before fees paid indirectly (a)		0.75	%		0.77	%		0.82	%		0.79	%		0.79	%		0.80	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.15	%		0.56	%		0.96	%		0.31	%		0.14	%		0.20	%
Before fees paid indirectly (a)		0.14	%		0.55	%		0.81	%		0.30	%		0.07	%		0.18	%
Portfolio turnover rate		41	%		54	%		91	%		98	%		87	%		90	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (p)(q)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	26.85		$	22.97		$	16.74		$	31.56		$	28.33		$	26.96

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)		—	#(e)		0.16	(e)		0.02	(e)		(0.03	)(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		1.74			4.03			6.09			(14.82	)		3.26			1.38

Total from investment operations		1.73			4.03			6.25			(14.80	)		3.23			1.37

Capital contribution from affiliate (†)		—			—			—			0.07			—			—

Less distributions:
Dividends from net investment income		—			(0.15	)		(0.02	)		(0.09	)		—			—

Net asset value, end of period	$	28.58		$	26.85		$	22.97		$	16.74		$	31.56		$	28.33

Total return (b)		6.44	%		17.63	%(bb)		37.34	%		(46.68	)%(o)		11.40	%		5.08	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	685,219		$	696,114		$	430,402		$	115,805		$	244,593		$	261,648
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.99	%		1.01	%		0.92	%		1.02	%		0.97	%		1.03	%
Before fees paid indirectly (a)		1.00	%		1.02	%		1.07	%(c)		1.04	%		1.04	%		1.05	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		(0.10	)%		(0.02	)%		0.79	%		0.08	%		(0.10	)%		(0.05	)%
Before fees paid indirectly (a)		(0.11	)%		(0.02	)%		0.65	%		0.06	%		(0.18	)%		(0.07	)%
Portfolio turnover rate		41	%		54	%		91	%		98	%		87	%		90	%

#	Per share amount is less than $0.005.

(†)

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

(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.

(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 substitution transaction, the assets and liabilities of the Multimanager Health Care Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the Multimanager Aggressive Equity Portfolio.

(q)

On September 17, 2010, this Portfolio received, through a substitution transaction, the assets and liabilities of Multimanager Large Cap Growth Portfolio that followed the same objective as this Portfolio.

(aa)

Includes a gain incurred resulting in a litigation payment. Without this gain, the total return would have been 17.83%

(bb)

Includes a gain incurred resulting in a litigation payment. Without this gain, the total return would have been 17.58%

See Notes to Financial Statements.

MULTIMANAGER CORE BOND PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of 6/30/2011	% of Net Assets
Government Securities		53.7	%
Corporate Bonds		40.4
Asset-Backed and Mortgage-Backed Securities		6.5
Time Deposits		0.3
Convertible Preferred Stocks		0.1
Options Purchased		0.0	#
Cash and Other		(1.0	)

Total		100.0	%

# Less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11- 6/30/11
Class A
Actual		$1,000.00		$1,024.30		$3.46
Hypothetical (5% average return before expenses)		1,000.00		1,021.37		3.46
Class B
Actual		1,000.00		1,023.00		4.71
Hypothetical (5% average return before expenses)		1,000.00		1,020.13		4.71
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.69% and 0.94%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (6.5%)
*Asset-Backed Securities (2.1%)*
American Money Management Corp.,
Series 2006-6A A1A 0.482%, 5/3/18 (l)§	$	2,500,000	$	2,406,673
Armstrong Loan Funding Ltd., Series 2008-1A A 0.823%, 8/1/16 (l)§		665,370		664,059
Avery Point CLO Ltd., Series 2003-1A A1 0.725%, 12/17/15 (l)§		574,841		567,418
Bank of America Credit Card Trust,
Series 2008-A5 A5 1.387%, 12/16/13 (l)		3,900,000		3,901,092
Capital One Multi-Asset Execution Trust,
Series 2006-A5 A5 0.247%, 1/15/16 (l)		550,000		548,983
Series 2007-C2 C2 0.487%, 11/17/14 (l)		1,590,000		1,582,710
Chase Issuance Trust, Series 2009-A2 A2 1.737%, 4/15/14 (l)		9,800,000		9,914,070
Citibank Omni Master Trust, Series 2009-A12 A12 3.350%, 8/15/16§		1,000,000		1,020,696
Series 2009-A13 A13 5.350%, 8/15/18§		1,255,000		1,379,207
Series 2009-A14A A14 2.937%, 8/15/18 (l)§		1,190,000		1,249,782
Series 2009-A17 A17 4.900%, 11/15/18§		1,785,000		1,940,083
Series 2009-A8 A8 2.287%, 5/16/16 (l)§		810,000		819,149
Continental Airlines, Inc., Series 1997-4A 6.900%, 1/2/18		265,782		281,383
Cumberland CLO Ltd., Series 2005-2A A 0.517%, 11/10/19 (l)§		9,230,725		8,928,363
Delta Air Lines, Inc., Series 2001-1A2 7.111%, 9/18/11		4,000,000		4,044,800
EFS Volunteer LLC, Series 2010-1 A1 1.124%, 10/26/26 (l)§		1,758,863		1,761,437
Ford Credit Auto Owner Trust, Series 2008-C A3 1.607%, 6/15/12 (l)		340,864		340,955
Galaxy CLO Ltd., Series 2005-4A A1VB 0.556%, 4/17/17 (l)§†		2,564,003		2,498,108
GSAA Home Equity Trust, Series 2005-11 2A1 0.466%, 10/25/35 (l)		1,258,959		906,762
Series 2006-5 2A1 0.256%, 3/25/36 (l)		87,476		46,258
Harvest CLO S.A., Series IX A1 2.003%, 3/29/17 (l)(m)		2,356,197		3,263,320


	Principal Amount		Value (Note 1)

Katonah Ltd., Series 3A A 0.701%, 5/18/15 (l)§	$	2,248,161	$	2,224,998
Magnolia Funding Ltd., Series 2010-1A A1 3.000%, 4/20/17§		2,459,696		3,560,115
Mid-State Trust,
Series 4 A 8.330%, 4/1/30		151,627		152,714
Nelnet Student Loan Trust, Series 2006-1 A5 0.369%, 8/23/27 (l)		1,645,000		1,553,668
Renaissance Home Equity Loan Trust,
Series 2003-3 A 0.686%, 12/25/33 (l)		180,206		147,830
Sagamore CLO Ltd., Series 2003-1A A2 0.818%, 10/15/15 (l)§		891,814		876,332
Scholar Funding Trust, Series 2011-A A 1.173%, 10/28/43 (l)§		1,783,830		1,750,029
SLM Student Loan Trust, Series 2003-B A2 0.647%, 3/15/22 (l)		1,015,574		972,019
Series 2004-A A3 0.647%, 6/15/33 (l)		275,000		238,109
Series 2004-B A2 0.447%, 6/15/21 (l)		384,508		365,550
Series 2005-B A2 0.427%, 3/15/23 (l)		1,689,950		1,603,439
Series 2008-5 A3 1.574%, 1/25/18 (l)		1,930,000		1,985,462
Series 2008-5 A4 1.974%, 7/25/23 (l)		4,540,000		4,835,599
Series 2008-9 A 1.774%, 4/25/23 (l)		15,582,754		16,018,788
Series 2010-C A1 1.837%, 12/15/17 (l)§		1,209,237		1,216,837
Structured Asset Receivables Trust,
Series 2003-2A CTFS 1.989%, 1/21/11 (b)(l)†§		976		976
Structured Receivables Finance LLC,
Series 2010-B A 3.730%, 8/15/36§		857,008		850,580
Union Square CDO Ltd., Series 2003-1A A1 0.808%, 10/15/15 (l)§		1,402,636		1,386,228

				87,804,581

*Non-Agency CMO (4.4%)*
321 Henderson Receivables LLC,
Series 2010-3A A 3.820%, 12/15/48§		1,385,751		1,369,785
American Home Mortgage Investment Trust,
Series 2004-3 5A 2.263%, 10/25/34 (l)		235,465		207,131
Arkle Master Issuer plc,
Series 2010-1A 2A 1.411%, 5/17/60 (l)§		2,490,000		2,480,282
Banc of America Commercial Mortgage, Inc.,
Series 2002-PB2 A4 6.186%, 6/11/35		1,296,152		1,314,961

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2006-5 AM 5.448%, 9/10/47	$	190,000	$	180,671
Series 2007-1 A4 5.451%, 1/15/49		1,245,000		1,336,438
Series 2007-3 A4 5.802%, 6/10/49 (l)		920,000		990,425
Banc of America Funding Corp., Series 2006-A 1A1 2.785%, 2/20/36 (l)		1,177,484		1,061,937
Banc of America Large Loan, Inc.,
Series 2009-UB1 A4A 5.691%, 6/24/50 (l)§		2,200,000		2,413,913
Series 2010-HLTN 1.937%, 11/15/15 (l)§		7,729,412		7,170,890
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2007-4 22A1 5.762%, 6/25/47 (l)		539,073		436,725
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2003-T12 A4 4.680%, 8/13/39 (l)		1,825,000		1,922,287
Series 2005-PW10 AM 5.449%, 12/11/40(l)		210,000		212,872
Series 2006-PW14 A4 5.201%, 12/11/38		400,000		426,258
Citigroup Commercial Mortgage Trust, Inc.,
Series 2008-C7 A3 5.823%, 12/10/49 (l)		7,500,000		7,990,918
Series 2008-C7 A4 5.823%, 12/10/49 (l)		2,259,313		2,484,142
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-4 A 5.340%, 8/25/35 (l)		4,814,612		4,677,032
Series 2006-AR1 1A1 2.660%, 10/25/35 (l)		5,525,393		4,174,252
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2006-CD3 AJ 5.688%, 10/15/48		660,000		546,989
Series 2007-CD4 A4 5.322%, 12/11/49		1,460,000		1,545,564
Commercial Mortgage Pass Through Certificates,
Series 2010-C1 A1 3.156%, 7/10/46§		7,702,857		7,771,428
Countrywide Alternative Loan Trust,
Series 2003-J3 2A1 6.250%, 12/25/33		99,980		105,400
Series 2006-OA21 A1 0.376%, 3/20/47 (l)		1,046,721		579,021
Series 2006-OA22 A1 0.346%, 2/25/47 (l)		390,125		218,897
Series 2006-OA6 1A2 0.396%, 7/25/46 (l)		237,749		149,808
Series 2007-OH1 A1D 0.396%, 4/25/47 (l)		402,577		220,945
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2006-OA5 2A1 0.386%, 4/25/46 (l)		429,309		247,209
Credit Suisse Commercial Mortgage Trust,
Series 2007-C3 A2 5.905%, 6/15/39 (l)		3,700,532		3,767,548


	Principal Amount		Value (Note 1)

Credit Suisse Mortgage Capital Certificates,
Series 2006-8 3A1 6.000%, 10/25/21	$	357,169	$	282,478
Series 2006-C3 AM 6.014%, 6/15/38 (l)		540,000		538,364
Series 2006-C5 A3 5.311%, 12/15/39		3,000,000		3,200,126
Series 2010-RR1 2A 5.695%, 9/15/40 (l)§		4,800,000		5,239,034
Series 2010-RR1 3A 5.802%, 6/10/49 (l)§		4,800,000		5,204,202
Series 2010-RR2 2A 5.995%, 9/15/39 (l)§		1,630,000		1,763,964
Series 2010-RR7 2A 5.467%, 9/18/39 (l)§		2,785,000		3,003,793
Series 2011-4R 1A1 6.250%, 9/27/37 (l)§		1,981,799		2,012,751
Series 2011-4R 2A1 4.965%, 8/27/37 (l)§		2,215,372		2,288,978
Series 2011-4R 5A1 5.558%, 5/27/36 (l)§		3,189,549		3,333,088
Series 2011-4R 6A1 2.740%, 5/27/36 (l)§		1,527,502		1,533,981
CS First Boston Mortgage Securities Corp.,
Series 2002-CP3 A3 5.603%, 7/15/35		2,160,000		2,221,500
Series 2003-C3 A5 3.936%, 5/15/38		2,220,000		2,293,704
Series 2005-C3 AJ 4.771%, 7/15/37		1,105,000		1,019,869
CW Capital Cobalt Ltd., Series 2007-C3 A4 6.010%, 5/15/46 (l)		567,500		611,704
DBUBS Mortgage Trust, Series 2011-LC2A A4 4.537%, 7/10/44§		1,210,000		1,200,504
Deutsche Bank AG, Series 2006-OA1 A1 0.386%, 2/25/47 (l)		214,255		125,628
EMF-NL B.V., Series 2008-1X A1 2.232%, 10/17/39 (l)(m)		162,111		234,066
Series 2008-2X A2 2.332%, 7/17/41 (l)(m)		1,200,000		1,299,108
Extended Stay America Trust, Series 2010-ESHA A 2.951%, 11/5/27§		3,096,156		3,070,555
Series 2010-ESHA D 5.498%, 11/5/27§		1,100,000		1,086,404
First Republic Mortgage Loan Trust,
Series 2001-FRB1 A 0.537%, 11/15/31 (l)		463,457		413,587
First Union National Bank Commercial Mortgage Trust,
Series 2001-C4 A2 6.223%, 12/12/33		1,338,853		1,346,487
GMAC Commercial Mortgage Securities, Inc.,
Series 2002-C3 A2 4.930%, 7/10/39		2,075,000		2,142,928
Series 2006-C1 AM 5.290%, 11/10/45 (l)		330,000		321,921

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Granite Master Issuer plc, Series 2006-3 A7 0.286%, 12/20/54 (l)	$	1,275,082	$	1,209,197
Series 2006-4 A6 0.276%, 12/20/54 (l)		3,187,704		3,023,001
GS Mortgage Securities Corp. II, Series 2010-C1 A2 4.592%, 8/10/43§		6,200,000		6,348,203
GSR Mortgage Loan Trust, Series 2005-AR6 2A1 2.790%, 9/25/35 (l)		1,275,795		1,187,025
Series 2006-AR2 2A1 2.841%, 4/25/36 (l)		595,711		466,604
Holmes Master Issuer plc,
Series 2007-2A 3A1 0.358%, 7/15/21 (l)		1,900,000		1,896,951
Homebanc Mortgage Trust,
Series 2005-4 A1 0.456%, 10/25/35 (l)		626,100		453,181
Impac CMB Trust,
Series 2003-8 2A1 1.086%, 10/25/33 (l)		125,611		104,567
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2001-C1 A3 5.857%, 10/12/35		507,738		509,360
Series 2004-CB8 A1A 4.158%, 1/12/39§		817,136		842,800
Series 2006-CB17 AM 5.464%, 12/12/43		260,000		251,910
JP Morgan Mortgage Trust,
Series 2006-A3 6A1 2.938%, 8/25/34 (l)		961,400		866,019
Series 2006-A4 2A2 5.739%, 6/25/36 (l)		1,905,509		1,710,655
Series 2006-S2 2A2 5.875%, 7/25/36		140,356		132,500
Series 2007-A1 3A3 2.842%, 7/25/35 (l)		839,284		769,254
Series 2007-S1 1A2 5.500%, 3/25/22		139,954		133,025
LB-UBS Commercial Mortgage Trust,
Series 2002-C2 A4 5.594%, 6/15/31		2,089,000		2,144,361
Series 2003-C7 A2 4.064%, 9/15/27 (l)		54,903		54,955
Series 2004-C7 A1A 4.475%, 10/15/29		1,854,032		1,905,242
Series 2006-C4 AM 6.087%, 6/15/38 (l)		240,000		245,005
Series 2006-C7 AM 5.378%, 11/15/38		230,000		225,043
Series 2007-C1 A4 5.424%, 2/15/40		4,000,000		4,298,932
Series 2007-C6 A4 5.858%, 7/15/40 (l)		850,000		918,109
Series 2007-C7 A3 5.866%, 9/15/45 (l)		2,390,000		2,593,408
Merrill Lynch Mortgage Investors, Inc.,
Series 2003-A1 3A 1.930%, 12/25/32 (l)		190,843		186,239
Series 2005-A10 A 0.396%, 2/25/36 (l)		1,868,241		1,294,565


	Principal Amount		Value (Note 1)

Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2007-9 A4 5.700%, 9/12/49	$	1,910,000	$	2,047,742
Morgan Stanley,
Series 2009-GG10 A4A 5.992%, 8/12/45 (l)§		1,800,000		1,969,831
Morgan Stanley Capital I, Inc.,
Series 2007-HQ12 A2FL 0.439%, 4/12/49 (l)		323,839		302,383
Series 2007-HQ12 A2FX 5.776%, 4/12/49 (l)		684,688		704,489
Series 2007-HQ13 A1 5.357%, 12/15/44		1,153,350		1,186,062
Series 2007-IQ14 A2FX 5.610%, 4/15/49		2,612,782		2,688,230
Series 2007-IQ15 A4 6.074%, 6/11/49 (l)		3,450,000		3,775,632
Series 2007-T27 A4 5.789%, 6/11/42 (l)		1,210,000		1,338,870
Morgan Stanley Dean Witter Capital I, Inc.,
Series 2002-IQ2 A4 5.740%, 12/15/35		1,259,123		1,294,517
Morgan Stanley Reremic Trust,
Series 2011-IO A 2.500%, 2/23/51		590,000		588,248
OBP Depositor LLC Trust,
Series 2010-OBP A 4.646%, 7/15/45§		6,500,000		6,746,953
RBSCF Trust,
Series 2010-RR3 CSCA 5.467%, 9/16/39 (l)§		800,000		870,584
Series 2010-RR3 JPMA 5.420%, 1/16/49 (l)§		2,500,000		2,717,667
Series 2010-RR4 CMLA 6.213%, 12/16/49 (l)§		1,234,000		1,349,551
Salomon Brothers Mortgage Securities VII, Inc.,
Series 2001-C2 A3 6.499%, 11/13/36		864,957		869,971
Sequoia Mortgage Trust,
Series 10 2A1 0.946%, 10/20/27 (l)		61,505		55,450
Series 2003-4 2A1 0.536%, 7/20/33 (l)		168,603		155,600
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-16 3A1 2.675%, 11/25/34 (l)		1,164,344		1,019,261
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1 0.436%, 7/19/35 (l)		389,816		267,307
Series 2005-AR5 A2 0.436%, 7/19/35 (l)		1,856,784		1,502,054
Series 2006-AR3 12A1 0.406%, 5/25/36 (l)		1,565,818		928,233
Thornburg Mortgage Securities Trust,
Series 2007-1 A3A 0.286%, 3/25/37 (l)		941,295		919,193
UBS Commercial Mortgage Trust,
Series 2007-FL1 A1 1.087%, 7/15/24 (l)§		1,564,095		1,493,711
Wachovia Bank Commercial Mortgage Trust,
Series 2005-C17 APB 5.037%, 3/15/42		1,204,585		1,255,952

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2005-C20 A6A 5.110%, 7/15/42 (l)	$	2,290,000	$	2,351,877
Series 2005-C22 A4 5.440%, 12/15/44 (l)		1,320,000		1,424,550
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A 1.680%, 8/25/42 (l)		79,438		68,801
Series 2003-AR1 A5 2.255%, 3/25/33 (l)		705,878		643,537
Series 2005-AR7 A4 2.748%, 8/25/35 (l)		584,131		485,107
Series 2007-OA4 1A 1.050%, 5/25/47 (l)		481,498		308,892

				176,892,818

Total Asset-Backed and Mortgage-Backed Securities				264,697,399

Corporate Bonds (40.4%)
Consumer Discretionary (1.8%)
*Auto Components (0.1%)*
BorgWarner, Inc.
4.625%, 9/15/20		445,000		453,521
Johnson Controls, Inc.
1.750%, 3/1/14		600,000		604,974
4.250%, 3/1/21		310,000		309,298

				1,367,793

*Automobiles (0.1%)*
Daimler Finance N.A. LLC
5.750%, 9/8/11		2,350,000		2,371,343
6.500%, 11/15/13		819,000		911,125

				3,282,468

*Hotels, Restaurants & Leisure (0.1%)*
International Game Technology
7.500%, 6/15/19		75,000		85,747
5.500%, 6/15/20		100,000		102,710
Marriott International, Inc.
5.625%, 2/15/13		500,000		533,271
McDonald’s Corp.
5.800%, 10/15/17		750,000		880,176
3.500%, 7/15/20		160,000		159,888
3.625%, 5/20/21		100,000		99,471
Starbucks Corp.
6.250%, 8/15/17		250,000		290,232
Yum! Brands, Inc.
4.250%, 9/15/15		500,000		530,750
6.250%, 4/15/16		411,000		471,428
5.300%, 9/15/19		422,000		453,596

				3,607,269

*Household Durables (0.0%)*
Fortune Brands, Inc.
6.375%, 6/15/14		100,000		111,172
Newell Rubbermaid, Inc.
4.700%, 8/15/20		350,000		352,409
Tupperware Brands Corp.
4.750%, 6/1/21§		100,000		98,607


	Principal Amount		Value (Note 1)

Whirlpool Corp.
8.600%, 5/1/14	$	500,000	$	582,652
4.850%, 6/15/21		100,000		98,915

				1,243,755

*Internet & Catalog Retail (0.0%)*
Expedia, Inc.
5.950%, 8/15/20		500,000		486,250

*Leisure Equipment & Products (0.0%)*
Mattel, Inc.
5.625%, 3/15/13		250,000		267,396

*Media (1.3%)*
CBS Corp.
4.625%, 5/15/18		245,000		252,492
8.875%, 5/15/19		1,035,000		1,319,378
5.750%, 4/15/20		415,000		449,793
4.300%, 2/15/21		300,000		292,879
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
8.000%, 4/30/12§		1,450,000		1,508,000
3.540%, 9/6/16		1,790,932		1,783,244
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		183,000		204,967
9.455%, 11/15/22		740,000		1,029,444
Comcast Corp.
6.500%, 1/15/15		1,469,000		1,680,656
5.900%, 3/15/16		1,000,000		1,138,331
6.500%, 1/15/17		500,000		582,754
5.875%, 2/15/18		777,000		871,465
5.700%, 5/15/18		300,000		334,728
5.700%, 7/1/19		250,000		278,122
5.150%, 3/1/20		500,000		538,345
6.950%, 8/15/37		416,000		469,612
COX Communications, Inc.
7.125%, 10/1/12		615,000		659,608
4.625%, 6/1/13		600,000		637,103
5.500%, 10/1/15		500,000		561,265
8.375%, 3/1/39§		1,390,000		1,817,551
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
4.750%, 10/1/14		750,000		820,967
3.550%, 3/15/15		195,000		203,738
3.125%, 2/15/16		775,000		786,241
3.500%, 3/1/16		750,000		774,161
7.625%, 5/15/16		414,000		451,260
5.875%, 10/1/19		200,000		221,814
5.200%, 3/15/20		130,000		137,551
4.600%, 2/15/21		500,000		502,371
Discovery Communications LLC
3.700%, 6/1/15		1,040,000		1,094,280
5.050%, 6/1/20		600,000		635,338
DISH DBS Corp.
6.375%, 10/1/11		5,450,000		5,497,687
Interpublic Group of Cos., Inc.
10.000%, 7/15/17		1,970,000		2,329,525
NBCUniversal Media LLC
3.650%, 4/30/15§		750,000		787,435
5.150%, 4/30/20§		2,236,000		2,360,997
4.375%, 4/1/21§		1,605,000		1,588,229
News America, Inc.
4.500%, 2/15/21§		2,035,000		2,008,362
7.750%, 1/20/24		1,543,000		1,887,759

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

8.500%, 2/23/25	$	232,000	$	293,498
8.450%, 8/1/34		73,000		89,796
6.150%, 2/15/41§		785,000		777,649
Omnicom Group, Inc.
5.900%, 4/15/16		500,000		561,266
6.250%, 7/15/19		150,000		166,047
4.450%, 8/15/20		340,000		337,273
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		500,000		635,622
Thomson Reuters Corp.
5.700%, 10/1/14		730,000		817,375
4.700%, 10/15/19		150,000		157,781
Time Warner Cable, Inc.
6.200%, 7/1/13		1,500,000		1,645,363
5.850%, 5/1/17		1,000,000		1,124,553
5.000%, 2/1/20		1,220,000		1,267,512
5.875%, 11/15/40		745,000		735,289
Time Warner, Inc.
5.875%, 11/15/16		768,000		877,858
4.875%, 3/15/20		1,000,000		1,035,548
4.700%, 1/15/21		340,000		344,480
6.100%, 7/15/40		220,000		223,642
Viacom, Inc.
4.375%, 9/15/14		500,000		537,010
5.625%, 9/15/19		500,000		554,844
Walt Disney Co.
4.500%, 12/15/13		500,000		542,675
5.500%, 3/15/19		500,000		573,137
WPP Finance UK Corp.
8.000%, 9/15/14		500,000		586,519

				52,382,189

*Multiline Retail (0.1%)*
Family Dollar Stores, Inc.
5.000%, 2/1/21		100,000		98,068
Kohl’s Corp.
6.250%, 12/15/17		200,000		234,643
Macy’s Retail Holdings, Inc.
5.750%, 7/15/14		160,000		175,996
5.900%, 12/1/16		2,070,000		2,323,705
Nordstrom, Inc.
6.750%, 6/1/14		100,000		114,439
4.750%, 5/1/20		170,000		178,627
Target Corp.
5.125%, 1/15/13		500,000		532,336
6.000%, 1/15/18		700,000		808,908

				4,466,722

*Specialty Retail (0.1%)*
AutoZone, Inc.
6.500%, 1/15/14		500,000		560,153
4.000%, 11/15/20		250,000		238,887
Best Buy Co., Inc.
5.500%, 3/15/21		500,000		492,291
Home Depot, Inc.
5.400%, 3/1/16		1,000,000		1,117,414
4.400%, 4/1/21		500,000		502,411
Lowe’s Cos., Inc.
2.125%, 4/15/16		500,000		497,919
4.625%, 4/15/20		300,000		319,213
O’Reilly Automotive, Inc.
4.875%, 1/14/21		90,000		90,436


	Principal Amount		Value (Note 1)

Staples, Inc.
9.750%, 1/15/14	$	600,000	$	714,295
TJX Cos., Inc.
4.200%, 8/15/15		100,000		108,538
6.950%, 4/15/19		145,000		175,246

				4,816,803

*Textiles, Apparel & Luxury Goods (0.0%)*
Cintas Corp. No. 2
2.850%, 6/1/16		200,000		201,566

Total Consumer Discretionary				72,122,211

Consumer Staples (1.7%)
*Beverages (0.5%)*
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12		700,000		718,748
5.375%, 11/15/14		4,250,000		4,746,128
4.125%, 1/15/15		630,000		677,542
2.875%, 2/15/16		200,000		203,784
7.750%, 1/15/19		1,000,000		1,258,044
6.875%, 11/15/19		250,000		304,034
5.375%, 1/15/20		1,190,000		1,310,902
4.375%, 2/15/21		500,000		511,284
Bottling Group LLC
6.950%, 3/15/14		700,000		802,455
5.500%, 4/1/16		200,000		228,767
Brown-Forman Corp.
2.500%, 1/15/16		150,000		151,487
Coca-Cola Co.
0.750%, 11/15/13		150,000		149,238
1.500%, 11/15/15		1,000,000		981,772
3.150%, 11/15/20		500,000		480,010
Coca-Cola Enterprises, Inc.
1.125%, 11/12/13		100,000		99,905
Coca-Cola Refreshments USA, Inc.
7.375%, 3/3/14		500,000		580,795
Diageo Capital plc
5.750%, 10/23/17		750,000		859,774
Diageo Finance B.V.
3.250%, 1/15/15		200,000		209,045
5.300%, 10/28/15		500,000		564,347
Dr. Pepper Snapple Group, Inc.
2.350%, 12/21/12		100,000		101,973
PepsiAmericas, Inc.
4.375%, 2/15/14		1,250,000		1,352,059
PepsiCo, Inc.
3.750%, 3/1/14		100,000		106,712
7.900%, 11/1/18		500,000		644,375
4.500%, 1/15/20		1,000,000		1,060,175

				18,103,355

*Food & Staples Retailing (0.5%)*
Costco Wholesale Corp.
5.500%, 3/15/17		500,000		580,833
CVS Caremark Corp.
4.875%, 9/15/14		250,000		274,242
3.250%, 5/18/15		600,000		622,709
4.750%, 5/18/20		600,000		622,888
CVS Pass-Through Trust
7.507%, 1/10/32§		5,456,063		6,464,671

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Delhaize Group S.A.
5.875%, 2/1/14	$	250,000	$	274,247
Kroger Co.
7.500%, 1/15/14		500,000		571,509
3.900%, 10/1/15		250,000		264,410
6.400%, 8/15/17		250,000		292,861
Safeway, Inc.
5.800%, 8/15/12		400,000		420,847
5.000%, 8/15/19		500,000		523,289
Walgreen Co.
4.875%, 8/1/13		200,000		216,491
5.250%, 1/15/19		200,000		222,923
Wal-Mart Stores, Inc.
3.000%, 2/3/14		1,000,000		1,052,383
2.875%, 4/1/15		1,000,000		1,041,826
5.800%, 2/15/18		1,000,000		1,152,567
3.250%, 10/25/20		1,000,000		951,309
5.625%, 4/15/41		800,000		825,357
Woolworths Ltd.
4.000%, 9/22/20§		2,725,000		2,653,510

				19,028,872

*Food Products (0.4%)*
Bunge Ltd. Finance Corp.
5.350%, 4/15/14		500,000		539,053
8.500%, 6/15/19		85,000		103,625
Campbell Soup Co.
3.375%, 8/15/14		100,000		106,688
3.050%, 7/15/17		100,000		102,591
4.500%, 2/15/19		300,000		317,656
ConAgra Foods, Inc.
5.819%, 6/15/17		200,000		221,668
Corn Products International, Inc. 3.200%, 11/1/15		100,000		101,990
4.625%, 11/1/20		100,000		100,876
General Mills, Inc. 5.250%, 8/15/13		550,000		597,584
5.650%, 2/15/19		650,000		733,908
H.J. Heinz Co. 5.350%, 7/15/13		400,000		434,085
Hershey Co. 4.850%, 8/15/15		640,000		708,463
Hormel Foods Corp. 4.125%, 4/15/21		100,000		102,144
Kellogg Co. 4.250%, 3/6/13		500,000		527,686
3.250%, 5/21/18		80,000		80,450
4.000%, 12/15/20		500,000		499,251
Kraft Foods, Inc. 4.125%, 2/9/16		1,150,000		1,229,692
6.500%, 8/11/17		1,030,000		1,210,838
6.125%, 2/1/18		1,702,000		1,958,040
5.375%, 2/10/20		1,000,000		1,093,198
Mead Johnson Nutrition Co. 3.500%, 11/1/14		200,000		209,381
4.900%, 11/1/19		300,000		316,561
Tyson Foods, Inc. 10.500%, 3/1/14		1,970,000		2,339,375
Wm. Wrigley Jr. Co. 2.450%, 6/28/12§		3,000,000		3,005,982

				16,640,785


	Principal Amount		Value (Note 1)

*Household Products (0.1%)*
Clorox Co.
5.450%, 10/15/12	$	400,000	$	422,110
3.550%, 11/1/15		500,000		520,981
Colgate-Palmolive Co. 3.150%, 8/5/15		500,000		526,188
Energizer Holdings, Inc.
4.700%, 5/19/21§		150,000		148,151
Kimberly-Clark Corp. 6.125%, 8/1/17		500,000		590,144
7.500%, 11/1/18		250,000		313,870
3.875%, 3/1/21		105,000		106,577
Procter & Gamble Co. 1.375%, 8/1/12		1,000,000		1,007,700
3.150%, 9/1/15		350,000		367,858
4.700%, 2/15/19		500,000		551,769

				4,555,348

*Personal Products (0.0%)*
Avon Products, Inc. 5.625%, 3/1/14		200,000		218,961

*Tobacco (0.2%)*
Altria Group, Inc. 8.500%, 11/10/13		1,000,000		1,159,012
9.700%, 11/10/18		1,000,000		1,314,121
4.750%, 5/5/21		400,000		399,726
Lorillard Tobacco Co. 6.875%, 5/1/20		500,000		542,465
Philip Morris International, Inc. 4.875%, 5/16/13		500,000		536,365
6.875%, 3/17/14		775,000		889,856
5.650%, 5/16/18		1,352,000		1,520,560
4.500%, 3/26/20		1,500,000		1,559,394
Reynolds American, Inc. 6.750%, 6/15/17		400,000		461,831

				8,383,330

Total Consumer Staples				66,930,651

Energy (3.1%)
*Energy Equipment & Services (0.2%)*
Cameron International Corp. 4.500%, 6/1/21		150,000		148,588
Diamond Offshore Drilling, Inc. 5.875%, 5/1/19		105,000		118,007
Ensco plc 3.250%, 3/15/16		520,000		527,985
4.700%, 3/15/21		1,051,000		1,061,702
Halliburton Co. 6.150%, 9/15/19		500,000		580,946
Pride International, Inc. 6.875%, 8/15/20		360,000		418,672
Rowan Cos., Inc. 7.875%, 8/1/19		130,000		154,485
Transocean, Inc. 4.950%, 11/15/15		500,000		540,876
6.000%, 3/15/18		273,000		302,261
6.500%, 11/15/20		500,000		559,119
Weatherford International Ltd. 5.500%, 2/15/16		649,000		711,352
9.625%, 3/1/19		500,000		645,721

				5,769,714

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

*Oil, Gas & Consumable Fuels (2.9%)*
Anadarko Petroleum Corp. 5.950%, 9/15/16	$	2,651,000	$	2,983,931
6.375%, 9/15/17		1,661,000		1,904,061
8.700%, 3/15/19		300,000		382,293
Apache Corp. 6.000%, 9/15/13		500,000		553,577
5.625%, 1/15/17		300,000		345,971
BG Energy Capital plc 2.500%, 12/9/15§		5,575,000		5,577,966
Buckeye Partners LP 5.500%, 8/15/19		150,000		162,323
4.875%, 2/1/21		400,000		403,547
Canadian Natural Resources Ltd. 5.700%, 5/15/17		689,000		783,989
Cenovus Energy, Inc. 4.500%, 9/15/14		100,000		108,531
5.700%, 10/15/19		500,000		566,576
Chevron Corp. 4.950%, 3/3/19		250,000		279,353
ConocoPhillips 4.400%, 5/15/13		1,500,000		1,600,169
5.750%, 2/1/19		500,000		575,017
6.000%, 1/15/20		500,000		584,695
Enbridge Energy Partners LP 9.875%, 3/1/19		250,000		329,338
5.200%, 3/15/20		200,000		212,063
Enbridge, Inc. 5.800%, 6/15/14		500,000		554,919
EnCana Corp. 4.750%, 10/15/13		656,000		705,867
6.500%, 5/15/19		2,845,000		3,341,765
Energy Transfer Partners LP 6.000%, 7/1/13		500,000		540,350
9.000%, 4/15/19		500,000		621,699
Enterprise Products Operating LLC
9.750%, 1/31/14		475,000		567,046
3.200%, 2/1/16		1,000,000		1,015,826
5.250%, 1/31/20		250,000		265,977
5.200%, 9/1/20		2,045,000		2,156,326
6.125%, 10/15/39		160,000		162,711
EOG Resources, Inc.
2.950%, 6/1/15		500,000		514,759
5.625%, 6/1/19		300,000		336,453
4.100%, 2/1/21		500,000		493,831
EQT Corp. 8.125%, 6/1/19		450,000		550,468
Gazprom S.A. (Gaz Capital S.A.)
8.146%, 4/11/18§		1,800,000		2,117,250
9.250%, 4/23/19(m)		1,600,000		1,998,000
Husky Energy, Inc.
5.900%, 6/15/14		835,000		929,344
7.250%, 12/15/19		50,000		59,925
Kinder Morgan Energy Partners LP
5.000%, 12/15/13		200,000		216,873
5.625%, 2/15/15		300,000		334,728
6.000%, 2/1/17		200,000		225,544
6.850%, 2/15/20		500,000		578,118
5.300%, 9/15/20		200,000		210,400
5.800%, 3/1/21		10,600,000		11,514,610


	Principal Amount		Value (Note 1)

Magellan Midstream Partners LP
6.550%, 7/15/19	$	150,000	$	174,268
4.250%, 2/1/21		100,000		99,152
Marathon Petroleum Corp.
3.500%, 3/1/16§		580,000		594,562
5.125%, 3/1/21§		550,000		565,427
6.500%, 3/1/41§		1,198,000		1,238,171
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		380,263
Nexen, Inc.
6.200%, 7/30/19		330,000		370,719
7.500%, 7/30/39		1,825,000		2,041,365
Noble Holding International Ltd.
3.050%, 3/1/16		500,000		504,378
4.625%, 3/1/21		500,000		508,811
NuStar Logistics LP 4.800%, 9/1/20		200,000		201,640
Occidental Petroleum Corp.
2.500%, 2/1/16		100,000		101,416
4.125%, 6/1/16		150,000		163,063
4.100%, 2/1/21		500,000		509,290
ONEOK Partners LP
3.250%, 2/1/16		100,000		101,714
8.625%, 3/1/19		300,000		381,395
PC Financial Partnership 5.000%, 11/15/14		750,000		822,967
Petrobras International Finance Co.
3.875%, 1/27/16		3,690,000		3,757,593
5.875%, 3/1/18		1,125,000		1,210,466
8.375%, 12/10/18		400,000		493,001
7.875%, 3/15/19		750,000		908,186
5.750%, 1/20/20		4,180,000		4,459,036
5.375%, 1/27/21		1,000,000		1,026,809
Petroleos Mexicanos
4.875%, 3/15/15		1,250,000		1,353,125
8.000%, 5/3/19		500,000		616,500
6.000%, 3/5/20		620,000		680,450
5.500%, 1/21/21		7,500,000		7,863,750
Plains All American Pipeline LP
3.950%, 9/15/15		500,000		524,456
8.750%, 5/1/19		100,000		125,802
5.000%, 2/1/21		400,000		406,739
Shell International Finance B.V.
1.875%, 3/25/13		235,000		240,056
4.000%, 3/21/14		500,000		538,302
3.100%, 6/28/15		8,650,000		9,040,089
4.300%, 9/22/19		400,000		420,082
4.375%, 3/25/20		800,000		840,624
Spectra Energy Capital LLC
6.200%, 4/15/18		350,000		396,875
8.000%, 10/1/19		100,000		122,326
Statoil ASA
2.900%, 10/15/14		500,000		524,577
3.125%, 8/17/17		5,200,000		5,245,526
5.250%, 4/15/19		750,000		832,266
Sunoco, Inc. 9.625%, 4/15/15		200,000		246,124
Talisman Energy, Inc. 7.750%, 6/1/19		475,000		578,874
Total Capital Canada Ltd. 1.625%, 1/28/14		540,000		547,825

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Total Capital S.A.
3.125%, 10/2/15	$	400,000	$	417,414
4.450%, 6/24/20		4,650,000		4,853,354
4.125%, 1/28/21		200,000		202,315
TransCanada PipeLines Ltd.
3.400%, 6/1/15		500,000		524,860
7.125%, 1/15/19		700,000		857,863
3.800%, 10/1/20		8,900,000		8,805,260
6.350%, 5/15/67 (l)		300,000		301,580
Transcontinental Gas Pipe Line Corp.
Series B 8.875%, 7/15/12		1,000,000		1,079,617
Valero Energy Corp.
4.500%, 2/1/15		65,000		69,388
6.125%, 2/1/20		945,000		1,038,494
6.625%, 6/15/37		157,000		163,697
Williams Partners LP
3.800%, 2/15/15		200,000		209,499
5.250%, 3/15/20		610,000		642,210

				118,289,800

Total Energy				124,059,514

Financials (24.6%)
*Capital Markets (4.0%)*
Ameriprise Financial, Inc.
5.650%, 11/15/15		250,000		282,131
7.300%, 6/28/19		90,000		108,556
5.300%, 3/15/20		250,000		267,993
Bank of New York Mellon Corp.
5.125%, 8/27/13		500,000		542,753
1.500%, 1/31/14		100,000		101,023
4.300%, 5/15/14		500,000		540,481
3.100%, 1/15/15		500,000		520,936
2.500%, 1/15/16		300,000		302,731
5.450%, 5/15/19		200,000		221,826
4.150%, 2/1/21		300,000		299,101
Bear Stearns Cos. LLC
6.950%, 8/10/12		12,900,000		13,772,208
5.300%, 10/30/15		829,000		908,545
BlackRock, Inc.
3.500%, 12/10/14		500,000		526,933
5.000%, 12/10/19		500,000		531,486
Charles Schwab Corp.
4.950%, 6/1/14		375,000		411,160
4.450%, 7/22/20		250,000		255,831
Deutsche Bank AG/London
5.375%, 10/12/12		1,000,000		1,054,979
2.375%, 1/11/13		1,000,000		1,014,478
3.875%, 8/18/14		500,000		525,548
3.250%, 1/11/16		1,000,000		1,011,870
6.000%, 9/1/17		500,000		557,872
Eaton Vance Corp. 6.500%, 10/2/17		250,000		288,677
Goldman Sachs Group, Inc.
5.300%, 2/14/12		5,000,000		5,129,120
3.625%, 8/1/12		180,000		185,257
5.700%, 9/1/12		10,000,000		10,515,250
5.450%, 11/1/12		2,000,000		2,113,754
5.250%, 10/15/13		1,518,000		1,628,721
6.000%, 5/1/14		1,575,000		1,727,715


	Principal Amount		Value (Note 1)

5.125%, 1/15/15	$	4,000,000	$	4,292,404
5.350%, 1/15/16		1,200,000		1,294,910
3.625%, 2/7/16		4,685,000		4,735,870
5.625%, 1/15/17		1,000,000		1,058,638
6.150%, 4/1/18		3,100,000		3,373,863
7.500%, 2/15/19		1,300,000		1,512,606
5.375%, 3/15/20		1,500,000		1,548,968
Jefferies Group, Inc.
5.125%, 4/13/18		500,000		501,008
8.500%, 7/15/19		300,000		354,806
Lazard Group LLC 7.125%, 5/15/15		200,000		225,043
Lehman Brothers Holdings, Inc.
0.000%, 12/23/09 (h)		10,200,000		2,626,500
5.625%, 1/24/13 (h)		5,000,000		1,325,000
6.750%, 12/28/17 (b)(h)		1,297,000		648
Macquarie Bank Ltd.
0.576%, 7/16/12 (l)		1,500,000		1,502,199
3.300%, 7/17/14§		14,400,000		15,296,069
Merrill Lynch & Co., Inc.
0.482%, 6/5/12 (l)		1,500,000		1,497,159
6.050%, 8/15/12		700,000		736,898
6.150%, 4/25/13		2,774,000		2,978,538
5.700%, 5/2/17		1,500,000		1,562,400
6.400%, 8/28/17		13,000,000		14,190,540
6.875%, 4/25/18		4,000,000		4,425,672
Morgan Stanley
5.250%, 11/2/12		2,000,000		2,102,786
5.300%, 3/1/13		2,543,000		2,688,734
2.761%, 5/14/13 (l)		4,720,000		4,846,118
6.000%, 5/13/14		1,700,000		1,851,504
4.200%, 11/20/14		3,663,000		3,804,066
6.000%, 4/28/15		12,845,000		13,924,841
4.000%, 7/24/15		1,500,000		1,526,537
0.758%, 10/15/15 (l)		4,800,000		4,543,368
5.375%, 10/15/15		1,000,000		1,068,997
5.550%, 4/27/17		1,000,000		1,060,045
6.250%, 8/28/17		825,000		892,181
5.950%, 12/28/17		2,700,000		2,902,627
6.625%, 4/1/18		500,000		550,796
7.300%, 5/13/19		1,200,000		1,360,831
5.750%, 1/25/21		2,000,000		2,023,658
Nomura Holdings, Inc.
5.000%, 3/4/15		300,000		316,305
4.125%, 1/19/16		500,000		506,353
6.700%, 3/4/20		203,000		221,809
Northern Trust Corp.
4.625%, 5/1/14		65,000		70,984
3.450%, 11/4/20		200,000		194,124
Raymond James Financial, Inc.
4.250%, 4/15/16		100,000		103,235
8.600%, 8/15/19		600,000		732,716
SteelRiver Transmission Co. LLC
4.710%, 6/30/17 (b)§		2,123,912		2,155,983
TD Ameritrade Holding Corp.
5.600%, 12/1/19		250,000		268,005

				160,103,277

*Commercial Banks (8.4%)*
American Express Bank FSB 5.500%, 4/16/13		1,000,000		1,069,796

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Banco do Brasil S.A.
3.007%, 7/2/14 (l)§	$	1,500,000	$	1,529,625
4.500%, 1/22/15§		5,350,000		5,577,375
Banco Santander Brazil S.A./Cayman Islands
(Zero Coupon), 12/29/11 (b)§		2,800,000		2,772,560
Banco Santander S.A./Chile
1.524%, 4/20/12 (l)§		7,800,000		7,806,451
1.875%, 1/19/16 (l)§		7,600,000		7,258,000
Bancolombia S.A. 4.250%, 1/12/16§		250,000		251,250
Bank of Montreal 2.125%, 6/28/13		200,000		204,732
Bank of Nova Scotia
2.250%, 1/22/13		260,000		266,159
2.375%, 12/17/13		2,000,000		2,057,234
3.400%, 1/22/15		200,000		210,116
Bank of Scotland plc 5.250%, 2/21/17§		8,200,000		8,768,006
Bank of Tokyo-Mitsubishi UFJ Ltd.
2.600%, 1/22/13§		1,500,000		1,530,526
Barclays Bank plc
5.450%, 9/12/12		700,000		737,523
2.375%, 1/13/14		1,000,000		1,011,876
5.200%, 7/10/14		500,000		540,888
5.000%, 9/22/16		500,000		537,871
6.750%, 5/22/19		400,000		449,020
5.125%, 1/8/20		1,200,000		1,217,926
5.926%, 9/29/49 (l)§		225,000		209,250
BB&T Corp.
3.375%, 9/25/13		400,000		416,975
2.050%, 4/28/14		300,000		303,347
3.200%, 3/15/16		1,000,000		1,022,966
3.950%, 4/29/16		200,000		209,302
5.250%, 11/1/19		300,000		316,132
BBVA Senior Finance S.A. Unipersonal
3.250%, 5/16/14		200,000		197,786
BNP Paribas
3.250%, 3/11/15		1,500,000		1,526,203
5.000%, 1/15/21		1,000,000		1,005,407
BNP Paribas/BNP Paribas U.S. 2.125%, 12/21/12		300,000		303,063
Canadian Imperial Bank of Commerce
2.000%, 2/4/13§		14,700,000		14,975,948
1.450%, 9/13/13		300,000		301,256
2.350%, 12/11/15		400,000		399,044
2.750%, 1/27/16§		2,410,000		2,465,792
CIT Group, Inc. 4.766%, 8/11/15 (l)		1,000,000		1,004,821
Comerica Bank 5.750%, 11/21/16		500,000		558,115
Commonwealth Bank of Australia
0.797%, 3/19/13 (l)§		2,800,000		2,804,869
0.705%, 7/12/13 (l)§		12,800,000		12,792,960
3.500%, 3/19/15§		2,800,000		2,896,656
Credit Agricole 0.623%, 2/2/12 (l)§		1,200,000		1,197,734
Credit Suisse AG/New York
3.450%, 7/2/12		250,000		256,629
5.000%, 5/15/13		2,000,000		2,134,828
2.200%, 1/14/14		150,000		151,955
5.500%, 5/1/14		300,000		329,503
5.300%, 8/13/19		250,000		266,097


	Principal Amount		Value (Note 1)

5.400%, 1/14/20	$	1,380,000	$	1,397,082
4.375%, 8/5/20		1,000,000		977,757
Dexia Credit Local S.A.
1.875%, 9/30/11		13,900,000		13,912,566
0.535%, 1/12/12 (l)§		1,500,000		1,499,373
Dexia Credit Local S.A./New York
0.652%, 3/5/13 (l)§		10,000,000		9,971,630
Discover Bank 8.700%, 11/18/19		2,783,000		3,357,300
DnB NOR Boligkreditt 2.100%, 10/14/15§		6,390,000		6,315,192
Fifth Third Bancorp
3.625%, 1/25/16		1,000,000		1,008,687
5.450%, 1/15/17		250,000		267,780
Fifth Third Capital Trust IV 6.500%, 4/15/37 (l)		250,000		245,625
First Horizon National Corp. 5.375%, 12/15/15		400,000		425,566
HBOS plc 6.750%, 5/21/18§		1,400,000		1,347,270
HSBC Bank plc 3.100%, 5/24/16§		1,070,000		1,062,926
HSBC Bank S.A./Brasil 4.000%, 5/11/16§		2,150,000		2,171,500
HSBC Bank USA/New York 4.875%, 8/24/20		1,000,000		984,534
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/29/49 (l)§		550,000		531,577
HSBC Holdings plc 5.100%, 4/5/21		900,000		922,306
Huntington BancShares, Inc. 7.000%, 12/15/20		25,000		28,188
ICICI Bank Ltd./Bahrain 6.625%, 10/3/12§		550,000		578,616
ING Bank N.V. 1.596%, 10/18/13 (l)§		10,000,000		10,083,490
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		2,555,000		2,825,053
6.000%, 10/1/17		6,360,000		7,067,690
KeyBank N.A.
5.700%, 8/15/12		400,000		418,730
7.413%, 5/6/15		400,000		455,386
KeyCorp 6.500%, 5/14/13		500,000		544,074
Kreditanstalt fuer Wiederaufbau
1.875%, 1/14/13		3,500,000		3,572,629
3.250%, 3/15/13		2,705,000		2,825,689
1.375%, 7/15/13		1,045,000		1,059,896
4.000%, 10/15/13		500,000		534,936
1.375%, 1/13/14		1,500,000		1,514,334
3.500%, 3/10/14		1,000,000		1,065,610
2.625%, 3/3/15		500,000		521,947
1.250%, 10/26/15		1,000,000		978,650
2.625%, 2/16/16		2,500,000		2,584,437
5.125%, 3/14/16		900,000		1,027,990
4.875%, 1/17/17		2,724,000		3,092,805
4.500%, 7/16/18		500,000		553,576
4.875%, 6/17/19		500,000		565,503
4.000%, 1/27/20		2,000,000		2,113,090
2.750%, 9/8/20		1,000,000		956,138
Landwirtschaftliche Rentenbank
1.875%, 9/24/12		2,000,000		2,036,126

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

3.125%, 7/15/15	$	1,000,000	$	1,055,609
2.500%, 2/15/16		1,000,000		1,023,810
Lloyds TSB Bank plc
1.303%, 4/2/12 (l)§		3,800,000		3,826,452
4.875%, 1/21/16		600,000		613,662
6.375%, 1/21/21		600,000		624,633
M&I Marshall & Ilsley Bank 4.850%, 6/16/15		250,000		263,583
Mellon Funding Corp. 5.000%, 12/1/14		500,000		549,961
National Australia Bank Ltd. 5.350%, 6/12/13§		9,100,000		9,760,533
NIBC Bank N.V. 2.800%, 12/2/14§		8,900,000		9,265,140
Nordea Bank AB 1.181%, 1/14/14 (l)§		10,400,000		10,491,052
Oesterreichische Kontrollbank AG
1.375%, 1/21/14		1,000,000		1,009,860
4.875%, 2/16/16		1,000,000		1,123,344
PNC Bank N.A. 4.875%, 9/21/17		1,250,000		1,341,028
PNC Funding Corp.
3.625%, 2/8/15		1,100,000		1,158,581
5.625%, 2/1/17		500,000		550,554
5.125%, 2/8/20		100,000		107,070
4.375%, 8/11/20		200,000		202,345
Rabobank Nederland N.V.
1.850%, 1/10/14		1,000,000		1,010,817
11.000%, 6/29/49 (l)§		624,000		796,224
Regions Bank/Alabama 7.500%, 5/15/18		3,700,000		3,869,109
Royal Bank of Canada
2.100%, 7/29/13		700,000		718,225
3.125%, 4/14/15§		6,275,000		6,523,227
Royal Bank of Scotland Group plc
0.514%, 3/30/12 (l)§		17,900,000		17,920,907
1.174%, 4/23/12 (l)		1,000,000		1,005,763
5.000%, 10/1/14		1,000,000		987,034
5.050%, 1/8/15		2,100,000		2,088,225
6.400%, 10/21/19		375,000		385,186
Royal Bank of Scotland plc
0.870%, 12/2/11 (l)		7,700,000		7,714,068
2.679%, 8/23/13 (l)		7,600,000		7,795,107
3.400%, 8/23/13		500,000		511,625
3.250%, 1/11/14		500,000		506,883
3.950%, 9/21/15		500,000		502,347
4.375%, 3/16/16		600,000		605,240
5.625%, 8/24/20		800,000		800,334
Sberbank (SB Capital S.A.) 5.499%, 7/7/15		2,250,000		2,382,188
Sparebanken 1 Boligkredit 1.250%, 10/25/13§		2,510,000		2,507,432
SunTrust Banks, Inc./Georgia 7.250%, 3/15/18		500,000		576,836
SVB Financial Group 5.375%, 9/15/20		80,000		80,385
Svenska Handelsbanken AB 1.249%, 9/14/12 (l)§		1,400,000		1,412,613
Toronto-Dominion Bank 2.200%, 7/29/15§		7,500,000		7,599,765


	Principal Amount		Value (Note 1)

U.S. Bancorp
4.200%, 5/15/14	$	1,000,000	$	1,077,033
2.450%, 7/27/15		500,000		504,689
U.S. Bank N.A./Ohio 4.950%, 10/30/14		1,000,000		1,094,184
UBS AG/Connecticut
1.359%, 2/23/12 (l)		1,300,000		1,308,206
2.250%, 8/12/13		3,400,000		3,458,517
1.273%, 1/28/14 (l)		700,000		703,017
3.875%, 1/15/15		1,000,000		1,043,809
5.875%, 7/15/16		500,000		548,457
5.875%, 12/20/17		700,000		767,879
5.750%, 4/25/18		1,600,000		1,734,685
4.875%, 8/4/20		1,090,000		1,102,477
UFJ Finance Aruba AEC 6.750%, 7/15/13		1,310,000		1,439,429
Union Bank N.A. 2.125%, 12/16/13		450,000		452,459
Wachovia Bank N.A. 4.875%, 2/1/15		1,250,000		1,342,063
Wachovia Corp.
5.700%, 8/1/13		1,000,000		1,086,432
5.625%, 10/15/16		1,000,000		1,085,583
5.750%, 2/1/18		700,000		774,051
Wells Fargo & Co.
5.250%, 10/23/12		1,835,000		1,936,094
4.950%, 10/16/13		1,000,000		1,064,070
3.750%, 10/1/14		600,000		632,345
5.625%, 12/11/17		765,000		845,022
4.600%, 4/1/21		1,000,000		1,005,552
Wells Fargo Bank N.A. 5.750%, 5/16/16		1,500,000		1,668,666
Wells Fargo Capital XIII 7.700%, 12/29/49 (l)		500,000		510,000
Wells Fargo Capital XV 9.750%, 9/29/49 (l)		250,000		263,750
Westpac Banking Corp.
2.250%, 11/19/12		200,000		203,817
2.100%, 8/2/13		500,000		506,250
2.900%, 9/10/14§		300,000		314,700
4.200%, 2/27/15		400,000		423,275
3.000%, 8/4/15		1,300,000		1,314,093
4.875%, 11/19/19		500,000		520,077
Westpac Securities NZ Ltd. 3.450%, 7/28/14§		12,900,000		13,725,574
Zions Bancorp 7.750%, 9/23/14		250,000		274,114

				341,243,952

*Consumer Finance (2.5%)*
Ally Financial, Inc.
6.875%, 9/15/11		6,400,000		6,448,000
6.000%, 12/15/11		700,000		708,750
7.000%, 2/1/12		1,641,000		1,672,179
6.875%, 8/28/12		1,000,000		1,032,500
1.750%, 10/30/12		500,000		508,489
2.200%, 12/19/12		1,200,000		1,230,462
3.466%, 2/11/14 (l)		4,000,000		3,930,572
8.300%, 2/12/15		600,000		670,500
American Express Co.
4.875%, 7/15/13		1,000,000		1,063,241

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

7.250%, 5/20/14	$	3,250,000	$	3,716,986
6.150%, 8/28/17		1,000,000		1,139,567
7.000%, 3/19/18		8,968,000		10,553,874
8.125%, 5/20/19		250,000		316,947
American Express Credit Corp.
5.125%, 8/25/14		500,000		545,661
2.750%, 9/15/15		1,000,000		999,702
Capital One Bank USA N.A.
6.500%, 6/13/13		1,000,000		1,090,724
8.800%, 7/15/19		313,000		384,127
Capital One Financial Corp. 7.375%, 5/23/14		125,000		142,729
Discover Financial Services 6.450%, 6/12/17		200,000		221,846
Ford Motor Credit Co. LLC
9.875%, 8/10/11		1,800,000		1,811,388
7.250%, 10/25/11		7,500,000		7,612,545
7.800%, 6/1/12		1,800,000		1,882,406
7.500%, 8/1/12		3,000,000		3,139,212
HSBC Finance Corp.
0.544%, 4/24/12 (l)		2,000,000		1,998,030
0.625%, 7/19/12 (l)		10,000,000		9,994,790
0.597%, 9/14/12 (l)		13,850,000		13,809,073
6.375%, 11/27/12		4,675,000		5,001,418
4.750%, 7/15/13		1,000,000		1,058,913
0.528%, 1/15/14 (l)		4,200,000		4,131,351
5.000%, 6/30/15		685,000		736,953
0.684%, 6/1/16 (l)		500,000		473,994
6.676%, 1/15/21§		1,000,000		1,026,013
ORIX Corp. 4.710%, 4/27/15		500,000		517,275
PACCAR Financial Corp. 1.950%, 12/17/12		200,000		203,603
SLM Corp.
5.000%, 10/1/13		500,000		520,000
0.574%, 1/27/14 (l)		885,000		839,249
6.250%, 1/25/16		2,073,000		2,150,738
8.000%, 3/25/20		1,100,000		1,181,184
Toyota Motor Credit Corp.
1.375%, 8/12/13		150,000		151,030
3.200%, 6/17/15		100,000		103,931
2.800%, 1/11/16		400,000		409,444
4.500%, 6/17/20		100,000		103,743
4.250%, 1/11/21		350,000		358,931
Volkswagen International Finance N.V.
4.000%, 8/12/20§		5,000,000		4,996,815

				100,588,885

*Diversified Financial Services (5.6%)*
Allstate Life Global Funding Trusts
5.375%, 4/30/13		2,380,000		2,564,933
AngloGold Ashanti Holdings plc 5.375%, 4/15/20		3,860,000		3,800,602
Bank of America Corp.
4.750%, 8/15/13		1,470,000		1,541,038
7.375%, 5/15/14		2,000,000		2,248,392
0.577%, 9/15/14 (l)		1,450,000		1,397,540
4.500%, 4/1/15		1,500,000		1,568,250
3.625%, 3/17/16		465,000		466,339
6.500%, 8/1/16		1,000,000		1,115,254
5.625%, 10/14/16		1,390,000		1,487,659


	Principal Amount		Value (Note 1)

5.625%, 7/1/20	$	3,785,000	$	3,908,058
5.000%, 5/13/21		655,000		647,040
Bank of America N.A. 5.300%, 3/15/17		500,000		515,373
Boeing Capital Corp. 3.250%, 10/27/14		1,000,000		1,058,652
BP Capital Markets plc
2.750%, 2/27/12		2,000,000		2,027,700
5.250%, 11/7/13		2,450,000		2,654,487
3.625%, 5/8/14		2,050,000		2,154,800
3.875%, 3/10/15		650,000		684,549
3.125%, 10/1/15		6,400,000		6,570,848
3.200%, 3/11/16		750,000		762,825
4.750%, 3/10/19		300,000		316,397
4.500%, 10/1/20		7,800,000		7,954,393
Cantor Fitzgerald LP
7.875%, 10/15/19§		900,000		983,040
Caterpillar Financial Services Corp.
4.250%, 2/8/13		842,000		889,212
2.000%, 4/5/13		100,000		102,174
1.550%, 12/20/13		200,000		201,713
1.375%, 5/20/14		140,000		140,571
2.750%, 6/24/15		1,000,000		1,031,778
7.150%, 2/15/19		800,000		987,025
CDP Financial, Inc.
3.000%, 11/25/14§		3,345,000		3,479,606
Citigroup Funding, Inc.
2.125%, 7/12/12		3,500,000		3,567,882
1.875%, 10/22/12		500,000		509,724
1.875%, 11/15/12		1,000,000		1,018,451
2.250%, 12/10/12		1,500,000		1,537,839
Citigroup, Inc.
5.500%, 4/11/13		7,600,000		8,068,738
6.500%, 8/19/13		1,500,000		1,631,337
6.000%, 12/13/13		700,000		761,095
6.375%, 8/12/14		1,000,000		1,105,725
5.000%, 9/15/14		2,220,000		2,326,467
4.750%, 5/19/15		3,655,000		3,865,389
4.587%, 12/15/15		5,800,000		6,099,332
3.953%, 6/15/16		2,360,000		2,415,951
5.500%, 2/15/17		500,000		525,855
6.000%, 8/15/17		580,000		635,150
1.961%, 5/15/18 (l)		14,140,000		14,161,139
6.125%, 5/15/18		2,000,000		2,202,460
8.500%, 5/22/19		1,500,000		1,859,483
5.375%, 8/9/20		315,000		328,722
CME Group, Inc.
5.750%, 2/15/14		500,000		555,373
Credit Suisse FB USA, Inc.
5.125%, 8/15/15		2,000,000		2,198,220
Crown Castle Towers LLC
6.113%, 1/15/20§		2,495,000		2,722,342
DanFin Funding Ltd.
0.976%, 7/16/13 (l)§		6,000,000		5,997,690
General Electric Capital Corp.
0.410%, 4/10/12 (l)		13,665,000		13,679,061
5.250%, 10/19/12		1,500,000		1,581,338
2.125%, 12/21/12		3,185,000		3,260,914
2.625%, 12/28/12		1,000,000		1,030,230
2.800%, 1/8/13		1,500,000		1,538,085
0.367%, 6/20/13 (l)		4,000,000		3,943,344

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

1.875%, 9/16/13	$	1,500,000	$	1,517,123
5.900%, 5/13/14		1,000,000		1,110,909
3.750%, 11/14/14		1,000,000		1,058,508
3.500%, 6/29/15		1,500,000		1,558,399
5.400%, 2/15/17		1,308,000		1,430,380
6.000%, 8/7/19		3,000,000		3,321,780
5.300%, 2/11/21		1,140,000		1,186,218
5.500%, 9/15/67 (l)§	EUR	6,400,000		8,631,293
Hutchison Whampoa International Ltd.
7.625%, 4/9/19 (m)	$	700,000		829,854
John Deere Capital Corp.
5.250%, 10/1/12		200,000		211,396
4.500%, 4/3/13		500,000		531,824
1.875%, 6/17/13		500,000		509,924
2.800%, 9/18/17		500,000		503,766
5.750%, 9/10/18		300,000		344,388
JPMorgan Chase & Co.
2.125%, 12/26/12		1,000,000		1,024,030
4.650%, 6/1/14		1,250,000		1,342,944
5.125%, 9/15/14		2,000,000		2,161,296
3.700%, 1/20/15		1,100,000		1,143,788
4.750%, 3/1/15		1,000,000		1,069,129
3.450%, 3/1/16		1,500,000		1,527,952
3.150%, 7/5/16		2,760,000		2,776,886
6.000%, 1/15/18		2,174,000		2,417,823
6.300%, 4/23/19		1,000,000		1,127,136
4.400%, 7/22/20		1,200,000		1,175,602
4.625%, 5/10/21		500,000		495,954
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		100,000		101,157
5.250%, 1/16/18		60,000		61,420
5.550%, 1/15/20		200,000		199,352
National Rural Utilities Cooperative Finance Corp.
3.050%, 3/1/16		1,000,000		1,031,240
5.450%, 2/1/18		500,000		559,629
Nile Finance Ltd.
5.250%, 8/5/15 (m)		1,500,000		1,541,250
Noble Group Ltd.
6.750%, 1/29/20§		5,800,000		6,090,000
Northern Rock Asset Management plc
5.625%, 6/22/17§		450,000		473,504
Novus USA Trust
1.511%, 11/18/11 (l)§		1,420,000		1,411,205
Private Export Funding Corp.
4.550%, 5/15/15		200,000		222,727
4.950%, 11/15/15		200,000		225,709
RZD Capital Ltd.
5.739%, 4/3/17		200,000		212,500
SSIF Nevada LP
0.981%, 4/14/14 (l)§		15,700,000		15,700,094
TECO Finance, Inc.
4.000%, 3/15/16		65,000		68,064
5.150%, 3/15/20		300,000		318,132
TNK-BP Finance S.A.
7.500%, 3/13/13 (m)		800,000		866,000
6.250%, 2/2/15 (m)		600,000		652,620
7.500%, 7/18/16 (m)		2,000,000		2,247,500
6.625%, 3/20/17 (m)		1,100,000		1,191,960
7.875%, 3/13/18 (m)		1,300,000		1,491,750
Transneft OJSC (TransCapitalInvest Ltd.)
8.700%, 8/7/18 (m)		900,000		1,105,875


	Principal Amount		Value (Note 1)

UBS Preferred Funding Trust V
6.243%, 5/29/49 (l)	$	250,000	$	245,000
Unilever Capital Corp.
2.750%, 2/10/16		100,000		102,580
4.800%, 2/15/19		500,000		548,039
4.250%, 2/10/21		100,000		104,093
Waha Aerospace B.V.
3.925%, 7/28/20§		9,405,000		9,522,563
Woodside Finance Ltd.
4.600%, 5/10/21§		315,000		309,165
XTRA Finance Corp.
5.150%, 4/1/17		250,000		277,138

				228,276,152

*Insurance (2.1%)*
ACE INA Holdings, Inc.
5.600%, 5/15/15		250,000		277,967
2.600%, 11/23/15		200,000		200,847
5.900%, 6/15/19		300,000		338,056
Aegon N.V. 4.625%, 12/1/15		300,000		317,918
Aflac, Inc.
3.450%, 8/15/15		100,000		102,125
8.500%, 5/15/19		150,000		183,451
Alleghany Corp. 5.625%, 9/15/20		100,000		101,692
Allstate Corp.
7.500%, 6/15/13		250,000		278,621
6.200%, 5/16/14		200,000		226,345
7.450%, 5/16/19		300,000		356,979
American Financial Group, Inc./Ohio
9.875%, 6/15/19		250,000		310,889
American International Group, Inc.
0.347%, 3/20/12 (l)		1,000,000		993,894
5.050%, 10/1/15		1,000,000		1,043,770
5.600%, 10/18/16		1,000,000		1,046,976
5.450%, 5/18/17		1,000,000		1,044,414
5.850%, 1/16/18		500,000		523,188
8.250%, 8/15/18		1,200,000		1,378,352
6.400%, 12/15/20		750,000		807,289
8.175%, 5/15/58 (l)		17,500,000		19,120,500
AON Corp.
3.500%, 9/30/15		250,000		256,963
3.125%, 5/27/16		150,000		149,512
5.000%, 9/30/20		250,000		256,339
Axis Specialty Finance LLC 5.875%, 6/1/20		250,000		256,373
Berkshire Hathaway Finance Corp.
4.750%, 5/15/12		2,728,000		2,829,934
5.000%, 8/15/13		600,000		648,039
1.500%, 1/10/14		100,000		100,889
4.850%, 1/15/15		400,000		441,611
4.250%, 1/15/21		500,000		509,101
Berkshire Hathaway, Inc.
2.125%, 2/11/13		500,000		513,030
3.200%, 2/11/15		500,000		521,127
Chubb Corp.
5.750%, 5/15/18		250,000		282,266
6.375%, 3/29/67 (l)		500,000		517,500
CNA Financial Corp.
7.350%, 11/15/19		120,000		136,793
5.875%, 8/15/20		500,000		519,868

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Delphi Financial Group, Inc. 7.875%, 1/31/20	$	50,000	$	55,646
Fairfax Financial Holdings Ltd. 5.800%, 5/15/21§		925,000		896,056
Genworth Financial, Inc.
8.625%, 12/15/16		200,000		221,450
7.700%, 6/15/20		500,000		520,986
Hartford Financial Services Group, Inc.
4.000%, 3/30/15		500,000		515,427
5.500%, 3/30/20		300,000		309,243
HCC Insurance Holdings, Inc. 6.300%, 11/15/19		100,000		108,019
Lincoln National Corp.
8.750%, 7/1/19		350,000		441,664
6.250%, 2/15/20		150,000		164,981
4.850%, 6/24/21		80,000		79,016
7.000%, 6/15/40		585,000		659,676
6.050%, 4/20/67 (l)		907,000		872,988
Manulife Financial Corp. 3.400%, 9/17/15		1,230,000		1,268,014
Markel Corp.
7.125%, 9/30/19		100,000		114,202
5.350%, 6/1/21		100,000		98,054
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		590,000		640,017
5.750%, 9/15/15		375,000		412,105
MetLife, Inc.
2.375%, 2/6/14		800,000		815,216
6.750%, 6/1/16		800,000		931,164
4.750%, 2/8/21		500,000		509,708
Metropolitan Life Global Funding I
2.875%, 9/17/12§		1,725,000		1,762,874
2.500%, 1/11/13§		4,470,000		4,550,925
5.125%, 4/10/13§		900,000		957,625
5.125%, 6/10/14§		775,000		846,734
Monumental Global Funding III 0.444%, 1/25/13 (l)§		2,900,000		2,869,170
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		200,000		201,979
Principal Financial Group, Inc. 8.875%, 5/15/19		200,000		254,404
Principal Life Income Funding Trusts
5.300%, 12/14/12		400,000		424,241
Protective Life Corp. 7.375%, 10/15/19		500,000		568,467
Prudential Financial, Inc.
2.750%, 1/14/13		150,000		153,072
4.500%, 7/15/13		819,000		863,866
3.875%, 1/14/15		65,000		67,845
6.200%, 1/15/15		45,000		50,379
4.750%, 9/17/15		1,695,000		1,823,608
6.000%, 12/1/17		1,244,000		1,396,170
5.375%, 6/21/20		1,470,000		1,548,648
Reinsurance Group of America, Inc.
6.450%, 11/15/19		100,000		108,604
5.000%, 6/1/21		60,000		59,360
Sun Life Financial, Inc. 0.547%, 10/6/13 (l)§		9,300,000		9,227,441
Torchmark Corp. 9.250%, 6/15/19		100,000		125,056


	Principal Amount		Value (Note 1)

Travelers Cos., Inc.
5.500%, 12/1/15	$	500,000	$	561,336
5.800%, 5/15/18		500,000		560,282
Unum Group 5.625%, 9/15/20		7,550,000		7,906,201
Willis North America, Inc. 5.625%, 7/15/15		665,000		719,513

				83,834,050

*Real Estate Investment Trusts (REITs) (0.5%)*
AvalonBay Communities, Inc. 5.700%, 3/15/17		150,000		167,569
Boston Properties LP 5.875%, 10/15/19		300,000		328,691
Brandywine Operating Partnership LP 4.950%, 4/15/18		100,000		101,381
Camden Property Trust 4.625%, 6/15/21		200,000		197,122
CommonWealth REIT 6.650%, 1/15/18		100,000		111,163
Digital Realty Trust LP 4.500%, 7/15/15		100,000		104,078
Duke Realty LP
6.250%, 5/15/13		500,000		538,798
6.750%, 3/15/20		250,000		279,989
Entertainment Properties Trust
7.750%, 7/15/20		100,000		112,750
Equity One, Inc.
6.250%, 12/15/14		100,000		109,261
ERP Operating LP
5.125%, 3/15/16		500,000		545,093
4.750%, 7/15/20		500,000		507,037
HCP, Inc.
5.950%, 9/15/11		2,000,000		2,019,444
2.700%, 2/1/14		120,000		121,730
3.750%, 2/1/16		555,000		564,393
6.000%, 1/30/17		300,000		330,344
5.375%, 2/1/21		1,065,000		1,098,470
Health Care REIT, Inc.
4.700%, 9/15/17		500,000		513,241
6.125%, 4/15/20		145,000		155,311
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		200,000		222,624
Hospitality Properties Trust
7.875%, 8/15/14		1,100,000		1,241,125
5.625%, 3/15/17		250,000		258,498
Kilroy Realty LP
5.000%, 11/3/15		100,000		104,224
4.800%, 7/15/18		175,000		172,041
Kimco Realty Corp.
6.875%, 10/1/19		100,000		116,195
Liberty Property LP
4.750%, 10/1/20		200,000		200,655
Mack-Cali Realty LP
7.750%, 8/15/19		250,000		300,751
Realty Income Corp.
5.750%, 1/15/21		500,000		535,765
Senior Housing Properties Trust
4.300%, 1/15/16		100,000		100,912

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Simon Property Group LP
4.200%, 2/1/15	$	135,000	$	143,611
5.100%, 6/15/15		658,000		726,407
5.650%, 2/1/20		1,000,000		1,080,399
4.375%, 3/1/21		7,600,000		7,480,308
UDR, Inc.
4.250%, 6/1/18		200,000		198,654
Ventas Realty LP/Ventas Capital Corp.
3.125%, 11/30/15		100,000		99,016
6.750%, 4/1/17		760,000		800,461

				21,687,511

*Real Estate Management & Development (0.0%)*
ProLogis LP
7.625%, 8/15/14		150,000		170,867
6.250%, 3/15/17		100,000		110,495
7.375%, 10/30/19		300,000		342,093
6.875%, 3/15/20		8,000		8,833

				632,288

*Thrifts & Mortgage Finance (1.5%)*
Abbey National Treasury Services plc/London
2.875%, 4/25/14		200,000		200,719
3.875%, 11/10/14§		5,200,000		5,295,425
4.000%, 4/27/16		300,000		297,694
Cie de Financement Foncier
2.125%, 4/22/13§		6,300,000		6,393,958
Nykredit Realkredit A/S
4.000%, 1/1/12	DKK	88,000,000		17,283,153
Realkredit Danmark A/S
2.000%, 1/1/12		100,000,000		19,466,170
Santander Holdings USA, Inc.
4.625%, 4/19/16	$	500,000		502,483
Stadshypotek AB
0.796%, 9/30/13 (l)§		10,000,000		9,990,000
U.S. Central Federal Credit Union
1.900%, 10/19/12		500,000		508,880
Western Corporate Federal Credit Union
1.750%, 11/2/12		200,000		203,148

				60,141,630

Total Financials				996,507,745

Health Care (1.7%)
*Biotechnology (0.2%)*
Amgen, Inc.
2.300%, 6/15/16		185,000		183,401
5.850%, 6/1/17		500,000		578,979
6.150%, 6/1/18		330,000		382,369
4.500%, 3/15/20		50,000		51,566
3.450%, 10/1/20		6,700,000		6,388,530
4.100%, 6/15/21		300,000		297,633
Biogen Idec, Inc.
6.875%, 3/1/18		100,000		116,781
Celgene Corp.
3.950%, 10/15/20		200,000		193,062
Genentech, Inc.
4.750%, 7/15/15		350,000		385,787
Gilead Sciences, Inc.
4.500%, 4/1/21		300,000		300,497

				8,878,605


	Principal Amount		Value (Note 1)

*Health Care Equipment & Supplies (0.3%)*
Baxter International, Inc.
4.000%, 3/1/14	$	500,000	$	536,983
5.900%, 9/1/16		300,000		351,597
4.250%, 3/15/20		300,000		310,821
Becton Dickinson and Co.
3.250%, 11/12/20		500,000		475,933
Boston Scientific Corp.
4.500%, 1/15/15		275,000		289,953
6.400%, 6/15/16		3,835,000		4,319,453
5.125%, 1/12/17		960,000		1,014,590
C.R. Bard, Inc.
2.875%, 1/15/16		100,000		102,634
4.400%, 1/15/21		65,000		66,945
CareFusion Corp.
5.125%, 8/1/14		130,000		142,365
6.375%, 8/1/19		1,250,000		1,410,867
Covidien International Finance S.A.
1.875%, 6/15/13		200,000		203,415
2.800%, 6/15/15		500,000		512,654
4.200%, 6/15/20		200,000		203,762
Medtronic, Inc.
3.000%, 3/15/15		300,000		313,368
4.450%, 3/15/20		500,000		522,749
St. Jude Medical, Inc.
3.750%, 7/15/14		300,000		319,178
Stryker Corp.
3.000%, 1/15/15		100,000		104,021
4.375%, 1/15/20		100,000		104,680
Zimmer Holdings, Inc.
4.625%, 11/30/19		400,000		420,324

				11,726,292

*Health Care Providers & Services (0.6%)*
Aetna, Inc.
3.950%, 9/1/20		500,000		491,008
AmerisourceBergen Corp.
4.875%, 11/15/19		350,000		373,919
Cardinal Health, Inc.
4.000%, 6/15/15		500,000		528,618
5.800%, 10/15/16		250,000		283,030
4.625%, 12/15/20		100,000		101,504
CIGNA Corp.
5.125%, 6/15/20		215,000		227,098
4.375%, 12/15/20		500,000		499,873
Coventry Health Care, Inc.
5.450%, 6/15/21		155,000		158,597
Express Scripts, Inc.
6.250%, 6/15/14		135,000		152,027
3.125%, 5/15/16		600,000		603,697
7.250%, 6/15/19		80,000		95,685
Fresenius Medical Care U.S. Finance, Inc.
1.621%, 3/31/13		6,547,778		6,506,854
HCA, Inc.
2.553%, 11/17/13 (l)		3,500,000		3,471,545
2.746%, 5/1/18		3,000,000		2,955,000
7.250%, 9/15/20		2,300,000		2,469,625
Humana, Inc.
7.200%, 6/15/18		300,000		348,250
Laboratory Corp. of America Holdings
4.625%, 11/15/20		500,000		507,799

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

McKesson Corp.
6.500%, 2/15/14	$	300,000	$	337,235
4.750%, 3/1/21		500,000		518,838
Medco Health Solutions, Inc.
2.750%, 9/15/15		500,000		504,379
7.125%, 3/15/18		250,000		292,126
Quest Diagnostics, Inc.
6.400%, 7/1/17		200,000		230,755
4.750%, 1/30/20		60,000		62,051
UnitedHealth Group, Inc.
4.875%, 2/15/13		400,000		422,980
4.700%, 2/15/21		1,000,000		1,042,533
WellPoint, Inc.
6.800%, 8/1/12		100,000		106,204
4.350%, 8/15/20		1,000,000		1,009,785

				24,301,015

*Life Sciences Tools & Services (0.1%)*
Agilent Technologies, Inc.
4.450%, 9/14/12		2,000,000		2,071,548
2.500%, 7/15/13		300,000		305,454
6.500%, 11/1/17		200,000		230,350
5.000%, 7/15/20		300,000		314,903
Life Technologies Corp.
4.400%, 3/1/15		300,000		317,972
6.000%, 3/1/20		1,055,000		1,144,640
5.000%, 1/15/21		167,000		169,424
Thermo Fisher Scientific, Inc.
2.050%, 2/21/14		500,000		509,773
3.200%, 3/1/16		500,000		514,894

				5,578,958

*Pharmaceuticals (0.5%)*
Abbott Laboratories, Inc.
5.150%, 11/30/12		300,000		318,929
2.700%, 5/27/15		500,000		519,790
5.600%, 11/30/17		1,000,000		1,158,903
4.125%, 5/27/20		500,000		509,538
Allergan, Inc.
3.375%, 9/15/20		400,000		383,654
AstraZeneca plc
5.900%, 9/15/17		1,000,000		1,165,350
Bristol-Myers Squibb Co.
5.450%, 5/1/18		400,000		450,989
Eli Lilly and Co.
5.200%, 3/15/17		600,000		679,740
GlaxoSmithKline Capital, Inc.
5.650%, 5/15/18		1,500,000		1,710,951
Hospira, Inc.
6.400%, 5/15/15		515,000		585,134
Johnson & Johnson
1.200%, 5/15/14		500,000		501,494
2.150%, 5/15/16		250,000		250,594
5.550%, 8/15/17		500,000		579,827
2.950%, 9/1/20		200,000		191,322
3.550%, 5/15/21		100,000		99,102
Merck & Co., Inc.
5.300%, 12/1/13		1,000,000		1,105,735
6.000%, 9/15/17		350,000		411,788
5.000%, 6/30/19		500,000		553,383
Novartis Capital Corp.
1.900%, 4/24/13		340,000		347,931
4.125%, 2/10/14		300,000		323,307


	Principal Amount		Value (Note 1)

2.900%, 4/24/15	$	1,000,000	$	1,040,325
4.400%, 4/24/20		250,000		264,031
Novartis Securities Investment Ltd.
5.125%, 2/10/19		800,000		888,379
Pfizer, Inc.
4.500%, 2/15/14		250,000		271,591
5.350%, 3/15/15		1,000,000		1,127,478
6.200%, 3/15/19		1,000,000		1,169,753
Sanofi
1.625%, 3/28/14		200,000		202,327
2.625%, 3/29/16		500,000		509,105
4.000%, 3/29/21		500,000		500,055
Teva Pharmaceutical Finance Co. LLC
5.550%, 2/1/16		268,000		301,641
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		400,000		411,603
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		125,000		135,771
6.125%, 8/15/19		130,000		146,384
Wyeth
5.500%, 2/15/16		652,000		743,082

				19,558,986

Total Health Care				70,043,856

Industrials (1.1%)
*Aerospace & Defense (0.2%)*
Boeing Co.
3.500%, 2/15/15		100,000		106,074
6.000%, 3/15/19		500,000		580,406
4.875%, 2/15/20		55,000		59,523
Embraer Overseas Ltd.
6.375%, 1/15/20		350,000		381,500
General Dynamics Corp.
5.250%, 2/1/14		600,000		664,517
Goodrich Corp.
6.125%, 3/1/19		200,000		228,846
4.875%, 3/1/20		100,000		105,525
Honeywell International, Inc.
5.300%, 3/1/18		500,000		561,789
4.250%, 3/1/21		500,000		514,425
ITT Corp.
4.900%, 5/1/14		220,000		239,995
L-3 Communications Corp.
4.950%, 2/15/21		700,000		698,477
Lockheed Martin Corp.
4.121%, 3/14/13		658,000		694,473
Northrop Grumman Corp.
3.700%, 8/1/14		560,000		594,242
Raytheon Co.
4.400%, 2/15/20		600,000		620,938
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		54,869
Textron, Inc.
7.250%, 10/1/19		200,000		235,135
United Technologies Corp.
4.875%, 5/1/15		500,000		556,132
6.125%, 2/1/19		500,000		584,731
4.500%, 4/15/20		300,000		317,644

				7,799,241

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

*Air Freight & Logistics (0.1%)*
FedEx Corp.
8.000%, 1/15/19	$	250,000	$	314,170
United Parcel Service, Inc.
3.875%, 4/1/14		1,000,000		1,077,607
3.125%, 1/15/21		700,000		664,788

				2,056,565

*Airlines (0.3%)*
Continental Airlines, Inc., Class B
9.000%, 7/8/16		234,843		270,938
6.000%, 1/12/19		3,000,000		2,895,000
Delta Air Lines, Inc.
4.950%, 5/23/19		492,839		492,839
7.750%, 12/17/19		186,966		204,970
Southwest Airlines Co.
10.500%, 12/15/11§		7,000,000		7,268,268
UAL Pass Through Trust, Class 2009-2A
9.750%, 1/15/17		461,426		527,179

				11,659,194

*Building Products (0.0%)*
CRH America, Inc.
6.000%, 9/30/16		500,000		548,835
5.750%, 1/15/21		500,000		522,770
Owens Corning, Inc.
9.000%, 6/15/19		300,000		358,318

				1,429,923

*Commercial Services & Supplies (0.1%)*
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		379,312
Avery Dennison Corp.
5.375%, 4/15/20		100,000		106,960
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		500,000		549,045
Cornell University
5.450%, 2/1/19		200,000		226,374
Dartmouth College
4.750%, 6/1/19		50,000		53,959
Pitney Bowes, Inc.
3.875%, 6/15/13		500,000		521,945
5.750%, 9/15/17		400,000		437,640
Republic Services, Inc.
3.800%, 5/15/18		150,000		150,643
5.500%, 9/15/19		398,000		433,868
Vanderbilt University
5.250%, 4/1/19		500,000		557,410
Waste Management, Inc.
6.375%, 11/15/12		700,000		749,526
7.375%, 3/11/19		200,000		242,944
4.750%, 6/30/20		100,000		103,784
Yale University
2.900%, 10/15/14		500,000		526,740

				5,040,150

*Electrical Equipment (0.0%)*
Emerson Electric Co.
5.625%, 11/15/13		500,000		554,276
4.875%, 10/15/19		500,000		546,068


	Principal Amount		Value (Note 1)

Roper Industries, Inc.
6.625%, 8/15/13	$	300,000	$	332,397

				1,432,741

*Industrial Conglomerates (0.2%)*
3M Co.
4.375%, 8/15/13		350,000		377,962
Acuity Brands Lighting, Inc.
6.000%, 12/15/19		100,000		106,397
Cooper U.S., Inc.
2.375%, 1/15/16		300,000		301,373
3.875%, 12/15/20		200,000		200,248
General Electric Co.
5.000%, 2/1/13		1,300,000		1,379,819
5.250%, 12/6/17		1,000,000		1,107,824
Harsco Corp.
2.700%, 10/15/15		250,000		250,818
Ingersoll-Rand Global Holding Co., Ltd.
6.000%, 8/15/13		300,000		328,909
6.875%, 8/15/18		300,000		355,509
Koninklijke Philips Electronics N.V.
5.750%, 3/11/18		500,000		559,898
Siemens Financieringsmat
5.500%, 2/16/12§		877,000		903,267
Tyco Electronics Group S.A.
4.875%, 1/15/21		675,000		699,825
Tyco International Finance S.A.
6.000%, 11/15/13		110,000		121,601
4.125%, 10/15/14		500,000		531,870
3.375%, 10/15/15		100,000		102,840
Tyco International Ltd./Tyco International Finance S.A.
6.875%, 1/15/21		300,000		352,713

				7,680,873

*Machinery (0.1%)*
Caterpillar, Inc.
1.375%, 5/27/14		125,000		125,506
3.900%, 5/27/21		100,000		100,013
Danaher Corp.
1.300%, 6/23/14		90,000		89,948
2.300%, 6/23/16		150,000		149,880
5.400%, 3/1/19		500,000		557,657
3.900%, 6/23/21		150,000		149,410
Dover Corp.
5.450%, 3/15/18		300,000		337,318
Eaton Corp.
4.900%, 5/15/13		250,000		268,657
Illinois Tool Works, Inc.
5.150%, 4/1/14		250,000		277,412
Pall Corp.
5.000%, 6/15/20		300,000		309,641
Pentair, Inc.
5.000%, 5/15/21		150,000		149,780
Snap-On, Inc.
4.250%, 1/15/18		100,000		103,705

				2,618,927

*Professional Services (0.0%)*
Dun & Bradstreet Corp.
2.875%, 11/15/15		115,000		115,031
Equifax, Inc.
4.450%, 12/1/14		100,000		107,166

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Verisk Analytics, Inc.
5.800%, 5/1/21	$	100,000	$	106,070

				328,267

*Road & Rail (0.1%)*
Burlington Northern Santa Fe LLC
5.900%, 7/1/12		500,000		524,613
4.700%, 10/1/19		500,000		530,487
Canadian National Railway Co.
5.550%, 3/1/19		500,000		566,547
Canadian Pacific Railway Co.
7.250%, 5/15/19		220,000		264,370
CSX Corp.
6.250%, 4/1/15		300,000		343,488
6.250%, 3/15/18		650,000		749,991
3.700%, 10/30/20		100,000		96,180
JB Hunt Transport Services, Inc.
3.375%, 9/15/15		100,000		101,000
Norfolk Southern Corp.
7.700%, 5/15/17		268,000		332,802
5.900%, 6/15/19		550,000		630,599
Ryder System, Inc.
3.600%, 3/1/16		200,000		204,924
Union Pacific Corp.
5.125%, 2/15/14		500,000		548,913
5.700%, 8/15/18		500,000		569,299
4.000%, 2/1/21		65,000		65,778

				5,528,991

*Trading Companies & Distributors (0.0%)*
GATX Corp.
4.750%, 5/15/15		100,000		106,097
3.500%, 7/15/16		100,000		102,470

				208,567

Total Industrials				45,783,439

Information Technology (0.8%)
*Communications Equipment (0.1%)*
Cisco Systems, Inc.
5.500%, 2/22/16		1,000,000		1,137,006
4.950%, 2/15/19		1,500,000		1,628,679
Harris Corp.
6.375%, 6/15/19		85,000		97,317
Motorola Solutions, Inc.
6.000%, 11/15/17		300,000		341,364
Nokia Oyj
5.375%, 5/15/19		300,000		288,218

				3,492,584

*Computers & Peripherals (0.2%)*
Dell, Inc.
1.400%, 9/10/13		500,000		504,323
2.300%, 9/10/15		500,000		502,020
5.875%, 6/15/19		125,000		140,276
Hewlett-Packard Co.
4.750%, 6/2/14		475,000		518,349
2.200%, 12/1/15		500,000		500,684
2.650%, 6/1/16		700,000		702,941
3.750%, 12/1/20		1,000,000		972,280


	Principal Amount		Value (Note 1)

Seagate Technology HDD Holdings
6.375%, 10/1/11	$	2,200,000	$	2,222,000

				6,062,873

*Electronic Equipment, Instruments & Components (0.1%)*
Amphenol Corp.
4.750%, 11/15/14		100,000		108,955
Arrow Electronics, Inc.
3.375%, 11/1/15		200,000		202,622
6.000%, 4/1/20		100,000		106,941
5.125%, 3/1/21		200,000		199,339
Avnet, Inc.
5.875%, 6/15/20		500,000		527,970
Corning, Inc.
6.625%, 5/15/19		30,000		34,939
4.250%, 8/15/20		65,000		65,251
Jabil Circuit, Inc.
8.250%, 3/15/18		1,970,000		2,250,725

				3,496,742

*Internet Software & Services (0.0%)*
eBay, Inc.
0.875%, 10/15/13		50,000		49,888
1.625%, 10/15/15		500,000		488,565
3.250%, 10/15/20		100,000		93,287
Google, Inc.
1.250%, 5/19/14		250,000		251,197
2.125%, 5/19/16		250,000		250,666
3.625%, 5/19/21		250,000		247,271

				1,380,874

*IT Services (0.2%)*
Computer Sciences Corp.
5.500%, 3/15/13		300,000		318,689
6.500%, 3/15/18		300,000		321,286
Fiserv, Inc.
3.125%, 10/1/15		250,000		253,037
4.625%, 10/1/20		300,000		298,110
HP Enterprise Services LLC
6.000%, 8/1/13		1,170,000		1,284,521
International Business Machines Corp.
2.100%, 5/6/13		500,000		512,744
1.000%, 8/5/13		1,175,000		1,178,381
1.250%, 5/12/14		250,000		250,548
5.700%, 9/14/17		2,000,000		2,325,290
SAIC, Inc.
4.450%, 12/1/20§		200,000		205,740
Western Union Co.
5.253%, 4/1/20		500,000		526,579

				7,474,925

*Office Electronics (0.0%)*
Xerox Corp.
8.250%, 5/15/14		540,000		633,617
6.350%, 5/15/18		750,000		859,693
4.500%, 5/15/21		95,000		93,968

				1,587,278

*Semiconductors & Semiconductor Equipment (0.0%)*
Analog Devices, Inc.
5.000%, 7/1/14		100,000		110,143
3.000%, 4/15/16		150,000		153,706

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Maxim Integrated Products, Inc.
3.450%, 6/14/13	$	100,000	$	103,848
Texas Instruments, Inc.
0.875%, 5/15/13		150,000		150,308
1.375%, 5/15/14		250,000		251,045
2.375%, 5/16/16		250,000		250,077

				1,019,127

*Software (0.2%)*
Adobe Systems, Inc.
3.250%, 2/1/15		500,000		521,006
4.750%, 2/1/20		125,000		128,911
CA, Inc.
6.125%, 12/1/14		500,000		560,979
Microsoft Corp.
2.950%, 6/1/14		1,390,000		1,468,991
4.200%, 6/1/19		725,000		762,414
Oracle Corp.
5.250%, 1/15/16		800,000		902,811
5.750%, 4/15/18		1,500,000		1,716,698

				6,061,810

Total Information Technology				30,576,213

Materials (1.9%)
*Chemicals (0.7%)*
Air Products and Chemicals, Inc.
4.375%, 8/21/19		200,000		208,978
Airgas, Inc.
2.850%, 10/1/13		100,000		102,523
3.250%, 10/1/15		200,000		203,422
Cabot Corp.
5.000%, 10/1/16		100,000		107,198
Dow Chemical Co.
4.850%, 8/15/12		6,100,000		6,371,176
6.000%, 10/1/12		8,412,000		8,919,311
7.600%, 5/15/14		3,170,000		3,676,046
2.500%, 2/15/16		60,000		59,567
8.550%, 5/15/19		310,000		399,728
4.250%, 11/15/20		3,145,000		3,069,375
E.I. du Pont de Nemours & Co.
4.750%, 11/15/12		300,000		315,887
1.750%, 3/25/14		200,000		202,181
3.250%, 1/15/15		400,000		419,143
2.750%, 4/1/16		500,000		510,301
6.000%, 7/15/18		500,000		576,980
3.625%, 1/15/21		500,000		485,343
Monsanto Co.
5.125%, 4/15/18		250,000		278,389
Potash Corp. of Saskatchewan, Inc.
5.250%, 5/15/14		155,000		170,382
3.750%, 9/30/15		120,000		127,491
6.500%, 5/15/19		335,000		390,535
4.875%, 3/30/20		320,000		338,321
PPG Industries, Inc.
1.900%, 1/15/16		300,000		292,116
6.650%, 3/15/18		300,000		352,521
3.600%, 11/15/20		150,000		145,829
Praxair, Inc.
2.125%, 6/14/13		800,000		820,166
4.625%, 3/30/15		253,000		278,952
4.500%, 8/15/19		500,000		531,237


	Principal Amount		Value (Note 1)

RPM International, Inc.
6.125%, 10/15/19	$	100,000	$	107,133
Sherwin-Williams Co.
3.125%, 12/15/14		500,000		528,016
Valspar Corp.
7.250%, 6/15/19		100,000		116,822

				30,105,069

*Construction Materials (0.0%)*
Lafarge S.A.
6.500%, 7/15/16		300,000		324,235
7.125%, 7/15/36		260,000		255,704

				579,939

*Containers & Packaging (0.0%)*
Bemis Co., Inc. 5.650%, 8/1/14		55,000		60,500
6.800%, 8/1/19		200,000		230,422

				290,922

*Metals & Mining (1.0%)*
Alcoa, Inc. 6.000%, 7/15/13		750,000		814,022
6.150%, 8/15/20		500,000		529,692
Allegheny Technologies, Inc. 9.375%, 6/1/19		200,000		253,412
5.950%, 1/15/21		50,000		53,221
Anglo American Capital plc 2.150%, 9/27/13§		5,450,000		5,521,787
ArcelorMittal S.A. 5.375%, 6/1/13		300,000		319,415
9.000%, 2/15/15		225,000		268,558
3.750%, 3/1/16		500,000		505,587
6.125%, 6/1/18		250,000		267,770
9.850%, 6/1/19		250,000		316,933
5.500%, 3/1/21		1,000,000		1,001,561
Barrick Gold Corp. 1.750%, 5/30/14§		150,000		150,290
2.900%, 5/30/16§		3,770,000		3,767,033
6.950%, 4/1/19		500,000		594,413
Barrick N.A. Finance LLC 4.400%, 5/30/21§		275,000		273,724
BHP Billiton Finance USA Ltd. 5.500%, 4/1/14		1,000,000		1,112,786
5.400%, 3/29/17		1,050,000		1,193,743
6.500%, 4/1/19		800,000		957,296
Cliffs Natural Resources, Inc. 4.800%, 10/1/20		105,000		105,553
4.875%, 4/1/21		770,000		772,126
Codelco, Inc. 3.750%, 11/4/20§		419,000		398,081
Commercial Metals Co. 6.500%, 7/15/17		200,000		213,803
CSN Islands VIII Corp. 9.750%, 12/16/13 (m)		1,500,000		1,728,386
CSN Islands XI Corp. 6.875%, 9/21/19§		100,000		109,125
CSN Resources S.A. 6.500%, 7/21/20§		2,500,000		2,656,250
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		1,000,000		1,092,500

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Gerdau Holdings, Inc. 7.000%, 1/20/20§	$	1,600,000	$	1,776,000
Gerdau Trade, Inc. 5.750%, 1/30/21§		1,100,000		1,117,875
Newmont Mining Corp. 5.125%, 10/1/19		360,000		386,642
Nucor Corp. 5.850%, 6/1/18		300,000		342,518
Rio Tinto Alcan, Inc. 5.000%, 6/1/15		500,000		550,223
Rio Tinto Finance USA Ltd. 8.950%, 5/1/14		360,000		432,314
1.875%, 11/2/15		500,000		492,780
2.500%, 5/20/16		200,000		200,390
9.000%, 5/1/19		1,000,000		1,325,040
4.125%, 5/20/21		250,000		248,327
Southern Copper Corp. 5.375%, 4/16/20		55,000		56,337
Steel Dynamics, Inc. 7.375%, 11/1/12		4,250,000		4,483,750
Teck Resources Ltd. 10.750%, 5/15/19		500,000		631,875
4.500%, 1/15/21		500,000		504,000
Vale Overseas Ltd. 6.250%, 1/11/16		700,000		788,537
4.625%, 9/15/20		500,000		497,269
Xstrata Canada Corp. 5.500%, 6/15/17		724,000		792,238

				39,603,182

*Paper & Forest Products (0.2%)*
Celulosa Arauco y Constitucion S.A.
5.000%, 1/21/21		250,000		247,975
Georgia-Pacific LLC 9.500%, 12/1/11		2,260,000		2,324,605
8.250%, 5/1/16§		1,970,000		2,233,111
International Paper Co. 5.300%, 4/1/15		464,000		507,441
9.375%, 5/15/19		700,000		893,910
Inversiones CMPC S.A. 4.750%, 1/19/18§		365,000		364,648
Koch Forest Products, Inc. Term Loan
2.302%, 12/20/12 (l)		304,816		304,372
2.303%, 12/20/12 (l)		7,116		7,106

				6,883,168

Total Materials				77,462,280

Telecommunication Services (1.7%)
*Diversified Telecommunication Services (1.2%)*
AT&T, Inc. 4.850%, 2/15/14		1,500,000		1,629,252
2.500%, 8/15/15		500,000		506,505
2.950%, 5/15/16		400,000		405,114
5.500%, 2/1/18		1,500,000		1,672,991
4.450%, 5/15/21		1,000,000		1,017,670
BellSouth Corp. 5.200%, 9/15/14		1,107,000		1,219,580
British Telecommunications plc 5.950%, 1/15/18		500,000		552,241
Deutsche Telekom International Finance B.V.
4.875%, 7/8/14		500,000		545,708
6.750%, 8/20/18		700,000		825,938


	Principal Amount		Value (Note 1)

Embarq Corp. 7.082%, 6/1/16	$	750,000	$	833,715
France Telecom S.A. 4.375%, 7/8/14		1,844,000		1,996,965
2.125%, 9/16/15		2,150,000		2,146,369
5.375%, 7/8/19		200,000		223,792
Qwest Communications International, Inc.
8.000%, 10/1/15		365,000		396,938
7.125%, 4/1/18		75,000		80,531
Qwest Corp. 7.625%, 6/15/15		1,939,000		2,191,070
8.375%, 5/1/16		710,000		837,800
6.500%, 6/1/17		620,000		672,700
Telecom Italia Capital S.A. 0.886%, 7/18/11 (l)		10,300,000		10,299,063
6.175%, 6/18/14		1,250,000		1,345,100
6.999%, 6/4/18		500,000		546,840
7.175%, 6/18/19		250,000		276,022
Telefonica Emisiones S.A.U. 2.582%, 4/26/13		650,000		656,724
4.949%, 1/15/15		1,440,000		1,532,362
3.729%, 4/27/15		90,000		91,636
3.992%, 2/16/16		600,000		606,914
6.421%, 6/20/16		300,000		334,962
6.221%, 7/3/17		400,000		440,939
5.877%, 7/15/19		145,000		152,264
5.134%, 4/27/20		180,000		178,428
5.462%, 2/16/21		800,000		812,142
Telefonos de Mexico S.A.B. de C.V.
5.500%, 11/15/19		500,000		527,071
Verizon Communications, Inc. 4.350%, 2/15/13		1,500,000		1,578,846
1.950%, 3/28/14		500,000		508,139
5.550%, 2/15/16		1,000,000		1,126,522
5.500%, 2/15/18		1,798,000		1,999,707
8.750%, 11/1/18		1,829,000		2,379,721
4.600%, 4/1/21		500,000		515,897
6.400%, 2/15/38		1,113,000		1,206,249
Verizon New Jersey, Inc. Series A
5.875%, 1/17/12		312,000		320,576
Virgin Media Secured Finance plc
6.500%, 1/15/18		3,026,000		3,317,252

				48,508,255

*Wireless Telecommunication Services (0.5%)*
America Movil S.A.B. de C.V. 5.625%, 11/15/17		822,000		922,407
5.000%, 3/30/20		4,600,000		4,798,715
American Tower Corp. 4.625%, 4/1/15		150,000		157,913
5.050%, 9/1/20		500,000		492,486
Cellco Partnership/Verizon Wireless Capital LLC 5.550%, 2/1/14		1,500,000		1,653,345
8.500%, 11/15/18		500,000		649,282
Rogers Communications, Inc. 6.250%, 6/15/13		500,000		548,363
6.800%, 8/15/18		750,000		884,977
Vodafone Group plc 4.150%, 6/10/14		3,825,000		4,103,992
5.000%, 9/15/15		500,000		551,172
5.450%, 6/10/19		500,000		555,712

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Term Loan 6.875%, 8/17/15	$	4,348,385	$	4,478,837

				19,797,201

Total Telecommunication Services				68,305,456

Utilities (2.0%)
*Electric Utilities (1.2%)*
Alabama Power Co. 3.950%, 6/1/21		710,000		708,366
Ameren Illinois Co. 6.250%, 4/1/18		500,000		557,758
Arizona Public Service Co. 5.800%, 6/30/14		500,000		555,681
Carolina Power & Light Co. 5.300%, 1/15/19		500,000		558,101
Cleveland Electric Illuminating Co.
8.875%, 11/15/18		187,000		239,670
Columbus Southern Power Co. 6.050%, 5/1/18		500,000		570,284
Commonwealth Edison Co. 1.625%, 1/15/14		100,000		100,705
6.150%, 9/15/17		1,330,000		1,539,258
Consolidated Edison Co. of New York, Inc.
Series 02-B 4.875%, 2/1/13		700,000		742,186
Consumers Energy Co. 6.700%, 9/15/19		500,000		599,734
Dayton Power & Light Co. 5.125%, 10/1/13		900,000		975,713
Detroit Edison Co. 5.600%, 6/15/18		250,000		278,710
Duke Energy Carolinas LLC 4.300%, 6/15/20		1,000,000		1,036,970
3.900%, 6/15/21		570,000		569,619
6.000%, 1/15/38		1,045,000		1,148,695
Duke Energy Corp. 3.350%, 4/1/15		100,000		103,857
5.050%, 9/15/19		300,000		322,713
Duke Energy Ohio, Inc. 5.700%, 9/15/12		1,245,000		1,318,042
Entergy Arkansas, Inc. 3.750%, 2/15/21		2,700,000		2,561,965
Entergy Texas, Inc. 7.125%, 2/1/19		250,000		293,305
Exelon Generation Co. LLC 5.350%, 1/15/14		300,000		324,702
FirstEnergy Solutions Corp. 4.800%, 2/15/15		1,000,000		1,072,889
Florida Power & Light Co. 5.550%, 11/1/17		500,000		584,887
4.950%, 6/1/35		262,000		254,164
5.950%, 2/1/38		689,000		760,922
Florida Power Corp. 4.550%, 4/1/20		50,000		52,543
5.900%, 3/1/33		582,000		619,687
Georgia Power Co. 1.300%, 9/15/13		1,000,000		1,006,593
3.000%, 4/15/16		620,000		634,788
5.400%, 6/1/18		500,000		562,425
4.250%, 12/1/19		80,000		83,397


	Principal Amount		Value (Note 1)

Hydro Quebec 7.500%, 4/1/16	$	300,000	$	369,349
2.000%, 6/30/16		350,000		344,838
9.400%, 2/1/21		600,000		859,761
8.400%, 1/15/22		1,150,000		1,586,231
8.050%, 7/7/24		2,930,000		4,037,766
Indiana Michigan Power Co. 7.000%, 3/15/19		250,000		298,159
Ipalco Enterprises, Inc.
5.000%, 5/1/18§		1,150,000		1,123,382
Jersey Central Power & Light Co.
7.350%, 2/1/19		382,000		463,793
Kansas City Power & Light Co. 5.850%, 6/15/17		500,000		563,474
LG&E and KU Energy LLC 2.125%, 11/15/15§		500,000		487,904
3.750%, 11/15/20§		500,000		471,302
MidAmerican Energy Co. 4.650%, 10/1/14		500,000		548,063
MidAmerican Energy Holdings Co.
5.750%, 4/1/18		500,000		562,237
5.950%, 5/15/37		1,684,000		1,771,233
6.500%, 9/15/37		600,000		676,443
Nevada Power Co. 7.125%, 3/15/19		500,000		596,764
NextEra Energy Capital Holdings, Inc.
2.550%, 11/15/13		400,000		408,896
7.875%, 12/15/15		300,000		358,772
Northern States Power Co.
1.950%, 8/15/15		100,000		99,540
5.250%, 3/1/18		500,000		556,592
NSTAR 4.500%, 11/15/19		100,000		103,461
Oncor Electric Delivery Co. LLC
6.800%, 9/1/18		500,000		584,344
Pacific Gas & Electric Co.
6.250%, 12/1/13		500,000		558,039
3.500%, 10/1/20		700,000		665,458
4.250%, 5/15/21		100,000		100,012
PacifiCorp 5.500%, 1/15/19		500,000		561,851
Peco Energy Co. 5.000%, 10/1/14		500,000		551,893
Portland General Electric Co. 6.100%, 4/15/19		100,000		116,022
Progress Energy, Inc. 5.625%, 1/15/16		500,000		563,785
PSEG Power LLC
6.950%, 6/1/12		400,000		421,724
2.500%, 4/15/13		100,000		101,841
5.125%, 4/15/20		380,000		398,777
Public Service Co. of Colorado 3.200%, 11/15/20		500,000		474,346
Public Service Co. of Oklahoma 4.400%, 2/1/21		400,000		404,417
Public Service Electric & Gas Co.
6.330%, 11/1/13		500,000		558,306
5.300%, 5/1/18		250,000		279,682
Southern California Edison Co.
5.750%, 3/15/14		500,000		559,362
5.950%, 2/1/38		300,000		331,316

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Southern Co. 4.150%, 5/15/14	$	125,000	$	133,905
Tampa Electric Co. 6.100%, 5/15/18		75,000		86,114
Toledo Edison Co. 7.250%, 5/1/20		30,000		36,148
Trans-Allegheny Interstate Line Co.
4.000%, 1/15/15§		395,000		411,925
TransAlta Corp. 4.750%, 1/15/15		500,000		533,946
Union Electric Co. 6.700%, 2/1/19		500,000		587,117
Virginia Electric & Power Co.
Series A 5.400%, 1/15/16		1,316,000		1,495,394

				47,542,013

*Gas Utilities (0.5%)*
Boardwalk Pipelines LP 5.750%, 9/15/19		500,000		540,683
CenterPoint Energy Resources Corp.
7.875%, 4/1/13		500,000		555,828
6.150%, 5/1/16		300,000		345,483
4.500%, 1/15/21§		300,000		302,125
El Paso Pipeline Partners Operating Co. LLC
6.500%, 4/1/20		375,000		419,793
KeySpan Gas East Corp. 5.819%, 4/1/41§		390,000		401,171
NGPL Pipeco LLC 6.514%, 12/15/12§		14,400,000		15,142,939
Panhandle Eastern Pipeline Co. 6.200%, 11/1/17		450,000		513,748
Questar Corp. 2.750%, 2/1/16		85,000		86,124
Rockies Express Pipeline LLC
3.900%, 4/15/15§		1,388,000		1,408,329
6.850%, 7/15/18§		1,827,000		2,048,496
Southern California Gas Co. 5.500%, 3/15/14		200,000		221,919

				21,986,638

*Independent Power Producers & Energy Traders (0.2%)*
Constellation Energy Group, Inc.
5.150%, 12/1/20		250,000		256,205
Tennessee Valley Authority
4.750%, 8/1/13		1,500,000		1,625,399
5.500%, 7/18/17		676,000		789,678
3.875%, 2/15/21		2,000,000		2,054,434
5.250%, 9/15/39		2,815,000		2,980,550

				7,706,266

*Multi-Utilities (0.1%)*
Alliant Energy Corp. 4.000%, 10/15/14		200,000		210,403
Dominion Resources, Inc.
5.150%, 7/15/15		383,000		424,466
6.000%, 11/30/17		1,331,000		1,535,348
5.200%, 8/15/19		80,000		87,120
DTE Energy Co. 7.625%, 5/15/14		50,000		57,713
National Grid plc 6.300%, 8/1/16		500,000		574,337


	Principal Amount		Value (Note 1)

NiSource Finance Corp.
6.150%, 3/1/13	$	500,000	$	537,846
6.400%, 3/15/18		500,000		566,419
Sempra Energy 9.800%, 2/15/19		600,000		804,844
Xcel Energy, Inc. 4.700%, 5/15/20		300,000		311,932

				5,110,428

Total Utilities				82,345,345


Total Corporate Bonds				1,634,136,710

Government Securities (54.8%)
*Agency ABS (3.3%)*
Federal Farm Credit Bank
0.400%, 11/2/12		200,000		200,039
1.750%, 2/21/13		1,000,000		1,019,622
1.375%, 6/25/13		250,000		254,576
0.875%, 10/28/13		200,000		200,019
1.200%, 2/11/14		500,000		500,476
1.125%, 2/27/14		2,000,000		2,016,228
Federal Home Loan Bank
1.750%, 8/22/12		2,000,000		2,031,790
0.500%, 11/16/12		500,000		500,588
1.750%, 12/14/12		500,000		509,376
1.625%, 3/20/13		3,600,000		3,671,809
1.000%, 5/17/13		500,000		501,292
0.700%, 5/22/13		500,000		499,743
1.875%, 6/21/13		3,000,000		3,080,559
0.700%, 6/28/13		400,000		399,532
1.250%, 8/16/13		200,000		200,228
0.875%, 10/28/13		100,000		100,044
0.800%, 11/18/13		1,000,000		1,000,888
1.000%, 11/18/13		400,000		400,496
0.875%, 11/22/13		200,000		200,214
1.050%, 11/25/13		400,000		401,250
1.100%, 12/6/13		800,000		800,086
0.875%, 12/27/13		1,000,000		1,003,877
1.375%, 5/28/14		250,000		253,325
1.000%, 8/22/14		200,000		199,716
2.000%, 12/9/14		800,000		805,757
1.630%, 8/20/15		500,000		500,933
1.550%, 11/18/15		200,000		196,990
2.150%, 10/26/16		200,000		197,756
Federal Home Loan Mortgage Corp.
0.750%, 10/26/12		200,000		200,058
0.750%, 11/23/12		500,000		500,260
0.375%, 11/30/12		5,000,000		4,999,015
1.125%, 1/14/13		500,000		500,144
0.875%, 2/15/13		200,000		200,143
0.700%, 4/29/13		200,000		200,082
0.625%, 5/23/13		500,000		500,357
1.000%, 5/24/13		400,000		400,440
0.750%, 6/7/13		400,000		400,225
0.780%, 6/7/13		1,000,000		1,000,760
1.250%, 7/25/13		250,000		250,151
1.125%, 8/22/13		100,000		100,112
0.875%, 10/28/13		2,500,000		2,511,513
1.400%, 11/18/13		200,000		200,273
1.050%, 11/26/13		500,000		500,570
1.000%, 12/9/13		900,000		901,609

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

1.050%, 12/9/13	$	1,000,000	$	1,001,657
1.625%, 1/21/14		100,000		100,069
1.000%, 1/27/14		200,000		199,965
1.375%, 2/3/14		1,000,000		1,000,867
1.500%, 2/11/14		400,000		400,504
1.375%, 2/25/14		4,000,000		4,058,524
1.200%, 4/28/14		200,000		200,117
1.250%, 5/23/14		400,000		401,114
1.350%, 5/23/14		500,000		501,586
1.300%, 6/2/14		400,000		401,027
1.375%, 6/2/14		400,000		400,549
1.125%, 6/30/14		200,000		199,147
1.500%, 11/25/14		1,000,000		1,002,305
1.625%, 11/26/14		400,000		400,761
1.750%, 11/26/14		500,000		500,978
1.625%, 12/9/14		400,000		400,695
1.350%, 1/6/15		200,000		198,878
2.875%, 2/9/15		2,000,000		2,106,032
1.500%, 7/13/15		200,000		197,188
2.250%, 8/12/15		100,000		100,257
2.000%, 8/25/15		100,000		99,852
2.125%, 8/25/15		200,000		200,613
1.750%, 11/23/15		500,000		494,814
2.250%, 12/21/15		200,000		201,675
2.500%, 5/25/16		500,000		502,443
5.500%, 8/23/17		2,000,000		2,345,156
3.525%, 9/30/19		1,290,000		1,294,999
Federal National Mortgage Association
0.500%, 10/30/12		5,000,000		5,008,150
0.375%, 12/28/12		6,000,000		6,001,368
1.000%, 1/7/13		200,000		200,020
1.800%, 2/8/13		200,000		200,322
1.750%, 2/22/13		2,000,000		2,041,706
3.250%, 4/9/13		3,000,000		3,151,323
1.750%, 5/7/13		1,800,000		1,840,444
1.500%, 6/26/13		500,000		509,990
4.375%, 7/17/13		2,000,000		2,154,368
1.375%, 7/19/13		500,000		500,251
1.250%, 7/29/13		400,000		400,313
0.500%, 8/9/13		5,000,000		4,993,625
1.000%, 9/23/13		2,500,000		2,520,000
1.200%, 9/27/13		300,000		300,615
1.125%, 10/8/13		200,000		202,197
1.000%, 10/15/13		200,000		200,699
0.750%, 10/25/13		200,000		200,251
0.875%, 11/4/13		200,000		199,741
0.800%, 11/29/13		200,000		200,392
1.000%, 11/29/13		1,000,000		1,002,392
0.750%, 12/18/13		4,000,000		3,999,416
1.300%, 12/30/13		200,000		200,942
1.500%, 12/30/13		200,000		200,962
1.400%, 1/6/14		200,000		200,030
1.450%, 1/24/14		1,000,000		1,006,291
1.375%, 1/27/14		400,000		402,079
1.550%, 1/27/14		250,000		251,352
1.350%, 2/24/14		200,000		202,781
1.500%, 2/25/14		400,000		400,710
1.700%, 2/25/14		200,000		200,421
1.250%, 2/27/14		1,500,000		1,518,809
1.000%, 4/25/14		500,000		499,810
1.800%, 6/2/14		100,000		100,231


	Principal Amount		Value (Note 1)

1.750%, 7/14/14	$	250,000	$	250,137
1.550%, 8/12/14		200,000		200,228
1.750%, 8/18/14		100,000		100,174
1.250%, 10/28/14		200,000		199,278
2.375%, 7/28/15		1,500,000		1,544,298
2.150%, 8/4/15		100,000		101,172
2.000%, 8/5/15		200,000		200,391
2.125%, 8/5/15		100,000		100,185
2.000%, 8/24/15		15,700,000		15,746,032
2.000%, 9/21/15		200,000		202,533
1.875%, 10/15/15		200,000		200,483
1.625%, 10/26/15		1,500,000		1,493,528
1.550%, 10/27/15		200,000		198,491
1.520%, 10/28/15		100,000		98,546
1.650%, 10/29/15		200,000		197,633
1.625%, 11/9/15		100,000		97,846
1.500%, 11/23/15		400,000		393,904
2.000%, 11/30/15		200,000		199,780
2.000%, 3/28/16		100,000		99,662
2.250%, 6/6/16		400,000		399,829
2.150%, 6/28/16		200,000		199,118
2.200%, 7/5/16		200,000		198,233
2.350%, 9/23/16		100,000		100,316
6.000%, 3/9/20		100,000		101,033
Financing Corp. 10.700%, 10/6/17		600,000		876,457
Small Business Administration
Series 2003-10A 1 4.628%, 3/10/13		80,929		84,481
Series 2008-P10B 1 5.944%, 8/10/18		2,008,246		2,191,903
Series P10A 4.504%, 2/1/14		142,865		149,802
Small Business Administration Participation Certificates
4.524%, 2/10/13		24,342		25,359
Series 2004-20A 1 4.930%, 1/1/24		459,496		491,531
Series 2004-20C 4.340%, 3/1/24		2,940,292		3,100,770
Series 2005-20B 4.625%, 2/1/25		275,025		292,343
Series 2008-20A 5.170%, 1/1/28		714,472		777,878
Series 2008-20C 1 5.490%, 3/1/28		2,693,630		2,930,593
Series 2008-20G 5.870%, 7/1/28		2,793,230		3,091,177

				131,571,818

*Agency CMO (0.2%)*
Federal Home Loan Mortgage Corp.
4.879%, 5/19/17		3,500,000		3,813,204
5.500%, 1/15/31		276,554		288,175
Federal National Mortgage Association
4.500%, 2/25/17		70,425		70,264
4.500%, 3/25/17		97,854		97,670
5.310%, 8/25/33		2,077,145		2,217,244
6.500%, 7/25/34		216,097		230,653
FHLMC Multifamily Structured Pass Through Certificates
3.974%, 1/25/21 (l)		2,900,000		2,919,925

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Government National Mortgage Association
6.500%, 6/20/32	$	105,074	$	118,733

				9,755,868

*Foreign Governments (2.0%)*
Australia Government Bond
4.500%, 4/15/20	AUD	19,800,000		20,203,972
Canadian Government Bond
2.375%, 9/10/14	$	1,000,000		1,040,571
Council of Europe Development Bank
2.625%, 2/16/16		500,000		515,291
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		4,033,115
Export-Import Bank of Korea
8.125%, 1/21/14		200,000		228,625
5.875%, 1/14/15		1,500,000		1,644,854
4.125%, 9/9/15		200,000		208,226
4.000%, 1/29/21		1,500,000		1,380,789
Federative Republic of Brazil
6.000%, 1/17/17		1,500,000		1,752,750
8.000%, 1/15/18		1,944,444		2,338,194
4.875%, 1/22/21		1,500,000		1,604,250
Japan Finance Corp.
1.500%, 7/6/12		300,000		301,091
2.125%, 11/5/12		1,975,000		2,006,754
2.500%, 1/21/16		1,000,000		1,009,260
Japan Finance Organization for Municipalities
5.000%, 5/16/17		500,000		565,199
Norwegian Government Bond
6.500%, 5/15/13	NOK	20,400,000		4,051,520
Province of British Columbia
2.850%, 6/15/15	$	500,000		524,427
Province of Manitoba
1.375%, 4/28/14		100,000		100,925
4.900%, 12/6/16		500,000		565,380
Province of Nova Scotia
5.125%, 1/26/17		1,000,000		1,137,190
Province of Ontario
3.500%, 7/15/13		1,000,000		1,055,266
1.375%, 1/27/14		2,000,000		2,011,814
4.100%, 6/16/14		600,000		649,872
2.950%, 2/5/15		2,000,000		2,097,254
1.875%, 9/15/15		2,000,000		1,998,296
4.000%, 10/7/19		750,000		779,285
4.400%, 4/14/20		500,000		530,300
Province of Quebec
4.600%, 5/26/15		1,372,000		1,522,898
3.500%, 7/29/20		500,000		495,085
Republic of Chile
5.500%, 1/15/13		300,000		319,350
3.875%, 8/5/20		500,000		503,000
Republic of Hungary
4.750%, 2/3/15		250,000		256,875
6.250%, 1/29/20		500,000		528,000
6.375%, 3/29/21		1,000,000		1,055,000
Republic of Italy 4.500%, 1/21/15		3,699,000		3,936,583
Republic of Korea
5.750%, 4/16/14		1,000,000		1,100,944
7.125%, 4/16/19		500,000		600,258
Republic of Panama
5.200%, 1/30/20		800,000		877,600
9.375%, 4/1/29		298,000		442,530


	Principal Amount		Value (Note 1)

Republic of Peru
8.375%, 5/3/16	$	300,000	$	369,750
7.125%, 3/30/19		200,000		240,600
Republic of Poland
5.250%, 1/15/14		1,000,000		1,081,300
6.375%, 7/15/19		1,200,000		1,371,000
5.125%, 4/21/21		1,090,000		1,126,788
Republic of South Africa
7.375%, 4/25/12		60,000		63,096
6.500%, 6/2/14		1,480,000		1,659,820
6.875%, 5/27/19		500,000		596,250
5.500%, 3/9/20		1,000,000		1,092,500
State of Israel 5.500%, 11/9/16		1,056,000		1,182,982
United Mexican States
6.625%, 3/3/15		2,170,000		2,519,370
5.625%, 1/15/17		590,000		670,535
8.125%, 12/30/19		2,356,000		3,274,840
5.125%, 1/15/20		345,000		372,600
6.750%, 9/27/34		532,000		618,450

				82,212,474

*Municipal Bonds (2.2%)*
Bay Area Toll Authority California State
6.793%, 4/1/30		4,100,000		4,406,885
California State University
5.000%, 11/1/30		300,000		295,956
Chabot-Las Positas California Community College District Financing Corp.
(Zero Coupon), 8/1/22		6,230,000		3,384,074
City of Chicago, Illinois 4.750%, 1/1/36		400,000		359,636
City of New York, New York 6.246%, 6/1/35		5,400,000		5,548,554
Dallas, Texas Area Rapid Transit
6.249%, 12/1/34		400,000		418,568
Los Angeles County, California Public Works Financing Authority
5.591%, 8/1/20		3,700,000		3,678,207
5.841%, 8/1/21		400,000		396,612
6.091%, 8/1/22		1,400,000		1,393,070
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,153,889
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,549,245
4.500%, 7/1/24		1,300,000		1,310,855
4.500%, 7/1/25		1,700,000		1,684,326
4.500%, 1/1/28		1,500,000		1,418,445
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		163,078
Metropolitan Washington Airports Authority
7.462%, 10/1/46		13,000,000		12,844,780
New Jersey Economic Development Authority
1.247%, 6/15/13 (l)		3,000,000		2,996,730
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,207,040
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		4,400,000		4,582,248
New York City Municipal Water Finance Authority
6.124%, 6/15/42		500,000		507,520
5.375%, 6/15/43		635,000		671,328
5.500%, 6/15/43		750,000		800,610

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

New York City Transitional Finance Authority
4.075%, 11/1/20	$	800,000	$	826,464
4.325%, 11/1/21		1,300,000		1,349,699
4.525%, 11/1/22		1,800,000		1,888,488
5.267%, 5/1/27		5,000,000		5,178,250
5.008%, 8/1/27		2,100,000		2,082,759
Northern California Power Agency
7.311%, 6/1/40		2,075,000		2,157,626
Puerto Rico Sales Tax Financing Corp.
(Zero Coupon), 8/1/54		1,100,000		58,003
San Diego County Regional Airport Authority
6.628%, 7/1/40		700,000		701,603
State of California
4.850%, 10/1/14		250,000		266,540
5.450%, 4/1/15		1,810,000		1,968,882
3.950%, 11/1/15		500,000		520,655
5.950%, 4/1/16		35,000		38,934
5.750%, 3/1/17		100,000		108,934
6.200%, 3/1/19		100,000		109,172
6.200%, 10/1/19		500,000		548,755
4.500%, 8/1/28		1,200,000		1,125,828
7.550%, 4/1/39		3,000,000		3,433,080
State of Illinois
3.321%, 1/1/13		100,000		101,807
4.071%, 1/1/14		100,000		103,348
4.421%, 1/1/15		100,000		102,272
4.961%, 3/1/16		800,000		827,040
5.665%, 3/1/18		600,000		622,392
State of Illinois Toll Highway Authority
6.184%, 1/1/34		1,000,000		1,034,950
State of Iowa 6.750%, 6/1/34		1,800,000		1,934,748
State of Texas
4.631%, 4/1/33		3,000,000		2,817,300
4.750%, 4/1/37		300,000		301,524
Tennessee State School Bond Authority
4.848%, 9/15/27		4,100,000		4,009,185
University of California Medical Center
5.235%, 5/15/22		1,500,000		1,473,435
5.435%, 5/15/23		1,975,000		1,944,921

				88,408,250

*Supranational (1.6%)*
African Development Bank
1.750%, 10/1/12		375,000		380,724
3.000%, 5/27/14		200,000		211,020
2.500%, 3/15/16		1,000,000		1,028,650
Asian Development Bank
1.625%, 7/15/13		1,500,000		1,528,002
2.750%, 5/21/14		1,000,000		1,046,852
0.875%, 6/10/14		215,000		214,226
2.625%, 2/9/15		1,000,000		1,045,750
2.500%, 3/15/16		1,000,000		1,029,646
Corp. Andina de Fomento
3.750%, 1/15/16		1,000,000		1,013,844
8.125%, 6/4/19		475,000		579,386
Eksportfinans ASA
2.000%, 9/15/15		5,355,000		5,340,600
5.500%, 5/25/16		1,675,000		1,914,088
European Bank for Reconstruction & Development
3.625%, 6/17/13		400,000		421,952
2.500%, 3/15/16		1,000,000		1,029,104


	Principal Amount		Value (Note 1)

European Investment Bank
1.750%, 9/14/12	$	1,500,000	$	1,522,278
1.875%, 6/17/13		5,000,000		5,113,565
4.625%, 5/15/14		4,320,000		4,746,328
3.125%, 6/4/14		500,000		528,849
1.375%, 10/20/15		3,000,000		2,967,924
4.875%, 2/16/16		1,334,000		1,504,180
2.250%, 3/15/16		1,000,000		1,013,960
2.500%, 5/16/16		2,000,000		2,047,304
4.875%, 1/17/17		500,000		566,572
2.875%, 9/15/20		500,000		480,734
4.000%, 2/16/21		1,000,000		1,040,646
Export Development Canada
1.750%, 9/24/12		500,000		508,830
2.250%, 5/28/15		1,150,000		1,185,153
Inter-American Development Bank
1.750%, 10/22/12		2,000,000		2,033,604
3.000%, 4/22/14		2,000,000		2,116,360
4.250%, 9/10/18		2,368,000		2,609,709
International Bank for Reconstruction & Development
3.625%, 5/21/13		1,000,000		1,057,652
3.500%, 10/8/13		1,000,000		1,065,017
2.375%, 5/26/15		2,800,000		2,892,616
2.125%, 3/15/16		1,500,000		1,521,919
International Finance Corp.
3.500%, 5/15/13		475,000		501,794
3.000%, 4/22/14		1,510,000		1,596,202
2.125%, 11/17/17		500,000		491,001
Kommunalbanken A/S
1.750%, 10/5/15§		1,600,000		1,595,621
Korea Development Bank
8.000%, 1/23/14		500,000		569,103
3.250%, 3/9/16		1,100,000		1,096,799
Nordic Investment Bank
1.625%, 1/28/13		500,000		508,358
2.500%, 7/15/15		1,000,000		1,038,321
5.000%, 2/1/17		300,000		342,820
Svensk Exportkredit AB
3.250%, 9/16/14		575,000		609,223
1.750%, 10/20/15		1,000,000		992,737

				62,649,023

*U.S. Government Agencies (14.4%)*
Federal Farm Credit Bank
1.875%, 12/7/12		300,000		306,316
5.125%, 8/25/16		685,000		786,583
4.875%, 1/17/17		840,000		955,985
Federal Home Loan Bank
1.625%, 11/21/12		5,000,000		5,085,205
3.375%, 2/27/13		500,000		524,125
3.625%, 5/29/13		1,000,000		1,059,340
5.125%, 8/14/13		1,500,000		1,644,987
4.000%, 9/6/13		1,000,000		1,072,437
3.625%, 10/18/13		3,500,000		3,735,599
5.250%, 6/18/14		1,000,000		1,127,070
5.500%, 8/13/14		3,500,000		3,989,283
5.375%, 5/18/16		2,000,000		2,319,804
4.750%, 12/16/16		1,500,000		1,702,036
5.250%, 6/5/17		1,350,000		1,559,138
5.000%, 11/17/17		2,740,000		3,147,463
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		2,450,000		2,721,948

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Federal Home Loan Mortgage Corp.
5.500%, 8/20/12	$	3,000,000	$	3,175,020
2.125%, 9/21/12		2,000,000		2,042,954
4.125%, 12/21/12		2,000,000		2,108,426
4.875%, 11/15/13		5,440,000		5,981,552
6.000%, 1/1/14		5,975		6,498
2.500%, 1/7/14		2,000,000		2,087,956
5.500%, 2/1/14		18,352		19,851
6.000%, 7/1/14		4,145		4,508
3.000%, 7/28/14		2,900,000		3,069,108
4.500%, 1/15/15		2,710,000		3,009,065
4.750%, 11/17/15		2,928,000		3,295,438
5.125%, 10/18/16		2,000,000		2,290,376
6.000%, 2/1/17		97,631		106,181
6.000%, 3/1/17		4,582		4,983
6.500%, 3/1/17		38,434		42,106
6.000%, 4/1/17		75,383		81,985
6.000%, 5/1/17		1,408		1,531
6.000%, 7/1/17		13,088		14,234
6.000%, 8/1/17		38,574		41,953
5.500%, 11/1/17		37,788		40,873
4.875%, 6/13/18		4,000,000		4,546,324
3.750%, 3/27/19		1,500,000		1,587,190
4.000%, 5/1/26		8,076,077		8,452,750
2.513%, 11/1/31 (l)		13,903		14,550
2.492%, 4/1/36 (l)		422,330		441,632
4.500%, 2/1/41		2,868,766		2,972,871
4.500%, 3/1/41		915,105		948,313
4.500%, 4/1/41		5,878,097		6,091,407
5.000%, 6/1/41		5,120,000		5,449,528
5.000%, 7/15/41 TBA		1,700,000		1,803,328
5.500%, 7/15/41 TBA		100,000		108,016
Federal National Mortgage Association
4.750%, 11/19/12		3,500,000		3,710,574
4.625%, 5/1/13		1,695,000		1,809,368
4.625%, 10/15/13		3,790,000		4,133,014
5.125%, 1/2/14		607,000		666,121
2.750%, 2/5/14		1,500,000		1,577,256
2.750%, 3/13/14		3,000,000		3,155,835
2.500%, 5/15/14		5,000,000		5,219,430
3.000%, 7/28/14		500,000		500,851
3.000%, 9/16/14		1,000,000		1,061,633
3.000%, 9/29/14		500,000		503,084
2.625%, 11/20/14		500,000		524,354
7.000%, 4/1/15		17,497		18,623
4.375%, 10/15/15		2,028,000		2,247,351
5.000%, 3/15/16		3,000,000		3,418,839
7.000%, 4/1/16		27,558		29,798
4.875%, 12/15/16		2,050,000		2,325,907
5.500%, 2/1/17		52,395		56,779
5.500%, 6/1/17		16,531		17,914
5.375%, 6/12/17		5,000,000		5,819,375
(Zero Coupon), 10/9/19		905,000		633,527
4.500%, 12/1/20		10,185,529		10,893,741
4.000%, 4/1/23		36,252		38,005
4.773%, 2/1/24 (l)		1,941		2,094
5.023%, 6/1/24 (l)		1,026		1,068
4.000%, 1/1/26		5,123,241		5,370,998
4.000%, 2/1/26		3,186,344		3,340,434
4.000%, 3/1/26		1,464,516		1,527,101
4.000%, 4/1/26		1,894,151		1,985,751
4.000%, 6/1/26		5,052,491		5,270,656


	Principal Amount		Value (Note 1)

2.494%, 1/1/28 (l)	$	115,729	$	120,366
2.734%, 3/1/33 (l)		137,456		142,621
5.500%, 5/1/33		1,213,514		1,319,981
5.500%, 6/1/33		6,889,223		7,493,644
6.000%, 2/1/34		555,129		616,540
6.000%, 8/1/34		326,926		363,042
5.500%, 2/1/35		1,727,839		1,878,620
6.000%, 4/1/35		5,151,560		5,702,371
5.500%, 8/1/35		1,170,648		1,272,623
5.500%, 12/1/35		1,166,306		1,267,902
2.510%, 1/1/36 (l)		2,089,833		2,190,193
5.500%, 6/1/38		2		2
5.000%, 3/1/40		966,400		1,032,311
5.000%, 5/1/40		2,600,000		2,777,328
4.000%, 8/1/40		1,769,708		1,773,317
4.000%, 9/1/40		1,212,371		1,214,313
5.000%, 9/1/40		2,294,280		2,450,757
4.000%, 10/1/40		6,464,232		6,474,869
4.500%, 10/1/40		867,247		902,682
4.000%, 11/1/40		13,300,598		13,321,900
2.538%, 12/1/40 (l)		66,667		69,595
3.500%, 12/1/40		5,941,209		5,692,421
4.000%, 12/1/40		52,444,646		52,528,641
4.500%, 12/1/40		292,869		304,836
4.000%, 1/1/41		39,222,713		39,283,504
4.500%, 1/1/41		257,970		267,705
4.000%, 2/1/41		56,670,580		56,752,857
4.500%, 2/1/41		1,799,418		1,864,551
4.500%, 3/1/41		19,089,863		19,798,542
5.000%, 3/1/41		1,614,901		1,716,463
4.500%, 4/1/41		20,869,571		21,654,263
5.000%, 4/1/41		3,264,216		3,469,505
4.500%, 5/1/41		1,197,993		1,245,070
4.500%, 6/1/41		9,140,000		9,497,767
5.000%, 6/1/41		7,463,074		7,945,517
3.500%, 7/25/26 TBA		1,300,000		1,323,562
5.000%, 7/25/26 TBA		5,200,000		5,579,844
5.500%, 7/25/26 TBA		4,800,000		5,202,750
3.500%, 7/25/41 TBA		22,900,000		21,903,493
4.000%, 7/25/41 TBA		52,100,000		52,100,000
4.500%, 7/25/41 TBA		18,000,000		18,622,969
5.000%, 7/25/41 TBA		9,900,000		10,517,204
5.500%, 7/25/41 TBA		14,200,000		15,359,296
6.000%, 7/25/41 TBA		10,800,000		11,868,187
6.500%, 7/25/41 TBA		6,900,000		7,812,094
Government National Mortgage Association
2.625%, 7/20/27 (l)		6,000		6,179
5.500%, 4/15/33		19,461		21,546
Resolution Funding Corp.
0.000%, 7/15/18 STRIPS		75,000		61,051
0.000%, 10/15/18 STRIPS		75,000		60,230

				582,282,331

*U.S. Treasuries (31.1%)*
U.S. Treasury Bonds
11.250%, 2/15/15		2,716,000		3,692,274
9.250%, 2/15/16		3,684,000		4,952,678
7.250%, 5/15/16		2,734,000		3,451,675
7.500%, 11/15/16		4,695,000		6,056,916
8.875%, 8/15/17		4,107,000		5,707,124
3.625%, 2/15/20		23,000,000		24,331,493
8.500%, 2/15/20		5,627,000		8,085,296

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

7.875%, 2/15/21	$	2,000,000	$	2,805,156
4.750%, 2/15/41		3,005,000		3,194,222
4.375%, 5/15/41#		37,875,000		37,815,915
U.S. Treasury Notes
0.625%, 7/31/12		5,000,000		5,020,500
4.625%, 7/31/12		5,000,000		5,236,135
1.750%, 8/15/12		25,000,000		25,417,975
0.375%, 8/31/12		5,000,000		5,006,640
4.125%, 8/31/12		5,420,000		5,663,477
1.375%, 9/15/12		10,000,000		10,131,250
0.375%, 9/30/12		20,000,000		20,022,660
4.250%, 9/30/12		1,000,000		1,049,375
1.375%, 10/15/12		19,000,000		19,261,250
0.375%, 10/31/12		5,000,000		5,004,885
1.375%, 11/15/12		20,000,000		20,288,280
4.000%, 11/15/12		7,000,000		7,351,638
1.125%, 12/15/12		2,000,000		2,022,578
0.625%, 12/31/12		22,000,000		22,090,244
3.625%, 12/31/12		9,780,000		10,257,156
1.375%, 1/15/13		15,000,000		15,232,035
0.625%, 1/31/13		17,000,000		17,067,065
1.375%, 2/15/13		7,000,000		7,111,286
2.750%, 2/28/13		12,000,000		12,468,276
1.375%, 3/15/13		7,000,000		7,114,870
1.750%, 4/15/13		7,000,000		7,164,640
0.625%, 4/30/13		10,000,000		10,035,900
3.125%, 4/30/13		6,487,000		6,805,525
1.375%, 5/15/13		6,000,000		6,104,520
0.500%, 5/31/13		10,000,000		10,010,550
3.500%, 5/31/13		3,000,000		3,173,790
0.375%, 6/30/13		5,000,000		4,991,800
3.375%, 6/30/13		16,490,000		17,448,481
1.000%, 7/15/13		8,000,000		8,085,040
3.375%, 7/31/13		5,563,000		5,898,955
0.750%, 8/15/13		15,000,000		15,079,680
4.250%, 8/15/13		8,000,000		8,635,000
3.125%, 9/30/13		10,000,000		10,578,120
0.500%, 10/15/13		12,000,000		11,981,256
2.750%, 10/31/13		8,848,000		9,290,400
0.500%, 11/15/13		5,000,000		4,987,890
4.250%, 11/15/13		5,000,000		5,427,735
2.000%, 11/30/13		1,139,000		1,176,907
1.500%, 12/31/13		7,782,000		7,949,188
1.750%, 1/31/14		4,000,000		4,110,936
1.250%, 2/15/14		20,000,000		20,293,760
4.000%, 2/15/14		2,000,000		2,172,500
1.875%, 2/28/14		1,500,000		1,546,758
1.750%, 3/31/14		5,000,000		5,139,060
1.250%, 4/15/14		2,000,000		2,028,124
1.875%, 4/30/14		5,000,000		5,156,250
1.000%, 5/15/14		5,000,000		5,033,200
4.750%, 5/15/14		11,000,000		12,246,949
2.250%, 5/31/14		5,000,000		5,212,110
2.625%, 6/30/14		8,000,000		8,429,376
2.625%, 7/31/14		5,000,000		5,270,705
4.250%, 8/15/14		8,000,000		8,841,872
2.375%, 8/31/14		17,500,000		18,310,740
2.375%, 9/30/14		6,000,000		6,279,372
2.375%, 10/31/14		16,000,000		16,733,744
4.250%, 11/15/14		4,000,000		4,430,312
2.625%, 12/31/14		10,000,000		10,540,620
2.250%, 1/31/15		15,000,000		15,608,205


	Principal Amount		Value (Note 1)

4.000%, 2/15/15	$	4,082,000	$	4,499,131
4.125%, 5/15/15		9,000,000		9,986,481
2.125%, 5/31/15		20,000,000		20,675,000
1.875%, 6/30/15		10,500,000		10,746,099
1.750%, 7/31/15		5,000,000		5,084,750
1.250%, 8/31/15		5,000,000		4,977,735
1.250%, 9/30/15		14,000,000		13,909,224
1.250%, 10/31/15		5,000,000		4,957,810
4.500%, 11/15/15		12,000,000		13,546,872
1.375%, 11/30/15		10,000,000		9,950,780
2.625%, 2/29/16		19,000,000		19,884,678
2.375%, 3/31/16		6,000,000		6,207,654
2.000%, 4/30/16		5,000,000		5,075,800
2.625%, 4/30/16		2,500,000		2,612,305
5.125%, 5/15/16		4,087,000		4,749,862
1.750%, 5/31/16		5,000,000		5,007,800
3.250%, 5/31/16		8,000,000		8,590,000
1.500%, 6/30/16		68,050,000		67,220,471
3.250%, 6/30/16		2,000,000		2,145,782
4.875%, 8/15/16		10,810,000		12,461,898
3.000%, 8/31/16		13,000,000		13,763,750
3.000%, 9/30/16		5,000,000		5,287,890
3.125%, 10/31/16		5,000,000		5,314,845
2.750%, 11/30/16		7,500,000		7,819,335
3.250%, 12/31/16		9,000,000		9,601,173
3.125%, 1/31/17		15,000,000		15,904,680
4.625%, 2/15/17		5,458,000		6,227,665
3.000%, 2/28/17		5,000,000		5,260,940
3.125%, 4/30/17		5,000,000		5,287,110
4.500%, 5/15/17		3,500,000		3,971,408
2.750%, 5/31/17		6,000,000		6,208,596
2.500%, 6/30/17		11,000,000		11,213,125
2.375%, 7/31/17		3,000,000		3,031,875
4.750%, 8/15/17		3,186,000		3,664,397
1.875%, 8/31/17		5,500,000		5,390,000
1.875%, 9/30/17		11,000,000		10,755,074
1.875%, 10/31/17		5,000,000		4,879,295
4.250%, 11/15/17		6,150,000		6,893,769
2.250%, 11/30/17		10,000,000		9,971,090
2.750%, 12/31/17		5,000,000		5,133,595
3.500%, 2/15/18		4,000,000		4,291,564
2.750%, 2/28/18		12,000,000		12,287,808
2.625%, 4/30/18		3,000,000		3,037,500
3.875%, 5/15/18		7,432,000		8,140,946
2.375%, 5/31/18		14,130,000		14,054,970
2.375%, 6/30/18		7,100,000		7,046,750
4.000%, 8/15/18		6,500,000		7,163,202
3.750%, 11/15/18		8,000,000		8,666,248
2.750%, 2/15/19		14,000,000		14,134,526
3.125%, 5/15/19		13,000,000		13,422,500
3.625%, 8/15/19		14,000,000		14,916,566
3.375%, 11/15/19		11,500,000		11,988,750
3.500%, 5/15/20		34,700,000		36,226,106
2.625%, 8/15/20		17,000,000		16,455,473
2.625%, 11/15/20		5,000,000		4,815,625
3.625%, 2/15/21		13,000,000		13,555,542
3.125%, 5/15/21		55,845,000		55,688,076

				1,258,882,190

Total Government Securities				2,215,761,954

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Time Deposit (0.3%)
Financials (0.3%)
*Certificates of Deposit* (*0.3%*)
Banco do Brasil S.A.
2.270%, 2/14/14 (p)	$	10,600,000	$	10,587,280

Total Financials				10,587,280

Total Time Deposits				10,587,280

Total Long-Term Debt Securities (102.0%) (Cost $4,043,218,865)				4,125,183,343

	Number of Shares		Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
*Commercial Banks* (*0.1%)*
Wells Fargo & Co. 7.500%		5,000		5,300,000

Total Convertible Preferred Stocks (0.1%) (Cost $5,000,000)				5,300,000

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Certificate of Deposit (0.4%)
Itau Unibanco Holding S.A.
3.06%, 2/6/12 (p)	$	15,400,000		15,266,944

Government Securities (0.7%)
U.S. Treasury Bills
0.01%, 8/25/11 (p)		1,900,000		1,899,957
0.01%, 9/8/11 (p)		5,000,000		4,999,855
0.02%, 9/15/11 (p)		7,000,000		6,999,706
0.02%, 9/22/11 (p)		7,500,000		7,499,565
0.02%, 9/29/11 (p)		2,100,000		2,099,895
0.03%, 10/6/11 (p)		200,000		199,981
0.03%, 10/13/11 (p)		6,900,000		6,899,365

Total Government Securities				30,598,324

Time Deposit (1.3%)
JPMorgan Chase Nassau
0.000%, 7/1/11		50,975,671		50,975,671

Total Short-Term Investments (2.4%) (Cost $96,820,966)				96,840,939

	Number of Contracts		Value (Note 1)
OPTIONS PURCHASED:
Call Option Purchased (0.0%)
10 Year U.S. Treasury Notes
August 2011 @ $121.50*		90		170,156

Put Options Purchased (0.0%)
10 Year U.S. Treasury Notes
August 2011 @ $121.50*		90		95,625


	Number of Contracts			Value (Note 1)

5 Year U.S. Treasury Notes
August 2011 @ $117.00*		155		$	49,649
Eurodollars 1 Year Mid Curve
September 2011 @ $98.25*		292			5,475

					150,749

Total Options Purchased (0.0%) (Cost $555,348)					320,905

Total Investments Before Options Written and Securities Sold Short (104.5%) (Cost $4,145,595,179)					4,227,645,187

OPTIONS WRITTEN:
Call Options Written (-0.1%)
10 Year U.S. Treasury Notes
August 2011 @ $124.50*		(2,456	)		(1,343,125	)
U.S. Long Bond Future
September 2011 @ $124.00*		(54	)		(89,438	)

					(1,432,563	)

Put Options Written (0.0%)
Eurodollars 1 Year Mid Curve
September 2011 @ $97.75*(b)		(292	)		(1,825	)
U.S. Long Bond Future
September 2011 @ $124.00*		(54	)		(141,750	)

					(143,575	)

Total Options Written (-0.1%) (Premiums Received $1,915,782)					(1,576,138	)

Total Investments Before Securities Sold Short (104.4%) (Cost $4,143,679,397)					4,226,069,049

	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agencies (-1.1%)
Federal Home Loan Mortgage Corp.
4.000%, 7/25/26 TBA	$	(8,000,000	)		(8,324,375	)
4.500%, 7/15/41 TBA		(9,600,000	)		(9,917,251	)
Federal National Mortgage Association
4.000%, 7/25/26 TBA		(13,500,000	)		(14,057,929	)
4.500%, 7/25/26 TBA		(10,100,000	)		(10,707,578	)
4.500%, 7/25/41 TBA		(2,600,000	)		(2,689,984	)

Total Securities Sold Short (-1.1%) (Proceeds Received $45,799,305)					(45,697,117	)

Total Investments after Options Written and Securities Sold Short (103.3%) (Cost $4,097,880,092)					4,180,371,932
Other Assets Less Liabilities (-3.3%)					(133,680,041	)

Net Assets (100%)				$	4,046,691,891

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

*	Non-income producing.

†	Securities (totalling $2,499,084 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 June 30, 2011, the market value of these securities amounted to $507,995,735 or 12.6% 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 $801,747.

(b)

Illiquid Security.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2011.

(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.

(p)

Yield to maturity.


Glossary:
ABS	—	Asset-Backed Security
AUD	—	Australian Dollar
CMO	—	Collateralized Mortgage Obligation
DKK	—	Denmark Krone
EUR	—	European Currency Unit
NOK	—	Norwegian Krone
STRIPS	—	Separate Trading of Registered Interest and Principal Securities
TBA	—	Security is subject to delayed delivery.

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
5 Year U.S. Treasury Notes		192		September-11	$	22,986,152	$	22,885,500	$	(100,652	)
90 Day Eurodollar		4		September-11		993,611		996,550		2,939
90 Day Eurodollar		3		March-12		741,534		746,363		4,829
90 Day Eurodollar		3		June-12		739,546		745,388		5,842
90 Day Eurodollar		3		September-12		737,521		743,850		6,329
90 Day Eurodollar		3		December-12		742,409		741,975		(434	)
90 Day Eurodollar		2		March-13		489,055		493,400		4,345
90 Day Eurodollar		602		June-13		148,093,513		148,114,575		21,062
90 Day Eurodollar		1,191		September-13		292,551,376		292,256,512		(294,864	)
90 Day Eurodollar		1,375		December-13		337,799,496		336,479,687		(1,319,809	)
90 Day Eurodollar		1,947		March-14		477,041,564		475,214,025		(1,827,539	)
90 Day Eurodollar		1,564		June-14		381,818,927		380,716,700		(1,102,227	)
90 Day Sterling		838		March-12		166,217,508		166,353,268		135,760
90 Day Sterling		431		March-13		84,901,880		84,910,281		8,401
U.S. Long Bond		94		September-11		11,835,975		11,564,938		(271,037	)

									$	(4,727,055	)

Sales
10 Year U.S. Treasury Notes		442		September-11	$	54,352,124	$	54,069,031	$	283,093
2 Year U.S. Treasury Notes		277		September-11		60,737,437		60,758,219		(20,782	)
90 Day Eurodollar		95		December-11		23,520,472		23,650,250		(129,778	)
U.S. Ultra Bond		76		September-11		9,754,474		9,595,000		159,474

									$	292,007

									$	(4,435,048	)

At June 30, 2011, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Chinese Renminbi vs. U.S. Dollar, expiring 9/14/11	Barclays Bank plc		56,919	$	8,813,146	$	8,600,000	$	213,146
Chinese Renminbi vs. U.S. Dollar, expiring 9/14/11	Citibank N.A.		30,970		4,795,282		4,750,000		45,282
Chinese Renminbi vs. U.S. Dollar, expiring 9/14/11	HSBC Bank plc		44,662		6,915,301		6,850,000		65,301

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

At June 30, 2011, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Chinese Renminbi vs. U.S. Dollar, expiring 11/15/11	JPMorgan Chase Bank		35,018	$	5,437,554	$	5,452,040	$	(14,486	)
European Union Euro vs. U.S. Dollar, expiring 7/18/11	Citibank N.A.		12,300		17,830,449		17,666,635		163,814
European Union Euro vs. U.S. Dollar, expiring 7/18/11	Citibank N.A.		3,579		5,188,226		5,140,560		47,666
European Union Euro vs. U.S. Dollar, expiring 7/18/11	HSBC Bank plc		2,707		3,924,148		3,897,809		26,339
European Union Euro vs. U.S. Dollar, expiring 7/18/11	JPMorgan Chase Bank		2,177		3,155,844		3,075,559		80,285
Japanese Yen vs. U.S. Dollar, expiring 7/14/11	JPMorgan Chase Bank		200,000		2,484,429		2,479,052		5,377
Korean Won vs. U.S. Dollar, expiring 8/12/11	Citibank N.A.		6,275,050		5,863,187		5,580,303		282,884
Korean Won vs. U.S. Dollar, expiring 8/12/11	Goldman Sachs & Co.		16,331,380		15,259,470		14,950,000		309,470
Korean Won vs. U.S. Dollar, expiring 8/12/11	JPMorgan Chase Bank		10,850,579		10,138,401		9,880,780		257,621
Mexican Peso vs. U.S. Dollar, expiring 7/7/11	HSBC Bank plc		1,440		122,929		115,954		6,975
Mexican Peso vs. U.S. Dollar, expiring 11/18/11	Morgan Stanley		1,440		121,385		122,720		(1,335	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Citibank N.A.		24,283		4,491,141		4,585,202		(94,061	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Credit Suisse First Boston		1,325		245,060		239,784		5,276
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	JPMorgan Chase Bank		157,890		29,201,751		29,809,126		(607,375	)
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	Barclays Bank plc		2,400		1,953,952		1,877,090		76,862
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	Citibank N.A.		2,500		2,035,367		1,956,848		78,519
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	Citibank N.A.		3,000		2,442,440		2,343,933		98,507
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	JPMorgan Chase Bank		8,595		6,997,655		6,749,815		247,840
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	JPMorgan Chase Bank		2,800		2,279,610		2,188,996		90,614
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	JPMorgan Chase Bank		1,100		895,561		858,778		36,783
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	JPMorgan Chase Bank		216,372		7,566,007		7,600,000		(33,993	)

								$	1,387,311


Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 7/29/11	Bank of America		18,985	$	19,780,471	$	20,298,572	$	(518,101	)
British Pound vs. U.S. Dollar, expiring 9/13/11	Citibank N.A.		80		130,942		128,287		2,655
British Pound vs. U.S. Dollar, expiring 9/13/11	JPMorgan Chase Bank		80		130,955		128,287		2,668
Chinese Renminbi vs. U.S. Dollar, expiring 9/14/11	HSBC Bank plc		132,551		20,392,477		20,523,729		(131,252	)
Chinese Renminbi vs. U.S. Dollar, expiring 11/15/11	HSBC Bank plc		35,018		5,404,916		5,437,553		(32,637	)
Danish Krone vs. U.S. Dollar, expiring 8/8/11	JPMorgan Chase Bank		2,839		563,430		551,505		11,925
Danish Krone vs. U.S. Dollar, expiring 1/3/12	HSBC Bank plc		140,351		24,543,305		27,156,892		(2,613,587	)
Danish Krone vs. U.S. Dollar, expiring 1/3/12	JPMorgan Chase Bank		50,260		8,768,384		9,724,853		(956,469	)
European Union Euro vs. U.S. Dollar, expiring 7/18/11	Credit Suisse First Boston		20,377		29,388,728		29,539,110		(150,382	)

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

At June 30, 2011, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
European Union Euro vs. U.S. Dollar, expiring 7/18/11	JPMorgan Chase Bank		22,202	$	32,449,666	$	32,184,685	$	264,981
Japanese Yen vs. U.S. Dollar, expiring 7/14/11	Citibank N.A.		200,655		2,371,437		2,492,566		(121,129	)
Korean Won vs. U.S. Dollar, expiring 8/12/11	Goldman Sachs & Co.		16,916,205		15,450,000		15,805,910		(355,910	)
Mexican Peso vs. U.S. Dollar, expiring 7/7/11	Morgan Stanley		1,440		124,418		122,929		1,489
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Barclays Bank plc		2		374		370		4
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Barclays Bank plc		4,800		885,435		887,760		(2,325	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Citibank N.A.		22,353		4,128,739		4,134,187		(5,448	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Citibank N.A.		95,407		17,622,269		17,645,523		(23,254	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Credit Suisse First Boston		1,326		239,727		245,244		(5,517	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	JPMorgan Chase Bank		80,760		14,977,467		14,936,561		40,906
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	Goldman Sachs & Co.		20,396		16,190,000		16,605,466		(415,466	)
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	Barclays Bank plc		210,382		7,400,000		7,356,551		43,449

								$	(4,963,400)

								$	(3,576,089)

Options Written:

Options written through the period ended June 30, 2011 were as follows:


	Total Number of Contracts			Total Premiums Received
Options Outstanding - January 1, 2011		1,524		$	927,688
Options Written		8,518			4,217,703
Options Terminated in Closing Purchase Transactions		(6,656	)		(3,008,434	)
Options Expired		(530	)		(221,175	)
Options Exercised		—			—

Options Outstanding - June 30, 2011		2,856		$	1,915,782

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	—		$	85,305,497		$	2,499,084	$	87,804,581
Non-Agency CMO		—			176,892,818			—		176,892,818
Convertible Preferred Stocks
Financials		5,300,000			—			—		5,300,000
Corporate Bonds
Consumer Discretionary		—			72,122,211			—		72,122,211
Consumer Staples		—			66,930,651			—		66,930,651
Energy		—			124,059,514			—		124,059,514
Financials		—			996,507,745			—		996,507,745
Health Care		—			70,043,856			—		70,043,856
Industrials		—			45,783,439			—		45,783,439
Information Technology		—			30,576,213			—		30,576,213
Materials		—			77,462,280			—		77,462,280
Telecommunication Services		—			68,305,456			—		68,305,456
Utilities		—			82,345,345			—		82,345,345
Forward Currency Contracts		—			2,506,638			—		2,506,638
Futures		632,074			—			—		632,074
Government Securities
Agency ABS		—			131,571,818			—		131,571,818
Agency CMO		—			9,755,868			—		9,755,868
Foreign Governments		—			82,212,474			—		82,212,474
Municipal Bonds		—			88,408,250			—		88,408,250
Supranational		—			62,649,023			—		62,649,023
U.S. Government Agencies		—			582,282,331			—		582,282,331
U.S. Treasuries		—			1,258,882,190			—		1,258,882,190
Options Purchased
Call Options Purchased		170,156			—			—		170,156
Put Options Purchased		150,749			—			—		150,749
Short-Term Investments		—			96,840,939			—		96,840,939
Time Deposits
Certificates of Deposit		—			10,587,280			—		10,587,280

Total Assets	$	6,252,979		$	4,222,031,836		$	2,499,084	$	4,230,783,899

Liabilities:
Forward Currency Contracts		—			(6,082,727	)		—		(6,082,727	)
Futures		(5,067,122	)		—			—		(5,067,122	)
Government Securities
U.S. Government Agencies		—			(45,697,117	)		—		(45,697,117	)
Options Written
Call Options Written		(1,432,563	)		—			—		(1,432,563	)
Put Options Written		(143,575	)		—			—		(143,575	)

Total Liabilities	$	(6,643,260	)	$	(51,779,844	)	$	—	$	(58,423,104	)

Total	$	(390,281	)	$	4,170,251,992		$	2,499,084	$	4,172,360,795

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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



	Investments in Long-Term Debt Securities-Asset-Backed Securities			Investments in Corporate Bonds- Financials

Balance as of 12/31/10	$	28,275,422		$	1,420,000
Total gains or losses (realized/unrealized) included in earnings		20,640			—
Purchases		2,477,468			—
Sales		—			—
Issuances		—			—
Settlements		—			—
Transfers into Level 3		976			—
Transfers out of Level 3		(28,275,422	)		(1,420,000	)

Balance as of 6/30/11	$	2,499,084		$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11.	$	20,640		$	—

Fair Values of Derivative Instruments as of June 30, 2011:


Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	952,979	*
Foreign exchange contracts	Receivables		2,506,638
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	3,459,617


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	(6,643,260	)*
Foreign exchange contracts	Payables		(6,082,727	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(12,725,987	)

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

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30,2011:


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	$	741,225		$	6,730,894		$	—		$	—	$	7,472,119
Foreign exchange contracts		—			—			(690,765	)		—		(690,765	)
Credit contracts		—			—			—			—		—
Equity contracts		—			—			—			—		—
Commodity contracts		—			—			—			—		—
Other contracts		—			—			—			—		—

Total	$	741,225		$	6,730,894		$	(690,765	)	$	—	$	6,781,354


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	$	(191,549	)	$	(3,828,572	)	$	—		$	—	$	(4,020,121	)
Foreign exchange contracts		—			—			(5,372,457	)		—		(5,372,457	)
Credit contracts		—			—			—			—		—
Equity contracts		—			—			—			—		—
Commodity contracts		—			—			—			—		—
Other contracts		—			—			—			—		—

Total	$	(191,549	)	$	(3,828,572	)	$	(5,372,457	)	$	—	$	(9,392,578	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $336,174,000, futures contracts and option contracts with an average notional balance of approximately $951,361,000 and $1,176,000, respectively, during the year six months June 30, 2011.

^ This Portfolio held options, forward foreign currency and futures contracts for hedging and in an attempt to enhance returns.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	4,380,401,327
Long-term U.S. Treasury securities		4.457,649,144

	$	8,838,050,471

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	4,969,564,039
Long-term U.S. Treasury securities		4,323,288,961

	$	9,292,853,000

As of June 30, 2011, 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	$	104,988,860
Aggregate gross unrealized depreciation		(27,646,467	)

Net unrealized appreciation	$	77,342,393

Federal income tax cost of investments	$	4,150,302,794

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value (Cost $4,145,595,179)	$	4,227,645,187
Cash		3,142,948
Foreign cash (Cost $529,186)		532,892
Receivable for forward commitments		121,538,582
Receivable for securities sold		116,267,410
Dividends, interest and other receivables		31,427,360
Unrealized appreciation of forward foreign currency contracts		2,506,638
Receivable from Separate Accounts for Trust shares sold		1,082,967
Other assets		22,100

Total assets		4,504,166,084

LIABILITIES
Payable for forward commitments		228,974,808
Payable for securities purchased		165,707,368
Securities sold short, at value (Proceeds received $45,799,305)		45,697,117
Unrealized depreciation of forward foreign currency contracts		6,082,727
Due to broker for futures variation margin		2,658,895
Payable to Separate Accounts for Trust shares redeemed		2,277,910
Investment management fees payable		1,735,303
Options written, at value (Premiums received $1,915,782)		1,576,138
Payable for return of cash collateral on forward contracts		1,078,653
Administrative fees payable		520,014
Distribution fees payable - Class B		290,236
Payable for return of cash collateral on forward commitments		109,437
Trustees’ fees payable		44,576
Accrued expenses		721,011

Total liabilities		457,474,193

NET ASSETS	$	4,046,691,891

Net assets were comprised of:
Paid in capital	$	3,929,295,738
Accumulated undistributed net investment income (loss)		138,164
Accumulated undistributed net realized gains (losses) on investments, securities sold short, options written, futures and foreign currency transactions		42,737,511
Net unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		74,520,478

Net assets	$	4,046,691,891

Class A
Net asset value, offering and redemption price per share, $2,627,276,134 / 247,853,278 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.60

Class B
Net asset value, offering and redemption price per share, $1,419,415,757 / 133,681,449 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.62

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Interest (net of $13,923 foreign withholding tax)	$	65,567,230
Dividends		187,500

Total income		65,754,730

EXPENSES
Investment management fees		10,509,035
Administrative fees		3,068,985
Distribution fees - Class B		1,698,081
Printing and mailing expenses		159,811
Custodian fees		99,200
Professional fees		51,959
Trustees’ fees		34,740
Miscellaneous		100,642

Total expenses		15,722,453

NET INVESTMENT INCOME (LOSS)		50,032,277

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		51,402,909
Foreign currency transactions		2,111,746
Futures		6,730,894
Options written		976,809
Securities sold short		(6,034,422	)

Net realized gain (loss)		55,187,936

Change in unrealized appreciation (depreciation) on:
Securities		(1,505,917	)
Foreign currency translations		(4,678,240	)
Options written		42,894
Futures		(3,828,572	)
Securities sold short		479,637

Net change in unrealized appreciation (depreciation)		(9,490,198	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		45,697,738

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	95,730,015

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	50,032,277		$	114,548,882
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		55,187,936			98,115,784
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		(9,490,198	)		46,465,677

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		95,730,015			259,130,343

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(34,706,041	)		(86,210,918	)
Class B		(15,605,582	)		(38,444,541	)

		(50,311,623	)		(124,655,459	)

Distributions from net realized capital gains
Class A		—			(37,431,995	)
Class B		—			(18,214,843	)

		—			(55,646,838	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(50,311,623	)		(180,302,297	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 9,219,065 and 40,962,423 shares, respectively ]		97,045,850			437,734,612
Capital shares issued in reinvestment of dividends and distributions [ 3,303,020 and 11,737,468 shares, respectively ]		34,706,041			123,642,913
Capital shares repurchased [ (34,291,818) and (55,370,584) shares, respectively ]		(361,135,918	)		(585,094,117	)

Total Class A transactions		(229,384,027	)		(23,716,592	)

Class B
Capital shares sold [ 16,098,302 and 45,333,902 shares, respectively ]		170,178,606			482,184,025
Capital shares issued in reinvestment of dividends and distributions [ 1,482,319 and 5,366,771 shares, respectively ]		15,605,582			56,659,384
Capital shares repurchased [ (16,182,248) and (40,161,741) shares, respectively ]		(170,133,538	)		(427,501,392	)

Total Class B transactions		15,650,650			111,342,017

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(213,733,377	)		87,625,425

TOTAL INCREASE (DECREASE) IN NET ASSETS		(168,314,985	)		166,453,471
NET ASSETS:
Beginning of period		4,215,006,876			4,048,553,405

End of period (a)	$	4,046,691,891		$	4,215,006,876

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	138,164		$	417,510

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.48		$	10.27		$	9.86		$	10.38		$	10.21		$	10.25

Income (loss) from investment operations:
Net investment income (loss)		0.13	(e)		0.30	(e)		0.36	(e)		0.46	(e)		0.47	(e)		0.44	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.12			0.37			0.46			(0.19	)		0.17			(0.04	)

Total from investment operations		0.25			0.67			0.82			0.27			0.64			0.40

Less distributions:
Dividends from net investment income		(0.13	)		(0.32	)		(0.38	)		(0.52	)		(0.47	)		(0.44	)
Distributions from net realized gains		—			(0.14	)		(0.03	)		(0.27	)		—			—

Total dividends and distributions		(0.13	)		(0.46	)		(0.41	)		(0.79	)		(0.47	)		(0.44	)

Net asset value, end of period	$	10.60		$	10.48		$	10.27		$	9.86		$	10.38		$	10.21

Total return (b)		2.43	%		6.60	%		8.44	%		2.55	%		6.53	%		3.96	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,627,276		$	2,826,132		$	2,796,284		$	2,481,594		$	2,088,488		$	1,911,399
Ratio of expenses to average net assets:
After waivers (a)		0.69	%		0.69	%		0.71	%		0.75	%		0.71	%		0.70	%
Before waivers (a)		0.69	%		0.69	%		0.71	%		0.76	%		0.76	%		0.77	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.54	%		2.80	%		3.51	%		4.55	%		4.62	%		4.31	%
Before waivers (a)		2.54	%		2.80	%		3.51	%		4.54	%		4.57	%		4.24	%
Portfolio turnover rate		206	%		492	%		623	%		431	%		475	%		366	%

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.50		$	10.29		$	9.88		$	10.40		$	10.20		$	10.24

Income (loss) from investment operations:
Net investment income (loss)		0.12	(e)		0.27	(e)		0.33	(e)		0.44	(e)		0.44	(e)		0.41	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.12			0.38			0.47			(0.20	)		0.18			(0.03	)

Total from investment operations		0.24			0.65			0.80			0.24			0.62			0.38

Less distributions:
Dividends from net investment income		(0.12	)		(0.30	)		(0.36	)		(0.49	)		(0.42	)		(0.42	)
Distributions from net realized gains		—			(0.14	)		(0.03	)		(0.27	)		—			—

Total dividends and distributions		(0.12	)		(0.44	)		(0.39	)		(0.76	)		(0.42	)		(0.42	)

Net asset value, end of period	$	10.62		$	10.50		$	10.29		$	9.88		$	10.40		$	10.20

Total return (b)		2.30	%		6.33	%		8.16	%		2.30	%		6.23	%		3.80	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,419,416		$	1,388,875		$	1,252,270		$	912,195		$	829,932		$	825,182
Ratio of expenses to average net assets:
After waivers (a)		0.94	%		0.94	%		0.96	%		1.00	%		0.96	%		0.95	%
Before waivers (a)		0.94	%		0.94	%		0.96	%		1.01	%		1.01	%		1.02	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.28	%		2.55	%		3.25	%		4.29	%		4.37	%		4.04	%
Before waivers (a)		2.28	%		2.55	%		3.25	%		4.28	%		4.32	%		3.97	%
Portfolio turnover rate		206	%		492	%		623	%		431	%		475	%		366	%

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

Net investment income is based on average shares outstanding.

See Notes to Financial Statements.

100

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/11	% of Net Assets
Financials		20.0	%
Consumer Discretionary		11.1
Industrials		10.6
Materials		8.8
Energy		7.8
Consumer Staples		7.0
Health Care		6.6
Information Technology		6.2
Telecommunication Services		4.9
Utilities		2.6
Cash and Other		14.4

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,033.50		$5.19
Hypothetical (5% average return before expenses)		1,000.00		1,019.69		5.16
Class B
Actual		1,000.00		1,032.70		6.45
Hypothetical (5% average return before expenses)		1,000.00		1,018.45		6.41
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.03% and 1.28%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

101

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Argentina (0.4%)
Arcos Dorados Holdings, Inc., Class A		75,937	$	1,601,511
MercadoLibre, Inc.		30,328		2,406,224

				4,007,735

Australia (4.3%)
AGL Energy Ltd.		16,422		258,468
Alumina Ltd.		73,267		167,741
Amcor Ltd.		41,564		321,641
AMP Ltd.		96,345		507,361
Asciano Ltd.		85,797		151,867
ASX Ltd.		6,373		208,449
Australia & New Zealand Banking Group Ltd.		122,981		2,904,385
Bendigo and Adelaide Bank Ltd.		14,198		135,269
BGP Holdings plc*		568,558		—
BHP Billiton Ltd.		147,714		6,981,446
BlueScope Steel Ltd.		50,846		66,015
Boral Ltd.		21,820		103,406
Brambles Ltd.		46,904		364,393
Caltex Australia Ltd.		56,117		710,062
CFS Retail Property Trust (REIT)		55,267		107,839
Coca-Cola Amatil Ltd.		18,417		225,982
Cochlear Ltd.		1,685		130,067
Commonwealth Bank of Australia		51,274		2,885,798
Computershare Ltd.		16,759		159,539
Crown Ltd.		13,076		125,551
CSL Ltd.		17,780		630,212
Dexus Property Group (REIT)		181,786		172,014
Downer EDI Ltd.		102,000		406,629
Echo Entertainment Group Ltd.*		25,077		110,544
Fairfax Media Ltd.		97,264		102,732
Fortescue Metals Group Ltd.		38,463		263,823
Foster’s Group Ltd.		68,127		377,145
Goodman Group (REIT)		205,274		155,349
GPT Group (REIT)		64,305		218,465
Harvey Norman Holdings Ltd.		11,472		30,704
Iluka Resources Ltd.		12,775		231,756
Incitec Pivot Ltd.		83,548		348,169
Insurance Australia Group Ltd.		73,904		270,472
Leighton Holdings Ltd.		4,258		95,611
Lend Lease Group		15,898		153,662
Lynas Corp., Ltd.*†		48,902		92,731
MacArthur Coal Ltd.		4,884		57,735
Macquarie Group Ltd.		36,528		1,229,984
MAp Group		14,238		51,204
Metcash Ltd.		21,988		97,993
Mirvac Group (REIT)		100,021		134,469
National Australia Bank Ltd.		170,606		4,707,070
Newcrest Mining Ltd.		25,420		1,031,811
OneSteel Ltd.		34,036		67,834
Orica Ltd.		12,120		351,493
Origin Energy Ltd.		36,130		614,390
OZ Minerals Ltd.		10,682		152,529
Paladin Energy Ltd.*		16,884		45,964
Qantas Airways Ltd.*		45,797		90,779
QBE Insurance Group Ltd.		33,674		625,159
QR National Ltd.*		52,267		189,887
Ramsay Health Care Ltd.		3,622		70,800


	Number of Shares		Value (Note 1)

Rio Tinto Ltd.		22,325	$	1,995,996
Santos Ltd.		27,663		403,092
Sonic Healthcare Ltd.		13,740		189,560
SP AusNet		29,901		30,319
Stockland Corp., Ltd. (REIT)		83,907		307,551
Suncorp Group Ltd.		40,241		352,456
TABCORP Holdings Ltd.		25,077		88,828
Tatts Group Ltd.		35,067		90,483
Telstra Corp., Ltd.		445,225		1,382,522
Toll Holdings Ltd.		25,729		134,392
Transurban Group		42,335		238,372
Wesfarmers Ltd.		33,628		1,152,439
Wesfarmers Ltd. (PPS)		5,562		192,885
Westfield Group (REIT)		70,373		655,789
Westfield Retail Trust (REIT)		95,224		277,202
Westpac Banking Corp.		99,736		2,392,483
Woodside Petroleum Ltd.		20,352		897,764
Woolworths Ltd.		40,361		1,203,550
WorleyParsons Ltd.		5,975		181,421

				41,861,502

Austria (0.3%)
Erste Group Bank AG		5,762		301,810
Immofinanz AG*		27,178		115,838
OMV AG		43,727		1,910,509
Raiffeisen Bank International AG		2,010		103,452
Telekom Austria AG		10,728		136,841
Verbund AG		2,236		97,478
Vienna Insurance Group AG		1,637		89,980
Voestalpine AG		4,058		224,004

				2,979,912

Belgium (1.1%)
Ageas		67,900		184,125
Anheuser-Busch InBev N.V.		96,922		5,620,034
Bekaert S.A.		1,174		89,370
Belgacom S.A.		4,529		161,803
Colruyt S.A.		2,853		142,696
Delhaize Group S.A.		21,678		1,625,303
Dexia S.A.*		14,596		45,415
Groupe Bruxelles Lambert S.A.		2,470		219,566
KBC Groep N.V.		54,005		2,121,374
Mobistar S.A.		1,357		103,038
Solvay S.A.		2,090		322,938
UCB S.A.		3,751		168,549
Umicore S.A.		3,441		187,553

				10,991,764

Bermuda (0.0%)
Seadrill Ltd.		9,735		342,681

Brazil (1.3%)
Anhanguera Educacional Participacoes S.A.		61,800		1,313,099
BR Malls Participacoes S.A.		256,700		2,889,962
OGX Petroleo e Gas Participacoes S.A.*		901,400		8,403,787

				12,606,848

Canada (2.1%)
Agrium, Inc.		13,000		1,141,552
Canadian National Railway Co.		65,259		5,214,194

See Notes to Financial Statements.

102

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Imax Corp.*		33,868	$	1,098,339
Industrial Alliance Insurance and Financial Services, Inc.		5,575		231,798
Magna International, Inc.		39,900		2,157,484
National Bank of Canada		19,200		1,557,182
New Gold, Inc.*		82,400		850,101
Nexen, Inc.		129,974		2,929,789
Pacific Rubiales Energy Corp.		165,549		4,437,183
Yellow Media, Inc.		90,000		223,962

				19,841,584

China (1.1%)
Baidu, Inc. (ADR)*		16,011		2,243,622
China Construction Bank Corp., Class H		498,000		414,497
CNOOC Ltd.		1,203,100		2,826,428
Foxconn International Holdings Ltd.*		100,424		44,369
Industrial & Commercial Bank of China Ltd., Class H		904,135		692,290
Li Ning Co., Ltd.		61,500		106,933
SINA Corp.*		21,940		2,283,954
Yangzijiang Shipbuilding Holdings Ltd.		63,182		75,446
Youku.com, Inc. (ADR)*		68,626		2,357,303

				11,044,842

Cyprus (0.0%)
Bank of Cyprus Public Co., Ltd.		29,326		86,541

Denmark (1.2%)
A. P. Moller - Maersk A/S, Class A		20		165,512
A. P. Moller - Maersk A/S, Class B		45		388,273
Carlsberg A/S, Class B		3,426		372,796
Coloplast A/S, Class B		891		135,458
Danske Bank A/S*		65,396		1,214,521
DSV A/S		6,208		148,965
Novo Nordisk A/S, Class B		51,343		6,437,039
Novozymes A/S, Class B		13,684		2,226,339
Pandora A/S		1,932		61,080
TDC A/S*		10,394		94,997
Tryg A/S		1,190		68,611
Vestas Wind Systems A/S*		6,466		150,321
William Demant Holding A/S*		689		62,168

				11,526,080

Finland (0.4%)
Elisa Oyj		3,912		84,208
Fortum Oyj		14,089		408,030
Kesko Oyj, Class B		2,564		119,345
Kone Oyj, Class B		5,323		334,225
Metso Oyj		4,014		227,984
Neste Oil Oyj		4,467		70,028
Nokia Oyj		120,425		777,778
Nokian Renkaat Oyj		3,566		178,747
Orion Oyj, Class B		2,434		62,724
Outokumpu Oyj		6,019		79,673
Pohjola Bank plc, Class A		6,060		78,365
Rautaruukki Oyj		2,069		46,746
Sampo Oyj, Class A		13,292		429,165


	Number of Shares		Value (Note 1)

Sanoma Oyj		3,770	$	69,871
Stora Enso Oyj, Class R		19,191		201,351
UPM-Kymmene Oyj		16,207		296,369
Wartsila Oyj		5,246		177,010

				3,641,619

France (7.7%)
Accor S.A.		20,498		917,792
Aeroports de Paris S.A.		1,361		128,017
Air France-KLM*		4,672		71,721
Air Liquide S.A.		9,214		1,320,751
Alcatel-Lucent*		80,179		462,885
Alstom S.A.		6,548		403,271
Arkema S.A.		1,663		171,201
Atos Origin S.A.		1,940		109,623
AXA S.A.‡		55,619		1,262,774
BNP Paribas S.A.		69,215		5,338,240
Bouygues S.A.		77,754		3,418,385
Bureau Veritas S.A.		1,856		156,759
Cap Gemini S.A.		4,570		267,755
Carrefour S.A.*		19,446		798,661
Casino Guichard Perrachon S.A.		2,015		189,941
Christian Dior S.A.		1,930		303,686
Cie de Saint-Gobain S.A.		21,935		1,420,545
Cie Generale de Geophysique-Veritas*		5,304		195,385
Cie Generale des Etablissements Michelin, Class B		5,621		549,760
Cie Generale d’Optique Essilor International S.A.		6,451		523,240
CNP Assurances S.A.		5,136		111,986
Credit Agricole S.A.		31,689		476,594
Danone S.A.		18,885		1,409,093
Dassault Systemes S.A.		1,746		148,659
Edenred		4,639		141,464
EDF S.A.		8,010		314,453
Eiffage S.A.		1,687		111,635
Eramet S.A.		238		78,830
Eurazeo S.A.		1,250		91,280
Eutelsat Communications S.A.		3,724		167,500
Faurecia		11,064		473,919
Fonciere des Regions (REIT)		1,018		107,845
France Telecom S.A.		60,485		1,286,718
GDF Suez S.A.		40,623		1,486,675
Gecina S.A. (REIT)		868		121,263
Groupe Eurotunnel S.A. (Registered)		19,029		212,767
ICADE (REIT)		931		114,802
Iliad S.A.		795		106,678
Imerys S.A.		6,752		475,483
J.C. Decaux S.A.*		2,848		91,234
Klepierre S.A. (REIT)		3,936		162,425
Lafarge S.A.		16,753		1,067,636
Lagardere S.C.A.		3,893		164,489
Legrand S.A.		6,096		256,735
L’Oreal S.A.		7,759		1,007,772
LVMH Moet Hennessy Louis Vuitton S.A.		13,230		2,381,104
Metropole Television S.A.		1,206		27,905
Natixis S.A.		32,506		163,111
Neopost S.A.		1,068		91,752
Pernod-Ricard S.A.		38,180		3,763,491

See Notes to Financial Statements.

103

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Peugeot S.A.		5,441	$	243,593
PPR S.A.		6,530		1,162,925
Publicis Groupe S.A.		45,070		2,515,950
Renault S.A.		47,886		2,835,125
Safran S.A.		4,955		211,628
Sanofi		75,237		6,047,102
Schneider Electric S.A.		45,874		7,664,260
SCOR SE		6,304		179,125
Societe BIC S.A.		1,092		105,533
Societe Generale S.A.		116,620		6,912,247
Societe Television Francaise 1 S.A.		2,933		53,396
Sodexo S.A.		2,879		225,575
Suez Environnement Co. S.A.		9,867		196,657
Technip S.A.		8,458		906,010
Thales S.A.		3,770		162,551
Total S.A.		97,205		5,621,957
Unibail-Rodamco S.A. (REIT)		2,939		679,190
Vallourec S.A.		4,112		500,726
Veolia Environnement S.A.		12,185		343,314
Vinci S.A.		14,338		918,462
Vivendi S.A.		104,438		2,904,272
Wendel S.A.		940		115,514

				75,130,802

Germany (7.3%)
Adidas AG		34,752		2,756,527
Allianz SE (Registered)		44,664		6,240,332
Axel Springer AG		1,257		62,083
BASF SE		86,817		8,495,940
Bayer AG (Registered)		37,832		3,041,544
Bayerische Motoren Werke (BMW) AG		10,636		1,059,839
Bayerische Motoren Werke (BMW) AG (Preference)		1,722		109,457
Beiersdorf AG		3,062		198,700
Brenntag AG		959		111,474
Celesio AG		3,526		70,302
Commerzbank AG*		1,100,008		4,730,155
Continental AG*		2,463		258,601
Daimler AG (Registered)		29,602		2,227,873
Deutsche Bank AG (Registered)		49,403		2,919,145
Deutsche Boerse AG		6,199		470,463
Deutsche Lufthansa AG (Registered)		7,065		153,874
Deutsche Post AG (Registered)		27,271		523,704
Deutsche Telekom AG (Registered)		92,369		1,448,817
E.ON AG		175,794		4,990,437
Fraport AG		1,212		97,454
Fresenius Medical Care AG & Co. KGaA		12,763		954,236
Fresenius SE & Co. KGaA		3,989		416,350
GEA Group AG		5,457		195,136
Hannover Rueckversicherung AG (Registered)		1,989		103,747
HeidelbergCement AG		4,336		276,409
Henkel AG & Co. KGaA		4,628		265,248
Henkel AG & Co. KGaA (Preference)		5,714		396,153
Hochtief AG		1,644		137,249
Infineon Technologies AG		34,272		384,571


	Number of Shares		Value (Note 1)

K+S AG		5,479	$	421,085
Kabel Deutschland Holding AG*		2,117		130,163
Lanxess AG		2,597		212,908
Linde AG		9,538		1,672,264
MAN SE		3,356		447,148
Merck KGaA		2,149		233,530
Metro AG		4,009		242,690
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		20,669		3,155,438
Porsche Automobil Holding SE (Preference)		5,049		400,496
ProSiebenSat.1 Media AG (Preference)*		2,149		60,921
RWE AG		13,610		753,240
RWE AG (Preference)		1,550		79,019
Salzgitter AG		1,442		109,959
SAP AG		44,582		2,696,414
Siemens AG (Registered)		58,130		7,981,534
Suedzucker AG		2,105		74,801
Symrise AG		9,642		307,166
ThyssenKrupp AG		111,594		5,788,971
TUI AG*		4,785		51,867
United Internet AG (Registered)		2,841		59,715
Volkswagen AG		1,099		201,916
Volkswagen AG (Preference)		10,071		2,076,390
Wacker Chemie AG		615		132,970

				70,386,425

Greece (0.1%)
Alpha Bank AE*		14,285		72,190
Coca Cola Hellenic Bottling Co. S.A.*		6,870		184,103
EFG Eurobank Ergasias S.A.*		6,917		32,547
Hellenic Telecommunications Organization S.A.		8,460		79,308
National Bank of Greece S.A.*		29,864		214,569
OPAP S.A.		7,714		120,531
Public Power Corp. S.A.		2,363		33,906

				737,154

Hong Kong (2.9%)
AIA Group Ltd.*		259,527		903,253
ASM Pacific Technology Ltd.		6,800		94,011
Bank of East Asia Ltd.		55,247		227,002
Belle International Holdings Ltd.		139,000		294,962
BOC Hong Kong Holdings Ltd.		115,000		334,663
Cathay Pacific Airways Ltd.		41,000		95,573
Cheung Kong Holdings Ltd.		45,000		661,781
Cheung Kong Infrastructure Holdings Ltd.		19,000		98,960
China Unicom Hong Kong Ltd.		2,144,000		4,341,510
CLP Holdings Ltd.		65,000		576,604
Esprit Holdings Ltd.		350,042		1,090,400
Galaxy Entertainment Group Ltd.*		33,000		71,527
Hang Lung Group Ltd.		27,000		172,435
Hang Lung Properties Ltd.		947,000		3,922,453
Hang Seng Bank Ltd.		24,400		390,233
Henderson Land Development Co., Ltd.		33,000		213,513
Hong Kong & China Gas Co., Ltd.		152,020		345,915

See Notes to Financial Statements.

104

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Hong Kong Exchanges and Clearing Ltd.		177,577	$	3,738,449
Hopewell Holdings Ltd.		25,500		81,104
Hutchison Whampoa Ltd.		69,000		748,097
Hysan Development Co., Ltd.		24,448		121,034
Kerry Properties Ltd.		20,500		99,207
Li & Fung Ltd.		2,546,000		5,120,580
Lifestyle International Holdings Ltd.		26,500		77,782
Link REIT (REIT)		79,813		272,494
MTR Corp.		49,589		176,364
New World Development Ltd.		853,808		1,296,951
Noble Group Ltd.		115,454		185,877
NWS Holdings Ltd.		57,653		77,252
Orient Overseas International Ltd.		10,000		64,772
PCCW Ltd.		116,974		50,525
Power Assets Holdings Ltd.		43,500		329,508
Shangri-La Asia Ltd.		55,166		135,864
Sino Land Co., Ltd.		85,373		138,034
SJM Holdings Ltd.		49,000		116,727
Sun Hung Kai Properties Ltd.		46,000		671,326
Swire Pacific Ltd., Class A		25,000		368,638
Wharf Holdings Ltd.		52,000		363,241
Wheelock & Co., Ltd.		35,000		141,609
Wing Hang Bank Ltd.		7,500		82,184
Yue Yuen Industrial Holdings Ltd.		23,000		73,365

				28,365,779

India (0.4%)
ICICI Bank Ltd. (ADR)		70,198		3,460,761

Ireland (0.4%)
CRH plc		24,106		535,032
Elan Corp. plc*		24,520		280,981
Experian plc		61,459		782,733
James Hardie Industries SE (CDI)*		12,101		76,580
Kerry Group plc, Class A		4,846		201,300
Shire plc		18,800		586,892
WPP plc		113,781		1,424,474

				3,887,992

Israel (0.3%)
Bank Hapoalim B.M.*		31,394		156,857
Bank Leumi Le-Israel B.M.		35,356		167,052
Bezeq Israeli Telecommunication Corp., Ltd.		50,965		128,982
Cellcom Israel Ltd.		1,268		35,300
Delek Group Ltd.		78		17,551
Elbit Systems Ltd.		540		25,688
Israel Chemicals Ltd.		13,554		216,349
Israel Corp., Ltd.		61		66,752
Israel Discount Bank Ltd., Class A*		17,173		33,897
Makhteshim-Agan Industries Ltd.*		4,416		24,693
Mizrahi Tefahot Bank Ltd.		2,711		28,831
NICE Systems Ltd.*		1,520		55,125
Partner Communications Co., Ltd.		1,968		29,527
Teva Pharmaceutical Industries Ltd.		30,480		1,469,453


	Number of Shares		Value (Note 1)

Teva Pharmaceutical Industries Ltd. (ADR)		12,545	$	604,920

				3,060,977

Italy (1.9%)
A2A S.p.A.		48,630		75,708
Assicurazioni Generali S.p.A.		39,117		824,916
Atlantia S.p.A.		10,396		221,321
Autogrill S.p.A.		2,955		38,816
Banca Carige S.p.A.		14,331		32,474
Banca Monte dei Paschi di Siena S.p.A.		118,403		89,723
Banco Popolare S.c.a.r.l.		66,562		153,275
Enel Green Power S.p.A.		49,820		137,418
Enel S.p.A.		213,797		1,396,478
ENI S.p.A.		183,139		4,341,583
Exor S.p.A.		1,808		56,475
Fiat Industrial S.p.A.*		26,264		339,535
Fiat S.p.A.		26,264		288,343
Finmeccanica S.p.A.		14,990		181,410
Intesa Sanpaolo S.p.A. (BATS Europe Exchange)		40,356		87,057
Intesa Sanpaolo S.p.A. (XetraIntlMkt Exchange)		551,215		1,465,895
Luxottica Group S.p.A.		3,315		106,265
Mediaset S.p.A.		24,518		115,274
Mediobanca S.p.A.		18,913		191,589
Parmalat S.p.A.*		45,250		170,219
Pirelli & C. S.p.A.		6,116		66,087
Prysmian S.p.A.		6,729		135,351
Saipem S.p.A.		8,382		432,750
Snam Rete Gas S.p.A.		49,982		295,894
Telecom Italia S.p.A.		1,817,898		2,529,569
Telecom Italia S.p.A. (RNC)		1,163,181		1,353,709
Terna Rete Elettrica Nazionale S.p.A.		42,513		197,554
UniCredit S.p.A.		1,349,791		2,854,985
Unione di Banche Italiane S.c.p.A.		24,186		136,165

				18,315,838

Japan (17.4%)
ABC-Mart, Inc.		1,100		44,646
Advantest Corp.		6,100		112,165
Aeon Co., Ltd.		17,900		216,044
Aeon Credit Service Co., Ltd.		1,200		16,383
Aeon Mall Co., Ltd.		1,700		41,262
Air Water, Inc.		30,000		361,561
Aisin Seiki Co., Ltd.		6,900		267,184
Ajinomoto Co., Inc.		20,000		237,832
Alfresa Holdings Corp.		800		31,138
All Nippon Airways Co., Ltd.		23,000		75,192
Amada Co., Ltd.		10,000		76,928
Aozora Bank Ltd.		25,000		57,963
Asahi Breweries Ltd.		88,100		1,775,183
Asahi Glass Co., Ltd.		287,000		3,351,175
Asahi Kasei Corp.		39,000		263,344
Asics Corp.		4,000		59,734
Astellas Pharma, Inc.		14,800		572,275
Bank of Kyoto Ltd.		13,000		119,742
Bank of Yokohama Ltd.		37,000		185,025
Benesse Holdings, Inc.		2,000		86,070

See Notes to Financial Statements.

105

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Bridgestone Corp.		120,400	$	2,770,957
Brother Industries Ltd.		9,200		135,964
Canon, Inc.		144,500		6,890,747
Casio Computer Co., Ltd.		9,600		67,591
Central Japan Railway Co.		48		377,273
Chiba Bank Ltd.		23,000		144,197
Chiyoda Corp.		6,000		69,049
Chubu Electric Power Co., Inc.		21,200		414,900
Chugai Pharmaceutical Co., Ltd.		8,600		141,096
Chugoku Bank Ltd.		7,000		86,553
Chugoku Electric Power Co., Inc.		11,400		197,761
Citizen Holdings Co., Ltd.		6,100		36,479
Coca-Cola West Co., Ltd.		1,200		23,009
Cosmo Oil Co., Ltd.		15,000		42,627
Credit Saison Co., Ltd.		4,000		67,335
Dai Nippon Printing Co., Ltd.		18,000		202,896
Daicel Chemical Industries Ltd.		10,000		66,230
Daido Steel Co., Ltd.		8,000		53,553
Daihatsu Motor Co., Ltd.		6,000		102,251
Dai-ichi Life Insurance Co., Ltd.		285		399,048
Daiichi Sankyo Co., Ltd.		21,100		412,713
Daikin Industries Ltd.		20,300		719,432
Dainippon Sumitomo Pharma Co., Ltd.		7,500		71,331
Daito Trust Construction Co., Ltd.		2,500		212,319
Daiwa House Industry Co., Ltd.		15,000		188,855
Daiwa Securities Group, Inc.		51,000		224,680
DeNA Co., Ltd.		66,700		2,876,580
Denki Kagaku Kogyo KK		13,000		62,621
Denso Corp.		16,000		594,059
Dentsu, Inc.		5,383		159,082
East Japan Railway Co.		33,405		1,919,588
Eisai Co., Ltd.		7,700		300,737
Electric Power Development Co., Ltd.		3,200		86,431
Elpida Memory, Inc.*		4,600		54,154
FamilyMart Co., Ltd.		1,600		58,813
FANUC Corp.		28,300		4,719,072
Fast Retailing Co., Ltd.		1,600		259,067
Fuji Electric Holdings Co., Ltd.		13,000		40,639
Fuji Heavy Industries Ltd.		17,000		132,089
Fujifilm Holdings Corp.		15,900		495,598
Fujitsu Ltd.		425,000		2,429,040
Fukuoka Financial Group, Inc.		20,000		83,634
Furukawa Electric Co., Ltd.		211,000		880,665
Gree, Inc.*		3,000		65,744
GS Yuasa Corp.		9,000		60,129
Gunma Bank Ltd.		17,000		89,867
Hachijuni Bank Ltd.		18,000		101,187
Hakuhodo DY Holdings, Inc.		670		35,828
Hamamatsu Photonics KK		2,200		95,135
Hino Motors Ltd.		5,000		29,184
Hirose Electric Co., Ltd.		1,300		133,255
Hiroshima Bank Ltd.		21,000		91,638
Hisamitsu Pharmaceutical Co., Inc.		2,500		106,592
Hitachi Chemical Co., Ltd.		4,500		89,549
Hitachi Construction Machinery Co., Ltd.		2,700		60,378
Hitachi High-Technologies Corp.		3,100		68,087
Hitachi Ltd.		146,000		863,046


	Number of Shares		Value (Note 1)

Hitachi Metals Ltd.		4,000	$	56,551
Hokkaido Electric Power Co., Inc.		7,300		121,620
Hokuhoku Financial Group, Inc.		53,000		105,224
Hokuriku Electric Power Co.		5,400		103,274
Honda Motor Co., Ltd.		242,600		9,350,675
Hoya Corp.		15,300		339,125
Ibiden Co., Ltd.		3,300		103,212
Idemitsu Kosan Co., Ltd.		700		74,766
IHI Corp.		37,000		95,793
INPEX Corp.		71		524,174
Isetan Mitsukoshi Holdings Ltd.		15,000		146,870
Isuzu Motors Ltd.		35,000		165,859
ITOCHU Corp.		47,600		495,144
ITOCHU Techno-Solutions Corp.		400		14,233
Iyo Bank Ltd.		10,000		92,108
J. Front Retailing Co., Ltd.		22,000		97,293
Japan Petroleum Exploration Co.		500		23,511
Japan Prime Realty Investment Corp. (REIT)		25		66,367
Japan Real Estate Investment Corp. (REIT)		17		166,995
Japan Retail Fund Investment Corp. (REIT)		42		64,832
Japan Steel Works Ltd.		8,000		55,044
Japan Tobacco, Inc.		1,172		4,523,017
JFE Holdings, Inc.		104,100		2,864,482
JGC Corp.		6,000		164,319
Joyo Bank Ltd.		16,000		67,313
JS Group Corp.		8,100		208,727
JSR Corp.		5,300		102,830
JTEKT Corp.		5,900		86,683
Jupiter Telecommunications Co., Ltd.		64		71,566
JX Holdings, Inc.		309,744		2,091,654
Kajima Corp.		35,000		100,444
Kamigumi Co., Ltd.		10,000		93,522
Kaneka Corp.		11,000		72,412
Kansai Electric Power Co., Inc.		23,900		477,025
Kansai Paint Co., Ltd.		7,000		63,857
Kao Corp.		17,100		449,402
Kawasaki Heavy Industries Ltd.		43,000		171,515
Kawasaki Kisen Kaisha Ltd.		19,000		66,466
KDDI Corp.		99		712,315
Keikyu Corp.		19,000		137,573
Keio Corp.		23,000		126,875
Keisei Electric Railway Co., Ltd.		9,000		53,292
Keyence Corp.		1,300		368,693
Kikkoman Corp.		6,000		63,153
Kinden Corp.		3,000		25,652
Kintetsu Corp.		60,000		192,568
Kirin Holdings Co., Ltd.		26,000		363,511
Kobe Steel Ltd.		72,000		163,813
Koito Manufacturing Co., Ltd.		2,000		34,987
Komatsu Ltd.		159,100		4,950,115
Konami Corp.		2,200		52,198
Konica Minolta Holdings, Inc.		90,500		755,108
Kubota Corp.		113,000		1,006,138
Kuraray Co., Ltd.		10,300		151,181
Kurita Water Industries Ltd.		4,500		134,359
Kyocera Corp.		5,200		528,988
Kyowa Hakko Kirin Co., Ltd.		11,000		104,925
Kyushu Electric Power Co., Inc.		12,200		219,988

See Notes to Financial Statements.

106

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Lawson, Inc.		2,000	$	105,040
Mabuchi Motor Co., Ltd.		500		25,264
Makita Corp.		3,300		153,318
Marubeni Corp.		627,000		4,167,157
Marui Group Co., Ltd.		4,900		37,147
Maruichi Steel Tube Ltd.		900		22,295
Mazda Motor Corp.*		79,000		208,364
McDonald’s Holdings Co. Japan Ltd.		3,000		76,376
Medipal Holdings Corp.		2,700		23,858
MEIJI Holdings Co., Ltd.		2,282		96,166
Minebea Co., Ltd.		8,000		42,638
Miraca Holdings, Inc.		1,500		60,856
Mitsubishi Chemical Holdings Corp.		42,000		297,938
Mitsubishi Corp.		164,500		4,121,538
Mitsubishi Electric Corp.		150,000		1,742,049
Mitsubishi Estate Co., Ltd.		40,000		702,193
Mitsubishi Gas Chemical Co., Inc.		109,000		799,774
Mitsubishi Heavy Industries Ltd.		104,000		490,037
Mitsubishi Logistics Corp.		3,000		33,689
Mitsubishi Materials Corp.		44,000		138,661
Mitsubishi Motors Corp.*		142,000		173,800
Mitsubishi Tanabe Pharma Corp.		6,400		107,381
Mitsubishi UFJ Financial Group, Inc.		626,700		3,050,947
Mitsubishi UFJ Lease & Finance Co., Ltd.		2,490		96,304
Mitsui & Co., Ltd.		108,800		1,881,489
Mitsui Chemicals, Inc.		22,000		80,367
Mitsui Engineering & Shipbuilding Co., Ltd.		16,000		35,020
Mitsui Fudosan Co., Ltd.		27,000		465,493
Mitsui O.S.K. Lines Ltd.		34,000		182,967
Mizuho Financial Group, Inc.		668,050		1,101,356
Mizuho Securities Co., Ltd.*		27,000		65,063
Mizuho Trust & Banking Co., Ltd.		71,000		62,974
MS&AD Insurance Group Holdings, Inc.		18,038		423,097
Murata Manufacturing Co., Ltd.		13,100		875,096
Nabtesco Corp.		2,600		63,039
Namco Bandai Holdings, Inc.		7,600		91,488
NEC Corp.*		79,000		180,880
NGK Insulators Ltd.		8,000		149,153
NGK Spark Plug Co., Ltd.		66,000		911,425
NHK Spring Co., Ltd.		6,000		61,405
Nidec Corp.		10,600		989,465
Nikon Corp.		10,500		247,741
Nintendo Co., Ltd.		4,700		885,108
Nippon Building Fund, Inc. (REIT)		16		156,163
Nippon Electric Glass Co., Ltd.		14,000		179,345
Nippon Express Co., Ltd.		155,000		628,501
Nippon Meat Packers, Inc.		4,000		57,353
Nippon Paper Group, Inc.		2,368		52,674
Nippon Sheet Glass Co., Ltd.		30,000		93,140
Nippon Steel Corp.		175,000		567,915
Nippon Telegraph & Telephone Corp.		73,892		3,593,032
Nippon Yusen KK		46,000		171,267
Nishi-Nippon City Bank Ltd.		25,000		74,018


	Number of Shares		Value (Note 1)

Nissan Motor Co., Ltd.		327,600	$	3,438,905
Nisshin Seifun Group, Inc.		8,000		99,954
Nisshin Steel Co., Ltd.		25,000		47,773
Nissin Foods Holdings Co., Ltd.		1,500		54,590
Nitori Holdings Co., Ltd.		1,450		137,787
Nitto Denko Corp.		5,400		274,297
NKSJ Holdings, Inc.		52,892		348,973
NOK Corp.		2,700		46,202
Nomura Holdings, Inc.		120,400		595,693
Nomura Real Estate Holdings, Inc.		2,100		35,059
Nomura Real Estate Office Fund, Inc. (REIT)		10		66,431
Nomura Research Institute Ltd.		4,100		89,740
NSK Ltd.		17,000		169,541
NTN Corp.		20,000		113,809
NTT Data Corp.		36		119,636
NTT DoCoMo, Inc.		499		890,188
NTT Urban Development Corp.		19		16,335
Obayashi Corp.		26,000		113,381
Odakyu Electric Railway Co., Ltd.		23,000		182,673
OJI Paper Co., Ltd.		24,000		115,030
Olympus Corp.		7,800		262,895
Omron Corp.		18,200		505,869
Ono Pharmaceutical Co., Ltd.		3,200		170,822
Oracle Corp. Japan		1,700		74,079
Oriental Land Co., Ltd.		1,800		152,583
ORIX Corp.		17,060		1,659,596
Osaka Gas Co., Ltd.		58,000		220,305
Otsuka Corp.		200		12,465
Otsuka Holdings Co., Ltd.		25,200		668,042
Panasonic Corp.		72,800		889,588
Rakuten, Inc.		222		230,085
Resona Holdings, Inc.		60,657		285,648
Ricoh Co., Ltd.		21,000		232,984
Rinnai Corp.		1,000		72,334
Rohm Co., Ltd.		3,600		206,268
Sankyo Co., Ltd.		1,500		77,524
Santen Pharmaceutical Co., Ltd.		2,000		81,301
SBI Holdings, Inc.		533		49,458
Secom Co., Ltd.		6,500		312,159
Sega Sammy Holdings, Inc.		6,100		118,148
Seiko Epson Corp.		3,400		58,918
Sekisui Chemical Co., Ltd.		17,000		145,118
Sekisui House Ltd.		21,000		195,285
Seven & I Holdings Co., Ltd.		24,800		667,167
Seven Bank Ltd.		15		30,004
Sharp Corp.		299,000		2,727,015
Shikoku Electric Power Co., Inc.		7,400		168,089
Shimadzu Corp.		6,000		54,995
Shimamura Co., Ltd.		600		57,376
Shimano, Inc.		2,900		159,463
Shimizu Corp.		17,000		70,731
Shin-Etsu Chemical Co., Ltd.		26,100		1,399,984
Shinsei Bank Ltd.		48,000		47,738
Shionogi & Co., Ltd.		9,100		149,076
Shiseido Co., Ltd.		11,000		205,719
Shizuoka Bank Ltd.		18,000		165,506
Showa Denko KK		63,000		130,787
Showa Shell Sekiyu KK		8,400		77,952

See Notes to Financial Statements.

107

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

SMC Corp.		4,700	$	846,787
Softbank Corp.		28,000		1,060,493
Sojitz Corp.		53,000		99,429
Sony Corp.		113,400		3,001,651
Sony Financial Holdings, Inc.		6,900		124,764
Square Enix Holdings Co., Ltd.		3,600		64,925
Stanley Electric Co., Ltd.		3,800		66,486
Sumco Corp.*		41,200		695,832
Sumitomo Chemical Co., Ltd.		48,000		239,738
Sumitomo Corp.		71,300		971,824
Sumitomo Electric Industries Ltd.		186,400		2,720,160
Sumitomo Heavy Industries Ltd.		16,000		111,488
Sumitomo Metal Industries Ltd.		121,000		272,149
Sumitomo Metal Mining Co., Ltd.		17,000		279,071
Sumitomo Mitsui Financial Group, Inc.		109,784		3,378,707
Sumitomo Mitsui Trust Holdings, Inc.		98,070		342,129
Sumitomo Realty & Development Co., Ltd.		192,000		4,292,561
Sumitomo Rubber Industries Ltd.		47,100		570,277
Suruga Bank Ltd.		4,000		34,762
Suzuken Co., Ltd.		1,400		32,353
Suzuki Motor Corp.		10,500		236,621
Sysmex Corp.		3,000		112,842
T&D Holdings, Inc.		10,650		252,999
Taisei Corp.		43,000		98,569
Taisho Pharmaceutical Co., Ltd.		3,000		67,635
Taiyo Nippon Sanso Corp.		11,000		87,764
Takashimaya Co., Ltd.		6,000		41,383
Takeda Pharmaceutical Co., Ltd.		25,600		1,184,024
TDK Corp.		4,200		231,294
Teijin Ltd.		31,000		136,792
Terumo Corp.		5,900		318,826
THK Co., Ltd.		3,300		84,003
Tobu Railway Co., Ltd.		35,000		147,465
Toho Co., Ltd.		2,700		44,923
Toho Gas Co., Ltd.		10,000		54,166
Tohoku Electric Power Co., Inc.		14,200		204,878
Tokio Marine Holdings, Inc.		23,400		657,404
Tokyo Electric Power Co., Inc.		210,500		864,634
Tokyo Electron Ltd.		5,400		294,589
Tokyo Gas Co., Ltd.		239,000		1,081,154
Tokyu Corp.		42,000		174,811
Tokyu Land Corp.		11,000		46,681
TonenGeneral Sekiyu KK		11,000		135,255
Toppan Printing Co., Ltd.		21,000		162,849
Toray Industries, Inc.		48,000		355,236
Toshiba Corp.		823,000		4,355,689
Tosoh Corp.		12,000		48,232
TOTO Ltd.		12,000		93,314
Toyo Seikan Kaisha Ltd.		6,400		107,529
Toyo Suisan Kaisha Ltd.		2,000		47,271
Toyoda Gosei Co., Ltd.		1,400		31,746
Toyota Boshoku Corp.		1,400		23,198
Toyota Industries Corp.		6,600		217,414
Toyota Motor Corp.		191,500		8,062,687
Toyota Tsusho Corp.		8,300		142,249
Trend Micro, Inc.		4,100		127,291
Tsumura & Co.		1,600		51,194
Ube Industries Ltd.		176,000		530,105


	Number of Shares		Value (Note 1)

Unicharm Corp.		4,200	$	183,544
Ushio, Inc.		2,800		55,378
USS Co., Ltd.		760		58,953
West Japan Railway Co.		5,400		211,402
Yahoo! Japan Corp.		1,665		573,188
Yakult Honsha Co., Ltd.		2,700		78,172
Yamada Denki Co., Ltd.		37,260		3,039,581
Yamaguchi Financial Group, Inc.		9,000		84,043
Yamaha Corp.		6,100		69,366
Yamaha Motor Co., Ltd.*		8,300		152,444
Yamato Holdings Co., Ltd.		12,000		188,482
Yamato Kogyo Co., Ltd.		1,400		43,538
Yamazaki Baking Co., Ltd.		6,000		80,407
Yaskawa Electric Corp.		5,000		56,085
Yokogawa Electric Corp.*		9,300		79,751

				169,117,049

Luxembourg (0.6%)
ArcelorMittal S.A.		28,833		1,003,309
Millicom International Cellular S.A.		34,444		3,573,565
Millicom International Cellular S.A. (SDR)		2,345		244,665
SES S.A. (FDR)		10,633		298,290
Tenaris S.A.		16,932		386,596

				5,506,425

Macau (0.1%)
Sands China Ltd.*		218,933		596,522
Wynn Macau Ltd.		46,000		151,553

				748,075

Mauritius (0.0%)
Essar Energy plc*		9,424		61,881

Mexico (0.1%)
America Movil S.A.B. de C.V. (New York Exchange) (ADR)		2,600		140,088
America Movil S.A.B. de C.V. (ADR)		6,439		346,933
Fresnillo plc		5,968		134,515

				621,536

Netherlands (5.3%)
Aegon N.V.*		333,992		2,276,221
Akzo Nobel N.V.		7,642		482,078
ASML Holding N.V.		157,683		5,809,442
Corio N.V. (REIT)		2,258		149,573
Delta Lloyd N.V.		2,573		61,106
European Aeronautic Defence and Space Co. N.V.		13,568		454,140
Fugro N.V. (CVA)		2,226		160,507
Heineken Holding N.V.		4,186		214,211
Heineken N.V.		8,342		501,746
ING Groep N.V. (CVA)*		600,328		7,405,227
Koninklijke (Royal) KPN N.V.		53,087		771,677
Koninklijke Ahold N.V.		172,000		2,311,256
Koninklijke Boskalis Westminster N.V.		1,968		93,052
Koninklijke DSM N.V.		34,111		2,213,889
Koninklijke Philips Electronics N.V.		33,158		850,976

See Notes to Financial Statements.

108

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Koninklijke Vopak N.V.		1,956	$	95,851
LyondellBasell Industries N.V., Class A		105,709		4,071,911
PostNL N.V.		12,030		102,075
QIAGEN N.V.*		8,716		167,090
Randstad Holding N.V.		3,572		165,084
Reed Elsevier N.V.		72,913		979,188
Royal Dutch Shell plc (BATS Europe Exchange), Class A		235,780		8,370,113
Royal Dutch Shell plc (Euro Comp Exchange), Class A		117,673		4,192,954
Royal Dutch Shell plc, Class B		89,153		3,182,429
SBM Offshore N.V.		5,529		146,256
Sensata Technologies Holding N.V.*		105,586		3,975,313
TNT Express N.V.*		13,777		142,888
Unilever N.V. (CVA)		54,161		1,774,317
Wolters Kluwer N.V.		9,087		201,362

				51,321,932

New Zealand (0.1%)
Auckland International Airport Ltd.		26,544		49,031
Contact Energy Ltd.*		10,143		45,074
Fletcher Building Ltd.		25,169		180,053
Sky City Entertainment Group Ltd.		25,800		77,523
Telecom Corp. of New Zealand Ltd.		52,857		107,235
Telecom Corp. of New Zealand Ltd. (American Stock Exchange)		215,600		435,425

				894,341

Norway (0.4%)
Aker Solutions ASA		4,621		92,510
DnB NOR ASA		30,999		432,100
Gjensidige Forsikring ASA		5,245		64,637
Norsk Hydro ASA		30,412		232,868
Orkla ASA		23,554		223,824
Renewable Energy Corp. ASA*		19,768		33,964
Statoil ASA		36,814		932,155
Telenor ASA		77,368		1,267,026
Yara International ASA		6,550		370,208

				3,649,292

Portugal (0.2%)
Banco Comercial Portugues S.A. (Registered)*		112,858		67,076
Banco Espirito Santo S.A. (Registered)		14,683		54,698
Cimpor Cimentos de Portugal SGPS S.A.		9,376		71,644
EDP - Energias de Portugal S.A.		411,047		1,459,306
Galp Energia SGPS S.A., Class B		6,811		162,482
Jeronimo Martins SGPS S.A.		7,324		140,696
Portugal Telecom SGPS S.A. (Registered)		21,091		208,859

				2,164,761

Singapore (1.2%)
Ascendas Real Estate Investment Trust (REIT)		49,000		81,434


	Number of Shares		Value (Note 1)

CapitaLand Ltd.		78,000	$	185,500
CapitaMall Trust (REIT)		49,000		74,734
CapitaMalls Asia Ltd.		60,032		72,165
City Developments Ltd.		19,000		161,525
ComfortDelGro Corp., Ltd.		76,000		90,341
Cosco Corp., (Singapore) Ltd.		23,000		36,708
DBS Group Holdings Ltd.		56,000		670,298
Fraser and Neave Ltd.		33,000		155,792
Genting Singapore plc*		2,832,677		4,469,936
Global Logistic Properties Ltd.*		52,000		87,346
Golden Agri-Resources Ltd.		190,576		105,911
Hutchison Port Holdings Trust, Class U*		172,000		145,583
Jardine Cycle & Carriage Ltd.		4,000		140,587
Keppel Corp., Ltd.		44,800		405,363
Keppel Land Ltd.		19,000		56,239
Neptune Orient Lines Ltd.		19,000		23,771
Olam International Ltd.		50,962		113,329
Oversea-Chinese Banking Corp., Ltd.		83,525		637,378
SembCorp Industries Ltd.		223,000		909,312
SembCorp Marine Ltd.		23,000		99,651
Singapore Airlines Ltd.		18,000		208,083
Singapore Exchange Ltd.		25,000		153,473
Singapore Press Holdings Ltd.		55,000		174,814
Singapore Technologies Engineering Ltd.		48,000		118,045
Singapore Telecommunications Ltd.		270,000		695,341
StarHub Ltd.		29,000		65,892
United Overseas Bank Ltd.		42,000		674,791
UOL Group Ltd.		18,000		73,170
Wilmar International Ltd.		61,000		269,698

				11,156,210

South Korea (0.1%)
Samsung Electronics Co., Ltd.		808		628,009

Spain (2.3%)
Abertis Infraestructuras S.A.		11,413		254,976
Acciona S.A.		1,037		110,069
Acerinox S.A.		2,131		38,844
ACS Actividades de Construccion y Servicios S.A.		4,745		223,779
Amadeus IT Holding S.A., Class A*		7,283		151,505
Banco Bilbao Vizcaya Argentaria S.A.		186,745		2,188,782
Banco de Sabadell S.A.		32,625		134,843
Banco Popular Espanol S.A.		28,732		161,715
Banco Santander S.A.		275,836		3,182,722
Bankinter S.A.		10,548		71,594
Criteria Caixacorp S.A.		357,109		2,491,079
EDP Renovaveis S.A.*		10,233		67,508
Enagas S.A.		5,174		125,464
Ferrovial S.A.		13,481		170,226
Fomento de Construcciones y Contratas S.A.		1,127		34,363
Gas Natural SDG S.A.		64,523		1,352,775
Grifols S.A.		4,422		88,731
Iberdrola Renovables S.A.		23,999		106,011
Iberdrola S.A.*		126,738		1,127,970

See Notes to Financial Statements.

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June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Inditex S.A.		61,427	$	5,609,322
Indra Sistemas S.A.		2,454		50,753
Mapfre S.A.		30,295		112,366
Mediaset Espana Comunicacion S.A.		3,504		30,444
Red Electrica Corporacion S.A.		3,279		198,141
Repsol YPF S.A.		25,561		887,447
Telefonica S.A.		135,811		3,321,116
Zardoya Otis S.A.*†		232		3,417
Zardoya Otis S.A. (Spanish Stock Exchange)		4,648		68,452

				22,364,414

Sweden (1.2%)
Alfa Laval AB		11,137		240,004
Assa Abloy AB, Class B		9,691		260,465
Atlas Copco AB, Class A		44,643		1,175,240
Atlas Copco AB, Class B		13,801		324,911
Boliden AB		8,132		150,323
Electrolux AB, Class B		7,364		175,719
Getinge AB, Class B		5,764		154,707
Hennes & Mauritz AB, Class B		33,924		1,169,155
Hexagon AB, Class B		8,436		207,761
Holmen AB, Class B		1,621		50,538
Husqvarna AB, Class B		17,251		114,157
Industrivarden AB, Class C		3,159		52,275
Investor AB, Class B		14,279		327,180
Kinnevik Investment AB, Class B		7,160		158,986
Modern Times Group AB, Class B		1,331		87,944
Nordea Bank AB		86,677		931,400
Ratos AB, Class B		6,714		128,882
Sandvik AB		32,399		568,092
Scania AB, Class B		11,380		263,953
Securitas AB, Class B		12,270		129,859
Skandinaviska Enskilda Banken AB, Class A		44,425		363,140
Skanska AB, Class B		12,395		221,840
SKF AB, Class B		12,253		354,526
SSAB AB, Class A		4,639		69,349
Svenska Cellulosa AB, Class B		18,875		265,775
Svenska Handelsbanken AB, Class A		15,725		485,058
Swedbank AB, Class A		25,695		431,568
Swedish Match AB		7,007		234,970
Tele2 AB, Class B		9,929		196,230
Telefonaktiebolaget LM Ericsson, Class B		97,564		1,403,218
TeliaSonera AB		73,825		541,579
Volvo AB, Class B		44,778		782,318

				12,021,122

Switzerland (8.1%)
ABB Ltd. (Registered)*		107,067		2,776,390
Actelion Ltd. (Registered)*		3,527		173,670
Adecco S.A. (Registered)*		4,104		263,122
Aryzta AG		2,479		132,837
Baloise Holding AG (Registered)		1,402		144,549
Cie Financiere Richemont S.A., Class A		16,934		1,108,887
Clariant AG (Registered)*		66,500		1,271,147


	Number of Shares		Value (Note 1)

Credit Suisse Group AG (Registered)*		58,035	$	2,255,721
GAM Holding AG*		5,934		97,369
Geberit AG (Registered)*		1,210		286,699
Givaudan S.A. (Registered)*		276		292,006
Glencore International plc*		25,402		200,175
Holcim Ltd. (Registered)*		15,528		1,171,890
Informa plc		230,300		1,597,216
Julius Baer Group Ltd.*		109,645		4,525,758
Kuehne + Nagel International AG (Registered)		1,868		283,518
Lindt & Spruengli AG		35		109,071
Lindt & Spruengli AG (Registered)		4		145,739
Lonza Group AG (Registered)*		1,460		114,266
Nestle S.A. (Registered)		216,803		13,474,145
Novartis AG (Registered)		154,037		9,435,916
Pargesa Holding S.A.		1,111		102,911
Roche Holding AG		71,199		11,911,524
Schindler Holding AG		1,616		196,446
Schindler Holding AG (Registered)		878		106,625
SGS S.A. (Registered)		363		689,125
Sika AG		61		146,979
Sonova Holding AG (Registered)*		1,450		135,727
STMicroelectronics N.V.		19,085		190,207
Straumann Holding AG (Registered)		316		76,270
Sulzer AG (Registered)		697		113,415
Swatch Group AG		13,500		6,811,222
Swatch Group AG (Registered)		1,682		151,054
Swiss Life Holding AG (Registered)*		901		147,722
Swiss Reinsurance Co., Ltd.*		11,617		652,321
Swisscom AG (Registered)		806		369,381
Syngenta AG (Registered)*		3,165		1,068,442
Transocean Ltd.		10,415		679,107
UBS AG (Registered)*		152,723		2,784,920
Wolseley plc		9,511		310,199
Xstrata plc		453,743		10,006,747
Zurich Financial Services AG*		8,242		2,083,137

				78,593,572

Taiwan (0.5%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		376,443		4,746,946

United Kingdom (14.3%)
3i Group plc		32,514		146,670
Admiral Group plc		6,237		166,166
Aggreko plc		8,471		262,274
AMEC plc		11,118		194,294
Anglo American plc		43,208		2,141,289
Antofagasta plc		13,212		295,623
ARM Holdings plc		364,833		3,450,432
Associated British Foods plc		11,893		206,728
AstraZeneca plc		147,702		7,375,009
Autonomy Corp. plc*		19,406		531,686
Aviva plc		405,492		2,855,113
Babcock International Group plc		11,991		137,012
BAE Systems plc		528,320		2,700,799

See Notes to Financial Statements.

110

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Balfour Beatty plc		23,696	$	117,332
Barclays plc		2,100,780		8,647,245
BG Group plc		177,529		4,029,116
BHP Billiton plc		72,223		2,830,813
BP plc		1,035,408		7,628,879
British American Tobacco plc		89,635		3,929,001
British Land Co. plc (REIT)		29,707		290,179
British Sky Broadcasting Group plc		37,982		515,858
BT Group plc, Class A		259,746		842,524
Bunzl plc		10,989		137,573
Burberry Group plc		51,661		1,201,118
Cairn Energy plc*		43,780		291,477
Capita Group plc		20,877		239,749
Capital Shopping Centres Group plc (REIT)		16,532		106,004
Carnival plc		5,549		215,072
Centrica plc		299,735		1,555,344
Cobham plc		38,352		130,152
Compass Group plc		62,136		599,381
Cookson Group plc		67,500		728,605
Diageo plc		83,243		1,700,831
Eurasian Natural Resources Corp.		8,489		106,485
Firstgroup plc		12,210		66,822
G4S plc		42,319		190,048
GKN plc		460,500		1,713,318
GlaxoSmithKline plc		262,647		5,623,444
Hammerson plc (REIT)		23,536		181,783
Home Retail Group plc		29,399		77,180
HSBC Holdings plc (Hong Kong Exchange)		136,233		1,354,864
HSBC Holdings plc (London Exchange)		583,223		5,785,878
ICAP plc		84,818		643,647
Imperial Tobacco Group plc		98,226		3,265,849
Inmarsat plc		14,605		130,373
Intercontinental Hotels Group plc		8,613		176,259
International Consolidated Airlines Group S.A.*		31,006		125,732
International Power plc		51,006		263,362
Intertek Group plc		5,300		167,835
Invensys plc		27,024		139,632
Investec plc		13,763		111,445
ITV plc*		107,268		123,000
J Sainsbury plc		39,569		209,199
Johnson Matthey plc		7,193		226,977
Kazakhmys plc		7,170		159,022
Kingfisher plc		79,120		339,320
Land Securities Group plc (REIT)		25,330		346,348
Legal & General Group plc		196,397		372,602
Lloyds Banking Group plc*		4,927,533		3,871,879
London Stock Exchange Group plc		4,933		83,956
Lonmin plc		5,134		119,735
Man Group plc		175,159		665,556
Marks & Spencer Group plc		170,402		988,427
National Grid plc		115,383		1,135,449
Next plc		6,613		246,971
Old Mutual plc		189,202		405,112
Pearson plc		27,169		514,649
Petrofac Ltd.		7,884		191,585


	Number of Shares		Value (Note 1)

Prudential plc		233,771	$	2,701,582
Randgold Resources Ltd.		3,019		253,843
Reckitt Benckiser Group plc		20,284		1,119,946
Reed Elsevier plc		177,849		1,617,428
Rentokil Initial plc*		345,000		526,324
Resolution Ltd.		48,205		227,469
Rexam plc		29,378		180,463
Rio Tinto plc		135,397		9,776,923
Rolls-Royce Holdings plc*		321,786		3,331,305
Rolls-Royce Holdings plc, Class C*†(b)		31,838,880		51,100
Royal Bank of Scotland Group plc*		566,441		351,125
RSA Insurance Group plc		114,322		247,316
SABMiller plc		31,392		1,144,500
Sage Group plc		44,002		204,034
Schroders plc		4,067		100,982
Scottish & Southern Energy plc		30,928		691,770
Segro plc (REIT)		21,225		106,329
Serco Group plc		16,438		145,681
Severn Trent plc		7,927		187,161
Smith & Nephew plc		29,672		316,561
Smiths Group plc		13,063		251,808
Standard Chartered plc		296,325		7,786,715
Standard Life plc		74,922		253,134
Subsea 7 S.A.*		9,283		237,461
Tesco plc		395,430		2,553,877
Thomas Cook Group plc		249,200		531,970
TUI Travel plc		18,728		67,504
Tullow Oil plc		190,240		3,786,315
Unilever plc		85,299		2,752,664
United Utilities Group plc		22,841		219,456
Vedanta Resources plc		4,570		153,728
Vodafone Group plc		3,791,716		10,076,980
Weir Group plc		6,560		223,957
Whitbread plc		5,868		152,106
WM Morrison Supermarkets plc		70,471		336,721

				138,989,329

United States (0.5%)
Citigroup, Inc.		111,213		4,630,909
Sims Metal Management Ltd.		4,602		88,079
Synthes, Inc.§		2,052		361,339

				5,080,327

Total Common Stocks (85.6%) (Cost $690,444,746)				829,942,057

	Number of Rights		Value (Note 1)
RIGHTS:
Spain (0.0%)
Banco Popular Espanol S.A., expiring 7/7/11*		28,732		2,083
Criteria Caixacorp S.A., expiring 7/15/11*		357,109		26,929

Total Rights (0.0%) (Cost $0)				29,012

See Notes to Financial Statements.

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June 30, 2011 (Unaudited)


	Number of Warrants		Value (Note 1)

WARRANT:
Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12* (Cost $0)		155	$	21

	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (0.2%)
BlackRock Liquidity Funds TempFund 0.08%‡		1,955,384		1,955,384

	Principal Amount		Value (Note 1)
Time Deposit (1.1%)
JPMorgan Chase Nassau 0.000%, 7/1/11	$	11,073,442		11,073,442

Total Short-Term Investments (1.3%) (Cost $13,028,826)				13,028,826

Total Investments (86.9%) (Cost $703,473,572)				842,999,916
Other Assets Less Liabilities (13.1%)				127,362,520

Net Assets (100%)			$	970,362,436

*	Non-income producing.

†	Securities (totalling $147,248 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 June 30, 2011, the market value of these securities amounted to $361,339 or 0.0% 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.

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

(b)

Illiquid Security.

Glossary:

ADR

— American Depositary Receipt

CDI

— Chess Depositary Interest

CVA

— Dutch Certification

FDR

— Finnish Depositary Receipt

PPS

— Price Protected Share

REIT

— Real Estate Investment Trust

RNC

— Risparmio Non-Convertible Savings Shares

SDR

— Swedish Certification

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
AXA Asia Pacific Holdings Ltd.	$	269,791	$	—	$	240,313	$	—	$	3,941	$	16,640
AXA S.A.		925,330		—		—		1,262,774		48,316		—
BlackRock Liquidity Funds TempFund		2,903,453		20,108,032		21,056,101		1,955,384		2,402		—

	$	4,098,574	$	20,108,032	$	21,296,414	$	3,218,158	$	54,659	$	16,640

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
DJ EURO Stoxx 50 Index		1,267		September-11	$	50,443,408	$	52,327,444	$	1,884,036
E-Mini MSCI EAFE Index		5		September-11		414,034		428,975		14,941
FTSE 100 Index		332		September-11		30,658,284		31,451,082		792,798
SPI 200 Index		104		September-11		12,611,251		12,830,487		219,236
TOPIX Index		296		September-11		29,743,533		31,234,333		1,490,800

									$	4,401,811

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

At June 30, 2011, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 9/16/11	HSBC Bank plc		100	$	106,246	$	105,472	$	774
British Pound vs. U.S. Dollar, expiring 9/16/11	HSBC Bank plc		300		481,060		487,110		(6,050	)
European Union Euro vs. U.S. Dollar, expiring 9/16/11	HSBC Bank plc		7,300		10,564,049		10,405,749		158,300
Japanese Yen vs. U.S. Dollar, expiring 7/8/11	State Street Bank & Trust		92,597		1,150,220		1,142,765		7,455
Japanese Yen vs. U.S. Dollar, expiring 7/8/11	State Street Bank & Trust		166,771		2,071,592		2,063,855		7,737
Japanese Yen vs. U.S. Dollar, expiring 7/8/11	State Street Bank & Trust		267,537		3,323,279		3,342,369		(19,090	)
Japanese Yen vs. U.S. Dollar, expiring 9/16/11	HSBC Bank plc		170,000		2,112,556		2,109,508		3,048

								$	152,174


Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Canadian Dollar vs. U.S. Dollar, expiring 9/15/11	JPMorgan Chase Bank		419	$	429,081	$	433,644	$	(4,563	)
Canadian Dollar vs. U.S. Dollar, expiring 9/15/11	JPMorgan Chase Bank		7,454		7,618,016		7,714,520		(96,504	)
Japanese Yen vs. U.S. Dollar, expiring 7/8/11	State Street Bank & Trust		870,426		10,201,715		10,812,230		(610,515	)
Japanese Yen vs. U.S. Dollar, expiring 7/8/11	State Street Bank & Trust		891,216		10,484,150		11,070,480		(586,330	)
Japanese Yen vs. U.S. Dollar, expiring 9/15/11	JPMorgan Chase Bank		346,551		4,324,374		4,306,490		17,884

								$	(1,280,028	)

								$	(1,127,854	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	6,394,395	$	107,862,981	$	—	$	114,257,376
Consumer Staples		—		66,164,929		—		66,164,929
Energy		15,770,759		58,083,527		—		73,854,286
Financials		12,770,612		175,353,453		—		188,124,065
Health Care		604,920		62,476,373		—		63,081,293
Industrials		9,189,507		99,263,888		54,517		108,507,912
Information Technology		14,038,049		44,177,024		—		58,215,073
Materials		6,063,564		83,330,739		92,731		89,487,034
Telecommunication Services		4,060,586		38,884,383		—		42,944,969
Utilities		—		25,305,120		—		25,305,120

See Notes to Financial Statements.

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June 30, 2011 (Unaudited)



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
Forward Currency Contracts	$	—	$	195,198		$	—	$	195,198
Futures		4,401,811		—			—		4,401,811
Rights
Financials		—		29,012			—		29,012
Short-Term Investments		—		13,028,826			—		13,028,826
Warrants
Consumer Staples		—		21			—		21

Total Assets	$	73,294,203	$	774,155,474		$	147,248	$	847,596,925

Liabilities:
Forward Currency Contracts		—		(1,323,052	)		—		(1,323,052	)

Total Liabilities	$	—	$	(1,323,052	)	$	—	$	(1,323,052	)

Total	$	73,294,203	$	772,832,422		$	147,248	$	846,273,873

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



	Investments in Common Stocks-Materials			Investments in Common Stocks-Industrials

Balance as of 12/31/10	$	—		$	35,243
Total gains or losses (realized/unrealized) included in earnings		(30,939	)		54,338
Purchases		123,670			—
Sales		—			(35,064	)
Issuances		—			—
Settlements		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—

Balance as of 6/30/11	$	92,731		$	54,517

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11.		($30,939	)	$	54,338

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2011:


	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		195,198
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		4,401,811	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	4,597,009


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(1,323,052	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(1,323,052	)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2011:


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		—		—			42,929		—		42,929
Credit contracts		—		—			—		—		—
Equity contracts		—		(3,027,200	)		—		—		(3,027,200	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(3,027,200	)	$	42,929	$	—	$	(2,984,271	)


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		—		—		(975,408	)		—		(975,408	)
Credit contracts		—		—		—			—		—
Equity contracts		—		4,717,165		—			—		4,717,165
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	4,717,165	$	(975,408	)	$	—	$	3,741,757

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $42,816,000 and futures contracts with an average notional balance of approximately $130,261,000 during the six months June 30, 2011.

^ This Portfolio held forward foreign currency and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	200,421,974
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	246,252,834

As of June 30, 2011, 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	$	163,366,330
Aggregate gross unrealized depreciation		(38,087,117	)

Net unrealized appreciation	$	125,279,213

Federal income tax cost of investments	$	717,720,703

For the six months ended June 30, 2011, the Portfolio incurred approximately $23 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital carryforward loss of $1,100,528,787 of which $128,774,179 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

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $3,070,272)	$	3,218,158
Unaffiliated Issuers (Cost $700,403,300)		839,781,758
Cash		1,777,996
Foreign cash (Cost $108,202,921)		114,385,433
Cash held as collateral at broker		8,863,000
Receivable for securities sold		4,287,590
Dividends, interest and other receivables		2,816,142
Due from broker for futures variation margin		2,491,711
Unrealized appreciation of forward foreign currency contracts		195,198
Receivable from Separate Accounts for Trust shares sold		170,088
Receivable from investment sub-advisor		229
Other assets		5,754

Total assets		977,993,057

LIABILITIES
Payable for securities purchased		4,814,801
Unrealized depreciation of forward foreign currency contracts		1,323,052
Investment management fees payable		656,028
Payable to Separate Accounts for Trust shares redeemed		390,887
Administrative fees payable		133,274
Distribution fees payable - Class B		113,379
Trustees’ fees payable		33,392
Accrued expenses		165,808

Total liabilities		7,630,621

NET ASSETS	$	970,362,436

Net assets were comprised of:
Paid in capital	$	1,898,977,490
Accumulated undistributed net investment income (loss)		8,778,432
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(1,086,502,351	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		149,108,865

Net assets	$	970,362,436

Class A
Net asset value, offering and redemption price per share, $407,790,770 / 35,740,791 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.41

Class B
Net asset value, offering and redemption price per share, $562,571,666 / 49,452,402 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.38

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends ($54,659 of dividend income received from affiliates) (net of $1,611,225 foreign withholding tax)	$	15,549,621
Interest		153,106

Total income		15,702,727

EXPENSES
Investment management fees		4,135,313
Administrative fees		756,254
Distribution fees - Class B		715,516
Custodian fees		122,171
Printing and mailing expenses		38,486
Professional fees		30,452
Trustees’ fees		8,232
Miscellaneous		19,655

Gross expenses		5,826,079
Less: Reimbursement from sub-advisor		(1,054	)
Fees paid indirectly		(211	)

Net expenses		5,824,814

NET INVESTMENT INCOME (LOSS)		9,877,913

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities ($16,640 of realized gain (loss) from affiliates)		27,009,254
Foreign currency transactions		512,047
Futures		(3,027,200	)

Net realized gain (loss)		24,494,101

Change in unrealized appreciation (depreciation) on:
Securities		(9,972,229	)
Foreign currency translations		3,493,797
Futures		4,717,165

Net change in unrealized appreciation (depreciation)		(1,761,267	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		22,732,834

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	32,610,747

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	9,877,913		$	12,742,488
Net realized gain (loss) on investments, futures, foreign currency transactions and net distributions of realized gain received from underlying portfolio		24,494,101			72,231,308
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(1,761,267	)		(21,240,831	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		32,610,747			63,732,965

DIVIDENDS:
Dividends from net investment income
Class A		—			(13,181,231	)
Class B		—			(16,332,731	)

TOTAL DIVIDENDS		—			(29,513,962	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 421,019 and 1,160,220 shares, respectively ]		4,745,722			11,912,517
Capital shares issued in reinvestment of dividends [0 and 1,224,667 shares, respectively]		—			13,181,231
Capital shares repurchased [ (2,447,434) and (20,410,925) shares, respectively ]		(27,660,694	)		(216,024,796	)

Total Class A transactions		(22,914,972	)		(190,931,048	)

Class B
Capital shares sold [ 2,007,317 and 5,286,529 shares, respectively ]		22,669,340			54,699,817
Capital shares issued in reinvestment of dividends [ 0 and 1,518,010 shares, respectively ]		—			16,332,731
Capital shares repurchased [ (4,779,431) and (10,591,429) shares, respectively ]		(54,100,273	)		(109,062,421	)

Total Class B transactions		(31,430,933	)		(38,029,873	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(54,345,905	)		(228,960,921	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(21,735,158	)		(194,741,918	)
NET ASSETS:
Beginning of period		992,097,594			1,186,839,512

End of period (a)	$	970,362,436		$	992,097,594

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	8,778,432		$	(1,099,481	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.04		$	10.62		$	8.29		$	16.38		$	15.58		$	13.03

Income (loss) from investment operations:
Net investment income (loss)		0.12	(e)		0.13	(e)		0.14	(e)		0.28	(e)		0.21	(e)		0.11	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.25			0.64			2.37			(7.90	)		1.73			3.20

Total from investment operations		0.37			0.77			2.51			(7.62	)		1.94			3.31

Less distributions:
Dividends from net investment income		—			(0.35	)		(0.18	)		(0.22	)		(0.16	)		(0.11	)
Distributions from net realized gains		—			—			—			(0.25	)		(0.98	)		(0.65	)

Total dividends and distributions		—			(0.35	)		(0.18	)		(0.47	)		(1.14	)		(0.76	)

Net asset value, end of period	$	11.41		$	11.04		$	10.62		$	8.29		$	16.38		$	15.58

Total return (b)		3.35	%		7.32	%		30.28	%		(47.13	)%		12.73	%		25.58	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	407,791		$	416,772		$	592,797		$	1,448,943		$	2,193,441		$	1,356,428
Ratio of expenses to average net assets:
After reimbursements (a)		1.03	%		1.04	%		0.97	%		1.25	%		1.23	%		1.27	%
After reimbursements and fees paid indirectly (a)		1.03	%		1.04	%		0.97	%		1.25	%		1.23	%		1.27	%
Before reimbursements and fees paid indirectly (a)		1.04	%		1.04	%		1.06	%		1.25	%		1.23	%		1.28	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		2.14	%		1.29	%		1.65	%		2.19	%		1.27	%		0.78	%
After reimbursements and fees paid indirectly (a)		2.14	%		1.29	%		1.65	%		2.19	%		1.27	%		0.78	%
Before reimbursements and fees paid indirectly (a)		2.14	%		1.29	%		1.56	%		2.19	%		1.27	%		0.77	%
Portfolio turnover rate		23	%		47	%		87	%		56	%		47	%		45	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	11.02		$	10.61		$	8.28		$	16.35		$	15.56		$	13.01

Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)		0.11	(e)		0.15	(e)		0.26	(e)		0.17	(e)		0.10	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.25			0.62			2.33			(7.88	)		1.72			3.17

Total from investment operations		0.36			0.73			2.48			(7.62	)		1.89			3.27

Less distributions:
Dividends from net investment income		—			(0.32	)		(0.15	)		(0.20	)		(0.12	)		(0.07	)
Distributions from net realized gains		—			—			—			(0.25	)		(0.98	)		(0.65	)

Total dividends and distributions		—			(0.32	)		(0.15	)		(0.45	)		(1.10	)		(0.72	)

Net asset value, end of period	$	11.38		$	11.02		$	10.61		$	8.28		$	16.35		$	15.56

Total return (b)		3.27	%		6.95	%		29.99	%		(47.23	)%		12.39	%		25.30	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	562,572		$	575,326		$	594,043		$	467,913		$	905,461		$	765,683
Ratio of expenses to average net assets:
After reimbursements (a)		1.28	%		1.29	%		1.25	%		1.49	%		1.48	%		1.52	%
After reimbursements and fees paid indirectly (a)		1.28	%		1.29	%		1.25	%		1.49	%		1.48	%		1.52	%
Before reimbursements and fees paid indirectly (a)		1.29	%(c)		1.29	%		1.31	%(c)		1.49	%		1.48	%		1.53	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		1.90	%		1.09	%		1.66	%		1.99	%		1.08	%		0.68	%
After reimbursements and fees paid indirectly (a)		1.90	%		1.09	%		1.66	%		1.99	%		1.08	%		0.68	%
Before reimbursements and fees paid indirectly (a)		1.90	%		1.09	%		1.62	%		1.99	%		1.08	%		0.67	%
Portfolio turnover rate		23	%		47	%		87	%		56	%		47	%		45	%

(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.

See Notes to Financial Statements.

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Sector Weightings as of 06/30/11	% of Net Assets
Information Technology		16.3	%
Financials		12.2
Energy		11.2
Consumer Discretionary		11.0
Health Care		10.5
Industrials		6.4
Consumer Staples		4.7
Telecommunication Services		2.9
Materials		2.7
Utilities		1.3
Cash and Other		20.8

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,061.90		$4.50
Hypothetical (5% average return before expenses)		1,000.00		1,020.43		4.41
Class B
Actual		1,000.00		1,061.00		5.77
Hypothetical (5% average return before expenses)		1,000.00		1,019.19		5.66
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.88% and 1.13%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (11.0%)
*Auto Components (0.2%)*
Goodyear Tire & Rubber Co.*		4,700	$	78,819
Johnson Controls, Inc.		13,200		549,912
Lear Corp.		12,700		679,196
TRW Automotive Holdings Corp.*		8,600		507,658

				1,815,585

*Automobiles (0.5%)*
Ford Motor Co.*		234,955		3,240,029
General Motors Co.*		21,300		646,668
Harley-Davidson, Inc.		4,600		188,462

				4,075,159

*Distributors (0.0%)*
Genuine Parts Co.		3,100		168,640

*Diversified Consumer Services (0.0%)*
Apollo Group, Inc., Class A*		2,500		109,200
DeVry, Inc.		1,200		70,956
H&R Block, Inc.		6,000		96,240

				276,396

*Hotels, Restaurants & Leisure (1.6%)*
Carnival Corp.		8,400		316,092
Chipotle Mexican Grill, Inc.*		598		184,297
Darden Restaurants, Inc.		2,700		134,352
International Game Technology		5,800		101,964
Las Vegas Sands Corp.*		46,990		1,983,448
Life Time Fitness, Inc.*		87,020		3,472,968
Marriott International, Inc., Class A		29,830		1,058,667
McDonald’s Corp.		22,300		1,880,336
Royal Caribbean Cruises Ltd.*		4,900		184,436
Starbucks Corp.		14,500		572,605
Starwood Hotels & Resorts Worldwide, Inc.		3,700		207,348
Vail Resorts, Inc.		32,790		1,515,554
Wyndham Worldwide Corp.		3,400		114,410
Wynn Resorts Ltd.		1,500		215,310
Yum! Brands, Inc.		9,200		508,208

				12,449,995

*Household Durables (0.5%)*
D.R. Horton, Inc.		5,400		62,208
Fortune Brands, Inc.		6,400		408,128
Harman International Industries, Inc.		1,300		59,241
Leggett & Platt, Inc.		2,800		68,264
Lennar Corp., Class A		3,100		56,265
Newell Rubbermaid, Inc.		5,600		88,368
NVR, Inc.*		600		435,288
Pulte Group, Inc.*		339,207		2,598,326
Whirlpool Corp.		1,500		121,980

				3,898,068

*Internet & Catalog Retail (0.6%)*
Amazon.com, Inc.*		7,000		1,431,430
Expedia, Inc.		3,900		113,061


	Number of Shares		Value (Note 1)

Netflix, Inc.*		8,475	$	2,226,298
priceline.com, Inc.*		1,000		511,930

				4,282,719

*Leisure Equipment & Products (0.0%)*
Hasbro, Inc.		2,700		118,611
Mattel, Inc.		7,000		192,430

				311,041

*Media (3.0%)*
Cablevision Systems Corp. - New York Group, Class A		4,700		170,187
CBS Corp., Class B		194,755		5,548,570
Comcast Corp., Class A		110,100		2,789,934
DIRECTV, Class A*		80,274		4,079,525
Discovery Communications, Inc., Class A*		5,517		225,976
Gannett Co., Inc.		21,100		302,152
Interpublic Group of Cos., Inc.		53,800		672,500
McGraw-Hill Cos., Inc.		18,500		775,335
News Corp., Class A		98,600		1,745,220
Omnicom Group, Inc.		5,900		284,144
Scripps Networks Interactive, Inc., Class A		1,800		87,984
Time Warner Cable, Inc.		36,949		2,883,500
Time Warner, Inc.		21,733		790,429
Viacom, Inc., Class B		32,900		1,677,900
Walt Disney Co.		37,100		1,448,384
Washington Post Co., Class B		200		83,790

				23,565,530

*Multiline Retail (0.3%)*
Big Lots, Inc.*		1,400		46,410
Family Dollar Stores, Inc.		2,500		131,400
J.C. Penney Co., Inc.		4,600		158,884
Kohl’s Corp.		6,000		300,060
Macy’s, Inc.		8,200		239,768
Nordstrom, Inc.		3,300		154,902
Sears Holdings Corp.*		900		64,296
Target Corp.		18,900		886,599

				1,982,319

*Specialty Retail (3.1%)*
Abercrombie & Fitch Co., Class A		1,700		113,764
AutoNation, Inc.*		1,200		43,932
AutoZone, Inc.*		5,520		1,627,572
Bed Bath & Beyond, Inc.*		5,100		297,687
Best Buy Co., Inc.		142,200		4,466,502
CarMax, Inc.*		4,378		144,780
Foot Locker, Inc.		17,000		403,920
GameStop Corp., Class A*		11,900		317,373
Gap, Inc.		264,700		4,791,070
Home Depot, Inc.		32,100		1,162,662
Limited Brands, Inc.		20,300		780,535
Lowe’s Cos., Inc.		63,900		1,489,509
Office Depot, Inc.*		60,400		254,888
O’Reilly Automotive, Inc.*		2,700		176,877
Ross Stores, Inc.		14,300		1,145,716
Staples, Inc.		225,800		3,567,640
Tiffany & Co.		18,890		1,483,243
TJX Cos., Inc.		32,415		1,702,760

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Urban Outfitters, Inc.*		2,447	$	68,883

				24,039,313

*Textiles, Apparel & Luxury Goods (1.2%)*
Coach, Inc.		38,810		2,481,123
NIKE, Inc., Class B		51,590		4,642,068
Polo Ralph Lauren Corp.		13,655		1,810,790
VF Corp.		1,700		184,552

				9,118,533

Total Consumer Discretionary				85,983,298

Consumer Staples (4.7%)
*Beverages (0.8%)*
Brown-Forman Corp., Class B		2,000		149,380
Coca-Cola Co.		45,500		3,061,695
Coca-Cola Enterprises, Inc.		6,600		192,588
Constellation Brands, Inc., Class A*		33,300		693,306
Dr. Pepper Snapple Group, Inc.		4,400		184,492
Molson Coors Brewing Co., Class B		3,100		138,694
PepsiCo, Inc.		31,093		2,189,880

				6,610,035

*Food & Staples Retailing (0.8%)*
Costco Wholesale Corp.		8,500		690,540
CVS Caremark Corp.		26,600		999,628
Kroger Co.		52,900		1,311,920
Safeway, Inc.		7,300		170,601
SUPERVALU, Inc.		4,100		38,581
Sysco Corp.		11,400		355,452
Walgreen Co.		18,100		768,526
Wal-Mart Stores, Inc.		38,369		2,038,928
Whole Foods Market, Inc.		2,900		184,005

				6,558,181

*Food Products (0.8%)*
Archer-Daniels-Midland Co.		12,500		376,875
Bunge Ltd.		12,000		827,400
Campbell Soup Co.		3,700		127,835
ConAgra Foods, Inc.		26,400		681,384
Dean Foods Co.*		3,500		42,945
General Mills, Inc.		17,200		640,184
H.J. Heinz Co.		6,300		335,664
Hershey Co.		3,000		170,550
Hormel Foods Corp.		2,600		77,506
J.M. Smucker Co.		2,300		175,812
Kellogg Co.		5,000		276,600
Kraft Foods, Inc., Class A		34,200		1,204,866
McCormick & Co., Inc. (Non-Voting)		2,600		128,882
Mead Johnson Nutrition Co.		3,993		269,727
Sara Lee Corp.		12,500		237,375
Smithfield Foods, Inc.*		9,100		199,017
Tyson Foods, Inc., Class A		26,700		518,514

				6,291,136

*Household Products (1.0%)*
Clorox Co.		2,700		182,088
Colgate-Palmolive Co.		21,290		1,860,959
Kimberly-Clark Corp.		10,900		725,504


	Number of Shares		Value (Note 1)

Procter & Gamble Co.		74,700	$	4,748,679

				7,517,230

*Personal Products (0.3%)*
Avon Products, Inc.		8,400		235,200
Estee Lauder Cos., Inc., Class A		18,725		1,969,683

				2,204,883

*Tobacco (1.0%)*
Altria Group, Inc.		109,958		2,903,991
Lorillard, Inc.		2,900		315,723
Philip Morris International, Inc.		68,713		4,587,967
Reynolds American, Inc.		9,000		333,450

				8,141,131

Total Consumer Staples				37,322,596

Energy (11.2%)
*Energy Equipment & Services (2.7%)*
Baker Hughes, Inc.		69,863		5,069,260
Cameron International Corp.*		4,700		236,363
Diamond Offshore Drilling, Inc.		1,400		98,574
Ensco plc (ADR)		15,200		810,160
FMC Technologies, Inc.*		4,800		214,992
Halliburton Co.		17,800		907,800
Helmerich & Payne, Inc.		8,893		588,005
McDermott International, Inc.*		19,200		380,352
Nabors Industries Ltd.*		33,200		818,048
National Oilwell Varco, Inc.		8,200		641,322
Noble Corp.		4,993		196,774
Rowan Cos., Inc.*		2,400		93,144
Schlumberger Ltd.		51,423		4,442,947
Transocean Ltd.		106,900		6,901,464

				21,399,205

*Oil, Gas & Consumable Fuels (8.5%)*
Alpha Natural Resources, Inc.*		4,350		197,664
Anadarko Petroleum Corp.		16,200		1,243,512
Apache Corp.		7,500		925,425
Cabot Oil & Gas Corp.		2,000		132,620
Chesapeake Energy Corp.		12,800		380,032
Chevron Corp.		70,200		7,219,368
ConocoPhillips		56,200		4,225,678
Consol Energy, Inc.		4,400		213,312
Denbury Resources, Inc.*		7,805		156,100
Devon Energy Corp.		27,200		2,143,632
El Paso Corp.		13,700		276,740
EOG Resources, Inc.		5,000		522,750
EQT Corp.		2,900		152,308
Exxon Mobil Corp.#		237,726		19,346,142
Gazprom OAO (ADR)*		298,800		4,347,540
Hess Corp.		56,882		4,252,498
INPEX Corp.		885		6,533,716
Marathon Oil Corp.		43,600		2,296,848
Murphy Oil Corp.		5,200		341,432
Newfield Exploration Co.*		2,600		176,852
Nexen, Inc.		27,600		621,000
Noble Energy, Inc.		3,400		304,742
Occidental Petroleum Corp.		32,620		3,393,785
Peabody Energy Corp.		5,300		312,223
Pioneer Natural Resources Co.		2,300		206,011
QEP Resources, Inc.		3,447		144,188

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Range Resources Corp.		3,100	$	172,050
Royal Dutch Shell plc (ADR), Class A		6,000		426,780
SandRidge Energy, Inc.*		394,677		4,207,257
Southwestern Energy Co.*		6,800		291,584
Spectra Energy Corp.		12,600		345,366
Sunoco, Inc.		2,300		95,933
Tesoro Corp.*		13,000		297,830
Valero Energy Corp.		11,000		281,270
Williams Cos., Inc.		11,400		344,850

				66,529,038

Total Energy				87,928,243

Financials (12.2%)
*Capital Markets (1.7%)*
Ameriprise Financial, Inc.		4,900		282,632
Bank of New York Mellon Corp.		24,200		620,004
BlackRock, Inc.		1,862		357,150
Blackstone Group LP		16,400		271,584
Charles Schwab Corp.		19,400		319,130
ETRADE Financial Corp.		3,860		53,268
Federated Investors, Inc., Class B		1,700		40,528
Franklin Resources, Inc.		2,900		380,741
Goldman Sachs Group, Inc.		56,648		7,539,283
Invesco Ltd.		9,000		210,600
Janus Capital Group, Inc.		3,500		33,040
Legg Mason, Inc.		3,000		98,280
Morgan Stanley		105,418		2,425,668
Northern Trust Corp.		4,700		216,012
State Street Corp.		9,800		441,882
T. Rowe Price Group, Inc.		5,000		301,700

				13,591,502

*Commercial Banks (3.1%)*
BB&T Corp.		13,500		362,340
CIT Group, Inc.*		32,795		1,451,507
Comerica, Inc.		3,400		117,538
Fifth Third Bancorp		15,500		197,625
First Horizon National Corp.		4,697		44,809
Huntington Bancshares, Inc./Ohio		14,000		91,840
KeyCorp		17,200		143,276
M&T Bank Corp.		2,400		211,080
Marshall & Ilsley Corp.		10,300		82,091
Mitsubishi UFJ Financial Group, Inc.		904,974		4,405,661
PNC Financial Services Group, Inc.		10,262		611,718
Regions Financial Corp.		24,600		152,520
SunTrust Banks, Inc.		9,700		250,260
Turkiye Garanti Bankasi A.S. (ADR)		964,000		4,434,400
U.S. Bancorp		287,130		7,324,686
Wells Fargo & Co.		140,100		3,931,206
Zions Bancorp		3,400		81,634

				23,894,191

*Consumer Finance (0.4%)*
American Express Co.		20,525		1,061,143
Capital One Financial Corp.		36,890		1,906,106
Discover Financial Services		10,600		283,550


	Number of Shares		Value (Note 1)

SLM Corp.		9,500	$	159,695

				3,410,494

*Diversified Financial Services (3.8%)*
Bank of America Corp.		709,200		7,772,832
Citigroup, Inc.		110,394		4,596,806
CME Group, Inc.		1,400		408,226
IntercontinentalExchange, Inc.*		1,500		187,065
JPMorgan Chase & Co.		351,850		14,404,739
Leucadia National Corp.		3,800		129,580
Moody’s Corp.		21,000		805,350
NASDAQ OMX Group, Inc.*		2,700		68,310
NYSE Euronext		39,183		1,342,802

				29,715,710

*Insurance (2.7%)*
ACE Ltd.		15,765		1,037,652
Aflac, Inc.		9,200		429,456
Allstate Corp.		14,400		439,632
American International Group, Inc.*		8,388		245,936
Aon Corp.		6,400		328,320
Assurant, Inc.		2,100		76,167
Berkshire Hathaway, Inc., Class B*		33,942		2,626,771
Chubb Corp.		8,300		519,663
Cincinnati Financial Corp.		3,100		90,458
Genworth Financial, Inc., Class A*		409,400		4,208,632
Hartford Financial Services Group, Inc.		242,700		6,399,999
Lincoln National Corp.		6,200		176,638
Loews Corp.		6,200		260,958
Marsh & McLennan Cos., Inc.		10,600		330,614
MetLife, Inc.		20,488		898,809
Principal Financial Group, Inc.		6,200		188,604
Progressive Corp.		12,900		275,802
Prudential Financial, Inc.		9,500		604,105
Torchmark Corp.		1,600		102,624
Travelers Cos., Inc.		26,400		1,541,232
Unum Group		6,200		157,976
XL Group plc		6,300		138,474

				21,078,522

*Real Estate Investment Trusts (REITs) (0.5%)*
Apartment Investment & Management Co. (REIT), Class A		2,200		56,166
AvalonBay Communities, Inc. (REIT)		1,700		218,280
Boston Properties, Inc. (REIT)		2,800		297,248
Equity Residential (REIT)		5,600		336,000
HCP, Inc. (REIT)		6,300		231,147
Health Care REIT, Inc. (REIT)		2,800		146,804
Host Hotels & Resorts, Inc. (REIT)		12,958		219,638
Kimco Realty Corp. (REIT)		7,900		147,256
Plum Creek Timber Co., Inc. (REIT)		3,100		125,674
ProLogis, Inc. (REIT)		8,247		295,573
Public Storage (REIT)		2,800		319,228

See Notes to Financial Statements.

124

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Simon Property Group, Inc. (REIT)		5,709	$	663,557
Ventas, Inc. (REIT)		3,100		163,401
Vornado Realty Trust (REIT)		3,169		295,287
Weyerhaeuser Co. (REIT)		10,422		227,825

				3,743,084

*Real Estate Management & Development (0.0%)*
CB Richard Ellis Group, Inc., Class A*		5,600		140,616

*Thrifts & Mortgage Finance (0.0%)*
Hudson City Bancorp, Inc.		10,300		84,357
People’s United Financial, Inc.		7,200		96,768

				181,125

Total Financials				95,755,244

Health Care (10.5%)
*Biotechnology (2.6%)*
Alexion Pharmaceuticals, Inc.*		43,540		2,047,686
Amgen, Inc.*		27,800		1,622,130
Biogen Idec, Inc.*		4,700		502,524
Celgene Corp.*		43,010		2,594,363
Cephalon, Inc.*		1,500		119,850
Gilead Sciences, Inc.*		321,400		13,309,174

				20,195,727

*Health Care Equipment & Supplies (1.7%)*
Alere, Inc.*		95,400		3,493,548
Baxter International, Inc.		11,400		680,466
Becton, Dickinson and Co.		4,500		387,765
Boston Scientific Corp.*		29,700		205,227
C.R. Bard, Inc.		1,800		197,748
CareFusion Corp.*		4,350		118,190
Covidien plc		9,576		509,730
DENTSPLY International, Inc.		2,700		102,816
Edwards Lifesciences Corp.*		2,238		195,109
Intuitive Surgical, Inc.*		800		297,688
Kinetic Concepts, Inc.*		7,400		426,462
Medtronic, Inc.		21,100		812,983
St. Jude Medical, Inc.		6,700		319,456
Stryker Corp.		6,700		393,223
Varian Medical Systems, Inc.*		66,048		4,624,681
Zimmer Holdings, Inc.*		3,900		246,480

				13,011,572

*Health Care Providers & Services (1.8%)*
Aetna, Inc.		10,600		467,354
AmerisourceBergen Corp.		5,400		223,560
Cardinal Health, Inc.		6,800		308,856
CIGNA Corp.		5,300		272,579
Community Health Systems, Inc.*		84,400		2,167,392
Coventry Health Care, Inc.*		2,900		105,763
DaVita, Inc.*		1,900		164,559
Express Scripts, Inc.*		60,350		3,257,693
Health Net, Inc.*		9,700		311,273
Humana, Inc.		20,120		1,620,465
Laboratory Corp. of America Holdings*		2,000		193,580
McKesson Corp.		5,000		418,250
Medco Health Solutions, Inc.*		8,300		469,116
Patterson Cos., Inc.		1,800		59,202


	Number of Shares		Value (Note 1)

Quest Diagnostics, Inc.		2,800	$	165,480
Tenet Healthcare Corp.*		9,500		59,280
UnitedHealth Group, Inc.		41,500		2,140,570
WellPoint, Inc.		22,200		1,748,694

				14,153,666

*Health Care Technology (0.0%)*
Cerner Corp.*		2,810		171,719

*Life Sciences Tools & Services (1.0%)*
Agilent Technologies, Inc.*		6,800		347,548
Life Technologies Corp.*		3,700		192,659
PerkinElmer, Inc.		2,300		61,893
Thermo Fisher Scientific, Inc.*		106,700		6,870,413
Waters Corp.*		1,800		172,332

				7,644,845

*Pharmaceuticals (3.4%)*
Abbott Laboratories, Inc.		30,300		1,594,386
Allergan, Inc.		22,500		1,873,125
AstraZeneca plc (ADR)		26,300		1,316,841
Bristol-Myers Squibb Co.		33,524		970,855
Eli Lilly and Co.		19,800		743,094
Forest Laboratories, Inc.*		5,600		220,304
Hospira, Inc.*		3,300		186,978
Johnson & Johnson		86,300		5,740,676
Merck & Co., Inc.		81,841		2,888,169
Mylan, Inc.*		8,500		209,695
Pfizer, Inc.		272,535		5,614,221
Roche Holding AG		19,200		3,212,141
Shire plc (ADR)		24,970		2,352,424
Watson Pharmaceuticals, Inc.*		2,400		164,952

				27,087,861

Total Health Care				82,265,390

Industrials (6.4%)
*Aerospace & Defense (1.7%)*
Boeing Co.		34,785		2,571,655
General Dynamics Corp.		7,400		551,448
Goodrich Corp.		2,500		238,750
Honeywell International, Inc.		15,300		911,727
ITT Corp.		3,600		212,148
L-3 Communications Holdings, Inc.		2,200		192,390
Lockheed Martin Corp.		5,800		469,626
Northrop Grumman Corp.		26,300		1,823,905
Precision Castparts Corp.		19,320		3,181,038
Raytheon Co.		18,000		897,300
Rockwell Collins, Inc.		3,100		191,239
Textron, Inc.		5,300		125,133
United Technologies Corp.		18,100		1,602,031

				12,968,390

*Air Freight & Logistics (0.5%)*
C.H. Robinson Worldwide, Inc.		3,300		260,172
Expeditors International of Washington, Inc.		28,965		1,482,718
FedEx Corp.		8,500		806,225
United Parcel Service, Inc., Class B		19,400		1,414,842

				3,963,957

See Notes to Financial Statements.

125

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Airlines (0.1%)*
Delta Air Lines, Inc.*		59,700	$	547,449
Southwest Airlines Co.		14,600		166,732

				714,181

*Building Products (0.0%)*
Masco Corp.		7,000		84,210

*Commercial Services & Supplies (0.1%)*
Avery Dennison Corp.		2,050		79,192
Cintas Corp.		2,450		80,924
Iron Mountain, Inc.		3,850		131,246
Pitney Bowes, Inc.		3,950		90,810
R.R. Donnelley & Sons Co.		3,950		77,460
Republic Services, Inc.		6,000		185,100
Stericycle, Inc.*		1,650		147,048
Waste Management, Inc.		9,300		346,611

				1,138,391

*Construction & Engineering (0.1%)*
Fluor Corp.		3,500		226,310
Jacobs Engineering Group, Inc.*		2,500		108,125
Quanta Services, Inc.*		4,200		84,840

				419,275

*Electrical Equipment (0.3%)*
Emerson Electric Co.		14,700		826,875
Rockwell Automation, Inc.		19,190		1,664,924
Roper Industries, Inc.		1,900		158,270

				2,650,069

*Industrial Conglomerates (2.0%)*
3M Co.		14,000		1,327,900
General Electric Co.		751,300		14,169,518
Tyco International Ltd.		9,520		470,574

				15,967,992

*Machinery (1.1%)*
Caterpillar, Inc.		17,000		1,809,820
Cummins, Inc.		3,900		403,611
Danaher Corp.		10,500		556,395
Deere & Co.		24,740		2,039,813
Dover Corp.		3,700		250,860
Eaton Corp.		6,600		339,570
Flowserve Corp.		1,100		120,879
Illinois Tool Works, Inc.		9,710		548,518
Ingersoll-Rand plc		20,553		933,312
Joy Global, Inc.		2,011		191,527
PACCAR, Inc.		7,100		362,739
Pall Corp.		2,200		123,706
Parker Hannifin Corp.		7,100		637,154
Snap-On, Inc.		1,100		68,728
Stanley Black & Decker, Inc.		3,277		236,108

				8,622,740

*Professional Services (0.0%)*
Dun & Bradstreet Corp.		1,000		75,540
Equifax, Inc.		2,400		83,328
Robert Half International, Inc.		2,850		77,036

				235,904

*Road & Rail (0.4%)*
CSX Corp.		30,000		786,600
Norfolk Southern Corp.		7,100		532,003


	Number of Shares		Value (Note 1)

Ryder System, Inc.		1,000	$	56,850
Union Pacific Corp.		13,200		1,378,080

				2,753,533

*Trading Companies & Distributors (0.1%)*
Fastenal Co.		5,800		208,742
W.W. Grainger, Inc.		1,200		184,380

				393,122

Total Industrials				49,911,764

Information Technology (16.3%)
*Communications Equipment (0.9%)*
Cisco Systems, Inc.		108,500		1,693,685
F5 Networks, Inc.*		1,600		176,400
Harris Corp.		2,500		112,650
JDS Uniphase Corp.*		4,300		71,638
Juniper Networks, Inc.*		69,225		2,180,587
Motorola Mobility Holdings, Inc.*		5,750		126,730
Motorola Solutions, Inc.*		17,971		827,385
QUALCOMM, Inc.		31,700		1,800,243
Tellabs, Inc.		7,200		33,192

				7,022,510

*Computers & Peripherals (3.4%)*
Apple, Inc.*		25,389		8,522,326
Dell, Inc.*		679,620		11,329,265
EMC Corp.*		40,300		1,110,265
Hewlett-Packard Co.		80,396		2,926,414
Lexmark International, Inc., Class A*		1,500		43,890
NetApp, Inc.*		48,165		2,542,149
SanDisk Corp.*		4,600		190,900
Western Digital Corp.*		4,500		163,710

				26,828,919

*Electronic Equipment, Instruments & Components (1.1%)*
Amphenol Corp., Class A		51,535		2,782,375
Corning, Inc.		148,810		2,700,902
FLIR Systems, Inc.		3,100		104,501
Jabil Circuit, Inc.		3,800		76,760
Molex, Inc.		2,700		69,579
TE Connectivity Ltd.		69,815		2,566,399

				8,300,516

*Internet Software & Services (2.6%)*
Akamai Technologies, Inc.*		3,600		113,292
eBay, Inc.*		104,606		3,375,636
Google, Inc., Class A*		23,820		12,061,971
Monster Worldwide, Inc.*		2,450		35,917
VeriSign, Inc.		3,300		110,418
Yahoo!, Inc.*		291,600		4,385,664

				20,082,898

*IT Services (3.3%)*
Accenture plc, Class A		4,100		247,722
Amdocs Ltd.*		151,420		4,601,654
Automatic Data Processing, Inc.		9,600		505,728
Cognizant Technology Solutions Corp., Class A*		22,480		1,648,683
Computer Sciences Corp.		3,000		113,880
Fidelity National Information Services, Inc.		5,100		157,029

See Notes to Financial Statements.

126

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Fiserv, Inc.*		70,000	$	4,384,100
International Business Machines Corp.		32,900		5,643,995
Mastercard, Inc., Class A		10,125		3,051,067
Paychex, Inc.		6,300		193,536
SAIC, Inc.*		5,700		95,874
Teradata Corp.*		52,645		3,169,229
Total System Services, Inc.		3,100		57,598
Visa, Inc., Class A		9,580		807,211
Western Union Co.		48,867		978,806

				25,656,112

*Office Electronics (0.0%)*
Xerox Corp.		27,079		281,893

*Semiconductors & Semiconductor Equipment (2.1%)*
Advanced Micro Devices, Inc.*		11,200		78,288
Advanced Semiconductor Engineering, Inc. (ADR)		74,400		419,616
Altera Corp.		6,100		282,735
Analog Devices, Inc.		5,800		227,012
Applied Materials, Inc.		181,515		2,361,510
Broadcom Corp., Class A*		8,900		299,396
First Solar, Inc.*		1,100		145,497
Intel Corp.		144,800		3,208,768
KLA-Tencor Corp.		3,200		129,536
Lam Research Corp.*		9,000		398,520
Linear Technology Corp.		4,400		145,288
LSI Corp.*		12,000		85,440
MEMC Electronic Materials, Inc.*		355,104		3,029,037
Microchip Technology, Inc.		3,600		136,476
Micron Technology, Inc.*		16,700		124,916
National Semiconductor Corp.		4,600		113,206
Novellus Systems, Inc.*		1,700		61,438
NVIDIA Corp.*		11,300		180,066
ON Semiconductor Corp.*		393,322		4,118,081
Teradyne, Inc.*		3,500		51,800
Texas Instruments, Inc.		23,000		755,090
Xilinx, Inc.		5,000		182,350

				16,534,066

*Software (2.9%)*
Adobe Systems, Inc.*		43,205		1,358,797
Autodesk, Inc.*		4,400		169,840
BMC Software, Inc.*		3,500		191,450
CA, Inc.		7,500		171,300
Citrix Systems, Inc.*		3,700		296,000
Compuware Corp.*		4,200		40,992
Electronic Arts, Inc.*		6,400		151,040
Intuit, Inc.*		5,500		285,230
Microsoft Corp.		465,287		12,097,462
Oracle Corp.		230,446		7,583,978
Red Hat, Inc.*		3,700		169,830
Salesforce.com, Inc.*		2,300		342,654
Symantec Corp.*		15,200		299,744

				23,158,317

Total Information Technology				127,865,231

Materials (2.7%)
*Chemicals (1.3%)*
Air Products & Chemicals, Inc.		4,200		401,436


	Number of Shares		Value (Note 1)

Airgas, Inc.		1,500	$	105,060
CF Industries Holdings, Inc.		1,400		198,338
Dow Chemical Co.		48,600		1,749,600
E.I. du Pont de Nemours & Co.		67,845		3,667,022
Eastman Chemical Co.		1,400		142,898
Ecolab, Inc.		4,500		253,710
FMC Corp.		1,400		120,428
International Flavors & Fragrances, Inc.		1,600		102,784
LyondellBasell Industries N.V., Class A		11,200		431,424
Monsanto Co.		10,500		761,670
PPG Industries, Inc.		4,300		390,397
Praxair, Inc.		6,000		650,340
Sherwin-Williams Co.		1,800		150,966
Sigma-Aldrich Corp.		2,400		176,112
Syngenta AG (ADR)		15,531		1,049,275

				10,351,460

*Construction Materials (0.0%)*
Vulcan Materials Co.		2,500		96,325

*Containers & Packaging (0.0%)*
Ball Corp.		3,400		130,764
Bemis Co., Inc.		2,100		70,938
Owens-Illinois, Inc.*		3,200		82,592
Sealed Air Corp.		3,100		73,749

				358,043

*Metals & Mining (1.3%)*
AK Steel Holding Corp.		2,100		33,096
Alcoa, Inc.		64,300		1,019,798
Allegheny Technologies, Inc.		1,900		120,593
Cliffs Natural Resources, Inc.		2,700		249,615
Freeport-McMoRan Copper & Gold, Inc.		18,400		973,360
Newmont Mining Corp.		9,700		523,509
Nucor Corp.		6,200		255,564
Reliance Steel & Aluminum Co.		4,000		198,600
Titanium Metals Corp.		1,700		31,144
United States Steel Corp.		141,100		6,496,244

				9,901,523

*Paper & Forest Products (0.1%)*
International Paper Co.		8,500		253,470
MeadWestvaco Corp.		3,200		106,592

				360,062

Total Materials				21,067,413

Telecommunication Services (2.7%)
*Diversified Telecommunication Services (2.0%)*
AT&T, Inc.		178,900		5,619,249
CenturyLink, Inc.		30,509		1,233,479
Frontier Communications Corp.		19,406		156,606
Global Crossing Ltd.*		43,406		1,665,922
Level 3 Communications, Inc.*		1,833,100		4,472,764
Verizon Communications, Inc.		55,300		2,058,819
Windstream Corp.		9,400		121,824

				15,328,663

*Wireless Telecommunication Services (0.7%)*
American Tower Corp., Class A*		7,800		408,174
KDDI Corp.		688		4,950,230

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

MetroPCS Communications, Inc.*		5,100	$	87,771
Sprint Nextel Corp.*		58,500		315,315

				5,761,490

Total Telecommunication Services				21,090,153

Utilities (1.3%)
*Electric Utilities (0.6%)*
American Electric Power Co., Inc.		9,400		354,192
Duke Energy Corp.		25,900		487,697
Edison International		16,800		651,000
Entergy Corp.		3,600		245,808
Exelon Corp.		12,900		552,636
FirstEnergy Corp.		8,101		357,659
NextEra Energy, Inc.		8,100		465,426
Northeast Utilities		3,400		119,578
Pepco Holdings, Inc.		4,300		84,409
Pinnacle West Capital Corp.		2,100		93,618
PPL Corp.		9,400		261,602
Progress Energy, Inc.		5,700		273,657
Southern Co.		16,400		662,232

				4,609,514

*Gas Utilities (0.0%)*
Nicor, Inc.		900		49,266
Oneok, Inc.		2,076		153,645
UGI Corp.		5,000		159,450

				362,361

*Independent Power Producers & Energy Traders (0.1%)*
AES Corp.*		12,900		164,346
Constellation Energy Group, Inc.		3,900		148,044
NRG Energy, Inc.*		4,828		118,672

				431,062

*Multi-Utilities (0.6%)*
Ameren Corp.		4,600		132,664
CenterPoint Energy, Inc.		35,100		679,185
CMS Energy Corp.		30,775		605,960
Consolidated Edison, Inc.		5,700		303,468
Dominion Resources, Inc.		11,300		545,451
DTE Energy Co.		17,600		880,352
Integrys Energy Group, Inc.		1,500		77,760
NiSource, Inc.		5,400		109,350
PG&E Corp.		7,700		323,631
Public Service Enterprise Group, Inc.		9,900		323,136
SCANA Corp.		2,200		86,614
Sempra Energy		4,700		248,536
TECO Energy, Inc.		4,200		79,338
Wisconsin Energy Corp.		4,600		144,210


	Number of Shares		Value (Note 1)
Xcel Energy, Inc.		9,000	$	218,700

				4,758,355

Total Utilities				10,161,292

Total Common Stocks (79.0%) (Cost $499,730,079)				619,350,624

	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Convertible Bond (0.2%)
Telecommunication Services (0.2%)
*Diversified Telecommunication Services (0.2%)*
Level 3 Communications, Inc.
6.500%, 10/1/16	$	554,000		1,168,248

Total Telecommunication Services				1,168,248

Total Convertible Bonds				1,168,248

Total Long-Term Debt Securities (0.2%) (Cost $554,000)				1,168,248

SHORT-TERM INVESTMENTS:
Government Securities (1.3%)
U.S. Treasury Bills
0.04%, 11/3/11 (p)#	$	10,122,000		10,120,522

Time Deposit (19.1%)
JPMorgan Chase Nassau
0.000%, 7/1/11		149,835,701		149,835,701

Total Short-Term Investments (20.4%) (Cost $159,955,944)				159,956,223

Total Investments (99.6%) (Cost $660,240,023)				780,475,095
Other Assets Less Liabilities (0.4%)				3,323,143

Net Assets (100%)			$	783,798,238

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $13,375,722.

(p)

Yield to maturity.

Glossary:

ADR—

American Depositary Receipt

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		2,236		September-11	$	141,564,648	$	147,072,900	$	5,508,252

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	85,983,298	$	—	$	—	$	85,983,298
Consumer Staples		37,322,596		—		—		37,322,596
Energy		81,394,527		6,533,716		—		87,928,243
Financials		91,349,583		4,405,661		—		95,755,244
Health Care		79,053,249		3,212,141		—		82,265,390
Industrials		49,911,764		—		—		49,911,764
Information Technology		127,865,231		—		—		127,865,231
Materials		21,067,413		—		—		21,067,413
Telecommunication Services		16,139,923		4,950,230		—		21,090,153
Utilities		10,161,292		—		—		10,161,292
Convertible Bonds
Telecommunication Services		—		1,168,248		—		1,168,248
Futures		5,508,252		—		—		5,508,252
Short-Term Investments		—		159,956,223		—		159,956,223

Total Assets	$	605,757,128	$	180,226,219	$	—	$	785,983,347

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	605,757,128	$	180,226,219	$	—	$	785,983,347

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2011:


	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		5,508,252	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	5,508,252


	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		$	—

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2011:


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		—		—		(9,695	)		—		(9,695	)
Credit contracts		—		—		—			—		—
Equity contracts		—		5,083,739		—			—		5,083,739
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	5,083,739	$	(9,695	)	$	—	$	5,074,044


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		—		3,473,410		—			—		3,473,410
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	3,473,410	$	—		$	—	$	3,473,410

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The Portfolio held futures contracts with an average notional balance of approximately $154,071,000 for the six months ended June 30, 2011.

^ This Portfolio held futures contracts as a substitute for investing in conventional securities and for hedging.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	153,482,010
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	171,903,827

As of June 30, 2011, 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	$	122,962,768
Aggregate gross unrealized depreciation		(13,680,221	)

Net unrealized appreciation	$	109,282,547

Federal income tax cost of investments	$	671,192,548

For the six months ended June 30, 2011, the Portfolio incurred approximately $4,064 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $1,273 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $341,202,267 of which $43,333,662 expires in the year 2016 and $297,868,605 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES June 30, 2011 (Unaudited)


ASSETS
Investments at value (Cost $660,240,023)	$	780,475,095
Cash		4,283
Foreign cash (Cost $37,732)		37,891
Receivable for securities sold		2,627,121
Due from broker for futures variation margin		1,252,160
Dividends, interest and other receivables		738,125
Receivable from Separate Accounts for Trust shares sold		125,379
Other assets		3,961

Total assets		785,264,015

LIABILITIES
Payable for securities purchased		522,184
Investment management fees payable		439,138
Payable to Separate Accounts for Trust shares redeemed		279,993
Administrative fees payable		110,288
Distribution fees payable - Class B		35,567
Trustees’ fees payable		13,103
Accrued expenses		65,504

Total liabilities		1,465,777

NET ASSETS	$	783,798,238

Net assets were comprised of:
Paid in capital	$	977,605,909
Accumulated undistributed net investment income (loss)		1,679,252
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(321,243,758	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		125,756,835

Net assets	$	783,798,238

Class A
Net asset value, offering and redemption price per share, $607,491,903 / 56,265,648 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.80

Class B
Net asset value, offering and redemption price per share, $176,306,335 / 16,344,545 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.79

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (net of $38,415 foreign withholding tax)	$	4,885,859
Interest		23,865

Total income		4,909,724

EXPENSES
Investment management fees		2,729,969
Administrative fees		602,902
Distribution fees - Class B		223,399
Custodian fees		46,599
Printing and mailing expenses		30,610
Professional fees		27,480
Trustees’ fees		6,451
Miscellaneous		8,669

Gross expenses		3,676,079
Less: Fees paid indirectly		(12,054	)

Net expenses		3,664,025

NET INVESTMENT INCOME (LOSS)		1,245,699

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		27,919,755
Foreign currency transactions		(36,638	)
Futures		5,083,739

Net realized gain (loss)		32,966,856

Change in unrealized appreciation (depreciation) on:
Securities		8,555,366
Foreign currency translations		8,553
Futures		3,473,410

Net change in unrealized appreciation (depreciation)		12,037,329

NET REALIZED AND UNREALIZED GAIN (LOSS)		45,004,185

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	46,249,884

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,245,699		$	3,832,266
Net realized gain (loss) on investments, futures and foreign currency transactions		32,966,856			66,693,519
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		12,037,329			9,356,988

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		46,249,884			79,882,773

DIVIDENDS:
Dividends from net investment income
Class A		—			(2,935,794	)
Class B		—			(436,251	)

TOTAL DIVIDENDS		—			(3,372,045	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,133,083 and 1,795,680 shares, respectively ]		12,023,214			16,595,636
Capital shares issued in reinvestment of dividends and distributions [ 0 and 292,383 shares, respectively ]		—			2,935,794
Capital shares repurchased [ (2,449,373) and (5,210,419) shares, respectively ]		(26,202,419	)		(48,363,851	)

Total Class A transactions		(14,179,205	)		(28,832,421	)

Class B
Capital shares sold [ 2,112,906 and 3,529,698 shares, respectively ]		22,760,170			32,553,204
Capital shares issued in reinvestment of dividends and distributions[ 0 and 43,430 shares, respectively ]		—			436,251
Capital shares repurchased [ (2,546,883) and (4,040,437) shares, respectively ]		(27,202,374	)		(36,998,875	)

Total Class B transactions		(4,442,204	)		(4,009,420	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(18,621,409	)		(32,841,841	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		27,628,475			43,668,887
NET ASSETS:
Beginning of period		756,169,763			712,500,876

End of period (a)	$	783,798,238		$	756,169,763

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,679,252		$	433,553

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.17		$	9.14		$	6.98		$	11.66		$	11.96		$	10.79

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.06	(e)		0.12	(e)		0.08	(e)		0.09	(e)		0.08	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.61			1.02			2.18			(4.67	)		0.52			1.40

Total from investment operations		0.63			1.08			2.30			(4.59	)		0.61			1.48

Less distributions:
Dividends from net investment income		—			(0.05	)		(0.14	)		(0.07	)		(0.08	)		(0.07	)
Distributions from net realized gains		—			—			—			(0.02	)		(0.83	)		(0.24	)

Total dividends and distributions		—			(0.05	)		(0.14	)		(0.09	)		(0.91	)		(0.31	)

Net asset value, end of period	$	10.80		$	10.17		$	9.14		$	6.98		$	11.66		$	11.96

Total return (b)		6.19	%		11.84	%		32.92	%		(39.40	)%		5.22	%		13.84	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	607,492		$	585,508		$	554,828		$	764,481		$	842,193		$	598,068
Ratio of expenses to average net assets:
After waivers (a)		0.88	%		0.90	%		0.92	%		1.10	%		1.10	%		1.10	%
After waivers and fees paid indirectly (a)		0.88	%		0.90	%		0.81	%		1.09	%		1.09	%		1.08	%
Before waivers and fees paid indirectly (a)		0.88	%		0.90	%		0.92	%		1.10	%		1.10	%		1.10	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.37	%		0.59	%		1.42	%		0.86	%		0.74	%		0.73	%
After waivers and fees paid indirectly (a)		0.38	%		0.60	%		1.54	%		0.86	%		0.74	%		0.75	%
Before waivers and fees paid indirectly (a)		0.37	%		0.59	%		1.42	%		0.86	%		0.74	%		0.72	%
Portfolio turnover rate		24	%		44	%		85	%		50	%		51	%		49	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.17		$	9.14		$	6.98		$	11.67		$	11.96		$	10.79

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.03	(e)		0.09	(e)		0.06	(e)		0.06	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.61			1.03			2.18			(4.68	)		0.53			1.39

Total from investment operations		0.62			1.06			2.27			(4.62	)		0.59			1.45

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.11	)		(0.05	)		(0.05	)		(0.04	)
Distributions from net realized gains		—			—			—			(0.02	)		(0.83	)		(0.24	)

Total dividends and distributions		—			(0.03	)		(0.11	)		(0.07	)		(0.88	)		(0.28	)

Net asset value, end of period	$	10.79		$	10.17		$	9.14		$	6.98		$	11.67		$	11.96

Total return (b)		6.10	%		11.56	%		32.58	%		(39.61	)%		5.05	%		13.56	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	176,306		$	170,662		$	157,673		$	116,354		$	215,406		$	208,296
Ratio of expenses to average net assets:
After waivers (a)		1.13	%		1.15	%		1.17	%(c)		1.35	%		1.35	%		1.35	%
After waivers and fees paid indirectly (a)		1.13	%		1.15	%		1.10	%		1.34	%		1.34	%		1.33	%
Before waivers and fees paid indirectly (a)		1.13	%		1.15	%		1.17	%(c)		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.12	%		0.34	%		1.14	%		0.58	%		0.49	%		0.47	%
After waivers and fees paid indirectly (a)		0.13	%		0.35	%		1.22	%		0.59	%		0.50	%		0.49	%
Before waivers and fees paid indirectly (a)		0.12	%		0.34	%		1.14	%		0.58	%		0.49	%		0.47	%
Portfolio turnover rate		24	%		44	%		85	%		50	%		51	%		49	%

(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.

See Notes to Financial Statements.

135

MULTIMANAGER LARGE CAP VALUE PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/11	% of Net Assets
Financials		17.0	%
Health Care		12.5
Consumer Discretionary		9.9
Energy		9.3
Consumer Staples		7.8
Industrials		7.2
Information Technology		6.8
Telecommunication Services		3.6
Utilities		2.8
Materials		2.3
Cash and Other		20.8

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,053.20		$4.63
Hypothetical (5% average return before expenses)		1,000.00		1,020.28		4.56
Class B
Actual		1,000.00		1,052.10		5.90
Hypothetical (5% average return before expenses)		1,000.00		1,019.04		5.81
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.91% and 1.16% , respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period ).

136

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (9.9%)
*Auto Components (1.2%)*
Autoliv, Inc.		4,900	$	384,405
Federal-Mogul Corp.*		1,000		22,830
Johnson Controls, Inc.		274,960		11,454,834
Lear Corp.		38,000		2,032,240
TRW Automotive Holdings Corp.*		28,000		1,652,840
Visteon Corp.*		2,700		184,707

				15,731,856

*Automobiles (0.5%)*
Ford Motor Co.*		164,800		2,272,592
General Motors Co.*		135,430		4,111,655
Thor Industries, Inc.		2,400		69,216

				6,453,463

*Distributors (0.0%)*
Genuine Parts Co.		6,300		342,720

*Diversified Consumer Services (0.0%)*
Career Education Corp.*		3,300		69,795
DeVry, Inc.		700		41,391
Education Management Corp.*		2,100		50,274
H&R Block, Inc.		6,900		110,676
Service Corp. International		13,100		153,008

				425,144

*Hotels, Restaurants & Leisure* (*0.3%)*
Bally Technologies, Inc.*		200		8,136
Brinker International, Inc.		300		7,338
Carnival Corp.		23,400		880,542
Choice Hotels International, Inc.		1,400		46,704
Hyatt Hotels Corp., Class A*		2,300		93,886
International Game Technology		8,000		140,640
McDonald’s Corp.		20,520		1,730,246
MGM Resorts International*		15,000		198,150
Penn National Gaming, Inc.*		3,700		149,258
Royal Caribbean Cruises Ltd.*		18,400		692,576
Wendy’s/Arby’s Group, Inc., Class A		17,300		87,711
WMS Industries, Inc.*		3,100		95,232
Wyndham Worldwide Corp.		9,300		312,945

				4,443,364

*Household Durables (0.4%)*
D.R. Horton, Inc.		15,300		176,256
Fortune Brands, Inc.		20,500		1,307,285
Garmin Ltd.		5,500		181,665
Harman International Industries, Inc.		1,300		59,241
Jarden Corp.		5,000		172,550
Leggett & Platt, Inc.		1,900		46,322
Lennar Corp., Class A		8,800		159,720
Mohawk Industries, Inc.*		3,100		185,969
Newell Rubbermaid, Inc.		16,000		252,480
NVR, Inc.*		2,700		1,958,796
Pulte Group, Inc.*		76,197		583,669
Toll Brothers, Inc.*		8,000		165,920
Whirlpool Corp.		4,200		341,544

				5,591,417


	Number of Shares		Value (Note 1)

*Internet & Catalog Retail (0.1%)*
Expedia, Inc.		4,400	$	127,556
IAC/InterActiveCorp*		4,400		167,948
Liberty Media Corp. - Interactive*		33,000		553,410

				848,914

*Leisure Equipment & Products (0.1%)*
Hasbro, Inc.		33,350		1,465,066
Mattel, Inc.		4,900		134,701

				1,599,767

*Media (4.5%)*
CBS Corp., Class B		49,800		1,418,802
Clear Channel Outdoor Holdings, Inc., Class A*		2,200		27,940
Comcast Corp., Class A		310,730		7,831,130
DIRECTV, Class A*		33,700		1,712,634
DISH Network Corp., Class A*		2,700		82,809
DreamWorks Animation SKG, Inc., Class A*		3,900		78,390
Gannett Co., Inc.		59,800		856,336
Interpublic Group of Cos., Inc.		130,700		1,633,750
Lamar Advertising Co., Class A*		2,200		60,214
Liberty Media Corp. - Capital*		3,900		334,425
Liberty Media Corp. - Starz*		2,860		215,186
Madison Square Garden Co., Class A*		3,275		90,161
McGraw-Hill Cos., Inc.		31,800		1,332,738
News Corp., Class A		279,100		4,940,070
Omnicom Group, Inc.		51,365		2,473,738
Regal Entertainment Group, Class A		2,900		35,815
Thomson Reuters Corp.		10,900		409,404
Time Warner Cable, Inc.		27,400		2,138,296
Time Warner, Inc.		358,983		13,056,212
Viacom, Inc., Class B		232,060		11,835,060
Walt Disney Co.		185,940		7,259,098
Washington Post Co., Class B		300		125,685

				57,947,893

*Multiline Retail (0.5%)*
Big Lots, Inc.*		2,700		89,505
Dillard’s, Inc., Class A		1,900		99,066
J.C. Penney Co., Inc.		9,100		314,314
Kohl’s Corp.		18,100		905,181
Macy’s, Inc.		20,500		599,420
Sears Holdings Corp.*		2,100		150,024
Target Corp.		96,310		4,517,902

				6,675,412

*Specialty Retail (2.2%)*
Aaron’s, Inc.		1,200		33,912
Abercrombie & Fitch Co., Class A		700		46,844
Advance Auto Parts, Inc.		20,640		1,207,233
American Eagle Outfitters, Inc.		10,700		136,425
AutoNation, Inc.*		1,100		40,271
Best Buy Co., Inc.		17,400		546,534
CarMax, Inc.*		10,300		340,621
Chico’s FAS, Inc.		3,200		48,736

See Notes to Financial Statements.

137

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

DSW, Inc., Class A*		100	$	5,061
Foot Locker, Inc.		51,200		1,216,512
GameStop Corp., Class A*		33,000		880,110
Gap, Inc.		95,800		1,733,980
Home Depot, Inc.		34,900		1,264,078
Limited Brands, Inc.		33,700		1,295,765
Lowe’s Cos., Inc.		512,325		11,942,296
Office Depot, Inc.*		201,700		851,174
RadioShack Corp.		5,800		77,198
Ross Stores, Inc.		27,600		2,211,312
Sally Beauty Holdings, Inc.*		300		5,130
Signet Jewelers Ltd.*		4,800		224,688
Staples, Inc.		251,835		3,978,993
Williams-Sonoma, Inc.		2,700		98,523

				28,185,396

*Textiles, Apparel & Luxury Goods (0.1%)*
Phillips-Van Heusen Corp.		2,800		183,316
VF Corp.		4,800		521,088

				704,404

Total Consumer Discretionary				128,949,750

Consumer Staples (7.8%)
*Beverages* (*2.5%)*
Brown-Forman Corp., Class B		800		59,752
Coca-Cola Co.		146,800		9,878,172
Coca-Cola Enterprises, Inc.		4,100		119,638
Constellation Brands, Inc., Class A*		87,900		1,830,078
Diageo plc		168,453		3,441,852
Molson Coors Brewing Co., Class B		7,400		331,076
PepsiCo, Inc.		229,345		16,152,768

				31,813,336

*Food & Staples Retailing* (*0.7%)*
BJ’s Wholesale Club, Inc.*		2,700		135,945
CVS Caremark Corp.		113,226		4,255,033
Kroger Co.		117,900		2,923,920
Safeway, Inc.		32,000		747,840
SUPERVALU, Inc.		11,600		109,156
Walgreen Co.		2,800		118,888
Wal-Mart Stores, Inc.		23,390		1,242,944

				9,533,726

*Food Products* (*2.1%)*
Archer-Daniels-Midland Co.		183,650		5,537,047
Bunge Ltd.		45,600		3,144,120
Campbell Soup Co.		2,300		79,465
ConAgra Foods, Inc.		56,500		1,458,265
Corn Products International, Inc.		800		44,224
Dean Foods Co.*		10,000		122,700
General Mills, Inc.		97,290		3,621,134
H.J. Heinz Co.		7,400		394,272
Hershey Co.		2,100		119,385
Hormel Foods Corp.		3,500		104,335
J.M. Smucker Co.		19,259		1,472,158
Kellogg Co.		32,940		1,822,241
Kraft Foods, Inc., Class A		90,800		3,198,884


	Number of Shares		Value (Note 1)

McCormick & Co., Inc. (Non-Voting)		2,300	$	114,011
Mead Johnson Nutrition Co.		9,208		622,000
Nestle S.A. (Registered)		47,910		2,977,571
Ralcorp Holdings, Inc.*		3,000		259,740
Sara Lee Corp.		5,400		102,546
Smithfield Foods, Inc.*		41,600		909,792
Tyson Foods, Inc., Class A		72,400		1,406,008

				27,509,898

*Household Products* (*1.2%)*
Church & Dwight Co., Inc.		3,300		133,782
Clorox Co.		6,900		465,336
Colgate-Palmolive Co.		2,700		236,007
Energizer Holdings, Inc.*		3,800		274,968
Kimberly-Clark Corp.		2,700		179,712
Procter & Gamble Co.		222,512		14,145,088

				15,434,893

*Personal Products* (*0.0%)*
Avon Products, Inc.		18,010		504,280

*Tobacco* (*1.3%)*
Altria Group, Inc.		200,855		5,304,581
Lorillard, Inc.		7,900		860,073
Philip Morris International, Inc.		125,045		8,349,255
Reynolds American, Inc.		47,590		1,763,209

				16,277,118

Total Consumer Staples				101,073,251

Energy (9.3%)
*Energy Equipment & Services (0.9%)*
Atwood Oceanics, Inc.*		2,200		97,086
Baker Hughes, Inc.		14,392		1,044,284
Cameron International Corp.*		3,500		176,015
Diamond Offshore Drilling, Inc.		2,000		140,820
Ensco plc (ADR)		38,000		2,025,400
Helmerich & Payne, Inc.		400		26,448
McDermott International, Inc.*		52,200		1,034,082
Nabors Industries Ltd.*		89,000		2,192,960
National Oilwell Varco, Inc.		23,300		1,822,293
Oil States International, Inc.*		500		39,955
Patterson-UTI Energy, Inc.		7,500		237,075
Rowan Cos., Inc.*		5,800		225,098
SEACOR Holdings, Inc.		1,200		119,952
Tidewater, Inc.		2,700		145,287
Transocean Ltd.		37,520		2,422,291
Unit Corp.*		2,300		140,139

				11,889,185

*Oil, Gas & Consumable Fuels (8.4%)*
Alpha Natural Resources, Inc.*		5,447		247,512
Anadarko Petroleum Corp.		45,500		3,492,580
Apache Corp.		42,786		5,279,364
Arch Coal, Inc.		8,000		213,280
Chesapeake Energy Corp.		36,100		1,071,809
Chevron Corp.		203,234		20,900,585
Cimarex Energy Co.		3,500		314,720
Cobalt International Energy, Inc.*		400		5,452
ConocoPhillips		226,705		17,045,949
Denbury Resources, Inc.*		3,655		73,100

See Notes to Financial Statements.

138

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Devon Energy Corp.		74,600	$	5,879,226
El Paso Corp.		2,400		48,480
Energen Corp.		4,000		226,000
EOG Resources, Inc.		16,775		1,753,826
EQT Corp.		4,500		236,340
EXCO Resources, Inc.		600		10,590
Exxon Mobil Corp.		121,924		9,922,175
Forest Oil Corp.*		1,300		34,723
Hess Corp.		74,220		5,548,687
Kinder Morgan, Inc.		2,900		83,317
Kosmos Energy Ltd.*		200		3,396
Marathon Oil Corp.		291,300		15,345,684
Murphy Oil Corp.		9,000		590,940
Newfield Exploration Co.*		3,100		210,862
Nexen, Inc.		71,700		1,613,250
Noble Energy, Inc.		7,800		699,114
Occidental Petroleum Corp.		111,481		11,598,483
Petrohawk Energy Corp.*		2,800		69,076
Pioneer Natural Resources Co.		1,200		107,484
Plains Exploration & Production Co.*		7,700		293,524
QEP Resources, Inc.		2,100		87,843
Quicksilver Resources, Inc.*		6,000		88,560
SM Energy Co.		700		51,436
Southern Union Co.		6,800		273,020
Spectra Energy Corp.		35,700		978,537
Sunoco, Inc.		6,600		275,286
Teekay Corp.		2,300		71,024
Tesoro Corp.*		36,000		824,760
Total S.A. (ADR)		24,300		1,405,512
Valero Energy Corp.		49,100		1,255,487
Williams Cos., Inc.		32,300		977,075

				109,208,068

Total Energy				121,097,253

Financials (17.0%)
*Capital Markets* (*3.4%)*
Affiliated Managers Group, Inc.*		800		81,160
American Capital Ltd.*		19,300		191,649
Ameriprise Financial, Inc.		13,300		767,144
Ares Capital Corp.		11,200		179,984
Bank of New York Mellon Corp.		240,769		6,168,502
BlackRock, Inc.		35,022		6,717,570
Charles Schwab Corp.		263,800		4,339,510
ETRADE Financial Corp.		13,700		189,060
Federated Investors, Inc., Class B		900		21,456
Goldman Sachs Group, Inc.		127,580		16,979,622
Invesco Ltd.		25,400		594,360
Janus Capital Group, Inc.		10,200		96,288
Jefferies Group, Inc.		7,400		150,960
Legg Mason, Inc.		8,200		268,632
LPL Investment Holdings, Inc.*		232		7,937
Morgan Stanley		117,435		2,702,179
Northern Trust Corp.		11,900		546,924
Raymond James Financial, Inc.		5,600		180,040
State Street Corp.		76,650		3,456,148

				43,639,125


	Number of Shares		Value (Note 1)

*Commercial Banks (3.1%)*
Associated Banc-Corp		9,500	$	132,050
Bank of Hawaii Corp.		2,600		120,952
BB&T Corp.		236,800		6,355,712
BOK Financial Corp.		1,400		76,678
CapitalSource, Inc.		17,700		114,165
CIT Group, Inc.*		11,000		486,860
City National Corp./California		2,600		141,050
Comerica, Inc.		9,700		335,329
Commerce Bancshares, Inc./Missouri		4,024		173,032
Cullen/Frost Bankers, Inc.		2,900		164,865
East West Bancorp, Inc.		8,100		163,701
Fifth Third Bancorp		50,500		643,875
First Citizens BancShares, Inc./North Carolina, Class A		300		56,166
First Horizon National Corp.		14,439		137,748
First Republic Bank/California*		4,000		129,120
Fulton Financial Corp.		10,900		116,739
Huntington Bancshares, Inc./Ohio		47,400		310,944
KeyCorp		52,200		434,826
M&T Bank Corp.		6,967		612,748
Marshall & Ilsley Corp.		29,100		231,927
PNC Financial Services Group, Inc.		58,503		3,487,364
Popular, Inc.*		56,200		155,112
Regions Financial Corp.		69,000		427,800
SunTrust Banks, Inc.		44,490		1,147,842
Synovus Financial Corp.		43,100		89,648
TCF Financial Corp.		8,700		120,060
U.S. Bancorp		105,900		2,701,509
Valley National Bancorp		9,257		125,988
Wells Fargo & Co.		754,960		21,184,177
Zions Bancorp		10,100		242,501

				40,620,488

*Consumer Finance (0.3%)*
American Express Co.		22,800		1,178,760
Capital One Financial Corp.		39,500		2,040,965
Discover Financial Services		27,000		722,250
SLM Corp.		28,900		485,809

				4,427,784

*Diversified Financial Services (4.5%)*
Bank of America Corp.		964,013		10,565,583
Citigroup, Inc.		308,960		12,865,094
CME Group, Inc.		3,700		1,078,883
Interactive Brokers Group, Inc., Class A		2,000		31,300
JPMorgan Chase & Co.		770,541		31,545,949
Leucadia National Corp.		10,800		368,280
Moody’s Corp.		39,100		1,499,485
NASDAQ OMX Group, Inc.*		5,900		149,270
NYSE Euronext		9,900		339,273

				58,443,117

*Insurance* (*4.6%)*
ACE Ltd.		58,350		3,840,597
Aflac, Inc.		25,700		1,199,676
Alleghany Corp.*		438		145,902
Allied World Assurance Co. Holdings Ltd.		2,100		120,918

See Notes to Financial Statements.

139

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Allstate Corp.		47,400	$	1,447,122
American Financial Group, Inc./Ohio		4,400		157,036
American International Group, Inc.*		24,300		712,476
American National Insurance Co.		400		31,000
Aon Corp.		65,085		3,338,861
Arch Capital Group Ltd.*		7,200		229,824
Arthur J. Gallagher & Co.		6,000		171,240
Aspen Insurance Holdings Ltd.		3,800		97,774
Assurant, Inc.		5,300		192,231
Assured Guaranty Ltd.		10,100		164,731
Axis Capital Holdings Ltd.		7,100		219,816
Berkshire Hathaway, Inc., Class B*		111,606		8,637,188
Brown & Brown, Inc.		6,400		164,224
Chubb Corp.		47,200		2,955,192
Cincinnati Financial Corp.		8,000		233,440
CNA Financial Corp.		1,400		40,670
Endurance Specialty Holdings Ltd.		2,200		90,926
Everest Reinsurance Group Ltd.		2,500		204,375
Fidelity National Financial, Inc., Class A		12,200		192,028
Genworth Financial, Inc., Class A*		26,900		276,532
Hanover Insurance Group, Inc.		2,500		94,275
Hartford Financial Services Group, Inc.		24,400		643,428
HCC Insurance Holdings, Inc.		6,200		195,300
Lincoln National Corp.		17,200		490,028
Loews Corp.		17,400		732,366
Markel Corp.*		600		238,086
Marsh & McLennan Cos., Inc.		30,100		938,819
MBIA, Inc.*		8,100		70,389
Mercury General Corp.		1,500		59,235
MetLife, Inc.		343,260		15,058,816
Old Republic International Corp.		14,200		166,850
PartnerReinsurance Ltd.		3,700		254,745
Principal Financial Group, Inc.		17,600		535,392
Progressive Corp.		36,000		769,680
Protective Life Corp.		4,700		108,711
Prudential Financial, Inc.		81,515		5,183,539
Reinsurance Group of America, Inc.		4,100		249,526
RenaissanceReinsurance Holdings Ltd.		2,900		202,855
StanCorp Financial Group, Inc.		2,500		105,475
Torchmark Corp.		4,200		269,388
Transatlantic Holdings, Inc.		3,400		166,634
Travelers Cos., Inc.		122,319		7,140,983
Unitrin, Inc.		2,700		80,109
Unum Group		16,900		430,612
Validus Holdings Ltd.		3,600		111,420
W. R. Berkley Corp.		6,300		204,372
White Mountains Insurance Group Ltd.		400		168,064
XL Group plc		17,000		373,660

				59,906,536


	Number of Shares		Value (Note 1)

*Real Estate Investment Trusts (REITs) (1.0%)*
Alexandria Real Estate Equities, Inc. (REIT)		3,400	$	263,228
American Capital Agency Corp. (REIT)		7,000		203,770
Annaly Capital Management, Inc. (REIT)		44,677		805,973
Apartment Investment & Management Co. (REIT), Class A		2,100		53,613
AvalonBay Communities, Inc. (REIT)		4,800		616,320
Boston Properties, Inc. (REIT)		1,500		159,240
Brandywine Realty Trust (REIT)		7,400		85,766
BRE Properties, Inc. (REIT)		4,100		204,508
Camden Property Trust (REIT)		1,100		69,982
Chimera Investment Corp. (REIT)		56,400		195,144
CommonWealth REIT (REIT)		3,925		101,422
Corporate Office Properties Trust/Maryland (REIT)		2,700		83,997
Developers Diversified Realty Corp. (REIT)		11,800		166,380
Douglas Emmett, Inc. (REIT)		6,800		135,252
Duke Realty Corp. (REIT)		13,800		193,338
Equity Residential (REIT)		15,000		900,000
Essex Property Trust, Inc. (REIT)		800		108,232
Federal Realty Investment Trust (REIT)		900		76,662
General Growth Properties, Inc. (REIT)		30,959		516,706
HCP, Inc. (REIT)		22,261		816,756
Health Care REIT, Inc. (REIT)		9,700		508,571
Hospitality Properties Trust (REIT)		6,700		162,475
Host Hotels & Resorts, Inc. (REIT)		37,709		639,168
Kimco Realty Corp. (REIT)		22,300		415,672
Liberty Property Trust (REIT)		6,300		205,254
Macerich Co. (REIT)		4,635		247,972
Mack-Cali Realty Corp. (REIT)		4,800		158,112
Nationwide Health Properties, Inc. (REIT)		7,000		289,870
Piedmont Office Realty Trust, Inc. (REIT), Class A		9,400		191,666
Plum Creek Timber Co., Inc. (REIT)		3,500		141,890
ProLogis, Inc. (REIT)		23,315		835,610
Public Storage (REIT)		500		57,005
Realty Income Corp. (REIT)		6,900		231,081
Regency Centers Corp. (REIT)		4,900		215,453
Senior Housing Properties Trust (REIT)		7,700		180,257
Simon Property Group, Inc. (REIT)		3,024		351,480
SL Green Realty Corp. (REIT)		4,500		372,915
Taubman Centers, Inc. (REIT)		3,100		183,520
UDR, Inc. (REIT)		9,600		235,680
Vornado Realty Trust (REIT)		9,058		844,024

See Notes to Financial Statements.

140

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Weingarten Realty Investors (REIT)		6,600	$	166,056
Weyerhaeuser Co. (REIT)		20,992		458,885

				12,848,905

*Real Estate Management & Development (0.0%)*
Forest City Enterprises, Inc., Class A*		7,500		140,025
Howard Hughes Corp.*		1,185		77,072
Jones Lang LaSalle, Inc.		600		56,580
St. Joe Co.*		3,500		72,940

				346,617

*Thrifts & Mortgage Finance (0.1%)*
BankUnited, Inc.		1,800		47,772
Capitol Federal Financial, Inc.		9,116		107,204
First Niagara Financial Group, Inc.		16,600		219,120
Hudson City Bancorp, Inc.		23,400		191,646
New York Community Bancorp, Inc.		24,000		359,760
People’s United Financial, Inc.		15,800		212,352
TFS Financial Corp.*		4,300		41,624
Washington Federal, Inc.		6,100		100,223

				1,279,701

Total Financials				221,512,273

Health Care (12.5%)
*Biotechnology (0.6%)*
Amgen, Inc.*		85,300		4,977,255
Cephalon, Inc.*		4,200		335,580
Gilead Sciences, Inc.*		56,400		2,335,524
Vertex Pharmaceuticals, Inc.*		1,300		67,587

				7,715,946

*Health Care Equipment & Supplies (1.4%)*
Alere, Inc.*		4,700		172,114
Baxter International, Inc.		3,100		185,039
Becton, Dickinson and Co.		26,630		2,294,707
Boston Scientific Corp.*		84,000		580,440
CareFusion Corp.*		8,400		228,228
Cooper Cos., Inc.		1,900		150,556
Covidien plc		142,600		7,590,598
DENTSPLY International, Inc.		4,600		175,168
Hill-Rom Holdings, Inc.		300		13,812
Hologic, Inc.*		14,300		288,431
Kinetic Concepts, Inc.*		20,800		1,198,704
Medtronic, Inc.		86,800		3,344,404
St. Jude Medical, Inc.		35,800		1,706,944
Teleflex, Inc.		2,200		134,332
Zimmer Holdings, Inc.*		10,600		669,920

				18,733,397

*Health Care Providers & Services (1.5%)*
Aetna, Inc.		33,600		1,481,424
AMERIGROUP Corp.*		800		56,376
Brookdale Senior Living, Inc.*		600		14,550
Cardinal Health, Inc.		9,600		436,032
CIGNA Corp.		14,900		766,307
Community Health Systems, Inc.*		5,200		133,536


	Number of Shares		Value (Note 1)

Coventry Health Care, Inc.*		8,100	$	295,407
HCA Holdings, Inc.*		2,800		92,400
Health Net, Inc.*		35,400		1,135,986
Henry Schein, Inc.*		2,400		171,816
Humana, Inc.		9,300		749,022
LifePoint Hospitals, Inc.*		2,900		113,332
Omnicare, Inc.		6,300		200,907
Patterson Cos., Inc.		3,400		111,826
Quest Diagnostics, Inc.		22,550		1,332,705
Tenet Healthcare Corp.*		25,400		158,496
UnitedHealth Group, Inc.		124,207		6,406,597
VCA Antech, Inc.*		4,700		99,640
WellPoint, Inc.		73,300		5,773,841

				19,530,200

*Health Care Technology (0.0%)*
Allscripts Healthcare Solutions, Inc.*		2,000		38,840
Emdeon, Inc., Class A*		1,500		19,680

				58,520

*Life Sciences Tools & Services (0.3%)*
Bio-Rad Laboratories, Inc., Class A*		1,100		131,296
Life Technologies Corp.*		9,000		468,630
PerkinElmer, Inc.		6,200		166,842
QIAGEN N.V.*		12,800		243,456
Thermo Fisher Scientific, Inc.*		39,750		2,559,502

				3,569,726

*Pharmaceuticals* (*8.7%)*
Abbott Laboratories, Inc.		91,530		4,816,309
AstraZeneca plc (ADR)		71,500		3,580,005
Bristol-Myers Squibb Co.		93,737		2,714,624
Eli Lilly and Co.		37,600		1,411,128
Forest Laboratories, Inc.*		15,700		617,638
GlaxoSmithKline plc		44,300		948,492
Hospira, Inc.*		26,850		1,521,321
Johnson & Johnson		426,365		28,361,800
Merck & Co., Inc.		560,545		19,781,633
Mylan, Inc.*		2,200		54,274
Pfizer, Inc.		1,863,735		38,392,941
Roche Holding AG		6,983		1,168,249
Sanofi (ADR)		257,350		10,337,749
Warner Chilcott plc, Class A		800		19,304
Watson Pharmaceuticals, Inc.*		400		27,492

				113,752,959

Total Health Care				163,360,748

Industrials (7.2%)
*Aerospace & Defense* (*3.1%)*
Alliant Techsystems, Inc.		1,700		121,261
BE Aerospace, Inc.*		300		12,243
Boeing Co.		4,600		340,078
General Dynamics Corp.		18,300		1,363,716
Goodrich Corp.		4,100		391,550
Honeywell International, Inc.		194,805		11,608,430
Huntington Ingalls Industries, Inc.*		9,844		339,618
ITT Corp.		10,100		595,193

See Notes to Financial Statements.

141

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

L-3 Communications Holdings, Inc.		5,900	$	515,955
Lockheed Martin Corp.		104,210		8,437,883
Northrop Grumman Corp.		120,280		8,341,418
Raytheon Co.		53,500		2,666,975
Spirit AeroSystems Holdings, Inc., Class A*		5,100		112,200
Textron, Inc.		14,300		337,623
United Technologies Corp.		61,690		5,460,182

				40,644,325

*Air Freight & Logistics* (*0.1%)*
FedEx Corp.		16,400		1,555,540
UTi Worldwide, Inc.		500		9,845

				1,565,385

*Airlines* (*0.2%)*
AMR Corp.*		9,700		52,380
Copa Holdings S.A., Class A		400		26,696
Delta Air Lines, Inc.*		173,600		1,591,912
Southwest Airlines Co.		35,800		408,836
United Continental Holdings, Inc.*		2,700		61,101

				2,140,925

*Building Products* (*0.0%)*
Armstrong World Industries, Inc.		1,000		45,560
Owens Corning, Inc.*		6,800		253,980

				299,540

*Commercial Services & Supplies* (*0.2%)*
Avery Dennison Corp.		5,500		212,465
Cintas Corp.		6,900		227,907
Corrections Corp. of America*		5,800		125,570
Covanta Holding Corp.		6,200		102,238
KAR Auction Services, Inc.*		1,200		22,692
Pitney Bowes, Inc.		10,000		229,900
R.R. Donnelley & Sons Co.		11,400		223,554
Republic Services, Inc.		17,600		542,960
Waste Connections, Inc.		750		23,797
Waste Management, Inc.		26,100		972,747

				2,683,830

*Construction & Engineering* (*0.1%)*
Aecom Technology Corp.*		3,600		98,424
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		2,300		89,470
Fluor Corp.		6,640		429,342
Jacobs Engineering Group, Inc.*		7,000		302,750
KBR, Inc.		7,800		293,982
Quanta Services, Inc.*		11,800		238,360
Shaw Group, Inc.*		3,900		117,819
URS Corp.*		4,300		192,382

				1,762,529

*Electrical Equipment* (*0.1%)*
Cooper Industries plc		3,100		184,977
General Cable Corp.*		1,400		59,612
GrafTech International Ltd.*		6,600		133,782
Hubbell, Inc., Class B		3,300		214,335
Regal-Beloit Corp.		2,100		140,217


	Number of Shares		Value (Note 1)

Thomas & Betts Corp.*		2,200	$	118,470

				851,393

*Industrial Conglomerates* (*1.8%)*
3M Co.		35,900		3,405,115
Carlisle Cos., Inc.		3,100		152,613
General Electric Co.		895,700		16,892,902
Tyco International Ltd.		47,120		2,329,142

				22,779,772

*Machinery* (*1.0%)*
AGCO Corp.*		5,200		256,672
CNH Global N.V.*		1,400		54,110
Crane Co.		2,700		133,407
Danaher Corp.		45,400		2,405,746
Dover Corp.		2,300		155,940
Eaton Corp.		41,650		2,142,893
Flowserve Corp.		300		32,967
Harsco Corp.		4,000		130,400
IDEX Corp.		500		22,925
Illinois Tool Works, Inc.		1,600		90,384
Ingersoll-Rand plc		53,800		2,443,058
Kennametal, Inc.		4,000		168,840
Lincoln Electric Holdings, Inc.		1,800		64,530
Navistar International Corp.*		1,800		101,628
Oshkosh Corp.*		5,000		144,700
Parker Hannifin Corp.		15,400		1,381,996
Pentair, Inc.		5,400		217,944
Snap-On, Inc.		2,600		162,448
SPX Corp.		2,100		173,586
Stanley Black & Decker, Inc.		40,701		2,932,507
Terex Corp.*		6,000		170,700
Timken Co.		700		35,280
Trinity Industries, Inc.		4,400		153,472

				13,576,133

*Marine* (*0.0%)*
Alexander & Baldwin, Inc.		2,300		110,768
Kirby Corp.*		900		51,003

				161,771

*Professional Services* (*0.2%)*
Dun & Bradstreet Corp.		16,000		1,208,640
Equifax, Inc.		6,400		222,208
Manpower, Inc.		4,500		241,425
Nielsen Holdings N.V.*		629		19,600
Towers Watson & Co., Class A		2,500		164,275
Verisk Analytics, Inc., Class A*		1,000		34,620

				1,890,768

*Road & Rail (0.4%)*
Canadian National Railway Co.		15,980		1,276,802
Con-way, Inc.		2,700		104,787
Kansas City Southern*		1,500		88,995
Norfolk Southern Corp.		19,400		1,453,642
Ryder System, Inc.		2,800		159,180
Union Pacific Corp.		22,600		2,359,440

				5,442,846

*Trading Companies & Distributors (0.0%)*
Air Lease Corp.*		1,900		46,151
GATX Corp.		2,500		92,800

See Notes to Financial Statements.

142

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

WESCO International, Inc.*		1,300	$	70,317

				209,268

Total Industrials				94,008,485

Information Technology (6.8%)
*Communications Equipment* (*0.7%)*
Brocade Communications Systems, Inc.*		25,900		167,314
Cisco Systems, Inc.		394,850		6,163,608
EchoStar Corp., Class A*		2,100		76,503
Harris Corp.		5,100		229,806
Motorola Mobility Holdings, Inc.*		14,250		314,070
Motorola Solutions, Inc.*		61,714		2,841,313
Tellabs, Inc.		19,900		91,739

				9,884,353

*Computers & Peripherals* (*0.9%)*
Dell, Inc.*		163,500		2,725,545
Diebold, Inc.		3,600		111,636
Hewlett-Packard Co.		211,095		7,683,858
Lexmark International, Inc., Class A*		4,300		125,818
NCR Corp.*		1,800		34,002
QLogic Corp.*		1,000		15,920
SanDisk Corp.*		13,100		543,650
Western Digital Corp.*		12,800		465,664

				11,706,093

*Electronic Equipment, Instruments & Components* (*0.2%)*
Arrow Electronics, Inc.*		5,400		224,100
Avnet, Inc.*		8,400		267,792
AVX Corp.		2,600		39,624
Corning, Inc.		86,300		1,566,345
Ingram Micro, Inc., Class A*		8,800		159,632
Itron, Inc.*		2,200		105,952
Jabil Circuit, Inc.		1,800		36,360
Molex, Inc.		7,400		190,698
Tech Data Corp.*		2,600		127,114
Vishay Intertechnology, Inc.*		8,300		124,832

				2,842,449

*Internet Software & Services (0.2%)*
Akamai Technologies, Inc.*		900		28,323
AOL, Inc.*		5,875		116,678
eBay, Inc.*		28,700		926,149
Monster Worldwide, Inc.*		7,100		104,086
Yahoo!, Inc.*		71,600		1,076,864

				2,252,100

*IT Services* (*1.3%)*
Accenture plc, Class A		81,290		4,911,542
Amdocs Ltd.*		10,200		309,978
Booz Allen Hamilton Holding Corp.*		612		11,695
Broadridge Financial Solutions, Inc.		300		7,221
Computer Sciences Corp.		8,500		322,660
CoreLogic, Inc.*		5,300		88,563
DST Systems, Inc.		1,600		84,480


	Number of Shares		Value (Note 1)

Fidelity National Information Services, Inc.		14,417	$	443,899
Fiserv, Inc.*		1,600		100,208
Genpact Ltd.*		1,500		25,860
International Business Machines Corp.		31,590		5,419,265
Mastercard, Inc., Class A		7,790		2,347,439
Paychex, Inc.		1,400		43,008
SAIC, Inc.*		10,700		179,974
Total System Services, Inc.		8,900		165,362
Visa, Inc., Class A		19,500		1,643,070
Western Union Co.		67,845		1,358,935

				17,463,159

*Office Electronics* (*0.1%)*
Xerox Corp.		76,994		801,508

*Semiconductors & Semiconductor Equipment* (*2.1%)*
Advanced Semiconductor Engineering, Inc. (ADR)		85,900		484,476
Applied Materials, Inc.		470,650		6,123,156
Atmel Corp.*		1,600		22,512
Cree, Inc.*		5,600		188,104
Fairchild Semiconductor International, Inc.*		7,000		116,970
Freescale Semiconductor Holdings I Ltd.*		900		16,551
Intel Corp.		453,040		10,039,366
International Rectifier Corp.*		3,800		106,286
Intersil Corp., Class A		3,400		43,690
KLA-Tencor Corp.		2,100		85,008
Lam Research Corp.*		22,700		1,005,156
LSI Corp.*		23,200		165,184
Marvell Technology Group Ltd.*		27,900		411,944
MEMC Electronic Materials, Inc.*		5,100		43,503
Micron Technology, Inc.*		47,600		356,048
National Semiconductor Corp.		700		17,227
Novellus Systems, Inc.*		4,900		177,086
PMC-Sierra, Inc.*		12,000		90,840
Silicon Laboratories, Inc.*		200		8,252
SunPower Corp., Class A*		5,400		104,382
Teradyne, Inc.*		10,100		149,480
Texas Instruments, Inc.		216,025		7,092,101

				26,847,322

*Software* (*1.3%)*
Activision Blizzard, Inc.		23,200		270,976
CA, Inc.		21,000		479,640
Compuware Corp.*		3,200		31,232
Microsoft Corp.		449,150		11,677,900
Oracle Corp.		139,565		4,593,084
Synopsys, Inc.*		7,500		192,825

				17,245,657

Total Information Technology				89,042,641

Materials (2.3%)
*Chemicals* (*1.6%)*
Air Products & Chemicals, Inc.		26,120		2,496,550
Ashland, Inc.		4,400		284,328
Cabot Corp.		3,600		143,532

See Notes to Financial Statements.

143

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

CF Industries Holdings, Inc.		681	$	96,477
Cytec Industries, Inc.		2,700		154,413
Dow Chemical Co.		148,000		5,328,000
Huntsman Corp.		8,500		160,225
LyondellBasell Industries N.V., Class A		51,400		1,979,928
Monsanto Co.		69,800		5,063,292
Nalco Holding Co.		800		22,248
PPG Industries, Inc.		31,560		2,865,332
Rockwood Holdings, Inc.*		200		11,058
RPM International, Inc.		7,100		163,442
Scotts Miracle-Gro Co., Class A		300		15,393
Sherwin-Williams Co.		25,410		2,131,137
Valspar Corp.		4,600		165,876
W.R. Grace & Co.*		400		18,252
Westlake Chemical Corp.		900		46,710

				21,146,193

*Construction Materials* (*0.0%)*
Martin Marietta Materials, Inc.		1,400		111,958
Vulcan Materials Co.		7,100		273,563

				385,521

*Containers & Packaging* (*0.1%)*
AptarGroup, Inc.		3,700		193,658
Bemis Co., Inc.		5,800		195,924
Greif, Inc., Class A		2,100		136,563
Owens-Illinois, Inc.*		9,000		232,290
Packaging Corp. of America		500		13,995
Sealed Air Corp.		8,800		209,352
Sonoco Products Co.		5,500		195,470
Temple-Inland, Inc.		4,400		130,856

				1,308,108

*Metals & Mining* (*0.5%)*
AK Steel Holding Corp.		4,800		75,648
Alcoa, Inc.		179,300		2,843,698
Commercial Metals Co.		22,400		321,440
Newmont Mining Corp.		26,700		1,440,999
Nucor Corp.		17,400		717,228
Reliance Steel & Aluminum Co.		9,800		486,570
Schnitzer Steel Industries, Inc., Class A		900		51,840
Steel Dynamics, Inc.		6,292		102,245
Titanium Metals Corp.		2,100		38,472
United States Steel Corp.		7,900		363,716

				6,441,856

*Paper & Forest Products* (*0.1%)*
Domtar Corp.		2,300		217,856
International Paper Co.		18,900		563,598
MeadWestvaco Corp.		9,300		309,783

				1,091,237

Total Materials				30,372,915

Telecommunication Services (3.6%)
*Diversified Telecommunication Services* (*2.5%)*
AT&T, Inc.		778,105		24,440,278
CenturyLink, Inc.		84,164		3,402,750
Frontier Communications Corp.		54,639		440,937
Level 3 Communications, Inc.*		93,600		228,384


	Number of Shares		Value (Note 1)

tw telecom, Inc.*		1,200	$	24,636
Verizon Communications, Inc.		120,400		4,482,492
Windstream Corp.		12,400		160,704

				33,180,181

*Wireless Telecommunication Services* (*1.1%)*
Clearwire Corp., Class A*		1,300		4,914
NII Holdings, Inc.*		1,200		50,856
Sprint Nextel Corp.*		164,400		886,116
Telephone & Data Systems, Inc.		4,900		152,292
U.S. Cellular Corp.*		800		38,736
Vodafone Group plc		1,118,452		2,972,432
Vodafone Group plc (ADR)		368,050		9,834,296

				13,939,642

Total Telecommunication Services				47,119,823

Utilities (2.8%)
*Electric Utilities* (*1.2%)*
American Electric Power Co., Inc.		54,500		2,053,560
DPL, Inc.		6,400		193,024
Duke Energy Corp.		73,100		1,376,473
Edison International		17,900		693,625
Entergy Corp.		9,800		669,144
Exelon Corp.		36,400		1,559,376
FirstEnergy Corp.		22,970		1,014,126
Great Plains Energy, Inc.		7,400		153,402
Hawaiian Electric Industries, Inc.		5,200		125,112
NextEra Energy, Inc.		23,200		1,333,072
Northeast Utilities		9,700		341,149
NV Energy, Inc.		62,500		959,375
Pepco Holdings, Inc.		12,400		243,412
Pinnacle West Capital Corp.		6,000		267,480
PPL Corp.		58,616		1,631,283
Progress Energy, Inc.		16,200		777,762
Southern Co.		46,700		1,885,746
Westar Energy, Inc.		6,200		166,842

				15,443,963

*Gas Utilities* (*0.1%)*
AGL Resources, Inc.		4,300		175,053
Atmos Energy Corp.		4,900		162,925
National Fuel Gas Co.		3,900		283,920
Oneok, Inc.		5,500		407,055
Questar Corp.		9,700		171,787
UGI Corp.		13,500		430,515

				1,631,255

*Independent Power Producers & Energy Traders* (*0.1%)*
AES Corp.*		36,100		459,914
Calpine Corp.*		19,200		309,696
Constellation Energy Group, Inc.		10,200		387,192
GenOn Energy, Inc.*		42,316		163,340
NRG Energy, Inc.*		13,200		324,456

				1,644,598

*Multi-Utilities* (*1.3%)*
Alliant Energy Corp.		6,100		248,026

See Notes to Financial Statements.

144

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Ameren Corp.		13,200	$	380,688
CenterPoint Energy, Inc.		23,300		450,855
CMS Energy Corp.		79,300		1,561,417
Consolidated Edison, Inc.		16,100		857,164
Dominion Resources, Inc.		43,269		2,088,594
DTE Energy Co.		48,400		2,420,968
Integrys Energy Group, Inc.		4,300		222,912
MDU Resources Group, Inc.		10,300		231,750
NiSource, Inc.		15,300		309,825
NSTAR		5,700		262,086
OGE Energy Corp.		5,400		271,728
PG&E Corp.		74,195		3,118,416
Public Service Enterprise Group, Inc.		67,225		2,194,224
SCANA Corp.		6,300		248,031
Sempra Energy		13,200		698,016
TECO Energy, Inc.		11,800		222,902
Vectren Corp.		4,500		125,370
Wisconsin Energy Corp.		12,800		401,280
Xcel Energy, Inc.		26,600		646,380

				16,960,632

*Water Utilities* (*0.1%)*
American Water Works Co., Inc.		9,600		282,720
Aqua America, Inc.		6,800		149,464

				432,184

Total Utilities				36,112,632

Total Common Stocks (79.2%) (Cost $853,122,871)				1,032,649,771


CONVERTIBLE PREFERRED STOCK:
Utilities (0.0%)
*Electric Utilities (0.0%)*
PPL Corp. 9.500%		7,500		418,125

Total Convertible Preferred Stock (0.0%) (Cost $375,000)				418,125


	Number of Rights		Value (Note 1)

RIGHTS:
Health Care (0.0%)
*Biotechnology* (*0.0%)*
Celgene Corp., expiring 12/31/11* (Cost $1,590)		300	$	615

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Commercial Paper (0.0%)
HSBC USA, Inc. 0.06%, 7/1/11 (p)	$	491,000		490,999

Government Securities (1.7%)
U.S. Treasury Bills 0.04%, 11/3/11 (p)#		22,008,300		22,005,087

Time Deposit (18.7%)
JPMorgan Chase Nassau 0.000%, 7/1/11		243,652,743		243,652,743

Total Short-Term Investments (20.4%) (Cost $266,148,222)				266,148,829

Total Investments (99.6%) (Cost $1,119,647,683)				1,299,217,340
Other Assets Less Liabilities (0.4%)				4,868,378

Net Assets (100%)			$	1,304,085,718

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $22,005,087.

(p)

Yield to maturity.

Glossary:

ADR—

American Depositary Receipt

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		3,753		September-11	$	237,608,285	$	246,853,575	$	9,245,290
S&P MidCap 400 E-Mini Index		107		September-11		9,928,162		10,448,550		520,388

									$	9,765,678

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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	$	128,949,750	$	—	$	—	$	128,949,750
Consumer Staples		94,653,828		6,419,423		—		101,073,251
Energy		121,097,253		—		—		121,097,253
Financials		221,512,273		—		—		221,512,273
Health Care		161,244,007		2,116,741		—		163,360,748
Industrials		94,008,485		—		—		94,008,485
Information Technology		89,042,641		—		—		89,042,641
Materials		30,372,915		—		—		30,372,915
Telecommunication Services		44,147,391		2,972,432		—		47,119,823
Utilities		36,112,632		—		—		36,112,632
Convertible Preferred Stocks
Utilities		—		418,125		—		418,125
Futures		9,765,678		—		—		9,765,678
Rights
Health Care		615		—		—		615
Short-Term Investments		—		266,148,829		—		266,148,829

Total Assets	$	1,030,907,468	$	278,075,550	$	—	$	1,308,983,018

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	1,030,907,468	$	278,075,550	$	—	$	1,308,983,018

Fair Values of Derivative Instruments as of June 30, 2011:


	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		9,765,678	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	9,765,678


	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 Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2011:


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		—		9,023,924		—		—		9,023,924
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	9,023,924	$	—	$	—	$	9,023,924


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		—		6,294,806		—		—		6,294,806
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	6,294,806	$	—	$	—	$	6,294,806

The Portfolio held futures contracts with an average notional balance of approximately $266,470,000 during the six months ended June 30, 2011.

^ This Portfolio held forward foreign currency and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	218,434,689
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	340,663,920

As of June 30, 2011, 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	$	166,815,410
Aggregate gross unrealized depreciation		(15,837,039	)

Net unrealized appreciation	$	150,978,371

Federal income tax cost of investments	$	1,148,238,969

For the six months ended June 30, 2011, the Portfolio incurred approximately $3,759 as brokerage commissions with Sanford C. Bernstein & Co. Inc., and $1,728 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $664,845,894 of which $49,187,463 expires in the year 2016 and $615,658,431 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value (Cost $1,119,647,683)	$	1,299,217,340
Cash		330,304
Receivable for securities sold		4,860,916
Due from broker for futures variation margin		2,159,460
Dividends, interest and other receivables		1,964,762
Receivable from Separate Accounts for Trust shares sold		129,143
Other assets		7,159

Total assets		1,308,669,084

LIABILITIES
Payable for securities purchased		2,885,295
Investment management fees payable		765,996
Payable to Separate Accounts for Trust shares redeemed		476,269
Administrative fees payable		173,562
Distribution fees payable - Class B		96,493
Trustees’ fees payable		26,112
Accrued expenses		159,639

Total liabilities		4,583,366

NET ASSETS	$	1,304,085,718

Net assets were comprised of:
Paid in capital	$	1,734,348,338
Accumulated undistributed net investment income (loss)		7,325,083
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(626,930,238	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		189,342,535

Net assets	$	1,304,085,718

Class A
Net asset value, offering and redemption price per share, $826,100,897 / 80,178,277 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.30

Class B
Net asset value, offering and redemption price per share, $477,984,821 / 46,436,199 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.29

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (net of $26,290 foreign withholding tax)	$	12,943,781
Interest		13,747

Total income		12,957,528

EXPENSES
Investment management fees		4,876,312
Administrative fees		1,020,695
Distribution fees - Class B		611,109
Custodian fees		80,406
Printing and mailing expenses		52,862
Professional fees		30,465
Trustees’ fees		11,351
Miscellaneous		14,375

Gross expenses		6,697,575
Less: Fees paid indirectly		(40,775	)

Net expenses		6,656,800

NET INVESTMENT INCOME (LOSS)		6,300,728

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		61,032,405
Foreign currency transactions		889
Futures		9,023,924

Net realized gain (loss)		70,057,218

Change in unrealized appreciation (depreciation) on:
Securities		(10,523,890	)
Foreign currency translations		4,544
Futures		6,294,806

Net change in unrealized appreciation (depreciation)		(4,224,540	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		65,832,678

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	72,133,406

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	6,300,728		$	14,667,828
Net realized gain (loss) on investments, futures and foreign currency transactions		70,057,218			124,080,958
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(4,224,540	)		40,837,004

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		72,133,406			179,585,790

DIVIDENDS:
Dividends from net investment income
Class A		—			(9,665,084	)
Class B		—			(4,071,334	)

TOTAL DIVIDENDS		—			(13,736,418	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,679,603 and 2,925,878 shares, respectively ]		17,077,223			26,423,937
Capital shares issued in reinvestment of dividends [ 0 and 1,003,656 shares, respectively ]		—			9,665,084
Capital shares repurchased [ (12,048,255) and (30,190,858) shares, respectively ]		(123,456,091	)		(280,119,181	)

Total Class A transactions		(106,378,868	)		(244,030,160	)

Class B
Capital shares sold [ 1,931,569 and 3,523,865 shares, respectively ]		19,705,141			31,489,680
Capital shares issued in reinvestment of dividends [ 0 and 422,744 shares, respectively ]		—			4,071,334
Capital shares repurchased [ (5,512,762) and (9,545,279) shares, respectively ]		(56,281,506	)		(85,667,744	)

Total Class B transactions		(36,576,365	)		(50,106,730	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(142,955,233	)		(294,136,890	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(70,821,827	)		(128,287,518	)
NET ASSETS:
Beginning of period		1,374,907,545			1,503,195,063

End of period (a)	$	1,304,085,718		$	1,374,907,545

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	7,325,083		$	1,024,355

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.78		$	8.72		$	7.21		$	11.79		$	12.83		$	11.19

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.10	(e)		0.15	(e)		0.18	(e)		0.19	(e)		0.14	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.47			1.07			1.53			(4.58	)		0.29			2.05

Total from investment operations		0.52			1.17			1.68			(4.40	)		0.48			2.19

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.17	)		(0.16	)		(0.18	)		(0.12	)
Distributions from net realized gains		—			—			—			(0.02	)		(1.34	)		(0.43	)

Total dividends and distributions		—			(0.11	)		(0.17	)		(0.18	)		(1.52	)		(0.55	)

Net asset value, end of period	$	10.30		$	9.78		$	8.72		$	7.21		$	11.79		$	12.83

Total return (b)		5.32	%		13.39	%		23.29	%		(37.33	)%		3.88	%		19.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	826,101		$	885,584		$	1,018,251		$	1,180,738		$	1,220,184		$	914,471
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.90	%		0.91	%		0.82	%(c)		1.03	%		1.01	%		1.06	%
Before fees paid indirectly (a)		0.91	%		0.91	%		0.93	%		1.05	%		1.07	%		1.10	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		1.03	%		1.14	%		2.04	%		1.82	%		1.44	%		1.16	%
Before fees paid indirectly (a)		1.02	%		1.13	%		1.92	%		1.79	%		1.38	%		1.12	%
Portfolio turnover rate		20	%		35	%		77	%		60	%		77	%		63	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.78		$	8.72		$	7.21		$	11.79		$	12.83		$	11.19

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.08	(e)		0.13	(e)		0.15	(e)		0.16	(e)		0.11	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.47			1.06			1.53			(4.57	)		0.29			2.05

Total from investment operations		0.51			1.14			1.66			(4.42	)		0.45			2.16

Less distributions:
Dividends from net investment income		—			(0.08	)		(0.15	)		(0.14	)		(0.15	)		(0.09	)
Distributions from net realized gains		—			—			—			(0.02	)		(1.34	)		(0.43	)

Total dividends and distributions		—			(0.08	)		(0.15	)		(0.16	)		(1.49	)		(0.52	)

Net asset value, end of period	$	10.29		$	9.78		$	8.72		$	7.21		$	11.79		$	12.83

Total return (b)		5.21	%		13.11	%		22.97	%		(37.49	)%		3.61	%		19.32	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	477,985		$	489,324		$	484,944		$	439,812		$	718,323		$	702,312
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.15	%		1.16	%		1.07	%(c)		1.28	%		1.26	%(c)		1.31	%(c)
Before fees paid indirectly (a)		1.16	%		1.16	%		1.18	%		1.30	%		1.32	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.78	%		0.89	%		1.73	%		1.53	%		1.18	%		0.89	%
Before fees paid indirectly (a)		0.78	%		0.88	%		1.63	%		1.51	%		1.12	%		0.85	%
Portfolio turnover rate		20	%		35	%		77	%		60	%		77	%		63	%

(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.

See Notes to Financial Statements.

151

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Sector Weightings as of 06/30/11	% of Net Assets
Information Technology		20.0	%
Consumer Discretionary		14.1
Industrials		13.6
Health Care		11.8
Energy		6.5
Financials		4.8
Materials		3.7
Consumer Staples		2.8
Telecommunication Services		0.8
Utilities		0.1
Cash and Other		21.8

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,098.50		$5.15
Hypothetical (5% average return before expenses)		1,000.00		1,019.89		4.96
Class B
Actual		1,000.00		1,096.80		6.45
Hypothetical (5% average return before expenses)		1,000.00		1,018.65		6.21
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.99% and 1.24% , respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (14.1%)
*Auto Components (0.7%)*
American Axle & Manufacturing Holdings, Inc.*		1,772	$	20,165
Amerigon, Inc.*		2,756		47,899
Cooper Tire & Rubber Co.		7,752		153,412
Dana Holding Corp.*		17,019		311,448
Dorman Products, Inc.*		1,368		54,145
Drew Industries, Inc.		17,952		443,774
Exide Technologies, Inc.*		2,378		18,168
Gentex Corp.		47,302		1,429,940
Goodyear Tire & Rubber Co.*		30,203		506,504
Stoneridge, Inc.*		3,249		47,890
Tenneco, Inc.*		22,972		1,012,376
Tower International, Inc.*		793		14,028
Visteon Corp.*		345		23,602

				4,083,351

*Automobiles (0.1%)*
Tesla Motors, Inc.*		6,324		184,218
Thor Industries, Inc.		17,700		510,468
Winnebago Industries, Inc.*		3,546		34,255

				728,941

*Distributors (0.4%)*
Core-Mark Holding Co., Inc.*		188		6,712
LKQ Corp.*		73,415		1,915,397
Pool Corp.		5,963		177,757

				2,099,866

*Diversified Consumer Services (1.5%)*
American Public Education, Inc.*		2,215		98,590
Anhanguera Educacional Participacoes S.A.		40,700		864,775
Archipelago Learning, Inc.*		901		8,884
Bridgepoint Education, Inc.*		2,215		55,375
Capella Education Co.*		1,948		81,524
Coinstar, Inc.*		30,481		1,662,434
DeVry, Inc.		6,922		409,298
Estacio Participacoes S.A.		74,600		960,314
Grand Canyon Education, Inc.*		65,058		922,522
Hillenbrand, Inc.		7,739		183,027
ITT Educational Services, Inc.*		3,473		271,727
K12, Inc.*		3,200		106,048
Matthews International Corp., Class A		1,419		56,973
National American University Holdings, Inc.		1,041		9,796
Pre-Paid Legal Services, Inc.*		920		61,171
Sotheby’s, Inc.		8,358		363,573
Steiner Leisure Ltd.*		1,882		85,970
Strayer Education, Inc.		1,515		191,481
Universal Technical Institute, Inc.		2,639		52,173
Weight Watchers International, Inc.		24,688		1,863,203
Xueda Education Group (ADR)*		48,500		388,000

				8,696,858

*Hotels, Restaurants & Leisure (2.9%)*
AFC Enterprises, Inc.*		3,052		50,205
Ambassadors Group, Inc.		558		4,927


	Number of Shares		Value (Note 1)

Ameristar Casinos, Inc.		3,976	$	94,271
Bally Technologies, Inc.*		4,968		202,098
Biglari Holdings, Inc.*		13		5,084
BJ’s Restaurants, Inc.*		2,976		155,823
Bravo Brio Restaurant Group, Inc.*		2,375		58,021
Brinker International, Inc.		9,669		236,504
Buffalo Wild Wings, Inc.*		17,769		1,178,262
California Pizza Kitchen, Inc.*		1,818		33,578
Caribou Coffee Co., Inc.*		760		10,062
Carrols Restaurant Group, Inc.*		1,547		16,151
CEC Entertainment, Inc.		2,462		98,751
Cheesecake Factory, Inc.*		34,499		1,082,234
Chipotle Mexican Grill, Inc.*		2,650		816,704
Choice Hotels International, Inc.		329		10,975
Churchill Downs, Inc.		406		18,302
Cracker Barrel Old Country Store, Inc.		2,681		132,200
Denny’s Corp.*		8,953		34,738
DineEquity, Inc.*		1,917		100,202
Domino’s Pizza UK & IRL plc		204,438		1,324,640
Domino’s Pizza, Inc.*		2,909		73,423
Einstein Noah Restaurant Group, Inc.		600		8,982
Gaylord Entertainment Co.*		31,230		936,900
Interval Leisure Group, Inc.*		4,988		68,286
Jack in the Box, Inc.*		43,860		999,131
Jamba, Inc.*		8,344		17,856
Krispy Kreme Doughnuts, Inc.*		7,250		68,948
Life Time Fitness, Inc.*		7,482		298,607
Marriott International, Inc., Class A		30,100		1,068,249
MGM Resorts International*		79,600		1,051,516
Morgans Hotel Group Co.*		1,011		7,269
Orient-Express Hotels Ltd., Class A*		97,460		1,047,695
P.F. Chang’s China Bistro, Inc.		2,589		104,181
Panera Bread Co., Class A*		16,811		2,112,470
Papa John’s International, Inc.*		2,435		80,988
Peet’s Coffee & Tea, Inc.*		24,884		1,435,807
Pinnacle Entertainment, Inc.*		465		6,929
Red Robin Gourmet Burgers, Inc.*		1,443		52,496
Ruth’s Hospitality Group, Inc.*		794		4,454
Scientific Games Corp., Class A*		3,788		39,168
Shuffle Master, Inc.*		84,334		788,945
Six Flags Entertainment Corp.		5,156		193,092
Sonic Corp.*		7,519		79,927
Texas Roadhouse, Inc.		7,274		127,550
Town Sports International Holdings, Inc.*		1,057		8,044
Vail Resorts, Inc.		3,515		162,463

				16,507,108

*Household Durables (1.0%)*
American Greetings Corp., Class A		297		7,140
Ethan Allen Interiors, Inc.		1,040		22,142
Harman International Industries, Inc.		5,705		259,977
iRobot Corp.*		2,934		103,541
Jarden Corp.		29,870		1,030,814

See Notes to Financial Statements.

153

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Leggett & Platt, Inc.		13,264	$	323,376
Libbey, Inc.*		2,437		39,528
Tempur-Pedic International, Inc.*		48,769		3,307,513
Tupperware Brands Corp.		7,722		520,849
Universal Electronics, Inc.*		691		17,455

				5,632,335

*Internet & Catalog Retail (1.1%)*
Blue Nile, Inc.*		20,397		897,060
Gaiam, Inc., Class A		74,468		370,106
Geeknet, Inc.*		538		14,375
HomeAway, Inc.*		1,900		73,530
HSN, Inc.*		4,947		162,855
Netflix, Inc.*		4,460		1,171,597
Nutrisystem, Inc.		3,394		47,720
Overstock.com, Inc.*		1,445		21,993
PetMed Express, Inc.		2,691		31,888
priceline.com, Inc.*		2,540		1,300,302
Shutterfly, Inc.*		42,349		2,431,680
U.S. Auto Parts Network, Inc.*		1,966		15,060
Valuevision Media, Inc., Class A*		4,034		30,860

				6,569,026

*Leisure Equipment & Products (0.3%)*
Brunswick Corp.		66,320		1,352,928
Marine Products Corp.*		549		3,689
Polaris Industries, Inc.		4,004		445,125
Smith & Wesson Holding Corp.*		2,605		7,815
Sturm Ruger & Co., Inc.		2,344		51,451

				1,861,008

*Media (0.7%)*
Arbitron, Inc.		3,377		139,571
Belo Corp., Class A*		3,398		25,587
Cinemark Holdings, Inc.		10,424		215,881
Crown Media Holdings, Inc., Class A*		1,200		2,292
Cumulus Media, Inc., Class A*		884		3,094
Entravision Communications Corp., Class A*		3,738		6,915
Global Sources Ltd.*		1,375		12,636
Global Traffic Network, Inc.*		1,749		20,096
interCLICK, Inc.*		2,521		20,067
Interpublic Group of Cos., Inc.		22,629		282,863
John Wiley & Sons, Inc., Class A		5,758		299,474
Knology, Inc.*		3,572		53,044
Lamar Advertising Co., Class A*		2,146		58,736
Lions Gate Entertainment Corp.*		104,764		693,538
MDC Partners, Inc., Class A		3,083		55,679
Morningstar, Inc.		3,014		183,191
National CineMedia, Inc.		72,363		1,223,658
Nexstar Broadcasting Group, Inc., Class A*		389		3,194
Pandora Media, Inc.*		13,954		263,870
ReachLocal, Inc.*		1,228		25,579
Regal Entertainment Group, Class A		3,330		41,126
Rentrak Corp.*		1,194		21,182
Sinclair Broadcast Group, Inc., Class A		436		4,787
Valassis Communications, Inc.*		6,081		184,254
Value Line, Inc.		118		1,582


	Number of Shares		Value (Note 1)

Warner Music Group Corp.*		2,265	$	18,618
World Wrestling Entertainment, Inc., Class A		3,007		28,657

				3,889,171

*Multiline Retail (0.2%)*
99 Cents Only Stores*		673		13,622
Big Lots, Inc.*		3,203		106,179
Dollar Tree, Inc.*		18,190		1,211,818
Gordmans Stores, Inc.*		621		10,799

				1,342,418

*Specialty Retail (3.2%)*
Aaron’s, Inc.		7,211		203,783
Abercrombie & Fitch Co., Class A		24,042		1,608,891
Aeropostale, Inc.*		9,992		174,860
America’s Car-Mart, Inc.*		597		19,701
ANN, Inc.*		6,443		168,162
Ascena Retail Group, Inc.*		7,770		264,569
AutoNation, Inc.*		2,502		91,598
Body Central Corp.*		1,451		34,142
Buckle, Inc.		3,333		142,319
CarMax, Inc.*		38,225		1,264,101
Cato Corp., Class A		3,433		98,870
Chico’s FAS, Inc.		14,528		221,261
Citi Trends, Inc.*		31,600		476,528
Cost Plus, Inc.*		1,479		14,790
Destination Maternity Corp.		1,341		26,793
Dick’s Sporting Goods, Inc.*		53,690		2,064,381
DSW, Inc., Class A*		2,474		125,209
Express, Inc.		65,831		1,435,116
Finish Line, Inc., Class A		1,962		41,987
Genesco, Inc.*		296		15,422
GNC Holdings, Inc., Class A*		2,815		61,395
Guess?, Inc.		23,220		976,633
hhgregg, Inc.*		135		1,809
Hibbett Sports, Inc.*		3,392		138,088
Jos. A. Bank Clothiers, Inc.*		3,421		171,084
Lumber Liquidators Holdings, Inc.*		2,854		72,492
Men’s Wearhouse, Inc.		1,088		36,666
Monro Muffler Brake, Inc.		3,783		141,068
PetSmart, Inc.		14,030		636,541
Pier 1 Imports, Inc.*		4,170		48,247
Ross Stores, Inc.		13,100		1,049,572
Rue21, Inc.*		1,830		59,475
SA SA International Holdings Ltd.		194,000		124,520
Sally Beauty Holdings, Inc.*		10,961		187,433
Select Comfort Corp.*		6,042		108,635
Systemax, Inc.*		92		1,374
Tractor Supply Co.		36,475		2,439,448
Ulta Salon Cosmetics & Fragrance, Inc.*		45,569		2,942,846
Vitamin Shoppe, Inc.*		15,467		707,770
Williams-Sonoma, Inc.		6,770		247,037
Winmark Corp.		272		11,786
Zumiez, Inc.*		2,635		65,796

				18,722,198

See Notes to Financial Statements.

154

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Textiles, Apparel & Luxury Goods (2.0%)*
Carter’s, Inc.*		5,266	$	161,982
Cherokee, Inc.		895		15,358
Coach, Inc.		17,610		1,125,807
Columbia Sportswear Co.		14,520		920,568
Crocs, Inc.*		10,585		272,564
Deckers Outdoor Corp.*		4,786		421,838
Fossil, Inc.*		6,474		762,119
G-III Apparel Group Ltd.*		2,089		72,029
Hanesbrands, Inc.*		52,919		1,510,837
Iconix Brand Group, Inc.*		53,500		1,294,700
Kenneth Cole Productions, Inc., Class A*		289		3,610
Liz Claiborne, Inc.*		627		3,355
Lululemon Athletica, Inc.*		5,900		659,738
Maidenform Brands, Inc.*		2,926		80,933
Oxford Industries, Inc.		1,592		53,746
Perry Ellis International, Inc.*		123		3,106
Phillips-Van Heusen Corp.		1,105		72,344
R.G. Barry Corp.		141		1,591
Steven Madden Ltd.*		4,645		174,234
Timberland Co., Class A*		3,592		154,348
True Religion Apparel, Inc.*		3,162		91,951
Under Armour, Inc., Class A*		24,514		1,895,177
Vera Bradley, Inc.*		2,449		93,552
Warnaco Group, Inc.*		4,585		239,566
Wolverine World Wide, Inc.		34,842		1,454,654

				11,539,707

Total Consumer Discretionary				81,671,987

Consumer Staples (2.8%)
*Beverages (0.3%)*
Boston Beer Co., Inc., Class A*		6,425		575,680
Coca-Cola Bottling Co. Consolidated		565		38,228
Craft Brewers Alliance, Inc.*		402		3,461
Hansen Natural Corp.*		8,661		701,108
Heckmann Corp.*		5,656		34,162
National Beverage Corp.		1,300		19,045
Primo Water Corp.*		1,023		14,721

				1,386,405

*Food & Staples Retailing* (*0.6%)*
Arden Group, Inc., Class A		87		8,006
BJ’s Wholesale Club, Inc.*		676		34,037
Casey’s General Stores, Inc.		24,286		1,068,584
Fresh Market, Inc.*		18,178		703,125
Pantry, Inc.*		208		3,908
Pricesmart, Inc.		2,201		112,757
Rite Aid Corp.*		5,496		7,310
Ruddick Corp.		3,276		142,637
United Natural Foods, Inc.*		6,007		256,319
Whole Foods Market, Inc.		13,100		831,195

				3,167,878

*Food Products* (*1.6%)*
Alico, Inc.		127		3,254
B&G Foods, Inc.		3,393		69,964
Calavo Growers, Inc.		1,440		30,326
Cal-Maine Foods, Inc.		120		3,835
Corn Products International, Inc.		7,625		421,510
Darling International, Inc.*		14,471		256,137


	Number of Shares		Value (Note 1)

Diamond Foods, Inc.		2,708	$	206,729
Dole Food Co., Inc.*		821		11,100
Farmer Bros Co.		248		2,515
Flowers Foods, Inc.		13,823		304,648
Green Mountain Coffee Roasters, Inc.*		49,547		4,422,565
Hain Celestial Group, Inc.*		24,084		803,442
J&J Snack Foods Corp.		1,762		87,836
Lancaster Colony Corp.		2,316		140,859
Lifeway Foods, Inc.*		716		8,005
Limoneira Co.		1,018		22,996
Omega Protein Corp.*		231		3,188
Smart Balance, Inc.*		3,528		18,275
Smithfield Foods, Inc.*		48,600		1,062,882
Tootsie Roll Industries, Inc.		2,691		78,739
TreeHouse Foods, Inc.*		24,583		1,342,477

				9,301,282

*Household Products* (*0.1%)*
Church & Dwight Co., Inc.		10,246		415,373
Oil-Dri Corp. of America		147		3,149
Spectrum Brands Holdings, Inc.*		1,625		52,000
WD-40 Co.		2,082		81,281

				551,803

*Personal Products* (*0.2%)*
Elizabeth Arden, Inc.*		2,447		71,036
Female Health Co.		2,500		12,500
Herbalife Ltd.		14,753		850,363
Inter Parfums, Inc.		1,982		45,645
Medifast, Inc.*		1,734		41,148
Nature’s Sunshine Products, Inc.*		1,370		26,688
Nu Skin Enterprises, Inc., Class A		6,774		254,364
Schiff Nutrition International, Inc.		392		4,386
Synutra International, Inc.*		2,061		20,239
USANA Health Sciences, Inc.*		839		26,244

				1,352,613

*Tobacco* (*0.0%)*
Star Scientific, Inc.*		11,761		52,924
Vector Group Ltd.		3,877		68,972

				121,896

Total Consumer Staples				15,881,877

Energy (6.5%)
*Energy Equipment & Services (2.5%)*
Atwood Oceanics, Inc.*		2,006		88,525
Basic Energy Services, Inc.*		2,981		93,812
Cal Dive International, Inc.*		7,254		43,379
CARBO Ceramics, Inc.		2,374		386,843
Complete Production Services, Inc.*		40,582		1,353,815
Core Laboratories N.V.		5,640		629,086
Dawson Geophysical Co.*		269		9,186
Dresser-Rand Group, Inc.*		9,872		530,620
Dril-Quip, Inc.*		20,570		1,395,263
Ensco plc (ADR)		15,300		815,490
Geokinetics, Inc.*		1,311		10,331
Global Geophysical Services, Inc.*		2,230		39,694
Gulf Island Fabrication, Inc.		258		8,328
Gulfmark Offshore, Inc., Class A*		519		22,935

See Notes to Financial Statements.

155

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Helmerich & Payne, Inc.		10,929	$	722,625
ION Geophysical Corp.*		16,387		155,021
Key Energy Services, Inc.*		70,829		1,274,922
Lufkin Industries, Inc.		3,771		324,495
Matrix Service Co.*		600		8,028
Mitcham Industries, Inc.*		667		11,539
Newpark Resources, Inc.*		765		6,939
Oceaneering International, Inc.		35,524		1,438,722
Oil States International, Inc.*		18,469		1,475,858
OYO Geospace Corp.*		536		53,600
Patterson-UTI Energy, Inc.		2,123		67,108
Pioneer Drilling Co.*		43,986		670,347
RigNet, Inc.*		714		12,138
Rowan Cos., Inc.*		2,603		101,022
RPC, Inc.		5,314		130,406
Superior Energy Services, Inc.*		40,550		1,506,027
Tesco Corp.*		3,020		58,618
TETRA Technologies, Inc.*		1,062		13,519
Tidewater, Inc.		18,712		1,006,893
Willbros Group, Inc.*		910		7,771

				14,472,905

*Oil, Gas & Consumable Fuels* (*4.0%)*
Abraxas Petroleum Corp.*		10,155		38,894
Alon USA Energy, Inc.		1,061		11,957
Alpha Natural Resources, Inc.*		19,200		872,448
Amyris, Inc.*		2,178		61,180
Apco Oil and Gas International, Inc.		1,143		99,361
Approach Resources, Inc.*		1,986		45,023
Arch Coal, Inc.		2,161		57,612
ATP Oil & Gas Corp.*		5,502		84,236
Berry Petroleum Co., Class A		6,372		338,544
Bill Barrett Corp.*		13,842		641,577
BPZ Resources, Inc.*		3,474		11,395
Brigham Exploration Co.*		14,488		433,626
Bumi plc*		30,683		571,079
Cabot Oil & Gas Corp.		48,313		3,203,635
Callon Petroleum Co.*		4,832		33,921
Carrizo Oil & Gas, Inc.*		4,817		201,110
Cheniere Energy, Inc.*		8,675		79,463
Clayton Williams Energy, Inc.*		729		43,776
Clean Energy Fuels Corp.*		6,128		80,583
Cloud Peak Energy, Inc.*		1,553		33,079
Cobalt International Energy, Inc.*		29,419		400,981
Comstock Resources, Inc.*		38,200		1,099,778
Consol Energy, Inc.		19,040		923,059
Contango Oil & Gas Co.*		1,507		88,069
Crosstex Energy, Inc.		4,469		53,181
CVR Energy, Inc.*		10,859		267,349
Energy XXI Bermuda Ltd.*		9,317		309,511
Evolution Petroleum Corp.*		1,958		13,902
EXCO Resources, Inc.		16,899		298,267
Forest Oil Corp.*		11,035		294,745
Frontier Oil Corp.		13,206		426,686
FX Energy, Inc.*		6,497		57,044
GeoResources, Inc.*		965		21,703
Gevo, Inc.*		723		11,373
GMX Resources, Inc.*		2,369		10,542
Golar LNG Ltd.		4,529		158,017
Goodrich Petroleum Corp.*		3,201		58,930
Gulfport Energy Corp.*		4,812		142,868


	Number of Shares		Value (Note 1)

Hallador Energy Co.		465	$	4,459
Holly Corp.*		5,452		378,369
Houston American Energy Corp.		2,057		37,293
Hyperdynamics Corp.*		19,241		82,736
Isramco, Inc.*		139		9,185
James River Coal Co.*		42,500		884,850
Karoon Gas Australia Ltd.*		45,791		258,126
Kodiak Oil & Gas Corp.*		22,168		127,909
Magnum Hunter Resources Corp.*		13,769		93,078
McMoRan Exploration Co.*		12,152		224,569
Northern Oil and Gas, Inc.*		7,811		173,014
Oasis Petroleum, Inc.*		19,760		586,477
Panhandle Oil and Gas, Inc., Class A		885		26,099
Patriot Coal Corp.*		10,537		234,554
PetroQuest Energy, Inc.*		1,611		11,309
Pioneer Natural Resources Co.		11,800		1,056,926
Quicksilver Resources, Inc.*		978		14,435
Rentech, Inc.*		28,612		30,329
Resolute Energy Corp.*		58,819		950,515
Rex Energy Corp.*		3,684		37,835
Rosetta Resources, Inc.*		6,554		337,793
SandRidge Energy, Inc.*		50,722		540,696
SM Energy Co.		20,242		1,487,382
Solazyme, Inc.*		1,031		23,682
Southwestern Energy Co.*		22,100		947,648
Stone Energy Corp.*		6,059		184,133
Syntroleum Corp.*		8,996		13,224
Targa Resources Corp.		2,035		68,091
Triangle Petroleum Corp.*		2,534		16,370
Ultra Petroleum Corp.*		18,900		865,620
Uranerz Energy Corp.*		7,970		24,069
Uranium Energy Corp.*		8,800		26,928
Uranium Resources, Inc.*		11,514		19,228
Ur-Energy, Inc.*		10,420		16,672
VAALCO Energy, Inc.*		727		4,377
Vallares plc*		64,987		1,048,224
Venoco, Inc.*		921		11,733
Voyager Oil & Gas, Inc.*		4,202		12,480
W&T Offshore, Inc.		4,306		112,473
Warren Resources, Inc.*		1,479		5,635
Western Refining, Inc.*		6,128		110,733
Westmoreland Coal Co.*		327		5,804
World Fuel Services Corp.		4,974		178,716
Zion Oil & Gas, Inc.*		3,067		18,249

				22,880,531

Total Energy				37,353,436

Financials (4.8%)
*Capital Markets* (*1.9%)*
Affiliated Managers Group, Inc.*		19,911		2,019,971
Artio Global Investors, Inc.		3,553		40,149
BGC Partners, Inc., Class A		9,345		72,237
Cohen & Steers, Inc.		1,823		60,432
Diamond Hill Investment Group, Inc.		300		24,387
Duff & Phelps Corp., Class A		3,747		48,074
Eaton Vance Corp.		14,704		444,502
Epoch Holding Corp.		1,900		33,915
Evercore Partners, Inc., Class A		33,932		1,130,614
Federated Investors, Inc., Class B		9,059		215,967

See Notes to Financial Statements.

156

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Financial Engines, Inc.*		4,736	$	122,757
GAMCO Investors, Inc., Class A		529		24,487
Greenhill & Co., Inc.		13,855		745,676
HFF, Inc., Class A*		3,578		53,992
ICG Group, Inc.*		345		4,219
KBW, Inc.		24,274		453,924
Ladenburg Thalmann Financial Services, Inc.*		13,100		18,078
Lazard Ltd., Class A		43,318		1,607,098
LPL Investment Holdings, Inc.*		3,571		122,164
optionsXpress Holdings, Inc.		5,200		86,736
Pzena Investment Management, Inc., Class A		949		5,390
SEI Investments Co.		65,946		1,484,445
Stifel Financial Corp.*		44,808		1,606,815
Virtus Investment Partners, Inc.*		633		38,423
Waddell & Reed Financial, Inc., Class A		10,690		388,582
Westwood Holdings Group, Inc.		804		30,632

				10,883,666

*Commercial Banks* (*0.7%)*
Arrow Financial Corp.		60		1,468
Bank of the Ozarks, Inc.		270		14,056
Banner Corp.		1,817		31,797
Bridge Bancorp, Inc.		321		6,831
Enterprise Financial Services Corp.		268		3,626
First Financial Bankshares, Inc.		1,786		61,528
Hampton Roads Bankshares, Inc.*		1,208		11,959
Hancock Holding Co.		20,300		628,894
IBERIABANK Corp.		17,266		995,212
Investors Bancorp, Inc.*		709		10,068
MB Financial, Inc.		43,600		838,864
Signature Bank/New York*		26,818		1,533,990
SVB Financial Group*		1,179		70,398
SY Bancorp, Inc.		300		6,975
Taylor Capital Group, Inc.*		411		3,354
Westamerica Bancorp		1,629		80,228

				4,299,248

*Consumer Finance* (*0.3%)*
Advance America Cash Advance Centers, Inc.		861		5,932
Cash America International, Inc.		1,216		70,370
Credit Acceptance Corp.*		825		69,688
Dollar Financial Corp.*		5,372		116,304
EZCORP, Inc., Class A*		5,804		206,477
First Cash Financial Services, Inc.*		3,913		164,307
Green Dot Corp., Class A*		2,731		92,799
Imperial Holdings, Inc.*		1,833		18,623
Netspend Holdings, Inc.*		89,565		895,650
World Acceptance Corp.*		1,957		128,321

				1,768,471

*Diversified Financial Services* (*0.3%)*
CBOE Holdings, Inc.		6,509		160,121
Encore Capital Group, Inc.*		1,992		61,194
Justice Holdings Ltd.*		49,518		778,874
MarketAxess Holdings, Inc.		3,565		89,339


	Number of Shares		Value (Note 1)

MSCI, Inc., Class A*		14,862	$	560,000
NASDAQ OMX Group, Inc.*		1,867		47,235
Portfolio Recovery Associates, Inc.*		2,117		179,501

				1,876,264

*Insurance (0.1%)*
Amtrust Financial Services, Inc.		373		8,497
Crawford & Co., Class B		3,169		22,405
Erie Indemnity Co., Class A		3,421		241,933
Flagstone Reinsurance Holdings S.A.		359		3,026
Greenlight Capital Reinsurance Ltd., Class A*		775		20,375
Hallmark Financial Services*		583		4,588
State Auto Financial Corp.		206		3,591
Validus Holdings Ltd.		1,314		40,668

				345,083

*Real Estate Investment Trusts (REITs) (1.2%)*
Acadia Realty Trust (REIT)		1,101		22,383
Alexander’s, Inc. (REIT)		253		100,441
American Assets Trust, Inc. (REIT)		3,752		84,232
American Campus Communities, Inc. (REIT)		3,712		131,850
Apartment Investment & Management Co. (REIT), Class A		10,022		255,862
Associated Estates Realty Corp. (REIT)		329		5,346
Camden Property Trust (REIT)		6,257		398,070
CBL & Associates Properties, Inc. (REIT)		5,724		103,776
Chatham Lodging Trust (REIT)		20,300		327,033
Cogdell Spencer, Inc. (REIT)		1,442		8,638
Corporate Office Properties Trust/Maryland (REIT)		2,771		86,206
Digital Realty Trust, Inc. (REIT)		11,777		727,583
DuPont Fabros Technology, Inc. (REIT)		2,771		69,829
EastGroup Properties, Inc. (REIT)		1,557		66,188
Equity Lifestyle Properties, Inc. (REIT)		2,167		135,307
Essex Property Trust, Inc. (REIT)		2,250		304,402
Extra Space Storage, Inc. (REIT)		4,504		96,070
Federal Realty Investment Trust (REIT)		5,822		495,918
FelCor Lodging Trust, Inc. (REIT)*		51,181		272,795
Getty Realty Corp. (REIT)		1,477		37,265
Gladstone Commercial Corp. (REIT)		488		8,457
Glimcher Realty Trust (REIT)		10,751		102,135
Highwoods Properties, Inc. (REIT)		6,761		223,992
Home Properties, Inc. (REIT)		4,828		293,929
Investors Real Estate Trust (REIT)		1,866		16,160
Kilroy Realty Corp. (REIT)		3,557		140,466
LTC Properties, Inc. (REIT)		691		19,224

See Notes to Financial Statements.

157

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Macerich Co. (REIT)		5,797	$	310,139
Mid-America Apartment Communities, Inc. (REIT)		4,537		306,111
National Health Investors, Inc. (REIT)		1,350		59,981
Newcastle Investment Corp. (REIT)		9,163		52,962
Omega Healthcare Investors, Inc. (REIT)		11,898		249,977
Potlatch Corp. (REIT)		2,701		95,264
PS Business Parks, Inc. (REIT)		467		25,732
Rayonier, Inc. (REIT)		10,033		655,657
Sabra Healthcare REIT, Inc. (REIT)		840		14,036
Saul Centers, Inc. (REIT)		905		35,630
Strategic Hotels & Resorts, Inc. (REIT)*		5,464		38,685
Tanger Factory Outlet Centers (REIT)		10,045		268,905
UDR, Inc. (REIT)		1,786		43,846
Universal Health Realty Income Trust (REIT)		671		26,827
Urstadt Biddle Properties, Inc. (REIT), Class A		363		6,574
Washington Real Estate Investment Trust (REIT)		2,125		69,105

				6,792,988

*Real Estate Management & Development (0.1%)*
Jones Lang LaSalle, Inc.		4,118		388,328
Tejon Ranch Co.*		1,752		59,743

				448,071

*Thrifts & Mortgage Finance (0.2%)*
BankUnited, Inc.		19,705		522,971
Hudson City Bancorp, Inc.		5,937		48,624
Northwest Bancshares, Inc.		58,800		739,704
People’s United Financial, Inc.		8,772		117,896
TrustCo Bank Corp./New York		685		3,356
Walker & Dunlop, Inc.*		1,313		17,463
Westfield Financial, Inc.		908		7,373

				1,457,387

Total Financials				27,871,178

Health Care (11.8%)
*Biotechnology (2.7%)*
Achillion Pharmaceuticals, Inc.*		4,916		36,575
Acorda Therapeutics, Inc.*		4,928		159,224
Affymax, Inc.*		2,139		14,695
Alexion Pharmaceuticals, Inc.*		18,640		876,639
Alkermes, Inc.*		11,781		219,127
Allos Therapeutics, Inc.*		7,915		16,938
Alnylam Pharmaceuticals, Inc.*		4,400		41,228
AMAG Pharmaceuticals, Inc.*		299		5,621
Amarin Corp. plc (ADR)*		67,710		979,764
Amicus Therapeutics, Inc.*		1,915		11,375
Amylin Pharmaceuticals, Inc.*		24,566		328,202
Anacor Pharmaceuticals, Inc.*		1,235		7,978
Anthera Pharmaceuticals, Inc.*		2,101		17,165
Ardea Biosciences, Inc.*		10,573		269,189
Arena Pharmaceuticals, Inc.*		1,475		2,006


	Number of Shares		Value (Note 1)

ARIAD Pharmaceuticals, Inc.*		16,324	$	184,951
ArQule, Inc.*		51,872		324,200
Array BioPharma, Inc.*		3,219		7,211
AVEO Pharmaceuticals, Inc.*		19,326		398,309
AVI BioPharma, Inc.*		16,100		23,023
BioCryst Pharmaceuticals, Inc.*		3,595		13,733
BioMarin Pharmaceutical, Inc.*		13,716		373,212
BioMimetic Therapeutics, Inc.*		995		5,094
BioSante Pharmaceuticals, Inc.*		11,629		31,980
Biospecifics Technologies Corp.*		662		14,829
Biotime, Inc.*		3,088		15,841
Cell Therapeutics, Inc.*		18,092		28,495
Celldex Therapeutics, Inc.*		847		3,007
Cepheid, Inc.*		36,974		1,280,779
Chelsea Therapeutics International Ltd.*		61,448		313,385
Cleveland Biolabs, Inc.*		2,873		9,797
Codexis, Inc.*		3,014		29,025
Cubist Pharmaceuticals, Inc.*		7,413		266,794
Curis, Inc.*		6,735		24,111
Cytori Therapeutics, Inc.*		4,400		21,076
DUSA Pharmaceuticals, Inc.*		3,007		18,704
Dyax Corp.*		10,081		19,960
Dynavax Technologies Corp.*		14,873		40,901
Emergent Biosolutions, Inc.*		3,003		67,718
Enzon Pharmaceuticals, Inc.*		325		3,266
Exact Sciences Corp.*		4,464		38,390
Exelixis, Inc.*		15,801		141,577
Genomic Health, Inc.*		2,096		58,499
Geron Corp.*		3,587		14,384
GTx, Inc.*		2,202		10,548
Halozyme Therapeutics, Inc.*		10,125		69,964
Human Genome Sciences, Inc.*		47,411		1,163,466
Idenix Pharmaceuticals, Inc.*		1,911		9,555
Immunogen, Inc.*		6,667		81,271
Immunomedics, Inc.*		8,184		33,309
Incyte Corp.*		28,877		546,930
Infinity Pharmaceuticals, Inc.*		2,324		19,196
Inhibitex, Inc.*		5,762		22,587
InterMune, Inc.*		18,906		677,780
Ironwood Pharmaceuticals, Inc.*		24,426		383,977
Isis Pharmaceuticals, Inc.*		12,297		112,641
Keryx Biopharmaceuticals, Inc.*		8,843		41,827
Lexicon Pharmaceuticals, Inc.*		8,200		14,432
Ligand Pharmaceuticals, Inc., Class B*		2,443		29,194
MannKind Corp.*		9,533		36,225
Medivation, Inc.*		3,882		83,191
Metabolix, Inc.*		2,880		20,563
Micromet, Inc.*		5,807		33,332
Momenta Pharmaceuticals, Inc.*		5,700		110,922
Myriad Genetics, Inc.*		10,609		240,930
Nabi Biopharmaceuticals*		5,342		28,740
Neurocrine Biosciences, Inc.*		4,406		35,468
Novavax, Inc.*		8,207		16,578
NPS Pharmaceuticals, Inc.*		10,629		100,444
Nymox Pharmaceutical Corp.*		2,019		16,859
OncoGenex Pharmaceutical, Inc.*		1,192		20,300
Oncothyreon, Inc.*		3,664		33,672
Onyx Pharmaceuticals, Inc.*		15,215		537,090
Opko Health, Inc.*		13,457		49,656
Orexigen Therapeutics, Inc.*		4,055		6,447

See Notes to Financial Statements.

158

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Osiris Therapeutics, Inc.*		1,972	$	15,263
PDL BioPharma, Inc.		14,298		83,929
Peregrine Pharmaceuticals, Inc.*		8,487		15,786
Pharmacyclics, Inc.*		38,569		402,660
Pharmasset, Inc.*		8,129		912,074
PharmAthene, Inc.*		4,373		12,857
Progenics Pharmaceuticals, Inc.*		2,715		19,494
Raptor Pharmaceutical Corp.*		4,004		24,785
Regeneron Pharmaceuticals, Inc.*		15,118		857,342
Rigel Pharmaceuticals, Inc.*		6,352		58,248
Sangamo BioSciences, Inc.*		6,700		39,463
Savient Pharmaceuticals, Inc.*		32,060		240,129
Sciclone Pharmaceuticals, Inc.*		4,307		26,014
Seattle Genetics, Inc.*		11,930		244,804
SIGA Technologies, Inc.*		4,254		41,434
Spectrum Pharmaceuticals, Inc.*		6,493		60,158
Sunesis Pharmaceuticals, Inc.*		3,232		6,755
SuperGen, Inc.*		550		1,639
Synta Pharmaceuticals Corp.*		2,925		14,713
Targacept, Inc.*		3,406		71,764
Theravance, Inc.*		7,129		158,335
Transcept Pharmaceuticals, Inc.*		30,381		332,672
Trius Therapeutics, Inc.*		767		6,075
United Therapeutics Corp.*		8,930		492,043
Vanda Pharmaceuticals, Inc.*		3,281		23,426
Vical, Inc.*		7,894		32,523
Zalicus, Inc.*		5,645		13,435
ZIOPHARM Oncology, Inc.*		6,991		42,785
Zogenix, Inc.*		1,349		5,409

				15,601,085

*Health Care Equipment & Supplies (3.4%)*
Abaxis, Inc.*		2,759		75,183
ABIOMED, Inc.*		3,895		63,099
Accuray, Inc.*		7,431		59,524
Align Technology, Inc.*		7,584		172,915
Alimera Sciences, Inc.*		1,370		11,165
Analogic Corp.		1,164		61,215
Antares Pharma, Inc.*		10,783		23,830
ArthroCare Corp.*		3,405		113,965
AtriCure, Inc.*		1,719		22,175
Atrion Corp.		193		38,175
Bacterin International Holdings, Inc.*		2,690		7,640
Biolase Technology, Inc.*		809		4,158
Cardiovascular Systems, Inc.*		1,631		23,747
Cerus Corp.*		5,371		16,113
Conceptus, Inc.*		3,745		43,704
Cooper Cos., Inc.		1,543		122,267
CryoLife, Inc.*		317		1,775
Cyberonics, Inc.*		3,513		98,188
Delcath Systems, Inc.*		5,330		27,503
DexCom, Inc.*		98,291		1,424,237
DynaVox, Inc., Class A*		886		6,734
Edwards Lifesciences Corp.*		25,900		2,257,962
Endologix, Inc.*		6,076		56,507
Exactech, Inc.*		690		12,427
Gen-Probe, Inc.*		25,233		1,744,862
Haemonetics Corp.*		3,192		205,469
Hansen Medical, Inc.*		5,781		19,713
HeartWare International, Inc.*		23,086		1,710,211
Hill-Rom Holdings, Inc.		7,075		325,733


	Number of Shares		Value (Note 1)

Hologic, Inc.*		62,430	$	1,259,213
ICU Medical, Inc.*		352		15,382
IDEXX Laboratories, Inc.*		7,096		550,366
Immucor, Inc.*		7,047		143,900
Insulet Corp.*		5,683		125,992
Integra LifeSciences Holdings Corp.*		2,574		123,063
Invacare Corp.		208		6,903
IRIS International, Inc.*		1,601		15,994
Kensey Nash Corp.*		1,045		26,365
Kinetic Concepts, Inc.*		6,202		357,421
MAKO Surgical Corp.*		3,957		117,642
Masimo Corp.		6,522		193,573
Medical Action Industries, Inc.*		859		7,001
Meridian Bioscience, Inc.		5,120		123,443
Merit Medical Systems, Inc.*		4,481		80,524
Natus Medical, Inc.*		1,882		28,512
Neogen Corp.*		2,869		129,707
Neoprobe Corp.*		10,962		36,394
NuVasive, Inc.*		4,908		161,375
NxStage Medical, Inc.*		45,899		955,617
OraSure Technologies, Inc.*		5,796		49,440
Orthofix International N.V.*		2,255		95,770
Quidel Corp.*		3,513		53,222
ResMed, Inc.*		18,921		585,605
Rockwell Medical Technologies, Inc.*		1,976		25,372
RTI Biologics, Inc.*		463		1,255
Sirona Dental Systems, Inc.*		26,508		1,407,575
SonoSite, Inc.*		1,714		60,281
Spectranetics Corp.*		4,169		25,931
STAAR Surgical Co.*		3,922		20,787
Stereotaxis, Inc.*		5,419		19,021
STERIS Corp.		7,317		255,949
Symmetry Medical, Inc.*		1,099		9,858
Synergetics USA, Inc.*		2,705		14,905
Synovis Life Technologies, Inc.*		1,480		25,782
Thoratec Corp.*		29,479		967,501
Tornier N.V.*		1,298		34,981
Unilife Corp.*		6,999		36,255
Uroplasty, Inc.*		2,215		16,612
Vascular Solutions, Inc.*		2,208		27,379
Volcano Corp.*		70,575		2,278,867
West Pharmaceutical Services, Inc.		2,277		99,642
Young Innovations, Inc.		238		6,788
Zoll Medical Corp.*		2,707		153,379

				19,480,740

*Health Care Providers & Services (2.5%)*
Accretive Health, Inc.*		4,946		142,395
Air Methods Corp.*		1,403		104,860
Alliance HealthCare Services, Inc.*		3,106		11,803
AMERIGROUP Corp.*		3,610		254,397
AMN Healthcare Services, Inc.*		2,147		17,863
Bio-Reference Labs, Inc.*		3,115		65,103
BioScrip, Inc.*		3,756		24,376
Brookdale Senior Living, Inc.*		10,478		254,091
Capital Senior Living Corp.*		1,079		10,024
Cardinal Health, Inc.		19,500		885,690
CardioNet, Inc.*		822		4,365

See Notes to Financial Statements.

159

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares			Value (Note 1)

Catalyst Health Solutions, Inc.*		25,168		$	1,404,878
Centene Corp.*		33,358			1,185,210
Chemed Corp.		2,652			173,759
Chindex International, Inc.*		630			8,581
Continucare Corp.*		2,659			16,433
Corvel Corp.*		773			36,254
Emeritus Corp.*		3,774			80,197
Ensign Group, Inc.		2,013			61,175
ExamWorks Group, Inc.*		3,340			84,803
Hanger Orthopedic Group, Inc.*		2,166			53,002
Health Management Associates, Inc., Class A*		31,215			336,498
Healthspring, Inc.*		31,644			1,459,105
HMS Holdings Corp.*		30,004			2,306,407
IPC The Hospitalist Co., Inc.*		2,033			94,230
Kindred Healthcare, Inc.*		—	@		—
Landauer, Inc.		1,160			71,444
LHC Group, Inc.*		109			2,514
Lincare Holdings, Inc.		11,720			343,044
MEDNAX, Inc.*		5,952			429,675
MedQuist Holdings, Inc.*		3,895			50,323
Metropolitan Health Networks, Inc.*		5,140			24,621
Molina Healthcare, Inc.*		2,088			56,627
MWI Veterinary Supply, Inc.*		10,443			843,481
National Research Corp.		214			7,817
Owens & Minor, Inc.		6,410			221,081
Patterson Cos., Inc.		5,090			167,410
Providence Service Corp.*		346			4,377
PSS World Medical, Inc.*		6,865			192,289
RadNet, Inc.*		3,740			16,456
Rural/Metro Corp.*		2,244			38,687
Select Medical Holdings Corp.*		1,216			10,786
Skilled Healthcare Group, Inc., Class A*		302			2,857
Sunrise Senior Living, Inc.*		5,323			50,728
Team Health Holdings, Inc.*		3,292			74,103
Tenet Healthcare Corp.*		3,352			20,916
U.S. Physical Therapy, Inc.		1,450			35,858
Universal Health Services, Inc., Class B		11,173			575,745
Vanguard Health Systems, Inc.*		67,189			1,153,635
VCA Antech, Inc.*		23,300			493,960
WellCare Health Plans, Inc.*		5,262			270,519

					14,234,452

*Health Care Technology (0.5%)*
Allscripts Healthcare Solutions, Inc.*		80,268			1,558,804
athenahealth, Inc.*		4,313			177,264
Computer Programs & Systems, Inc.		1,367			86,777
Emdeon, Inc., Class A*		225			2,952
ePocrates, Inc.*		712			13,129
HealthStream, Inc.*		1,888			25,054
MedAssets, Inc.*		4,844			64,716
Medidata Solutions, Inc.*		2,602			62,110
Merge Healthcare, Inc.*		6,668			34,674
Omnicell, Inc.*		1,993			31,071
Quality Systems, Inc.		12,286			1,072,568
Transcend Services, Inc.*		1,096			32,211

					3,161,330


	Number of Shares		Value (Note 1)

*Life Sciences Tools & Services (1.2%)*
BG Medicine, Inc.*		784	$	6,241
Bruker Corp.*		10,472		213,210
Caliper Life Sciences, Inc.*		5,812		47,135
Charles River Laboratories International, Inc.*		6,385		259,550
Complete Genomics, Inc.*		1,220		18,642
Covance, Inc.*		7,505		445,572
Enzo Biochem, Inc.*		466		1,980
eResearchTechnology, Inc.*		3,185		20,288
Fluidigm Corp.*		788		13,215
Kendle International, Inc.*		108		1,629
Luminex Corp.*		4,661		97,415
Medtox Scientific, Inc.		917		16,020
Mettler-Toledo International, Inc.*		3,977		670,801
Pacific Biosciences of California, Inc.*		941		11,010
PAREXEL International Corp.*		92,498		2,179,253
Pharmaceutical Product Development, Inc.		51,874		1,392,298
Sequenom, Inc.*		8,541		64,484
Techne Corp.		4,589		382,585
Waters Corp.*		11,300		1,081,862

				6,923,190

*Pharmaceuticals (1.5%)*
Acura Pharmaceuticals, Inc.*		1,300		5,031
Aegerion Pharmaceuticals, Inc.*		20,045		315,709
Akorn, Inc.*		6,974		48,818
Ampio Pharmaceuticals, Inc.*		2,430		18,930
Auxilium Pharmaceuticals, Inc.*		59,891		1,173,864
AVANIR Pharmaceuticals, Inc., Class A*		13,770		46,267
Cadence Pharmaceuticals, Inc.*		53,692		493,966
Columbia Laboratories, Inc.*		7,297		22,548
Corcept Therapeutics, Inc.*		5,038		20,102
Depomed, Inc.*		6,665		54,520
Durect Corp.*		9,408		19,098
Endo Pharmaceuticals Holdings, Inc.*		14,415		579,050
Endocyte, Inc.*		1,766		25,289
Hi-Tech Pharmacal Co., Inc.*		406		11,745
Impax Laboratories, Inc.*		70,963		1,546,284
ISTA Pharmaceuticals, Inc.*		3,202		24,479
Jazz Pharmaceuticals, Inc.*		2,732		91,112
KV Pharmaceutical Co., Class A*		4,211		11,454
Lannett Co., Inc.*		800		3,984
MAP Pharmaceuticals, Inc.*		2,702		43,151
Medicines Co.*		3,841		63,415
Medicis Pharmaceutical Corp., Class A		6,289		240,051
Nektar Therapeutics*		8,934		64,950
Neostem, Inc.*		4,782		7,077
Obagi Medical Products, Inc.*		2,311		21,793
Optimer Pharmaceuticals, Inc.*		53,035		630,586
Pacira Pharmaceuticals, Inc.*		599		7,188
Pain Therapeutics, Inc.*		4,593		17,775
Par Pharmaceutical Cos., Inc.*		3,099		102,205
Pernix Therapeutics Holdings*		388		3,302
Pozen, Inc.*		3,000		12,600
Questcor Pharmaceuticals, Inc.*		26,177		630,866

See Notes to Financial Statements.

160

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Sagent Pharmaceuticals, Inc.*		11,818	$	318,850
Salix Pharmaceuticals Ltd.*		43,100		1,716,673
Santarus, Inc.*		6,656		22,431
Sucampo Pharmaceuticals, Inc., Class A*		1,515		6,211
Vivus, Inc.*		10,200		83,028
XenoPort, Inc.*		3,500		24,920

				8,529,322

Total Health Care				67,930,119

Industrials (13.6%)
*Aerospace & Defense* (*1.6%)*
AAR Corp.		1,241		33,619
Aerovironment, Inc.*		2,091		73,917
Alliant Techsystems, Inc.		283		20,186
American Science & Engineering, Inc.		1,137		90,960
Astronics Corp.*		1,109		34,157
BE Aerospace, Inc.*		11,354		463,357
Cubic Corp.		866		44,157
DigitalGlobe, Inc.*		53,860		1,368,583
Esterline Technologies Corp.*		10,700		817,480
GenCorp, Inc.*		5,320		34,154
GeoEye, Inc.*		161		6,021
HEICO Corp.		21,961		1,202,145
Hexcel Corp.*		113,518		2,484,909
Keyw Holding Corp.*		62,104		769,469
LMI Aerospace, Inc.*		564		13,779
Moog, Inc., Class A*		541		23,544
National Presto Industries, Inc.		600		60,894
Orbital Sciences Corp.*		3,061		51,578
Spirit AeroSystems Holdings, Inc., Class A*		2,991		65,802
Taser International, Inc.*		7,363		33,502
Teledyne Technologies, Inc.*		1,273		64,108
Textron, Inc.		47,900		1,130,919
TransDigm Group, Inc.*		6,187		564,193
Triumph Group, Inc.		271		26,986

				9,478,419

*Air Freight & Logistics* (*0.4%)*
Atlas Air Worldwide Holdings, Inc.*		14,933		888,663
Forward Air Corp.		3,661		123,705
Hub Group, Inc., Class A*		27,062		1,019,155
Pacer International, Inc.*		488		2,303
Park-Ohio Holdings Corp.*		1,064		22,493
UTi Worldwide, Inc.		11,456		225,569

				2,281,888

*Airlines* (*0.3%)*
Alaska Air Group, Inc.*		247		16,910
Allegiant Travel Co.*		27,632		1,367,784
AMR Corp.*		19,378		104,641
Copa Holdings S.A., Class A		3,124		208,496

				1,697,831

*Building Products* (*0.4%)*
AAON, Inc.		2,342		51,149
Ameresco, Inc., Class A*		2,170		30,771
Armstrong World Industries, Inc.		258		11,754
Lennox International, Inc.		6,595		284,047


	Number of Shares		Value (Note 1)

Owens Corning, Inc.*		30,400	$	1,135,440
Simpson Manufacturing Co., Inc.		28,970		865,334
Trex Co., Inc.*		1,984		48,568
USG Corp.*		6,255		89,697

				2,516,760

*Commercial Services & Supplies* (*1.4%)*
A.T. Cross Co., Class A*		1,057		12,039
ABM Industries, Inc.		1,791		41,802
American Reprographics Co.*		686		4,850
APAC Customer Services, Inc.*		3,309		17,637
Avery Dennison Corp.		816		31,522
Brink’s Co.		5,004		149,269
Casella Waste Systems, Inc., Class A*		2,660		16,226
Cenveo, Inc.*		3,665		23,456
Clean Harbors, Inc.*		10,101		1,042,928
Consolidated Graphics, Inc.*		1,116		61,324
Copart, Inc.*		7,369		343,396
Corrections Corp. of America*		28,306		612,825
Covanta Holding Corp.		948		15,633
Deluxe Corp.		6,357		157,082
EnergySolutions, Inc.		2,129		10,517
EnerNOC, Inc.*		896		14,103
Fuel Tech, Inc.*		2,106		13,963
GEO Group, Inc.*		26,200		603,386
Healthcare Services Group, Inc.		8,121		131,966
Heritage-Crystal Clean, Inc.*		574		11,009
Herman Miller, Inc.		7,087		192,908
Higher One Holdings, Inc.*		67,376		1,274,754
HNI Corp.		5,534		139,014
InnerWorkings, Inc.*		3,039		25,345
Interface, Inc., Class A		6,572		127,300
Intersections, Inc.		1,128		20,530
KAR Auction Services, Inc.*		699		13,218
Knoll, Inc.		52,719		1,058,070
M&F Worldwide Corp.*		118		3,049
McGrath RentCorp		1,287		36,139
Metalico, Inc.*		2,857		16,856
Mine Safety Appliances Co.		3,351		125,126
Mobile Mini, Inc.*		53,074		1,124,638
Multi-Color Corp.		94		2,321
Quad/Graphics, Inc.		279		10,842
Rollins, Inc.		7,800		158,964
Standard Parking Corp.*		1,997		31,892
Steelcase, Inc., Class A		1,119		12,746
Swisher Hygiene, Inc.*		10,468		58,935
Sykes Enterprises, Inc.*		589		12,681
Team, Inc.*		2,396		57,816
Tetra Tech, Inc.*		1,584		35,640
TMS International Corp., Class A*		638		8,326
TRC Cos., Inc.*		2,164		13,525
U.S. Ecology, Inc.		2,200		37,620
United Stationers, Inc.		305		10,806
Viad Corp.		408		9,094
Waste Connections, Inc.		12,307		390,501

				8,323,589

*Construction & Engineering* (*0.9%)*
Aecom Technology Corp.*		61,200		1,673,208
Argan, Inc.*		214		2,170

See Notes to Financial Statements.

161

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June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		7,139	$	277,707
Dycom Industries, Inc.*		719		11,748
FLSmidth & Co. A/S		14,558		1,238,022
Fluor Corp.		9,900		640,134
Foster Wheeler AG*		32,500		987,350
Furmanite Corp.*		4,555		36,167
KBR, Inc.		1,216		45,831
MasTec, Inc.*		6,997		137,981
MYR Group, Inc.*		2,328		54,475
Primoris Services Corp.		2,866		36,971

				5,141,764

*Electrical Equipment* (*0.8%)*
A123 Systems, Inc.*		1,983		10,550
Active Power, Inc.*		9,824		24,069
Acuity Brands, Inc.		5,357		298,814
AMETEK, Inc.		51,110		2,294,839
AZZ, Inc.		1,528		69,982
Babcock & Wilcox Co.*		14,537		402,820
Belden, Inc.		5,035		175,520
Brady Corp., Class A		494		15,838
Broadwind Energy, Inc.*		3,878		5,623
Capstone Turbine Corp.*		30,412		46,530
Coleman Cable, Inc.*		1,064		15,630
EnerSys*		1,818		62,576
Franklin Electric Co., Inc.		2,700		126,765
FuelCell Energy, Inc.*		15,337		20,092
Generac Holdings, Inc.*		1,136		22,038
General Cable Corp.*		3,349		142,600
Global Power Equipment Group, Inc.*		977		25,910
GrafTech International Ltd.*		856		17,351
II-VI, Inc.*		6,422		164,403
Polypore International, Inc.*		4,829		327,599
PowerSecure International, Inc.*		406		2,931
Preformed Line Products Co.		32		2,278
SatCon Technology Corp.*		9,700		23,183
Thermon Group Holdings, Inc.*		1,222		14,664
Thomas & Betts Corp.*		1,570		84,545
Valence Technology, Inc.*		3,911		4,615
Vicor Corp.		2,477		40,053
Woodward, Inc.		7,609		265,250

				4,707,068

*Industrial Conglomerates* (*0.0%)*
Carlisle Cos., Inc.		622		30,621
Raven Industries, Inc.		2,234		124,456
Standex International Corp.		282		8,649

				163,726

*Machinery* (*3.6%)*
3D Systems Corp.*		5,182		102,137
Accuride Corp.*		480		6,062
Actuant Corp., Class A		45,607		1,223,636
Albany International Corp., Class A		650		17,153
Altra Holdings, Inc.*		3,303		79,239
Ampco-Pittsburgh Corp.		116		2,720
Badger Meter, Inc.		1,559		57,667
Blount International, Inc.*		6,012		105,030
Cascade Corp.		67		3,187


	Number of Shares		Value (Note 1)

Chart Industries, Inc.*		13,232	$	714,263
CIRCOR International, Inc.		1,337		57,264
CLARCOR, Inc.		5,919		279,850
Colfax Corp.*		40,037		992,918
Columbus McKinnon Corp.*		1,870		33,585
Commercial Vehicle Group, Inc.*		3,537		50,190
Donaldson Co., Inc.		9,444		573,062
Douglas Dynamics, Inc.		1,242		19,611
Dynamic Materials Corp.		1,645		36,881
EnPro Industries, Inc.*		1,098		52,781
ESCO Technologies, Inc.		840		30,912
Federal Signal Corp.		625		4,100
Flow International Corp.*		5,234		18,633
Force Protection, Inc.*		3,416		16,960
Gardner Denver, Inc.		6,468		543,635
Gorman-Rupp Co.		1,889		62,224
Graco, Inc.		7,507		380,305
Graham Corp.		1,172		23,909
Harsco Corp.		884		28,818
IDEX Corp.		38,855		1,781,502
John Bean Technologies Corp.		3,307		63,891
Joy Global, Inc.		14,290		1,360,980
Kadant, Inc.*		411		12,951
Kaydon Corp.		21,500		802,380
Kennametal, Inc.		1,191		50,272
Lincoln Electric Holdings, Inc.		45,423		1,628,415
Lindsay Corp.		1,544		106,227
Manitowoc Co., Inc.		16,308		274,627
Meritor, Inc.*		7,946		127,454
Met-Pro Corp.		177		2,014
Middleby Corp.*		14,398		1,353,988
Mueller Industries, Inc.		634		24,035
Navistar International Corp.*		21,983		1,241,160
NN, Inc.*		2,071		30,982
Nordson Corp.		7,509		411,869
Omega Flex, Inc.*		302		4,237
Pall Corp.		14,369		807,969
PMFG, Inc.*		2,137		42,419
RBC Bearings, Inc.*		28,911		1,091,679
Sauer-Danfoss, Inc.*		1,434		72,259
Snap-On, Inc.		1,301		81,286
SPX Corp.		1,728		142,836
Sun Hydraulics Corp.		1,652		78,966
Tennant Co.		2,374		94,794
Timken Co.		9,128		460,051
Titan International, Inc.		5,202		126,201
Toro Co.		3,837		232,139
Trimas Corp.*		3,158		78,161
Twin Disc, Inc.		1,041		40,214
Valmont Industries, Inc.		13,033		1,256,251
Wabash National Corp.*		8,449		79,167
WABCO Holdings, Inc.*		8,345		576,306
Wabtec Corp.		5,972		392,480
Watts Water Technologies, Inc., Class A		352		12,464
Xerium Technologies, Inc.*		1,358		25,191

				20,484,549

*Marine* (*0.3%)*
Kirby Corp.*		25,529		1,446,728

See Notes to Financial Statements.

162

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June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Professional Services* (*1.2%)*
Acacia Research Corp. - Acacia Technologies*		5,290	$	194,090
Advisory Board Co.*		1,963		113,619
CDI Corp.		316		4,200
Corporate Executive Board Co.		4,272		186,473
CoStar Group, Inc.*		22,270		1,320,166
CRA International, Inc.*		276		7,477
Dun & Bradstreet Corp.		6,107		461,323
Equifax, Inc.		801		27,811
Exponent, Inc.*		1,738		75,620
GP Strategies Corp.*		561		7,663
Heidrick & Struggles International, Inc.		180		4,075
Huron Consulting Group, Inc.*		31,773		959,862
ICF International, Inc.*		820		20,812
IHS, Inc., Class A*		6,127		511,114
Insperity, Inc.		2,808		83,145
Kforce, Inc.*		87,238		1,141,073
Korn/Ferry International*		319		7,015
Manpower, Inc.		13,100		702,815
Mistras Group, Inc.*		1,827		29,597
Odyssey Marine Exploration, Inc.*		2,200		6,886
On Assignment, Inc.*		511		5,023
Robert Half International, Inc.		18,170		491,135
RPX Corp.*		14,076		394,550
SFN Group, Inc.*		836		7,599
Towers Watson & Co., Class A		1,460		95,937
TrueBlue, Inc.*		3,586		51,925

				6,911,005

*Road & Rail* (*1.7%)*
Avis Budget Group, Inc.*		12,969		221,640
Celadon Group, Inc.*		1,583		22,099
Con-way, Inc.		22,020		854,596
Dollar Thrifty Automotive Group, Inc.*		3,578		263,842
Genesee & Wyoming, Inc., Class A*		23,550		1,380,972
Heartland Express, Inc.		6,199		102,655
Hertz Global Holdings, Inc.*		30,243		480,259
J.B. Hunt Transport Services, Inc.		31,927		1,503,442
Kansas City Southern*		10,184		604,217
Knight Transportation, Inc.		52,871		898,278
Landstar System, Inc.		5,931		275,673
Localiza Rent a Car S.A.		61,030		1,085,569
Marten Transport Ltd.		47,113		1,017,641
Old Dominion Freight Line, Inc.*		5,870		218,951
Quality Distribution, Inc.*		555		7,226
Roadrunner Transportation Systems, Inc.*		90		1,357
Swift Transportation Co.*		56,450		764,898
Werner Enterprises, Inc.		787		19,714
Zipcar, Inc.*		980		20,002

				9,743,031

*Trading Companies & Distributors* (*1.0%)*
Aircastle Ltd.		716		9,107
Applied Industrial Technologies, Inc.		5,247		186,846
Beacon Roofing Supply, Inc.*		5,667		129,321


	Number of Shares		Value (Note 1)

CAI International, Inc.*		1,414	$	29,213
DXP Enterprises, Inc.*		1,072		27,175
Essex Rental Corp.*		439		2,893
H&E Equipment Services, Inc.*		1,620		22,664
Houston Wire & Cable Co.		2,244		34,894
Interline Brands, Inc.*		359		6,595
Kaman Corp.		1,806		64,059
MSC Industrial Direct Co., Class A		24,971		1,655,827
TAL International Group, Inc.		2,468		85,220
Textainer Group Holdings Ltd.		1,405		43,190
Titan Machinery, Inc.*		24,420		702,808
United Rentals, Inc.*		91,030		2,312,162
Watsco, Inc.		3,483		236,809
WESCO International, Inc.*		2,515		136,036

				5,684,819

Total Industrials				78,581,177

Information Technology (20.0%)
*Communications Equipment (3.0%)*
AAC Acoustic Technologies Holdings, Inc.		212,000		498,761
Acme Packet, Inc.*		25,615		1,796,380
ADTRAN, Inc.		60,196		2,330,187
Anaren, Inc.*		216		4,590
Aruba Networks, Inc.*		87,198		2,576,701
Blue Coat Systems, Inc.*		2,017		44,092
Calix, Inc.*		4,645		96,709
Ciena Corp.*		11,694		214,936
DG FastChannel, Inc.*		2,605		83,490
Dialogic, Inc.*		1,868		8,406
Digi International, Inc.*		500		6,500
EMS Technologies, Inc.*		103		3,396
Extreme Networks, Inc.*		3,169		10,268
F5 Networks, Inc.*		10,400		1,146,600
Finisar Corp.*		11,034		198,943
Globecomm Systems, Inc.*		1,948		30,311
Harmonic, Inc.*		3,174		22,948
Infinera Corp.*		849		5,867
InterDigital, Inc.		5,610		229,168
Ixia*		44,700		572,160
JDS Uniphase Corp.*		28,034		467,046
KVH Industries, Inc.*		134		1,424
Loral Space & Communications, Inc.*		109		7,572
Meru Networks, Inc.*		37,822		454,242
NETGEAR, Inc.*		4,529		198,008
Numerex Corp., Class A*		1,141		11,102
Oplink Communications, Inc.*		1,021		19,021
Plantronics, Inc.		1,610		58,813
Polycom, Inc.*		39,016		2,508,729
Powerwave Technologies, Inc.*		20,888		61,620
Procera Networks, Inc.*		1,403		15,054
Riverbed Technology, Inc.*		41,927		1,659,890
SeaChange International, Inc.*		1,613		17,388
ShoreTel, Inc.*		78,952		805,310
Sonus Networks, Inc.*		2,040		6,610
ViaSat, Inc.*		27,176		1,175,906

				17,348,148

See Notes to Financial Statements.

163

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June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Computers & Peripherals (0.3%)*
Dot Hill Systems Corp.*		1,557	$	4,422
Electronics for Imaging, Inc.*		397		6,836
Hypercom Corp.*		6,807		66,913
Immersion Corp.*		3,253		27,748
NCR Corp.*		15,437		291,605
Novatel Wireless, Inc.*		688		3,770
OCZ Technology Group, Inc.*		6,354		50,832
QLogic Corp.*		10,587		168,545
Silicon Graphics International Corp.*		3,830		65,876
STEC, Inc.*		5,092		86,615
Stratasys, Inc.*		21,005		707,869
Super Micro Computer, Inc.*		3,319		53,403
Synaptics, Inc.*		4,229		108,854

				1,643,288

*Electronic Equipment, Instruments & Components (2.0%)*
Aeroflex Holding Corp.*		2,443		44,341
Anixter International, Inc.		1,846		120,618
Arrow Electronics, Inc.*		2,015		83,623
Brightpoint, Inc.*		3,700		30,007
Cognex Corp.		30,787		1,090,783
Coherent, Inc.*		2,199		121,539
Daktronics, Inc.		868		9,366
DDi Corp.		704		6,716
DTS, Inc.*		16,555		671,305
Echelon Corp.*		4,333		39,387
Electro Rent Corp.		936		16,024
Electro Scientific Industries, Inc.*		250		4,825
eMagin Corp.*		2,129		12,923
Fabrinet*		50,614		1,228,908
FARO Technologies, Inc.*		39,624		1,735,531
FLIR Systems, Inc.		19,752		665,840
IPG Photonics Corp.*		3,400		247,214
Jabil Circuit, Inc.		78,537		1,586,447
Kemet Corp.*		275		3,930
L-1 Identity Solutions, Inc.*		2,467		28,987
LeCroy Corp.*		2,013		24,237
Littelfuse, Inc.		2,470		145,038
Maxwell Technologies, Inc.*		3,497		56,616
Measurement Specialties, Inc.*		1,845		65,867
Microvision, Inc.*		11,980		14,616
MTS Systems Corp.		1,933		80,857
Multi-Fineline Electronix, Inc.*		199		4,300
National Instruments Corp.		33,184		985,233
NeoPhotonics Corp.*		513		3,550
Newport Corp.*		1,447		26,292
OSI Systems, Inc.*		1,810		77,830
Plexus Corp.*		4,215		146,724
Power-One, Inc.*		7,915		64,112
Pulse Electronics Corp.		5,141		22,723
Rofin-Sinar Technologies, Inc.*		1,656		56,552
Rogers Corp.*		679		31,370
Scansource, Inc.*		484		18,140
Trimble Navigation Ltd.*		29,473		1,168,310
TTM Technologies, Inc.*		1,530		24,511
Universal Display Corp.*		19,758		693,308
Zygo Corp.*		288		3,807

				11,462,307


	Number of Shares		Value (Note 1)

*Internet Software & Services (1.4%)*
Active Network, Inc.*		1,514	$	26,646
Ancestry.com, Inc.*		3,917		162,125
comScore, Inc.*		3,940		102,046
Constant Contact, Inc.*		3,622		91,926
Cornerstone OnDemand, Inc.*		1,401		24,728
DealerTrack Holdings, Inc.*		60,942		1,398,619
Demand Media, Inc.*		970		13,143
Dice Holdings, Inc.*		5,984		80,904
Digital River, Inc.*		633		20,357
Envestnet, Inc.*		64,251		954,127
Equinix, Inc.*		5,795		585,411
FriendFinder Networks, Inc.*		751		3,049
InfoSpace, Inc.*		621		5,664
Internap Network Services Corp.*		5,538		40,704
IntraLinks Holdings, Inc.*		3,952		68,291
j2 Global Communications, Inc.*		5,682		160,403
Keynote Systems, Inc.		1,714		37,074
Limelight Networks, Inc.*		7,097		32,362
Liquidity Services, Inc.*		2,319		54,752
LivePerson, Inc.*		6,514		92,108
LogMeIn, Inc.*		2,521		97,235
LoopNet, Inc.*		2,061		37,881
Marchex, Inc., Class B		1,067		9,475
Mediamind Technologies, Inc.*		870		19,088
Move, Inc.*		19,725		43,198
NIC, Inc.		7,897		106,294
OpenTable, Inc.*		11,613		965,273
Openwave Systems, Inc.*		3,261		7,468
Perficient, Inc.*		2,172		22,285
Quepasa Corp.*		843		6,112
QuinStreet, Inc.*		45,118		585,632
Rackspace Hosting, Inc.*		12,749		544,892
Responsys, Inc.*		1,164		20,638
RightNow Technologies, Inc.*		3,051		98,852
Saba Software, Inc.*		3,534		31,912
SAVVIS, Inc.*		5,574		220,340
SciQuest, Inc.*		1,516		25,908
SPS Commerce, Inc.*		1,027		18,270
Stamps.com, Inc.		1,352		18,036
support.com, Inc.*		3,768		18,086
TechTarget, Inc.*		1,247		9,440
Travelzoo, Inc.*		682		44,084
ValueClick, Inc.*		9,730		161,518
VistaPrint N.V.*		5,322		254,658
Vocus, Inc.*		2,181		66,760
Web.com Group, Inc.*		3,588		44,204
WebMD Health Corp.*		7,312		333,281
XO Group, Inc.*		2,072		20,616
Zix Corp.*		8,269		31,753

				7,817,628

*IT Services (2.3%)*
Alliance Data Systems Corp.*		6,313		593,864
Booz Allen Hamilton Holding Corp.*		1,311		25,053
Broadridge Financial Solutions, Inc.		14,414		346,945
CACI International, Inc., Class A*		262		16,527
Cardtronics, Inc.*		5,322		124,801
Cass Information Systems, Inc.		1,049		39,610

See Notes to Financial Statements.

164

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

CIBER, Inc.*		129,600	$	719,280
Computer Task Group, Inc.*		1,200		15,804
CSG Systems International, Inc.*		2,094		38,697
DST Systems, Inc.		644		34,003
Echo Global Logistics, Inc.*		58,587		1,039,919
ExlService Holdings, Inc.*		2,024		46,754
FleetCor Technologies, Inc.*		1,831		54,271
Forrester Research, Inc.		1,823		60,086
Gartner, Inc.*		39,430		1,588,635
Genpact Ltd.*		56,869		980,422
Global Payments, Inc.		9,907		505,257
Hackett Group, Inc.*		2,709		13,789
Heartland Payment Systems, Inc.		4,774		98,344
iGATE Corp.		3,821		62,359
Integral Systems, Inc.*		100		1,217
Jack Henry & Associates, Inc.		10,703		321,197
Lender Processing Services, Inc.		10,691		223,549
Lionbridge Technologies, Inc.*		7,407		23,554
MAXIMUS, Inc.		2,147		177,621
MoneyGram International, Inc.*		9,487		31,497
NCI, Inc., Class A*		163		3,703
NeuStar, Inc., Class A*		9,100		238,420
PRGX Global, Inc.*		2,383		17,038
Sapient Corp.*		82,066		1,233,452
ServiceSource International, Inc.*		28,131		625,071
SRA International, Inc., Class A*		436		13,481
Syntel, Inc.		1,903		112,505
TeleTech Holdings, Inc.*		3,144		66,276
Teradata Corp.*		18,900		1,137,780
TNS, Inc.*		3,146		52,224
Unisys Corp.*		2,261		58,108
VeriFone Systems, Inc.*		25,896		1,148,488
Virtusa Corp.*		1,861		35,266
Western Union Co.		60,300		1,207,809
Wright Express Corp.*		4,779		248,843

				13,381,519

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*		6,755		284,858

*Semiconductors & Semiconductor Equipment (4.6%)*
Advanced Analogic Technologies, Inc.*		1,136		6,878
Amtech Systems, Inc.*		1,108		22,869
Applied Micro Circuits Corp.*		6,653		58,946
Atmel Corp.*		52,977		745,386
ATMI, Inc.*		202		4,127
AXT, Inc.*		1,686		14,297
Broadcom Corp., Class A*		25,570		860,175
Cabot Microelectronics Corp.*		665		30,903
Cavium, Inc.*		30,793		1,342,267
CEVA, Inc.*		2,900		88,334
Cirrus Logic, Inc.*		8,199		130,364
Cree, Inc.*		25,898		869,914
Cymer, Inc.*		34,935		1,729,632
Cypress Semiconductor Corp.*		65,665		1,388,158
Diodes, Inc.*		4,368		114,005
Entegris, Inc.*		5,396		54,607
Entropic Communications, Inc.*		10,595		94,190
Exar Corp.*		408		2,583
Fairchild Semiconductor International, Inc.*		56,218		939,403


	Number of Shares		Value (Note 1)

FEI Co.*		4,419	$	168,762
Freescale Semiconductor Holdings I Ltd.*		3,333		61,294
GT Solar International, Inc.*		15,572		252,266
Hittite Microwave Corp.*		15,425		954,962
Inphi Corp.*		2,530		44,022
Integrated Device Technology, Inc.*		11,734		92,229
International Rectifier Corp.*		34,930		976,992
Intersil Corp., Class A		7,728		99,305
IXYS Corp.*		1,976		29,600
Kopin Corp.*		3,140		14,789
Lattice Semiconductor Corp.*		4,534		29,562
LSI Corp.*		22,612		160,997
LTX-Credence Corp.*		3,317		29,654
Magnachip Semiconductor Corp.*		33,477		385,655
MaxLinear, Inc., Class A*		1,955		16,930
MEMC Electronic Materials, Inc.*		16,868		143,884
Micrel, Inc.		6,127		64,824
Microsemi Corp.*		10,678		218,899
Mindspeed Technologies, Inc.*		2,278		18,224
MIPS Technologies, Inc.*		4,618		31,910
Monolithic Power Systems, Inc.*		2,862		44,132
MoSys, Inc.*		3,995		22,971
National Semiconductor Corp.		29,340		722,057
Netlogic Microsystems, Inc.*		60,572		2,448,320
NVE Corp.*		579		33,843
NVIDIA Corp.*		51,400		819,059
NXP Semiconductors N.V.*		28,600		764,478
OmniVision Technologies, Inc.*		5,658		196,955
ON Semiconductor Corp.*		55,082		576,709
PDF Solutions, Inc.*		2,703		16,110
Pericom Semiconductor Corp.*		344		3,075
PMC-Sierra, Inc.*		1,629		12,332
Power Integrations, Inc.		28,464		1,093,871
Rambus, Inc.*		12,156		178,450
RF Micro Devices, Inc.*		3,622		22,167
Rubicon Technology, Inc.*		2,168		36,552
Semtech Corp.*		45,670		1,248,618
Silicon Image, Inc.*		7,750		50,065
Silicon Laboratories, Inc.*		26,445		1,091,121
Skyworks Solutions, Inc.*		83,786		1,925,402
Teradyne, Inc.*		63,940		946,312
TriQuint Semiconductor, Inc.*		20,312		206,979
Ultra Clean Holdings, Inc.*		2,809		25,506
Ultratech, Inc.*		3,107		94,391
Varian Semiconductor Equipment Associates, Inc.*		9,332		573,358
Veeco Instruments, Inc.*		3,521		170,452
Volterra Semiconductor Corp.*		40,147		990,025

				26,605,108

*Software (6.4%)*
ACI Worldwide, Inc.*		4,140		139,808
Actuate Corp.*		4,148		24,266
Advent Software, Inc.*		34,716		977,950
American Software, Inc., Class A		2,700		22,437
ANSYS, Inc.*		11,362		621,161
Ariba, Inc.*		35,747		1,232,199
Aspen Technology, Inc.*		77,031		1,323,393
Blackbaud, Inc.		5,513		152,820

See Notes to Financial Statements.

165

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Blackboard, Inc.*		4,300	$	186,577
Bottomline Technologies, Inc.*		76,807		1,897,901
BroadSoft, Inc.*		24,289		926,140
Cadence Design Systems, Inc.*		304,229		3,212,658
Callidus Software, Inc.*		3,690		21,586
Citrix Systems, Inc.*		13,220		1,057,600
CommVault Systems, Inc.*		5,472		243,230
Compuware Corp.*		19,784		193,092
Concur Technologies, Inc.*		40,221		2,013,865
Convio, Inc.*		1,482		16,020
Deltek, Inc.*		2,849		21,339
DemandTec, Inc.*		3,985		36,264
Digimarc Corp.*		773		27,078
Ebix, Inc.*		2,565		48,863
Ellie Mae, Inc.*		1,017		5,838
EPIQ Systems, Inc.		283		4,024
FactSet Research Systems, Inc.		5,709		584,145
Fair Isaac Corp.		2,865		86,523
FalconStor Software, Inc.*		3,776		16,916
Fortinet, Inc.*		54,521		1,487,878
Glu Mobile, Inc.*		5,182		27,309
Guidance Software, Inc.*		1,691		13,782
Informatica Corp.*		34,316		2,005,084
Interactive Intelligence, Inc.*		1,793		62,845
JDA Software Group, Inc.*		979		30,241
Kenexa Corp.*		3,264		78,271
Lawson Software, Inc.*		20,323		228,024
Magma Design Automation, Inc.*		8,259		65,989
Manhattan Associates, Inc.*		2,696		92,850
Mentor Graphics Corp.*		5,301		67,906
MICROS Systems, Inc.*		33,789		1,679,651
MicroStrategy, Inc., Class A*		989		160,891
Monotype Imaging Holdings, Inc.*		4,415		62,384
Motricity, Inc.*		4,306		33,285
NetScout Systems, Inc.*		4,618		96,470
NetSuite, Inc.*		3,367		131,986
Nuance Communications, Inc.*		42,775		918,379
Opnet Technologies, Inc.		1,786		73,119
Parametric Technology Corp.*		14,690		336,842
Pegasystems, Inc.		2,055		95,660
Progress Software Corp.*		40,235		970,871
PROS Holdings, Inc.*		2,659		46,506
QAD, Inc., Class A*		751		7,675
QAD, Inc., Class B*		116		1,079
QLIK Technologies, Inc.*		52,328		1,782,292
Quest Software, Inc.*		2,323		52,802
Radiant Systems, Inc.*		59,352		1,240,457
RealD, Inc.*		23,510		549,899
RealPage, Inc.*		3,747		99,183
Renaissance Learning, Inc.		584		7,323
Rovi Corp.*		13,973		801,491
S1 Corp.*		898		6,717
SolarWinds, Inc.*		7,047		184,209
Solera Holdings, Inc.		8,745		517,354
Sourcefire, Inc.*		3,534		105,030
SRS Labs, Inc.*		1,529		14,663
SuccessFactors, Inc.*		40,482		1,190,171
Synchronoss Technologies, Inc.*		3,269		103,725
Synopsys, Inc.*		1,252		32,189
Take-Two Interactive Software, Inc.*		9,088		138,865


	Number of Shares		Value (Note 1)

Taleo Corp., Class A*		50,445	$	1,867,978
TeleCommunication Systems, Inc., Class A*		2,396		11,573
TeleNav, Inc.*		1,908		33,829
THQ, Inc.*		105,100		380,462
TIBCO Software, Inc.*		110,714		3,212,920
TiVo, Inc.*		14,645		150,697
Tyler Technologies, Inc.*		3,917		104,897
Ultimate Software Group, Inc.*		3,177		172,924
VASCO Data Security International, Inc.*		3,340		41,583
Verint Systems, Inc.*		2,617		96,934
VirnetX Holding Corp.*		5,037		145,771
Wave Systems Corp., Class A*		9,703		27,362
Websense, Inc.*		4,949		128,526

				37,070,496

Total Information Technology				115,613,352

Materials (3.7%)
*Chemicals (1.6%)*
A. Schulman, Inc.		191		4,811
Airgas, Inc.		9,714		680,369
Albemarle Corp.		11,346		785,143
American Vanguard Corp.		438		5,681
Balchem Corp.		3,573		156,426
Calgon Carbon Corp.*		5,575		94,775
CF Industries Holdings, Inc.		5,100		722,517
Chemtura Corp.*		7,305		132,951
Flotek Industries, Inc.*		6,173		52,594
FutureFuel Corp.		827		10,015
H.B. Fuller Co.		408		9,963
Hawkins, Inc.		1,088		39,407
Huntsman Corp.		4,652		87,690
Innophos Holdings, Inc.		2,679		130,735
Innospec, Inc.*		2,616		87,924
International Flavors & Fragrances, Inc.		9,957		639,638
Intrepid Potash, Inc.*		6,469		210,243
KMG Chemicals, Inc.		774		13,034
Koppers Holdings, Inc.		2,556		96,949
Kraton Performance Polymers, Inc.*		3,443		134,862
Kronos Worldwide, Inc.		2,694		84,726
LSB Industries, Inc.*		2,290		98,287
Methanex Corp.		30,900		969,642
Nalco Holding Co.		15,232		423,602
NewMarket Corp.		1,115		190,342
NL Industries, Inc.		737		13,531
Olin Corp.		5,943		134,668
Omnova Solutions, Inc.*		5,623		39,136
PolyOne Corp.		18,854		291,671
Quaker Chemical Corp.		1,194		51,354
Rockwood Holdings, Inc.*		8,028		443,868
Scotts Miracle-Gro Co., Class A		4,860		249,367
Senomyx, Inc.*		4,857		24,965
Solutia, Inc.*		74,304		1,697,847
TPC Group, Inc.*		1,057		41,456
Valspar Corp.		1,505		54,270
W.R. Grace & Co.*		8,173		372,934
Westlake Chemical Corp.		518		26,884
Zagg, Inc.*		2,471		33,111

See Notes to Financial Statements.

166

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Zep, Inc.		2,653	$	50,142

				9,387,530

*Construction Materials (0.1%)*
Eagle Materials, Inc.		4,462		124,356
Martin Marietta Materials, Inc.		2,648		211,760
United States Lime & Minerals, Inc.*		82		3,363

				339,479

*Containers & Packaging (0.7%)*
AEP Industries, Inc.*		587		17,135
Ball Corp.		50,974		1,960,460
Crown Holdings, Inc.*		19,300		749,226
Graham Packaging Co., Inc.*		231		5,826
Graphic Packaging Holding Co.*		17,230		93,731
Myers Industries, Inc.		291		2,991
Packaging Corp. of America		11,389		318,778
Rock-Tenn Co., Class A		8,567		568,335
Silgan Holdings, Inc.		6,117		250,614
Temple-Inland, Inc.		3,481		103,525

				4,070,621

*Metals & Mining (1.3%)*
AK Steel Holding Corp.		2,738		43,151
Allied Nevada Gold Corp.*		11,040		390,485
AMCOL International Corp.		3,023		115,358
Carpenter Technology Corp.		5,448		314,241
Coeur d’Alene Mines Corp.*		722		17,516
Compass Minerals International, Inc.		4,070		350,305
General Moly, Inc.*		8,479		37,816
Globe Specialty Metals, Inc.		7,746		173,665
Gold Resource Corp.		3,514		87,604
Golden Minerals Co.*		1,288		22,901
Handy & Harman Ltd.*		187		2,878
Haynes International, Inc.		1,169		72,396
Hecla Mining Co.*		34,535		265,574
Horsehead Holding Corp.*		273		3,636
Kaiser Aluminum Corp.		869		47,465
Materion Corp.*		196		7,246
Metals USA Holdings Corp.*		1,419		21,143
Midway Gold Corp.*		9,856		19,318
Molycorp, Inc.*		17,433		1,064,459
Noranda Aluminum Holding Corp.*		2,799		42,377
Paramount Gold and Silver Corp.*		14,482		47,211
Reliance Steel & Aluminum Co.		1,342		66,630
Revett Minerals, Inc.*		1,675		7,554
Royal Gold, Inc.		6,723		393,766
RTI International Metals, Inc.*		497		19,070
Schnitzer Steel Industries, Inc., Class A		785		45,216
Steel Dynamics, Inc.		19,706		320,223
Stillwater Mining Co.*		12,744		280,495
SXC Health Solutions Corp.*		51,005		3,005,215
Titanium Metals Corp.		5,644		103,398
U.S. Gold Corp.*		13,043		78,649
Vista Gold Corp.*		1,377		3,897
Worthington Industries, Inc.		4,442		102,610

				7,573,468


	Number of Shares		Value (Note 1)

*Paper & Forest Products (0.0%)*
Deltic Timber Corp.		1,343	$	72,106
Neenah Paper, Inc.		930		19,790

				91,896

Total Materials				21,462,994

Telecommunication Services (0.8%)
*Diversified Telecommunication Services (0.4%)*
8x8, Inc.*		7,668		37,497
AboveNet, Inc.		2,886		203,348
Alaska Communications Systems Group, Inc.		1,145		10,156
Atlantic Tele-Network, Inc.		277		10,626
Boingo Wireless, Inc.*		518		4,703
Cbeyond, Inc.*		3,506		46,384
Cincinnati Bell, Inc.*		7,010		23,273
Cogent Communications Group, Inc.*		5,684		96,685
Consolidated Communications Holdings, Inc.		2,508		48,756
Fairpoint Communications, Inc.*		294		2,708
General Communication, Inc., Class A*		5,074		61,243
Global Crossing Ltd.*		2,386		91,575
HickoryTech Corp.		1,575		18,711
IDT Corp., Class B		1,567		42,340
inContact, Inc.*		3,391		16,107
Iridium Communications, Inc.*		602		5,207
PAETEC Holding Corp.*		10,982		52,604
SureWest Communications		195		3,260
Towerstream Corp.*		4,149		20,703
tw telecom, Inc.*		77,660		1,594,360
Vonage Holdings Corp.*		7,268		32,052

				2,422,298

*Wireless Telecommunication Services (0.4%)*
Clearwire Corp., Class A*		19,217		72,640
ICO Global Communications Holdings Ltd.*		11,758		32,570
Leap Wireless International, Inc.*		1,564		25,384
MetroPCS Communications, Inc.*		58,038		998,834
NTELOS Holdings Corp.		3,747		76,514
SBA Communications Corp., Class A*		24,922		951,771
Shenandoah Telecommunications Co.		3,025		51,485

				2,209,198

Total Telecommunication Services				4,631,496

Utilities (0.1%)
*Electric Utilities (0.1%)*
ITC Holdings Corp.		6,307		452,653
Otter Tail Corp.		230		4,853

				457,506

*Gas Utilities (0.0%)*
National Fuel Gas Co.		1,489		108,399
South Jersey Industries, Inc.		698		37,909

				146,308

See Notes to Financial Statements.

167

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Independent Power Producers & Energy Traders (0.0%)*
Atlantic Power Corp.		642	$	9,771

*Water Utilities (0.0%)*
Aqua America, Inc.		1,739		38,223
Pennichuck Corp.		270		7,763

				45,986

Total Utilities				659,571

Total Common Stocks (78.2%) (Cost $329,122,772)				451,657,187

	Number of Shares		Value (Note 1)

SHORT-TERM INVESTMENTS:
Short-Term Investment (19.3%)
BlackRock Liquidity Funds TempFund 0.08% ‡		111,127,866	$	111,127,866


	Principal Amount		Value (Note 1)

Time Deposit (1.1%)
JPMorgan Chase Nassau 0.000%, 7/1/11	$	6,448,997	$	6,448,997

Total Short-Term Investments (20.4%) (Cost $117,576,863)				117,576,863

Total Investments (98.6%) (Cost $446,699,635)				569,234,050
Other Assets Less Liabilities (1.4%)				8,056,333

Net Assets (100%)			$	577,290,383

*	Non-income producing.

@	Shares are less than 0.5

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

Glossary:

ADR

— American Depositary Receipt

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	102,579,992	$	68,146,006	$	59,598,132	$	111,127,866	$	68,764	$	—

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index		256		September-11	$	11,641,430	$	11,883,520	$	242,090
Russell 2000 Mini Index		439		September-11		34,620,782		36,235,060		1,614,278
S&P MidCap 400 E-Mini Index		733		September-11		69,473,954		71,577,450		2,103,496

									$	3,959,864

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

See Notes to Financial Statements.

168

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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	$	80,222,827	$	1,449,160	$	—	$	81,671,987
Consumer Staples		15,881,877		—		—		15,881,877
Energy		35,476,007		1,877,429		—		37,353,436
Financials		27,092,304		778,874		—		27,871,178
Health Care		67,930,119		—		—		67,930,119
Industrials		77,343,155		1,238,022		—		78,581,177
Information Technology		115,114,591		498,761		—		115,613,352
Materials		21,462,994		—		—		21,462,994
Telecommunication Services		4,631,496		—		—		4,631,496
Utilities		659,571		—		—		659,571
Futures		3,959,864		—		—		3,959,864
Short-Term Investments		—		117,576,863		—		117,576,863

Total Assets	$	449,774,805	$	123,419,109	$	—	$	573,193,914

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	449,774,805	$	123,419,109	$	—	$	573,193,914

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



	Investments in Common Stocks- Consumer Discretionary			Investments in Corporate Bonds- Financials

Balance as of 12/31/10	$	8,837		$	1,693
Total gains or losses (realized/unrealized) included in earnings		(3,114	)		(633	)
Purchases		—			—
Sales		(5,723	)		(1,060	)
Issuances		—			—
Settlements		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—

Balance as of 6/30/11	$	—		$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 06/30/11.	$	—		$	—

See Notes to Financial Statements.

169

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2011:


	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		3,959,864	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	3,959,864


	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		$	—

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2011:


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		—		6,548,087		—		—		6,548,087
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	6,548,087	$	—	$	—	$	6,548,087


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		—		1,612,333		—		—		1,612,333
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	1,612,333	$	—	$	—	$	1,612,333

The Portfolio held futures contracts with an average notional balance of approximately $117,079,000 during the six months ended June 30, 2011.

^ This Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	179,560,123
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	204,155,464

As of June 30, 2011, 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	$	125,103,798
Aggregate gross unrealized depreciation		(7,344,015	)

Net unrealized appreciation	$	117,759,783

Federal income tax cost of investments	$	451,474,267

For the six months ended June 30, 2011, the Portfolio incurred approximately $395 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $76,158,473, which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $111,127,866)	$	111,127,866
Unaffiliated Issuers (Cost $335,571,769)		458,106,184
Cash		94,033
Cash held as collateral at broker		7,524,000
Receivable for securities sold		2,797,641
Due from broker for futures variation margin		818,855
Receivable from Separate Accounts for Trust shares sold		212,129
Dividends, interest and other receivables		115,571
Receivable from investment sub-advisor		12,783
Other assets		3,859

Total assets		580,812,921

LIABILITIES
Payable for securities purchased		2,267,044
Payable to Separate Accounts for Trust shares redeemed		572,807
Investment management fees payable		367,366
Distribution fees payable - Class B		98,043
Administrative fees payable		84,957
Trustees’ fees payable		12,263
Accrued expenses		120,058

Total liabilities		3,522,538

NET ASSETS	$	577,290,383

Net assets were comprised of:
Paid in capital	$	488,211,035
Accumulated undistributed net investment income (loss)		(2,723,021	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(34,691,962	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		126,494,331

Net assets	$	577,290,383

Class A
Net asset value, offering and redemption price per share, $84,912,023 / 8,366,135 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.15

Class B
Net asset value, offering and redemption price per share, $492,378,360 / 49,949,065 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.86

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends ($68,764 of dividend income received from affiliates) (net of $9,965 foreign withholding tax)	$	1,178,360
Interest		51

Total income		1,178,411

EXPENSES
Investment management fees		2,274,771
Distribution fees - Class B		608,532
Administrative fees		442,424
Custodian fees		83,813
Professional fees		25,171
Printing and mailing expenses		22,356
Trustees’ fees		4,676
Miscellaneous		7,963

Gross expenses		3,469,706
Less: Reimbursement from sub-advisor		(37,495	)
Fees paid indirectly		(6,687	)

Net expenses		3,425,524

NET INVESTMENT INCOME (LOSS)		(2,247,113	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		41,653,811
Foreign currency transactions		(45,261	)
Futures		6,548,087

Net realized gain (loss)		48,156,637

Change in unrealized appreciation (depreciation) on:
Securities		4,294,374
Foreign currency translations		1,123
Futures		1,612,333

Net change in unrealized appreciation (depreciation)		5,907,830

NET REALIZED AND UNREALIZED GAIN (LOSS)		54,064,467

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	51,817,354

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(2,247,113	)	$	(3,090,080	)
Net realized gain (loss) on investments, futures and foreign currency transactions		48,156,637			98,210,756
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		5,907,830			25,842,840

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		51,817,354			120,963,516

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 232,289 and 2,797,393 shares, respectively ]		2,279,733			20,990,992
Capital shares repurchased [ (315,778) and (6,005,982) shares, respectively ]		(3,096,864	)		(49,216,913	)

Total Class A transactions		(817,131	)		(28,225,921	)

Class B
Capital shares sold [ 3,867,009 and 7,013,985 shares, respectively ]		37,338,183			54,310,460
Capital shares repurchased [ (5,613,569) and (11,027,328) shares, respectively ]		(53,773,183	)		(83,627,357	)

Total Class B transactions		(16,435,000	)		(29,316,897	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(17,252,131	)		(57,542,818	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		34,565,223			63,420,698
NET ASSETS:
Beginning of period		542,725,160			479,304,462

End of period (a)	$	577,290,383		$	542,725,160

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(2,723,021	)	$	(475,908	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.24		$	7.27		$	5.11		$	9.13		$	9.04		$	9.12

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.03	)(e)		—	#(e)		(0.04	)(e)		(0.07	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.94			2.00			2.16			(3.90	)		1.14			0.96

Total from investment operations		0.91			1.97			2.16			(3.94	)		1.07			0.89

Less distributions:
Distributions from net realized gains		—			—			—			(0.08	)		(0.98	)		(0.97	)

Net asset value, end of period	$	10.15		$	9.24		$	7.27		$	5.11		$	9.13		$	9.04

Total return (b)		9.85	%		27.10	%		42.27	%		(43.47	)%		12.22	%		9.83	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	84,912		$	78,095		$	84,705		$	151,539		$	303,194		$	230,585
Ratio of expenses to average net assets:
After reimbursements (a)		0.99	%		1.04	%		0.78	%		1.21	%		1.27	%		1.26	%
After reimbursements and fees paid indirectly (a)		0.99	%		1.03	%		0.78	%		1.21	%		1.27	%		1.26	%
Before reimbursements and fees paid indirectly (a)		1.01	%		1.04	%		1.07	%		1.31	%		1.30	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		(0.58	)%		(0.43	)%		(0.05	)%		(0.50	)%		(0.67	)%		(0.74	)%
After reimbursements and fees paid indirectly (a)		(0.58	)%		(0.43	)%		(0.05	)%		(0.50	)%		(0.67	)%		(0.74	)%
Before reimbursements and fees paid indirectly (a)		(0.59	)%		(0.44	)%		(0.34	)%		(0.61	)%		(0.70	)%		(0.78	)%
Portfolio turnover rate		39	%		65	%		122	%		128	%		81	%		77	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	8.99		$	7.08		$	4.99		$	8.95		$	8.90		$	9.01

Income (loss) from investment operations:
Net investment income (loss)		(0.04	)(e)		(0.05	)(e)		(0.02	)(e)		(0.05	)(e)		(0.09	)(e)		(0.09	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.91			1.96			2.11			(3.83	)		1.12			0.95

Total from investment operations		0.87			1.91			2.09			(3.88	)		1.03			0.86

Less distributions:
Distributions from net realized gains		—			—			—			(0.08	)		(0.98	)		(0.97	)

Net asset value, end of period	$	9.86		$	8.99		$	7.08		$	4.99		$	8.95		$	8.90

Total return (b)		9.68	%		26.98	%		41.88	%		(43.68	)%		11.97	%		9.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	492,378		$	464,630		$	394,599		$	288,031		$	554,500		$	543,139
Ratio of expenses to average net assets:
After reimbursements (a)		1.24	%		1.29	%		1.15	%		1.46	%		1.52	%		1.51	%
After reimbursements and fees paid indirectly (a)		1.24	%		1.28	%		1.15	%		1.46	%		1.52	%		1.51	%
Before reimbursements and fees paid indirectly (a)		1.26	%		1.29	%		1.32	%		1.56	%(c)		1.55	%		1.55	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		(0.83	)%		(0.67	)%		(0.42	)%		(0.75	)%		(0.93	)%		(0.99	)%
After reimbursements and fees paid indirectly (a)		(0.83	)%		(0.67	)%		(0.42	)%		(0.75	)%		(0.93	)%		(0.99	)%
Before reimbursements and fees paid indirectly (a)		(0.84	)%		(0.68	)%		(0.59	)%		(0.86	)%		(0.96	)%		(1.03	)%
Portfolio turnover rate		39	%		65	%		122	%		128	%		81	%		77	%

#	Per share amount is less than $0.005

(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.

See Notes to Financial Statements.

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Sector Weightings as of 06/30/11	% of Net Assets
Financials		20.1	%
Energy		10.4
Industrials		10.4
Consumer Discretionary		6.5
Materials		6.1
Information Technology		6.1
Health Care		5.5
Consumer Staples		4.5
Utilities		4.4
Telecommunication Services		0.9
Investment Companies		0.0	#
Cash and Other		25.1

		100.0	%

# less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,046.70		$4.97
Hypothetical (5% average return before expenses)		1,000.00		1,019.93		4.91
Class B
Actual		1,000.00		1,045.60		6.24
Hypothetical (5% average return before expenses)		1,000.00		1,018.70		6.16
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.98% and 1.23% , respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period ).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (6.5%)
*Auto Components (0.9%)*
American Axle & Manufacturing Holdings, Inc.*		6,534	$	74,357
Autoliv, Inc.		11,078		869,069
Dana Holding Corp.*		1,098		20,093
Drew Industries, Inc.		1,424		35,201
Exide Technologies, Inc.*		7,220		55,161
Federal-Mogul Corp.*		2,416		55,157
Fuel Systems Solutions, Inc.*		2,063		51,472
Lear Corp.		13,070		698,984
Modine Manufacturing Co.*		5,830		89,607
Motorcar Parts of America, Inc.*		1,418		21,284
Shiloh Industries, Inc.		533		5,746
Spartan Motors, Inc.		4,100		22,140
Standard Motor Products, Inc.		2,402		36,583
Superior Industries International, Inc.		2,883		63,743
TRW Automotive Holdings Corp.*		12,645		746,434
Visteon Corp.*		47,993		3,283,201

				6,128,232

*Automobiles (0.0%)*
Thor Industries, Inc.		5,496		158,505

*Distributors (0.0%)*
Audiovox Corp., Class A*		2,375		17,955
Core-Mark Holding Co., Inc.*		1,199		42,804
Weyco Group, Inc.		779		19,164

				79,923

*Diversified Consumer Services (0.6%)*
Archipelago Learning, Inc.*		682		6,724
Ascent Media Corp., Class A*		1,776		94,075
Cambium Learning Group, Inc.*		1,725		5,813
Career Education Corp.*		7,673		162,284
Corinthian Colleges, Inc.*		9,729		41,446
DeVry, Inc.		1,605		94,904
Education Management Corp.*		4,779		114,409
Hillenbrand, Inc.		63,485		1,501,420
Lincoln Educational Services Corp.		2,774		47,574
Mac-Gray Corp.		1,588		24,535
Matthews International Corp., Class A		2,208		88,651
Regis Corp.		7,226		110,702
Service Corp. International		29,694		346,826
Steiner Leisure Ltd.*		26,600		1,215,088
Stewart Enterprises, Inc., Class A		9,924		72,445

				3,926,896

*Hotels, Restaurants & Leisure (1.2%)*
Ambassadors Group, Inc.		1,616		14,269
Bally Technologies, Inc.*		400		16,272
Benihana, Inc., Class A*		1,524		15,987
Biglari Holdings, Inc.*		141		55,138
Bob Evans Farms, Inc.		3,764		131,627
Boyd Gaming Corp.*		7,142		62,135
Brinker International, Inc.		886		21,672
California Pizza Kitchen, Inc.*		620		11,451


	Number of Shares		Value (Note 1)

Caribou Coffee Co., Inc.*		836	$	11,069
Choice Hotels International, Inc.		3,448		115,025
Churchill Downs, Inc.		1,140		51,391
Cracker Barrel Old Country Store, Inc.		189		9,320
Denny’s Corp.*		3,306		12,827
Domino’s Pizza, Inc.*		4,766		120,294
Gaylord Entertainment Co.*		4,490		134,700
International Speedway Corp., Class A		3,642		103,469
Isle of Capri Casinos, Inc.*		2,637		23,338
Jack in the Box, Inc.*		5,840		133,035
Life Time Fitness, Inc.*		530		21,152
Luby’s, Inc.*		2,069		11,421
Marcus Corp.		2,851		28,168
McCormick & Schmick’s Seafood Restaurants, Inc.*		1,614		13,864
Monarch Casino & Resort, Inc.*		1,236		12,904
Morgans Hotel Group Co.*		2,058		14,797
Multimedia Games Holding Co., Inc.*		3,636		16,544
O’Charleys, Inc.*		2,211		16,162
Orient-Express Hotels Ltd., Class A*		12,050		129,538
P.F. Chang’s China Bistro, Inc.		253		10,181
Penn National Gaming, Inc.*		8,510		343,293
Pinnacle Entertainment, Inc.*		6,798		101,290
Red Lion Hotels Corp.*		2,287		18,067
Red Robin Gourmet Burgers, Inc.*		186		6,767
Ruby Tuesday, Inc.*		8,110		87,426
Ruth’s Hospitality Group, Inc.*		3,536		19,837
Scientific Games Corp., Class A*		3,421		35,373
Shuffle Master, Inc.*		1,244		11,638
Speedway Motorsports, Inc.		1,588		22,518
Texas Roadhouse, Inc.		541		9,487
Town Sports International Holdings, Inc.*		1,376		10,471
Vail Resorts, Inc.		1,002		46,312
Wendy’s/Arby’s Group, Inc., Class A		894,351		4,534,360
WMS Industries, Inc.*		7,135		219,187
Wyndham Worldwide Corp.		21,211		713,750

				7,497,526

*Household Durables (0.8%)*
American Greetings Corp., Class A		4,713		113,301
Beazer Homes USA, Inc.*		9,604		32,558
Blyth, Inc.		635		31,972
Cavco Industries, Inc.*		821		36,945
CSS Industries, Inc.		1,023		21,411
D.R. Horton, Inc.		34,858		401,564
Ethan Allen Interiors, Inc.		2,001		42,601
Furniture Brands International, Inc.*		5,145		21,300
Harman International Industries, Inc.		2,969		135,297
Helen of Troy Ltd.*		3,829		132,215
Hovnanian Enterprises, Inc., Class A*		7,674		18,494
Jarden Corp.		11,398		393,345

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

KB Home		9,769	$	95,541
La-Z-Boy, Inc.*		6,338		62,556
Leggett & Platt, Inc.		39,176		955,111
Lennar Corp., Class A		19,967		362,401
Lifetime Brands, Inc.		1,089		12,785
M.D.C. Holdings, Inc.		4,638		114,280
M/I Homes, Inc.*		2,386		29,252
Meritage Homes Corp.*		3,515		79,298
Mohawk Industries, Inc.*		7,050		422,930
NVR, Inc.*		730		529,601
Pulte Group, Inc.*		42,705		327,120
Ryland Group, Inc.		5,639		93,213
Sealy Corp.*		6,468		16,364
Skyline Corp.		931		16,293
Standard Pacific Corp.*		13,609		45,590
Toll Brothers, Inc.*		18,181		377,074
Universal Electronics, Inc.*		1,117		28,216

				4,948,628

*Internet & Catalog Retail (0.1%)*
1-800-FLOWERS.COM, Inc., Class A*		3,372		10,453
IAC/InterActiveCorp*		9,992		381,395
Valuevision Media, Inc., Class A*		963		7,367

				399,215

*Leisure Equipment & Products (0.4%)*
Arctic Cat, Inc.*		1,447		19,433
Black Diamond, Inc.*		1,533		12,080
Callaway Golf Co.		144,543		899,058
Eastman Kodak Co.*		33,478		119,851
JAKKS Pacific, Inc.*		3,297		60,698
Johnson Outdoors, Inc., Class A*		508		8,697
Leapfrog Enterprises, Inc.*		5,072		21,404
Marine Products Corp.*		581		3,904
Mattel, Inc.		42,375		1,164,889
Smith & Wesson Holding Corp.*		4,736		14,208
Steinway Musical Instruments, Inc.*		861		22,119
Summer Infant, Inc.*		1,516		12,310

				2,358,651

*Media (0.5%)*
AH Belo Corp., Class A		2,211		16,450
Belo Corp., Class A*		8,094		60,948
Central European Media Enterprises Ltd., Class A*		4,590		90,652
Cinemark Holdings, Inc.		1,092		22,615
Clear Channel Outdoor Holdings, Inc., Class A*		5,020		63,754
Crown Media Holdings, Inc., Class A*		2,300		4,393
Cumulus Media, Inc., Class A*		2,041		7,143
DreamWorks Animation SKG, Inc., Class A*		8,851		177,905
Entercom Communications Corp., Class A*		2,972		25,797
Entravision Communications Corp., Class A*		2,346		4,340
EW Scripps Co., Class A*		4,369		42,248
Fisher Communications, Inc.*		1,143		34,084
Gannett Co., Inc.		29,963		429,070


	Number of Shares		Value (Note 1)

Gray Television, Inc.*		6,015	$	15,880
Harte-Hanks, Inc.		5,439		44,165
Interpublic Group of Cos., Inc.		37,990		474,875
Journal Communications, Inc., Class A*		5,247		27,127
Knology, Inc.*		323		4,797
Lamar Advertising Co., Class A*		5,080		139,040
Liberty Media Corp. - Starz*		6,474		487,104
LIN TV Corp., Class A*		3,645		17,751
Live Nation Entertainment, Inc.*		17,487		200,576
Madison Square Garden Co., Class A*		7,432		204,603
Martha Stewart Living Omnimedia, Inc., Class A*		3,342		14,504
McClatchy Co., Class A*		7,090		19,923
Meredith Corp.		4,558		141,891
New York Times Co., Class A*		17,059		148,754
Nexstar Broadcasting Group, Inc., Class A*		1,032		8,473
Outdoor Channel Holdings, Inc.*		1,929		13,194
PRIMEDIA, Inc.		2,042		14,396
Regal Entertainment Group, Class A		6,791		83,869
Saga Communications, Inc., Class A*		420		15,540
Scholastic Corp.		3,358		89,323
Sinclair Broadcast Group, Inc., Class A		5,776		63,420
Warner Music Group Corp.*		4,930		40,525
Washington Post Co., Class B		619		259,330
Westwood One, Inc.*		722		3,726
World Wrestling Entertainment, Inc., Class A		359		3,421

				3,515,606

*Multiline Retail (0.1%)*
99 Cents Only Stores*		5,159		104,418
Big Lots, Inc.*		6,146		203,740
Bon-Ton Stores, Inc.		1,474		14,327
Dillard’s, Inc., Class A		4,227		220,396
Fred’s, Inc., Class A		4,856		70,072
Saks, Inc.*		14,401		160,859
Tuesday Morning Corp.*		5,315		24,715

				798,527

*Specialty Retail (1.4%)*
Aaron’s, Inc.		2,717		76,782
Abercrombie & Fitch Co., Class A		1,538		102,923
American Eagle Outfitters, Inc.		24,250		309,187
America’s Car-Mart, Inc.*		511		16,863
Asbury Automotive Group, Inc.*		3,598		66,671
AutoNation, Inc.*		2,588		94,747
Barnes & Noble, Inc.		3,634		60,252
bebe stores, Inc.		4,576		27,959
Best Buy Co., Inc.		84,225		2,645,507
Big 5 Sporting Goods Corp.		2,632		20,688
Brown Shoe Co., Inc.		5,502		58,596
Build-A-Bear Workshop, Inc.*		2,256		14,687
Cabela’s, Inc.*		5,383		146,148
CarMax, Inc.*		23,427		774,731
Casual Male Retail Group, Inc.*		5,031		20,879

See Notes to Financial Statements.

178

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Charming Shoppes, Inc.*		14,526	$	60,428
Chico’s FAS, Inc.		7,345		111,864
Children’s Place Retail Stores, Inc.*		3,250		144,592
Christopher & Banks Corp.		4,368		25,116
Citi Trends, Inc.*		1,855		27,973
Coldwater Creek, Inc.*		7,370		10,318
Collective Brands, Inc.*		7,671		112,687
Conn’s, Inc.*		1,555		13,451
Cost Plus, Inc.*		815		8,150
DSW, Inc., Class A*		208		10,527
Finish Line, Inc., Class A		4,474		95,744
Foot Locker, Inc.		19,243		457,214
GameStop Corp., Class A*		17,591		469,152
Genesco, Inc.*		2,622		136,606
Group 1 Automotive, Inc.		2,989		123,087
Haverty Furniture Cos., Inc.		2,272		26,151
hhgregg, Inc.*		2,130		28,542
HOT Topic, Inc.		5,483		40,794
Kirkland’s, Inc.*		2,055		24,701
Lithia Motors, Inc., Class A		2,764		54,257
MarineMax, Inc.*		2,810		24,616
Men’s Wearhouse, Inc.		5,330		179,621
New York & Co., Inc.*		3,268		16,177
Office Depot, Inc.*		34,589		145,966
OfficeMax, Inc.*		10,716		84,121
Pacific Sunwear of California, Inc.*		6,080		15,869
Penske Automotive Group, Inc.		5,527		125,684
PEP Boys-Manny, Moe & Jack		6,531		71,384
Pier 1 Imports, Inc.*		9,039		104,581
RadioShack Corp.		13,316		177,236
Rent-A-Center, Inc.		7,924		242,157
Sally Beauty Holdings, Inc.*		909		15,544
Select Comfort Corp.*		875		15,733
Shoe Carnival, Inc.*		1,155		34,823
Signet Jewelers Ltd.*		10,809		505,969
Sonic Automotive, Inc., Class A		4,987		73,060
Stage Stores, Inc.		4,538		76,238
Stein Mart, Inc.		3,324		32,043
Syms Corp.*		694		7,481
Systemax, Inc.*		1,225		18,301
Talbots, Inc.*		8,799		29,389
West Marine, Inc.*		1,969		20,419
Wet Seal, Inc., Class A*		12,528		56,000
Williams-Sonoma, Inc.		6,252		228,135
Zale Corp.*		3,932		22,019

				8,740,540

*Textiles, Apparel & Luxury Goods (0.5%)*
Carter’s, Inc.*		30,964		952,453
Cherokee, Inc.		208		3,569
Columbia Sportswear Co.		498		31,573
Delta Apparel, Inc.*		740		12,580
Iconix Brand Group, Inc.*		9,063		219,325
Jones Group, Inc.		10,800		117,180
Kenneth Cole Productions, Inc., Class A*		603		7,531
K-Swiss, Inc., Class A*		108,664		1,155,098
Liz Claiborne, Inc.*		11,135		59,572
Movado Group, Inc.		2,193		37,522
Perry Ellis International, Inc.*		1,440		36,360


	Number of Shares		Value (Note 1)

Phillips-Van Heusen Corp.		6,315	$	413,443
Quiksilver, Inc.*		16,088		75,614
R.G. Barry Corp.		835		9,419
Skechers U.S.A., Inc., Class A*		4,685		67,839
Timberland Co., Class A*		1,330		57,150
Unifi, Inc.*		1,781		24,578
Warnaco Group, Inc.*		876		45,771

				3,326,577

Total Consumer Discretionary				41,878,826

Consumer Staples (4.5%)
*Beverages (0.4%)*
Central European Distribution Corp.*		9,060		101,472
Constellation Brands, Inc., Class A*		22,672		472,031
Craft Brewers Alliance, Inc.*		733		6,311
Heckmann Corp.*		5,799		35,026
MGP Ingredients, Inc.		1,366		11,898
Molson Coors Brewing Co., Class B		41,385		1,851,565
Primo Water Corp.*		476		6,849

				2,485,152

*Food & Staples Retailing (1.0%)*
Andersons, Inc.		2,326		98,273
Arden Group, Inc., Class A		57		5,245
BJ’s Wholesale Club, Inc.*		6,130		308,646
Ingles Markets, Inc., Class A		1,481		24,511
Kroger Co.		174,429		4,325,839
Nash Finch Co.		1,473		52,748
Pantry, Inc.*		2,580		48,478
Rite Aid Corp.*		68,013		90,457
Ruddick Corp.		25,628		1,115,843
Spartan Stores, Inc.		2,851		55,680
SUPERVALU, Inc.		26,405		248,471
Susser Holdings Corp.*		933		14,667
Village Super Market, Inc., Class A		722		20,007
Weis Markets, Inc.		1,378		56,126
Winn-Dixie Stores, Inc.*		7,024		59,353

				6,524,344

*Food Products (2.4%)*
Alico, Inc.		238		6,098
B&G Foods, Inc.		2,570		52,993
Cal-Maine Foods, Inc.		1,615		51,615
Chiquita Brands International, Inc.*		5,699		74,201
ConAgra Foods, Inc.		152,580		3,938,090
Corn Products International, Inc.		1,848		102,158
Cresud S.A.C.I.F. y A. (ADR)		33,150		538,356
Dean Foods Co.*		202,512		2,484,822
Dole Food Co., Inc.*		3,655		49,416
Farmer Bros Co.		1,000		10,140
Flowers Foods, Inc.		100,485		2,214,689
Fresh Del Monte Produce, Inc.		61,232		1,633,058
Griffin Land & Nurseries, Inc.		388		12,606
Hain Celestial Group, Inc.*		3,384		112,890
Harbinger Group, Inc.*		1,330		8,126
Imperial Sugar Co.		1,546		30,920

See Notes to Financial Statements.

179

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Omega Protein Corp.*		2,121	$	29,270
Pilgrim’s Pride Corp.*		6,230		33,704
Ralcorp Holdings, Inc.*		19,008		1,645,713
Sanderson Farms, Inc.		2,751		131,443
Seneca Foods Corp., Class A*		1,199		30,670
Smart Balance, Inc.*		3,774		19,549
Smithfield Foods, Inc.*		20,628		451,134
Snyders-Lance, Inc.		5,802		125,497
Tootsie Roll Industries, Inc.		227		6,642
TreeHouse Foods, Inc.*		1,839		100,428
Tyson Foods, Inc., Class A		88,349		1,715,738

				15,609,966

*Household Products (0.7%)*
Central Garden & Pet Co., Class A*		5,978		60,677
Church & Dwight Co., Inc.		7,444		301,780
Energizer Holdings, Inc.*		50,886		3,682,111
Oil-Dri Corp. of America		627		13,430
Spectrum Brands Holdings, Inc.*		461		14,752

				4,072,750

*Personal Products (0.0%)*
Elizabeth Arden, Inc.*		604		17,534
Nutraceutical International Corp.*		1,289		19,825
Prestige Brands Holdings, Inc.*		6,227		79,955
Revlon, Inc., Class A*		1,400		23,520
Schiff Nutrition International, Inc.		1,000		11,190

				152,024

*Tobacco (0.0%)*
Alliance One International, Inc.*		10,609		34,267
Star Scientific, Inc.*		1,438		6,471
Universal Corp.		2,915		109,808
Vector Group Ltd.		1,741		30,972

				181,518

Total Consumer Staples				29,025,754

Energy (10.1%)
*Energy Equipment & Services (0.9%)*
Atwood Oceanics, Inc.*		5,014		221,268
Bristow Group, Inc.		28,191		1,438,305
Cal Dive International, Inc.*		4,615		27,598
Dawson Geophysical Co.*		722		24,656
Exterran Holdings, Inc.*		44,302		878,509
Global Industries Ltd.*		12,605		69,075
Gulf Island Fabrication, Inc.		1,527		49,292
Gulfmark Offshore, Inc., Class A*		2,425		107,161
Helix Energy Solutions Group, Inc.*		13,248		219,387
Helmerich & Payne, Inc.		869		57,458
Hercules Offshore, Inc.*		14,223		78,369
Hornbeck Offshore Services, Inc.*		2,874		79,035
Key Energy Services, Inc.*		1,624		29,232
Matrix Service Co.*		2,817		37,692
Mitcham Industries, Inc.*		541		9,359
Natural Gas Services Group, Inc.*		1,566		25,307
Newpark Resources, Inc.*		10,514		95,362
Oil States International, Inc.*		1,011		80,789
Parker Drilling Co.*		14,565		85,205


	Number of Shares		Value (Note 1)

Patterson-UTI Energy, Inc.		17,048	$	538,887
PHI, Inc. (Non-Voting)*		1,700		36,941
Pioneer Drilling Co.*		1,461		22,266
Rowan Cos., Inc.*		13,231		513,495
SEACOR Holdings, Inc.		2,694		269,292
Solar Cayman Ltd.*†(b)		141,300		76,302
Tesco Corp.*		725		14,072
TETRA Technologies, Inc.*		8,456		107,645
Tidewater, Inc.		6,030		324,474
Union Drilling, Inc.*		2,000		20,580
Unit Corp.*		5,194		316,470
Vantage Drilling Co.*		21,978		40,000
Willbros Group, Inc.*		3,984		34,023

				5,927,506

*Oil, Gas & Consumable Fuels (9.2%)*
Alon USA Energy, Inc.		327		3,685
Approach Resources, Inc.*		786		17,819
Arch Coal, Inc.		96,793		2,580,501
Berry Petroleum Co., Class A		29,780		1,582,211
Bill Barrett Corp.*		5,436		251,959
BPZ Resources, Inc.*		9,561		31,360
CAMAC Energy, Inc.*		6,838		9,095
Cameco Corp.		126,432		3,331,483
Chesapeake Energy Corp.		86,462		2,567,057
Cimarex Energy Co.		45,610		4,101,251
Cloud Peak Energy, Inc.*		6,009		127,992
Cobalt International Energy, Inc.*		1,044		14,230
Comstock Resources, Inc.*		5,878		169,228
Consol Energy, Inc.		37,468		1,816,449
Crimson Exploration, Inc.*		2,291		8,133
Crosstex Energy LP		225,000		4,083,750
Crosstex Energy, Inc.		583		6,938
Delek U.S. Holdings, Inc.		1,788		28,072
Denbury Resources, Inc.*		141,315		2,826,300
DHT Holdings, Inc.		8,310		31,827
Endeavour International Corp.*		4,546		68,508
Energen Corp.		33,226		1,877,269
Energy Partners Ltd.*		3,572		52,901
EXCO Resources, Inc.		1,505		26,563
Forest Oil Corp.*		22,313		595,980
Frontline Ltd.		6,403		94,380
Gastar Exploration Ltd.*		7,075		24,267
General Maritime Corp.		14,346		19,367
GeoResources, Inc.*		1,564		35,174
GMX Resources, Inc.*		5,216		23,211
Green Plains Renewable Energy, Inc.*		2,639		28,475
Harvest Natural Resources, Inc.*		4,256		46,944
James River Coal Co.*		4,402		91,650
Knightsbridge Tankers Ltd.		2,675		58,930
L&L Energy, Inc.*		2,749		14,102
Miller Energy Resources, Inc.*		3,734		23,898
Nexen, Inc.		100,596		2,263,410
Noble Energy, Inc.		45,655		4,092,058
Nordic American Tanker Shipping Ltd.		5,911		134,416
Overseas Shipholding Group, Inc.		153,289		4,129,606
Patriot Coal Corp.*		782		17,407
Pengrowth Energy Corp.		271,000		3,409,180
Penn Virginia Corp.		5,671		74,914
Petrobras Argentina S.A. (ADR)		26,226		507,998

See Notes to Financial Statements.

180

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Petroleum Development Corp.*		2,897	$	86,649
PetroQuest Energy, Inc.*		5,436		38,161
Plains Exploration & Production Co.*		134,524		5,128,055
Quicksilver Resources, Inc.*		13,708		202,330
Range Resources Corp.		29,240		1,622,820
REX American Resources Corp.*		913		15,156
Rex Energy Corp.*		666		6,840
SandRidge Energy, Inc.*		527,000		5,617,820
Scorpio Tankers, Inc.*		2,986		29,830
SemGroup Corp., Class A*		5,129		131,661
Ship Finance International Ltd.		5,649		101,795
SM Energy Co.		1,522		111,837
Solazyme, Inc.*		308		7,075
Southern Union Co.		15,483		621,642
Southwestern Energy Co.*		31,555		1,353,078
Swift Energy Co.*		5,272		196,487
Teekay Corp.		5,176		159,835
Teekay Tankers Ltd., Class A		5,215		49,021
Tesoro Corp.*		63,464		1,453,960
Triangle Petroleum Corp.*		2,685		17,345
Ur-Energy, Inc.*		2,288		3,661
USEC, Inc.*		14,589		48,727
VAALCO Energy, Inc.*		5,792		34,868
Venoco, Inc.*		2,782		35,443
Voyager Oil & Gas, Inc.*		1,442		4,283
Warren Resources, Inc.*		7,629		29,066
Western Refining, Inc.*		424		7,662
Westmoreland Coal Co.*		833		14,786
Whiting Petroleum Corp.*		16,210		922,511
World Fuel Services Corp.		3,788		136,103

				59,488,455

Total Energy				65,415,961

Financials (19.8%)
*Capital Markets (1.1%)*
Affiliated Managers Group, Inc.*		1,852		187,885
American Capital Ltd.*		43,802		434,954
Apollo Investment Corp.		24,216		247,245
Ares Capital Corp.		25,367		407,648
Arlington Asset Investment Corp., Class A		774		24,296
Artio Global Investors, Inc.		533		6,023
BlackRock Kelso Capital Corp.		7,164		64,261
Calamos Asset Management, Inc., Class A		2,456		35,661
Capital Southwest Corp.		385		35,524
CIFC Deerfield Corp.*		1,316		9,015
Cohen & Steers, Inc.		400		13,260
Cowen Group, Inc., Class A*		8,882		33,397
Daiwa Securities Group, Inc. (ADR)		449,180		2,003,343
ETRADE Financial Corp.		31,270		431,526
Edelman Financial Group, Inc.		2,790		22,013
FBR & Co.*		6,124		20,822
Federated Investors, Inc., Class B		2,213		52,758
Fifth Street Finance Corp.		8,426		97,742
FXCM, Inc., Class A		2,137		21,199
GAMCO Investors, Inc., Class A		342		15,831
GFI Group, Inc.		8,574		39,355
Gladstone Capital Corp.		2,697		24,920


	Number of Shares		Value (Note 1)

Gladstone Investment Corp.		2,970	$	21,206
Gleacher & Co., Inc.*		9,577		19,537
Golub Capital BDC, Inc.		1,187		17,722
Harris & Harris Group, Inc.*		4,100		21,033
Hercules Technology Growth Capital, Inc.		5,331		56,082
ICG Group, Inc.*		4,272		52,247
Investment Technology Group, Inc.*		5,248		73,577
Janus Capital Group, Inc.		23,214		219,140
Jefferies Group, Inc.		16,771		342,128
JMP Group, Inc.		2,169		15,248
KBW, Inc.		4,485		83,870
Knight Capital Group, Inc., Class A*		12,609		138,951
Kohlberg Capital Corp.		2,176		17,299
LPL Investment Holdings, Inc.*		691		23,639
Main Street Capital Corp.		2,450		46,427
MCG Capital Corp.		9,700		58,976
Medallion Financial Corp.		2,047		19,958
Medley Capital Corp.		1,322		15,520
MF Global Holdings Ltd.*		20,387		157,795
MVC Capital, Inc.		3,157		41,767
New Mountain Finance Corp.*		904		11,481
NGP Capital Resources Co.		2,849		23,362
Oppenheimer Holdings, Inc., Class A		1,324		37,350
PennantPark Investment Corp.		5,555		62,272
Piper Jaffray Cos., Inc.*		2,007		57,822
Prospect Capital Corp.		12,112		122,452
Raymond James Financial, Inc.		12,673		407,437
Safeguard Scientifics, Inc.*		2,610		49,277
Solar Capital Ltd.		4,469		110,340
Solar Senior Capital Ltd.		934		16,765
Stifel Financial Corp.*		4,026		144,372
SWS Group, Inc.		3,788		22,690
TICC Capital Corp.		4,119		39,542
Triangle Capital Corp.		2,271		41,923
Virtus Investment Partners, Inc.*		54		3,278

				6,821,163

*Commercial Banks (4.3%)*
1st Source Corp.		2,035		42,206
1st United Bancorp, Inc.*		3,303		20,545
Alliance Financial Corp./New York		684		20,883
Ameris Bancorp*		2,994		26,557
Ames National Corp.		1,104		20,049
Arrow Financial Corp.		1,140		27,896
Associated Banc-Corp		21,598		300,212
BancFirst Corp.		928		35,821
Banco Latinoamericano de Comercio Exterior S.A., Class E		3,396		58,819
Bancorp Rhode Island, Inc.		504		22,841
Bancorp, Inc./Delaware*		3,797		39,679
BancorpSouth, Inc.		10,434		129,486
Bank of Hawaii Corp.		5,953		276,934
Bank of Kentucky Financial Corp.		641		14,275
Bank of Marin Bancorp/California		629		22,248
Bank of the Ozarks, Inc.		1,513		78,767

See Notes to Financial Statements.

181

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Banner Corp.		227	$	3,972
BOK Financial Corp.		3,193		174,881
Boston Private Financial Holdings, Inc.		9,850		64,813
Bridge Bancorp, Inc.		512		10,895
Bridge Capital Holdings*		993		11,002
Bryn Mawr Bank Corp.		1,112		22,518
Camden National Corp.		1,060		34,779
Cape Bancorp, Inc.*		1,223		12,230
Capital Bank Corp.*		1,488		5,193
Capital City Bank Group, Inc.		1,642		16,847
CapitalSource, Inc.		433,258		2,794,514
Cardinal Financial Corp.		3,777		41,358
Cascade Bancorp*		681		6,878
Cathay General Bancorp		9,926		162,687
Center Bancorp, Inc.		1,277		13,332
Center Financial Corp.*		4,454		28,283
Centerstate Banks, Inc.		3,600		24,912
Central Pacific Financial Corp.*		1,817		25,438
Century Bancorp, Inc./Massachusetts, Class A		559		14,791
Chemical Financial Corp.		3,471		65,116
Citizens & Northern Corp.		1,630		24,564
City Holding Co.		1,898		62,691
City National Corp./California		5,826		316,061
CNB Financial Corp./Pennsylvania		1,443		20,043
CoBiz Financial, Inc.		4,443		29,057
Columbia Banking System, Inc.		4,998		86,066
Commerce Bancshares, Inc./Missouri		9,239		397,277
Community Bank System, Inc.		4,580		113,538
Community Trust Bancorp, Inc.		1,860		51,559
Cullen/Frost Bankers, Inc.		6,648		377,939
CVB Financial Corp.		11,106		102,730
Eagle Bancorp, Inc.*		2,305		30,657
East West Bancorp, Inc.		18,530		374,491
Encore Bancshares, Inc.*		911		10,950
Enterprise Bancorp, Inc./Massachusetts		611		9,208
Enterprise Financial Services Corp.		1,800		24,354
F.N.B. Corp./Pennsylvania		15,801		163,540
Financial Institutions, Inc.		1,861		30,558
First Bancorp, Inc./Maine		1,341		19,927
First Bancorp/North Carolina		2,064		21,135
First Busey Corp.		9,389		49,668
First Citizens BancShares, Inc./North Carolina, Class A		688		128,807
First Commonwealth Financial Corp.		13,423		77,048
First Community Bancshares, Inc./Virginia		2,118		29,652
First Financial Bancorp		7,246		120,936
First Financial Bankshares, Inc.		2,173		74,860
First Financial Corp./Indiana		1,471		48,161
First Horizon National Corp.		32,951		314,353
First Interstate Bancsystem, Inc.		1,860		27,416
First Merchants Corp.		3,113		27,830
First Midwest Bancorp, Inc./Illinois		9,177		112,785


	Number of Shares		Value (Note 1)

First of Long Island Corp.		1,100	$	30,679
First Republic Bank/California*		9,110		294,071
FirstMerit Corp.		13,640		225,196
Fulton Financial Corp.		24,794		265,544
German American Bancorp, Inc.		1,814		30,076
Glacier Bancorp, Inc.		8,973		120,956
Great Southern Bancorp, Inc.		1,375		26,056
Hancock Holding Co.		5,821		180,335
Hanmi Financial Corp.*		18,352		19,637
Heartland Financial USA, Inc.		1,865		27,136
Heritage Commerce Corp.*		2,376		12,141
Heritage Financial Corp./Washington		2,070		26,765
Home Bancshares, Inc./Arkansas		2,795		66,074
Hudson Valley Holding Corp.		1,820		35,144
Huntington Bancshares, Inc./Ohio		297,203		1,949,652
IBERIABANK Corp.		3,383		194,996
Independent Bank Corp./Massachusetts		2,659		69,799
International Bancshares Corp.		6,609		110,569
Investors Bancorp, Inc.*		5,105		72,491
Lakeland Bancorp, Inc.		2,974		29,681
Lakeland Financial Corp.		1,983		44,142
MainSource Financial Group, Inc.		2,418		20,069
Marshall & Ilsley Corp.		66,056		526,466
MB Financial, Inc.		6,789		130,620
Merchants Bancshares, Inc.		762		18,646
Metro Bancorp, Inc.*		1,717		19,608
Midsouth Bancorp, Inc.		1,100		14,993
Nara Bancorp, Inc.*		4,600		37,398
National Bankshares, Inc./Virginia		1,010		25,290
National Penn Bancshares, Inc.		202,536		1,606,110
NBT Bancorp, Inc.		4,273		94,561
Northfield Bancorp, Inc./New Jersey		2,418		33,997
Old National Bancorp/Indiana		11,820		127,656
OmniAmerican Bancorp, Inc.*		1,500		22,455
Oriental Financial Group, Inc.		5,607		72,274
Orrstown Financial Services, Inc.		835		21,969
Pacific Capital Bancorp N.A.*		84,527		2,687,113
Pacific Continental Corp.		2,674		24,467
PacWest Bancorp		3,776		77,672
Park National Corp.		1,612		106,166
Park Sterling Corp.*		3,427		16,998
Penns Woods Bancorp, Inc.		499		17,146
Peoples Bancorp, Inc./Ohio		1,432		16,139
Pinnacle Financial Partners, Inc.*		4,234		65,881
Popular, Inc.*		1,430,020		3,946,855
PrivateBancorp, Inc.		7,467		103,045
Prosperity Bancshares, Inc.		5,848		256,259
Renasant Corp.		3,198		46,339
Republic Bancorp, Inc./Kentucky, Class A		1,216		24,198
S&T Bancorp, Inc.		3,481		64,712
Sandy Spring Bancorp, Inc.		3,089		55,571
SCBT Financial Corp.		1,727		49,530
Seacoast Banking Corp. of Florida*		8,650		12,975
Sierra Bancorp		1,600		18,112
Simmons First National Corp., Class A		2,131		54,681

See Notes to Financial Statements.

182

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Southside Bancshares, Inc.		2,161	$	42,889
Southwest Bancorp, Inc./Oklahoma*		2,397		23,467
State Bancorp, Inc./New York		2,002		26,707
State Bank Financial Corp.*		3,883		63,565
StellarOne Corp.		3,042		36,839
Sterling Bancorp/New York		3,872		36,745
Sterling Bancshares, Inc./Texas		12,671		103,395
Sterling Financial Corp./Washington*		3,319		53,336
Suffolk Bancorp		1,319		18,413
Sumitomo Mitsui Trust Holdings, Inc. (ADR)*		458,438		1,567,858
Sun Bancorp, Inc./New Jersey*		4,450		16,243
SunTrust Banks, Inc.		16,465		424,797
Susquehanna Bancshares, Inc.		16,352		130,816
SVB Financial Group*		4,188		250,065
SY Bancorp, Inc.		1,449		33,689
Synovus Financial Corp.		95,078		197,762
Taylor Capital Group, Inc.*		788		6,430
TCF Financial Corp.		20,030		276,414
Texas Capital Bancshares, Inc.*		4,639		119,825
Tompkins Financial Corp.		1,094		42,929
Tower Bancorp, Inc.		1,294		35,456
TowneBank/Virginia		3,179		42,535
Trico Bancshares		1,954		28,528
Trustmark Corp.		7,985		186,929
UMB Financial Corp.		4,002		167,604
Umpqua Holdings Corp.		14,600		168,922
Union First Market Bankshares Corp.		2,683		32,679
United Bankshares, Inc.		4,678		114,517
United Community Banks, Inc./Georgia*		2,155		22,761
Univest Corp. of Pennsylvania		2,258		35,293
Valley National Bancorp		21,098		287,144
Virginia Commerce Bancorp, Inc.*		2,692		15,910
Washington Banking Co.		1,859		24,576
Washington Trust Bancorp, Inc.		1,879		43,161
Webster Financial Corp.		8,984		188,844
WesBanco, Inc.		3,002		59,019
West Bancorp, Inc.		2,337		20,589
West Coast Bancorp/Oregon*		1,322		22,157
Westamerica Bancorp		2,065		101,701
Western Alliance Bancorp*		8,658		61,472
Wilshire Bancorp, Inc.*		6,954		20,445
Wintrust Financial Corp.		4,345		139,822
Zions Bancorp		22,928		550,501

				28,039,378

*Consumer Finance* (*0.0%)*
Advance America Cash Advance Centers, Inc.		5,766		39,728
Cash America International, Inc.		2,466		142,707
First Marblehead Corp.*		7,605		13,461
Imperial Holdings, Inc.*		360		3,658
Nelnet, Inc., Class A		3,199		70,570
Nicholas Financial, Inc.*		1,146		13,614

				283,738


	Number of Shares		Value (Note 1)

*Diversified Financial Services (0.8%)*
California First National Bancorp		500	$	7,660
Compass Diversified Holdings		4,958		81,757
Gain Capital Holdings, Inc.*		900		6,129
Guoco Group Ltd. (ADR)		25,897		631,887
KKR Financial Holdings LLC		390,000		3,825,900
Marlin Business Services Corp.*		972		12,296
NASDAQ OMX Group, Inc.*		13,475		340,918
NewStar Financial, Inc.*		3,473		37,092
PHH Corp.*		7,018		144,009
PICO Holdings, Inc.*		2,774		80,446
Primus Guaranty Ltd.*		2,997		15,734

				5,183,828

*Insurance* (*7.0%)*
Ageas (ADR)		379,675		1,025,122
Alleghany Corp.*		4,829		1,608,588
Allied World Assurance Co. Holdings Ltd.		4,727		272,181
Alterra Capital Holdings Ltd.		11,307		252,146
American Equity Investment Life Holding Co.		7,333		93,202
American Financial Group, Inc./Ohio		9,981		356,222
American National Insurance Co.		866		67,115
American Safety Insurance Holdings Ltd.*		1,375		26,317
AMERISAFE, Inc.*		2,332		52,750
Amtrust Financial Services, Inc.		2,620		59,684
Aon Corp.		22,605		1,159,636
Arch Capital Group Ltd.*		102,242		3,263,565
Argo Group International Holdings Ltd.		3,379		100,424
Arthur J. Gallagher & Co.		13,729		391,826
Aspen Insurance Holdings Ltd.		8,833		227,273
Assurant, Inc.		84,567		3,067,245
Assured Guaranty Ltd.		242,284		3,951,652
Axis Capital Holdings Ltd.		61,800		1,913,328
Baldwin & Lyons, Inc., Class B		1,112		25,765
Brown & Brown, Inc.		14,462		371,095
Citizens, Inc./Texas*		4,461		30,424
CNA Financial Corp.		38,512		1,118,774
CNO Financial Group, Inc.*		27,610		218,395
Delphi Financial Group, Inc., Class A		5,999		175,231
Donegal Group, Inc., Class A		1,120		14,336
eHealth, Inc.*		2,644		35,324
EMC Insurance Group, Inc.		650		12,415
Employers Holdings, Inc.		4,857		81,452
Endurance Specialty Holdings Ltd.		18,902		781,220
Enstar Group Ltd.*		861		89,966
Everest Reinsurance Group Ltd.		5,691		465,239
FBL Financial Group, Inc., Class A		1,613		51,858
Fidelity National Financial, Inc., Class A		27,702		436,029
First American Financial Corp.		247,027		3,865,973
Flagstone Reinsurance Holdings S.A.		6,252		52,704
Fortegra Financial Corp.*		691		5,417
FPIC Insurance Group, Inc.*		1,064		44,348

See Notes to Financial Statements.

183

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Global Indemnity plc*		1,723	$	38,216
Greenlight Capital Reinsurance Ltd., Class A*		2,736		71,929
Hallmark Financial Services*		1,045		8,224
Hanover Insurance Group, Inc.		5,646		212,911
Harleysville Group, Inc.		1,553		48,407
HCC Insurance Holdings, Inc.		66,589		2,097,554
Hilltop Holdings, Inc.*		4,839		42,777
Horace Mann Educators Corp.		4,901		76,505
Independence Holding Co.		760		7,934
Infinity Property & Casualty Corp.		1,520		83,083
Kansas City Life Insurance Co.		566		17,631
Loews Corp.		40,683		1,712,347
Maiden Holdings Ltd.		6,360		57,876
Markel Corp.*		1,204		477,759
Marsh & McLennan Cos., Inc.		58,121		1,812,794
MBIA, Inc.*		339,422		2,949,577
Meadowbrook Insurance Group, Inc.		6,774		67,130
Mercury General Corp.		3,271		129,172
Montpelier Reinsurance Holdings Ltd.		7,806		140,508
National Financial Partners Corp.*		5,557		64,128
National Interstate Corp.		960		21,984
National Western Life Insurance Co., Class A		282		44,971
Navigators Group, Inc.*		1,662		78,114
Old Republic International Corp.		330,409		3,882,306
OneBeacon Insurance Group Ltd., Class A		2,589		34,667
Phoenix Cos., Inc.*		14,131		34,762
Platinum Underwriters Holdings Ltd.		4,675		155,397
Presidential Life Corp.		2,869		29,952
Primerica, Inc.		4,238		93,109
ProAssurance Corp.*		3,841		268,870
Protective Life Corp.		10,590		244,947
Reinsurance Group of America, Inc.		9,159		557,417
RenaissanceReinsurance Holdings Ltd.		6,453		451,387
RLI Corp.		2,259		139,877
Safety Insurance Group, Inc.		1,524		64,069
SeaBright Holdings, Inc.		2,681		26,542
Selective Insurance Group, Inc.		6,797		110,587
StanCorp Financial Group, Inc.		5,661		238,838
State Auto Financial Corp.		1,682		29,317
Stewart Information Services Corp.		2,148		21,544
Symetra Financial Corp.		8,281		111,214
Tower Group, Inc.		4,557		108,548
Transatlantic Holdings, Inc.		7,750		379,827
United Fire & Casualty Co.		2,755		47,854
Unitrin, Inc.		6,198		183,895
Universal Insurance Holdings, Inc.		2,050		9,574
Validus Holdings Ltd.		8,252		255,399
W. R. Berkley Corp.		14,149		458,994
White Mountains Insurance Group Ltd.		1,776		746,204


	Number of Shares		Value (Note 1)

XL Group plc		26,390	$	580,052

				45,290,921

*Real Estate Investment Trusts (REITs) (4.6%)*
Acadia Realty Trust (REIT)		4,199		85,366
Agree Realty Corp. (REIT)		1,359		30,346
Alexandria Real Estate Equities, Inc. (REIT)		7,689		595,282
American Assets Trust, Inc. (REIT)		405		9,092
American Campus Communities, Inc. (REIT)		4,867		172,876
American Capital Agency Corp. (REIT)		16,125		469,399
Anworth Mortgage Asset Corp. (REIT)		15,739		118,200
Apartment Investment & Management Co. (REIT), Class A		4,861		124,101
Apollo Commercial Real Estate Finance, Inc. (REIT)		2,102		33,884
ARMOUR Residential REIT, Inc.		6,342		46,614
Ashford Hospitality Trust, Inc. (REIT)		5,780		71,961
Associated Estates Realty Corp. (REIT)		4,802		78,032
BioMed Realty Trust, Inc. (REIT)		16,508		317,614
Brandywine Realty Trust (REIT)		17,046		197,563
BRE Properties, Inc. (REIT)		9,304		464,084
Camden Property Trust (REIT)		2,493		158,605
Campus Crest Communities, Inc. (REIT)		3,792		49,068
CapLease, Inc. (REIT)		8,816		43,287
Capstead Mortgage Corp. (REIT)		9,570		128,238
CBL & Associates Properties, Inc. (REIT)		12,761		231,357
Cedar Shopping Centers, Inc. (REIT)		7,291		37,549
Chatham Lodging Trust (REIT)		1,686		27,161
Chesapeake Lodging Trust (REIT)		4,002		68,274
Chimera Investment Corp. (REIT)		128,484		444,555
Cogdell Spencer, Inc. (REIT)		4,580		27,434
Colonial Properties Trust (REIT)		10,404		212,242
Colony Financial, Inc. (REIT)		4,182		75,569
CommonWealth REIT (REIT)		9,078		234,576
Coresite Realty Corp. (REIT)		2,466		40,442
Corporate Office Properties Trust/Maryland (REIT)		6,216		193,380
Cousins Properties, Inc. (REIT)		531,649		4,540,282
CreXus Investment Corp. (REIT)		7,345		81,603
Cypress Sharpridge Investments, Inc. (REIT)		10,498		134,479
DCT Industrial Trust, Inc. (REIT)		30,725		160,692
Developers Diversified Realty Corp. (REIT)		26,860		378,726
DiamondRock Hospitality Co. (REIT)		20,769		222,851
Douglas Emmett, Inc. (REIT)		15,600		310,284
Duke Realty Corp. (REIT)		31,465		440,825

See Notes to Financial Statements.

184

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

DuPont Fabros Technology, Inc. (REIT)		4,559	$	114,887
Dynex Capital, Inc. (REIT)		4,943		47,848
EastGroup Properties, Inc. (REIT)		1,850		78,644
Education Realty Trust, Inc. (REIT)		9,344		80,078
Entertainment Properties Trust (REIT)		5,875		274,362
Equity Lifestyle Properties, Inc. (REIT)		1,044		65,187
Equity One, Inc. (REIT)		6,725		125,354
Essex Property Trust, Inc. (REIT)		1,818		245,957
Excel Trust, Inc. (REIT)		1,959		21,608
Extra Space Storage, Inc. (REIT)		7,321		156,157
Federal Realty Investment Trust (REIT)		1,934		164,738
FelCor Lodging Trust, Inc. (REIT)*		7,975		42,507
First Industrial Realty Trust, Inc. (REIT)*		9,900		113,355
First Potomac Realty Trust (REIT)		6,200		94,922
Franklin Street Properties Corp. (REIT)		9,099		117,468
Getty Realty Corp. (REIT)		1,842		46,474
Gladstone Commercial Corp. (REIT)		907		15,718
Glimcher Realty Trust (REIT)		1,874		17,803
Government Properties Income Trust (REIT)		3,854		104,135
Hatteras Financial Corp. (REIT)		9,432		266,265
Healthcare Realty Trust, Inc. (REIT)		9,135		188,455
Hersha Hospitality Trust (REIT)		17,833		99,330
Highwoods Properties, Inc. (REIT)		2,338		77,458
Hospitality Properties Trust (REIT)		15,388		373,159
Hudson Pacific Properties, Inc. (REIT)		2,715		42,164
Inland Real Estate Corp. (REIT)		10,048		88,724
Invesco Mortgage Capital, Inc. (REIT)		9,199		194,375
Investors Real Estate Trust (REIT)		8,648		74,892
iStar Financial, Inc. (REIT)*		144,636		1,172,998
Kilroy Realty Corp. (REIT)		3,834		151,405
Kite Realty Group Trust (REIT)		7,538		37,539
LaSalle Hotel Properties (REIT)		10,637		280,179
Lexington Realty Trust (REIT)		15,095		137,817
Liberty Property Trust (REIT)		14,324		466,676
LTC Properties, Inc. (REIT)		3,161		87,939
Macerich Co. (REIT)		10,471		560,198
Mack-Cali Realty Corp. (REIT)		10,885		358,552
Medical Properties Trust, Inc. (REIT)		13,829		159,033
MFA Financial, Inc. (REIT)		44,467		357,515
Mission West Properties, Inc. (REIT)		2,729		23,961
Monmouth Real Estate Investment Corp. (REIT), Class A		4,916		41,540


	Number of Shares		Value (Note 1)

MPG Office Trust, Inc. (REIT)*		6,495	$	18,576
National Health Investors, Inc. (REIT)		1,795		79,752
National Retail Properties, Inc. (REIT)		10,649		261,007
Nationwide Health Properties, Inc. (REIT)		15,792		653,947
Newcastle Investment Corp. (REIT)		811		4,688
NorthStar Realty Finance Corp. (REIT)		12,090		48,723
Omega Healthcare Investors, Inc. (REIT)		905		19,014
One Liberty Properties, Inc. (REIT)		1,266		19,547
Parkway Properties, Inc./Maryland (REIT)		2,861		48,809
Pebblebrook Hotel Trust (REIT)		6,419		129,600
Pennsylvania Real Estate Investment Trust (REIT)		7,035		110,449
PennyMac Mortgage Investment Trust (REIT)		3,200		53,024
Piedmont Office Realty Trust, Inc. (REIT), Class A		21,374		435,816
Post Properties, Inc. (REIT)		6,232		254,016
Potlatch Corp. (REIT)		2,352		82,955
PS Business Parks, Inc. (REIT)		1,892		104,249
RAIT Financial Trust (REIT)*		14,894		31,277
Ramco-Gershenson Properties Trust (REIT)		5,001		61,912
Realty Income Corp. (REIT)		15,840		530,482
Redwood Trust, Inc. (REIT)		9,942		150,323
Regency Centers Corp. (REIT)		11,197		492,332
Resource Capital Corp. (REIT)		9,116		57,613
Retail Opportunity Investments Corp. (REIT)		5,129		55,188
RLJ Lodging Trust (REIT)		3,421		59,423
Sabra Healthcare REIT, Inc. (REIT)		2,452		40,973
Senior Housing Properties Trust (REIT)		17,689		414,099
Sovran Self Storage, Inc. (REIT)		3,472		142,352
STAG Industrial, Inc. (REIT)		1,917		23,483
Strategic Hotels & Resorts, Inc. (REIT)*		16,218		114,823
Sun Communities, Inc. (REIT)		2,637		98,386
Sunstone Hotel Investors, Inc. (REIT)*		14,766		136,881
Taubman Centers, Inc. (REIT)		6,960		412,032
Terreno Realty Corp. (REIT)		1,507		25,634
Two Harbors Investment Corp. (REIT)		11,260		121,045
UDR, Inc. (REIT)		21,816		535,583
UMH Properties, Inc. (REIT)		1,729		18,500
Universal Health Realty Income Trust (REIT)		818		32,704
Urstadt Biddle Properties, Inc. (REIT), Class A		2,809		50,871
U-Store-It Trust (REIT)		12,579		132,331
Walter Investment Management Corp. (REIT)		208,286		4,621,866

See Notes to Financial Statements.

185

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Washington Real Estate Investment Trust (REIT)		6,300	$	204,876
Weingarten Realty Investors (REIT)		15,011		377,677
Whitestone REIT (REIT), Class B		949		12,071
Winthrop Realty Trust (REIT)		3,623		43,259

				29,545,437

*Real Estate Management & Development* (*0.8%)*
Avatar Holdings, Inc.*		1,164		17,704
Consolidated-Tomoka Land Co.		580		16,588
Forest City Enterprises, Inc., Class A*		17,035		318,043
Forestar Group, Inc.*		4,444		73,015
Howard Hughes Corp.*		66,662		4,335,697
Jones Lang LaSalle, Inc.		1,197		112,877
Kennedy-Wilson Holdings, Inc.		2,826		34,619
St. Joe Co.*		8,086		168,512

				5,077,055

*Thrifts & Mortgage Finance* (*1.2%)*
Abington Bancorp, Inc.		2,374		24,761
Astoria Financial Corp.		10,903		139,449
Bank Mutual Corp.		6,216		22,813
BankFinancial Corp.		3,076		26,054
BankUnited, Inc.		4,112		109,132
Beneficial Mutual Bancorp, Inc.*		4,093		33,624
Berkshire Hills Bancorp, Inc.		2,180		48,810
BofI Holding, Inc.*		993		14,309
Brookline Bancorp, Inc.		3,544		32,853
Capitol Federal Financial, Inc.		20,781		244,385
Charter Financial Corp.		679		6,722
Clifton Savings Bancorp, Inc.		1,390		15,346
Dime Community Bancshares, Inc.		3,779		54,947
Doral Financial Corp.*		15,608		30,592
ESB Financial Corp.		1,737		22,442
ESSA Bancorp, Inc.		1,761		21,872
Farmer Mac, Class C		1,298		28,712
First Defiance Financial Corp.*		1,090		16,012
First Financial Holdings, Inc.		2,189		19,635
First Niagara Financial Group, Inc.		119,031		1,571,209
First PacTrust Bancorp, Inc.		967		14,370
Flagstar Bancorp, Inc.*		24,114		28,696
Flushing Financial Corp.		3,859		50,167
Fox Chase Bancorp, Inc.		1,762		23,875
Franklin Financial Corp.*		1,686		20,333
Home Federal Bancorp, Inc./Idaho		2,321		25,508
Hudson City Bancorp, Inc.		52,783		432,293
Kearny Financial Corp.		1,800		16,398
Meridian Interstate Bancorp, Inc.*		1,409		19,289
MGIC Investment Corp.*		497,469		2,959,941
Northwest Bancshares, Inc.		13,423		168,861
OceanFirst Financial Corp.		1,930		24,993
Ocwen Financial Corp.*		9,318		118,898
Oritani Financial Corp.		6,984		89,325
People’s United Financial, Inc.		38,049		511,373
PMI Group, Inc.*		19,418		20,777


	Number of Shares		Value (Note 1)

Provident Financial Services, Inc.		7,497	$	107,357
Provident New York Bancorp		5,111		42,728
Radian Group, Inc.		16,596		70,201
Rockville Financial, Inc.		3,691		36,541
Roma Financial Corp.		1,200		12,600
Territorial Bancorp, Inc.		1,715		35,535
TFS Financial Corp.*		9,843		95,280
TrustCo Bank Corp./New York		8,946		43,835
United Financial Bancorp, Inc.		1,874		28,916
ViewPoint Financial Group		4,311		59,492
Washington Federal, Inc.		13,885		228,130
Westfield Financial, Inc.		2,911		23,637
WSFS Financial Corp.		787		31,204

				7,824,232

Total Financials				128,065,752

Health Care (5.4%)
*Biotechnology* (*0.3%)*
Affymax, Inc.*		2,326		15,980
Allos Therapeutics, Inc.*		2,024		4,331
AMAG Pharmaceuticals, Inc.*		2,324		43,691
Arena Pharmaceuticals, Inc.*		16,865		22,936
Array BioPharma, Inc.*		3,871		8,671
BioMimetic Therapeutics, Inc.*		1,408		7,209
Cell Therapeutics, Inc.*		2,562		4,035
Celldex Therapeutics, Inc.*		4,688		16,642
Cornerstone Therapeutics, Inc.*		892		7,992
Curis, Inc.*		2,698		9,659
Cytori Therapeutics, Inc.*		1,598		7,654
Dyax Corp.*		2,161		4,279
Enzon Pharmaceuticals, Inc.*		4,832		48,562
Exact Sciences Corp.*		1,985		17,071
Geron Corp.*		12,458		49,957
Idenix Pharmaceuticals, Inc.*		4,843		24,215
Immunogen, Inc.*		2,637		32,145
Inhibitex, Inc.*		2,069		8,111
Insmed, Inc.*		3,031		36,342
InterMune, Inc.*		3,259		116,835
Lexicon Pharmaceuticals, Inc.*		13,528		23,809
Maxygen, Inc.		3,833		20,967
Metabolix, Inc.*		1,170		8,354
Micromet, Inc.*		5,537		31,782
Myriad Genetics, Inc.*		53,830		1,222,479
Neurocrine Biosciences, Inc.*		1,684		13,556
Novavax, Inc.*		3,735		7,545
Nymox Pharmaceutical Corp.*		483		4,033
Oncothyreon, Inc.*		1,459		13,408
PDL BioPharma, Inc.		3,095		18,168
Progenics Pharmaceuticals, Inc.*		964		6,922
Rigel Pharmaceuticals, Inc.*		1,980		18,157
Savient Pharmaceuticals, Inc.*		2,578		19,309
SuperGen, Inc.*		6,387		19,033
Theravance, Inc.*		1,406		31,227
Vical, Inc.*		974		4,013
Zalicus, Inc.*		3,553		8,456

				1,957,535

*Health Care Equipment & Supplies* (*0.8%)*
Accuray, Inc.*		996		7,978
Alere, Inc.*		10,620		388,904
Alphatec Holdings, Inc.*		6,524		22,704

See Notes to Financial Statements.

186

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Analogic Corp.		424	$	22,298
AngioDynamics, Inc.*		3,130		44,540
Biolase Technology, Inc.*		2,646		13,600
Cantel Medical Corp.		1,596		42,948
Cerus Corp.*		1,242		3,726
CONMED Corp.*		3,551		101,133
Cooper Cos., Inc.		4,197		332,570
CryoLife, Inc.*		3,010		16,856
Cynosure, Inc., Class A*		1,065		12,887
DynaVox, Inc., Class A*		346		2,630
Exactech, Inc.*		256		4,611
Greatbatch, Inc.*		31,805		853,010
Hill-Rom Holdings, Inc.		756		34,806
Hologic, Inc.*		32,508		655,686
ICU Medical, Inc.*		1,119		48,900
Immucor, Inc.*		454		9,271
Invacare Corp.		3,375		112,016
IRIS International, Inc.*		566		5,654
Kinetic Concepts, Inc.*		1,723		99,297
Medical Action Industries, Inc.*		1,267		10,326
Natus Medical, Inc.*		1,696		25,694
Palomar Medical Technologies, Inc.*		2,281		25,730
RTI Biologics, Inc.*		6,227		16,875
Solta Medical, Inc.*		7,199		19,869
STAAR Surgical Co.*		689		3,652
SurModics, Inc.*		1,838		20,402
Symmetry Medical, Inc.*		3,551		31,852
Teleflex, Inc.		4,992		304,812
Uroplasty, Inc.*		465		3,488
West Pharmaceutical Services, Inc.		1,864		81,569
Wright Medical Group, Inc.*		4,824		72,360
Young Innovations, Inc.		462		13,176
Zimmer Holdings, Inc.*		26,831		1,695,719

				5,161,549

*Health Care Providers & Services* (*2.5%)*
Aetna, Inc.		50,968		2,247,179
Almost Family, Inc.*		1,010		27,674
Amedisys, Inc.*		3,657		97,386
American Dental Partners, Inc.*		1,917		24,844
AMERIGROUP Corp.*		1,837		129,453
AMN Healthcare Services, Inc.*		2,634		21,915
Amsurg Corp.*		3,869		101,097
Assisted Living Concepts, Inc., Class A		2,505		42,034
BioScrip, Inc.*		1,146		7,438
Brookdale Senior Living, Inc.*		1,584		38,412
Capital Senior Living Corp.*		2,432		22,593
CardioNet, Inc.*		2,166		11,501
Centene Corp.*		2,369		84,171
Chindex International, Inc.*		825		11,237
Community Health Systems, Inc.*		11,804		303,127
Continucare Corp.*		813		5,024
Coventry Health Care, Inc.*		18,421		671,814
Cross Country Healthcare, Inc.*		3,412		25,931
Five Star Quality Care, Inc.*		3,977		23,106
Gentiva Health Services, Inc.*		3,777		78,675
Hanger Orthopedic Group, Inc.*		1,965		48,084
Health Net, Inc.*		11,254		361,141
HealthSouth Corp.*		11,786		309,383


	Number of Shares		Value (Note 1)

Healthspring, Inc.*		3,868	$	178,353
Healthways, Inc.*		4,191		63,619
Kindred Healthcare, Inc.*		6,452		138,525
LHC Group, Inc.*		1,843		42,500
LifePoint Hospitals, Inc.*		34,311		1,340,874
Magellan Health Services, Inc.*		4,003		219,124
MedCath Corp.*		2,565		34,858
Molina Healthcare, Inc.*		1,410		38,239
National Healthcare Corp.		1,245		61,715
Omnicare, Inc.		148,402		4,732,540
Owens & Minor, Inc.		1,505		51,907
Patterson Cos., Inc.		7,693		253,023
PharMerica Corp.*		3,619		46,178
Providence Service Corp.*		1,210		15,307
Quest Diagnostics, Inc.		55,010		3,251,091
Select Medical Holdings Corp.*		4,421		39,214
Skilled Healthcare Group, Inc., Class A*		2,138		20,225
Sun Healthcare Group, Inc.*		3,148		25,247
Sunrise Senior Living, Inc.*		1,765		16,820
Tenet Healthcare Corp.*		57,468		358,600
Triple-S Management Corp., Class B*		2,497		54,260
Universal American Corp.		3,978		43,559
VCA Antech, Inc.*		10,723		227,328

				15,946,325

*Health Care Technology* (*0.0%)*
Allscripts Healthcare Solutions, Inc.*		4,574		88,827
Emdeon, Inc., Class A*		3,415		44,805
MedAssets, Inc.*		1,074		14,348
Omnicell, Inc.*		2,103		32,786

				180,766

*Life Sciences Tools & Services* (*0.7%)*
Affymetrix, Inc.*		8,812		69,879
Albany Molecular Research, Inc.*		2,973		14,300
Bio-Rad Laboratories, Inc., Class A*		2,460		293,626
Cambrex Corp.*		3,468		16,022
Enzo Biochem, Inc.*		4,212		17,901
eResearchTechnology, Inc.*		2,856		18,193
Furiex Pharmaceuticals, Inc.*		1,191		21,188
Harvard Bioscience, Inc.*		2,469		13,160
Kendle International, Inc.*		1,750		26,390
Life Technologies Corp.*		27,535		1,433,748
Pacific Biosciences of California, Inc.*		3,207		37,522
PAREXEL International Corp.*		699		16,468
PerkinElmer, Inc.		13,992		376,525
Pharmaceutical Product Development, Inc.		51,180		1,373,671
QIAGEN N.V.*		29,067		552,854
Sequenom, Inc.*		3,697		27,912

				4,309,359

*Pharmaceuticals* (*1.1%)*
AVANIR Pharmaceuticals, Inc., Class A*		1,628		5,470
Columbia Laboratories, Inc.*		1,600		4,944
Forest Laboratories, Inc.*		165,697		6,518,520

See Notes to Financial Statements.

187

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Hi-Tech Pharmacal Co., Inc.*		890	$	25,748
Impax Laboratories, Inc.*		716		15,602
KV Pharmaceutical Co., Class A*		2,145		5,834
Lannett Co., Inc.*		1,321		6,579
Medicines Co.*		2,924		48,275
Medicis Pharmaceutical Corp., Class A		1,401		53,476
Nektar Therapeutics*		5,230		38,022
Par Pharmaceutical Cos., Inc.*		1,441		47,524
ViroPharma, Inc.*		9,509		175,917
XenoPort, Inc.*		816		5,810

				6,951,721

Total Health Care				34,507,255

Industrials (10.3%)
*Aerospace & Defense* (*0.6%)*
AAR Corp.		3,720		100,775
Alliant Techsystems, Inc.		30,381		2,167,077
BE Aerospace, Inc.*		675		27,547
Ceradyne, Inc.*		3,097		120,752
Cubic Corp.		1,134		57,823
Curtiss-Wright Corp.		5,759		186,419
Ducommun, Inc.		1,357		27,913
Esterline Technologies Corp.*		3,790		289,556
GenCorp, Inc.*		2,061		13,232
GeoEye, Inc.*		2,593		96,978
Hexcel Corp.*		1,861		40,737
Huntington Ingalls Industries, Inc.*		6,043		208,483
Keyw Holding Corp.*		2,205		27,320
Kratos Defense & Security Solutions, Inc.*		2,907		35,349
LMI Aerospace, Inc.*		599		14,634
Moog, Inc., Class A*		5,119		222,779
Orbital Sciences Corp.*		4,292		72,320
Spirit AeroSystems Holdings, Inc., Class A*		11,576		254,672
Teledyne Technologies, Inc.*		3,299		166,138
Triumph Group, Inc.		2,068		205,931

				4,336,435

*Air Freight & Logistics* (*0.2%)*
Air Transport Services Group, Inc.*		6,586		45,114
Atlas Air Worldwide Holdings, Inc.*		3,281		195,252
Hub Group, Inc., Class A*		29,285		1,102,873
Pacer International, Inc.*		3,793		17,903
UTi Worldwide, Inc.		1,252		24,652

				1,385,794

*Airlines* (*1.2%)*
Alaska Air Group, Inc.*		4,214		288,490
AMR Corp.*		509,126		2,749,280
Copa Holdings S.A., Class A		882		58,865
Hawaiian Holdings, Inc.*		6,125		34,913
JetBlue Airways Corp.*		30,470		185,867
Republic Airways Holdings, Inc.*		5,885		32,132
SkyWest, Inc.		131,777		1,984,562
Southwest Airlines Co.		192,593		2,199,412
Spirit Airlines, Inc.*		1,914		22,949


	Number of Shares		Value (Note 1)

U.S. Airways Group, Inc.*		20,221	$	180,169

				7,736,639

*Building Products* (*0.7%)*
A.O. Smith Corp.		4,714		199,402
American Woodmark Corp.		1,247		21,598
Ameron International Corp.		1,151		75,598
Apogee Enterprises, Inc.		3,426		43,887
Armstrong World Industries, Inc.		2,341		106,656
Builders FirstSource, Inc.*		5,201		11,182
Gibraltar Industries, Inc.*		3,798		42,993
Griffon Corp.*		6,019		60,672
Insteel Industries, Inc.		2,157		27,049
NCI Building Systems, Inc.*		2,413		27,484
Owens Corning, Inc.*		15,496		578,776
Quanex Building Products Corp.		4,682		76,738
Simpson Manufacturing Co., Inc.		5,154		153,950
Universal Forest Products, Inc.		2,416		57,887
USG Corp.*		213,632		3,063,483

				4,547,355

*Commercial Services & Supplies* (*1.7%)*
ABM Industries, Inc.		4,761		111,122
ACCO Brands Corp.*		6,912		54,259
American Reprographics Co.*		3,923		27,736
APAC Customer Services, Inc.*		637		3,395
Avery Dennison Corp.		12,429		480,132
Brink’s Co.		184,864		5,514,493
Casella Waste Systems, Inc., Class A*		650		3,965
Cenveo, Inc.*		3,117		19,949
Cintas Corp.		15,684		518,043
Corrections Corp. of America*		82,413		1,784,241
Courier Corp.		1,475		16,299
Covanta Holding Corp.		14,150		233,333
EnergySolutions, Inc.		7,930		39,174
EnerNOC, Inc.*		1,994		31,386
Ennis, Inc.		3,190		55,506
Fuel Tech, Inc.*		279		1,850
G&K Services, Inc., Class A		2,281		77,235
GEO Group, Inc.*		8,059		185,599
KAR Auction Services, Inc.*		2,862		54,120
Kimball International, Inc., Class B		4,105		26,395
M&F Worldwide Corp.*		1,287		33,256
McGrath RentCorp		1,769		49,674
Metalico, Inc.*		2,199		12,974
Mobile Mini, Inc.*		3,433		72,745
Multi-Color Corp.		1,290		31,850
Quad/Graphics, Inc.		2,834		110,129
R.R. Donnelley & Sons Co.		25,719		504,350
Schawk, Inc.		1,430		23,681
Steelcase, Inc., Class A		8,674		98,797
Sykes Enterprises, Inc.*		4,617		99,404
Tetra Tech, Inc.*		6,138		138,105
TMS International Corp., Class A*		912		11,902
U.S. Ecology, Inc.		207		3,540
UniFirst Corp.		1,806		101,479
United Stationers, Inc.		5,399		191,287
Viad Corp.		2,205		49,149
Waste Connections, Inc.		1,776		56,352

See Notes to Financial Statements.

188

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

WCA Waste Corp.*		1,648	$	9,492

				10,836,398

*Construction & Engineering* (*1.1%)*
Aecom Technology Corp.*		8,188		223,860
Argan, Inc.*		650		6,591
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		5,257		204,497
Comfort Systems USA, Inc.		4,809		51,023
Dycom Industries, Inc.*		3,689		60,278
EMCOR Group, Inc.*		8,268		242,335
Fluor Corp.		8,890		574,827
Granite Construction, Inc.		4,804		117,842
Great Lakes Dredge & Dock Corp.		7,186		40,098
Insituform Technologies, Inc., Class A*		4,867		102,061
KBR, Inc.		17,580		662,590
Layne Christensen Co.*		62,650		1,900,801
Michael Baker Corp.*		997		21,057
MYR Group, Inc.*		195		4,563
Northwest Pipe Co.*		1,170		30,490
Orion Marine Group, Inc.*		3,316		31,204
Pike Electric Corp.*		2,128		18,812
Primoris Services Corp.		353		4,554
Quanta Services, Inc.*		26,770		540,754
Shaw Group, Inc.*		58,343		1,762,542
Sterling Construction Co., Inc.*		2,131		29,344
Tutor Perini Corp.		3,859		74,016
UniTek Global Services, Inc.*		1,212		9,587
URS Corp.*		9,743		435,902

				7,149,628

*Electrical Equipment* (*0.8%)*
A123 Systems, Inc.*		9,025		48,013
American Superconductor Corp.*		5,576		50,407
Babcock & Wilcox Co.*		100,000		2,771,000
Belden, Inc.		830		28,934
Brady Corp., Class A		5,430		174,086
Broadwind Energy, Inc.*		9,588		13,903
Encore Wire Corp.		2,353		56,990
Ener1, Inc.*		8,883		9,771
EnerSys*		4,390		151,104
Franklin Electric Co., Inc.		213		10,000
Generac Holdings, Inc.*		1,885		36,569
General Cable Corp.*		3,142		133,786
Global Power Equipment Group, Inc.*		940		24,929
GrafTech International Ltd.*		15,067		305,408
Hubbell, Inc., Class B		7,466		484,917
LSI Industries, Inc.		2,558		20,310
Powell Industries, Inc.*		1,108		40,442
PowerSecure International, Inc.*		1,891		13,653
Preformed Line Products Co.		260		18,507
Regal-Beloit Corp.		4,805		320,830
Thomas & Betts Corp.*		4,952		266,665
Valence Technology, Inc.*		4,178		4,930

				4,985,154

*Industrial Conglomerates* (*0.1%)*
Carlisle Cos., Inc.		6,990		344,118
Seaboard Corp.		39		94,302


	Number of Shares		Value (Note 1)

Standex International Corp.		1,284	$	39,380
Tredegar Corp.		3,026		55,527
United Capital Corp.*		315		9,434

				542,761

*Machinery* (*2.7%)*
Accuride Corp.*		324,494		4,098,359
Actuant Corp., Class A		7,173		192,452
AGCO Corp.*		37,968		1,874,100
Alamo Group, Inc.		748		17,728
Albany International Corp., Class A		2,809		74,129
American Railcar Industries, Inc.*		1,231		28,867
Ampco-Pittsburgh Corp.		992		23,262
Astec Industries, Inc.*		2,512		92,894
Badger Meter, Inc.		310		11,467
Barnes Group, Inc.		6,735		167,095
Briggs & Stratton Corp.		6,245		124,026
Cascade Corp.		1,097		52,184
CIRCOR International, Inc.		822		35,206
CLARCOR, Inc.		346		16,359
Columbus McKinnon Corp.*		562		10,093
Crane Co.		6,052		299,029
Douglas Dynamics, Inc.		1,002		15,822
Dover Corp.		63,985		4,338,183
Energy Recovery, Inc.*		5,443		17,799
EnPro Industries, Inc.*		1,481		71,192
ESCO Technologies, Inc.		2,496		91,853
Federal Signal Corp.		7,227		47,409
Flow International Corp.*		1,300		4,628
Force Protection, Inc.*		5,385		26,736
FreightCar America, Inc.*		1,476		37,402
Greenbrier Cos., Inc.*		2,322		45,883
Harsco Corp.		9,136		297,834
Hurco Cos., Inc.*		764		24,608
IDEX Corp.		1,075		49,289
Japan Steel Works Ltd. (ADR)		8,485		568,495
John Bean Technologies Corp.		228		4,405
Kadant, Inc.*		1,134		35,732
Kaydon Corp.		4,045		150,959
Kennametal, Inc.		8,955		377,991
L.B. Foster Co., Class A		1,207		39,722
Lincoln Electric Holdings, Inc.		3,999		143,364
Lydall, Inc.*		2,026		24,231
Meritor, Inc.*		3,771		60,487
Met-Pro Corp.		1,542		17,548
Miller Industries, Inc.		1,542		28,820
Mueller Industries, Inc.		4,065		154,104
Mueller Water Products, Inc., Class A		19,112		76,066
NACCO Industries, Inc., Class A		711		68,839
Navistar International Corp.*		4,124		232,841
Oshkosh Corp.*		11,326		327,774
Parker Hannifin Corp.		7,990		717,023
Pentair, Inc.		12,193		492,109
RBC Bearings, Inc.*		542		20,466
Robbins & Myers, Inc.		4,896		258,754
Snap-On, Inc.		5,929		370,444
SPX Corp.		4,604		380,567
Tecumseh Products Co., Class A*		2,251		22,960
Terex Corp.*		13,637		387,973
Timken Co.		1,695		85,428

See Notes to Financial Statements.

189

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Trinity Industries, Inc.		9,924	$	346,149
Watts Water Technologies, Inc., Class A		3,405		120,571

				17,699,710

*Marine* (*0.1%)*
Alexander & Baldwin, Inc.		5,163		248,650
Baltic Trading Ltd.		1,942		11,147
Eagle Bulk Shipping, Inc.*		8,022		19,895
Excel Maritime Carriers Ltd.*		5,588		17,323
Genco Shipping & Trading Ltd.*		3,868		29,087
International Shipholding Corp.		729		15,513
Kirby Corp.*		1,951		110,563
Ultrapetrol Bahamas Ltd.*		2,830		13,980

				466,158

*Professional Services* (*0.4%)*
Barrett Business Services, Inc.		956		13,690
CBIZ, Inc.*		97,679		718,917
CDI Corp.		1,365		18,141
CRA International, Inc.*		1,036		28,065
Dolan Co.*		3,720		31,508
Equifax, Inc.		14,512		503,857
Franklin Covey Co.*		1,443		13,968
FTI Consulting, Inc.*		5,236		198,654
GP Strategies Corp.*		1,227		16,761
Heidrick & Struggles International, Inc.		2,014		45,597
Hill International, Inc.*		2,975		17,136
Hudson Highland Group, Inc.*		3,883		20,774
Huron Consulting Group, Inc.*		201		6,072
ICF International, Inc.*		1,571		39,872
Kelly Services, Inc., Class A*		3,269		53,939
Kforce, Inc.*		455		5,951
Korn/Ferry International*		5,507		121,099
Navigant Consulting, Inc.*		6,391		67,042
Odyssey Marine Exploration, Inc.*		5,889		18,433
On Assignment, Inc.*		4,015		39,467
Resources Connection, Inc.		5,712		68,772
School Specialty, Inc.*		1,953		28,104
SFN Group, Inc.*		5,536		50,322
Towers Watson & Co., Class A		5,650		371,262
TrueBlue, Inc.*		1,981		28,685
VSE Corp.		486		12,101

				2,538,189

*Road & Rail (0.5%)*
Amerco, Inc.*		1,075		103,361
Arkansas Best Corp.		3,140		74,512
Canadian Pacific Railway Ltd.		9,090		566,489
Celadon Group, Inc.*		1,000		13,960
Con-way, Inc.		6,222		241,476
Covenant Transportation Group, Inc., Class A*		844		6,541
Kansas City Southern*		3,417		202,731
Marten Transport Ltd.		1,633		35,273
Patriot Transportation Holding, Inc.*		710		15,883
Quality Distribution, Inc.*		1,220		15,884
RailAmerica, Inc.*		2,615		39,225


	Number of Shares		Value (Note 1)

Roadrunner Transportation Systems, Inc.*		1,015	$	15,306
Ryder System, Inc.		6,376		362,476
Saia, Inc.*		2,029		34,391
Swift Transportation Co.*		6,951		94,186
Universal Truckload Services, Inc.*		830		14,218
Werner Enterprises, Inc.		4,642		116,282
West Japan Railway Co. (ADR)		30,870		1,200,244
Zipcar, Inc.*		281		5,735

				3,158,173

*Trading Companies & Distributors (0.2%)*
Aceto Corp.		3,488		23,404
Air Lease Corp.*		4,302		104,496
Aircastle Ltd.		6,453		82,082
CAI International, Inc.*		112		2,314
Essex Rental Corp.*		1,661		10,946
GATX Corp.		5,750		213,440
H&E Equipment Services, Inc.*		1,952		27,308
Interline Brands, Inc.*		3,776		69,365
Kaman Corp.		1,426		50,580
Lawson Products, Inc.		498		9,796
RSC Holdings, Inc.*		8,404		100,512
Rush Enterprises, Inc., Class A*		3,999		76,101
SeaCube Container Leasing Ltd.		1,332		22,884
Titan Machinery, Inc.*		1,286		37,011
United Rentals, Inc.*		5,506		139,852
WESCO International, Inc.*		2,852		154,265

				1,124,356

Total Industrials				66,506,750

Information Technology (5.8%)
*Communications Equipment (0.4%)*
Anaren, Inc.*		1,650		35,063
Arris Group, Inc.*		15,380		178,562
Aviat Networks, Inc.*		7,730		30,456
Bel Fuse, Inc., Class B		1,317		28,566
BigBand Networks, Inc.*		5,138		11,149
Black Box Corp.		2,222		69,482
Blue Coat Systems, Inc.*		3,387		74,040
Brocade Communications Systems, Inc.*		58,706		379,241
Communications Systems, Inc.		737		13,214
Comtech Telecommunications Corp.		3,311		92,840
DG FastChannel, Inc.*		791		25,352
Digi International, Inc.*		2,726		35,438
EchoStar Corp., Class A*		4,726		172,168
Emcore Corp.*		10,711		29,348
EMS Technologies, Inc.*		1,796		59,214
Emulex Corp.*		10,962		94,273
Extreme Networks, Inc.*		8,546		27,689
Globecomm Systems, Inc.*		891		13,864
Harmonic, Inc.*		11,209		81,041
Infinera Corp.*		12,106		83,653
KVH Industries, Inc.*		1,671		17,763
Loral Space & Communications, Inc.*		1,243		86,351
Oclaro, Inc.*		6,257		42,047
Oplink Communications, Inc.*		1,555		28,970

See Notes to Financial Statements.

190

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Opnext, Inc.*		5,430	$	12,380
ORBCOMM, Inc.*		3,954		12,376
Plantronics, Inc.		4,366		159,490
SeaChange International, Inc.*		1,650		17,787
Sonus Networks, Inc.*		24,136		78,201
Sycamore Networks, Inc.		2,447		54,421
Symmetricom, Inc.*		5,589		32,584
Tekelec*		7,598		69,370
Tellabs, Inc.		45,458		209,561
ViaSat, Inc.*		2,822		122,108
Westell Technologies, Inc., Class A*		6,318		22,555

				2,500,617

*Computers & Peripherals (0.4%)*
Avid Technology, Inc.*		3,624		68,276
Cray, Inc.*		4,394		28,122
Diebold, Inc.		8,095		251,026
Dot Hill Systems Corp.*		5,056		14,359
Electronics for Imaging, Inc.*		5,419		93,315
Imation Corp.*		3,844		36,287
Immersion Corp.*		422		3,600
Intermec, Inc.*		7,316		80,769
Intevac, Inc.*		2,795		28,537
Lexmark International, Inc., Class A*		9,894		289,498
NCR Corp.*		4,209		79,508
Novatel Wireless, Inc.*		3,533		19,361
QLogic Corp.*		2,441		38,861
Quantum Corp.*		27,908		92,096
Rimage Corp.		1,298		17,432
Western Digital Corp.*		48,227		1,754,498
Xyratex Ltd.*		3,810		39,091

				2,934,636

*Electronic Equipment, Instruments & Components (1.3%)*
Agilysys, Inc.*		2,260		18,848
Anixter International, Inc.		1,756		114,737
Arrow Electronics, Inc.*		12,333		511,820
Avnet, Inc.*		18,989		605,369
AVX Corp.		5,911		90,084
Benchmark Electronics, Inc.*		7,548		124,542
Brightpoint, Inc.*		4,784		38,798
Checkpoint Systems, Inc.*		4,969		88,846
Cognex Corp.		958		33,942
Coherent, Inc.*		902		49,854
CTS Corp.		4,219		40,798
Daktronics, Inc.		3,387		36,546
DDi Corp.		1,100		10,494
Electro Rent Corp.		1,372		23,489
Electro Scientific Industries, Inc.*		2,601		50,199
Gerber Scientific, Inc.*		3,050		33,946
GSI Group, Inc.*		3,147		37,921
Identive Group, Inc.*		4,716		10,941
Ingram Micro, Inc., Class A*		138,809		2,517,995
Insight Enterprises, Inc.*		5,769		102,169
Itron, Inc.*		5,047		243,064
Jabil Circuit, Inc.		4,192		84,678
Kemet Corp.*		5,173		73,922
L-1 Identity Solutions, Inc.*		6,850		80,487
Littelfuse, Inc.		354		20,787
Mercury Computer Systems, Inc.*		3,786		70,722


	Number of Shares		Value (Note 1)

Methode Electronics, Inc.		4,495	$	52,187
Molex, Inc.		16,778		432,369
Multi-Fineline Electronix, Inc.*		919		19,860
NeoPhotonics Corp.*		541		3,744
Newport Corp.*		3,237		58,816
OSI Systems, Inc.*		560		24,080
Park Electrochemical Corp.		2,518		70,378
PC Connection, Inc.*		1,251		10,358
Plexus Corp.*		448		15,595
Power-One, Inc.*		544		4,406
RadiSys Corp.*		2,278		16,607
Richardson Electronics Ltd.		1,729		23,497
Rofin-Sinar Technologies, Inc.*		1,881		64,236
Rogers Corp.*		1,326		61,261
Sanmina-SCI Corp.*		9,948		102,763
Scansource, Inc.*		2,894		108,467
SMART Modular Technologies (WWH), Inc.*		8,057		73,802
SYNNEX Corp.*		3,110		98,587
Tech Data Corp.*		39,801		1,945,871
TTM Technologies, Inc.*		4,977		79,732
Viasystems Group, Inc.*		290		6,522
Vishay Intertechnology, Inc.*		18,893		284,151
Vishay Precision Group, Inc.*		1,506		25,421
X-Rite, Inc.*		3,544		17,614
Zygo Corp.*		1,763		23,307

				8,738,629

*Internet Software & Services (0.6%)*
AOL, Inc.*		136,302		2,706,958
DealerTrack Holdings, Inc.*		691		15,858
Digital River, Inc.*		4,351		139,928
EarthLink, Inc.		13,736		105,699
InfoSpace, Inc.*		4,008		36,553
Internap Network Services Corp.*		1,026		7,541
INTL FCStone, Inc.*		1,609		38,954
KIT Digital, Inc.*		4,380		52,297
Limelight Networks, Inc.*		1,335		6,088
Marchex, Inc., Class B		1,473		13,080
Mediamind Technologies, Inc.*		160		3,510
ModusLink Global Solutions, Inc.		5,669		25,397
Monster Worldwide, Inc.*		16,113		236,217
Openwave Systems, Inc.*		7,236		16,570
Perficient, Inc.*		1,039		10,660
QuinStreet, Inc.*		3,024		39,252
RealNetworks, Inc.*		10,450		35,530
support.com, Inc.*		2,160		10,368
TechTarget, Inc.*		767		5,806
United Online, Inc.		11,000		66,330
XO Group, Inc.*		1,721		17,124

				3,589,720

*IT Services (1.5%)*
Acxiom Corp.*		10,064		131,939
Booz Allen Hamilton Holding Corp.*		1,488		28,436
Broadridge Financial Solutions, Inc.		96,194		2,315,390
CACI International, Inc., Class A*		3,498		220,654
CIBER, Inc.*		7,813		43,362
Computer Task Group, Inc.*		504		6,638

See Notes to Financial Statements.

191

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Convergys Corp.*		13,073	$	178,316
CoreLogic, Inc.*		121,061		2,022,929
CSG Systems International, Inc.*		59,473		1,099,061
DST Systems, Inc.		3,713		196,046
Dynamics Research Corp.*		1,035		14,117
Euronet Worldwide, Inc.*		6,458		99,518
Genpact Ltd.*		3,525		60,771
Global Cash Access Holdings, Inc.*		3,359		10,682
Hackett Group, Inc.*		1,547		7,874
Integral Systems, Inc.*		1,797		21,869
ManTech International Corp., Class A		2,886		128,196
MoneyGram International, Inc.*		1,237		4,107
NCI, Inc., Class A*		641		14,564
Ness Technologies, Inc.*		4,078		30,870
SAIC, Inc.*		135,592		2,280,657
SRA International, Inc., Class A*		5,184		160,289
Stream Global Services, Inc.*		1,055		3,482
Total System Services, Inc.		20,176		374,870
Unisys Corp.*		3,154		81,058

				9,535,695

*Semiconductors & Semiconductor Equipment (1.4%)*
Advanced Analogic Technologies, Inc.*		4,168		25,237
Advanced Energy Industries, Inc.*		5,369		79,407
Alpha & Omega Semiconductor Ltd.*		1,777		23,545
Amkor Technology, Inc.*		13,045		80,488
ANADIGICS, Inc.*		8,271		26,550
Applied Micro Circuits Corp.*		1,194		10,579
Atmel Corp.*		3,635		51,144
ATMI, Inc.*		3,697		75,530
Axcelis Technologies, Inc.*		12,920		21,189
AXT, Inc.*		2,220		18,826
Brooks Automation, Inc.*		8,156		88,574
Cabot Microelectronics Corp.*		2,280		105,952
Cohu, Inc.		3,120		40,903
Cree, Inc.*		12,805		430,120
Cymer, Inc.*		2,866		141,896
DSP Group, Inc.*		3,053		26,561
Entegris, Inc.*		11,317		114,528
Exar Corp.*		4,259		26,959
Fairchild Semiconductor International, Inc.*		15,865		265,104
FEI Co.*		386		14,741
FormFactor, Inc.*		6,313		57,196
Freescale Semiconductor Holdings I Ltd.*		2,035		37,424
FSI International, Inc.*		4,663		12,777
GSI Technology, Inc.*		2,392		17,222
Integrated Device Technology, Inc.*		6,765		53,173
Integrated Silicon Solution, Inc.*		3,240		31,331
International Rectifier Corp.*		8,699		243,311
Intersil Corp., Class A		7,916		101,721
IXYS Corp.*		1,100		16,478
Kopin Corp.*		4,721		22,236
Kulicke & Soffa Industries, Inc.*		8,910		99,257
Lattice Semiconductor Corp.*		10,023		65,350


	Number of Shares		Value (Note 1)

Linear Technology Corp.		41,370	$	1,366,037
LSI Corp.*		52,671		375,017
LTX-Credence Corp.*		2,808		25,103
MEMC Electronic Materials, Inc.*		11,806		100,705
Mindspeed Technologies, Inc.*		1,865		14,920
MIPS Technologies, Inc.*		1,921		13,274
MKS Instruments, Inc.		6,485		171,334
Monolithic Power Systems, Inc.*		855		13,184
Nanometrics, Inc.*		2,477		47,038
National Semiconductor Corp.		1,807		44,470
Novellus Systems, Inc.*		11,095		400,973
OmniVision Technologies, Inc.*		1,541		53,642
Pericom Semiconductor Corp.*		2,890		25,837
Photronics, Inc.*		6,766		57,308
PLX Technology, Inc.*		5,302		18,398
PMC-Sierra, Inc.*		27,500		208,175
RF Micro Devices, Inc.*		30,663		187,658
Rudolph Technologies, Inc.*		3,873		41,480
Sigma Designs, Inc.*		3,925		29,987
Silicon Image, Inc.*		2,170		14,018
Silicon Laboratories, Inc.*		584		24,096
Spansion, Inc., Class A*		6,220		119,859
Standard Microsystems Corp.*		2,833		76,463
SunPower Corp., Class A*		12,314		238,030
Supertex, Inc.*		1,343		30,083
Teradyne, Inc.*		23,041		341,007
Tessera Technologies, Inc.*		6,318		108,291
Veeco Instruments, Inc.*		1,533		74,213
Verigy Ltd.*		141,755		2,122,072
Zoran Corp.*		6,242		52,433

				8,820,414

*Software (0.2%)*
Accelrys, Inc.*		6,790		48,277
Compuware Corp.*		7,335		71,590
Ebix, Inc.*		1,209		23,031
EPIQ Systems, Inc.		3,820		54,320
ePlus, Inc.*		497		13,141
Fair Isaac Corp.		2,116		63,903
JDA Software Group, Inc.*		4,313		133,228
Mentor Graphics Corp.*		6,718		86,058
Motricity, Inc.*		453		3,502
Progress Software Corp.*		3,382		81,608
Quest Software, Inc.*		5,283		120,083
Renaissance Learning, Inc.		1,033		12,954
Rosetta Stone, Inc.*		1,382		22,305
S1 Corp.*		5,666		42,382
Smith Micro Software, Inc.*		4,449		18,730
SS&C Technologies Holdings, Inc.*		3,102		61,637
Synopsys, Inc.*		17,007		437,250
TeleCommunication Systems, Inc., Class A*		3,283		15,857
THQ, Inc.*		8,438		30,545

				1,340,401

Total Information Technology				37,460,112

Materials (6.1%)
*Chemicals (1.4%)*
A. Schulman, Inc.		3,675		92,573

See Notes to Financial Statements.

192

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

American Vanguard Corp.		2,411	$	31,271
Arch Chemicals, Inc.		2,822		97,190
Ashland, Inc.		9,830		635,215
Cabot Corp.		8,147		324,821
Calgon Carbon Corp.*		1,428		24,276
Chase Corp.		660		11,062
Chemtura Corp.*		254,585		4,633,447
Cytec Industries, Inc.		6,131		350,632
Ferro Corp.*		10,735		144,278
FutureFuel Corp.		1,490		18,044
Georgia Gulf Corp.*		4,258		102,788
H.B. Fuller Co.		5,760		140,659
Huntsman Corp.		19,310		363,993
Innospec, Inc.*		296		9,948
Kraton Performance Polymers, Inc.*		495		19,389
Landec Corp.*		3,090		20,394
Minerals Technologies, Inc.		2,272		150,611
Nalco Holding Co.		1,929		53,645
NL Industries, Inc.		85		1,561
Olin Corp.		3,971		89,983
OM Group, Inc.*		3,903		158,618
PolyOne Corp.		3,249		50,262
Quaker Chemical Corp.		404		17,376
Rockwood Holdings, Inc.*		454		25,102
RPM International, Inc.		16,124		371,174
Scotts Miracle-Gro Co., Class A		758		38,893
Sensient Technologies Corp.		6,188		229,389
Spartech Corp.*		3,776		22,996
Stepan Co.		989		70,120
STR Holdings, Inc.*		3,752		55,980
TPC Group, Inc.*		563		22,081
Valspar Corp.		10,424		375,889
W.R. Grace & Co.*		935		42,664
Westlake Chemical Corp.		1,964		101,932
Zoltek Cos., Inc.*		3,528		37,150

				8,935,406

*Construction Materials (0.1%)*
Eagle Materials, Inc.		1,059		29,514
Headwaters, Inc.*		7,705		24,117
Martin Marietta Materials, Inc.		3,004		240,230
Texas Industries, Inc.		2,830		117,813
United States Lime & Minerals, Inc.*		200		8,202

				419,876

*Containers & Packaging (0.4%)*
AptarGroup, Inc.		8,331		436,045
Bemis Co., Inc.		13,111		442,890
Boise, Inc.		12,930		100,725
Graham Packaging Co., Inc.*		2,753		69,431
Graphic Packaging Holding Co.*		2,680		14,579
Greif, Inc., Class A		4,710		306,291
Myers Industries, Inc.		3,740		38,447
Packaging Corp. of America		1,265		35,407
Sealed Air Corp.		19,917		473,825
Sonoco Products Co.		12,364		439,417
Temple-Inland, Inc.		9,976		296,686

				2,653,743


	Number of Shares		Value (Note 1)

*Metals & Mining (3.4%)*
A.M. Castle & Co.*		2,121	$	35,230
African Barrick Gold Ltd.		420,000		2,792,874
AK Steel Holding Corp.		11,004		173,423
AngloGold Ashanti Ltd. (ADR)		12,586		529,745
Banro Corp.*		543,399		2,070,350
Century Aluminum Co.*		6,429		100,614
Coeur d’Alene Mines Corp.*		10,427		252,959
Commercial Metals Co.		14,306		205,291
Geovic Mining Corp.*		330,759		118,346
Gold Fields Ltd. (ADR)		198,611		2,897,734
Golden Minerals Co.*		218		3,876
Golden Star Resources Ltd.*		32,086		70,589
Handy & Harman Ltd.*		521		8,018
Haynes International, Inc.		346		21,428
Horsehead Holding Corp.*		5,191		69,144
Jaguar Mining, Inc.*		10,519		50,281
Kaiser Aluminum Corp.		1,153		62,977
Kinross Gold Corp.		228,196		3,605,497
Materion Corp.*		2,347		86,769
Novagold Resources, Inc.*		178,523		1,642,412
Olympic Steel, Inc.		1,154		31,770
Polyus Gold OJSC (ADR)		131,025		4,127,287
Reliance Steel & Aluminum Co.		7,946		394,519
Revett Minerals, Inc.*		1,233		5,561
RTI International Metals, Inc.*		3,270		125,470
Schnitzer Steel Industries, Inc., Class A		1,967		113,299
Silver Standard Resources, Inc.*		39,006		1,041,070
St. Barbara Ltd. (ADR)*		95,623		984,917
Steel Dynamics, Inc.		7,345		119,356
Thompson Creek Metals Co., Inc.*		18,981		189,430
Titanium Metals Corp.		4,944		90,574
U.S. Energy Corp./Wyoming*		2,790		11,913
Universal Stainless & Alloy Products, Inc.*		887		41,476
Vista Gold Corp.*		7,299		20,656
Worthington Industries, Inc.		2,658		61,400

				22,156,255

*Paper & Forest Products (0.8%)*
AbitibiBowater, Inc.*		170,000		3,451,000
Buckeye Technologies, Inc.		4,970		134,091
Clearwater Paper Corp.*		1,420		96,957
Domtar Corp.		5,101		483,167
KapStone Paper and Packaging Corp.*		4,905		81,276
Louisiana-Pacific Corp.*		16,441		133,830
Neenah Paper, Inc.		953		20,280
P.H. Glatfelter Co.		52,095		801,221
Schweitzer-Mauduit International, Inc.		2,175		122,126
Verso Paper Corp.*		1,642		4,400
Wausau Paper Corp.		6,250		42,125

				5,370,473

Total Materials				39,535,753

See Notes to Financial Statements.

193

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Telecommunication Services (0.9%)
*Diversified Telecommunication Services (0.4%)*
Alaska Communications Systems Group, Inc.		4,435	$	39,338
Atlantic Tele-Network, Inc.		885		33,949
Cincinnati Bell, Inc.*		17,651		58,601
Consolidated Communications Holdings, Inc.		616		11,975
Fairpoint Communications, Inc.*		2,454		22,601
Global Crossing Ltd.*		1,431		54,922
Globalstar, Inc.*		12,099		14,882
IDT Corp., Class B		167		4,512
Iridium Communications, Inc.*		4,816		41,658
Level 3 Communications, Inc.*		211,635		516,389
Neutral Tandem, Inc.*		4,311		75,098
PAETEC Holding Corp.*		4,452		21,325
Premiere Global Services, Inc.*		6,464		51,583
SureWest Communications		1,539		25,732
TELUS Corp. (Non-Voting)		35,405		1,862,303
tw telecom, Inc.*		2,701		55,452
Vonage Holdings Corp.*		9,851		43,443

				2,933,763

*Wireless Telecommunication Services (0.5%)*
Clearwire Corp., Class A*		3,128		11,824
ICO Global Communications Holdings Ltd.*		6,659		18,445
Leap Wireless International, Inc.*		6,063		98,403
SK Telecom Co., Ltd. (ADR)		75,790		1,417,273
Telephone & Data Systems, Inc.		11,267		350,178
Turkcell Iletisim Hizmetleri A/S (ADR)*		81,101		1,098,919
U.S. Cellular Corp.*		1,801		87,204
USA Mobility, Inc.		2,764		42,179

				3,124,425

Total Telecommunication Services				6,058,188

Utilities (4.4%)
*Electric Utilities (1.6%)*
Allete, Inc.		4,005		164,365
Centrais Eletricas Brasileiras S.A. (Preference) (ADR), Class B		25,130		430,728
Central Vermont Public Service Corp.		1,672		60,443
Cleco Corp.		28,650		998,453
DPL, Inc.		14,515		437,772
El Paso Electric Co.		5,284		170,673
Empire District Electric Co.		5,269		101,481
Federal Hydrogenerating Co. JSC (ADR)		243,544		1,181,188
Great Plains Energy, Inc.		16,766		347,559
Hawaiian Electric Industries, Inc.		11,716		281,887
IDACORP, Inc.		65,754		2,597,283
MGE Energy, Inc.		2,922		118,429
Northeast Utilities		21,897		770,118
NV Energy, Inc.		29,290		449,602
Otter Tail Corp.		4,140		87,354
Pepco Holdings, Inc.		28,043		550,484
Pinnacle West Capital Corp.		13,495		601,607
PNM Resources, Inc.		10,831		181,311


	Number of Shares		Value (Note 1)

Portland General Electric Co.		9,444	$	238,744
UIL Holdings Corp.		6,349		205,390
UniSource Energy Corp.		4,604		171,867
Unitil Corp.		1,453		38,214
Westar Energy, Inc.		14,126		380,131

				10,565,083

*Gas Utilities (0.9%)*
AGL Resources, Inc.		9,499		386,704
Atmos Energy Corp.		11,139		370,372
Chesapeake Utilities Corp.		1,242		49,717
Laclede Group, Inc.		2,841		107,475
National Fuel Gas Co.		8,770		638,456
New Jersey Resources Corp.		5,116		228,225
Nicor, Inc.		5,600		306,544
Northwest Natural Gas Co.		3,376		152,359
Piedmont Natural Gas Co., Inc.		8,901		269,344
Questar Corp.		21,955		388,823
South Jersey Industries, Inc.		3,095		168,090
Southwest Gas Corp.		5,739		221,583
UGI Corp.		62,245		1,984,993
WGL Holdings, Inc.		6,345		244,219

				5,516,904

*Independent Power Producers & Energy Traders (0.1%)*
Atlantic Power Corp.		7,758		118,077
Dynegy, Inc.*		12,893		79,808
GenOn Energy, Inc.*		96,013		370,610
Ormat Technologies, Inc.		2,218		48,818

				617,313

*Multi-Utilities (1.6%)*
Alliant Energy Corp.		13,720		557,855
Ameren Corp.		166,873		4,812,617
Avista Corp.		7,214		185,328
Black Hills Corp.		4,925		148,193
CH Energy Group, Inc.		1,959		104,336
CMS Energy Corp.		31,272		615,746
Integrys Energy Group, Inc.		9,680		501,811
MDU Resources Group, Inc.		23,344		525,240
NorthWestern Corp.		4,559		150,949
NSTAR		12,855		591,073
OGE Energy Corp.		12,112		609,476
SCANA Corp.		14,306		563,227
TECO Energy, Inc.		26,725		504,835
Vectren Corp.		10,101		281,414

				10,152,100

*Water Utilities (0.2%)*
American States Water Co.		2,410		83,531
American Water Works Co., Inc.		21,728		639,889
Aqua America, Inc.		15,445		339,481
Artesian Resources Corp., Class A		1,143		20,597
Cadiz, Inc.*		1,372		14,900
California Water Service Group		5,376		100,585
Connecticut Water Service, Inc.		1,197		30,619
Consolidated Water Co., Ltd.		2,014		18,710
Middlesex Water Co.		2,096		38,944
Pennichuck Corp.		195		5,606
SJW Corp.		1,871		45,353

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

York Water Co.		1,594	$	26,381

				1,364,596

Total Utilities				28,215,996

Total Common Stocks (73.8%) (Cost $416,289,179)				476,670,347


INVESTMENT COMPANY:
*Investment Company (0.0%)*
THL Credit, Inc. (Cost $13,409)		1,044		13,572

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bonds (0.4%)
Energy (0.3%)
*Oil, Gas & Consumable Fuels (0.3%)*
Delta Petroleum Corp. 3.750%, 5/1/37	$	1,594,000		1,414,675
USEC, Inc. 3.000%, 10/1/14		747,000		535,972

Total Energy				1,950,647

Industrials (0.1%)
*Airlines (0.1%)*
JetBlue Airways Corp. Series B 6.750%, 10/15/39		507,000		775,710

Total Industrials				775,710

Total Convertible Bonds				2,726,357

Corporate Bonds (0.7%)
Financials (0.3%)
*Insurance (0.3%)*
Old Republic International Corp. 8.000%, 5/15/12		1,684,000		1,888,185

Total Financials				1,888,185

Health Care (0.1%)
*Biotechnology (0.1%)*
Cubist Pharmaceuticals, Inc. 2.500%, 11/1/17		651,000		906,518

Total Health Care				906,518


	Principal Amount		Value (Note 1)

Information Technology (0.3%)
*Communications Equipment (0.3%*)
Alcatel-Lucent USA, Inc. Series B 2.875%, 6/15/25	$	1,807,000	$	1,761,825

Total Information Technology				1,761,825

Total Corporate Bonds				4,556,528

Total Long-Term Debt Securities (1.1%)
(Cost $5,676,766)				7,282,885

SHORT-TERM INVESTMENTS:
Short-Term Investment (20.6%)
BlackRock Liquidity Funds TempFund 0.08%‡		133,260,906		133,260,906

Time Deposit (3.2%)
JPMorgan Chase Nassau 0.000%, 7/1/11		20,652,635		20,652,635

Total Short-Term Investments (23.8%)
(Cost $153,913,541)				153,913,541

Total Investments (98.7%) (Cost $575,892,895)				637,880,345
Other Assets Less Liabilities (1.3%)				8,117,457

Net Assets (100%)			$	645,997,802

*	Non-income producing.

†	Securities (totalling $76,302 or 0.0% of net assets) at fair value by management.

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

(b)

Illiquid Security.

Glossary:

ADR— American Depositary Receipt

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	120,078,984	$	90,868,591	$	77,686,669	$	133,260,906	$	86,005	$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		346		September-11	$	27,293,886	$	28,558,840	$	1,264,954
S&P MidCap 400 E-Mini Index		1,166		September-11		110,534,089		113,859,900		3,325,811

									$	4,590,765

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	41,878,826	$	—	$	—	$	41,878,826
Consumer Staples		29,025,754		—		—		29,025,754
Energy		65,339,659		—		76,302		65,415,961
Financials		128,065,752		—		—		128,065,752
Health Care		34,507,255		—		—		34,507,255
Industrials		65,306,506		1,200,244		—		66,506,750
Information Technology		37,354,413		105,699		—		37,460,112
Materials		36,742,879		2,792,874		—		39,535,753
Telecommunication Services		6,058,188		—		—		6,058,188
Utilities		28,215,996		—		—		28,215,996
Convertible Bonds
Energy		—		1,950,647		—		1,950,647
Industrials		—		775,710		—		775,710
Corporate Bonds
Financials		—		1,888,185		—		1,888,185
Health Care		—		906,518		—		906,518
Information Technology		—		1,761,825		—		1,761,825
Futures		4,590,765		—		—		4,590,765
Investment Companies
Investment Companies		13,572		—		—		13,572
Short-Term Investments		—		153,913,541		—		153,913,541

Total Assets	$	477,099,565	$	165,295,243	$	76,302	$	642,471,110

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	477,099,565	$	165,295,243	$	76,302	$	642,471,110

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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



	Investments in Common Stocks- Energy		Investments in Corporate Bonds- Financials

Balance as of 12/31/10	$	62,172	$	1,757
Total gains or losses (realized/unrealized) included in earnings		14,130		(672	)
Purchases		—		—
Sales		—		(1,085	)
Issuances		—		—
Settlements		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—

Balance as of 6/30/11	$	76,302	$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11	$	14,130	$	—

Fair Values of Derivative Instruments as of June 30, 2011:


	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		4,590,765	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	4,590,765


	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		$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2011:


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		—		—		(5,815	)		—		(5,815	)
Credit contracts		—		—		—			—		—
Equity contracts		—		8,766,002		—			—		8,766,002
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	8,766,002	$	(5,815	)	$	—	$	8,760,187


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		—		—		6,448		—		6,448
Credit contracts		—		—		—		—		—
Equity contracts		—		1,787,310		—		—		1,787,310
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	1,787,310	$	6,448	$	—	$	1,793,758

The Portfolio held futures contracts with an average notional balance of approximately $145,278,000 during the six months ended June 30, 2011.

^ This Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	356,602,430
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	371,533,003

As of June 30, 2011, 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	$	72,613,025
Aggregate gross unrealized depreciation		(17,405,661	)

Net unrealized appreciation	$	55,207,364

Federal income tax cost of investments	$	582,672,981

The Portfolio has a net capital loss carryforward of $197,981,337, which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $133,260,906)	$	133,260,906
Unaffiliated Issuers (Cost $442,631,989)		504,619,439
Cash held as collateral at broker		8,575,000
Due from broker for futures variation margin		850,006
Dividends, interest and other receivables		510,824
Receivable from Separate Accounts for Trust shares sold		401,224
Receivable for securities sold		370,975
Receivable from investment sub-advisor		15,987
Other assets		4,908

Total assets		648,609,269

LIABILITIES
Overdraft payable		530,508
Payable to Separate Accounts for Trust shares redeemed		708,377
Payable for securities purchased		617,515
Investment management fees payable		415,484
Distribution fees payable - Class B		116,343
Administrative fees payable		93,974
Trustees’ fees payable		16,675
Accrued expenses		112,591

Total liabilities		2,611,467

NET ASSETS	$	645,997,802

Net assets were comprised of:
Paid in capital	$	702,353,189
Accumulated undistributed net investment income (loss)		(1,348,986	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(121,584,616	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		66,578,215

Net assets	$	645,997,802

Class A
Net asset value, offering and redemption price per share, $67,517,683 / 6,403,397 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10 .54

Class B
Net asset value, offering and redemption price per share, $578,480,119 / 56,046,850 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10 .32

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends ($86,005 of dividend income received from affiliates) (net of $32,255 foreign withholding tax)	$	3,727,365
Interest		144,386

Total income		3,871,751

EXPENSES
Investment management fees		2,568,920
Distribution fees - Class B		720,099
Administrative fees		497,549
Custodian fees		58,678
Professional fees		26,527
Printing and mailing expenses		25,129
Trustees’ fees		5,287
Miscellaneous		9,169

Gross expenses		3,911,358
Less: Reimbursement from sub-advisor		(47,058	)
Fees paid indirectly		(66,803	)

Net expenses		3,797,497

NET INVESTMENT INCOME (LOSS)		74,254

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		73,819,378
Foreign currency transactions		(1,454	)
Futures		8,766,002

Net realized gain (loss)		82,583,926

Change in unrealized appreciation (depreciation) on:
Securities		(56,374,892	)
Foreign currency translations		(2,657	)
Futures		1,787,310

Net change in unrealized appreciation (depreciation)		(54,590,239	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		27,993,687

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	28,067,941

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	74,254		$	2,398,786
Net realized gain (loss) on investments, futures, foreign currency transactions and net distributions of realized gain received from underlying Portfolio		82,583,926			123,294,699
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(54,590,239	)		2,868,822

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		28,067,941			128,562,307

DIVIDENDS:
Dividends from net investment income
Class A		—			(604,388	)
Class B		—			(3,738,832	)

TOTAL DIVIDENDS		—			(4,343,220	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 278,223 and 859,691 shares, respectively ]		2,947,739			7,278,554
Capital shares issued in reinvestment of dividends [ 0 and 61,204 shares, respectively ]		—			604,388
Capital shares repurchased [ (304,240) and (6,253,565) shares, respectively ]		(3,171,964	)		(56,156,583	)

Total Class A transactions		(224,225	)		(48,273,641	)

Class B
Capital shares sold [ 4,694,691 and 8,748,184 shares, respectively ]		48,255,740			75,555,096
Capital shares issued in reinvestment of dividends [ 0 and 386,314 shares, respectively ]		—			3,738,832
Capital shares repurchased [ (4,764,450) and (11,040,755) shares, respectively ]		(48,804,331	)		(93,741,245	)

Total Class B transactions		(548,591	)		(14,447,317	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(772,816	)		(62,720,958	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		27,295,125			61,498,129
NET ASSETS:
Beginning of period		618,702,677			557,204,548

End of period (a)	$	645,997,802		$	618,702,677

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,348,986	)	$	(1,423,240	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.07		$	8.12		$	5.77		$	9.19		$	10.03		$	9.74

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.06	(e)		0.11	(e)		0.06	(e)		0.02	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.46			1.98			2.47			(3.33	)		—	#		1.41

Total from investment operations		0.47			2.04			2.58			(3.27	)		0.02			1.44

Less distributions:
Dividends from net investment income		—			(0.09	)		(0.23	)		(0.05	)		—			(0.02	)
Distributions from net realized gains		—			—			—			(0.10	)		(0.86	)		(1.13	)

Total dividends and distributions		—			(0.09	)		(0.23	)		(0.15	)		(0.86	)		(1.15	)

Net asset value, end of period	$	10.54		$	10.07		$	8.12		$	5.77		$	9.19		$	10.03

Total return (b)		4.67	%		25.19	%		44.90	%		(35.88	)%		0.31	%		15.08	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	67,518		$	64,756		$	95,496		$	330,996		$	535,842		$	387,990
Ratio of expenses to average net assets:
After reimbursements (a)		0.98	%		1.02	%		0.58	%		1.15	%		1.28	%		1.30	%
After reimbursements and fees paid indirectly (a)		0.96	%		1.00	%		0.58	%		1.15	%		1.28	%		1.30	%
Before reimbursements and fees paid indirectly (a)		0.99	%		1.02	%		1.04	%		1.30	%		1.29	%		1.31	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		0.23	%		0.64	%		1.76	%		0.78	%		0.17	%		0.25	%
After reimbursements and fees paid indirectly (a)		0.25	%		0.65	%		1.76	%		0.78	%		0.17	%		0.25	%
Before reimbursements and fees paid indirectly (a)		0.21	%		0.63	%		1.29	%		0.62	%		0.17	%		0.24	%
Portfolio turnover rate		73	%		51	%		95	%		78	%		60	%		67	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	9.87		$	7.96		$	5.66		$	9.01		$	9.87		$	9.61

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		0.03	(e)		0.08	(e)		0.04	(e)		(0.01	)(e)		—	#(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.45			1.95			2.42			(3.25	)		0.01			1.39

Total from investment operations		0.45			1.98			2.50			(3.21	)		—			1.39

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.20	)		(0.04	)		—			—
Distributions from net realized gains		—			—			—			(0.10	)		(0.86	)		(1.13	)

Total dividends and distributions		—			(0.07	)		(0.20	)		(0.14	)		(0.86	)		(1.13	)

Net asset value, end of period	$	10.32		$	9.87		$	7.96		$	5.66		$	9.01		$	9.87

Total return (b)		4.56	%		24.86	%		44.46	%		(35.99	)%		0.10	%		14.75	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	578,480		$	553,947		$	461,709		$	320,011		$	539,894		$	599,824
Ratio of expenses to average net assets:
After reimbursements (a)		1.23	%		1.27	%		1.13	%		1.39	%		1.53	%		1.55	%
After reimbursements and fees paid indirectly (a)		1.21	%		1.25	%		1.13	%		1.39	%		1.53	%		1.55	%
Before reimbursements and fees paid indirectly (a)		1.24	%		1.27	%		1.29	%(c)		1.55	%		1.54	%		1.56	%(c)
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		(0.02	)%		0.38	%		1.25	%		0.54	%		(0.08	)%		(0.01	)%
After reimbursements and fees paid indirectly (a)		0.00	%‡‡		0.39	%		1.25	%		0.54	%		(0.08	)%		(0.01	)%
Before reimbursements and fees paid indirectly (a)		(0.04	)%		0.37	%		1.05	%		0.38	%		(0.09	)%		(0.02	)%
Portfolio turnover rate		73	%		51	%		95	%		78	%		60	%		67	%

#	Per share amount is less than $0.005.

‡‡	Amount is less than 0.005%.

(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.

See Notes to Financial Statements.

202

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Distribution of Assets by Sector as of 6/30/2011	% of Net Assets
Government Securities		53.9	%
Corporate Bonds		44.8
Asset-Backed and Mortgage-Backed Securities		1.3
Time Deposits		0.2
Equities & Warrants		0.0	#
Cash and Other		(0.2	)

Total		100.0	%

# Less than 0.05%

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 June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11- 6/30/11
Class A
Actual		$1,000.00		$1,025.80		$3.47
Hypothetical (5% average return before expenses)		1,000.00		1,021.37		3.46
Class B
Actual		1,000.00		1,023.30		4.72
Hypothetical (5% average return before expenses)		1,000.00		1,020.13		4.71
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.69% and 0.94% , respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period ).

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (1.3%)
*Asset-Backed Securities (0.4%)*
Aircraft Certificate Owner Trust,
Series 2003-1A D
6.455%, 9/20/22§	$	879,465	$	879,465
Series 2003-1A E
7.001%, 9/20/22§†		3,900,000		3,585,816
American Express Credit Account Master Trust,
Series 2009-1 A
1.537%, 12/15/14(l)		750,000		758,337
American Money Management Corp.,
Series 2006-6A A1A
0.482%, 5/3/18(l)§		1,000,000		962,669
Armstrong Loan Funding Ltd.,
Series 2008-1A A
0.823%, 8/1/16(l)§		405,460		404,661
Chase Issuance Trust,
Series 2009-A2 A2
1.737%, 4/15/14(l)		2,800,000		2,832,591
Continental Airlines, Inc.,
Series 1997-4A
6.900%, 1/2/18		106,313		112,553
Ford Credit Auto Owner Trust,
Series 2008-C A3
1.607%, 6/15/12(l)		77,339		77,360
Harvest CLO S.A.,
Series IX A1
2.003%, 3/29/17(l)(m)		724,984		1,004,098

				10,617,550

*Non-Agency CMO (0.9%)*
Adjustable Rate Mortgage Trust,
Series 2005-5 2A1
2.874%, 9/25/35(l)		958,149		724,997
Banc of America Large Loan, Inc.,
Series 2009-UB1 A4A
5.691%, 6/24/50(l)§		500,000		548,616
Series 2010-HLTN
1.937%, 11/15/15(l)§		1,853,108		1,719,204
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-9 2A1
2.860%, 2/25/34(l)		604,099		530,205
Bear Stearns Alt-A Trust,
Series 2005-7 22A1
2.916%, 9/25/35(l)		651,608		467,686
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2006-BBA7 A1
0.297%, 3/15/19(l)§		492,161		482,317
Citigroup Commercial Mortgage Trust, Inc.,
Series 2008-C7 A3
5.823%, 12/10/49(l)		2,200,000		2,344,003
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-3 2A2A
2.869%, 8/25/35(l)		249,886		225,872
Commercial Mortgage Pass Through Certificates,
Series 2010-C1 A1
3.156%, 7/10/46§		2,172,601		2,191,941


	Principal Amount		Value (Note 1)

Countrywide Alternative Loan Trust,
Series 2006-OA22 A1
0.346%, 2/25/47(l)	$	390,125	$	218,898
Credit Suisse Mortgage Capital Certificates,
Series 2010-RR1 2A
5.695%, 9/15/40(l)§		700,000		764,026
Series 2010-RR1 3A
5.802%, 6/10/49(l)§		700,000		758,946
Series 2010-RR7 2A
5.467%, 9/18/39(l)§		800,000		862,849
EMF-NL B.V.,
Series 2008-APRX A2
2.132%, 4/17/41(l)(m)		1,000,000		1,211,093
Granite Master Issuer plc,
Series 2006-3 A7
0.286%, 12/20/54(l)		294,250		279,046
Series 2006-4 A6
0.276%, 12/20/54(l)		784,666		744,123
Greenpoint Mortgage Funding Trust,
Series 2007-AR1 3A1
0.286%, 2/25/37(l)		61,417		53,649
Greenpoint Mortgage Pass-Through Certificates,
Series 2003-1 A1
2.922%, 10/25/33(l)		593,247		492,378
GS Mortgage Securities Corp. II,
Series 2010-C1 A2
4.592%, 8/10/43§		1,500,000		1,535,856
Harborview Mortgage Loan Trust,
Series 2006-12 2A2A
0.376%, 1/19/38(l)		349,589		230,875
MLCC Mortgage Investors, Inc.,
Series 2005-2 3A
1.191%, 10/25/35(l)		363,554		304,860
Morgan Stanley,
Series 2009-GG10 A4A
5.992%, 8/12/45(l)§		800,000		875,481
OBP Depositor LLC Trust,
Series 2010-OBP A
4.646%, 7/15/45§		1,000,000		1,037,993
RBSCF Trust,
Series 2009-RR1 JPA
6.068%, 9/17/39(l)§		800,000		873,506
Series 2010-RR3 CSCA
5.467%, 9/16/39(l)§		800,000		870,583
Series 2010-RR3 JPMA
5.420%, 1/16/49(l)§		1,000,000		1,087,067
Series 2010-RR4 CMLA
6.213%, 12/16/49(l)§		500,000		546,820
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1
0.436%, 7/19/35(l)		165,672		113,605
Wachovia Bank Commercial Mortgage Trust,
Series 2006-C28 A2
5.500%, 10/15/48		671,305		673,012
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A
1.680%, 8/25/42(l)		68,847		59,628

See Notes to Financial Statements.

204

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2005-AR17 A1A1
0.456%, 12/25/45(l)	$	311,283	$	250,822

				23,079,957

Total Asset-Backed and Mortgage-Backed Securities				33,697,507

Corporate Bonds (44.8%)
Consumer Discretionary (4.0%)
*Auto Components* (*0.0%*)
Johnson Controls, Inc.
1.750%, 3/1/14		300,000		302,487
5.000%, 3/30/20		250,000		265,645
4.250%, 3/1/21		60,000		59,864

				627,996

*Automobiles (0.3%)*
Chrysler Group LLC
6.000%, 6/2/17		2,900,000		2,824,681
Chrysler Group LLC/CG Co.-Issuer, Inc.
8.250%, 6/15/21§		2,150,000		2,107,000
Daimler Finance N.A. LLC
6.500%, 11/15/13		800,000		889,988
Ford Motor Co.
3.020%, 12/15/13 (l)		1,302,809		1,301,094
Hyva Global B.V.
8.625%, 3/24/16§		850,000		854,250

				7,977,013

*Distributors (0.2%)*
American Tire Distributors, Inc.
9.750%, 6/1/17		1,650,000		1,773,750
McJunkin Red Man Corp.
9.500%, 12/15/16§		1,475,000		1,500,813
SGS International, Inc.
12.000%, 12/15/13		700,000		717,500

				3,992,063

*Hotels, Restaurants & Leisure (0.8%)*
Diamond Resorts Corp.
12.000%, 8/15/18§		3,100,000		3,286,000
Dunkin’ Brands, Inc.
9.625%, 12/1/18§		900,000		907,866
El Pollo Loco, Inc.
11.750%, 12/1/12		1,725,000		1,819,875
Greektown Superholdings, Inc.
Series A
13.000%, 7/1/15		1,200,000		1,347,000
Series B
13.000%, 7/1/15		975,000		1,094,438
International Game Technology
7.500%, 6/15/19		50,000		57,164
5.500%, 6/15/20		100,000		102,710
Landry’s Restaurants, Inc.
11.625%, 12/1/15		2,450,000		2,621,500
Marriott International, Inc.
5.625%, 2/15/13		400,000		426,617
McDonald’s Corp.
4.300%, 3/1/13		200,000		211,596
5.350%, 3/1/18		500,000		566,884


	Principal Amount		Value (Note 1)

3.500%, 7/15/20	$	150,000	$	149,895
3.625%, 5/20/21		100,000		99,471
Roadhouse Financing, Inc.
10.750%, 10/15/17§		1,650,000		1,732,500
Seven Seas Cruises S de RL LLC
9.125%, 5/15/19§		1,450,000		1,493,500
Starbucks Corp.
6.250%, 8/15/17		200,000		232,186
Travelport LLC/Travelport, Inc.
9.000%, 3/1/16		500,000		446,250
Wendy’s/Arby’s Restaurants LLC
10.000%, 7/15/16		1,950,000		2,159,625
Yum! Brands, Inc.
4.250%, 9/15/15		400,000		424,600
5.300%, 9/15/19		100,000		107,487

				19,287,164

*Household Durables (0.1%)*
Fortune Brands, Inc.
6.375%, 6/15/14		100,000		111,172
5.375%, 1/15/16		350,000		379,250
Newell Rubbermaid, Inc.
4.700%, 8/15/20		300,000		302,065
Tupperware Brands Corp.
4.750%, 6/1/21§		100,000		98,606
Whirlpool Corp.
5.500%, 3/1/13		200,000		212,018
8.600%, 5/1/14		35,000		40,786
4.850%, 6/15/21		100,000		98,915

				1,242,812

*Internet & Catalog Retail (0.3%)*
Affinion Group, Inc.
11.500%, 10/15/15		2,700,000		2,787,750
Affinity Group, Inc.
11.500%, 12/1/16§		1,875,000		1,968,750
Catalina Marketing Corp.
10.500%, 10/1/15 PIK§		2,740,000		2,900,975
Expedia, Inc.
5.950%, 8/15/20		400,000		389,000

				8,046,475

*Leisure Equipment & Products (0.0%)*
Mattel, Inc.
5.625%, 3/15/13		200,000		213,916

*Media (1.7%)*
CBS Corp.
5.625%, 8/15/12		11,000		11,498
8.875%, 5/15/19		400,000		509,904
5.750%, 4/15/20		100,000		108,384
Charter Communications Operating LLC
2.260%, 3/6/14(l)		30,042		30,021
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
8.000%, 4/30/12§		500,000		520,000
Clear Channel Worldwide Holdings, Inc.
9.250%, 12/15/17		1,000,000		1,089,187
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		183,000		204,967

See Notes to Financial Statements.

205

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Comcast Corp.
6.500%, 1/15/15	$	1,000,000	$	1,144,082
5.900%, 3/15/16		400,000		455,332
6.500%, 1/15/17		500,000		582,754
5.700%, 7/1/19		100,000		111,249
5.150%, 3/1/20		500,000		538,346
COX Communications, Inc.
7.125%, 10/1/12		400,000		429,013
5.450%, 12/15/14		200,000		222,907
5.500%, 10/1/15		400,000		449,012
Crown Media Holdings, Inc.
10.500%, 7/15/19§		2,000,000		2,065,000
CW Media Holdings, Inc.
13.500%, 8/15/15 PIK§(b)		527		569
DCP LLC/DCP Corp.
10.750%, 8/15/15§		2,175,000		1,927,594
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
4.750%, 10/1/14		250,000		273,656
3.550%, 3/15/15		295,000		308,218
3.500%, 3/1/16		500,000		516,108
7.625%, 5/15/16		223,000		243,070
5.875%, 10/1/19		300,000		332,721
5.200%, 3/15/20		130,000		137,551
5.000%, 3/1/21		650,000		673,230
Discovery Communications LLC
3.700%, 6/1/15		150,000		157,829
5.050%, 6/1/20		500,000		529,448
DISH DBS Corp.
6.375%, 10/1/11		1,000,000		1,008,750
European Media Capital S.A.
10.000%, 2/1/15§†(b)		1,984,553		1,224,469
Houghton Mifflin Harcourt Publishing Co.
10.500%, 6/1/19§		2,125,000		2,093,125
inVentiv Health, Inc.
10.000%, 8/15/18§		1,825,000		1,755,500
LBI Media, Inc.
9.250%, 4/15/19§		1,775,000		1,757,250
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17(h)		1,916,000		4,790
NBCUniversal Media LLC
3.650%, 4/30/15§		600,000		629,948
5.150%, 4/30/20§		500,000		527,951
4.375%, 4/1/21§		500,000		494,775
Network Communications, Inc.
8.600%, 1/14/20 PIK§†(b)		1,955,016		1,368,511
News America, Inc.
8.000%, 10/17/16		400,000		491,547
6.900%, 3/1/19		500,000		581,921
Omnicom Group, Inc.
5.900%, 4/15/16		400,000		449,013
6.250%, 7/15/19		200,000		221,396
4.450%, 8/15/20		35,000		34,719
Ono Finance II plc
11.125%, 7/15/19§		EUR 2,075,000		3,144,469
ProQuest LLC/ProQuest Notes Co.
9.000%, 10/15/18§		2,650,000		2,716,250
Radio One, Inc.
7.500%, 3/7/16		1,125,000		1,137,656
15.000%, 5/24/16 PIK§(b)		1,508,187		1,530,810
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		400,000		508,498


	Principal Amount		Value (Note 1)

Thomson Reuters Corp.
6.500%, 7/15/18	$	500,000	$	584,963
4.700%, 10/15/19		50,000		52,593
Time Warner Cable, Inc.
6.200%, 7/1/13		1,250,000		1,371,136
3.500%, 2/1/15		100,000		104,309
5.850%, 5/1/17		400,000		449,821
8.250%, 4/1/19		700,000		873,041
5.000%, 2/1/20		575,000		597,393
Time Warner, Inc.
3.150%, 7/15/15		200,000		206,834
5.875%, 11/15/16		700,000		800,131
4.875%, 3/15/20		500,000		517,774
Viacom, Inc.
4.375%, 9/15/14		400,000		429,608
6.250%, 4/30/16		134,000		154,122
5.625%, 9/15/19		400,000		443,876
Walt Disney Co.
4.500%, 12/15/13		500,000		542,674
6.000%, 7/17/17		100,000		116,533
WPP Finance UK Corp.
5.875%, 6/15/14		400,000		439,365

				42,937,171

*Multiline Retail (0.2%)*
Bon-Ton Department Stores, Inc.
10.250%, 3/15/14		1,350,000		1,350,000
Family Dollar Stores, Inc.
5.000%, 2/1/21		100,000		98,068
Kohl’s Corp.
6.250%, 12/15/17		200,000		234,643
Macy’s Retail Holdings, Inc.
5.875%, 1/15/13		94,000		100,030
5.750%, 7/15/14		160,000		175,996
5.900%, 12/1/16		1,000,000		1,122,563
Nordstrom, Inc.
6.750%, 6/1/14		100,000		114,439
4.750%, 5/1/20		150,000		157,612
Target Corp.
5.125%, 1/15/13		400,000		425,869
6.000%, 1/15/18		700,000		808,908

				4,588,128

*Specialty Retail (0.3%)*
AutoZone, Inc.
6.500%, 1/15/14		400,000		448,122
4.000%, 11/15/20		200,000		191,110
Burlington Coat Factory Warehouse Corp.
10.000%, 2/15/19§		2,500,000		2,475,000
Home Depot, Inc.
5.400%, 3/1/16		800,000		893,931
Lowe’s Cos., Inc.
5.600%, 9/15/12		200,000		211,933
2.125%, 4/15/16		400,000		398,335
4.625%, 4/15/20		250,000		266,011
O’Reilly Automotive, Inc.
4.875%, 1/14/21		100,000		100,485
Staples, Inc.
9.750%, 1/15/14		500,000		595,245
TJX Cos., Inc.
4.200%, 8/15/15		100,000		108,538
6.950%, 4/15/19		100,000		120,859

See Notes to Financial Statements.

206

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Toys R Us Property Co. I LLC
10.750%, 7/15/17	$	1,250,000	$	1,390,625
Toys R Us Property Co. II LLC
8.500%, 12/1/17		1,000,000		1,045,000

				8,245,194

*Textiles, Apparel & Luxury Goods (0.1%)*
Boardriders S.A.
8.875%, 12/15/17§		EUR 1,950,000		2,962,113
Cintas Corp. No. 2
2.850%, 6/1/16	$	100,000		100,783
6.125%, 12/1/17		100,000		116,388

				3,179,284

Total Consumer Discretionary				100,337,216

Consumer Staples (2.8%)
*Beverages (0.7%)*
Anheuser-Busch Cos., Inc. 4.950%, 1/15/14		200,000		216,835
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12		725,000		744,418
0.977%, 3/26/13 (l)		3,000,000		3,027,624
0.824%, 1/27/14 (l)		2,200,000		2,207,893
5.375%, 11/15/14		325,000		362,939
4.125%, 1/15/15		125,000		134,433
2.875%, 2/15/16		545,000		555,311
7.750%, 1/15/19		1,000,000		1,258,044
5.375%, 1/15/20		575,000		633,419
4.375%, 2/15/21		430,000		439,705
Bottling Group LLC
6.950%, 3/15/14		300,000		343,909
Brown-Forman Corp.
2.500%, 1/15/16		100,000		100,992
Coca-Cola Co.
0.750%, 11/15/13		600,000		596,953
1.500%, 11/15/15		600,000		589,063
3.150%, 11/15/20		400,000		384,008
Coca-Cola Enterprises, Inc.
3.500%, 9/15/20		300,000		287,251
Coca-Cola Refreshments USA, Inc.
7.375%, 3/3/14		300,000		348,477
Diageo Capital plc
5.750%, 10/23/17		600,000		687,819
Diageo Finance B.V.
5.500%, 4/1/13		400,000		432,018
3.250%, 1/15/15		150,000		156,783
Dr. Pepper Snapple Group, Inc.
6.120%, 5/1/13		100,000		108,645
2.900%, 1/15/16		400,000		404,783
PepsiAmericas, Inc.
5.750%, 7/31/12		200,000		211,105
PepsiCo, Inc.
0.875%, 10/25/13		500,000		499,721
3.750%, 3/1/14		100,000		106,712
3.100%, 1/15/15		100,000		104,968
2.500%, 5/10/16		500,000		505,287
5.000%, 6/1/18		200,000		221,533
7.900%, 11/1/18		850,000		1,095,438


	Principal Amount		Value (Note 1)

4.500%, 1/15/20	$	800,000	$	848,140

				17,614,226

*Food & Staples Retailing (0.5%)*
Costco Wholesale Corp.
5.500%, 3/15/17		400,000		464,667
CVS Caremark Corp.
3.250%, 5/18/15		500,000		518,924
5.750%, 6/1/17		200,000		224,635
6.600%, 3/15/19		300,000		348,211
4.750%, 5/18/20		150,000		155,722
CVS Pass-Through Trust
5.789%, 1/10/26§		2,356,560		2,408,376
7.507%, 1/10/32§		1,364,016		1,616,168
Kroger Co.
7.500%, 1/15/14		300,000		342,905
3.900%, 10/1/15		200,000		211,528
6.400%, 8/15/17		200,000		234,289
6.150%, 1/15/20		300,000		345,546
Safeway, Inc.
5.800%, 8/15/12		350,000		368,242
6.350%, 8/15/17		200,000		228,883
5.000%, 8/15/19		400,000		418,631
SUPERVALU, Inc.
8.000%, 5/1/16		660,000		673,200
Walgreen Co.
4.875%, 8/1/13		200,000		216,491
5.250%, 1/15/19		150,000		167,192
Wal-Mart Stores, Inc.
4.550%, 5/1/13		400,000		427,950
1.625%, 4/15/14		1,000,000		1,013,206
2.875%, 4/1/15		800,000		833,461
5.800%, 2/15/18		800,000		922,053
3.250%, 10/25/20		800,000		761,047
Woolworths Ltd.
4.000%, 9/22/20§		700,000		681,636

				13,582,963

*Food Products (0.6%)*
Archer-Daniels-Midland Co.
4.479%, 3/1/21		500,000		522,763
Bunge Ltd. Finance Corp.
5.875%, 5/15/13		700,000		745,844
Campbell Soup Co.
3.375%, 8/15/14		100,000		106,688
3.050%, 7/15/17		200,000		205,181
4.250%, 4/15/21		250,000		255,447
ConAgra Foods, Inc.
7.000%, 4/15/19		500,000		572,096
Corn Products International, Inc.
3.200%, 11/1/15		100,000		101,990
General Mills, Inc.
5.250%, 8/15/13		500,000		543,258
5.200%, 3/17/15		200,000		222,730
5.650%, 2/15/19		300,000		338,727
H.J. Heinz Co.
5.350%, 7/15/13		200,000		217,043
Hershey Co.
5.000%, 4/1/13		1,000,000		1,069,647
Hormel Foods Corp.
4.125%, 4/15/21		100,000		102,144

See Notes to Financial Statements.

207

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Kellogg Co.
4.250%, 3/6/13	$	200,000	$	211,074
4.450%, 5/30/16		500,000		545,488
3.250%, 5/21/18		65,000		65,365
4.000%, 12/15/20		200,000		199,701
Kraft Foods, Inc.
6.750%, 2/19/14		2,900,000		3,284,769
4.125%, 2/9/16		600,000		641,578
6.125%, 2/1/18		550,000		632,739
5.375%, 2/10/20		800,000		874,559
Mead Johnson Nutrition Co.
3.500%, 11/1/14		50,000		52,345
4.900%, 11/1/19		250,000		263,801
Sara Lee Corp.
2.750%, 9/15/15		300,000		299,204
Tyson Foods, Inc.
10.500%, 3/1/14		400,000		475,000
Viskase Cos., Inc.
9.875%, 1/15/18§		2,400,000		2,502,000

				15,051,181

*Household Products (0.6%)*
Amscan Holdings, Inc.
8.750%, 5/1/14		1,000,000		1,015,000
Armored Autogroup, Inc.
9.250%, 11/1/18§		2,000,000		1,980,000
Clorox Co.
5.000%, 3/1/13		300,000		317,515
3.550%, 11/1/15		300,000		312,589
Colgate-Palmolive Co.
3.150%, 8/5/15		400,000		420,951
Diversey Holdings, Inc.
10.500%, 5/15/20		2,414,713		2,982,170
Energizer Holdings, Inc.
4.700%, 5/19/21§		150,000		148,151
Kimberly-Clark Corp.
6.125%, 8/1/17		400,000		472,115
7.500%, 11/1/18		200,000		251,096
3.875%, 3/1/21		100,000		101,502
Procter & Gamble Co.
1.375%, 8/1/12		500,000		503,850
3.500%, 2/15/15		300,000		320,167
4.850%, 12/15/15		200,000		225,163
4.700%, 2/15/19		400,000		441,415
Reynolds Group Issuer, Inc.
7.125%, 4/15/19§		350,000		347,375
9.000%, 4/15/19§		2,300,000		2,271,250
Spectrum Brands, Inc.
9.500%, 6/15/18§		850,000		930,750
12.000%, 8/28/19 PIK		1,976,000		2,183,480

				15,224,539

*Personal Products (0.0%)*
Avon Products, Inc.
5.625%, 3/1/14		300,000		328,442

*Tobacco (0.4%)*
Altria Group, Inc.
7.750%, 2/6/14		500,000		572,430
4.125%, 9/11/15		700,000		741,781
9.700%, 11/10/18		500,000		657,060
9.250%, 8/6/19		600,000		782,368
4.750%, 5/5/21		325,000		324,777


	Principal Amount		Value (Note 1)

Lorillard Tobacco Co.
8.125%, 6/23/19	$	265,000	$	308,659
6.875%, 5/1/20		300,000		325,479
Philip Morris International, Inc.
4.875%, 5/16/13		400,000		429,092
6.875%, 3/17/14		500,000		574,100
2.500%, 5/16/16		250,000		250,372
5.650%, 5/16/18		500,000		562,338
4.500%, 3/26/20		100,000		103,960
Reynolds American, Inc.
7.250%, 6/1/13		200,000		221,110
7.625%, 6/1/16		400,000		479,768
UST LLC
6.625%, 7/15/12		100,000		105,674
Vector Group Ltd.
11.000%, 8/15/15		2,775,000		2,906,813

				9,345,781

Total Consumer Staples				71,147,132

Energy (3.4%)
*Energy Equipment & Services (0.3%)*
American Petroleum Tankers Parent LLC/AP Tankers Co.
10.250%, 5/1/15		747,000		780,615
Baker Hughes, Inc.
6.500%, 11/15/13		200,000		224,880
Cameron International Corp.
6.375%, 7/15/18		100,000		114,235
4.500%, 6/1/21		100,000		99,059
Cie Generale de Geophysique - Veritas
6.500%, 6/1/21§		2,150,000		2,074,750
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		165,000		185,440
Ensco plc
3.250%, 3/15/16		200,000		203,071
4.700%, 3/15/21		300,000		303,055
Halliburton Co.
6.150%, 9/15/19		100,000		116,189
Rowan Cos., Inc.
7.875%, 8/1/19		65,000		77,242
Transocean, Inc.
4.950%, 11/15/15		400,000		432,701
6.000%, 3/15/18		250,000		276,795
6.500%, 11/15/20		400,000		447,296
Weatherford International Ltd.
6.000%, 3/15/18		200,000		219,234
9.625%, 3/1/19		500,000		645,721

				6,200,283

*Oil, Gas & Consumable Fuels (3.1%)*
Anadarko Petroleum Corp.
5.950%, 9/15/16		400,000		450,235
6.375%, 9/15/17		250,000		286,583
8.700%, 3/15/19		400,000		509,724
Apache Corp.
5.250%, 4/15/13		100,000		107,740
6.000%, 9/15/13		965,000		1,068,404
5.625%, 1/15/17		400,000		461,295
Arch Coal, Inc.
7.000%, 6/15/19§		700,000		698,250
7.250%, 6/15/21§		700,000		700,875

See Notes to Financial Statements.

208

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

BG Energy Capital plc
2.500%, 12/9/15§	$	1,700,000	$	1,700,904
Buckeye Partners LP
5.500%, 8/15/19		75,000		81,161
4.875%, 2/1/21		200,000		201,774
Canadian Natural Resources Ltd.
4.900%, 12/1/14		200,000		220,581
5.700%, 5/15/17		200,000		227,573
5.900%, 2/1/18		200,000		228,477
Cenovus Energy, Inc.
4.500%, 9/15/14		100,000		108,530
5.700%, 10/15/19		450,000		509,919
Chevron Corp.
3.950%, 3/3/14		800,000		862,110
ConocoPhillips
4.750%, 2/1/14		1,200,000		1,309,373
5.750%, 2/1/19		400,000		460,014
6.000%, 1/15/20		300,000		350,817
Enbridge Energy Partners LP
9.875%, 3/1/19		200,000		263,471
5.200%, 3/15/20		100,000		106,031
Enbridge, Inc.
5.600%, 4/1/17		200,000		224,423
EnCana Corp.
5.900%, 12/1/17		100,000		113,491
6.500%, 5/15/19		200,000		234,922
EnCana Holdings Finance Corp.
5.800%, 5/1/14		200,000		222,300
Energy Transfer Partners LP
6.000%, 7/1/13		400,000		432,280
8.500%, 4/15/14		1,500,000		1,745,184
9.000%, 4/15/19		500,000		621,699
Energy XXI Gulf Coast, Inc.
9.250%, 12/15/17§		1,225,000		1,304,625
Enterprise Products Operating LLC
9.750%, 1/31/14		400,000		477,513
3.200%, 2/1/16		100,000		101,582
6.300%, 9/15/17		300,000		344,095
5.250%, 1/31/20		200,000		212,782
5.200%, 9/1/20		200,000		210,888
Series M
5.650%, 4/1/13		300,000		321,790
EOG Resources, Inc.
2.950%, 6/1/15		400,000		411,807
5.625%, 6/1/19		300,000		336,453
4.100%, 2/1/21		400,000		395,065
EQT Corp.
8.125%, 6/1/19		350,000		428,142
Gaz Capital S.A. for Gazprom OAO
6.510%, 3/7/22(m)		1,200,000		1,272,000
Gazprom S.A. (Gaz Capital S.A.)
5.092%, 11/29/15§		400,000		417,120
8.625%, 4/28/34(m)		500,000		623,750
General Maritime Corp.
12.000%, 11/15/17		1,800,000		1,458,000
Hess Corp.
8.125%, 2/15/19		500,000		632,648
Husky Energy, Inc.
5.900%, 6/15/14		105,000		116,863
7.250%, 12/15/19		265,000		317,601


	Principal Amount		Value (Note 1)

Kinder Morgan Energy Partners LP
5.850%, 9/15/12	$	1,200,000	$	1,264,456
5.000%, 12/15/13		150,000		162,654
5.625%, 2/15/15		450,000		502,092
6.000%, 2/1/17		150,000		169,158
5.950%, 2/15/18		200,000		222,835
9.000%, 2/1/19		1,550,000		1,987,666
6.850%, 2/15/20		730,000		844,052
5.300%, 9/15/20		150,000		157,800
Laredo Petroleum, Inc.
9.500%, 2/15/19§		1,500,000		1,582,500
Linn Energy LLC/Linn Energy Finance Corp.
8.625%, 4/15/20		775,000		840,875
Magellan Midstream Partners LP
6.550%, 7/15/19		1,700,000		1,975,038
4.250%, 2/1/21		100,000		99,152
Marathon Oil Corp.
5.900%, 3/15/18		123,000		139,386
Marathon Petroleum Corp.
3.500%, 3/1/16§		450,000		461,298
5.125%, 3/1/21§		450,000		462,622
McMoRan Exploration Co.
11.875%, 11/15/14		1,950,000		2,106,000
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		380,263
Nexen, Inc.
6.200%, 7/30/19		250,000		280,848
Niska Gas Storage US LLC/Niska Gas Storage Canada ULC
8.875%, 3/15/18		1,775,000		1,863,750
Noble Energy, Inc.
8.250%, 3/1/19		200,000		255,727
Noble Holding International Ltd.
3.050%, 3/1/16		400,000		403,502
4.900%, 8/1/20		200,000		207,891
NuStar Logistics LP
4.800%, 9/1/20		150,000		151,230
Occidental Petroleum Corp.
2.500%, 2/1/16		100,000		101,416
4.125%, 6/1/16		150,000		163,063
4.100%, 2/1/21		400,000		407,432
ONEOK Partners LP
3.250%, 2/1/16		100,000		101,714
8.625%, 3/1/19		300,000		381,395
Petrobras International Finance Co.
3.875%, 1/27/16		1,200,000		1,221,982
5.875%, 3/1/18		900,000		968,373
7.875%, 3/15/19		650,000		787,094
5.750%, 1/20/20		400,000		426,702
5.375%, 1/27/21		800,000		821,447
Petroleos Mexicanos
4.875%, 3/15/15		1,050,000		1,136,625
8.000%, 5/3/19		1,000,000		1,233,000
6.000%, 3/5/20		500,000		548,750
5.500%, 1/21/21		1,900,000		1,992,150
Plains All American Pipeline LP
3.950%, 9/15/15		400,000		419,565
8.750%, 5/1/19		500,000		629,009
Shell International Finance B.V.
1.875%, 3/25/13		1,700,000		1,736,574

See Notes to Financial Statements.

209

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

4.000%, 3/21/14	$	1,200,000	$	1,291,925
3.100%, 6/28/15		1,800,000		1,881,174
4.300%, 9/22/19		350,000		367,572
4.375%, 3/25/20		650,000		683,007
Spectra Energy Capital LLC
6.200%, 4/15/18		500,000		566,965
8.000%, 10/1/19		100,000		122,326
Statoil ASA
2.900%, 10/15/14		400,000		419,661
3.125%, 8/17/17		1,000,000		1,008,755
5.250%, 4/15/19		600,000		665,813
Stone Energy Corp.
8.625%, 2/1/17		2,150,000		2,214,500
Suncor Energy, Inc.
6.100%, 6/1/18		750,000		852,964
Sunoco, Inc.
9.625%, 4/15/15		150,000		184,593
Talisman Energy, Inc.
7.750%, 6/1/19		400,000		487,473
Total Capital Canada Ltd.
1.625%, 1/28/14		450,000		456,520
Total Capital S.A.
3.125%, 10/2/15		350,000		365,238
4.450%, 6/24/20		2,100,000		2,191,837
4.125%, 1/28/21		200,000		202,315
TransCanada PipeLines Ltd.
3.400%, 6/1/15		400,000		419,888
7.125%, 1/15/19		550,000		674,035
3.800%, 10/1/20		2,700,000		2,671,259
6.350%, 5/15/67 (l)		400,000		402,106
Valero Energy Corp.
4.750%, 6/15/13		100,000		106,330
4.500%, 2/1/15		45,000		48,038
9.375%, 3/15/19		200,000		255,456
6.125%, 2/1/20		65,000		71,431
Venoco, Inc.
8.875%, 2/15/19§		1,825,000		1,825,000
W&T Offshore, Inc.
8.500%, 6/15/19§		1,925,000		1,949,062
Williams Partners LP
3.800%, 2/15/15		100,000		104,750
5.250%, 3/15/20		500,000		526,402
XTO Energy, Inc.
6.250%, 4/15/13		983,000		1,076,178
6.250%, 8/1/17		500,000		605,678

				78,186,201

Total Energy				84,386,484

Financials (19.7%)
*Capital Markets (3.0%)*
Ameriprise Financial, Inc.
5.650%, 11/15/15		200,000		225,705
7.300%, 6/28/19		145,000		174,896
5.300%, 3/15/20		200,000		214,394
Bank of New York Mellon Corp.
4.950%, 11/1/12		400,000		422,639
5.125%, 8/27/13		300,000		325,652
1.500%, 1/31/14		150,000		151,535
4.300%, 5/15/14		500,000		540,481
2.500%, 1/15/16		500,000		504,551


	Principal Amount		Value (Note 1)

4.150%, 2/1/21	$	400,000	$	398,801
Bear Stearns Cos. LLC
6.950%, 8/10/12		1,300,000		1,387,897
5.700%, 11/15/14		200,000		220,894
6.400%, 10/2/17		250,000		285,234
7.250%, 2/1/18		300,000		356,247
BlackRock, Inc.
3.500%, 12/10/14		400,000		421,546
5.000%, 12/10/19		400,000		425,189
Charles Schwab Corp.
4.950%, 6/1/14		300,000		328,928
4.450%, 7/22/20		200,000		204,665
Deutsche Bank AG/London
5.375%, 10/12/12		100,000		105,498
2.375%, 1/11/13		2,050,000		2,079,680
4.875%, 5/20/13		400,000		424,940
3.450%, 3/30/15		200,000		206,387
6.000%, 9/1/17		500,000		557,872
Eaton Vance Corp.
6.500%, 10/2/17		200,000		230,942
Franklin Resources, Inc.
3.125%, 5/20/15		100,000		104,132
Goldman Sachs Group, Inc.
3.625%, 8/1/12		150,000		154,381
5.450%, 11/1/12		1,500,000		1,585,316
5.250%, 4/1/13		1,000,000		1,059,477
5.250%, 10/15/13		500,000		536,469
5.150%, 1/15/14		300,000		320,322
6.000%, 5/1/14		1,500,000		1,645,443
3.700%, 8/1/15		2,000,000		2,036,536
5.350%, 1/15/16		1,000,000		1,079,092
0.697%, 3/22/16 (l)		3,700,000		3,489,252
5.625%, 1/15/17		500,000		529,319
6.250%, 9/1/17		1,300,000		1,434,428
5.950%, 1/18/18		800,000		862,298
6.150%, 4/1/18		2,000,000		2,176,686
7.500%, 2/15/19		500,000		581,771
5.375%, 3/15/20		1,000,000		1,032,645
Jefferies Group, Inc.
5.125%, 4/13/18		400,000		400,807
8.500%, 7/15/19		350,000		413,940
Macquarie Bank Ltd.
2.600%, 1/20/12§		2,900,000		2,935,948
3.300%, 7/17/14§		3,000,000		3,186,681
Merrill Lynch & Co., Inc.
0.482%, 6/5/12 (l)		4,000,000		3,992,424
6.050%, 8/15/12		1,000,000		1,052,711
6.150%, 4/25/13		1,500,000		1,610,601
5.000%, 2/3/14		100,000		107,661
4.875%, 5/30/14		EUR 1,600,000		2,393,850
1.799%, 7/22/14 (l)		400,000		564,330
0.738%, 1/15/15 (l)	$	1,000,000		955,904
6.050%, 5/16/16		1,000,000		1,048,390
5.700%, 5/2/17		1,000,000		1,041,600
6.875%, 4/25/18		2,500,000		2,766,045
Morgan Stanley
5.492%, 8/8/12 (l)		AUD 2,100,000		2,232,555
5.300%, 3/1/13	$	1,000,000		1,057,308
2.761%, 5/14/13 (l)		1,400,000		1,437,408
4.750%, 4/1/14		1,400,000		1,459,340
6.000%, 5/13/14		4,500,000		4,901,040

See Notes to Financial Statements.

210

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

4.100%, 1/26/15	$	250,000	$	256,848
6.000%, 4/28/15		300,000		325,220
5.375%, 10/15/15		1,000,000		1,068,997
5.750%, 10/18/16		500,000		531,064
5.450%, 1/9/17		400,000		423,010
5.550%, 4/27/17		1,000,000		1,060,045
6.250%, 8/28/17		1,000,000		1,081,431
5.950%, 12/28/17		1,500,000		1,612,570
6.625%, 4/1/18		600,000		660,956
7.300%, 5/13/19		1,000,000		1,134,026
5.625%, 9/23/19		500,000		513,074
5.500%, 1/26/20		500,000		506,516
5.750%, 1/25/21		300,000		303,549
Nomura Holdings, Inc.
5.000%, 3/4/15		250,000		263,588
4.125%, 1/19/16		400,000		405,082
6.700%, 3/4/20		150,000		163,898
Northern Trust Corp.
4.625%, 5/1/14		140,000		152,888
3.450%, 11/4/20		150,000		145,594
Raymond James Financial, Inc.
4.250%, 4/15/16		100,000		103,236
8.600%, 8/15/19		250,000		305,298
SteelRiver Transmission Co. LLC
4.710%, 6/30/17§(b)		1,158,498		1,175,991
TD Ameritrade Holding Corp.
4.150%, 12/1/14		200,000		211,770
5.600%, 12/1/19		200,000		214,404

				74,999,738

*Commercial Banks (6.8%)*
American Express Bank FSB 5.500%, 4/16/13		500,000		534,898
American Express Centurion Bank
5.550%, 10/17/12		3,400,000		3,589,336
6.000%, 9/13/17		500,000		564,008
Banco do Brasil S.A.
4.500%, 1/22/15§		1,600,000		1,668,000
Banco Santander Brazil S.A./Cayman Islands
(Zero Coupon),12/29/11§(b)		1,800,000		1,782,360
Banco Santander S.A./Chile
1.524%, 4/20/12 (l)§		1,600,000		1,601,323
1.875%, 1/19/16 (l)§		3,100,000		2,960,500
Bancolombia S.A.
4.250%, 1/12/16§		200,000		201,000
Bank of Montreal
2.125%, 6/28/13		200,000		204,732
1.750%, 4/29/14		150,000		151,153
Bank of Nova Scotia
2.250%, 1/22/13		100,000		102,369
2.375%, 12/17/13		1,150,000		1,182,910
3.400%, 1/22/15		200,000		210,116
2.900%, 3/29/16		500,000		510,723
Barclays Bank plc
5.450%, 9/12/12		400,000		421,442
2.375%, 1/13/14		1,250,000		1,264,845
3.900%, 4/7/15		300,000		311,267
5.000%, 9/22/16		500,000		537,871
6.750%, 5/22/19		500,000		561,275
5.125%, 1/8/20		800,000		811,950
5.140%, 10/14/20		250,000		237,103
BB&T Corp.
4.750%, 10/1/12		300,000		312,664


	Principal Amount		Value (Note 1)

3.375%, 9/25/13	$	200,000	$	208,488
2.050%, 4/28/14		200,000		202,231
3.200%, 3/15/16		500,000		511,483
3.950%, 4/29/16		150,000		156,976
6.850%, 4/30/19		350,000		413,584
BBVA Senior Finance S.A. Unipersonal
3.250%, 5/16/14		250,000		247,233
BNP Paribas
3.250%, 3/11/15		1,000,000		1,017,469
5.000%, 1/15/21		800,000		804,326
BNP Paribas/BNP Paribas U.S.
2.125%, 12/21/12		200,000		202,042
Canadian Imperial Bank of Commerce
2.000%, 2/4/13§		2,900,000		2,954,439
1.450%, 9/13/13		500,000		502,093
CapitalSource, Inc.
12.750%, 7/15/14§		2,375,000		2,861,875
CIT Group, Inc.
4.766%, 8/11/15 (l)		1,000,000		1,004,821
Citibank N.A.
1.750%, 12/28/12		500,000		509,346
Comerica Bank
5.750%, 11/21/16		500,000		558,114
Commonwealth Bank of Australia
0.630%, 12/10/12 (l)§		2,900,000		2,913,520
0.705%, 7/12/13 (l)§		2,900,000		2,898,405
2.900%, 9/17/14§		1,000,000		1,047,693
Credit Suisse AG/New York
3.450%, 7/2/12		200,000		205,304
5.000%, 5/15/13		1,550,000		1,654,492
2.200%, 1/14/14		100,000		101,303
5.500%, 5/1/14		500,000		549,173
3.500%, 3/23/15		1,000,000		1,031,029
6.000%, 2/15/18		500,000		539,531
5.400%, 1/14/20		750,000		759,283
4.375%, 8/5/20		800,000		782,206
Dexia Credit Local S.A.
0.753%, 4/29/14 (l)§		3,300,000		3,287,219
Dexia Credit Local S.A./New York
0.652%, 3/5/13 (l)§		3,000,000		2,991,489
Discover Bank/Delaware
7.000%, 4/15/20		300,000		333,207
Fifth Third Bancorp
3.625%, 1/25/16		800,000		806,950
5.450%, 1/15/17		200,000		214,224
Fifth Third Capital Trust IV
6.500%, 4/15/37 (l)		200,000		196,500
First Horizon National Corp.
5.375%, 12/15/15		200,000		212,783
Groupe BPCE
2.375%, 10/4/13§		3,500,000		3,556,868
HSBC Bank USA/New York
4.625%, 4/1/14		400,000		426,378
4.875%, 8/24/20		250,000		246,133
HSBC Holdings plc
5.250%, 12/12/12		255,000		268,974
5.100%, 4/5/21		500,000		512,392
HSBC USA, Inc.
5.000%, 9/27/20		300,000		296,748
ICICI Bank Ltd./Bahrain
6.625%, 10/3/12§		450,000		473,413
ING Bank N.V.
1.596%, 10/18/13 (l)§		3,100,000		3,125,882

See Notes to Financial Statements.

211

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

JPMorgan Chase Bank N.A.
6.000%, 10/1/17	$	950,000	$	1,055,708
KeyBank N.A.
5.700%, 8/15/12		350,000		366,389
7.413%, 5/6/15		350,000		398,463
KeyCorp
6.500%, 5/14/13		100,000		108,815
5.100%, 3/24/21		500,000		509,246
Kreditanstalt fuer Wiederaufbau
1.875%, 1/14/13		2,850,000		2,909,140
3.250%, 3/15/13		2,250,000		2,350,388
4.000%, 10/15/13		400,000		427,949
1.375%, 1/13/14		1,200,000		1,211,467
3.500%, 3/10/14		1,500,000		1,598,415
2.625%, 3/3/15		400,000		417,557
1.250%, 10/26/15		1,000,000		978,650
2.625%, 2/16/16		2,050,000		2,119,239
5.125%, 3/14/16		1,000,000		1,142,211
4.500%, 7/16/18		900,000		996,438
4.875%, 6/17/19		400,000		452,402
4.000%, 1/27/20		1,650,000		1,743,299
2.750%, 9/8/20		800,000		764,911
Landwirtschaftliche Rentenbank
3.250%, 3/15/13		1,000,000		1,043,927
3.125%, 7/15/15		800,000		844,487
2.500%, 2/15/16		800,000		819,048
5.125%, 2/1/17		500,000		571,213
Lloyds TSB Bank plc
1.303%, 4/2/12 (l)§		2,700,000		2,718,795
2.624%, 1/24/14 (l)		4,800,000		4,866,763
4.875%, 1/21/16		500,000		511,385
6.375%, 1/21/21		500,000		520,528
M&I Marshall & Ilsley Bank
5.250%, 9/4/12		200,000		207,392
4.850%, 6/16/15		200,000		210,867
Mellon Funding Corp.
5.000%, 12/1/14		400,000		439,969
NIBC Bank N.V.
2.800%, 12/2/14§		1,000,000		1,041,027
Nordea Bank AB
1.181%, 1/14/14 (l)§		3,200,000		3,228,016
Oesterreichische Kontrollbank AG
1.750%, 3/11/13		1,000,000		1,018,602
1.375%, 1/21/14		1,200,000		1,211,832
4.875%, 2/16/16		800,000		898,675
PNC Funding Corp.
3.000%, 5/19/14		300,000		311,011
3.625%, 2/8/15		900,000		947,930
5.625%, 2/1/17		600,000		660,665
5.125%, 2/8/20		500,000		535,349
4.375%, 8/11/20		150,000		151,759
Rabobank Nederland N.V.
0.421%, 10/11/12 (l)		2,900,000		2,888,290
1.850%, 1/10/14		800,000		808,653
2.125%, 10/13/15		200,000		198,123
Royal Bank of Canada
2.100%, 7/29/13		550,000		564,320
2.625%, 12/15/15		300,000		304,766
Royal Bank of Scotland Group plc
0.514%, 3/30/12 (l)§		3,500,000		3,504,088
0.964%, 5/11/12 (l)§		3,000,000		3,015,402
5.000%, 10/1/14		700,000		690,924


	Principal Amount		Value (Note 1)

4.875%, 3/16/15	$	500,000	$	518,914
6.400%, 10/21/19		300,000		308,148
Royal Bank of Scotland plc
0.870%, 12/2/11 (l)		1,700,000		1,703,106
2.679%, 8/23/13 (l)		2,000,000		2,051,344
3.950%, 9/21/15		850,000		853,991
4.375%, 3/16/16		600,000		605,240
5.625%, 8/24/20		500,000		500,209
6.125%, 1/11/21		300,000		307,534
Sovereign Bank
8.750%, 5/30/18		200,000		225,772
Sparebanken 1 Boligkredit
1.250%, 10/25/13§		2,300,000		2,297,647
SunTrust Banks, Inc.
3.600%, 4/15/16		200,000		201,940
SunTrust Banks, Inc./Georgia
5.000%, 9/1/15		77,000		82,759
7.250%, 3/15/18		400,000		461,469
Swedbank AB
2.800%, 2/10/12§		2,800,000		2,840,435
2.900%, 1/14/13§		3,000,000		3,104,163
Toronto-Dominion Bank
2.200%, 7/29/15§		1,800,000		1,823,944
U.S. Bancorp
1.375%, 9/13/13		300,000		301,358
4.200%, 5/15/14		500,000		538,516
3.150%, 3/4/15		300,000		313,287
2.450%, 7/27/15		400,000		403,751
3.442%, 2/1/16		150,000		152,392
U.S. Bank N.A./Ohio
6.300%, 2/4/14		300,000		334,334
4.950%, 10/30/14		200,000		218,837
4.800%, 4/15/15		100,000		110,154
UBS AG/Connecticut
1.359%, 2/23/12 (l)		300,000		301,894
2.250%, 8/12/13		250,000		254,303
1.273%, 1/28/14 (l)		100,000		100,431
2.250%, 1/28/14		4,800,000		4,850,189
3.875%, 1/15/15		800,000		835,047
5.875%, 7/15/16		400,000		438,766
5.875%, 12/20/17		750,000		822,727
5.750%, 4/25/18		400,000		433,671
4.875%, 8/4/20		300,000		303,434
UFJ Finance Aruba AEC
6.750%, 7/15/13		300,000		329,640
Union Bank N.A.
2.125%, 12/16/13		350,000		351,912
Wachovia Bank N.A.
4.875%, 2/1/15		400,000		429,460
6.000%, 11/15/17		500,000		557,772
Wachovia Corp.
0.404%, 3/1/12 (l)		1,400,000		1,401,753
2.043%, 5/1/13 (l)		2,900,000		2,976,664
5.250%, 8/1/14		750,000		803,899
5.625%, 10/15/16		350,000		379,954
5.750%, 2/1/18		700,000		774,051
Wells Fargo & Co.
5.250%, 10/23/12		1,000,000		1,055,092
4.375%, 1/31/13		1,500,000		1,574,284
4.950%, 10/16/13		400,000		425,628
3.750%, 10/1/14		500,000		526,954
3.625%, 4/15/15		200,000		209,080

See Notes to Financial Statements.

212

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

5.125%, 9/15/16	$	250,000	$	267,361
5.625%, 12/11/17		650,000		717,993
4.600%, 4/1/21		500,000		502,776
Wells Fargo Bank N.A.
4.750%, 2/9/15		300,000		320,876
5.750%, 5/16/16		850,000		945,577
Wells Fargo Capital XIII
7.700%, 12/29/49 (l)		500,000		510,000
Wells Fargo Capital XV
9.750%, 9/29/49 (l)		250,000		263,750
Westpac Banking Corp.
2.250%, 11/19/12		3,000,000		3,057,255
2.100%, 8/2/13		400,000		405,000
2.900%, 9/10/14§		3,600,000		3,776,404
4.200%, 2/27/15		400,000		423,275
3.000%, 8/4/15		1,050,000		1,061,383
4.875%, 11/19/19		500,000		520,076
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		2,800,000		2,979,194
Zions Bancorp
7.750%, 9/23/14		200,000		219,291

				171,958,017

*Consumer Finance (1.7%)*
Ally Financial, Inc.
6.875%, 9/15/11		1,200,000		1,209,000
6.000%, 12/15/11		1,300,000		1,316,250
7.000%, 2/1/12		700,000		713,300
1.750%, 10/30/12		400,000		406,791
2.200%, 12/19/12		1,000,000		1,025,385
3.466%, 2/11/14 (l)		1,700,000		1,670,493
American Express Co.
4.875%, 7/15/13		800,000		850,593
7.250%, 5/20/14		150,000		171,553
6.150%, 8/28/17		800,000		911,654
7.000%, 3/19/18		2,350,000		2,765,567
8.125%, 5/20/19		150,000		190,168
6.800%, 9/1/66 (l)		150,000		154,125
American Express Credit Corp.
5.875%, 5/2/13		500,000		538,271
7.300%, 8/20/13		500,000		556,494
2.750%, 9/15/15		800,000		799,762
Capital One Bank USA N.A.
8.800%, 7/15/19		437,000		536,304
Capital One Financial Corp.
7.375%, 5/23/14		600,000		685,101
6.150%, 9/1/16		300,000		330,966
6.750%, 9/15/17		300,000		346,840
Credit Acceptance Corp.
9.125%, 2/1/17§		450,000		480,375
9.125%, 2/1/17		1,800,000		1,926,000
Discover Financial Services
10.250%, 7/15/19		100,000		129,215
Ford Motor Credit Co. LLC
9.875%, 8/10/11		1,000,000		1,006,327
7.500%, 8/1/12		900,000		941,763
HSBC Finance Corp.
0.544%, 4/24/12 (l)		2,880,000		2,877,163
0.597%, 9/14/12 (l)		3,450,000		3,439,805
6.375%, 11/27/12		750,000		802,367
4.750%, 7/15/13		800,000		847,131
0.528%, 1/15/14 (l)		2,000,000		1,967,310


	Principal Amount		Value (Note 1)

5.000%, 6/30/15	$	600,000	$	645,506
6.676%, 1/15/21§		850,000		872,111
International Lease Finance Corp. Term Loan
7.000%, 3/5/16		500,000		501,518
iPayment Holdings, Inc.
15.000%, 11/15/18 PIK§		2,000,000		2,080,000
iPayment, Inc.
5.750%, 5/19/17		498,000		499,660
10.250%, 5/15/18§		300,000		294,750
ORIX Corp.
4.710%, 4/27/15		400,000		413,820
PACCAR Financial Corp.
1.950%, 12/17/12		150,000		152,702
SLM Corp.
5.000%, 10/1/13		550,000		572,000
6.250%, 1/25/16		800,000		830,000
8.450%, 6/15/18		300,000		329,284
8.000%, 3/25/20		500,000		536,902
Speedy Cash, Inc.
10.750%, 5/15/18§		1,350,000		1,380,375
Toyota Motor Credit Corp.
1.375%, 8/12/13		100,000		100,686
3.200%, 6/17/15		200,000		207,862
2.800%, 1/11/16		500,000		511,805
4.500%, 6/17/20		100,000		103,743
4.250%, 1/11/21		300,000		307,656
Volkswagen International Finance N.V.
4.000%, 8/12/20§		1,600,000		1,598,981

				41,535,434

*Diversified Financial Services (4.9%)*
Allstate Life Global Funding Trusts
5.375%, 4/30/13		550,000		592,737
AngloGold Ashanti Holdings plc
5.375%, 4/15/20		1,110,000		1,092,919
Aptalis Pharma, Inc.
12.750%, 3/1/16		1,800,000		1,950,750
Axcan Intermediate Holdings, Inc.
4.273%, 2/11/17 (l)		1,172,063		1,159,170
Bank of America Corp.
7.375%, 5/15/14		1,500,000		1,686,294
4.500%, 4/1/15		2,000,000		2,091,000
3.700%, 9/1/15		100,000		100,814
6.500%, 8/1/16		1,000,000		1,115,254
5.625%, 10/14/16		800,000		856,206
5.650%, 5/1/18		750,000		790,748
5.625%, 7/1/20		1,500,000		1,548,768
Bank of America N.A.
5.300%, 3/15/17		200,000		206,149
Bankrate, Inc.
11.750%, 7/15/15§		1,623,000		1,850,220
Block Financial LLC
7.875%, 1/15/13		100,000		105,772
Boeing Capital Corp.
3.250%, 10/27/14		300,000		317,596
BP Capital Markets plc
2.750%, 2/27/12		500,000		506,925
3.625%, 5/8/14		200,000		210,224
3.875%, 3/10/15		500,000		526,576
3.125%, 10/1/15		1,600,000		1,642,712
4.750%, 3/10/19		100,000		105,466
4.500%, 10/1/20		4,750,000		4,844,021

See Notes to Financial Statements.

213

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Caterpillar Financial Services Corp.
1.900%, 12/17/12	$	30,000	$	30,509
2.000%, 4/5/13		550,000		561,958
4.900%, 8/15/13		200,000		215,380
1.550%, 12/20/13		200,000		201,713
6.125%, 2/17/14		200,000		224,787
1.375%, 5/20/14		180,000		180,734
2.750%, 6/24/15		800,000		825,422
7.150%, 2/15/19		500,000		616,890
Citigroup Funding, Inc.
2.125%, 7/12/12		2,000,000		2,038,790
1.875%, 10/22/12		1,250,000		1,274,310
2.250%, 12/10/12		1,500,000		1,537,839
Citigroup, Inc.
5.625%, 8/27/12		56,000		58,503
5.300%, 10/17/12		500,000		524,750
5.500%, 4/11/13		4,900,000		5,202,212
2.262%, 8/13/13 (l)		1,700,000		1,731,826
6.500%, 8/19/13		3,500,000		3,806,453
6.000%, 12/13/13		200,000		217,456
6.375%, 8/12/14		700,000		774,007
5.000%, 9/15/14		1,500,000		1,571,937
6.010%, 1/15/15		750,000		825,329
4.750%, 5/19/15		200,000		211,512
5.850%, 8/2/16		400,000		439,099
5.500%, 2/15/17		500,000		525,856
6.125%, 11/21/17		1,000,000		1,104,454
6.125%, 5/15/18		600,000		660,738
8.500%, 5/22/19		1,000,000		1,239,655
5.375%, 8/9/20		800,000		834,850
CME Group, Inc.
5.750%, 2/15/14		400,000		444,298
CNG Holdings, Inc.
12.250%, 2/15/15§		1,500,000		1,623,750
13.750%, 8/15/15§		1,000,000		1,095,000
Community Choice Financial, Inc.
10.750%, 5/1/19§		2,900,000		2,943,500
ConocoPhillips Canada Funding Co. I
5.625%, 10/15/16		300,000		347,479
Credit Suisse FB USA, Inc.
5.125%, 8/15/15		300,000		329,733
Credit Suisse USA, Inc.
5.375%, 3/2/16		300,000		333,252
DanFin Funding Ltd.
0.976%, 7/16/13 (l)§		2,000,000		1,999,230
Gazprom Via White Nights Finance B.V.
10.500%, 3/25/14 (m)		600,000		717,120
General Electric Capital Corp.
5.250%, 10/19/12		1,250,000		1,317,781
2.125%, 12/21/12		1,200,000		1,228,602
2.625%, 12/28/12		800,000		824,184
2.800%, 1/8/13		1,200,000		1,230,468
4.800%, 5/1/13		650,000		690,219
0.367%, 6/20/13 (l)		1,500,000		1,478,754
5.900%, 5/13/14		1,350,000		1,499,727
5.650%, 6/9/14		300,000		330,865
4.875%, 3/4/15		300,000		326,229
3.500%, 6/29/15		1,250,000		1,298,666
5.400%, 2/15/17		1,050,000		1,148,241
5.625%, 5/1/18		1,900,000		2,078,064
6.000%, 8/7/19		1,000,000		1,107,260
5.300%, 2/11/21		1,000,000		1,040,542


	Principal Amount		Value (Note 1)

Hutchison Whampoa International Ltd.
7.625%, 4/9/19 (m)	$	600,000	$	711,303
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.000%, 1/15/18		2,500,000		2,537,500
John Deere Capital Corp.
1.875%, 6/17/13		800,000		815,879
5.500%, 4/13/17		200,000		229,528
2.800%, 9/18/17		800,000		806,026
JPMorgan Chase & Co.
5.750%, 1/2/13		500,000		532,971
4.750%, 5/1/13		400,000		425,811
2.050%, 1/24/14		500,000		503,723
4.650%, 6/1/14		2,000,000		2,148,710
5.125%, 9/15/14		1,650,000		1,783,069
3.700%, 1/20/15		1,000,000		1,039,807
4.750%, 3/1/15		1,650,000		1,764,063
3.450%, 3/1/16		1,200,000		1,222,362
3.150%, 7/5/16		500,000		503,059
6.000%, 1/15/18		1,000,000		1,112,154
6.300%, 4/23/19		1,450,000		1,634,347
4.400%, 7/22/20		1,000,000		979,668
4.250%, 10/15/20		250,000		244,584
MassMutual Global Funding II
0.412%, 12/6/13 (l)§		2,000,000		1,993,508
Matalan Finance Ltd.
8.875%, 4/29/16§		GBP 1,875,000		2,903,956
NASDAQ OMX Group, Inc.
4.000%, 1/15/15	$	100,000		101,157
5.250%, 1/16/18		100,000		102,366
5.550%, 1/15/20		150,000		149,515
National Money Mart Co.
10.375%, 12/15/16		2,575,000		2,826,062
National Rural Utilities Cooperative Finance Corp.
1.900%, 11/1/15		3,125,000		3,080,562
3.050%, 3/1/16		800,000		824,992
5.450%, 2/1/18		400,000		447,704
Noble Group Ltd.
6.750%, 1/29/20§		1,900,000		1,995,000
NYSE Euronext
4.800%, 6/28/13		100,000		106,924
Private Export Funding Corp.
4.550%, 5/15/15		150,000		167,045
4.950%, 11/15/15		100,000		112,855
Softbrands, Inc./Atlantis Merger Sub, Inc.
11.500%, 7/15/18§		1,600,000		1,474,288
SquareTwo Financial Corp.
11.625%, 4/1/17		1,800,000		1,881,000
SSIF Nevada LP
0.981%, 4/14/14 (l)§		5,300,000		5,300,032
TECO Finance, Inc.
4.000%, 3/15/16		85,000		89,006
5.150%, 3/15/20		250,000		265,111
TNK-BP Finance S.A.
7.500%, 3/13/13 (m)		600,000		649,500
Tops Holding/Tops Markets LLC
10.125%, 10/15/15		1,275,000		1,353,094
UBS Preferred Funding Trust V
6.243%, 5/29/49 (l)		200,000		196,000
Unilever Capital Corp.
2.750%, 2/10/16		100,000		102,580
4.800%, 2/15/19		400,000		438,431

See Notes to Financial Statements.

214

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

4.250%, 2/10/21	$	100,000	$	104,093
Waha Aerospace B.V.
3.925%, 7/28/20§		2,375,000		2,404,688
XTRA Finance Corp.
5.150%, 4/1/17		200,000		221,710

				124,455,997

*Insurance (2.0%)*
ACE INA Holdings, Inc.
2.600%, 11/23/15		400,000		401,693
5.800%, 3/15/18		100,000		111,289
5.900%, 6/15/19		200,000		225,371
Aegon N.V.
4.625%, 12/1/15		200,000		211,946
Aflac, Inc.
3.450%, 8/15/15		1,000,000		1,021,253
8.500%, 5/15/19		150,000		183,451
Allied World Assurance Co. Holdings Ltd./Bermuda
7.500%, 8/1/16		250,000		286,486
Allstate Corp.
7.500%, 6/15/13		200,000		222,897
6.200%, 5/16/14		150,000		169,759
7.450%, 5/16/19		200,000		237,986
American Financial Group, Inc./Ohio
9.875%, 6/15/19		200,000		248,711
American International Group, Inc.
3.750%, 11/30/13§		700,000		716,219
5.050%, 10/1/15		500,000		521,885
5.450%, 5/18/17		800,000		835,531
5.850%, 1/16/18		1,600,000		1,674,202
8.250%, 8/15/18		2,900,000		3,331,018
6.400%, 12/15/20		250,000		269,096
AON Corp.
3.500%, 9/30/15		200,000		205,570
3.125%, 5/27/16		100,000		99,674
5.000%, 9/30/20		200,000		205,072
Asurion Corp.
5.500%, 6/10/18		500,000		492,810
9.000%, 6/10/19		875,000		878,281
Axis Specialty Finance LLC
5.875%, 6/1/20		200,000		205,098
Berkshire Hathaway Finance Corp.
1.500%, 1/10/14		100,000		100,889
4.250%, 1/15/21		500,000		509,100
Berkshire Hathaway, Inc.
2.125%, 2/11/13		1,000,000		1,026,060
3.200%, 2/11/15		800,000		833,802
Chubb Corp.
5.750%, 5/15/18		100,000		112,906
6.375%, 3/29/67 (l)		400,000		414,000
CNA Financial Corp.
7.350%, 11/15/19		30,000		34,198
5.875%, 8/15/20		200,000		207,947
CNO Financial Group, Inc.
6.250%, 9/30/16*		888,333		890,554
9.000%, 1/15/18§		1,625,000		1,722,500
Genworth Financial, Inc.
8.625%, 12/15/16		400,000		442,901
7.700%, 6/15/20		400,000		416,788
Hartford Financial Services Group, Inc.
4.000%, 3/30/15		200,000		206,171
5.375%, 3/15/17		250,000		263,205


	Principal Amount		Value (Note 1)

5.500%, 3/30/20	$	300,000	$	309,243
Jefferson-Pilot Corp.
4.750%, 1/30/14		200,000		212,502
Lincoln National Corp.
8.750%, 7/1/19		300,000		378,570
6.250%, 2/15/20		100,000		109,987
4.850%, 6/24/21		80,000		79,016
7.000%, 5/17/66 (l)		100,000		100,180
6.050%, 4/20/67 (l)		200,000		192,500
Markel Corp.
7.125%, 9/30/19		100,000		114,202
5.350%, 6/1/21		100,000		98,054
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		200,000		216,955
5.750%, 9/15/15		300,000		329,684
MetLife Institutional Funding II
0.647%, 3/27/12 (l)§		3,100,000		3,107,068
MetLife, Inc.
2.375%, 2/6/14		800,000		815,216
6.750%, 6/1/16		500,000		581,977
7.717%, 2/15/19		300,000		363,127
Metropolitan Life Global Funding I
5.125%, 4/10/13§		200,000		212,806
Monumental Global Funding III
0.444%, 1/25/13 (l)§		3,500,000		3,462,791
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		150,000		151,484
Pricoa Global Funding I
0.373%, 1/30/12 (l)§		1,900,000		1,894,389
Principal Financial Group, Inc.
8.875%, 5/15/19		200,000		254,404
Principal Life Income Funding Trusts
5.300%, 12/14/12		400,000		424,241
Protective Life Corp.
7.375%, 10/15/19		400,000		454,774
Prudential Financial, Inc.
3.625%, 9/17/12		200,000		205,322
2.750%, 1/14/13		100,000		102,048
4.500%, 7/15/13		500,000		527,391
5.100%, 9/20/14		200,000		217,436
3.875%, 1/14/15		100,000		104,378
6.200%, 1/15/15		100,000		111,953
4.750%, 6/13/15		150,000		160,435
6.000%, 12/1/17		500,000		561,161
7.375%, 6/15/19		385,000		456,573
Reinsurance Group of America, Inc.
6.450%, 11/15/19		100,000		108,604
5.000%, 6/1/21		60,000		59,360
Sun Life Financial, Inc.
0.547%, 10/6/13 (l)§		3,600,000		3,571,913
Suncorp-Metway Ltd.
1.778%, 7/16/12 (l)§		5,090,000		5,167,353
Torchmark Corp.
9.250%, 6/15/19		100,000		125,056
Towergate Finance plc
8.500%, 2/15/18§		GBP 625,000		993,063
10.500%, 2/15/19§		400,000		638,770
Travelers Cos., Inc.
5.500%, 12/1/15	$	400,000		449,068
5.800%, 5/15/18		400,000		448,226
Unum Group
5.625%, 9/15/20		2,200,000		2,303,794

See Notes to Financial Statements.

215

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

W.R. Berkley Corp.
5.375%, 9/15/20	$	100,000	$	101,200
Willis North America, Inc.
5.625%, 7/15/15		300,000		324,592
7.000%, 9/29/19		200,000		221,610

				50,758,795

*Real Estate Investment Trusts (REITs) (0.5%)*
AvalonBay Communities, Inc.
5.700%, 3/15/17		100,000		111,713
6.100%, 3/15/20		100,000		111,717
BioMed Realty LP
6.125%, 4/15/20		100,000		106,384
Boston Properties LP
5.625%, 11/15/20		100,000		106,823
Boston Properties, Inc.
5.000%, 6/1/15		200,000		216,795
Brandywine Operating Partnership LP
7.500%, 5/15/15		100,000		114,694
4.950%, 4/15/18		100,000		101,381
Camden Property Trust
4.625%, 6/15/21		100,000		98,561
CommonWealth REIT
6.650%, 1/15/18		100,000		111,163
Digital Realty Trust LP
4.500%, 7/15/15		100,000		104,078
Duke Realty LP
6.250%, 5/15/13		400,000		431,039
6.750%, 3/15/20		200,000		223,991
Entertainment Properties Trust
7.750%, 7/15/20		100,000		112,750
Equity One, Inc.
6.250%, 12/15/14		100,000		109,261
ERP Operating LP
5.125%, 3/15/16		400,000		436,074
4.750%, 7/15/20		400,000		405,629
HCP, Inc.
5.950%, 9/15/11		1,600,000		1,615,555
5.650%, 12/15/13		200,000		219,133
2.700%, 2/1/14		100,000		101,442
3.750%, 2/1/16		450,000		457,616
5.625%, 5/1/17		200,000		217,208
5.375%, 2/1/21		1,150,000		1,186,141
Health Care REIT, Inc.
6.200%, 6/1/16		100,000		111,031
4.700%, 9/15/17		400,000		410,593
6.125%, 4/15/20		100,000		107,111
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		150,000		166,968
Hospitality Properties Trust
7.875%, 8/15/14		400,000		451,318
5.625%, 3/15/17		200,000		206,798
HRPT Properties Trust
5.750%, 11/1/15		200,000		213,361
Kilroy Realty LP
5.000%, 11/3/15		100,000		104,224
4.800%, 7/15/18		100,000		98,309
Kimco Realty Corp.
6.875%, 10/1/19		100,000		116,195
Liberty Property LP
4.750%, 10/1/20		150,000		150,491
Mack-Cali Realty LP
7.750%, 8/15/19		200,000		240,601


	Principal Amount		Value (Note 1)

Realty Income Corp.
5.750%, 1/15/21	$	300,000	$	321,459
Senior Housing Properties Trust
4.300%, 1/15/16		100,000		100,912
Simon Property Group LP
4.200%, 2/1/15		100,000		106,379
5.100%, 6/15/15		550,000		607,179
5.250%, 12/1/16		300,000		329,548
6.125%, 5/30/18		400,000		448,540
5.650%, 2/1/20		100,000		108,040
4.375%, 3/1/21		2,000,000		1,968,502
UDR, Inc.
4.250%, 6/1/18		150,000		148,991
Ventas Realty LP/Ventas Capital Corp.
3.125%, 11/30/15		100,000		99,016
Vornado Realty LP
4.250%, 4/1/15		100,000		103,792

				13,418,506

*Real Estate Management & Development (0.1%)*
AMB Property LP 4.000%, 1/15/18		2,500,000		2,443,768
ProLogis LP
7.625%, 8/15/14		100,000		113,911
6.250%, 3/15/17		100,000		110,495
6.625%, 5/15/18		300,000		331,688

				2,999,862

*Thrifts & Mortgage Finance (0.7%)*
Abbey National Treasury Services plc/London
2.875%, 4/25/14		100,000		100,359
4.000%, 4/27/16		300,000		297,694
Cie de Financement Foncier
1.625%, 7/23/12§		800,000		806,419
2.125%, 4/22/13§		3,200,000		3,247,725
Nykredit Realkredit A/S
4.000%, 1/1/12		DKK 25,000,000		4,909,987
Realkredit Danmark A/S
2.000%, 1/1/12		27,000,000		5,255,866
Santander Holdings USA, Inc.
4.625%, 4/19/16	$	50,000		50,248
Stadshypotek AB
0.796%, 9/30/13 (l)§		3,000,000		2,997,000
Western Corporate Federal Credit Union
1.750%, 11/2/12		150,000		152,361

				17,817,659

Total Financials				497,944,008

Health Care (2.3%)
*Biotechnology (0.1%)*
Amgen, Inc.
4.850%, 11/18/14		200,000		223,521
2.300%, 6/15/16		130,000		128,877
5.850%, 6/1/17		300,000		347,387
4.500%, 3/15/20		325,000		335,175
3.450%, 10/1/20		1,700,000		1,620,970
4.100%, 6/15/21		200,000		198,422
Genentech, Inc.
4.750%, 7/15/15		300,000		330,675

				3,185,027

See Notes to Financial Statements.

216

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

*Health Care Equipment & Supplies (0.2%)*
Baxter International, Inc.
1.800%, 3/15/13	$	40,000	$	40,671
4.625%, 3/15/15		200,000		219,209
4.250%, 3/15/20		400,000		414,427
Becton Dickinson and Co.
5.000%, 5/15/19		300,000		327,710
C.R. Bard, Inc.
2.875%, 1/15/16		100,000		102,634
4.400%, 1/15/21		65,000		66,945
CareFusion Corp.
6.375%, 8/1/19		300,000		338,608
Covidien International Finance S.A.
1.875%, 6/15/13		100,000		101,707
2.800%, 6/15/15		400,000		410,124
6.000%, 10/15/17		100,000		116,870
4.200%, 6/15/20		100,000		101,881
Medtronic, Inc.
4.500%, 3/15/14		400,000		434,457
4.450%, 3/15/20		400,000		418,199
Series B
4.750%, 9/15/15		500,000		555,262
St Jude Medical, Inc.
2.500%, 1/15/16		200,000		200,271
St. Jude Medical, Inc.
3.750%, 7/15/14		200,000		212,785
4.875%, 7/15/19		200,000		216,057
Stryker Corp.
3.000%, 1/15/15		50,000		52,011
4.375%, 1/15/20		100,000		104,679

				4,434,507

*Health Care Providers & Services (1.0%)*
Aetna, Inc.
6.500%, 9/15/18		200,000		233,442
3.950%, 9/1/20		200,000		196,403
AmerisourceBergen Corp.
4.875%, 11/15/19		350,000		373,919
Apria Healthcare Group, Inc.
11.250%, 11/1/14		1,050,000		1,086,750
12.375%, 11/1/14		2,100,000		2,186,625
Cardinal Health, Inc.
5.800%, 10/15/16		200,000		226,424
CIGNA Corp.
5.125%, 6/15/20		130,000		137,316
4.375%, 12/15/20		200,000		199,949
Community Health Systems, Inc.
8.875%, 7/15/15		800,000		824,000
Coventry Health Care, Inc.
5.450%, 6/15/21		120,000		122,785
Express Scripts, Inc.
6.250%, 6/15/14		500,000		563,061
3.125%, 5/15/16		400,000		402,465
Fresenius Medical Care US Finance, Inc.
6.875%, 7/15/17		1,000,000		1,057,500
HCA, Inc.
2.746%, 5/1/18		500,000		492,500
7.250%, 9/15/20		500,000		536,875
Howard Hughes Medical Institute
3.450%, 9/1/14		100,000		106,403
Humana, Inc.
7.200%, 6/15/18		250,000		290,209


	Principal Amount		Value (Note 1)

Laboratory Corp. of America Holdings
4.625%, 11/15/20	$	400,000	$	406,239
McKesson Corp.
5.250%, 3/1/13		200,000		213,479
6.500%, 2/15/14		250,000		281,029
4.750%, 3/1/21		400,000		415,070
Medco Health Solutions, Inc.
2.750%, 9/15/15		500,000		504,379
7.125%, 3/15/18		300,000		350,551
MedImpact Holdings, Inc.
10.500%, 2/1/18§		1,375,000		1,430,000
Quest Diagnostics, Inc.
6.400%, 7/1/17		300,000		346,132
4.750%, 1/30/20		60,000		62,051
4.700%, 4/1/21		200,000		204,727
Radiation Therapy Services, Inc.
9.875%, 4/15/17		975,000		973,781
Res-Care, Inc.
10.750%, 1/15/19		2,200,000		2,299,000
Rotech Healthcare, Inc.
10.750%, 10/15/15		1,925,000		2,093,438
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		1,820,000		1,870,050
Stonemor Operating LLC/Cornerstone Family Services/Osiris Holdings
10.250%, 12/1/17		1,650,000		1,641,750
UnitedHealth Group, Inc.
4.875%, 2/15/13		500,000		528,725
5.375%, 3/15/16		200,000		224,197
6.000%, 2/15/18		250,000		283,470
4.700%, 2/15/21		300,000		312,760
WellPoint, Inc.
5.250%, 1/15/16		400,000		446,095
4.350%, 8/15/20		800,000		807,828

				24,731,377

*Life Sciences Tools & Services (0.1%)*
Agilent Technologies, Inc.
2.500%, 7/15/13		250,000		254,545
5.000%, 7/15/20		250,000		262,419
Life Technologies Corp.
3.500%, 1/15/16		300,000		306,835
6.000%, 3/1/20		200,000		216,994
Thermo Fisher Scientific, Inc.
2.050%, 2/21/14		400,000		407,818
3.200%, 3/1/16		500,000		514,895
4.700%, 5/1/20		100,000		105,321

				2,068,827

*Pharmaceuticals (0.9%)*
Abbott Laboratories, Inc.
5.150%, 11/30/12		100,000		106,310
2.700%, 5/27/15		500,000		519,790
5.875%, 5/15/16		200,000		232,902
5.600%, 11/30/17		600,000		695,342
4.125%, 5/27/20		500,000		509,538
Angiotech Pharmaceuticals, Inc.
5.000%, 12/1/13 (l)		2,695,000		2,398,550
AstraZeneca plc
5.400%, 9/15/12		200,000		211,615
5.900%, 9/15/17		750,000		874,013

See Notes to Financial Statements.

217

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Bristol-Myers Squibb Co.
5.250%, 8/15/13	$	300,000	$	327,869
5.450%, 5/1/18		200,000		225,494
Elan Finance plc/Elan Finance Corp.
8.750%, 10/15/16§		2,500,000		2,621,875
Eli Lilly and Co.
4.200%, 3/6/14		500,000		539,816
5.200%, 3/15/17		100,000		113,290
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		200,000		215,051
4.375%, 4/15/14		200,000		217,724
5.650%, 5/15/18		1,250,000		1,425,792
Hospira, Inc.
6.400%, 5/15/15		450,000		511,282
Johnson & Johnson
1.200%, 5/15/14		350,000		351,046
2.150%, 5/15/16		250,000		250,594
5.550%, 8/15/17		400,000		463,861
5.150%, 7/15/18		200,000		226,269
3.550%, 5/15/21		100,000		99,102
Lantheus Medical Imaging, Inc.
9.750%, 5/15/17		2,175,000		2,229,375
Merck & Co., Inc.
5.300%, 12/1/13		800,000		884,588
6.000%, 9/15/17		100,000		117,654
5.000%, 6/30/19		400,000		442,706
Novartis Capital Corp.
1.900%, 4/24/13		540,000		552,597
4.125%, 2/10/14		250,000		269,422
2.900%, 4/24/15		300,000		312,097
4.400%, 4/24/20		200,000		211,225
Novartis Securities Investment Ltd.
5.125%, 2/10/19		800,000		888,379
Pfizer, Inc.
4.500%, 2/15/14		200,000		217,273
5.350%, 3/15/15		1,500,000		1,691,217
6.200%, 3/15/19		850,000		994,290
Sanofi
1.625%, 3/28/14		150,000		151,745
2.625%, 3/29/16		300,000		305,463
4.000%, 3/29/21		500,000		500,055
Teva Pharmaceutical Finance Co. LLC
5.550%, 2/1/16		200,000		225,105
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		350,000		360,152
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		165,000		179,219
6.125%, 8/15/19		100,000		112,603
Wyeth
5.500%, 3/15/13		200,000		215,761

				23,998,051

Total Health Care				58,417,789

Industrials (3.6%)
*Aerospace & Defense (0.3%)*
Boeing Co.
5.000%, 3/15/14		500,000		549,884
3.500%, 2/15/15		100,000		106,074
6.000%, 3/15/19		350,000		406,284
4.875%, 2/15/20		55,000		59,523


	Principal Amount		Value (Note 1)

Embraer Overseas Ltd.
6.375%, 1/15/20	$	300,000	$	327,000
General Dynamics Corp.
4.250%, 5/15/13		200,000		213,418
5.250%, 2/1/14		300,000		332,259
Goodrich Corp.
6.125%, 3/1/19		150,000		171,635
4.875%, 3/1/20		100,000		105,525
3.600%, 2/1/21		200,000		190,938
Honeywell International, Inc.
4.250%, 3/1/13		200,000		211,671
5.300%, 3/1/18		500,000		561,789
4.250%, 3/1/21		100,000		102,885
ITT Corp.
4.900%, 5/1/14		200,000		218,177
6.125%, 5/1/19		90,000		105,614
L-3 Communications Corp.
5.200%, 10/15/19		200,000		207,081
4.950%, 2/15/21		300,000		299,347
Lockheed Martin Corp.
4.121%, 3/14/13		250,000		263,857
4.250%, 11/15/19		350,000		359,151
Northrop Grumman Corp.
3.700%, 8/1/14		250,000		265,287
5.050%, 8/1/19		50,000		53,878
Raytheon Co.
4.400%, 2/15/20		500,000		517,448
Rockwell Collins, Inc.
5.250%, 7/15/19		100,000		109,738
Textron, Inc.
5.600%, 12/1/17		100,000		107,184
United Technologies Corp.
4.875%, 5/1/15		400,000		444,906
5.375%, 12/15/17		200,000		228,220
6.125%, 2/1/19		250,000		292,365
4.500%, 4/15/20		250,000		264,703

				7,075,841

*Air Freight & Logistics (0.1%)*
FedEx Corp.
7.375%, 1/15/14		100,000		114,133
8.000%, 1/15/19		200,000		251,336
United Parcel Service, Inc.
4.500%, 1/15/13		200,000		211,327
3.875%, 4/1/14		800,000		862,086
5.125%, 4/1/19		300,000		337,141
3.125%, 1/15/21		500,000		474,848

				2,250,871

*Airlines (0.5%)*
American Airlines, Inc.
Series 09-2 13.000%, 8/1/16		1,511,546		1,745,835
Series B 7.000%, 1/31/18§		1,200,000		1,134,000
Continental Airlines, Inc., Class A
9.000%, 7/8/16		132,451		152,809
Series A A 4.750%, 1/12/21		2,600,000		2,535,000
Delta Air Lines, Inc.
4.950%, 5/23/19		689,975		689,975
Series 1A
6.200%, 7/2/18		195,682		203,885

See Notes to Financial Statements.

218

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Southwest Airlines Co.
10.500%, 12/15/11§	$	3,050,000	$	3,166,888
UAL Pass Through Trust, Class 2009-2A
9.750%, 1/15/17		1,476,563		1,686,973
US Airways Group, Inc.
2.746%, 3/23/14 (l)		1,972,222		1,782,396

				13,097,761

*Building Products (0.1%)*
CRH America, Inc.
6.000%, 9/30/16		500,000		548,834
5.750%, 1/15/21		250,000		261,385
Euramax International, Inc.
9.500%, 4/1/16§		2,025,000		1,964,250
Owens Corning, Inc.
9.000%, 6/15/19		250,000		298,599

				3,073,068

*Commercial Services & Supplies (0.7%)*
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		379,313
Altegrity, Inc.
10.500%, 11/1/15§		650,000		672,750
12.000%, 11/1/15§†		1,100,000		1,100,000
American Reprographics Co.
10.500%, 12/15/16		1,800,000		1,876,500
Avery Dennison Corp.
5.375%, 4/15/20		50,000		53,480
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		400,000		439,236
4.750%, 5/1/19		100,000		108,556
Cornell University
5.450%, 2/1/19		200,000		226,374
Dartmouth College
4.750%, 6/1/19		50,000		53,959
Neff Rental LLC/Neff Finance Corp.
9.625%, 5/15/16§		2,125,000		2,021,406
PharmaNet Development Group, Inc.
10.875%, 4/15/17§		850,000		1,062,500
Pitney Bowes, Inc.
4.625%, 10/1/12		45,000		46,814
3.875%, 6/15/13		400,000		417,556
5.750%, 9/15/17		200,000		218,820
6.250%, 3/15/19		200,000		219,410
Republic Services, Inc.
3.800%, 5/15/18		125,000		125,536
5.500%, 9/15/19		250,000		272,530
ServiceMaster Co.
10.750%, 7/15/15 PIK§		397,846		419,728
Sheridan Group, Inc.
12.500%, 4/15/14§(b)		1,425,000		1,353,750
Vanderbilt University
5.250%, 4/1/19		200,000		222,964
Waste Management, Inc.
6.375%, 11/15/12		600,000		642,451
6.100%, 3/15/18		100,000		113,420
7.375%, 3/11/19		150,000		182,208
4.750%, 6/30/20		100,000		103,784
WP Rocket Merger Sub, Inc.
10.125%, 7/15/19§		1,150,000		1,161,500
Yale University
2.900%, 10/15/14		400,000		421,392


	Principal Amount		Value (Note 1)

Zinc Capital S.A.
8.875%, 5/15/18§		EUR 2,850,000	$	4,101,931

				18,017,868

*Construction & Engineering (0.2%)*
Abengoa Finance S.A.U.
8.875%, 11/1/17§	$	2,750,000		2,808,438
Alion Science and Technology Corp.
12.000%, 11/1/14 PIK		1,156,339		1,188,138
Brock Holding III, Inc.
10.000%, 2/15/18		775,000		778,229

				4,774,805

*Electrical Equipment (0.1%)*
Emerson Electric Co.
4.625%, 10/15/12		100,000		104,826
5.625%, 11/15/13		400,000		443,420
4.125%, 4/15/15		100,000		108,823
5.250%, 10/15/18		100,000		111,760
4.875%, 10/15/19		200,000		218,427
Metals USA, Inc.
11.125%, 12/1/15		825,000		870,375
Roper Industries, Inc.
6.625%, 8/15/13		250,000		276,997

				2,134,628

*Industrial Conglomerates (0.8%)*
3M Co.
4.375%, 8/15/13		350,000		377,962
Cooper U.S., Inc.
5.250%, 11/15/12		100,000		105,886
2.375%, 1/15/16		200,000		200,915
3.875%, 12/15/20		100,000		100,124
GE Capital Trust I
6.375%, 11/15/67 (l)		500,000		511,875
General Electric Co.
5.000%, 2/1/13		1,050,000		1,114,469
5.250%, 12/6/17		800,000		886,259
Harland Clarke Holdings Corp.
2.746%, 6/30/14 (l)		472,812		424,349
6.000%, 5/15/15 (l)		1,565,000		1,306,775
9.500%, 5/15/15		1,250,000		1,142,188
Harsco Corp.
2.700%, 10/15/15		200,000		200,654
Ingersoll-Rand Global Holding Co., Ltd.
6.000%, 8/15/13		250,000		274,091
9.500%, 4/15/14		300,000		360,225
6.875%, 8/15/18		250,000		296,257
Koninklijke Philips Electronics N.V.
5.750%, 3/11/18		400,000		447,918
Mark IV USA/Euro Lux S.C.A.
8.875%, 12/15/17§		EUR 2,800,000		4,304,045
Siemens Financieringsmat
5.500%, 2/16/12§	$	1,400,000		1,441,932
Tyco Electronics Group S.A.
6.000%, 10/1/12		1,768,000		1,874,692
6.550%, 10/1/17		300,000		353,474
4.875%, 1/15/21		200,000		207,356
Tyco International Finance S.A.
6.000%, 11/15/13		100,000		110,546
4.125%, 10/15/14		400,000		425,496
3.750%, 1/15/18		2,500,000		2,525,000
8.500%, 1/15/19		400,000		507,085

See Notes to Financial Statements.

219

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Tyco International Ltd./Tyco International Finance S.A.
6.875%, 1/15/21	$	100,000	$	117,571

				19,617,144

*Machinery (0.3%)*
Caterpillar, Inc.
1.375%, 5/27/14		100,000		100,405
3.900%, 5/27/21		100,000		100,013
Danaher Corp.
1.300%, 6/23/14		60,000		59,965
5.625%, 1/15/18		300,000		340,492
5.400%, 3/1/19		200,000		223,063
3.900%, 6/23/21		100,000		99,606
Deere & Co.
4.375%, 10/16/19		75,000		79,406
Dematic S.A.
8.750%, 5/1/16§		1,300,000		1,290,250
Dover Corp.
5.450%, 3/15/18		250,000		281,098
Eaton Corp.
4.900%, 5/15/13		200,000		214,926
FGI Holding Co., Inc.
11.250%, 10/1/15 PIK		1,693,767		1,700,119
FGI Operating Co., Inc.
10.250%, 8/1/15		900,000		956,250
Illinois Tool Works, Inc.
5.150%, 4/1/14		200,000		221,929
6.250%, 4/1/19		200,000		237,739
PACCAR, Inc.
6.875%, 2/15/14		200,000		228,346
Pall Corp.
5.000%, 6/15/20		250,000		258,034
Pentair, Inc.
5.000%, 5/15/21		100,000		99,854
Severstal Columbus LLC
10.250%, 2/15/18		2,000,000		2,210,000

				8,701,495

*Marine (0.2%)*
Hapag-Lloyd AG
9.000%, 10/15/15§		EUR 850,000		1,254,199
Horizon Lines, Inc.
4.250%, 8/15/12	$	2,374,000		1,922,940
Marquette Transportation Co./Marquette Transportation Finance Corp.
10.875%, 1/15/17		2,500,000		2,518,750

				5,695,889

*Professional Services (0.0%)*
Dun & Bradstreet Corp.
2.875%, 11/15/15		55,000		55,015
Equifax, Inc.
4.450%, 12/1/14		100,000		107,166
Verisk Analytics, Inc.
5.800%, 5/1/21		100,000		106,070

				268,251

*Road & Rail (0.3%)*
Burlington Northern Santa Fe Corp.
7.000%, 2/1/14		500,000		569,190
Burlington Northern Santa Fe LLC
4.700%, 10/1/19		200,000		212,195


	Principal Amount		Value (Note 1)

Canadian National Railway Co.
5.550%, 3/1/19	$	700,000	$	793,166
Canadian Pacific Railway Co.
7.250%, 5/15/19		45,000		54,076
CSX Corp.
7.900%, 5/1/17		400,000		492,218
6.250%, 3/15/18		400,000		461,533
7.375%, 2/1/19		300,000		365,683
Norfolk Southern Corp.
7.700%, 5/15/17		200,000		248,359
5.750%, 4/1/18		300,000		339,633
5.900%, 6/15/19		65,000		74,525
Ryder System, Inc.
7.200%, 9/1/15		100,000		117,097
3.600%, 3/1/16		100,000		102,462
Sunstate Equipment Co. LLC
12.000%, 6/15/16 PIK§		2,050,000		2,044,875
Union Pacific Corp.
7.000%, 2/1/16		155,000		183,915
5.700%, 8/15/18		400,000		455,439
6.125%, 2/15/20		100,000		116,257
4.000%, 2/1/21		100,000		101,197

				6,731,820

*Trading Companies & Distributors (0.0%)*
GATX Corp.
3.500%, 7/15/16		150,000		153,705
4.850%, 6/1/21		100,000		99,227

				252,932

Total Industrials				91,692,373

Information Technology (1.3%)
*Communications Equipment (0.1%)*
Cisco Systems, Inc.
5.500%, 2/22/16		800,000		909,605
4.950%, 2/15/19		1,200,000		1,302,943
Harris Corp.
6.375%, 6/15/19		100,000		114,491
Motorola Solutions, Inc.
6.000%, 11/15/17		300,000		341,363
Nokia Oyj
5.375%, 5/15/19		250,000		240,182

				2,908,584

*Computers & Peripherals (0.2%)*
Dell, Inc.
1.400%, 9/10/13		400,000		403,458
2.300%, 9/10/15		400,000		401,616
5.875%, 6/15/19		50,000		56,111
Hewlett-Packard Co.
4.500%, 3/1/13		400,000		423,620
4.750%, 6/2/14		400,000		436,504
2.200%, 12/1/15		400,000		400,548
2.650%, 6/1/16		300,000		301,260
5.500%, 3/1/18		200,000		223,662
3.750%, 12/1/20		500,000		486,140
Seagate Technology HDD Holdings
6.375%, 10/1/11		1,300,000		1,313,000

				4,445,919

See Notes to Financial Statements.

220

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

*Electronic Equipment, Instruments & Components (0.1%)*
Amphenol Corp.
4.750%, 11/15/14	$	50,000	$	54,478
Arrow Electronics, Inc.
3.375%, 11/1/15		150,000		151,967
6.000%, 4/1/20		100,000		106,941
5.125%, 3/1/21		150,000		149,504
Avnet, Inc.
6.000%, 9/1/15		100,000		109,916
5.875%, 6/15/20		400,000		422,376
Corning, Inc.
6.625%, 5/15/19		20,000		23,293
4.250%, 8/15/20		65,000		65,251
Kemet Corp.
10.500%, 5/1/18		1,445,000		1,596,725

				2,680,451

*Internet Software & Services (0.1%)*
Earthlink, Inc.
8.875%, 5/15/19§		1,450,000		1,315,875
eBay, Inc.
0.875%, 10/15/13		100,000		99,776
1.625%, 10/15/15		100,000		97,713
3.250%, 10/15/20		100,000		93,287
Google, Inc.
1.250%, 5/19/14		250,000		251,197
2.125%, 5/19/16		250,000		250,666
3.625%, 5/19/21		250,000		247,271
Interactive Network, Inc./FriendFinder Networks, Inc.
14.000%, 9/30/13§(b)		1,079,049		1,135,699

				3,491,484

*IT Services (0.4%)*
Compucom Systems, Inc.
12.500%, 10/1/15§		1,975,000		2,078,688
Computer Sciences Corp.
5.500%, 3/15/13		250,000		265,574
6.500%, 3/15/18		442,000		473,361
Fiserv, Inc.
3.125%, 10/1/15		200,000		202,430
6.800%, 11/20/17		100,000		115,456
4.625%, 10/1/20		250,000		248,425
HP Enterprise Services LLC
6.000%, 8/1/13		950,000		1,042,987
International Business Machines Corp.
4.750%, 11/29/12		200,000		211,389
2.100%, 5/6/13		400,000		410,195
1.000%, 8/5/13		950,000		952,733
1.250%, 5/12/14		200,000		200,439
5.700%, 9/14/17		1,150,000		1,337,042
7.625%, 10/15/18		200,000		254,367
SAIC, Inc.
4.450%, 12/1/20§		250,000		257,175
Stream Global Services, Inc.
11.250%, 10/1/14		569,000		605,985
Western Union Co.
5.930%, 10/1/16		500,000		565,369

				9,221,615

*Office Electronics (0.1%)*
Xerox Corp.
8.250%, 5/15/14		450,000		528,014


	Principal Amount		Value (Note 1)

4.250%, 2/15/15	$	100,000	$	106,474
6.350%, 5/15/18		500,000		573,128
5.625%, 12/15/19		100,000		109,532
4.500%, 5/15/21		95,000		93,968

				1,411,116

*Semiconductors & Semiconductor Equipment (0.0%)*
Analog Devices, Inc.
5.000%, 7/1/14		150,000		165,215
3.000%, 4/15/16		100,000		102,470
KLA-Tencor Corp.
6.900%, 5/1/18		43,000		48,574
Maxim Integrated Products, Inc.
3.450%, 6/14/13		100,000		103,848
National Semiconductor Corp.
3.950%, 4/15/15		100,000		106,315
Texas Instruments, Inc.
0.875%, 5/15/13		100,000		100,205
1.375%, 5/15/14		250,000		251,045
2.375%, 5/16/16		250,000		250,077

				1,127,749

*Software (0.3%)*
Adobe Systems, Inc.
3.250%, 2/1/15		400,000		416,804
4.750%, 2/1/20		85,000		87,660
Allen Systems Group, Inc.
10.500%, 11/15/16§		750,000		753,750
Aspect Software, Inc.
10.625%, 5/7/17		1,100,000		1,182,500
CA, Inc.
6.125%, 12/1/14		400,000		448,784
5.375%, 12/1/19		100,000		106,573
Microsoft Corp.
2.950%, 6/1/14		1,150,000		1,215,352
4.200%, 6/1/19		600,000		630,964
Oracle Corp.
5.250%, 1/15/16		1,050,000		1,184,939
5.750%, 4/15/18		1,000,000		1,144,465

				7,171,791

Total Information Technology				32,458,709

Materials (3.1%)
*Chemicals (1.2%)*
Air Products and Chemicals, Inc.
4.375%, 8/21/19		100,000		104,489
Airgas, Inc.
3.250%, 10/1/15		100,000		101,711
Cabot Corp.
5.000%, 10/1/16		100,000		107,198
Dow Chemical Co.
4.850%, 8/15/12		3,200,000		3,342,256
6.000%, 10/1/12		500,000		530,154
7.600%, 5/15/14		300,000		347,891
2.500%, 2/15/16		100,000		99,279
8.550%, 5/15/19		655,000		844,586
4.250%, 11/15/20		500,000		487,977
E.I. du Pont de Nemours & Co.
4.750%, 11/15/12		250,000		263,239
5.000%, 7/15/13		200,000		216,484
3.250%, 1/15/15		350,000		366,750

See Notes to Financial Statements.

221

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

1.950%, 1/15/16	$	100,000	$	98,640
5.250%, 12/15/16		100,000		113,034
6.000%, 7/15/18		400,000		461,584
4.625%, 1/15/20		40,000		42,270
3.625%, 1/15/21		400,000		388,274
Eastman Chemical Co.
5.500%, 11/15/19		100,000		107,199
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
8.875%, 2/1/18		700,000		728,000
9.000%, 11/15/20		675,000		691,875
Huntsman International LLC
8.625%, 3/15/21		1,050,000		1,141,875
Ineos Holdings Ltd.
7.501%, 12/16/13		EUR 718,014		1,082,226
8.001%, 12/16/14		788,324		1,188,201
Kinove German Bondco GmbH
9.625%, 6/15/18§	$	2,000,000		2,085,000
Lyondell Chemical Co.
11.000%, 5/1/18		450,000		504,000
Momentive Performance Materials, Inc.
12.500%, 6/15/14		625,000		679,688
9.500%, 1/15/21§		EUR 2,025,000		2,907,188
Monsanto Co.
7.375%, 8/15/12	$	200,000		214,589
2.750%, 4/15/16		100,000		102,488
5.125%, 4/15/18		200,000		222,711
Oxea Finance/Cy S.C.A.
9.500%, 7/15/17§		354,000		369,487
9.625%, 7/15/17§		EUR 712,500		1,092,643
Phibro Animal Health Corp.
9.250%, 7/1/18§	$	2,125,000		2,241,875
Potash Corp. of Saskatchewan, Inc.
5.250%, 5/15/14		3,100,000		3,407,641
3.750%, 9/30/15		100,000		106,243
6.500%, 5/15/19		300,000		349,732
4.875%, 3/30/20		100,000		105,725
PPG Industries, Inc.
1.900%, 1/15/16		250,000		243,430
6.650%, 3/15/18		250,000		293,768
3.600%, 11/15/20		100,000		97,219
Praxair, Inc.
1.750%, 11/15/12		200,000		202,749
2.125%, 6/14/13		150,000		153,781
4.625%, 3/30/15		200,000		220,516
4.500%, 8/15/19		400,000		424,989
Reichhold Industries, Inc.
9.000%, 8/15/14§		1,345,000		1,207,137
Rohm & Haas Co.
5.600%, 3/15/13		500,000		535,671
RPM International, Inc.
6.125%, 10/15/19		100,000		107,133
Sherwin-Williams Co.
3.125%, 12/15/14		400,000		422,413
Valspar Corp.
7.250%, 6/15/19		100,000		116,822

				31,269,830

*Construction Materials (0.0%)*
Lafarge S.A.
6.500%, 7/15/16		200,000		216,156


	Principal Amount		Value (Note 1)

*Containers & Packaging (0.2%)*
Bemis Co., Inc.
5.650%, 8/1/14	$	30,000	$	33,000
6.800%, 8/1/19		150,000		172,816
Berry Plastics Corp.
9.500%, 5/15/18		425,000		421,813
9.750%, 1/15/21		3,100,000		2,999,250
Packaging Corp. of America
5.750%, 8/1/13		150,000		160,256

				3,787,135

*Metals & Mining (1.5%)*
Alcoa, Inc.
6.000%, 7/15/13		400,000		434,145
6.750%, 7/15/18		300,000		331,778
6.150%, 8/15/20		300,000		317,815
5.400%, 4/15/21		300,000		300,927
Algoma Acquisition Corp.
9.875%, 6/15/15§		1,325,000		1,232,250
Allegheny Technologies, Inc.
9.375%, 6/1/19		100,000		126,706
5.950%, 1/15/21		50,000		53,221
Anglo American Capital plc
2.150%, 9/27/13§		2,100,000		2,127,661
Aperam
7.750%, 4/1/18§		2,700,000		2,720,250
ArcelorMittal S.A.
5.375%, 6/1/13		200,000		212,943
9.000%, 2/15/15		125,000		149,199
3.750%, 3/1/16		600,000		606,705
6.125%, 6/1/18		200,000		214,216
9.850%, 6/1/19		150,000		190,160
5.250%, 8/5/20		100,000		98,873
5.500%, 3/1/21		500,000		500,780
Barrick Gold Corp.
1.750%, 5/30/14§		120,000		120,232
2.900%, 5/30/16§		200,000		199,842
6.950%, 4/1/19		500,000		594,413
Barrick Gold Finance Co.
4.875%, 11/15/14		2,315,000		2,534,823
Barrick N.A. Finance LLC
4.400%, 5/30/21§		200,000		199,072
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12		1,500,000		1,553,524
4.800%, 4/15/13		200,000		213,757
5.500%, 4/1/14		850,000		945,868
7.250%, 3/1/16		1,375,000		1,664,373
6.500%, 4/1/19		500,000		598,310
Cliffs Natural Resources, Inc.
4.800%, 10/1/20		55,000		55,290
Commercial Metals Co.
6.500%, 7/15/17		100,000		106,902
CSN Islands XI Corp.
6.875%, 9/21/19§		800,000		873,000
CSN Resources S.A.
6.500%, 7/21/20§		900,000		956,250
Essar Steel Algoma, Inc.
9.375%, 3/15/15§		1,475,000		1,478,688
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		850,000		928,625
Gerdau Trade, Inc.
5.750%, 1/30/21§		1,200,000		1,219,500

See Notes to Financial Statements.

222

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Newmont Mining Corp.
5.125%, 10/1/19	$	315,000	$	338,312
Nucor Corp.
5.750%, 12/1/17		200,000		231,384
5.850%, 6/1/18		250,000		285,432
Rio Tinto Alcan, Inc.
5.000%, 6/1/15		400,000		440,178
Rio Tinto Finance USA Ltd.
8.950%, 5/1/14		200,000		240,174
1.875%, 11/2/15		400,000		394,224
2.500%, 5/20/16		150,000		150,292
9.000%, 5/1/19		1,000,000		1,325,040
4.125%, 5/20/21		250,000		248,328
Ryerson Holding Corp.
(Zero Coupon), 2/1/15		3,150,000		1,638,000
Ryerson, Inc.
7.648%, 11/1/14(l)		1,550,000		1,526,750
12.000%, 11/1/15		100,000		106,250
Southern Copper Corp.
5.375%, 4/16/20		135,000		138,281
Steel Dynamics, Inc.
7.375%, 11/1/12		3,800,000		4,009,000
Teck Resources Ltd.
10.750%, 5/15/19		400,000		505,500
4.500%, 1/15/21		500,000		504,000
Vale Overseas Ltd.
6.250%, 1/11/16		800,000		901,185
4.625%, 9/15/20		500,000		497,269
Xstrata Canada Corp.
7.250%, 7/15/12		200,000		211,452

				37,551,149

*Paper & Forest Products (0.2%)*
AbitibiBowater, Inc.
10.250%, 10/15/18§		1,756,000		1,900,870
Celulosa Arauco y Constitucion S.A.
5.000%, 1/21/21		200,000		198,380
Georgia-Pacific LLC
9.500%, 12/1/11		1,000,000		1,028,586
International Paper Co.
5.300%, 4/1/15		350,000		382,768
9.375%, 5/15/19		600,000		766,209

				4,276,813

Total Materials				77,101,083

Telecommunication Services (2.3%)
*Diversified Telecommunication Services (1.7%)*
AT&T, Inc.
4.950%, 1/15/13		700,000		742,015
6.700%, 11/15/13		500,000		560,694
4.850%, 2/15/14		700,000		760,318
5.100%, 9/15/14		200,000		219,788
2.500%, 8/15/15		500,000		506,506
2.950%, 5/15/16		300,000		303,835
5.625%, 6/15/16		400,000		453,443
5.500%, 2/1/18		1,200,000		1,338,392
4.450%, 5/15/21		500,000		508,835
BellSouth Corp.
5.200%, 9/15/14		400,000		440,679
British Telecommunications plc
5.950%, 1/15/18		400,000		441,793


	Principal Amount		Value (Note 1)

CenturyLink, Inc.
6.450%, 6/15/21	$	600,000	$	593,141
Deutsche Telekom International Finance B.V.
5.250%, 7/22/13		200,000		215,696
4.875%, 7/8/14		150,000		163,712
6.750%, 8/20/18		600,000		707,947
6.000%, 7/8/19		100,000		114,189
Embarq Corp.
7.082%, 6/1/16		600,000		666,972
France Telecom S.A.
4.375%, 7/8/14		2,300,000		2,490,792
2.125%, 9/16/15		750,000		748,733
5.375%, 7/8/19		300,000		335,689
Global Crossing Ltd.
12.000%, 9/15/15		1,750,000		2,038,750
Integra Telecom Holdings, Inc.
10.750%, 4/15/16§		2,675,000		2,701,750
ITC Deltacom, Inc.
10.500%, 4/1/16		2,475,000		2,586,375
PAETEC Holding Corp.
9.875%, 12/1/18§		1,200,000		1,243,500
Qwest Corp.
8.375%, 5/1/16		600,000		708,000
Sprint Capital Corp.
8.375%, 3/15/12		400,000		416,000
Telecom Italia Capital S.A.
0.886%, 7/18/11 (l)		3,500,000		3,499,682
6.200%, 7/18/11		400,000		400,695
5.250%, 11/15/13		200,000		209,955
6.175%, 6/18/14		700,000		753,256
5.250%, 10/1/15		400,000		415,849
7.175%, 6/18/19		200,000		220,817
Telefonica Emisiones S.A.U.
2.582%, 4/26/13		550,000		555,689
4.949%, 1/15/15		100,000		106,414
3.729%, 4/27/15		100,000		101,818
3.992%, 2/16/16		140,000		141,613
6.421%, 6/20/16		700,000		781,579
5.877%, 7/15/19		145,000		152,264
5.134%, 4/27/20		150,000		148,690
5.462%, 2/16/21		500,000		507,589
Telefonos de Mexico S.A.B. de C.V.
5.500%, 11/15/19		400,000		421,657
Verizon Communications, Inc.
7.375%, 9/1/12		400,000		430,183
4.350%, 2/15/13		1,000,000		1,052,564
5.550%, 2/15/16		1,050,000		1,182,848
3.000%, 4/1/16		500,000		510,707
5.500%, 2/15/18		600,000		667,310
8.750%, 11/1/18		3,900,000		5,074,310
6.350%, 4/1/19		500,000		580,803
4.600%, 4/1/21		300,000		309,538
Wind Acquisition Finance S.A.
11.750%, 7/15/17§		1,800,000		2,038,500

				42,271,874

*Wireless Telecommunication Services (0.6%)*
America Movil S.A.B. de C.V.
3.625%, 3/30/15		300,000		314,388
5.000%, 3/30/20		1,550,000		1,616,958
American Tower Corp.
4.625%, 4/1/15		125,000		131,594

See Notes to Financial Statements.

223

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

4.500%, 1/15/18	$	400,000	$	399,814
5.050%, 9/1/20		400,000		393,989
Cellco Partnership/Verizon Wireless Capital LLC
5.550%, 2/1/14		1,200,000		1,322,676
8.500%, 11/15/18		400,000		519,425
EH Holding Corp.
7.625%, 6/15/21§		1,425,000		1,453,500
Intelsat Jackson Holdings S.A.
9.500%, 6/15/16		1,725,000		1,809,094
Rogers Communications, Inc.
7.500%, 3/15/15		200,000		236,777
6.800%, 8/15/18		600,000		707,982
Vodafone Group plc
5.000%, 12/16/13		200,000		217,620
4.150%, 6/10/14		3,500,000		3,755,286
2.875%, 3/16/16		300,000		302,070
5.625%, 2/27/17		400,000		448,220
5.450%, 6/10/19		300,000		333,427
4.375%, 3/16/21		200,000		201,042
Term Loan
6.875%, 8/17/15		1,035,330		1,066,390

				15,230,252

Total Telecommunication Services				57,502,126

Utilities (2.3%)
*Electric Utilities (1.4%)*
Ameren Illinois Co.
6.250%, 4/1/18		400,000		446,207
Arizona Public Service Co.
5.800%, 6/30/14		400,000		444,544
Baltimore Gas & Electric Co.
6.125%, 7/1/13		300,000		328,011
Carolina Power & Light Co.
5.300%, 1/15/19		400,000		446,481
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		300,000		343,000
Columbus Southern Power Co.
6.050%, 5/1/18		400,000		456,227
Commonwealth Edison Co.
1.625%, 1/15/14		100,000		100,705
4.000%, 8/1/20		160,000		158,459
Connecticut Light & Power Co.
5.650%, 5/1/18		100,000		112,886
Consolidated Edison Co. of New York, Inc.
6.650%, 4/1/19		350,000		418,676
4.450%, 6/15/20		100,000		104,516
Series 04-A
4.700%, 2/1/14		2,900,000		3,126,157
Series 08-A
5.850%, 4/1/18		500,000		573,556
Consumers Energy Co.
6.700%, 9/15/19		350,000		419,814
Duke Energy Carolinas LLC
7.000%, 11/15/18		100,000		122,106
4.300%, 6/15/20		500,000		518,485
Duke Energy Corp.
5.650%, 6/15/13		400,000		433,776
6.300%, 2/1/14		500,000		558,381
3.350%, 4/1/15		800,000		830,852
5.050%, 9/15/19		250,000		268,928


	Principal Amount		Value (Note 1)

Duke Energy Ohio, Inc.
5.700%, 9/15/12	$	200,000	$	211,734
Entergy Arkansas, Inc.
3.750%, 2/15/21		2,700,000		2,561,965
Entergy Corp.
5.125%, 9/15/20		700,000		693,228
Entergy Texas, Inc.
7.125%, 2/1/19		200,000		234,644
Exelon Corp.
4.900%, 6/15/15		200,000		215,049
Exelon Generation Co. LLC
5.350%, 1/15/14		100,000		108,234
6.200%, 10/1/17		100,000		112,811
FirstEnergy Solutions Corp.
4.800%, 2/15/15		800,000		858,311
Florida Power Corp.
4.550%, 4/1/20		25,000		26,271
Georgia Power Co.
1.300%, 9/15/13		800,000		805,275
4.250%, 12/1/19		80,000		83,397
Hydro Quebec
8.000%, 2/1/13		200,000		222,029
2.000%, 6/30/16		350,000		344,838
Indiana Michigan Power Co.
7.000%, 3/15/19		100,000		119,264
Jersey Central Power & Light Co.
7.350%, 2/1/19		500,000		607,059
Kansas City Power & Light Co.
5.850%, 6/15/17		400,000		450,779
6.375%, 3/1/18		100,000		114,010
Korea Electric Power Corp.
3.000%, 10/5/15§		2,000,000		1,967,224
LG&E and KU Energy LLC
2.125%, 11/15/15§		400,000		390,323
3.750%, 11/15/20§		400,000		377,041
Majapahit Holding B.V.
7.250%, 10/17/11(m)		915,000		927,417
MidAmerican Energy Co.
4.650%, 10/1/14		400,000		438,450
MidAmerican Energy Holdings Co.
3.150%, 7/15/12		200,000		204,798
5.875%, 10/1/12		400,000		424,175
5.750%, 4/1/18		400,000		449,789
Nevada Power Co.
6.500%, 8/1/18		200,000		233,897
NextEra Energy Capital Holdings, Inc.
2.550%, 11/15/13		350,000		357,784
7.875%, 12/15/15		250,000		298,976
6.000%, 3/1/19		200,000		222,676
Northern States Power Co.
1.950%, 8/15/15		100,000		99,540
5.250%, 3/1/18		200,000		222,637
NSTAR
4.500%, 11/15/19		150,000		155,191
Oncor Electric Delivery Co. LLC
6.800%, 9/1/18		400,000		467,475
Pacific Gas & Electric Co.
6.250%, 12/1/13		400,000		446,432
4.800%, 3/1/14		100,000		108,713
8.250%, 10/15/18		300,000		385,057
3.500%, 10/1/20		250,000		237,663

See Notes to Financial Statements.

224

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Peco Energy Co.
5.000%, 10/1/14	$	400,000	$	441,514
5.350%, 3/1/18		200,000		222,936
PPL Energy Supply LLC
6.500%, 5/1/18		100,000		112,826
Progress Energy, Inc.
5.625%, 1/15/16		400,000		451,028
7.050%, 3/15/19		500,000		599,783
PSEG Power LLC
2.500%, 4/15/13		75,000		76,381
5.125%, 4/15/20		200,000		209,883
Public Service Co. of Colorado
5.125%, 6/1/19		85,000		93,488
3.200%, 11/15/20		400,000		379,477
Public Service Co. of Oklahoma
5.150%, 12/1/19		30,000		31,873
4.400%, 2/1/21		200,000		202,208
Public Service Electric & Gas Co.
5.375%, 9/1/13		200,000		218,384
6.330%, 11/1/13		400,000		446,645
3.500%, 8/15/20		100,000		97,645
Sierra Pacific Power Co.
Series M
6.000%, 5/15/16		100,000		114,354
Southern California Edison Co.
5.750%, 3/15/14		400,000		447,490
Southern Co.
4.150%, 5/15/14		145,000		155,330
2.375%, 9/15/15		100,000		100,030
Southwestern Electric Power Co.
Series E
5.550%, 1/15/17		120,000		129,959
Tampa Electric Co.
6.100%, 5/15/18		100,000		114,819
Texas Competitive Electric Holdings Co. LLC
3.686%, 10/10/14		3,241,020		2,706,832
TransAlta Corp.
4.750%, 1/15/15		400,000		427,156
Union Electric Co.
6.700%, 2/1/19		200,000		234,847
Virginia Electric & Power Co.
Series A
4.750%, 3/1/13		200,000		212,448
5.400%, 1/15/16		300,000		340,896
Series B
5.000%, 6/30/19		165,000		179,020
Wisconsin Electric Power Co.
4.250%, 12/15/19		150,000		157,286
Wisconsin Power & Light Co.
5.000%, 7/15/19		50,000		54,629

				35,355,090

*Gas Utilities (0.5%)*
AGL Capital Corp.
5.250%, 8/15/19		100,000		107,276
Atmos Energy Corp.
8.500%, 3/15/19		200,000		255,131
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		216,273
CenterPoint Energy Resources Corp.
7.875%, 4/1/13		200,000		222,331


	Principal Amount		Value (Note 1)

4.500%, 1/15/21§	$	200,000	$	201,417
Copano Energy LLC/Copano Energy Finance Corp.
7.750%, 6/1/18		1,250,000		1,287,500
Energy Transfer Equity LP
7.500%, 10/15/20		1,875,000		1,987,500
NGPL Pipeco LLC
6.514%, 12/15/12§		2,800,000		2,944,460
NGPL PipeCo LLC
7.119%, 12/15/17§		1,650,000		1,848,469
Panhandle Eastern Pipeline Co.
6.200%, 11/1/17		350,000		399,582
Star Gas Partners LP/Star Gas Finance Co.
8.875%, 12/1/17		2,600,000		2,707,250
Tennessee Gas Pipeline Co.
7.500%, 4/1/17		200,000		241,616
Transcontinental Gas Pipe Line Co. LLC
6.050%, 6/15/18		100,000		113,235

				12,532,040

*Independent Power Producers & Energy Traders (0.2%)*
Constellation Energy Group, Inc.
5.150%, 12/1/20		200,000		204,964
NRG Energy, Inc.
8.500%, 6/15/19		800,000		828,000
Tennessee Valley Authority
4.750%, 8/1/13		1,200,000		1,300,319
5.500%, 7/18/17		550,000		642,489
3.875%, 2/15/21		1,000,000		1,027,217

				4,002,989

*Multi-Utilities (0.2%)*
Alliant Energy Corp.
4.000%, 10/15/14		50,000		52,601
Ameren Corp.
8.875%, 5/15/14		300,000		347,557
CenterPoint Energy, Inc.
5.950%, 2/1/17		100,000		111,938
Dominion Resources, Inc.
1.800%, 3/15/14		500,000		504,731
5.150%, 7/15/15		300,000		332,479
8.875%, 1/15/19		300,000		388,378
5.200%, 8/15/19		80,000		87,120
DTE Energy Co.
7.625%, 5/15/14		100,000		115,427
6.350%, 6/1/16		200,000		231,941
National Grid plc
6.300%, 8/1/16		500,000		574,337
NiSource Finance Corp.
6.150%, 3/1/13		400,000		430,276
6.400%, 3/15/18		400,000		453,136
5.450%, 9/15/20		100,000		105,325
SCANA Corp.
6.250%, 4/1/20		100,000		111,310
Sempra Energy
6.000%, 2/1/13		200,000		214,408
6.500%, 6/1/16		60,000		69,485
6.150%, 6/15/18		100,000		113,839
9.800%, 2/15/19		500,000		670,704
Veolia Environnement S.A.
6.000%, 6/1/18		200,000		225,727

See Notes to Financial Statements.

225

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

Xcel Energy, Inc.
4.700%, 5/15/20	$	300,000	$	311,932

				5,452,651

*Water Utilities (0.0%)*
United Utilities plc
4.550%, 6/19/18		78,000		79,122

Total Utilities				57,421,892

Total Corporate Bonds				1,128,408,812

Government Securities (53.9%)
*Agency ABS (3.7%)*
Federal Farm Credit Bank
0.400%, 11/2/12		100,000		100,020
1.750%, 2/21/13		800,000		815,698
1.375%, 6/25/13		200,000		203,661
0.875%, 10/28/13		100,000		100,009
1.200%, 2/11/14		500,000		500,476
1.125%, 2/27/14		1,650,000		1,663,388
1.500%, 11/16/15		1,000,000		989,198
Federal Home Loan Bank
1.750%, 8/22/12		2,000,000		2,031,790
4.625%, 10/10/12		1,000,000		1,054,795
0.500%, 11/16/12		500,000		500,588
1.750%, 12/14/12		400,000		407,501
1.500%, 1/16/13		2,500,000		2,540,635
1.625%, 3/20/13		2,950,000		3,008,844
1.000%, 5/17/13		500,000		501,292
0.700%, 5/22/13		400,000		399,795
1.875%, 6/21/13		2,450,000		2,515,790
0.700%, 6/28/13		400,000		399,532
1.250%, 8/16/13		150,000		150,171
0.875%, 10/28/13		100,000		100,044
0.800%, 11/18/13		800,000		800,710
1.000%, 11/18/13		500,000		500,620
0.875%, 11/22/13		150,000		150,160
1.050%, 11/25/13		400,000		401,250
1.100%, 12/6/13		800,000		800,086
0.875%, 12/27/13		800,000		803,101
1.000%, 8/22/14		100,000		99,858
2.000%, 12/9/14		800,000		805,757
1.630%, 8/20/15		400,000		400,746
1.550%, 11/18/15		100,000		98,495
2.150%, 10/26/16		100,000		98,878
Federal Home Loan Mortgage Corp.
4.625%, 10/25/12		1,000,000		1,056,171
0.750%, 10/26/12		100,000		100,029
0.750%, 11/23/12		250,000		250,130
0.375%, 11/30/12		4,050,000		4,049,202
1.125%, 1/14/13		300,000		300,087
0.875%, 2/15/13		100,000		100,072
0.700%, 4/29/13		200,000		200,082
0.625%, 5/23/13		250,000		250,178
1.000%, 5/24/13		350,000		350,385
0.750%, 6/7/13		400,000		400,225
0.780%, 6/7/13		1,000,000		1,000,760
1.250%, 7/25/13		100,000		100,060
1.125%, 8/22/13		100,000		100,112
0.875%, 10/28/13		2,050,000		2,059,440
1.050%, 11/26/13		500,000		500,570
1.000%, 12/9/13		650,000		651,268


	Principal Amount		Value (Note 1)

1.050%, 12/9/13	$	1,000,000	$	1,001,657
1.625%, 1/21/14		100,000		100,070
1.000%, 1/27/14		150,000		149,974
1.375%, 2/3/14		500,000		500,434
1.500%, 2/11/14		200,000		200,252
1.375%, 2/25/14		1,900,000		1,927,799
1.200%, 4/28/14		150,000		150,087
1.250%, 5/23/14		400,000		401,114
1.350%, 5/23/14		500,000		501,586
1.300%, 6/2/14		400,000		401,027
1.375%, 6/2/14		400,000		400,549
1.125%, 6/30/14		200,000		199,147
1.500%, 11/25/14		1,000,000		1,002,305
1.625%, 11/26/14		400,000		400,761
1.750%, 11/26/14		500,000		500,978
1.625%, 12/9/14		400,000		400,695
1.350%, 1/6/15		200,000		198,878
2.875%, 2/9/15		1,500,000		1,579,524
1.500%, 7/13/15		200,000		197,188
2.250%, 8/12/15		100,000		100,257
2.000%, 8/25/15		200,000		199,704
2.125%, 8/25/15		100,000		100,306
1.750%, 11/23/15		250,000		247,407
2.250%, 12/21/15		100,000		100,838
2.500%, 5/25/16		500,000		502,443
5.500%, 8/23/17		2,450,000		2,872,816
Federal National Mortgage Association
1.125%, 7/30/12		500,000		504,220
4.375%, 9/15/12		500,000		524,127
0.500%, 10/30/12		5,000,000		5,008,150
0.375%, 12/28/12		4,900,000		4,901,117
1.000%, 1/7/13		100,000		100,010
1.750%, 2/22/13		1,650,000		1,684,407
3.250%, 4/9/13		2,450,000		2,573,580
1.750%, 5/7/13		1,450,000		1,482,580
1.500%, 6/26/13		400,000		407,992
4.375%, 7/17/13		1,650,000		1,777,354
1.375%, 7/19/13		300,000		300,151
1.250%, 7/29/13		350,000		350,274
0.500%, 8/9/13		5,000,000		4,993,625
1.000%, 9/23/13		2,050,000		2,066,400
1.200%, 9/27/13		200,000		200,410
1.125%, 10/8/13		100,000		101,099
1.000%, 10/15/13		100,000		100,349
0.750%, 10/25/13		500,000		500,628
0.875%, 11/4/13		100,000		99,870
0.800%, 11/29/13		150,000		150,294
1.000%, 11/29/13		1,000,000		1,002,392
0.750%, 12/18/13		3,250,000		3,249,525
1.300%, 12/30/13		100,000		100,471
1.500%, 12/30/13		100,000		100,481
1.400%, 1/6/14		100,000		100,015
1.450%, 1/24/14		800,000		805,033
1.375%, 1/27/14		200,000		201,040
1.550%, 1/27/14		100,000		100,541
1.350%, 2/24/14		150,000		152,086
1.500%, 2/25/14		350,000		350,622
1.700%, 2/25/14		150,000		150,315
1.250%, 2/27/14		1,200,000		1,215,047
1.000%, 4/25/14		500,000		499,810
1.800%, 6/2/14		100,000		100,230
1.750%, 7/14/14		200,000		200,110

See Notes to Financial Statements.

226

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

1.550%, 8/12/14	$	100,000	$	100,114
1.250%, 10/28/14		150,000		149,459
2.375%, 7/28/15		1,200,000		1,235,438
2.000%, 8/5/15		100,000		100,195
2.000%, 8/24/15		4,100,000		4,112,021
1.875%, 9/9/15		250,000		251,017
1.875%, 10/15/15		100,000		100,242
1.625%, 10/26/15		1,250,000		1,244,606
1.550%, 10/27/15		150,000		148,868
1.650%, 10/29/15		200,000		197,633
1.625%, 11/9/15		100,000		97,846
1.500%, 11/23/15		200,000		196,952
2.000%, 11/30/15		150,000		149,835
2.000%, 3/28/16		100,000		99,662
2.250%, 6/6/16		400,000		399,829
2.150%, 6/28/16		200,000		199,118
2.200%, 7/5/16		200,000		198,233
2.350%, 9/23/16		100,000		100,316

				93,985,194

*Agency CMO (0.1%)*
Federal Home Loan Mortgage Corp.
4.879%, 5/19/17		1,200,000		1,307,384

*Foreign Governments (2.2%)*
Australia Government Bond
4.500%, 4/15/20		AUD 6,200,000		6,326,496
Canadian Government Bond
2.375%, 9/10/14	$	800,000		832,457
Council of Europe Development Bank
2.625%, 2/16/16		400,000		412,233
Export-Import Bank of Korea
8.125%, 1/21/14		1,000,000		1,143,126
5.875%, 1/14/15		1,250,000		1,370,711
4.125%, 9/9/15		150,000		156,170
4.000%, 1/29/21		1,000,000		920,526
Federative Republic of Brazil
10.250%, 6/17/13		840,000		991,200
8.000%, 1/15/18		1,205,556		1,449,680
5.875%, 1/15/19		750,000		868,125
8.875%, 10/14/19		270,000		370,575
4.875%, 1/22/21		500,000		534,750
Japan Finance Corp.
1.500%, 7/6/12		250,000		250,909
2.125%, 11/5/12		1,600,000		1,625,725
2.500%, 1/21/16		800,000		807,408
Japan Finance Organization for Municipalities
5.000%, 5/16/17		400,000		452,159
4.000%, 1/13/21		300,000		303,871
Norwegian Government Bond
6.500%, 5/15/13		NOK 6,500,000		1,290,926
Province of British Columbia
2.850%, 6/15/15	$	400,000		419,542
Province of Manitoba
4.900%, 12/6/16		400,000		452,304
Province of Nova Scotia
5.125%, 1/26/17		800,000		909,752
Province of Ontario
3.500%, 7/15/13		800,000		844,213
1.375%, 1/27/14		1,650,000		1,659,747
4.100%, 6/16/14		750,000		812,339
2.950%, 2/5/15		1,650,000		1,730,235


	Principal Amount		Value (Note 1)

1.875%, 9/15/15	$	1,650,000	$	1,648,594
4.950%, 11/28/16		550,000		620,250
4.000%, 10/7/19		600,000		623,428
4.400%, 4/14/20		400,000		424,240
Province of Quebec
4.875%, 5/5/14		540,000		596,652
4.600%, 5/26/15		1,150,000		1,276,482
4.625%, 5/14/18		540,000		595,786
3.500%, 7/29/20		400,000		396,068
Republic of Chile
3.875%, 8/5/20		400,000		402,400
Republic of Hungary
4.750%, 2/3/15		200,000		205,500
6.250%, 1/29/20		500,000		528,000
6.375%, 3/29/21		750,000		791,250
Republic of Italy
4.375%, 6/15/13		1,000,000		1,054,906
2.125%, 9/16/13		300,000		303,413
4.500%, 1/21/15		2,000,000		2,128,458
5.250%, 9/20/16		1,130,000		1,225,148
Republic of Korea
5.750%, 4/16/14		850,000		935,802
7.125%, 4/16/19		400,000		480,207
Republic of Panama
5.200%, 1/30/20		650,000		713,050
Republic of Peru
8.375%, 5/3/16		250,000		308,125
7.125%, 3/30/19		500,000		601,500
Republic of Poland
5.250%, 1/15/14		800,000		865,040
3.875%, 7/16/15		300,000		310,200
6.375%, 7/15/19		1,000,000		1,142,500
Republic of South Africa
6.875%, 5/27/19		400,000		477,000
5.500%, 3/9/20		850,000		928,625
Societe Financement de l’Economie Francaise
2.250%, 6/11/12§		3,000,000		3,049,521
State of Israel
5.125%, 3/1/14		120,000		129,985
5.500%, 11/9/16		850,000		952,211
5.125%, 3/26/19		300,000		321,143
United Mexican States
6.375%, 1/16/13		270,000		290,925
5.875%, 2/17/14		500,000		554,250
6.625%, 3/3/15		750,000		870,750
5.625%, 1/15/17		960,000		1,091,040
8.125%, 12/30/19		750,000		1,042,500
5.125%, 1/15/20		750,000		810,000

				55,630,128

*Municipal Bonds (1.3%)*
City of New York, New York
6.246%, 6/1/35		1,200,000		1,233,012
Indianapolis, Indiana Local Public Improvement
5.854%, 1/15/30		1,500,000		1,559,685
Los Angeles County, California Public Works Financing Authority
6.091%, 8/1/22		1,400,000		1,393,070
Metro Wastewater Reclamation District
4.718%, 4/1/19		1,000,000		1,062,740
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,207,040

See Notes to Financial Statements.

227

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39	$	1,000,000	$	1,041,420
New York City Transitional Finance Authority
5.267%, 5/1/27		1,000,000		1,035,650
5.008%, 8/1/27		1,800,000		1,785,222
Northern California Power Agency
7.311%, 6/1/40		1,000,000		1,039,820
Port Authority of New York & New Jersey
5.647%, 11/1/40		700,000		706,769
San Diego County Regional Airport Authority
6.628%, 7/1/40		500,000		501,145
Seminole County Florida Water & Sewer
6.443%, 10/1/40		800,000		818,832
State of California
3.950%, 11/1/15		400,000		416,524
6.200%, 10/1/19		400,000		439,004
7.550%, 4/1/39		3,000,000		3,433,080
State of Illinois
3.321%, 1/1/13		100,000		101,807
4.071%, 1/1/14		100,000		103,348
4.421%, 1/1/15		100,000		102,272
4.961%, 3/1/16		650,000		671,970
5.665%, 3/1/18		500,000		518,660
State of Illinois Toll Highway Authority
5.293%, 1/1/24		3,000,000		3,017,790
State of Texas
4.631%, 4/1/33		700,000		657,370
Tennessee State School Bond Authority
4.848%, 9/15/27		1,000,000		977,850
Texas Transportation Commission
5.028%, 4/1/26		1,800,000		1,892,286
University of California Medical Center
5.435%, 5/15/23		4,700,000		4,628,419
University of Texas, Class B
6.276%, 8/15/41		2,900,000		3,059,993

				33,404,778

*Supranational (2.0%)*
African Development Bank
3.000%, 5/27/14		500,000		527,549
2.500%, 3/15/16		800,000		822,920
Asian Development Bank
1.625%, 7/15/13		500,000		509,334
3.625%, 9/5/13		500,000		530,850
2.750%, 5/21/14		500,000		523,426
0.875%, 6/10/14		180,000		179,352
4.250%, 10/20/14		540,000		592,829
2.625%, 2/9/15		800,000		836,600
2.500%, 3/15/16		800,000		823,717
5.500%, 6/27/16		500,000		583,118
Corp. Andina de Fomento
3.750%, 1/15/16		800,000		811,075
8.125%, 6/4/19		325,000		396,422
Eksportfinans ASA
1.875%, 4/2/13		1,000,000		1,019,133
2.000%, 9/15/15		1,250,000		1,246,639
European Bank for Reconstruction & Development
3.625%, 6/17/13		350,000		369,208
1.625%, 9/3/15		700,000		698,502
2.500%, 3/15/16		800,000		823,283
European Investment Bank
1.750%, 9/14/12		1,250,000		1,268,565


	Principal Amount		Value (Note 1)

1.625%, 3/15/13	$	500,000	$	508,229
1.875%, 6/17/13		2,000,000		2,045,426
4.250%, 7/15/13		1,390,000		1,488,451
3.000%, 4/8/14		1,000,000		1,051,421
4.625%, 5/15/14		2,300,000		2,526,980
3.125%, 6/4/14		750,000		793,273
2.875%, 1/15/15		500,000		526,040
2.750%, 3/23/15		500,000		523,463
1.375%, 10/20/15		2,450,000		2,423,805
4.875%, 2/16/16		1,100,000		1,240,328
2.250%, 3/15/16		800,000		811,168
4.875%, 1/17/17		550,000		623,229
2.875%, 9/15/20		500,000		480,735
4.000%, 2/16/21		800,000		832,517
Export Development Canada
1.750%, 9/24/12		400,000		407,064
2.250%, 5/28/15		950,000		979,040
Inter-American Development Bank
4.375%, 9/20/12		550,000		576,107
1.750%, 10/22/12		1,000,000		1,016,802
3.000%, 4/22/14		1,650,000		1,745,997
5.125%, 9/13/16		280,000		321,235
4.250%, 9/10/18		1,000,000		1,102,073
3.875%, 2/14/20		700,000		741,843
International Bank for Reconstruction & Development
0.800%, 7/13/12		500,000		502,184
3.625%, 5/21/13		800,000		846,122
3.500%, 10/8/13		1,000,000		1,065,017
1.375%, 2/10/14		500,000		502,763
2.375%, 5/26/15		500,000		516,538
2.125%, 3/15/16		1,200,000		1,217,536
5.000%, 4/1/16		550,000		625,007
International Finance Corp.
3.500%, 5/15/13		400,000		422,563
3.000%, 4/22/14		1,250,000		1,321,359
2.125%, 11/17/17		400,000		392,801
Kommunalbanken A/S
3.375%, 11/15/11		2,000,000		2,020,910
1.750%, 10/5/15§		400,000		398,905
Korea Development Bank
8.000%, 1/23/14		500,000		569,103
4.375%, 8/10/15		115,000		120,707
3.250%, 3/9/16		900,000		897,381
Nordic Investment Bank
1.625%, 1/28/13		400,000		406,687
3.625%, 6/17/13		250,000		264,287
2.625%, 10/6/14		100,000		104,546
2.500%, 7/15/15		800,000		830,657
5.000%, 2/1/17		250,000		285,683
Svensk Exportkredit AB
3.250%, 9/16/14		300,000		317,856
1.750%, 10/20/15		800,000		794,189
5.125%, 3/1/17		200,000		226,416

				49,976,965

*U.S. Government Agencies (7.6%)*
Federal Farm Credit Bank
1.875%, 12/7/12		250,000		255,263
4.875%, 1/17/17		700,000		796,654
Federal Home Loan Bank
1.625%, 11/21/12		1,500,000		1,525,561

See Notes to Financial Statements.

228

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

3.375%, 2/27/13	$	400,000	$	419,300
3.625%, 5/29/13		1,000,000		1,059,340
5.125%, 8/14/13		1,200,000		1,315,990
4.000%, 9/6/13		1,400,000		1,501,412
3.625%, 10/18/13		2,900,000		3,095,211
5.250%, 6/18/14		800,000		901,656
5.500%, 8/13/14		2,850,000		3,248,416
5.375%, 5/18/16		1,650,000		1,913,838
4.750%, 12/16/16		1,250,000		1,418,364
5.000%, 11/17/17		2,250,000		2,584,595
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		1,150,000		1,277,649
Federal Home Loan Mortgage Corp.
5.500%, 8/20/12		2,450,000		2,592,933
2.125%, 9/21/12		1,650,000		1,685,437
4.125%, 12/21/12		1,650,000		1,739,451
4.500%, 1/15/13		500,000		531,336
3.500%, 5/29/13		500,000		528,779
4.500%, 7/15/13		2,000,000		2,162,450
4.875%, 11/15/13		1,000,000		1,099,550
2.500%, 1/7/14		1,690,000		1,764,323
4.500%, 1/15/14		500,000		546,734
2.500%, 4/23/14		2,000,000		2,088,626
5.000%, 7/15/14		4,880,000		5,455,015
3.000%, 7/28/14		2,350,000		2,487,036
4.500%, 1/15/15		2,200,000		2,442,783
4.750%, 11/17/15		1,000,000		1,125,491
5.125%, 10/18/16		2,000,000		2,290,376
5.000%, 4/18/17		300,000		343,111
4.875%, 6/13/18		4,300,000		4,887,298
4.250%, 12/12/18		250,000		253,685
3.750%, 3/27/19		1,250,000		1,322,659
Federal National Mortgage Association
1.750%, 8/10/12		1,200,000		1,218,619
4.750%, 11/19/12		2,900,000		3,074,476
3.625%, 2/12/13		1,000,000		1,050,211
4.625%, 10/15/13		3,460,000		3,773,147
2.875%, 12/11/13		500,000		526,470
2.750%, 2/5/14		1,200,000		1,261,805
2.750%, 3/13/14		2,500,000		2,629,862
2.500%, 5/15/14		2,500,000		2,609,715
3.000%, 7/28/14		400,000		400,680
3.000%, 9/16/14		1,000,000		1,061,633
3.000%, 9/29/14		400,000		402,467
2.625%, 11/20/14		400,000		419,483
5.000%, 4/15/15 #		13,210,000		14,954,209
4.375%, 10/15/15		1,650,000		1,828,466
5.000%, 3/15/16		4,150,000		4,729,394
4.875%, 12/15/16		1,700,000		1,928,801
5.000%, 2/13/17		2,000,000		2,283,604
5.000%, 5/11/17		1,390,000		1,589,963
5.375%, 6/12/17		2,450,000		2,851,494
4.000%, 8/1/40		1,976,958		1,980,124
3.500%, 12/1/40		2,970,605		2,846,210
4.000%, 2/1/41		27,914,788		27,959,496
3.500%, 7/25/41 TBA		8,000,000		7,651,875
4.000%, 7/25/41 TBA		37,000,000		37,000,000
4.500%, 7/25/41 TBA		9,000,000		9,311,485

				192,004,011

*U.S. Treasuries (37.0%)*
U.S. Treasury Bonds
11.250%, 2/15/15		3,930,000		5,342,650


	Principal Amount		Value (Note 1)

9.250%, 2/15/16	$	3,000,000	$	4,033,125
7.250%, 5/15/16		2,780,000		3,509,750
7.500%, 11/15/16		2,500,000		3,225,195
8.750%, 5/15/17		1,680,000		2,306,193
8.875%, 8/15/17		3,350,000		4,655,190
9.125%, 5/15/18		840,000		1,205,138
8.875%, 2/15/19		1,200,000		1,729,500
8.125%, 8/15/19		1,980,000		2,771,226
3.625%, 2/15/20		18,700,000		19,782,562
8.750%, 8/15/20		2,880,000		4,221,000
7.875%, 2/15/21		1,650,000		2,314,254
4.375%, 5/15/41		6,200,000		6,190,328
U.S. Treasury Notes
1.500%, 7/15/12		2,500,000		2,532,618
0.625%, 7/31/12		4,000,000		4,016,400
4.625%, 7/31/12		4,100,000		4,293,631
1.750%, 8/15/12		22,550,000		22,927,013
4.375%, 8/15/12		2,000,000		2,092,344
0.375%, 8/31/12		5,000,000		5,006,640
4.125%, 8/31/12		4,400,000		4,597,657
1.375%, 9/15/12		8,200,000		8,307,625
0.375%, 9/30/12		16,300,000		16,318,468
1.375%, 10/15/12		8,000,000		8,110,000
0.375%, 10/31/12		10,000,000		10,009,770
1.375%, 11/15/12		5,000,000		5,072,070
4.000%, 11/15/12		5,750,000		6,038,845
1.125%, 12/15/12		6,200,000		6,269,992
0.625%, 12/31/12		17,900,000		17,973,426
3.625%, 12/31/12		8,000,000		8,390,312
1.375%, 1/15/13		12,200,000		12,388,722
0.625%, 1/31/13		12,200,000		12,248,129
2.875%, 1/31/13		1,500,000		1,559,004
1.375%, 2/15/13		7,700,000		7,822,415
3.875%, 2/15/13		2,500,000		2,640,917
2.750%, 2/28/13		9,750,000		10,130,474
1.375%, 3/15/13		5,700,000		5,793,537
1.750%, 4/15/13		15,000,000		15,352,800
0.625%, 4/30/13		2,000,000		2,007,180
3.125%, 4/30/13		5,300,000		5,560,241
1.375%, 5/15/13		3,000,000		3,052,260
0.500%, 5/31/13		4,000,000		4,004,220
3.500%, 5/31/13		4,680,000		4,951,112
0.375%, 6/30/13		3,000,000		2,995,080
3.375%, 6/30/13		5,450,000		5,766,781
1.000%, 7/15/13		6,500,000		6,569,095
3.375%, 7/31/13		2,520,000		2,672,185
0.750%, 8/15/13		12,200,000		12,264,806
3.125%, 8/31/13		3,000,000		3,168,984
0.750%, 9/15/13		5,000,000		5,023,830
3.125%, 9/30/13		8,250,000		8,726,949
0.500%, 10/15/13		9,750,000		9,734,770
2.750%, 10/31/13		2,520,000		2,646,000
0.500%, 11/15/13		5,000,000		4,987,890
4.250%, 11/15/13		4,100,000		4,450,743
2.000%, 11/30/13		5,050,000		5,218,069
1.500%, 12/31/13		4,940,000		5,046,131
1.750%, 1/31/14		8,090,000		8,314,368
1.250%, 2/15/14		16,250,000		16,488,680
4.000%, 2/15/14		2,000,000		2,172,500
1.875%, 2/28/14		3,500,000		3,609,102
1.750%, 3/31/14		5,000,000		5,139,060
1.875%, 4/30/14		3,000,000		3,093,750

See Notes to Financial Statements.

229

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount		Value (Note 1)

1.000%, 5/15/14	$	3,000,000	$	3,019,920
4.750%, 5/15/14		15,000,000		16,700,385
2.250%, 5/31/14		4,100,000		4,273,930
2.625%, 6/30/14		5,000,000		5,268,360
2.625%, 7/31/14		8,000,000		8,433,128
4.250%, 8/15/14		6,500,000		7,184,021
2.375%, 8/31/14		14,200,000		14,857,858
2.375%, 9/30/14		8,000,000		8,372,496
2.375%, 10/31/14		4,700,000		4,915,537
4.250%, 11/15/14		2,700,000		2,990,461
2.125%, 11/30/14		8,500,000		8,816,098
2.625%, 12/31/14		8,500,000		8,959,527
2.250%, 1/31/15		5,500,000		5,723,009
4.000%, 2/15/15		2,410,000		2,656,273
2.375%, 2/28/15		8,300,000		8,670,927
2.500%, 3/31/15		3,500,000		3,671,710
2.500%, 4/30/15		9,000,000		9,438,750
4.125%, 5/15/15		2,000,000		2,219,218
2.125%, 5/31/15		15,400,000		15,919,750
1.875%, 6/30/15		8,550,000		8,750,395
1.750%, 7/31/15		4,000,000		4,067,800
4.250%, 8/15/15		2,790,000		3,114,555
1.250%, 8/31/15		3,000,000		2,986,641
1.250%, 9/30/15		11,450,000		11,375,758
1.250%, 10/31/15		5,000,000		4,957,810
4.500%, 11/15/15		9,850,000		11,119,724
1.375%, 11/30/15		8,150,000		8,109,886
2.125%, 12/31/15		2,500,000		2,566,405
2.000%, 1/31/16		2,500,000		2,548,633
4.500%, 2/15/16		2,000,000		2,262,032
2.625%, 2/29/16		19,000,000		19,884,678
2.250%, 3/31/16		5,000,000		5,142,600
2.375%, 3/31/16		3,000,000		3,103,827
2.000%, 4/30/16		3,000,000		3,045,480
2.625%, 4/30/16		1,500,000		1,567,383
5.125%, 5/15/16		3,350,000		3,893,330
1.750%, 5/31/16		3,000,000		3,004,680
3.250%, 5/31/16		6,550,000		7,033,062
1.500%, 6/30/16		8,000,000		7,902,480
3.250%, 6/30/16		3,000,000		3,218,673
3.250%, 7/31/16		1,000,000		1,072,266
4.875%, 8/15/16		1,380,000		1,590,881
3.000%, 8/31/16		3,000,000		3,176,250
3.000%, 9/30/16		4,100,000		4,336,070
3.125%, 10/31/16		5,400,000		5,740,033
4.625%, 11/15/16		5,000,000		5,706,250
2.750%, 11/30/16		11,000,000		11,468,358
3.250%, 12/31/16		7,350,000		7,840,958
3.125%, 1/31/17		12,200,000		12,935,806
4.625%, 2/15/17		4,450,000		5,077,521
3.000%, 2/28/17		4,300,000		4,524,408
3.250%, 3/31/17		2,400,000		2,556,000
3.125%, 4/30/17		4,100,000		4,335,430
4.500%, 5/15/17		2,000,000		2,269,376
2.750%, 5/31/17		3,000,000		3,104,298
2.500%, 6/30/17		8,150,000		8,307,906
2.375%, 7/31/17		3,000,000		3,031,875
4.750%, 8/15/17		2,600,000		2,990,406
1.875%, 8/31/17		3,500,000		3,430,000
1.875%, 9/30/17		8,200,000		8,017,419
1.875%, 10/31/17		5,000,000		4,879,295
4.250%, 11/15/17		5,050,000		5,660,737


	Principal Amount		Value (Note 1)

2.250%, 11/30/17	$	8,150,000	$	8,126,438
2.750%, 12/31/17		1,000,000		1,026,719
2.625%, 1/31/18		2,500,000		2,544,335
3.500%, 2/15/18		3,250,000		3,486,896
2.750%, 2/28/18		9,750,000		9,983,844
2.875%, 3/31/18		1,000,000		1,030,156
2.625%, 4/30/18		3,000,000		3,037,500
3.875%, 5/15/18		2,200,000		2,409,860
2.375%, 5/31/18		8,000,000		7,957,520
4.000%, 8/15/18		5,300,000		5,840,764
3.750%, 11/15/18		5,110,000		5,535,566
2.750%, 2/15/19		10,600,000		10,701,855
3.125%, 5/15/19		10,650,000		10,996,125
3.625%, 8/15/19		11,400,000		12,146,347
3.375%, 11/15/19		9,450,000		9,851,625
3.500%, 5/15/20 #		19,900,000		20,775,202
2.625%, 8/15/20		13,850,000		13,406,371
2.625%, 11/15/20		9,500,000		9,149,687
3.625%, 2/15/21		16,700,000		17,413,658
3.125%, 5/15/21		6,000,000		5,983,140

				934,045,047

Total Government Securities				1,360,353,507

Time Deposit (0.2%)
Financials (0.2%)
*Certificate of Deposit* (*0.2%*)
Banco do Brasil S.A.
2.270%, 2/14/14 (p)		5,600,000		5,593,280

Total Financials				5,593,280

Total Time Deposits				5,593,280

Total Long-Term Debt Securities (100.2%) (Cost $2,474,220,610)				2,528,053,106

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (0.0%)
*Media* (*0.0%)*
Gallery Media Holding Ltd. (ADR)*†(b)		747		—

Network Communications, Inc. (ADR)*†(b)		310,800		15,540

Total Common Stocks (0.0%) (Cost $15,540)				15,540

	Number of Warrants		Value (Note 1)
WARRANT:
Industrials (0.0%)
*Construction & Engineering* (*0.0%)*
Alion Science and Technology Corp., expiring 3/15/17†(b) (Cost $0)*		781		—

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Certificate of Deposit (0.2%)
Itau Unibanco Holding S.A.
3.06%, 2/6/12 (p)		4,900,000		4,857,664

See Notes to Financial Statements.

230

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Principal Amount			Value (Note 1)

Government Securities (0.3%)
U.S. Treasury Bills
0.02%, 9/22/11 (p)	$	2,700,000		$	2,699,843
0.03%, 10/13/11 (p)		6,500,000			6,499,402

Total Government Securities					9,199,245

Time Deposit (1.5%)
JPMorgan Chase Nassau
0.000%, 7/1/11		37,071,974			37,071,974

Total Short-Term Investments (2.0%) (Cost $51,122,569)					51,128,883

Total Investments Before Options Written (102.2%) (Cost $2,525,358,719)					2,579,197,529

	Number of Contracts			Value (Note 1)
OPTIONS WRITTEN:
Call Options Written (0.0%)
10 Year U.S. Treasury Notes
August 2011 @ $124.50*		(736	)		(402,500	)

Total Options Written (0.0%) (Premiums Received $466,066)					(402,500	)

Total Investments after Options Written (102.2%) (Cost $2,524,892,653)				$	2,578,795,029
Other Assets Less Liabilities (-2.2%)					(56,450,106	)

Net Assets (100%)				$	2,522,344,923

*	Non-income producing.

†	Securities (totalling $7,294,336 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 June 30, 2011, the market value of these securities amounted to $305,314,682 or 12.1% 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.

#	All or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $2,675,609.

(b)

Illiquid Security.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2011.

(m)

(p)

Yield to maturity.

Glossary:

ABS

— Asset-Backed Security

ADR

— American Depositary Receipt

AUD

— Australian Dollar

CMO

— Collateralized Mortgage Obligation

DKK

— Denmark Krone

EUR

— European Currency Unit

GBP

— British Pound

NOK

— Norwegian Krone

PIK

— Payment-in Kind Security

TBA

— Security is subject to delayed delivery.

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar		210		June-13	$	51,660,359	$	51,667,875	$	7,516
90 Day Eurodollar		403		September-13		98,992,601		98,891,162		(101,439	)
90 Day Eurodollar		408		December-13		100,236,200		99,842,700		(393,500	)
90 Day Eurodollar		716		March-14		175,429,730		174,757,700		(672,030	)
90 Day Eurodollar		560		June-14		136,715,750		136,318,000		(397,750	)
90 Day Sterling		237		March-12		47,009,009		47,047,404		38,395
90 Day Sterling		140		March-13		27,578,337		27,581,066		2,729

									$	(1,516,079	)

At June 30, 2011, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Chinese Renminbi vs. U.S. Dollar, expiring 9/14/11	Barclays Bank plc		30,445	$	4,714,008	$	4,600,000	$	114,008
Chinese Renminbi vs. U.S. Dollar, expiring 9/14/11	Citibank N.A.		20,016		3,099,267		3,070,000		29,267
Chinese Renminbi vs. U.S. Dollar, expiring 9/14/11	HSBC Bank plc		28,884		4,472,231		4,430,000		42,231

See Notes to Financial Statements.

231

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Chinese Renminbi vs. U.S. Dollar, expiring 11/15/11	JPMorgan Chase Bank		6,877	$	1,067,869	$	1,070,714	$	(2,845	)
European Union Euro vs. U.S. Dollar, expiring 7/15/11	JPMorgan Chase Bank		3,624		5,253,894		5,215,625		38,269
European Union Euro vs. U.S. Dollar, expiring 7/18/11	Barclays Bank plc		183		265,283		257,603		7,680
European Union Euro vs. U.S. Dollar, expiring 7/18/11	Citibank N.A.		1,581		2,291,865		2,270,809		21,056
European Union Euro vs. U.S. Dollar, expiring 7/18/11	Citibank N.A.		3,700		5,363,631		5,314,354		49,277
European Union Euro vs. U.S. Dollar, expiring 7/18/11	HSBC Bank plc		700		1,014,741		1,007,930		6,811
European Union Euro vs. U.S. Dollar, expiring 7/18/11	JPMorgan Chase Bank		588		852,383		830,698		21,685
European Union Euro vs. U.S. Dollar, expiring 10/11/11	JPMorgan Chase Bank		425		614,583		581,942		32,641
European Union Euro vs. U.S. Dollar, expiring 10/11/11	JPMorgan Chase Bank		1,125		1,626,836		1,598,771		28,065
European Union Euro vs. U.S. Dollar, expiring 10/11/11	JPMorgan Chase Bank		1,575		2,277,571		2,148,221		129,350
Korean Won vs. U.S. Dollar, expiring 8/12/11	Citibank N.A.		2,024,210		1,891,351		1,800,098		91,253
Korean Won vs. U.S. Dollar, expiring 8/12/11	Goldman Sachs & Co.		5,538,468		5,174,951		5,070,000		104,951
Korean Won vs. U.S. Dollar, expiring 8/12/11	JPMorgan Chase Bank		3,308,066		3,090,941		3,012,399		78,542
Mexican Peso vs. U.S. Dollar, expiring 7/7/11	HSBC Bank plc		530		45,239		42,672		2,567
Mexican Peso vs. U.S. Dollar, expiring 11/18/11	Morgan Stanley		530		44,671		45,162		(491	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	JPMorgan Chase Bank		61,633		11,399,022		11,636,113		(237,091	)
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	Barclays Bank plc		700		569,903		547,485		22,418
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	Citibank N.A.		800		651,317		626,191		25,126
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	Citibank N.A.		900		732,732		703,180		29,552
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	JPMorgan Chase Bank		2,616		2,130,022		2,054,582		75,440
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	JPMorgan Chase Bank		900		732,732		703,606		29,126
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	JPMorgan Chase Bank		300		244,244		234,212		10,032
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	JPMorgan Chase Bank		65,481		2,289,712		2,300,000		(10,288	)

								$	738,632


Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 7/29/11	Bank of America		8,063	$	8,400,840	$	8,620,879	$	(220,039	)
British Pound vs. U.S. Dollar, expiring 9/13/11	Barclays Bank plc		86		139,061		137,908		1,153
British Pound vs. U.S. Dollar, expiring 9/15/11	JPMorgan Chase Bank		3,775		6,025,995		6,053,401		(27,406	)
Chinese Renminbi vs. U.S. Dollar, expiring 9/14/11	HSBC Bank plc		64,350		9,899,999		9,963,719		(63,720	)
Danish Krone vs. U.S. Dollar, expiring 8/8/11	JPMorgan Chase Bank		1,027		203,819		199,505		4,314
Danish Krone vs. U.S. Dollar, expiring 1/3/12	HSBC Bank plc		37,659		6,585,412		7,286,684		(701,272	)
Danish Krone vs. U.S. Dollar, expiring 1/3/12	JPMorgan Chase Bank		15,078		2,630,515		2,917,456		(286,941	)
European Union Euro vs. U.S. Dollar, expiring 7/15/11	JPMorgan Chase Bank		1,506		2,152,616		2,183,323		(30,707	)
European Union Euro vs. U.S. Dollar, expiring 7/15/11	JPMorgan Chase Bank		14,124		20,061,729		20,476,269		(414,540	)

See Notes to Financial Statements.

232

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
European Union Euro vs. U.S. Dollar, expiring 7/18/11	Credit Suisse First Boston		10,336	$	14,907,096	$	14,983,376	$	(76,280	)
European Union Euro vs. U.S. Dollar, expiring 7/18/11	JPMorgan Chase Bank		3,325		4,859,704		4,820,020		39,684
European Union Euro vs. U.S. Dollar, expiring 9/22/11	JPMorgan Chase Bank		2,800		3,993,892		4,051,292		(57,400	)
European Union Euro vs. U.S. Dollar, expiring 10/11/11	JPMorgan Chase Bank		1,125		1,549,125		1,626,836		(77,711	)
European Union Euro vs. U.S. Dollar, expiring 10/11/11	JPMorgan Chase Bank		1,575		2,052,698		2,277,571		(224,873	)
Japanese Yen vs. U.S. Dollar, expiring 7/14/11	Citibank N.A.		281,263		3,324,100		3,493,890		(169,790	)
Korean Won vs. U.S. Dollar, expiring 8/12/11	Goldman Sachs & Co.		5,266,469		4,810,000		4,920,804		(110,804	)
Mexican Peso vs. U.S. Dollar, expiring 7/7/11	Morgan Stanley		530		45,787		45,239		548
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Barclays Bank plc		800		147,572		147,960		(388	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Citibank N.A.		11,208		2,070,187		2,072,919		(2,732	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	Citibank N.A.		28,698		5,300,700		5,307,695		(6,995	)
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	JPMorgan Chase Bank		947		175,335		175,148		187
Norwegian Krone vs. U.S. Dollar, expiring 8/8/11	JPMorgan Chase Bank		27,076		5,021,421		5,007,706		13,715
Singapore Dollar vs. U.S. Dollar, expiring 9/9/11	Goldman Sachs & Co.		6,173		4,900,000		5,025,743		(125,743	)
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	Barclays Bank plc		62,546		2,200,000		2,187,083		12,917

								$	(2,524,823	)

								$	(1,786,191	)

Options Written:

Options written through the period ended June 30, 2011 were as follows:


	Total Number of Contracts			Total Premiums Received
Options Outstanding - January 1, 2011		452		$	206,136
Options Written		1,824			815,424
Options Terminated in Closing Purchase Transactions		(1,380	)		(488,394	)
Options Expired		(160	)		(67,100	)
Options Exercised		—			—

Options Outstanding - June 30, 2011		736		$	466,066

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

See Notes to Financial Statements.

233

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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	$	—		$	7,031,734		$	3,585,816	$	10,617,550
Non-Agency CMO		—			23,079,957			—		23,079,957
Common Stocks
Consumer Discretionary		—			—			15,540		15,540
Corporate Bonds
Consumer Discretionary		—			97,744,236			2,592,980		100,337,216
Consumer Staples		—			71,147,132			—		71,147,132
Energy		—			84,386,484			—		84,386,484
Financials		—			497,944,008			—		497,944,008
Health Care		—			58,417,789			—		58,417,789
Industrials		—			90,592,373			1,100,000		91,692,373
Information Technology		—			32,458,709			—		32,458,709
Materials		—			77,101,083			—		77,101,083
Telecommunication Services		—			57,502,126			—		57,502,126
Utilities		—			57,421,892			—		57,421,892
Forward Currency Contracts		—			1,061,865			—		1,061,865
Futures		48,640			—			—		48,640
Government Securities
Agency ABS		—			93,985,194			—		93,985,194
Agency CMO		—			1,307,384			—		1,307,384
Foreign Governments		—			55,630,128			—		55,630,128
Municipal Bonds		—			33,404,778			—		33,404,778
Supranational		—			49,976,965			—		49,976,965
U.S. Government Agencies		—			192,004,011			—		192,004,011
U.S. Treasuries		—			934,045,047			—		934,045,047
Short-Term Investments		—			51,128,883			—		51,128,883
Time Deposits
Financials		—			5,593,280			—		5,593,280
Warrants
Industrials		—			—			—		—

Total Assets	$	48,640		$	2,572,965,058		$	7,294,336	$	2,580,308,034

Liabilities:
Forward Currency Contracts		—			(2,848,056	)		—		(2,848,056	)
Futures		(1,564,719	)		—			—		(1,564,719	)
Options Written
Call Options Written		(402,500	)		—			—		(402,500	)

Total Liabilities	$	(1,967,219	)	$	(2,848,056	)	$	—	$	(4,815,275	)

Total	$	(1,918,579	)	$	2,570,117,002		$	7,294,336	$	2,575,492,759

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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



	Investments in Long-Term Debt Securities- Asset-Backed Securities			Investments in Corporate Bonds- Consumer Discretionary

Balance as of 12/31/10	$	1,904,751		$	1,224,469
Total gains or losses (realized/unrealized) included in earnings		(85,059	)		(19,505	)
Purchases		3,852,067			1,388,016
Sales		(181,192	)		—
Issuances		—			—
Settlements		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		(1,904,751	)		—

Balance as of 6/30/11	$	3,585,816		$	2,592,980

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11.	$	(85,059	)	$	(19,505	)



	Investments in Corporate Bonds- Healthcare

Balance as of 12/31/10	$	163,073
Total gains or losses (realized/unrealized) included in earnings		18,119
Purchases		(181,192	)
Sales		—
Issuances		—
Settlements		—
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of 6/30/11	$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11.	$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)



	Investments in Corporate Bonds- Industrials			Investments in Common Stocks- Consumer Discretionary		Investments in Common Stocks- Telecom

Balance as of 12/31/10	$	1,100,000		$	—	$	68,720
Total gains or losses (realized/unrealized) included in earnings		6			—		77,310
Purchases		—			15,540		—
Sales		(6	)		—		(146,030	)
Issuances		—			—		—
Settlements		—			—		—
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—

Balance as of 6/30/11	$	1,100,000		$	15,540	$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11.	$	—		$	—	$	—

Fair Values of Derivative Instruments as of June 30, 2011:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	48,640	*
Foreign exchange contracts	Receivables		1,061,865
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	1,110,505


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	(1,967,219	)*
Foreign exchange contracts	Payables		(2,848,056	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(4,815,275	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2011:


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	$	283,392	$	3,315,675	$	—		$	—	$	3,599,067
Foreign exchange contracts		—		—		(1,830,320	)		—		(1,830,320	)
Credit contracts		—		—		—			—		—
Equity contracts		—		—		—			—		—
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	283,392	$	3,315,675	$	(1,830,320	)	$	—	$	1,768,747


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	$	172,414	$	(1,516,079	)	$	—		$	—	$	(1,343,665	)
Foreign exchange contracts		—		—			(2,641,621	)		—		(2,641,621	)
Credit contracts		—		—			—			—		—
Equity contracts		—		—			—			—		—
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	172,414	$	(1,516,079	)	$	(2,641,621	)	$	—	$	(3,985,286	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $160,449,000, futures contracts with an average notional balance of approximately $308,769,000 and option contracts with an average notional balance of approximately $273,000 during the six months ended June 30, 2011.

^ This Portfolio held options, forward foreign currency and futures contracts for hedging and in an attempt to enhance returns.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,491,162,839
Long-term U.S. Treasury securities		826,843,396

	$	2,318,006,235

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,810,904,518
Long-term U.S. Treasury securities		547,185,463

	$	2,358,089,981

As of June 30, 2011, 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	$	61,312,912
Aggregate gross unrealized depreciation		(7,992,653	)

Net unrealized appreciation	$	53,320,259

Federal income tax cost of investments	$	2,525,877,270

The Portfolio has a net capital loss carryforward of $599,445,774 of which $11,568,090 expires in the year 2014, $80,510,058 expires in the year 2016 and $507,367,626 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value (Cost $2,525,358,719)	$	2,579,197,529
Cash		3,640,948
Foreign cash (Cost $1,256,792)		1,279,747
Dividends, interest and other receivables		24,503,810
Receivable for securities sold		11,323,497
Receivable from Separate Accounts for Trust shares sold		1,755,373
Unrealized appreciation of forward foreign currency contracts		1,061,865
Other assets		15,220

Total assets		2,622,777,989

LIABILITIES
Payable for forward commitments		54,932,567
Payable for securities purchased		37,501,890
Unrealized depreciation of forward foreign currency contracts		2,848,056
Payable to Separate Accounts for Trust shares redeemed		1,256,987
Investment management fees payable		1,077,398
Due to broker for futures variation margin		901,001
Payable for return of cash collateral on forward contracts		469,840
Options written, at value (Premiums received $466,066)		402,500
Payable for return of cash collateral on forward commitments		339,566
Administrative fees payable		329,825
Distribution fees payable - Class B		148,698
Trustees’ fees payable		30,013
Accrued expenses		194,725

Total liabilities		100,433,066

NET ASSETS	$	2,522,344,923

Net assets were comprised of:
Paid in capital	$	3,021,052,896
Accumulated undistributed net investment income (loss)		32,736,161
Accumulated undistributed net realized gains (losses) on investments, securities sold short, options written, futures and foreign currency transactions		(582,080,217	)
Net unrealized appreciation (depreciation) on investments, options written, futures and foreign currency translations		50,636,083

Net assets	$	2,522,344,923

Class A
Net asset value, offering and redemption price per share, $1,806,124,426 / 453,518,427 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.98

Class B
Net asset value, offering and redemption price per share, $716,220,497 / 180,929,737 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.96

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Interest (net of $19,499 foreign withholding tax)	$	42,966,183

Total income		42,966,183

EXPENSES
Investment management fees		6,313,243
Administrative fees		1,850,562
Distribution fees - Class B		890,551
Printing and mailing expenses		95,699
Custodian fees		75,573
Professional fees		40,834
Trustees’ fees		20,476
Miscellaneous		62,693

Total expenses		9,349,631

NET INVESTMENT INCOME (LOSS)		33,616,552

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		16,385,825
Foreign currency transactions		(345,231	)
Futures		3,315,675
Options written		283,392
Securities sold short		5,117

Net realized gain (loss)		19,644,778

Change in unrealized appreciation (depreciation) on:
Securities		11,013,411
Foreign currency translations		(2,410,319	)
Options written		172,414
Futures		(1,516,079	)

Net change in unrealized appreciation (depreciation)		7,259,427

NET REALIZED AND UNREALIZED GAIN (LOSS)		26,904,205

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	60,520,757

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	33,616,552		$	62,732,496
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		19,644,778			14,140,540
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		7,259,427			40,875,611

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		60,520,757			117,748,647

DIVIDENDS:
Dividends from net investment income
Class A		—			(49,411,382	)
Class B		—			(18,727,267	)

TOTAL DIVIDENDS		—			(68,138,649	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 41,178,574 and 225,571,439 shares, respectively ]		162,300,008			890,017,496
Capital shares issued in reinvestment of dividends[ 0 and 12,772,091 shares, respectively ]		—			49,411,382
Capital shares repurchased [ (33,505,761) and (36,306,915) shares, respectively ]		(131,620,479	)		(142,103,815	)

Total Class A transactions		30,679,529			797,325,063

Class B
Capital shares sold [ 15,395,672 and 40,804,322 shares, respectively ]		60,157,981			158,175,904
Capital shares issued in reinvestment of dividends[ 0 and 4,863,331 shares, respectively ]		—			18,727,267
Capital shares repurchased [ (19,732,925) and (40,534,052) shares, respectively ]		(77,230,510	)		(157,798,380	)

Total Class B transactions		(17,072,529	)		19,104,791

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		13,607,000			816,429,854

TOTAL INCREASE (DECREASE) IN NET ASSETS		74,127,757			866,039,852
NET ASSETS:
Beginning of period		2,448,217,166			1,582,177,314

End of period (a)	$	2,522,344,923		$	2,448,217,166

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	32,736,161		$	(880,391	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	3.88		$	3.74		$	3.56		$	5.34		$	5.61		$	5.47

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.13	(e)		0.18	(e)		0.44	(e)		0.45	(e)		0.42	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.05			0.12			0.18			(1.72	)		(0.27	)		0.14

Total from investment operations		0.10			0.25			0.36			(1.28	)		0.18			0.56

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.18	)		(0.50	)		(0.45	)		(0.42	)

Total dividends and distributions		—			(0.11	)		—			—			—			—

Net asset value, end of period	$	3.98		$	3.88		$	3.74		$	3.56		$	5.34		$	5.61

Total return (b)		2.58	%		6.79	%		10.09	%		(23.39	)%		3.29	%		10.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,806,124		$	1,731,954		$	911,802		$	682,451		$	887,961		$	855,156
Ratio of expenses to average net assets (a)		0.69	%		0.70	%		0.74	%		0.76	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets (a)		2.82	%		3.20	%		4.72	%		8.81	%		7.78	%		7.45	%
Portfolio turnover rate		93	%		261	%		371	%		155	%		108	%		103	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	3.87		$	3.72		$	3.55		$	5.32		$	5.58		$	5.44

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.12	(e)		0.17	(e)		0.42	(e)		0.43	(e)		0.41	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.04			0.13			0.17			(1.70	)		(0.25	)		0.13

Total from investment operations		0.09			0.25			0.34			(1.28	)		0.18			0.54

Less distributions:
Dividends from net investment income		—			(0.10	)		(0.17	)		(0.49	)		(0.44	)		(0.40	)

Total dividends and distributions		—			(0.10	)		—			—			—			—

Net asset value, end of period	$	3.96		$	3.87		$	3.72		$	3.55		$	5.32		$	5.58

Total return (b)		2.33	%		6.82	%		9.53	%		(23.55	)%		3.18	%		9.93	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	716,220		$	716,263		$	670,375		$	623,307		$	1,034,629		$	1,101,281
Ratio of expenses to average net assets (a)		0.94	%		0.95	%		0.99	%(c)		1.01	%		1.01	%		1.01	%
Ratio of net investment income (loss) to average net assets (a)		2.57	%		2.99	%		4.62	%		8.46	%		7.53	%		7.20	%
Portfolio turnover rate		93	%		261	%		371	%		155	%		108	%		103	%

(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.

See Notes to Financial Statements.

241

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/11	% of Net Assets
Information Technology		20.7	%
Health Care		14.6
Consumer Discretionary		12.9
Industrials		9.8
Materials		6.6
Energy		6.0
Financials		5.1
Consumer Staples		1.9
Utilities		1.1
Telecommunication Services		0.8
Cash and Other		20.5

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,038.30		$5.15
Hypothetical (5% average return before expenses)		1,000.00		1,019.74		5.11
Class B
Actual		1,000.00		1,037.40		6.42
Hypothetical (5% average return before expenses)		1,000.00		1,018.50		6.36
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.02% and 1.27% , respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period ).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (12.9%)
*Auto Components (0.4%)*
American Axle & Manufacturing Holdings, Inc.*		5,213	$	59,324
Amerigon, Inc.*		8,025		139,474
Cooper Tire & Rubber Co.		22,258		440,486
Dana Holding Corp.*		49,359		903,270
Dorman Products, Inc.*		3,904		154,520
Drew Industries, Inc.		2,679		66,225
Exide Technologies, Inc.*		7,091		54,175
Stoneridge, Inc.*		9,424		138,910
Tenneco, Inc.*		21,685		955,658
Tower International, Inc.*		2,290		40,510

				2,952,552

*Automobiles (0.0%)*
Winnebago Industries, Inc.*		10,436		100,812

*Distributors (0.1%)*
Core-Mark Holding Co., Inc.*		578		20,635
Pool Corp.		17,297		515,623

				536,258

*Diversified Consumer Services (0.8%)*
American Public Education, Inc.*		6,437		286,511
Archipelago Learning, Inc.*		2,945		29,038
Bridgepoint Education, Inc.*		6,429		160,725
Capella Education Co.*		5,652		236,536
Coinstar, Inc.*		11,250		613,575
Grand Canyon Education, Inc.*		10,329		146,465
Hillenbrand, Inc.		22,364		528,909
K12, Inc.*		35,704		1,183,231
Matthews International Corp., Class A		4,185		168,028
National American University Holdings, Inc.		2,848		26,800
Pre-Paid Legal Services, Inc.*		2,644		175,799
Sotheby’s, Inc.		24,222		1,053,657
Steiner Leisure Ltd.*		5,417		247,448
Strayer Education, Inc.		4,378		553,335
Universal Technical Institute, Inc.		7,638		151,003

				5,561,060

*Hotels, Restaurants & Leisure (3.0%)*
AFC Enterprises, Inc.*		8,812		144,957
Ambassadors Group, Inc.		1,817		16,044
Ameristar Casinos, Inc.		11,531		273,400
Biglari Holdings, Inc.*		42		16,424
BJ’s Restaurants, Inc.*		62,924		3,294,701
Bravo Brio Restaurant Group, Inc.*		59,444		1,452,217
Buffalo Wild Wings, Inc.*		6,566		435,392
California Pizza Kitchen, Inc.*		5,269		97,318
Caribou Coffee Co., Inc.*		53,889		713,490
Carrols Restaurant Group, Inc.*		4,538		47,377
CEC Entertainment, Inc.		7,090		284,380
Cheesecake Factory, Inc.*		20,712		649,736
Churchill Downs, Inc.		1,167		52,608
Country Style Cooking Restaurant Chain Co., Ltd. (ADR)*		71,379		949,341
Cracker Barrel Old Country Store, Inc.		7,777		383,484


	Number of Shares		Value (Note 1)

Denny’s Corp.*		26,064	$	101,128
DineEquity, Inc.*		5,564		290,830
Domino’s Pizza, Inc.*		8,422		212,571
Einstein Noah Restaurant Group, Inc.		1,820		27,245
Interval Leisure Group, Inc.*		14,462		197,985
Jack in the Box, Inc.*		1,060		24,147
Jamba, Inc.*		24,224		51,839
Krispy Kreme Doughnuts, Inc.*		21,210		201,707
Lakes Entertainment, Inc.*		53,886		118,549
Life Time Fitness, Inc.*		13,724		547,725
Morgans Hotel Group Co.*		3,243		23,317
P.F. Chang’s China Bistro, Inc.		114,300		4,599,432
Papa John’s International, Inc.*		7,021		233,519
Peet’s Coffee & Tea, Inc.*		13,776		794,875
Pinnacle Entertainment, Inc.*		1,296		19,310
Red Robin Gourmet Burgers, Inc.*		4,169		151,668
Ruth’s Hospitality Group, Inc.*		2,401		13,470
Scientific Games Corp., Class A*		11,024		113,988
Shuffle Master, Inc.*		15,824		148,034
Six Flags Entertainment Corp.		14,920		558,754
Sonic Corp.*		22,098		234,902
Texas Roadhouse, Inc.		21,034		368,831
Town Sports International Holdings, Inc.*		3,037		23,112
Vail Resorts, Inc.		89,657		4,143,947

				22,011,754

*Household Durables (1.1%)*
American Greetings Corp., Class A		880		21,155
Brookfield Incorporacoes S.A.*		416,884		2,039,050
Ethan Allen Interiors, Inc.		3,083		65,637
iRobot Corp.*		93,669		3,305,579
Kid Brands, Inc.*		490,688		2,531,950
Libbey, Inc.*		7,030		114,027
Universal Electronics, Inc.*		2,010		50,772

				8,128,170

*Internet & Catalog Retail (1.6%)*
Blue Nile, Inc.*		87,029		3,827,536
E-Commerce China Dangdang, Inc. (ADR)*		55,419		642,306
Geeknet, Inc.*		1,542		41,202
HSN, Inc.*		14,335		471,908
MakeMyTrip Ltd.*		51,840		1,270,080
Nutrisystem, Inc.		9,506		133,654
Ocado Group plc*		593,231		1,734,504
Overstock.com, Inc.*		4,221		64,244
PetMed Express, Inc.		7,814		92,596
Shutterfly, Inc.*		63,982		3,673,847
U.S. Auto Parts Network, Inc.*		5,340		40,904
Valuevision Media, Inc., Class A*		11,676		89,321

				12,082,102

*Leisure Equipment & Products (0.5%)*
Brunswick Corp.		31,933		651,433
Marine Products Corp.*		2,106		14,152
Smith & Wesson Holding Corp.*		7,982		23,946
Sturm Ruger & Co., Inc.		6,814		149,567
Universal Entertainment Corp.		89,200		2,979,826

				3,818,924

See Notes to Financial Statements.

243

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Media (0.9%)*
Arbitron, Inc.		9,728	$	402,058
Belo Corp., Class A*		9,964		75,029
Cinemark Holdings, Inc.		30,202		625,483
Crown Media Holdings, Inc., Class A*		2,058		3,931
Cumulus Media, Inc., Class A*		1,442		5,047
Entravision Communications Corp., Class A*		11,354		21,005
Global Sources Ltd.*		4,150		38,138
Global Traffic Network, Inc.*		5,042		57,933
interCLICK, Inc.*		7,337		58,402
Knology, Inc.*		10,236		152,005
LIN TV Corp., Class A*		779		3,794
Lions Gate Entertainment Corp.*		16,445		108,866
MDC Partners, Inc., Class A		8,895		160,644
Morningstar, Inc.		44,583		2,709,755
National CineMedia, Inc.		19,773		334,361
Nexstar Broadcasting Group, Inc., Class A*		751		6,166
Pandora Media, Inc.*		35,756		676,146
ReachLocal, Inc.*		3,568		74,321
Rentrak Corp.*		3,465		61,469
Sinclair Broadcast Group, Inc., Class A		1,316		14,450
Valassis Communications, Inc.*		17,570		532,371
Value Line, Inc.		550		7,375
Warner Music Group Corp.*		6,599		54,244
World Wrestling Entertainment, Inc., Class A		8,684		82,759

				6,265,752

*Multiline Retail (0.0%)*
99 Cents Only Stores*		1,981		40,095
Gordmans Stores, Inc.*		1,797		31,250

				71,345

*Specialty Retail (1.6%)*
Aeropostale, Inc.*		28,912		505,960
America’s Car-Mart, Inc.*		1,783		58,839
ANN, Inc.*		18,684		487,652
Ascena Retail Group, Inc.*		22,516		766,670
Body Central Corp.*		70,129		1,650,135
Buckle, Inc.		9,658		412,397
Cato Corp., Class A		9,905		285,264
Citi Trends, Inc.*		65,996		995,220
Conn’s, Inc.*		454		3,927
Cost Plus, Inc.*		4,267		42,670
Destination Maternity Corp.		3,844		76,803
Express, Inc.		19,786		431,335
Finish Line, Inc., Class A		5,672		121,381
Genesco, Inc.*		832		43,347
GNC Holdings, Inc., Class A*		8,130		177,315
hhgregg, Inc.*		403		5,400
Hibbett Sports, Inc.*		40,267		1,639,270
Jos. A. Bank Clothiers, Inc.*		9,909		495,549
Lumber Liquidators Holdings, Inc.*		8,282		210,363
Men’s Wearhouse, Inc.		3,151		106,189
Monro Muffler Brake, Inc.		10,919		407,170
New York & Co., Inc.*		775		3,836
Pier 1 Imports, Inc.*		12,131		140,356


	Number of Shares		Value (Note 1)

Rue21, Inc.*		5,341	$	173,583
Select Comfort Corp.*		77,392		1,391,508
Systemax, Inc.*		312		4,661
Vitamin Shoppe, Inc.*		8,887		406,669
Winmark Corp.		791		34,274
Zumiez, Inc.*		37,517		936,799

				12,014,542

*Textiles, Apparel & Luxury Goods (2.9%)*
Carter’s, Inc.*		15,279		469,982
Cherokee, Inc.		2,780		47,705
Columbia Sportswear Co.		2,947		186,840
Crocs, Inc.*		30,682		790,061
Delta Apparel, Inc.*		222		3,774
G-III Apparel Group Ltd.*		133,016		4,586,392
Iconix Brand Group, Inc.*		185,800		4,496,360
Kenneth Cole Productions, Inc., Class A*		972		12,140
Liz Claiborne, Inc.*		1,941		10,384
Maidenform Brands, Inc.*		42,849		1,185,203
Oxford Industries, Inc.		4,632		156,376
Perry Ellis International, Inc.*		252,550		6,376,888
R.G. Barry Corp.		605		6,824
Steven Madden Ltd.*		13,566		508,861
Timberland Co., Class A*		10,409		447,275
True Religion Apparel, Inc.*		9,238		268,641
Vera Bradley, Inc.*		7,094		270,991
Warnaco Group, Inc.*		13,297		694,768
Wolverine World Wide, Inc.		17,786		742,566

				21,262,031

Total Consumer Discretionary				94,805,302

Consumer Staples (1.9%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*		2,954		264,678
Coca-Cola Bottling Co. Consolidated		1,633		110,489
Craft Brewers Alliance, Inc.*		1,160		9,988
Heckmann Corp.*		16,532		99,853
National Beverage Corp.		4,116		60,299
Primo Water Corp.*		2,948		42,422

				587,729

*Food & Staples Retailing (0.3%)*
Arden Group, Inc., Class A		288		26,502
Casey’s General Stores, Inc.		13,563		596,772
Fresh Market, Inc.*		10,068		389,430
Pantry, Inc.*		580		10,898
Pricesmart, Inc.		6,393		327,513
Rite Aid Corp.*		17,727		23,577
Ruddick Corp.		9,487		413,064
United Natural Foods, Inc.*		17,340		739,898

				2,527,654

*Food Products (1.0%)*
Alico, Inc.		531		13,604
B&G Foods, Inc.		9,847		203,045
Calavo Growers, Inc.		4,240		89,294
Cal-Maine Foods, Inc.		401		12,816
Darling International, Inc.*		271,461		4,804,860
Diamond Foods, Inc.		7,902		603,239

See Notes to Financial Statements.

244

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Dole Food Co., Inc.*		2,368	$	32,015
Hain Celestial Group, Inc.*		3,140		104,750
J&J Snack Foods Corp.		5,092		253,836
Lancaster Colony Corp.		6,695		407,190
Lifeway Foods, Inc.*		1,881		21,030
Limoneira Co.		2,908		65,692
Omega Protein Corp.*		668		9,218
Smart Balance, Inc.*		10,077		52,199
Tootsie Roll Industries, Inc.		7,818		228,755
TreeHouse Foods, Inc.*		7,478		408,374

				7,309,917

*Household Products (0.1%)*
Oil-Dri Corp. of America		486		10,410
Spectrum Brands Holdings, Inc.*		4,711		150,752
WD-40 Co.		6,030		235,411

				396,573

*Personal Products (0.4%)*
Elizabeth Arden, Inc.*		7,076		205,416
Female Health Co.		6,628		33,140
Inter Parfums, Inc.		55,158		1,270,289
Medifast, Inc.*		4,911		116,538
Nature’s Sunshine Products, Inc.*		3,968		77,297
Nu Skin Enterprises, Inc., Class A		19,640		737,482
Schiff Nutrition International, Inc.		1,394		15,599
Synutra International, Inc.*		6,177		60,658
USANA Health Sciences, Inc.*		2,425		75,854

				2,592,273

*Tobacco (0.0%)*
Star Scientific, Inc.*		33,712		151,704
Vector Group Ltd.		11,300		201,027

				352,731

Total Consumer Staples				13,766,877

Energy (6.0%)
*Energy Equipment & Services (0.9%)*
Basic Energy Services, Inc.*		8,649		272,184
Cal Dive International, Inc.*		21,053		125,897
Complete Production Services, Inc.*		28,298		944,021
Dawson Geophysical Co.*		781		26,671
Dril-Quip, Inc.*		12,338		836,886
Geokinetics, Inc.*		3,794		29,897
Global Geophysical Services, Inc.*		77,277		1,375,531
Gulf Island Fabrication, Inc.		753		24,307
Gulfmark Offshore, Inc., Class A*		1,514		66,904
ION Geophysical Corp.*		47,111		445,670
Key Energy Services, Inc.*		40,104		721,872
Lufkin Industries, Inc.		10,934		940,871
Matrix Service Co.*		1,525		20,404
Mitcham Industries, Inc.*		1,924		33,285
Newpark Resources, Inc.*		2,197		19,927
OYO Geospace Corp.*		1,556		155,600
Pioneer Drilling Co.*		15,316		233,416
RigNet, Inc.*		2,050		34,850
Tesco Corp.*		8,735		169,546
TETRA Technologies, Inc.*		2,918		37,146
Willbros Group, Inc.*		2,655		22,674

				6,537,559


	Number of Shares		Value (Note 1)

*Oil, Gas & Consumable Fuels (5.1%)*
Abraxas Petroleum Corp.*		1,452,922	$	5,564,691
Alon USA Energy, Inc.		3,088		34,802
Amyris, Inc.*		6,314		177,360
Apco Oil and Gas International, Inc.		3,303		287,130
Approach Resources, Inc.*		5,762		130,624
ATP Oil & Gas Corp.*		15,967		244,455
Berry Petroleum Co., Class A		18,461		980,833
Bill Barrett Corp.*		1,287		59,652
BPZ Resources, Inc.*		9,436		30,950
Brigham Exploration Co.*		115,790		3,465,595
Callon Petroleum Co.*		14,041		98,568
Carrizo Oil & Gas, Inc.*		13,974		583,414
Cheniere Energy, Inc.*		25,179		230,640
Clayton Williams Energy, Inc.*		2,119		127,246
Clean Energy Fuels Corp.*		17,781		233,820
Cloud Peak Energy, Inc.*		4,494		95,722
Contango Oil & Gas Co.*		4,363		254,974
Crosstex Energy, Inc.		12,939		153,974
CVR Energy, Inc.*		31,480		775,038
Energy XXI Bermuda Ltd.*		27,029		897,903
Evolution Petroleum Corp.*		5,609		39,824
FX Energy, Inc.*		18,782		164,906
GeoResources, Inc.*		2,801		62,994
Gevo, Inc.*		2,100		33,033
GMX Resources, Inc.*		6,904		30,723
Golar LNG Ltd.		13,116		457,617
Goodrich Petroleum Corp.*		9,284		170,918
Gulfport Energy Corp.*		13,954		414,294
Hallador Energy Co.		1,347		12,918
Houston American Energy Corp.		6,017		109,088
Hyperdynamics Corp.*		55,796		239,923
Isramco, Inc.*		432		28,547
Kodiak Oil & Gas Corp.*		191,562		1,105,313
Magnum Hunter Resources Corp.*		1,036,917		7,009,559
McMoRan Exploration Co.*		35,252		651,457
Northern Oil and Gas, Inc.*		22,651		501,720
Oasis Petroleum, Inc.*		21,343		633,460
Panhandle Oil and Gas, Inc., Class A		2,557		75,406
Patriot Coal Corp.*		30,540		679,820
PetroQuest Energy, Inc.*		4,657		32,692
Rentech, Inc.*		79,931		84,727
Resolute Energy Corp.*		16,497		266,591
Rex Energy Corp.*		10,677		109,653
Rosetta Resources, Inc.*		19,004		979,466
Solazyme, Inc.*		3,008		69,094
Stone Energy Corp.*		17,563		533,740
Syntroleum Corp.*		27,174		39,946
Targa Resources Corp.		5,921		198,117
Triangle Petroleum Corp.*		7,318		47,274
Uranerz Energy Corp.*		23,031		69,554
Uranium Energy Corp.*		25,572		78,250
Uranium Resources, Inc.*		33,344		55,684
Ur-Energy, Inc.*		29,967		47,947
VAALCO Energy, Inc.*		1,862		11,209
Venoco, Inc.*		2,496		31,799
Voyager Oil & Gas, Inc.*		12,078		35,872
W&T Offshore, Inc.		12,480		325,978

See Notes to Financial Statements.

245

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Warren Resources, Inc.*		4,239	$	16,151
Western Refining, Inc.*		17,778		321,248
Westmoreland Coal Co.*		934		16,578
World Fuel Services Corp.		189,834		6,820,736
Zion Oil & Gas, Inc.*		8,849		52,652

				37,093,869

Total Energy				43,631,428

Financials (5.1%)
*Capital Markets (1.4%)*
Artio Global Investors, Inc.		10,258		115,915
BGC Partners, Inc., Class A		27,073		209,274
CETIP S.A.*		73,210		1,129,351
Cohen & Steers, Inc.		5,290		175,364
Diamond Hill Investment Group, Inc.		916		74,462
Duff & Phelps Corp., Class A		10,860		139,334
Epoch Holding Corp.		5,259		93,873
Evercore Partners, Inc., Class A		7,047		234,806
Financial Engines, Inc.*		144,250		3,738,960
GAMCO Investors, Inc., Class A		1,522		70,453
Greenhill & Co., Inc.		59,373		3,195,455
HFF, Inc., Class A*		10,357		156,287
ICG Group, Inc.*		960		11,741
Ladenburg Thalmann Financial Services, Inc.*		37,902		52,305
Noah Holdings Ltd. (ADR)*		23,630		265,601
optionsXpress Holdings, Inc.		15,337		255,821
Pzena Investment Management, Inc., Class A		3,307		18,784
Stifel Financial Corp.*		7,708		276,409
Virtus Investment Partners, Inc.*		1,843		111,870
Westwood Holdings Group, Inc.		2,217		84,468

				10,410,533

*Commercial Banks (0.5%)*
Arrow Financial Corp.		337		8,246
Bancorp, Inc./Delaware*		55,262		577,488
Bank of the Ozarks, Inc.		705		36,702
Banner Corp.		5,249		91,858
Bridge Bancorp, Inc.		984		20,940
Enterprise Financial Services Corp.		769		10,405
First Financial Bankshares, Inc.		5,107		175,936
Hampton Roads Bankshares, Inc.*		3,481		34,462
Investors Bancorp, Inc.*		2,379		33,782
Signature Bank/New York*		14,852		849,534
SVB Financial Group*		3,420		204,208
SY Bancorp, Inc.		838		19,483
Taylor Capital Group, Inc.*		1,161		9,474
Texas Capital Bancshares, Inc.*		21,564		556,998
Westamerica Bancorp		4,723		232,608
Western Alliance Bancorp*		71,400		506,940

				3,369,064

*Consumer Finance (0.4%)*
Advance America Cash Advance Centers, Inc.		2,818		19,416
Cash America International, Inc.		3,534		204,513
Credit Acceptance Corp.*		2,391		201,968


	Number of Shares		Value (Note 1)

Dollar Financial Corp.*		40,372	$	874,054
EZCORP, Inc., Class A*		16,827		598,620
First Cash Financial Services, Inc.*		11,234		471,716
Imperial Holdings, Inc.*		5,290		53,746
Netspend Holdings, Inc.*		10,601		106,010
World Acceptance Corp.*		5,674		372,044

				2,902,087

*Diversified Financial Services (0.9%)*
Encore Capital Group, Inc.*		37,673		1,157,315
MarketAxess Holdings, Inc.		36,715		920,078
MSCI, Inc., Class A*		94,056		3,544,030
Pico Holdings, Inc.*		20,850		604,650
PICO Holdings, Inc.*		3,161		91,669
Portfolio Recovery Associates, Inc.*		6,136		520,271

				6,838,013

*Insurance (0.4%)*
Amtrust Financial Services, Inc.		1,085		24,716
Crawford & Co., Class B		9,254		65,426
Flagstone Reinsurance Holdings S.A.		1,019		8,590
Greenlight Capital Reinsurance Ltd., Class A*		121,740		3,200,545
Hallmark Financial Services*		1,613		12,694
State Auto Financial Corp.		565		9,848

				3,321,819

*Real Estate Investment Trusts (REITs) (1.2%)*
Acadia Realty Trust (REIT)		3,071		62,433
Alexander’s, Inc. (REIT)		731		290,207
American Assets Trust, Inc. (REIT)		10,866		243,942
American Campus Communities, Inc. (REIT)		10,783		383,012
Associated Estates Realty Corp. (REIT)		1,214		19,728
CBL & Associates Properties, Inc. (REIT)		16,603		301,012
DuPont Fabros Technology, Inc. (REIT)		8,055		202,986
EastGroup Properties, Inc. (REIT)		4,523		192,273
Equity Lifestyle Properties, Inc. (REIT)		6,281		392,186
Extra Space Storage, Inc. (REIT)		13,074		278,868
FelCor Lodging Trust, Inc. (REIT)*		22,386		119,317
Getty Realty Corp. (REIT)		4,295		108,363
Gladstone Commercial Corp. (REIT)		1,430		24,782
Glimcher Realty Trust (REIT)		31,146		295,887
Highwoods Properties, Inc. (REIT)		19,580		648,685
Home Properties, Inc. (REIT)		14,009		852,868
Investors Real Estate Trust (REIT)		5,498		47,613
Kilroy Realty Corp. (REIT)		10,315		407,339
LTC Properties, Inc. (REIT)		1,997		55,557

See Notes to Financial Statements.

246

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Mid-America Apartment Communities, Inc. (REIT)		13,164	$	888,175
National Health Investors, Inc. (REIT)		3,873		172,077
Newcastle Investment Corp. (REIT)		26,523		153,303
Omega Healthcare Investors, Inc. (REIT)		34,474		724,299
Potlatch Corp. (REIT)		7,772		274,118
PS Business Parks, Inc. (REIT)		1,357		74,771
Sabra Healthcare REIT, Inc. (REIT)		2,438		40,739
Saul Centers, Inc. (REIT)		2,629		103,504
Strategic Hotels & Resorts, Inc. (REIT)*		15,938		112,841
Tanger Factory Outlet Centers (REIT)		29,144		780,185
Universal Health Realty Income Trust (REIT)		2,413		96,472
Urstadt Biddle Properties, Inc. (REIT), Class A		1,000		18,110
Washington Real Estate Investment Trust (REIT)		6,097		198,274

				8,563,926

*Real Estate Management & Development (0.2%)*
Altisource Portfolio Solutions S.A.*		27,627		1,016,674
Consolidated-Tomoka Land Co.		10,761		307,764
Tejon Ranch Co.*		5,077		173,126

				1,497,564

*Thrifts & Mortgage Finance (0.1%)*
BofI Holding, Inc.*		237		3,415
Clifton Savings Bancorp, Inc.		330		3,643
First PacTrust Bancorp, Inc.		30,000		445,800
TrustCo Bank Corp./New York		1,774		8,693
Walker & Dunlop, Inc.*		3,769		50,128
Westfield Financial, Inc.		2,409		19,561

				531,240

Total Financials				37,434,246

Health Care (14.6%)
*Biotechnology (2.7%)*
Abcam plc		210,686		1,409,209
Achillion Pharmaceuticals, Inc.*		14,207		105,700
Acorda Therapeutics, Inc.*		14,148		457,122
Affymax, Inc.*		6,255		42,972
Alkermes, Inc.*		34,102		634,297
Allos Therapeutics, Inc.*		23,088		49,408
Alnylam Pharmaceuticals, Inc.*		13,212		123,796
AMAG Pharmaceuticals, Inc.*		934		17,559
Amarin Corp. plc (ADR)*		47,152		682,289
Amicus Therapeutics, Inc.*		5,462		32,444
Anacor Pharmaceuticals, Inc.*		3,522		22,752
Anthera Pharmaceuticals, Inc.*		6,082		49,690
Ardea Biosciences, Inc.*		6,014		153,116
Arena Pharmaceuticals, Inc.*		4,661		6,339
ARIAD Pharmaceuticals, Inc.*		47,320		536,136
ArQule, Inc.*		19,026		118,913
Array BioPharma, Inc.*		9,709		21,748


	Number of Shares		Value (Note 1)

AVEO Pharmaceuticals, Inc.*		9,519	$	196,187
AVI BioPharma, Inc.*		47,950		68,569
BioCryst Pharmaceuticals, Inc.*		10,439		39,877
BioMimetic Therapeutics, Inc.*		2,986		15,288
BioSante Pharmaceuticals, Inc.*		34,079		93,717
Biospecifics Technologies Corp.*		1,743		39,043
Biotime, Inc.*		8,585		44,041
Cell Therapeutics, Inc.*		52,357		82,462
Celldex Therapeutics, Inc.*		2,653		9,418
Cepheid, Inc.*		22,158		767,553
Chelsea Therapeutics International Ltd.*		19,165		97,742
Cleveland Biolabs, Inc.*		8,288		28,262
Codexis, Inc.*		8,703		83,810
Cubist Pharmaceuticals, Inc.*		21,481		773,101
Curis, Inc.*		19,653		70,358
Cytori Therapeutics, Inc.*		12,825		61,432
DUSA Pharmaceuticals, Inc.*		8,681		53,996
Dyax Corp.*		29,444		58,299
Dynavax Technologies Corp.*		41,894		115,209
Emergent Biosolutions, Inc.*		8,679		195,711
Enzon Pharmaceuticals, Inc.*		1,005		10,100
Exact Sciences Corp.*		13,003		111,826
Exelixis, Inc.*		45,782		410,207
Genomic Health, Inc.*		38,363		1,070,711
Geron Corp.*		10,591		42,470
GTx, Inc.*		6,316		30,254
Halozyme Therapeutics, Inc.*		29,330		202,670
Idenix Pharmaceuticals, Inc.*		5,675		28,375
Immunogen, Inc.*		19,367		236,084
Immunomedics, Inc.*		23,674		96,353
Incyte Corp.*		31,723		600,834
Infinity Pharmaceuticals, Inc.*		6,669		55,086
Inhibitex, Inc.*		16,800		65,856
InterMune, Inc.*		8,147		292,070
Ironwood Pharmaceuticals, Inc.*		145,894		2,293,454
Isis Pharmaceuticals, Inc.*		35,608		326,169
Keryx Biopharmaceuticals, Inc.*		24,692		116,793
Lexicon Pharmaceuticals, Inc.*		21,667		38,134
Ligand Pharmaceuticals, Inc., Class B*		7,059		84,355
MannKind Corp.*		27,627		104,983
Medivation, Inc.*		11,273		241,580
Metabolix, Inc.*		8,914		63,646
Micromet, Inc.*		16,938		97,224
Momenta Pharmaceuticals, Inc.*		16,518		321,440
Nabi Biopharmaceuticals*		15,519		83,492
Neurocrine Biosciences, Inc.*		12,870		103,604
Novavax, Inc.*		24,011		48,502
NPS Pharmaceuticals, Inc.*		133,941		1,265,743
Nymox Pharmaceutical Corp.*		5,929		49,507
OncoGenex Pharmaceutical, Inc.*		3,429		58,396
Oncothyreon, Inc.*		10,610		97,506
Onyx Pharmaceuticals, Inc.*		22,714		801,804
Opko Health, Inc.*		39,024		143,999
Orexigen Therapeutics, Inc.*		11,251		17,889
Osiris Therapeutics, Inc.*		6,026		46,641
PDL BioPharma, Inc.		41,508		243,652
Peregrine Pharmaceuticals, Inc.*		23,678		44,041
Pharmacyclics, Inc.*		16,434		171,571
PharmAthene, Inc.*		12,632		37,138

See Notes to Financial Statements.

247

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Progenics Pharmaceuticals, Inc.*		7,736	$	55,545
Raptor Pharmaceutical Corp.*		11,569		71,612
Rigel Pharmaceuticals, Inc.*		18,929		173,579
Sangamo BioSciences, Inc.*		18,862		111,097
Savient Pharmaceuticals, Inc.*		18,187		136,221
Sciclone Pharmaceuticals, Inc.*		12,700		76,708
Seattle Genetics, Inc.*		34,583		709,643
SIGA Technologies, Inc.*		12,281		119,617
Spectrum Pharmaceuticals, Inc.*		18,821		174,377
Sunesis Pharmaceuticals, Inc.*		9,304		19,445
SuperGen, Inc.*		1,201		3,579
Synta Pharmaceuticals Corp.*		8,330		41,900
Targacept, Inc.*		9,871		207,982
Theravance, Inc.*		20,691		459,547
Transcept Pharmaceuticals, Inc.*		1,482		16,228
Trius Therapeutics, Inc.*		2,179		17,258
Vanda Pharmaceuticals, Inc.*		9,548		68,173
Vical, Inc.*		23,064		95,024
Zalicus, Inc.*		16,593		39,491
ZIOPHARM Oncology, Inc.*		21,262		130,123
Zogenix, Inc.*		3,840		15,398

				20,254,271

*Health Care Equipment & Supplies* (*3.2%)*
Abaxis, Inc.*		8,069		219,880
ABIOMED, Inc.*		11,302		183,092
Accuray, Inc.*		21,543		172,561
Align Technology, Inc.*		21,990		501,372
Alimera Sciences, Inc.*		3,945		32,152
Analogic Corp.		3,362		176,808
Antares Pharma, Inc.*		31,378		69,345
ArthroCare Corp.*		9,790		327,671
AtriCure, Inc.*		4,953		63,894
Atrion Corp.		571		112,944
Bacterin International Holdings, Inc.*		7,575		21,513
Biolase Technology, Inc.*		2,360		12,130
Cardiovascular Systems, Inc.*		4,703		68,476
Cerus Corp.*		14,915		44,745
Conceptus, Inc.*		11,294		131,801
CryoLife, Inc.*		846		4,738
Cyberonics, Inc.*		23,435		655,008
Delcath Systems, Inc.*		15,170		78,277
DexCom, Inc.*		95,739		1,387,258
DynaVox, Inc., Class A*		2,493		18,947
Endologix, Inc.*		197,181		1,833,783
Exactech, Inc.*		2,090		37,641
Gen-Probe, Inc.*		52,311		3,617,306
Haemonetics Corp.*		9,201		592,268
Hansen Medical, Inc.*		16,811		57,326
HeartWare International, Inc.*		4,310		319,285
ICU Medical, Inc.*		1,029		44,967
Immucor, Inc.*		20,472		418,038
Insulet Corp.*		57,810		1,281,648
Integra LifeSciences Holdings Corp.*		7,511		359,101
Invacare Corp.		638		21,175
IRIS International, Inc.*		4,735		47,303
Kensey Nash Corp.*		3,025		76,321
MAKO Surgical Corp.*		35,986		1,069,864
Masimo Corp.		18,835		559,023
Medical Action Industries, Inc.*		2,428		19,788


	Number of Shares		Value (Note 1)

Meridian Bioscience, Inc.		14,740	$	355,381
Merit Medical Systems, Inc.*		63,050		1,133,009
Natus Medical, Inc.*		5,529		83,764
Neogen Corp.*		21,321		963,922
Neoprobe Corp.*		31,788		105,536
NuVasive, Inc.*		14,231		467,915
NxStage Medical, Inc.*		41,791		870,089
OraSure Technologies, Inc.*		23,476		200,250
Orthofix International N.V.*		6,483		275,333
Palomar Medical Technologies, Inc.*		49,500		558,360
Quidel Corp.*		10,176		154,166
Rockwell Medical Technologies, Inc.*		5,711		73,329
RTI Biologics, Inc.*		1,233		3,341
SonoSite, Inc.*		4,944		173,880
Spectranetics Corp.*		11,800		73,396
STAAR Surgical Co.*		11,339		60,097
Stereotaxis, Inc.*		15,633		54,872
STERIS Corp.		21,207		741,821
Symmetry Medical, Inc.*		3,131		28,085
Synergetics USA, Inc.*		7,721		42,543
Synovis Life Technologies, Inc.*		43,720		761,602
Tornier N.V.*		3,755		101,197
Unilife Corp.*		20,272		105,009
Uroplasty, Inc.*		6,391		47,933
Vascular Solutions, Inc.*		6,135		76,074
Volcano Corp.*		18,706		604,017
West Pharmaceutical Services, Inc.		6,644		290,741
Young Innovations, Inc.		740		21,105
Zoll Medical Corp.*		7,863		445,518

				23,509,734

*Health Care Providers & Services (3.4%)*
Accretive Health, Inc.*		14,331		412,590
Air Methods Corp.*		85,265		6,372,706
Alliance HealthCare Services, Inc.*		8,858		33,660
AMN Healthcare Services, Inc.*		6,437		53,556
Bio-Reference Labs, Inc.*		8,798		183,878
BioScrip, Inc.*		11,071		71,851
Capital Senior Living Corp.*		3,105		28,846
CardioNet, Inc.*		2,244		11,916
Centene Corp.*		11,178		397,154
Chemed Corp.		7,622		499,393
Chindex International, Inc.*		1,860		25,333
Continucare Corp.*		8,200		50,676
Corvel Corp.*		2,268		106,369
Emeritus Corp.*		10,944		232,560
Ensign Group, Inc.		5,837		177,386
ExamWorks Group, Inc.*		9,675		245,648
Hanger Orthopedic Group, Inc.*		6,282		153,721
HealthSouth Corp.*		214,000		5,617,500
Healthspring, Inc.*		13,162		606,900
HMS Holdings Corp.*		48,069		3,695,064
IPC The Hospitalist Co., Inc.*		27,220		1,261,647
Landauer, Inc.		3,357		206,758
LCA-Vision, Inc.*		63,683		304,405
LHC Group, Inc.*		361		8,325
MedQuist Holdings, Inc.*		11,254		145,402

See Notes to Financial Statements.

248

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Metropolitan Health Networks, Inc.*		14,419	$	69,067
Molina Healthcare, Inc.*		6,059		164,320
MWI Veterinary Supply, Inc.*		10,875		878,374
National Research Corp.		658		24,037
Owens & Minor, Inc.		18,582		640,893
Providence Service Corp.*		1,092		13,814
PSS World Medical, Inc.*		19,927		558,155
RadNet, Inc.*		10,803		47,533
Rural/Metro Corp.*		6,579		113,422
Select Medical Holdings Corp.*		3,506		31,098
Skilled Healthcare Group, Inc., Class A*		477		4,512
Sunrise Senior Living, Inc.*		15,486		147,582
Team Health Holdings, Inc.*		9,540		214,745
U.S. Physical Therapy, Inc.		4,203		103,940
WellCare Health Plans, Inc.*		15,254		784,208

				24,698,944

*Health Care Technology (1.8%)*
athenahealth, Inc.*		94,525		3,884,978
Computer Programs & Systems, Inc.		3,959		251,317
ePocrates, Inc.*		42,953		792,053
HealthStream, Inc.*		5,448		72,295
MedAssets, Inc.*		86,595		1,156,909
Medidata Solutions, Inc.*		7,539		179,956
Merge Healthcare, Inc.*		1,145,106		5,954,551
Omnicell, Inc.*		5,843		91,092
Quality Systems, Inc.		6,946		606,386
Transcend Services, Inc.*		9,119		268,008

				13,257,545

*Life Sciences Tools & Services (1.1%)*
BG Medicine, Inc.*		2,180		17,353
Caliper Life Sciences, Inc.*		38,945		315,844
Complete Genomics, Inc.*		3,527		53,893
Enzo Biochem, Inc.*		1,611		6,847
eResearchTechnology, Inc.*		9,412		59,954
Fluidigm Corp.*		5,091		85,376
Harvard Bioscience, Inc.*		652		3,475
Kendle International, Inc.*		314		4,735
Luminex Corp.*		13,578		283,780
Medtox Scientific, Inc.		2,621		45,789
Pacific Biosciences of California, Inc.*		32,886		384,766
PAREXEL International Corp.*		19,142		450,985
Sequenom, Inc.*		24,869		187,761
Techne Corp.		72,002		6,002,807

				7,903,365

*Pharmaceuticals (2.4%)*
Acura Pharmaceuticals, Inc.*		4,413		17,078
Aegerion Pharmaceuticals, Inc.*		2,715		42,761
Akorn, Inc.*		44,862		314,034
Ampio Pharmaceuticals, Inc.*		6,960		54,218
Auxilium Pharmaceuticals, Inc.*		17,148		336,101
AVANIR Pharmaceuticals, Inc., Class A*		39,916		134,118
Cadence Pharmaceuticals, Inc.*		13,603		125,148
Columbia Laboratories, Inc.*		21,072		65,113
Corcept Therapeutics, Inc.*		14,570		58,134


	Number of Shares		Value (Note 1)

Depomed, Inc.*		736,182	$	6,021,969
Durect Corp.*		27,526		55,878
Endocyte, Inc.*		5,094		72,946
Hi-Tech Pharmacal Co., Inc.*		1,203		34,803
Impax Laboratories, Inc.*		216,758		4,723,157
ISTA Pharmaceuticals, Inc.*		9,287		70,999
Jazz Pharmaceuticals, Inc.*		7,928		264,399
KV Pharmaceutical Co., Class A*		12,240		33,293
Lannett Co., Inc.*		1,683		8,381
MAP Pharmaceuticals, Inc.*		7,834		125,109
Medicines Co.*		11,002		181,643
Medicis Pharmaceutical Corp., Class A		18,220		695,457
Nektar Therapeutics*		26,007		189,071
Neostem, Inc.*		14,201		21,017
Obagi Medical Products, Inc.*		6,569		61,946
Optimer Pharmaceuticals, Inc.*		16,578		197,112
Pacira Pharmaceuticals, Inc.*		1,733		20,796
Pain Therapeutics, Inc.*		13,131		50,817
Par Pharmaceutical Cos., Inc.*		8,967		295,732
Pernix Therapeutics Holdings*		1,077		9,165
Pozen, Inc.*		9,564		40,169
Questcor Pharmaceuticals, Inc.*		19,088		460,021
Sagent Pharmaceuticals, Inc.*		49,569		1,337,372
Salix Pharmaceuticals Ltd.*		20,947		834,319
Santarus, Inc.*		18,700		63,019
Sucampo Pharmaceuticals, Inc., Class A*		4,180		17,138
Vivus, Inc.*		29,492		240,065
XenoPort, Inc.*		10,412		74,133

				17,346,631

Total Health Care				106,970,490

Industrials (9.8%)
*Aerospace & Defense* (*0.5%)*
AAR Corp.		3,587		97,172
Aerovironment, Inc.*		6,023		212,913
American Science & Engineering, Inc.		3,257		260,560
Astronics Corp.*		3,353		103,272
Cubic Corp.		2,519		128,444
DigitalGlobe, Inc.*		12,637		321,106
GenCorp, Inc.*		15,364		98,637
GeoEye, Inc.*		502		18,775
HEICO Corp.		14,956		818,691
Hexcel Corp.*		29,718		650,527
LMI Aerospace, Inc.*		1,618		39,528
Moog, Inc., Class A*		1,564		68,065
National Presto Industries, Inc.		1,720		174,563
Orbital Sciences Corp.*		8,837		148,903
Taser International, Inc.*		21,710		98,781
Teledyne Technologies, Inc.*		3,695		186,080
Triumph Group, Inc.		786		78,270

				3,504,287

*Air Freight & Logistics (1.8%)*
Air Transport Services Group, Inc.*		878,928		6,020,657
Atlas Air Worldwide Holdings, Inc.*		108,898		6,480,520
Forward Air Corp.		10,522		355,538

See Notes to Financial Statements.

249

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Hub Group, Inc., Class A*		13,222	$	497,941
Pacer International, Inc.*		1,541		7,273
Park-Ohio Holdings Corp.*		3,029		64,033

				13,425,962

*Airlines (0.0%)*
Alaska Air Group, Inc.*		724		49,565
Allegiant Travel Co.*		5,286		261,657

				311,222

*Building Products (0.2%)*
AAON, Inc.		6,819		148,927
Ameresco, Inc., Class A*		54,811		777,220
Insteel Industries, Inc.		282		3,536
Trex Co., Inc.*		5,633		137,896
USG Corp.*		18,141		260,142

				1,327,721

*Commercial Services & Supplies (1.2%)*
A.T. Cross Co., Class A*		2,992		34,079
ABM Industries, Inc.		5,251		122,558
American Reprographics Co.*		1,907		13,483
APAC Customer Services, Inc.*		9,722		51,818
Brink’s Co.		14,482		431,998
Casella Waste Systems, Inc., Class A*		8,103		49,428
Cenveo, Inc.*		10,831		69,318
Clean Harbors, Inc.*		8,398		867,094
Consolidated Graphics, Inc.*		3,251		178,643
Covanta Holding Corp.		114,962		1,895,723
Deluxe Corp.		18,426		455,307
EnergySolutions, Inc.		6,115		30,208
EnerNOC, Inc.*		2,637		41,506
Fuel Tech, Inc.*		6,000		39,780
Healthcare Services Group, Inc.		23,772		386,295
Heritage-Crystal Clean, Inc.*		1,624		31,148
Herman Miller, Inc.		20,564		559,752
Higher One Holdings, Inc.*		10,932		206,834
HNI Corp.		15,982		401,468
InnerWorkings, Inc.*		9,211		76,820
Interface, Inc., Class A		18,894		365,977
Intersections, Inc.		3,258		59,296
Knoll, Inc.		17,141		344,020
M&F Worldwide Corp.*		179		4,625
McGrath RentCorp		3,643		102,295
Metalico, Inc.*		8,237		48,598
Mine Safety Appliances Co.		9,698		362,123
Mobile Mini, Inc.*		3,386		71,749
Multi-Color Corp.		209		5,160
Quad/Graphics, Inc.		816		31,710
Rollins, Inc.		22,766		463,961
Standard Parking Corp.*		5,721		91,364
Steelcase, Inc., Class A		3,442		39,204
Swisher Hygiene, Inc.*		30,343		170,831
Sykes Enterprises, Inc.*		1,730		37,247
Team, Inc.*		6,900		166,497
Tetra Tech, Inc.*		4,659		104,828
TMS International Corp., Class A*		1,836		23,960
TRC Cos., Inc.*		6,193		38,706
U.S. Ecology, Inc.		6,298		107,696
United Stationers, Inc.		927		32,844


	Number of Shares		Value (Note 1)

Viad Corp.		1,072	$	23,895
WCA Waste Corp.*		565		3,254

				8,643,100

*Construction & Engineering (0.3%)*
Argan, Inc.*		438		4,441
Dycom Industries, Inc.*		2,091		34,167
Furmanite Corp.*		13,212		104,903
MasTec, Inc.*		20,273		399,784
MYR Group, Inc.*		74,876		1,752,098
Primoris Services Corp.		8,271		106,696

				2,402,089

*Electrical Equipment (0.8%)*
A123 Systems, Inc.*		5,873		31,244
Active Power, Inc.*		28,170		69,017
Acuity Brands, Inc.		15,534		866,487
AZZ, Inc.		4,478		205,092
Belden, Inc.		14,609		509,270
Brady Corp., Class A		1,432		45,910
Broadwind Energy, Inc.*		11,093		16,085
Capstone Turbine Corp.*		619,169		947,329
Coleman Cable, Inc.*		3,145		46,200
EnerSys*		5,270		181,393
Franklin Electric Co., Inc.		7,784		365,459
FuelCell Energy, Inc.*		44,510		58,308
Generac Holdings, Inc.*		3,271		63,457
Global Power Equipment Group, Inc.*		2,795		74,123
II-VI, Inc.*		18,550		474,880
PowerSecure International, Inc.*		1,273		9,191
Preformed Line Products Co.		74		5,267
SatCon Technology Corp.*		32,897		78,624
Thermon Group Holdings, Inc.*		79,578		954,936
Valence Technology, Inc.*		11,341		13,382
Vicor Corp.		7,072		114,354
Woodward, Inc.		22,032		768,036

				5,898,044

*Industrial Conglomerates (0.1%)*
Raven Industries, Inc.		6,473		360,611
Standex International Corp.		849		26,039

				386,650

*Machinery (1.6%)*
3D Systems Corp.*		15,029		296,222
Accuride Corp.*		1,440		18,187
Actuant Corp., Class A		3,965		106,381
Alamo Group, Inc.		158		3,745
Albany International Corp., Class A		1,846		48,716
Altra Holdings, Inc.*		9,617		230,712
Ampco-Pittsburgh Corp.		359		8,418
Badger Meter, Inc.		4,534		167,713
Blount International, Inc.*		17,426		304,432
Cascade Corp.		166		7,897
Chart Industries, Inc.*		27,574		1,488,444
CIRCOR International, Inc.		3,854		165,067
CLARCOR, Inc.		17,155		811,088
Colfax Corp.*		8,873		220,050
Columbus McKinnon Corp.*		5,386		96,732
Commercial Vehicle Group, Inc.*		10,241		145,320

See Notes to Financial Statements.

250

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Douglas Dynamics, Inc.		3,578	$	56,497
Dynamic Materials Corp.		26,576		595,834
EnPro Industries, Inc.*		3,184		153,055
ESCO Technologies, Inc.		2,421		89,093
Federal Signal Corp.		1,819		11,933
Flow International Corp.*		14,785		52,635
Force Protection, Inc.*		9,841		48,861
Gorman-Rupp Co.		5,480		180,511
Graham Corp.		3,614		73,726
John Bean Technologies Corp.		9,620		185,858
Kadant, Inc.*		1,224		38,568
Lindsay Corp.		4,505		309,944
Meritor, Inc.*		23,097		370,476
Met-Pro Corp.		333		3,789
Middleby Corp.*		6,715		631,479
Mueller Industries, Inc.		1,839		69,716
NN, Inc.*		5,976		89,401
Omega Flex, Inc.*		1,031		14,465
PMFG, Inc.*		6,252		124,102
RBC Bearings, Inc.*		28,186		1,064,303
Sauer-Danfoss, Inc.*		4,129		208,060
Sun Hydraulics Corp.		24,184		1,155,995
Tennant Co.		6,863		274,040
Titan International, Inc.		15,076		365,744
Trimas Corp.*		9,146		226,363
Twin Disc, Inc.		2,998		115,813
Wabash National Corp.*		24,495		229,518
Watts Water Technologies, Inc., Class A		1,016		35,977
Westport Innovations, Inc.*		36,436		875,193
Xerium Technologies, Inc.*		3,935		72,994

				11,843,067

*Professional Services (2.2%)*
Acacia Research Corp. - Acacia Technologies*		15,343		562,935
Advisory Board Co.*		91,369		5,288,438
CDI Corp.		762		10,127
Corporate Executive Board Co.		100,444		4,384,381
CoStar Group, Inc.*		82,657		4,899,907
CRA International, Inc.*		758		20,534
Exponent, Inc.*		5,018		218,333
GP Strategies Corp.*		1,669		22,798
Heidrick & Struggles International, Inc.		585		13,244
Huron Consulting Group, Inc.*		7,442		224,823
ICF International, Inc.*		2,471		62,714
Insperity, Inc.		8,191		242,535
Kforce, Inc.*		10,801		141,277
Korn/Ferry International*		970		21,330
Mistras Group, Inc.*		5,265		85,293
Odyssey Marine Exploration, Inc.*		6,386		19,988
On Assignment, Inc.*		1,519		14,932
RPX Corp.*		3,400		95,302
SFN Group, Inc.*		2,607		23,698
TrueBlue, Inc.*		10,391		150,462

				16,503,051

*Road & Rail (0.6%)*
Avis Budget Group, Inc.*		37,659		643,592
Celadon Group, Inc.*		4,505		62,890


	Number of Shares		Value (Note 1)

Dollar Thrifty Automotive Group, Inc.*		10,378	$	765,274
Genesee & Wyoming, Inc., Class A*		14,209		833,216
Heartland Express, Inc.		17,999		298,063
Knight Transportation, Inc.		21,801		370,399
Marten Transport Ltd.		983		21,233
Old Dominion Freight Line, Inc.*		16,995		633,914
Quality Distribution, Inc.*		1,590		20,702
Roadrunner Transportation Systems, Inc.*		304		4,584
Swift Transportation Co.*		8,248		111,760
Werner Enterprises, Inc.		2,257		56,538
Zipcar, Inc.*		11,931		243,512

				4,065,677

*Trading Companies & Distributors (0.5%)*
Aircastle Ltd.		2,057		26,165
Applied Industrial Technologies, Inc.		15,176		540,417
Beacon Roofing Supply, Inc.*		16,489		376,279
CAI International, Inc.*		4,072		84,128
DXP Enterprises, Inc.*		3,170		80,360
Essex Rental Corp.*		679		4,475
H&E Equipment Services, Inc.*		4,670		65,333
Houston Wire & Cable Co.		6,538		101,666
Interline Brands, Inc.*		1,033		18,976
Kaman Corp.		5,207		184,692
Rush Enterprises, Inc., Class A*		35,800		681,274
TAL International Group, Inc.		7,144		246,682
Textainer Group Holdings Ltd.		4,072		125,173
Titan Machinery, Inc.*		1,789		51,488
United Rentals, Inc.*		6,614		167,996
Watsco, Inc.		10,080		685,339

				3,440,443

Total Industrials				71,751,313

Information Technology (20.7%)
*Communications Equipment (1.0%)*
ADTRAN, Inc.		23,179		897,259
Anaren, Inc.*		642		13,642
Aruba Networks, Inc.*		30,611		904,555
Blue Coat Systems, Inc.*		5,872		128,362
Calix, Inc.*		13,455		280,133
DG FastChannel, Inc.*		7,569		242,586
Dialogic, Inc.*		5,275		23,738
Digi International, Inc.*		1,546		20,098
EMS Technologies, Inc.*		282		9,298
Extreme Networks, Inc.*		8,891		28,807
Finisar Corp.*		32,147		579,610
Globecomm Systems, Inc.*		5,607		87,245
Harmonic, Inc.*		8,638		62,453
Infinera Corp.*		2,597		17,945
InterDigital, Inc.		16,263		664,344
Ixia*		13,817		176,858
KVH Industries, Inc.*		477		5,071
Loral Space & Communications, Inc.*		338		23,481
Meru Networks, Inc.*		3,826		45,950
NETGEAR, Inc.*		13,126		573,869
Numerex Corp., Class A*		3,199		31,126

See Notes to Financial Statements.

251

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Oplink Communications, Inc.*		30,250	$	563,558
Plantronics, Inc.		4,699		171,654
Powerwave Technologies, Inc.*		60,493		178,454
Procera Networks, Inc.*		4,053		43,489
SeaChange International, Inc.*		4,809		51,841
ShoreTel, Inc.*		164,000		1,672,800
Sonus Networks, Inc.*		6,147		19,916
ViaSat, Inc.*		4,860		210,292

				7,728,434

*Computers & Peripherals (1.1%)*
Dot Hill Systems Corp.*		4,427		12,573
Electronics for Imaging, Inc.*		1,138		19,596
Hypercom Corp.*		19,735		193,995
Immersion Corp.*		9,488		80,933
Novatel Wireless, Inc.*		1,176		6,444
OCZ Technology Group, Inc.*		18,417		147,336
Quantum Corp.*		1,971,688		6,506,570
Silicon Graphics International Corp.*		11,091		190,765
STEC, Inc.*		14,738		250,693
Stratasys, Inc.*		7,577		255,345
Super Micro Computer, Inc.*		9,608		154,593
Synaptics, Inc.*		12,271		315,856

				8,134,699

*Electronic Equipment, Instruments & Components (2.0%)*
Aeroflex Holding Corp.*		7,061		128,157
Anixter International, Inc.		5,352		349,700
Brightpoint, Inc.*		10,849		87,985
Cognex Corp.		12,138		430,049
Coherent, Inc.*		6,415		354,557
Daktronics, Inc.		2,488		26,845
DDi Corp.		2,179		20,788
DTS, Inc.*		6,218		252,140
Echelon Corp.*		12,569		114,252
Electro Rent Corp.		2,638		45,163
Electro Scientific Industries, Inc.*		792		15,286
eMagin Corp.*		6,137		37,252
Fabrinet*		7,272		176,564
FARO Technologies, Inc.*		38,748		1,697,162
Kemet Corp.*		806		11,518
L-1 Identity Solutions, Inc.*		7,165		84,189
LeCroy Corp.*		5,811		69,964
Littelfuse, Inc.		7,160		420,435
Maxwell Technologies, Inc.*		65,710		1,063,845
Measurement Specialties, Inc.*		5,326		190,138
Microvision, Inc.*		38,746		47,270
MTS Systems Corp.		5,585		233,621
Multi-Fineline Electronix, Inc.*		606		13,096
NeoPhotonics Corp.*		49,591		343,170
Newport Corp.*		4,288		77,913
OSI Systems, Inc.*		5,248		225,664
Plexus Corp.*		12,230		425,726
Power-One, Inc.*		22,987		186,195
Pulse Electronics Corp.		15,036		66,459
Rofin-Sinar Technologies, Inc.*		4,793		163,681
Rogers Corp.*		1,918		88,612
Scansource, Inc.*		1,389		52,060
TTM Technologies, Inc.*		402,075		6,441,241
Universal Display Corp.*		13,800		484,242
Viasystems Group, Inc.*		166		3,733


	Number of Shares		Value (Note 1)

Zygo Corp.*		1,077	$	14,238

				14,442,910

*Internet Software & Services* (*5.9%)*
Active Network, Inc.*		4,363		76,789
Ancestry.com, Inc.*		11,371		470,646
Bankrate, Inc.*		96,750		1,604,115
comScore, Inc.*		98,322		2,546,540
Constant Contact, Inc.*		31,062		788,354
Cornerstone OnDemand, Inc.*		112,742		1,989,896
DealerTrack Holdings, Inc.*		12,711		291,717
Demand Media, Inc.*		2,865		38,821
Dice Holdings, Inc.*		17,328		234,275
Digital River, Inc.*		1,761		56,634
Envestnet, Inc.*		6,781		100,698
FriendFinder Networks, Inc.*		1,885		7,653
InfoSpace, Inc.*		1,609		14,674
Internap Network Services Corp.*		16,001		117,607
IntraLinks Holdings, Inc.*		11,472		198,236
j2 Global Communications, Inc.*		16,494		465,626
Jiayuan.com International Ltd. (ADR)*		15,400		176,022
Keynote Systems, Inc.		4,943		106,917
Limelight Networks, Inc.*		20,657		94,196
Liquidity Services, Inc.*		282,980		6,681,158
LivePerson, Inc.*		85,563		1,209,861
LogMeIn, Inc.*		7,305		281,754
LoopNet, Inc.*		6,032		110,868
Marchex, Inc., Class B		3,063		27,199
Mediamind Technologies, Inc.*		2,536		55,640
MercadoLibre, Inc.		40,354		3,201,686
Move, Inc.*		56,376		123,463
NIC, Inc.		78,873		1,061,631
OpenTable, Inc.*		47,215		3,924,511
Openwave Systems, Inc.*		9,850		22,556
Perficient, Inc.*		6,141		63,007
Quepasa Corp.*		2,490		18,052
QuinStreet, Inc.*		1,281		16,627
Responsys, Inc.*		27,190		482,079
RightNow Technologies, Inc.*		31,444		1,018,786
Saba Software, Inc.*		10,284		92,865
SAVVIS, Inc.*		16,170		639,200
SciQuest, Inc.*		4,357		74,461
Sohu.com, Inc.*		19,200		1,387,584
SPS Commerce, Inc.*		2,980		53,014
Stamps.com, Inc.		3,918		52,266
support.com, Inc.*		11,144		53,491
TechTarget, Inc.*		3,774		28,569
Travelzoo, Inc.*		1,995		128,957
ValueClick, Inc.*		28,245		468,867
Velti plc*		75,400		1,275,014
VistaPrint N.V.*		45,160		2,160,906
Vocus, Inc.*		25,319		775,015
Web.com Group, Inc.*		520,007		6,406,486
XO Group, Inc.*		6,313		62,814
Youku.com, Inc. (ADR)*		50,744		1,743,056
Zix Corp.*		23,764		91,254

				43,172,113

*IT Services (1.2%)*
CACI International, Inc., Class A*		765		48,256

See Notes to Financial Statements.

252

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Cardtronics, Inc.*		15,427	$	361,763
Cass Information Systems, Inc.		3,034		114,564
Computer Task Group, Inc.*		3,722		49,019
CSG Systems International, Inc.*		5,962		110,178
Echo Global Logistics, Inc.*		31,793		564,326
ExlService Holdings, Inc.*		5,784		133,610
Forrester Research, Inc.		47,155		1,554,229
Hackett Group, Inc.*		6,982		35,538
Heartland Payment Systems, Inc.		13,816		284,610
iGATE Corp.		11,072		180,695
Information Services Group, Inc.*		185,748		328,774
Integral Systems, Inc.*		326		3,967
Jack Henry & Associates, Inc.		30,953		928,900
Lionbridge Technologies, Inc.*		21,700		69,006
MAXIMUS, Inc.		6,235		515,822
MoneyGram International, Inc.*		27,370		90,868
NCI, Inc., Class A*		545		12,382
PRGX Global, Inc.*		6,846		48,949
Sapient Corp.*		39,149		588,409
ServiceSource International, Inc.*		37,017		822,518
SRA International, Inc., Class A*		1,258		38,897
Syntel, Inc.		5,518		326,224
TeleTech Holdings, Inc.*		9,137		192,608
TNS, Inc.*		9,193		152,604
Unisys Corp.*		6,421		165,020
Virtusa Corp.*		5,375		101,856
Wright Express Corp.*		13,852		721,274

				8,544,866

*Semiconductors & Semiconductor Equipment* (*5.0%)*
Advanced Analogic Technologies, Inc.*		3,361		20,351
Amtech Systems, Inc.*		3,196		65,965
Applied Micro Circuits Corp.*		19,344		171,388
ATMI, Inc.*		701		14,321
AXT, Inc.*		4,782		40,551
Cabot Microelectronics Corp.*		1,920		89,222
Cavium, Inc.*		17,371		757,202
CEVA, Inc.*		32,588		992,630
Cirrus Logic, Inc.*		23,773		377,991
Cymer, Inc.*		2,705		133,925
Cypress Semiconductor Corp.*		267,900		5,663,406
Diodes, Inc.*		12,653		330,243
Entegris, Inc.*		15,634		158,216
Entropic Communications, Inc.*		30,696		272,887
Exar Corp.*		1,788		11,318
FEI Co.*		12,805		489,023
GT Solar International, Inc.*		45,116		730,879
Hittite Microwave Corp.*		11,216		694,383
Inphi Corp.*		54,099		941,323
Integrated Device Technology, Inc.*		33,705		264,921
IXYS Corp.*		5,525		82,765
Kopin Corp.*		9,128		42,993
Lattice Semiconductor Corp.*		13,259		86,449
LTX-Credence Corp.*		721,191		6,447,448
MaxLinear, Inc., Class A*		52,084		451,047
Micrel, Inc.		18,075		191,234
Microsemi Corp.*		30,904		633,532
Mindspeed Technologies, Inc.*		6,661		53,288
MIPS Technologies, Inc.*		13,440		92,870
Monolithic Power Systems, Inc.*		8,319		128,279


	Number of Shares		Value (Note 1)

MoSys, Inc.*		11,573	$	66,545
Netlogic Microsystems, Inc.*		24,493		990,007
NVE Corp.*		1,728		101,002
OmniVision Technologies, Inc.*		220,197		7,665,058
PDF Solutions, Inc.*		8,342		49,718
Pericom Semiconductor Corp.*		1,127		10,075
Power Integrations, Inc.		10,316		396,444
Rambus, Inc.*		35,149		515,987
RDA Microelectronics, Inc. (ADR)*		51,300		461,187
RF Micro Devices, Inc.*		10,603		64,890
Rubicon Technology, Inc.*		6,278		105,847
Semtech Corp.*		23,379		639,182
Silicon Image, Inc.*		22,454		145,053
Tessera Technologies, Inc.*		129,998		2,228,166
TriQuint Semiconductor, Inc.*		58,865		599,834
Ultra Clean Holdings, Inc.*		8,306		75,418
Ultratech, Inc.*		9,004		273,542
Veeco Instruments, Inc.*		10,210		494,266
Volterra Semiconductor Corp.*		52,560		1,296,130

				36,608,401

*Software* (*4.5%)*
ACI Worldwide, Inc.*		12,008		405,510
Actuate Corp.*		12,116		70,879
Advent Software, Inc.*		11,757		331,195
Allot Communications Ltd.*		43,258		791,189
American Software, Inc., Class A		8,194		68,092
Aspen Technology, Inc.*		30,321		520,915
Blackbaud, Inc.		15,889		440,443
Blackboard, Inc.*		44,519		1,931,679
Bottomline Technologies, Inc.*		12,190		301,215
BroadSoft, Inc.*		8,085		308,281
Callidus Software, Inc.*		10,624		62,150
CommVault Systems, Inc.*		15,795		702,088
Concur Technologies, Inc.*		16,007		801,471
Convio, Inc.*		95,307		1,030,269
Deltek, Inc.*		7,815		58,534
DemandTec, Inc.*		11,507		104,714
Digimarc Corp.*		2,294		80,359
Ebix, Inc.*		7,451		141,942
Ellie Mae, Inc.*		2,834		16,267
EPIQ Systems, Inc.		883		12,556
Fair Isaac Corp.		8,294		250,479
FalconStor Software, Inc.*		10,795		48,362
Glu Mobile, Inc.*		15,030		79,208
Guidance Software, Inc.*		5,043		41,100
Interactive Intelligence, Inc.*		5,106		178,965
JDA Software Group, Inc.*		2,876		88,840
Kenexa Corp.*		9,475		227,211
Lawson Software, Inc.*		58,891		660,757
Magma Design Automation, Inc.*		23,953		191,384
Manhattan Associates, Inc.*		7,822		269,390
Mentor Graphics Corp.*		15,387		197,107
MicroStrategy, Inc., Class A*		2,868		466,566
Monotype Imaging Holdings, Inc.*		12,773		180,482
Motricity, Inc.*		12,453		96,262
NetQin Mobile, Inc. (ADR)*		47,300		260,150
NetScout Systems, Inc.*		13,373		279,362
NetSuite, Inc.*		104,659		4,102,633
Opnet Technologies, Inc.		5,160		211,250

See Notes to Financial Statements.

253

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Parametric Technology Corp.*		42,695	$	978,996
Pegasystems, Inc.		5,964		277,624
Progress Software Corp.*		14,331		345,807
PROS Holdings, Inc.*		7,701		134,690
QAD, Inc., Class A*		1,912		19,541
QAD, Inc., Class B*		478		4,445
QLIK Technologies, Inc.*		25,224		859,129
Quest Software, Inc.*		6,756		153,564
Radiant Systems, Inc.*		14,393		300,814
RealD, Inc.*		13,940		326,057
RealPage, Inc.*		10,848		287,147
Renaissance Learning, Inc.		1,773		22,233
S1 Corp.*		2,570		19,224
SolarWinds, Inc.*		20,413		533,596
Solera Holdings, Inc.		85,308		5,046,821
Sourcefire, Inc.*		39,310		1,168,293
SRS Labs, Inc.*		4,417		42,359
SuccessFactors, Inc.*		76,507		2,249,306
Synchronoss Technologies, Inc.*		31,869		1,011,203
Take-Two Interactive Software, Inc.*		26,316		402,108
Taleo Corp., Class A*		14,728		545,378
TeleCommunication Systems, Inc., Class A*		6,664		32,187
TeleNav, Inc.*		5,526		97,976
TiVo, Inc.*		42,743		439,825
Tyler Technologies, Inc.*		11,472		307,220
Ultimate Software Group, Inc.*		9,285		505,383
VASCO Data Security International, Inc.*		9,666		120,342
Verint Systems, Inc.*		7,572		280,467
VirnetX Holding Corp.*		14,611		422,842
Wave Systems Corp., Class A*		30,279		85,387
Websense, Inc.*		14,407		374,150

				33,403,370

Total Information Technology				152,034,793

Materials (6.6%)
*Chemicals* (*2.5%)*
A. Schulman, Inc.		638		16,071
American Vanguard Corp.		1,255		16,277
Balchem Corp.		10,359		453,517
Calgon Carbon Corp.*		16,214		275,638
Chemtura Corp.*		21,187		385,603
Flotek Industries, Inc.*		17,906		152,559
FutureFuel Corp.		2,397		29,028
H.B. Fuller Co.		1,127		27,521
Hawkins, Inc.		3,104		112,427
Innophos Holdings, Inc.		7,757		378,542
Innospec, Inc.*		7,577		254,663
Intrepid Potash, Inc.*		70,894		2,304,055
KMG Chemicals, Inc.		2,251		37,907
Koppers Holdings, Inc.		24,462		927,844
Kraton Performance Polymers, Inc.*		9,982		390,995
LSB Industries, Inc.*		6,590		282,843
NewMarket Corp.		3,238		552,759
NL Industries, Inc.		2,192		40,245
Olin Corp.		17,230		390,432
Omnova Solutions, Inc.*		16,180		112,613
PolyOne Corp.		24,271		375,472


	Number of Shares		Value (Note 1)

Quaker Chemical Corp.		3,464	$	148,987
Rockwood Holdings, Inc.*		83,153		4,597,529
Senomyx, Inc.*		14,042		72,176
TPC Group, Inc.*		147,055		5,767,497
Zagg, Inc.*		7,171		96,091
Zep, Inc.		7,892		149,159

				18,348,450

*Construction Materials* (*0.6%)*
Eagle Materials, Inc.		91,153		2,540,434
Texas Industries, Inc.		36,242		1,508,755
United States Lime & Minerals, Inc.*		308		12,631

				4,061,820

*Containers & Packaging* (*0.0%)*
AEP Industries, Inc.*		1,676		48,922
Graham Packaging Co., Inc.*		675		17,023
Graphic Packaging Holding Co.*		49,834		271,097
Myers Industries, Inc.		813		8,358

				345,400

*Metals & Mining* (*3.5%)*
AMCOL International Corp.		8,747		333,786
Coeur d’Alene Mines Corp.*		2,106		51,092
General Moly, Inc.*		24,345		108,579
Globe Specialty Metals, Inc.		316,118		7,087,366
Gold Resource Corp.		10,191		254,062
Golden Minerals Co.*		3,726		66,248
Handy & Harman Ltd.*		305		4,694
Haynes International, Inc.		3,384		209,571
Hecla Mining Co.*		100,093		769,715
Horsehead Holding Corp.*		779		10,376
Kaiser Aluminum Corp.		2,499		136,495
Lynas Corp., Ltd.*†		3,541,823		6,716,247
Materion Corp.*		25,499		942,698
Metals USA Holdings Corp.*		4,076		60,732
Midway Gold Corp.*		28,423		55,709
Noranda Aluminum Holding Corp.*		8,083		122,377
Paramount Gold and Silver Corp.*		41,953		136,767
Revett Minerals, Inc.*		4,724		21,305
RTI International Metals, Inc.*		1,467		56,289
Schnitzer Steel Industries, Inc., Class A		122,200		7,038,720
Stillwater Mining Co.*		36,935		812,939
U.S. Gold Corp.*		37,858		228,284
Vista Gold Corp.*		4,003		11,328
Worthington Industries, Inc.		12,831		296,396

				25,531,775

*Paper & Forest Products* (*0.0%)*
Deltic Timber Corp.		3,868		207,673
Neenah Paper, Inc.		2,757		58,669

				266,342

Total Materials				48,553,787

Telecommunication Services (0.8%)
*Diversified Telecommunication Services* (*0.7%)*
8x8, Inc.*		22,179		108,455

See Notes to Financial Statements.

254

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

AboveNet, Inc.		8,323	$	586,439
Alaska Communications Systems Group, Inc.		3,515		31,178
Atlantic Tele-Network, Inc.		884		33,910
Boingo Wireless, Inc.*		1,544		14,020
Cbeyond, Inc.*		10,115		133,821
Cincinnati Bell, Inc.*		20,163		66,941
Cogent Communications Group, Inc.*		168,181		2,860,759
Consolidated Communications Holdings, Inc.		7,494		145,683
Fairpoint Communications, Inc.*		469		4,320
General Communication, Inc., Class A*		14,709		177,538
Global Crossing Ltd.*		6,935		266,165
HickoryTech Corp.		4,546		54,007
IDT Corp., Class B		4,560		123,211
inContact, Inc.*		9,873		46,897
Iridium Communications, Inc.*		1,733		14,990
PAETEC Holding Corp.*		32,057		153,553
SureWest Communications		289		4,832
Towerstream Corp.*		12,036		60,060
Vonage Holdings Corp.*		21,203		93,505

				4,980,284

*Wireless Telecommunication Services* (*0.1%)*
ICO Global Communications Holdings Ltd.*		33,899		93,900
Leap Wireless International, Inc.*		4,556		73,944
NTELOS Holdings Corp.		10,680		218,086
Shenandoah Telecommunications Co.		8,521		145,027

				530,957

Total Telecommunication Services				5,511,241

Utilities (1.1%)
*Electric Utilities* (*1.1%)*
Brookfield Infrastructure Partners LP		321,211		8,046,335
Otter Tail Corp.		839		17,703

				8,064,038


	Number of Shares		Value (Note 1)

*Gas Utilities* (*0.0%)*
South Jersey Industries, Inc.		1,918	$	104,167

*Independent Power Producers & Energy Traders* (*0.0%)*
Atlantic Power Corp.		1,865		28,385

*Water Utilities* (*0.0%)*
Pennichuck Corp.		766		22,023

Total Utilities				8,218,613

Total Common Stocks (79.5%) (Cost $515,685,512)				582,678,090

SHORT-TERM INVESTMENTS:
Short-Term Investment (19.1%)
BlackRock Liquidity Funds TempFund 0.08%‡		140,379,200		140,379,200

	Principal Amount		Value (Note 1)
Time Deposit (0.7%)
JPMorgan Chase Nassau 0.000%, 7/1/11	$	5,186,144		5,186,144

Total Short-Term Investments (19.8%) (Cost $145,565,344)				145,565,344

Total Investments (99.3%) (Cost $661,250,856)				728,243,434
Other Assets Less Liabilities (0.7%)				5,462,901

Net Assets (100%)			$	733,706,335

*	Non-income producing.

†	Securities (totalling $6,716,247 or 0.9% of net assets) at fair value by management.

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

Glossary:

ADR—

American Depositary Receipt

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	141,446,857	$	93,793,608	$	94,861,265	$	140,379,200	$	91,907	$	—

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		1,801		September-11	$	142,031,323	$	148,654,540	$	6,623,217

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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	$	90,090,972	$	4,714,330	$	—	$	94,805,302
Consumer Staples		13,766,877		—		—		13,766,877
Energy		43,631,428		—		—		43,631,428
Financials		37,434,246		—		—		37,434,246
Health Care		105,561,281		1,409,209		—		106,970,490
Industrials		71,751,313		—		—		71,751,313
Information Technology		152,034,793		—		—		152,034,793
Materials		41,837,540		—		6,716,247		48,553,787
Telecommunication Services		5,511,241		—		—		5,511,241
Utilities		8,218,613		—		—		8,218,613
Futures		6,623,217		—		—		6,623,217
Short-Term Investments		—		145,565,344		—		145,565,344

Total Assets	$	576,461,521	$	151,688,883	$	6,716,247	$	734,866,651

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	576,461,521	$	151,688,883	$	6,716,247	$	734,866,651

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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



	Investments in Common Stocks- Consumer Discretionary			Investments in Common Stocks- Materials			Investments in Corporate Bonds- Financials

Balance as of 12/31/10	$	28,288		$	—		$	4,480
Total gains or losses (realized/unrealized) included in earnings		(9,969	)		(606,273	)		(1,738	)
Purchases		—			7,322,520			—
Sales		(18,319	)		—			(2,742	)
Issuances		—			—			—
Settlements		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—

Balance as of 6/30/11	$	—		$	6,716,247		$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11	$	—		$	(606,273	)	$	—

Fair Values of Derivative Instruments as of June 30, 2011:


	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		6,623,217	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	6,623,217


	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 & Liabilities.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2011:


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		—		—		6,576		—		6,576
Credit contracts		—		—		—		—		—
Equity contracts		—		7,458,516		—		—		7,458,516
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	7,458,516	$	6,576	$	—	$	7,465,092


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		—		2,837,702		—		—		2,837,702
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	2,837,702	$	—	$	—	$	2,837,702

The Portfolio held futures contracts with an average notional balance of approximately $153,885,000 and forward foreign currency contrast with an average settlement value of approximately $417,000 during the six months ended June 30, 2011.

^ This Portfolio held forward foreign currency and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	619,753,543
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	636,525,639

As of June 30, 2011, 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	$	84,854,929
Aggregate gross unrealized depreciation		(25,061,374	)

Net unrealized appreciation	$	59,793,555

Federal income tax cost of investments	$	668,449,879

For the six months ended June 30, 2011, the Portfolio incurred approximately $9 as brokerage commissions with Citation Financial Group, $124 with Bank of America and $808 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $195,280,291 which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $140,379,200)	$	140,379,200
Unaffiliated Issuers (Cost $520,871,656)		587,864,234
Cash		258,600
Cash held as collateral at broker		6,572,000
Foreign cash (Cost $90,436)		89,990
Receivable for securities sold		3,326,492
Due from broker for futures variation margin		1,170,885
Dividends, interest and other receivables		152,482
Receivable from Separate Accounts for Trust shares sold		45,686
Receivable from investment sub-advisor		16,684
Other assets		3,234

Total assets		739,879,487

LIABILITIES
Payable for securities purchased		5,117,210
Investment management fees payable		495,858
Payable to Separate Accounts for Trust shares redeemed		284,867
Administrative fees payable		103,574
Distribution fees payable - Class B		66,621
Trustees’ fees payable		1,910
Accrued expenses		103,112

Total liabilities		6,173,152

NET ASSETS	$	733,706,335

Net assets were comprised of:
Paid in capital	$	747,250,770
Accumulated undistributed net investment income (loss)		(2,671,387	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(84,488,607	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		73,615,559

Net assets	$	733,706,335

Class A
Net asset value, offering and redemption price per share, $399,159,854 / 43,276,975 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.22

Class B
Net asset value, offering and redemption price per share, $334,546,481 / 36,518,279 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.16

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends ($91,907 of dividend income received from affiliates) (net of $2,011 foreign withholding tax)	$	1,311,166
Interest		2

Total income		1,311,168

EXPENSES
Investment management fees		3,139,676
Administrative fees		570,221
Distribution fees - Class B		426,794
Custodian fees		41,362
Printing and mailing expenses		29,184
Professional fees		20,546
Trustees’ fees		6,174
Miscellaneous		3,879

Gross expenses		4,237,836
Less: Reimbursement from sub-advisor		(50,147	)
Fees paid indirectly		(110,840	)

Net expenses		4,076,849

NET INVESTMENT INCOME (LOSS)		(2,765,681	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		114,550,914
Foreign currency transactions		(136,530	)
Futures		7,458,516

Net realized gain (loss)		121,872,900

Change in unrealized appreciation (depreciation) on:
Securities		(94,087,517	)
Foreign currency translations		(236	)
Futures		2,837,702

Net change in unrealized appreciation (depreciation)		(91,250,051	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		30,622,849

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	27,857,168

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(2,765,681	)	$	(3,682,611	)
Net realized gain (loss) on investments, futures, net distributions of realized gain received from underlying Portfolio and foreign currency transactions		121,872,900			103,606,124
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(91,250,051	)		62,054,477

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		27,857,168			161,977,990

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 766,055 and 3,981,400 shares, respectively ]		6,982,567			28,665,711
Capital shares repurchased [ (1,626,755) and (5,230,783) shares, respectively ]		(14,822,830	)		(39,243,955	)

Total Class A transactions		(7,840,263	)		(10,578,244	)

Class B
Capital shares sold [ 2,731,365 and 6,530,272 shares, respectively ]		24,864,357			48,983,735
Capital shares repurchased [ (5,262,328) and (9,881,910) shares, respectively ]		(47,777,993	)		(72,379,956	)

Total Class B transactions		(22,913,636	)		(23,396,221	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(30,753,899	)		(33,974,465	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,896,731	)		128,003,525
NET ASSETS:
Beginning of period		736,603,066			608,599,541

End of period (a)	$	733,706,335		$	736,603,066

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(2,671,387	)	$	94,294

See Notes to Financial Statements.

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO(d)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,						January 22, 2008* to December 31, 2008
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			January 22, 2008* to December 31, 2008
Net asset value, beginning of period	$	8.88		$	6.95		$	5.15		$	7.61

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.03	)(e)		0.01	(e)		(0.04	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.37			1.96			1.79			(2.39	)

Total from investment operations		0.34			1.93			1.80			(2.43	)

Less distributions:
Distributions from net realized gains		—			—			—			(0.03	)

Net asset value, end of period	$	9.22		$	8.88		$	6.95		$	5.15

Total return (b)		3.83	%		27.77	%		34.95	%		(32.08	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	399,160		$	391,893		$	315,379		$	367,823
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.02	%		1.04	%		0.75	%		1.30	%(c)
After waivers, reimbursements and fees paid indirectly (a)		0.99	%		1.03	%		0.75	%		1.30	%(c)
Before waivers, reimbursements and fees paid indirectly (a)		1.03	%		1.05	%		1.07	%		1.35	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.66	)%		(0.47	)%		0.15	%		(0.59	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.63	)%		(0.46	)%		0.15	%		(0.59	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.68	)%		(0.47	)%		(0.17	)%		(0.64	)%
Portfolio turnover rate		105	%		44	%		116	%		98	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	8.83		$	6.92		$	5.13		$	8.91		$	9.52		$	8.76

Income (loss) from investment operations:
Net investment income (loss)		(0.04	)(e)		(0.05	)(e)		(0.01	)(e)		(0.06	)(e)		(0.02	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.37			1.96			1.80			(3.69	)		0.33			0.95

Total from investment operations		0.33			1.91			1.79			(3.75	)		0.31			0.88

Less distributions:
Distributions from net realized gains		—			—			—			(0.03	)		(0.92	)		(0.12	)

Net asset value, end of period	$	9.16		$	8.83		$	6.92		$	5.13		$	8.91		$	9.52

Total return (b)		3.74	%		27.60	%		34.89	%		(42.21	)%		3.60	%		10.26	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	334,546		$	344,710		$	293,221		$	207,749		$	392,037		$	277,810
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.27	%		1.29	%		1.32	%		1.53	%		1.47	%		1.30	%
After waivers, reimbursements and fees paid indirectly (a)		1.24	%		1.28	%(c)		1.14	%		1.48	%		1.27	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (a)		1.28	%		1.30	%		1.32	%		1.53	%		1.54	%		1.39	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.91	)%		(0.71	)%		(0.42	)%		(0.90	)%		(0.39	)%		(0.77	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.88	)%		(0.71	)%		(0.24	)%		(0.85	)%		(0.19	)%		(0.77	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.93	)%		(0.72	)%		(0.42	)%		(0.90	)%		(0.46	)%		(0.85	)%
Portfolio turnover rate		105	%		44	%		116	%		98	%		177	%		279	%

*	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. 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.

262

MULTIMANAGER SMALL CAP VALUE PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/11	% of Net Assets
Financials		23.2	%
Industrials		16.4
Consumer Discretionary		15.3
Energy		8.1
Materials		5.1
Information Technology		4.7
Health Care		3.0
Utilities		2.5
Consumer Staples		2.2
Investment Companies		1.1
Telecommunication Services		0.7
Cash and Other		17.7

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,061.20		$5.16
Hypothetical (5% average return before expenses)		1,000.00		1,019.79		5.06
Class B
Actual		1,000.00		1,060.20		6.44
Hypothetical (5% average return before expenses)		1,000.00		1,018.55		6.31
* 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, and multiplied by 181/365 (to reflect the one-half year period ).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (15.3%)
*Auto Components* (*2.4%)*
American Axle & Manufacturing Holdings, Inc.*		24,049	$	273,678
Amerigon, Inc.*		340,000		5,909,200
Autoliv, Inc.		34,336		2,693,659
Dana Holding Corp.*		3,955		72,376
Drew Industries, Inc.		13,943		344,671
Exide Technologies, Inc.*		26,313		201,031
Fuel Systems Solutions, Inc.*		7,593		189,445
Gentex Corp.		72,000		2,176,560
Icahn Enterprises LP		176,733		7,599,519
Modine Manufacturing Co.*		21,245		326,536
Motorcar Parts of America, Inc.*		5,351		80,318
Shiloh Industries, Inc.		2,302		24,816
Spartan Motors, Inc.		14,906		80,492
Standard Motor Products, Inc.		8,924		135,913
Superior Industries International, Inc.		10,669		235,892

				20,344,106

*Automobiles (0.3%)*
Thor Industries, Inc.		77,700		2,240,868
Winnebago Industries, Inc.*		54,455		526,035

				2,766,903

*Distributors (0.0%)*
Audiovox Corp., Class A*		8,359		63,194
Core-Mark Holding Co., Inc.*		4,542		162,149
Weyco Group, Inc.		3,151		77,515

				302,858

*Diversified Consumer Services (1.1%)*
Archipelago Learning, Inc.*		2,568		25,321
Ascent Media Corp., Class A*		110,653		5,861,289
Cambium Learning Group, Inc.*		7,223		24,342
Corinthian Colleges, Inc.*		35,973		153,245
Hillenbrand, Inc.		41,000		969,650
Lincoln Educational Services Corp.		10,262		175,993
Mac-Gray Corp.		5,413		83,631
Matthews International Corp., Class A		8,249		331,197
Regis Corp.		117,571		1,801,188
Stewart Enterprises, Inc., Class A		35,948		262,420

				9,688,276

*Hotels, Restaurants & Leisure (1.3%)*
Ambassadors Group, Inc.		6,253		55,214
Benihana, Inc., Class A*		5,832		61,178
Biglari Holdings, Inc.*		503		196,698
Bob Evans Farms, Inc.		13,861		484,719
Boyd Gaming Corp.*		25,179		219,057
Bravo Brio Restaurant Group, Inc.*		235,000		5,741,050
California Pizza Kitchen, Inc.*		2,256		41,668
Caribou Coffee Co., Inc.*		3,107		41,137
Churchill Downs, Inc.		4,202		189,426
Cracker Barrel Old Country Store, Inc.		630		31,065
Denny’s Corp.*		12,193		47,309


	Number of Shares		Value (Note 1)

Domino’s Pizza, Inc.*		17,461	$	440,716
Einstein Noah Restaurant Group, Inc.		305		4,566
Gaylord Entertainment Co.*		16,339		490,170
International Speedway Corp., Class A		13,444		381,944
Isle of Capri Casinos, Inc.*		9,260		81,951
Jack in the Box, Inc.*		21,448		488,585
Life Time Fitness, Inc.*		1,879		74,991
Luby’s, Inc.*		8,168		45,087
Marcus Corp.		9,337		92,250
McCormick & Schmick’s Seafood Restaurants, Inc.*		6,004		51,574
Monarch Casino & Resort, Inc.*		4,127		43,086
Morgans Hotel Group Co.*		6,268		45,067
Multimedia Games Holding Co., Inc.*		12,079		54,959
O’Charleys, Inc.*		8,539		62,420
Orient-Express Hotels Ltd., Class A*		43,723		470,022
P.F. Chang’s China Bistro, Inc.		918		36,940
Pinnacle Entertainment, Inc.*		26,689		397,666
Red Lion Hotels Corp.*		6,694		52,883
Red Robin Gourmet Burgers, Inc.*		604		21,974
Ruby Tuesday, Inc.*		29,794		321,179
Ruth’s Hospitality Group, Inc.*		13,139		73,710
Scientific Games Corp., Class A*		12,663		130,935
Shuffle Master, Inc.*		4,682		43,800
Speedway Motorsports, Inc.		5,275		74,800
Texas Roadhouse, Inc.		1,886		33,071
Town Sports International Holdings, Inc.*		5,186		39,466
Vail Resorts, Inc.		3,499		161,724

				11,324,057

*Household Durables (2.2%)*
American Greetings Corp., Class A		17,448		419,450
Beazer Homes USA, Inc.*		35,019		118,714
Blyth, Inc.		2,376		119,632
Brookfield Residential Properties, Inc.*		63,300		627,936
Cavco Industries, Inc.*		3,092		139,140
CSS Industries, Inc.		3,708		77,608
D.R. Horton, Inc.		46,744		538,491
Ethan Allen Interiors, Inc.		25,471		542,278
Furniture Brands International, Inc.*		19,293		79,873
Helen of Troy Ltd.*		14,092		486,597
Hooker Furniture Corp.		56,106		497,099
Hovnanian Enterprises, Inc., Class A*		27,474		66,212
Jarden Corp.		293,200		10,118,332
KB Home		35,373		345,948
La-Z-Boy, Inc.*		143,367		1,415,032
Lifetime Brands, Inc.		4,229		49,649
M.D.C. Holdings, Inc.		45,371		1,117,942
M/I Homes, Inc.*		65,777		806,426
Meritage Homes Corp.*		12,832		289,490
Ryland Group, Inc.		20,500		338,865
Sealy Corp.*		22,261		56,320

See Notes to Financial Statements.

264

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Skyline Corp.		3,070	$	53,725
Standard Pacific Corp.*		48,911		163,852
Universal Electronics, Inc.*		4,247		107,279

				18,575,890

*Internet & Catalog Retail (0.0%)*
1-800-FLOWERS.COM, Inc., Class A*		10,621		32,925
Valuevision Media, Inc., Class A*		3,609		27,609

				60,534

*Leisure Equipment & Products (0.3%)*
Arctic Cat, Inc.*		5,532		74,295
Black Diamond, Inc.*		5,880		46,334
Brunswick Corp.		53,000		1,081,200
Callaway Golf Co.		29,757		185,088
Eastman Kodak Co.*		123,060		440,555
JAKKS Pacific, Inc.*		12,420		228,652
Johnson Outdoors, Inc., Class A*		2,138		36,603
Leapfrog Enterprises, Inc.*		18,960		80,011
Marine Products Corp.*		2,262		15,201
Smith & Wesson Holding Corp.*		17,844		53,532
Steinway Musical Instruments, Inc.*		2,885		74,116
Summer Infant, Inc.*		5,925		48,111

				2,363,698

*Media (2.4%)*
AH Belo Corp., Class A		8,212		61,097
Belo Corp., Class A*		29,843		224,718
Central European Media Enterprises Ltd., Class A*		16,695		329,726
Cinemark Holdings, Inc.		3,951		81,825
Crown Media Holdings, Inc., Class A*		11,994		22,908
Cumulus Media, Inc., Class A*		7,437		26,029
DreamWorks Animation SKG, Inc., Class A*		202,400		4,068,240
Entercom Communications Corp., Class A*		11,040		95,827
Entravision Communications Corp., Class A*		9,180		16,983
EW Scripps Co., Class A*		15,500		149,885
Fisher Communications, Inc.*		3,996		119,161
Global Sources Ltd.*		493		4,531
Gray Television, Inc.*		22,007		58,098
Harte-Hanks, Inc.		20,233		164,292
John Wiley & Sons, Inc., Class A		48,100		2,501,681
Journal Communications, Inc., Class A*		19,785		102,288
Knology, Inc.*		935		13,885
LIN TV Corp., Class A*		12,341		60,101
Live Nation Entertainment, Inc.*		551,925		6,330,580
Martha Stewart Living Omnimedia, Inc., Class A*		12,538		54,415
McClatchy Co., Class A*		26,321		73,962
Meredith Corp.		16,722		520,556
New York Times Co., Class A*		62,886		548,366
Nexstar Broadcasting Group, Inc., Class A*		3,775		30,993
Outdoor Channel Holdings, Inc.*		6,793		46,464
PRIMEDIA, Inc.		7,407		52,219


	Number of Shares		Value (Note 1)

Promotora de Informaciones S.A. (Prisa) (ADR)*		121,600	$	1,128,448
Promotora de Informaciones S.A. (Prisa) (ADR), Class B*		251,100		2,511,000
Saga Communications, Inc., Class A*		1,604		59,348
Scholastic Corp.		12,138		322,871
Sinclair Broadcast Group, Inc., Class A		21,261		233,446
Warner Music Group Corp.*		17,931		147,393
Westwood One, Inc.*		2,182		11,259
World Wrestling Entertainment, Inc., Class A		1,358		12,942

				20,185,537

*Multiline Retail (0.6%)*
99 Cents Only Stores*		18,980		384,155
Bon-Ton Stores, Inc.		5,558		54,024
Fred’s, Inc., Class A		107,136		1,545,972
J.C. Penney Co., Inc.		48,500		1,675,190
Saks, Inc.*		116,821		1,304,891
Tuesday Morning Corp.*		86,150		400,598

				5,364,830

*Specialty Retail (4.0%)*
America’s Car-Mart, Inc.*		2,017		66,561
Asbury Automotive Group, Inc.*		13,296		246,375
Barnes & Noble, Inc.		13,298		220,481
bebe stores, Inc.		17,132		104,676
Big 5 Sporting Goods Corp.		9,970		78,364
Brown Shoe Co., Inc.		123,293		1,313,070
Build-A-Bear Workshop, Inc.*		7,790		50,713
Cabela’s, Inc.*		19,764		536,593
Casual Male Retail Group, Inc.*		18,946		78,626
Cato Corp., Class A		45,811		1,319,357
Charming Shoppes, Inc.*		52,940		220,230
Children’s Place Retail Stores, Inc.*		11,950		531,655
Christopher & Banks Corp.		141,302		812,486
Citi Trends, Inc.*		6,849		103,283
Coldwater Creek, Inc.*		27,559		38,583
Collective Brands, Inc.*		28,190		414,111
Conn’s, Inc.*		786,223		6,800,829
Cost Plus, Inc.*		3,074		30,740
Finish Line, Inc., Class A		16,468		352,415
GameStop Corp., Class A*		65,500		1,746,885
Genesco, Inc.*		9,749		507,923
Group 1 Automotive, Inc.		64,087		2,639,103
Haverty Furniture Cos., Inc.		8,594		98,917
hhgregg, Inc.*		7,849		105,177
HOT Topic, Inc.		20,340		151,330
Kirkland’s, Inc.*		7,641		91,845
Lithia Motors, Inc., Class A		10,031		196,909
MarineMax, Inc.*		10,765		94,301
Men’s Wearhouse, Inc.		76,931		2,592,575
New York & Co., Inc.*		11,548		57,163
Office Depot, Inc.*		127,016		536,007
OfficeMax, Inc.*		39,399		309,282
Pacific Sunwear of California, Inc.*		21,673		56,567
Penske Automotive Group, Inc.		78,334		1,781,315
PEP Boys-Manny, Moe & Jack		24,196		264,462

See Notes to Financial Statements.

265

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Pier 1 Imports, Inc.*		99,216	$	1,147,929
Rent-A-Center, Inc.		29,056		887,951
Select Comfort Corp.*		3,237		58,201
Shoe Carnival, Inc.*		4,160		125,424
Sonic Automotive, Inc., Class A		408,376		5,982,708
Stage Stores, Inc.		16,542		277,906
Stein Mart, Inc.		12,455		120,066
Syms Corp.*		2,749		29,634
Systemax, Inc.*		4,599		68,709
Talbots, Inc.*		32,473		108,460
West Marine, Inc.*		86,276		894,682
Wet Seal, Inc., Class A*		46,278		206,863
Zale Corp.*		14,585		81,676

				34,539,118

*Textiles, Apparel & Luxury Goods (0.7%)*
Carter’s, Inc.*		3,108		95,602
Cherokee, Inc.		403		6,915
Columbia Sportswear Co.		1,768		112,091
Delta Apparel, Inc.*		2,724		46,308
Iconix Brand Group, Inc.*		48,259		1,167,868
Jones Group, Inc.		40,136		435,476
Kenneth Cole Productions, Inc., Class A*		2,279		28,465
K-Swiss, Inc., Class A*		11,834		125,795
Liz Claiborne, Inc.*		41,064		219,692
Movado Group, Inc.		112,885		1,931,462
Perry Ellis International, Inc.*		5,491		138,648
Quiksilver, Inc.*		59,247		278,461
R.G. Barry Corp.		3,374		38,059
Skechers U.S.A., Inc., Class A*		17,232		249,519
Timberland Co., Class A*		4,914		211,155
Unifi, Inc.*		6,311		87,092
Warnaco Group, Inc.*		20,858		1,089,831

				6,262,439

Total Consumer Discretionary				131,778,246

Consumer Staples (2.2%)
*Beverages (0.1%)*
Central European Distribution Corp.*		33,244		372,333
Craft Brewers Alliance, Inc.*		2,993		25,770
Heckmann Corp.*		21,505		129,890
MGP Ingredients, Inc.		5,504		47,940
Primo Water Corp.*		1,806		25,988

				601,921

*Food & Staples Retailing (0.3%)*
Andersons, Inc.		8,502		359,209
Arden Group, Inc., Class A		226		20,797
Casey’s General Stores, Inc.		500		22,000
Ingles Markets, Inc., Class A		5,592		92,548
Nash Finch Co.		5,545		198,566
Pantry, Inc.*		9,677		181,831
Rite Aid Corp.*		246,530		327,885
Ruddick Corp.		10,350		450,639
Spartan Stores, Inc.		10,312		201,393
Susser Holdings Corp.*		3,503		55,067
Village Super Market, Inc., Class A		2,794		77,422
Weis Markets, Inc.		5,051		205,727


	Number of Shares		Value (Note 1)

Winn-Dixie Stores, Inc.*		25,545	$	215,855

				2,408,939

*Food Products (1.2%)*
Alico, Inc.		1,003		25,697
B&G Foods, Inc.		9,321		192,199
Cal-Maine Foods, Inc.		6,056		193,550
Chiquita Brands International, Inc.*		20,834		271,259
Darling International, Inc.*		295,000		5,221,500
Dole Food Co., Inc.*		13,307		179,911
Farmer Bros Co.		3,139		31,829
Fresh Del Monte Produce, Inc.		16,679		444,829
Griffin Land & Nurseries, Inc.		1,100		35,739
Hain Celestial Group, Inc.*		12,345		411,829
Harbinger Group, Inc.*		3,990		24,379
Imperial Sugar Co.		5,586		111,720
Lancaster Colony Corp.		26,216		1,594,457
Omega Protein Corp.*		7,930		109,434
Pilgrim’s Pride Corp.*		23,130		125,133
Sanderson Farms, Inc.		10,148		484,871
Seneca Foods Corp., Class A*		4,216		107,845
Smart Balance, Inc.*		14,236		73,743
Snyders-Lance, Inc.		21,458		464,137
Tootsie Roll Industries, Inc.		958		28,031
TreeHouse Foods, Inc.*		6,692		365,450

				10,497,542

*Household Products (0.0%)*
Central Garden & Pet Co., Class A*		21,640		219,646
Oil-Dri Corp. of America		1,931		41,362
Spectrum Brands Holdings, Inc.*		1,609		51,488

				312,496

*Personal Products (0.5%)*
Elizabeth Arden, Inc.*		2,090		60,673
Inter Parfums, Inc.		159,500		3,673,285
Nutraceutical International Corp.*		4,278		65,796
Prestige Brands Holdings, Inc.*		22,899		294,023
Revlon, Inc., Class A*		4,887		82,101
Schiff Nutrition International, Inc.		4,026		45,051

				4,220,929

*Tobacco (0.1%)*
Alliance One International, Inc.*		39,805		128,570
Star Scientific, Inc.*		5,399		24,295
Universal Corp.		10,625		400,244
Vector Group Ltd.		6,373		113,376

				666,485

Total Consumer Staples				18,708,312

Energy (8.1%)
*Energy Equipment & Services (6.0%)*
Atwood Oceanics, Inc.*		44,200		1,950,546
Bristow Group, Inc.		70,299		3,586,655
Cal Dive International, Inc.*		16,753		100,183
Dawson Geophysical Co.*		2,621		89,507
Exterran Holdings, Inc.*		29,187		578,778
Global Industries Ltd.*		205,719		1,127,340

See Notes to Financial Statements.

266

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Gulf Island Fabrication, Inc.		5,568	$	179,735
Gulfmark Offshore, Inc., Class A*		8,929		394,572
Helix Energy Solutions Group, Inc.*		132,878		2,200,460
Hercules Offshore, Inc.*		52,613		289,898
Hornbeck Offshore Services, Inc.*		146,498		4,028,695
ION Geophysical Corp.*		390,000		3,689,400
Key Energy Services, Inc.*		5,992		107,856
Matrix Service Co.*		310,158		4,149,914
Mitcham Industries, Inc.*		382,033		6,609,171
Natural Gas Services Group, Inc.*		180,670		2,919,627
Newpark Resources, Inc.*		38,561		349,748
North American Energy Partners, Inc.*		455,000		3,485,300
Oil States International, Inc.*		26,800		2,141,588
Parker Drilling Co.*		483,326		2,827,457
PHI, Inc. (Non-Voting)*		5,927		128,794
Pioneer Drilling Co.*		5,311		80,940
Rowan Cos., Inc.*		68,797		2,670,011
Tesco Corp.*		2,592		50,311
TETRA Technologies, Inc.*		31,263		397,978
Tidewater, Inc.		104,000		5,596,240
Union Drilling, Inc.*		6,582		67,729
Unit Corp.*		29,700		1,809,621
Vantage Drilling Co.*		78,928		143,649
Willbros Group, Inc.*		14,495		123,787

				51,875,490

*Oil, Gas & Consumable Fuels (2.1%)*
Alon USA Energy, Inc.		1,150		12,960
Approach Resources, Inc.*		2,837		64,315
Arch Coal, Inc.		14,363		382,918
Bill Barrett Corp.*		19,949		924,636
BPZ Resources, Inc.*		34,907		114,495
Buckeye Partners LP		76,200		4,919,472
CAMAC Energy, Inc.*		25,971		34,541
Cloud Peak Energy, Inc.*		22,155		471,901
Comstock Resources, Inc.*		21,791		627,363
Crimson Exploration, Inc.*		9,163		32,529
Crosstex Energy, Inc.		1,937		23,050
Delek U.S. Holdings, Inc.		6,395		100,402
DHT Holdings, Inc.		29,473		112,882
Endeavour International Corp.*		16,844		253,839
Energen Corp.		22,900		1,293,850
Energy Partners Ltd.*		13,215		195,714
Frontline Ltd.		23,564		347,333
Gastar Exploration Ltd.*		26,172		89,770
General Maritime Corp.		53,482		72,201
GeoResources, Inc.*		5,556		124,954
GMX Resources, Inc.*		18,839		83,834
Green Plains Renewable Energy, Inc.*		9,340		100,779
Harvest Natural Resources, Inc.*		15,438		170,281
James River Coal Co.*		16,226		337,825
Knightsbridge Tankers Ltd.		9,986		219,992
L&L Energy, Inc.*		10,238		52,521
Miller Energy Resources, Inc.*		13,931		89,158
Nordic American Tanker Shipping Ltd.		21,630		491,866
Overseas Shipholding Group, Inc.		50,212		1,352,711
Patriot Coal Corp.*		2,834		63,085
Penn Virginia Corp.		20,962		276,908


	Number of Shares		Value (Note 1)

Petroleum Development Corp.*		10,698	$	319,977
PetroQuest Energy, Inc.*		19,728		138,491
REX American Resources Corp.*		3,128		51,925
Rex Energy Corp.*		2,275		23,364
Scorpio Tankers, Inc.*		11,304		112,927
SemGroup Corp., Class A*		18,876		484,547
Ship Finance International Ltd.		20,431		368,167
Solazyme, Inc.*		1,156		26,553
Swift Energy Co.*		19,413		723,523
Teekay Corp.		25,400		784,352
Teekay Tankers Ltd., Class A		19,383		182,200
Triangle Petroleum Corp.*		10,124		65,401
Ur-Energy, Inc.*		8,188		13,101
USEC, Inc.*		53,232		177,795
VAALCO Energy, Inc.*		20,480		123,290
Venoco, Inc.*		10,272		130,865
Voyager Oil & Gas, Inc.*		5,659		16,807
Warren Resources, Inc.*		27,259		103,857
Western Refining, Inc.*		1,526		27,575
Westmoreland Coal Co.*		3,163		56,143
World Fuel Services Corp.		13,969		501,906

				17,870,851

Total Energy				69,746,341

Financials (23.2%)
*Capital Markets (3.0%)*
Apollo Investment Corp.		89,169		910,416
Arlington Asset Investment Corp., Class A		2,958		92,852
Artio Global Investors, Inc.		1,339		15,131
BlackRock Kelso Capital Corp.		33,179		297,616
Calamos Asset Management, Inc., Class A		8,704		126,382
Capital Southwest Corp.		1,367		126,133
CIFC Deerfield Corp.*		5,198		35,606
Cohen & Steers, Inc.		204,079		6,765,219
Cowen Group, Inc., Class A*		30,702		115,438
Dundee Corp., Class A*		41,900		1,101,317
Edelman Financial Group, Inc.		9,281		73,227
FBR & Co.*		23,381		79,495
Fifth Street Finance Corp.		30,569		354,600
FXCM, Inc., Class A		7,974		79,102
GAMCO Investors, Inc., Class A		1,186		54,900
GFI Group, Inc.		32,126		147,458
Gladstone Capital Corp.		9,591		88,621
Gladstone Investment Corp.		9,985		71,293
Gleacher & Co., Inc.*		35,771		72,973
Golub Capital BDC, Inc.		4,624		69,036
Harris & Harris Group, Inc.*		14,303		73,374
Hercules Technology Growth Capital, Inc.		19,851		208,833
ICG Group, Inc.*		15,785		193,051
Investment Technology Group, Inc.*		19,067		267,319
JMP Group, Inc.		7,137		50,173
KBW, Inc.		16,566		309,784
Knight Capital Group, Inc., Class A*		46,210		509,234
Kohlberg Capital Corp.		8,372		66,557
Main Street Capital Corp.		9,130		173,014
MCG Capital Corp.		34,931		212,380

See Notes to Financial Statements.

267

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Medallion Financial Corp.		6,496	$	63,336
Medley Capital Corp.		5,025		58,994
MF Global Holdings Ltd.*		74,947		580,090
MVC Capital, Inc.		10,948		144,842
New Mountain Finance Corp.*		3,318		42,139
NGP Capital Resources Co.		9,766		80,081
Oppenheimer Holdings, Inc., Class A		4,747		133,913
PennantPark Investment Corp.		20,728		232,361
Piper Jaffray Cos., Inc.*		7,244		208,700
Prospect Capital Corp.		44,510		449,996
Safeguard Scientifics, Inc.*		9,419		177,831
Solar Capital Ltd.		16,573		409,187
Solar Senior Capital Ltd.		3,518		63,148
Stifel Financial Corp.*		14,785		530,190
SWS Group, Inc.		13,516		80,961
TICC Capital Corp.		14,894		142,982
Triangle Capital Corp.		8,416		155,359
Value Partners Group Ltd.		6,480,000		5,594,683
Virtus Investment Partners, Inc.*		147		8,923
WisdomTree Investments, Inc.*		662,350		4,199,299

				26,097,549

*Commercial Banks (4.7%)*
1st Source Corp.		7,117		147,607
1st United Bancorp, Inc.*		12,980		80,736
Alliance Financial Corp./ New York		2,187		66,769
Ameris Bancorp*		11,086		98,333
Ames National Corp.		3,869		70,261
Arrow Financial Corp.		4,366		106,836
BancFirst Corp.		3,235		124,871
Banco Latinoamericano de Comercio Exterior S.A., Class E		12,795		221,609
Bancorp Rhode Island, Inc.		1,729		78,358
Bancorp, Inc./Delaware*		13,501		141,085
BancorpSouth, Inc.		38,359		476,035
Bank of Kentucky Financial Corp.		2,614		58,214
Bank of Marin Bancorp/ California		2,557		90,441
Bank of the Ozarks, Inc.		5,656		294,451
Banner Corp.		873		15,277
BOK Financial Corp.		19,400		1,062,538
Boston Private Financial Holdings, Inc.		35,682		234,788
Bridge Bancorp, Inc.		2,049		43,603
Bridge Capital Holdings*		4,119		45,639
Bryn Mawr Bank Corp.		3,839		77,740
Camden National Corp.		3,623		118,871
Cape Bancorp, Inc.*		5,061		50,610
Capital Bank Corp.*		6,104		21,303
Capital City Bank Group, Inc.		5,600		57,456
Cardinal Financial Corp.		13,577		148,668
Cascade Bancorp*		2,697		27,240
Cathay General Bancorp		269,031		4,409,418
Center Bancorp, Inc.		5,507		57,493
Center Financial Corp.*		16,588		105,334
Centerstate Banks, Inc.		13,960		96,603
Central Pacific Financial Corp.*		6,742		94,388
Century Bancorp, Inc./Massachusetts, Class A		1,555		41,145


	Number of Shares		Value (Note 1)

Chemical Financial Corp.		50,920	$	955,259
Citizens & Northern Corp.		5,677		85,552
City Holding Co.		7,163		236,594
CNB Financial Corp./ Pennsylvania		5,604		77,840
CoBiz Financial, Inc.		15,391		100,657
Columbia Banking System, Inc.		18,237		314,041
Community Bank System, Inc.		16,969		420,662
Community Trust Bancorp, Inc.		6,530		181,012
CVB Financial Corp.		41,177		380,887
Eagle Bancorp, Inc.*		7,892		104,964
East West Bancorp, Inc.		215,000		4,345,150
Encore Bancshares, Inc.*		4,037		48,525
Enterprise Bancorp, Inc./Massachusetts		2,607		39,287
Enterprise Financial Services Corp.		6,372		86,213
F.N.B. Corp./Pennsylvania		58,293		603,333
Financial Institutions, Inc.		6,303		103,495
First Bancorp, Inc./Maine		3,980		59,143
First Bancorp/North Carolina		6,927		70,932
First Busey Corp.		35,495		187,769
First Commonwealth Financial Corp.		48,713		279,613
First Community Bancshares, Inc./Virginia		7,431		104,034
First Financial Bancorp		26,866		448,394
First Financial Bankshares, Inc.		8,116		279,596
First Financial Corp./Indiana		5,207		170,477
First Interstate Bancsystem, Inc.		7,302		107,631
First Merchants Corp.		11,876		106,171
First Midwest Bancorp, Inc./ Illinois		34,299		421,535
First of Long Island Corp.		3,589		100,097
FirstMerit Corp.		50,270		829,958
German American Bancorp, Inc.		5,940		98,485
Glacier Bancorp, Inc.		33,133		446,633
Great Southern Bancorp, Inc.		4,748		89,975
Hancock Holding Co.		23,200		718,736
Hanmi Financial Corp.*		47,239		50,546
Heartland Financial USA, Inc.		6,441		93,717
Heritage Commerce Corp.*		9,348		47,768
Heritage Financial Corp./Washington		7,165		92,643
Home Bancshares, Inc./Arkansas		10,474		247,605
Hudson Valley Holding Corp.		6,582		127,098
IBERIABANK Corp.		12,454		717,849
Independent Bank Corp./Massachusetts		9,938		260,872
International Bancshares Corp.		24,427		408,664
Investors Bancorp, Inc.*		18,376		260,939
Lakeland Bancorp, Inc.		10,152		101,317
Lakeland Financial Corp.		7,635		169,955
MainSource Financial Group, Inc.		9,373		77,796
MB Financial, Inc.		24,981		480,634
Merchants Bancshares, Inc.		2,349		57,480
Metro Bancorp, Inc.*		6,680		76,286
Midsouth Bancorp, Inc.		3,912		53,321
Nara Bancorp, Inc.*		17,546		142,649
National Bankshares, Inc./ Virginia		3,343		83,709
National Penn Bancshares, Inc.		56,872		450,995

See Notes to Financial Statements.

268

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

NBT Bancorp, Inc.		15,973	$	353,482
Northfield Bancorp, Inc./New Jersey		8,137		114,406
Old National Bancorp/Indiana		43,785		472,878
OmniAmerican Bancorp, Inc.*		5,561		83,248
Oriental Financial Group, Inc.		81,823		1,054,698
Orrstown Financial Services, Inc.		3,322		87,402
Pacific Capital Bancorp N.A.*		1,973		62,722
Pacific Continental Corp.		8,795		80,474
PacWest Bancorp		13,964		287,239
Park National Corp.		5,924		390,155
Park Sterling Corp.*		13,122		65,085
Penns Woods Bancorp, Inc.		1,836		63,085
Peoples Bancorp, Inc./Ohio		22,814		257,114
Pinnacle Financial Partners, Inc.*		15,660		243,670
PrivateBancorp, Inc.		27,489		379,348
Prosperity Bancshares, Inc.		21,521		943,050
Renasant Corp.		11,432		165,650
Republic Bancorp, Inc./Kentucky, Class A		4,534		90,227
S&T Bancorp, Inc.		13,003		241,726
Sandy Spring Bancorp, Inc.		11,101		199,707
SCBT Financial Corp.		6,510		186,707
Seacoast Banking Corp. of Florida*		33,112		49,668
Sierra Bancorp		5,724		64,796
Simmons First National Corp., Class A		8,120		208,359
Southside Bancshares, Inc.		7,625		151,364
Southwest Bancorp, Inc./Oklahoma*		9,068		88,776
State Bancorp, Inc./New York		7,077		94,407
State Bank Financial Corp.*		14,476		236,972
StellarOne Corp.		10,717		129,783
Sterling Bancorp/New York		14,312		135,821
Sterling Bancshares, Inc./Texas		46,903		382,728
Sterling Financial Corp./Washington*		12,305		197,741
Suffolk Bancorp		4,565		63,727
Sun Bancorp, Inc./New Jersey*		17,055		62,251
Susquehanna Bancshares, Inc.		59,688		477,504
SVB Financial Group*		15,318		914,638
SY Bancorp, Inc.		5,053		117,482
Taylor Capital Group, Inc.*		3,520		28,723
Texas Capital Bancshares, Inc.*		17,124		442,313
Tompkins Financial Corp.		3,810		149,504
Tower Bancorp, Inc.		4,874		133,548
TowneBank/Virginia		11,227		150,217
Trico Bancshares		6,561		95,791
Trustmark Corp.		29,505		690,712
UMB Financial Corp.		14,767		618,442
Umpqua Holdings Corp.		52,774		610,595
Union First Market Bankshares Corp.		9,370		114,127
United Bankshares, Inc.		18,710		458,021
United Community Banks, Inc./Georgia*		7,756		81,903
Univest Corp. of Pennsylvania		7,760		121,289
Virginia Commerce Bancorp, Inc.*		10,988		64,939
Washington Banking Co.		7,376		97,511
Washington Trust Bancorp, Inc.		6,592		151,418


	Number of Shares		Value (Note 1)

Webster Financial Corp.		33,033	$	694,354
WesBanco, Inc.		10,736		211,070
West Bancorp, Inc.		7,405		65,238
West Coast Bancorp/Oregon*		8,907		149,281
Westamerica Bancorp		7,418		365,336
Western Alliance Bancorp*		32,277		229,167
Wilshire Bancorp, Inc.*		26,478		77,845
Wintrust Financial Corp.		16,082		517,519

				40,885,166

*Consumer Finance (0.9%)*
Advance America Cash Advance Centers, Inc.		22,339		153,916
Cash America International, Inc.		9,014		521,640
EZCORP, Inc., Class A*		189,000		6,723,675
First Marblehead Corp.*		27,000		47,790
Imperial Holdings, Inc.*		1,313		13,340
Nelnet, Inc., Class A		11,895		262,404
Nicholas Financial, Inc.*		4,423		52,545

				7,775,310

*Diversified Financial Services (1.8%)*
California First National Bancorp		621		9,514
Compass Diversified Holdings		18,317		302,047
Gain Capital Holdings, Inc.*		3,450		23,495
Guoco Group Ltd.		128,000		1,570,972
Marlin Business Services Corp.*		3,910		49,461
NewStar Financial, Inc.*		12,324		131,620
Onex Corp.		167,400		6,486,327
Osaka Securities Exchange Co. Ltd.		477		2,132,661
PHH Corp.*		25,804		529,498
PICO Holdings, Inc.*		10,375		300,875
Primus Guaranty Ltd.*		11,298		59,315
Texas Pacific Land Trust		93,200		4,228,484

				15,824,269

*Insurance (4.9%)*
Alleghany Corp.*		7,956		2,650,223
Alterra Capital Holdings Ltd.		41,373		922,618
American Equity Investment Life Holding Co.		27,282		346,754
American National Insurance Co.		8,311		644,103
American Safety Insurance Holdings Ltd.*		4,838		92,599
AMERISAFE, Inc.*		8,425		190,574
Amtrust Financial Services, Inc.		9,561		217,800
Argo Group International Holdings Ltd.		12,550		372,986
Arthur J. Gallagher & Co.		26,451		754,912
Aspen Insurance Holdings Ltd.		54,000		1,389,420
Baldwin & Lyons, Inc., Class B		3,564		82,578
Citizens, Inc./Texas*		17,286		117,891
CNO Financial Group, Inc.*		101,194		800,445
Delphi Financial Group, Inc., Class A		22,121		646,154
Donegal Group, Inc., Class A		3,553		45,478
eHealth, Inc.*		9,896		132,211
EMC Insurance Group, Inc.		2,227		42,536
Employers Holdings, Inc.		17,728		297,299
Enstar Group Ltd.*		3,123		326,322

See Notes to Financial Statements.

269

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

FBL Financial Group, Inc., Class A		5,861	$	188,431
First American Financial Corp.		48,105		752,843
Flagstone Reinsurance Holdings S.A.		22,491		189,599
Fortegra Financial Corp.*		2,820		22,109
FPIC Insurance Group, Inc.*		3,831		159,676
Global Indemnity plc*		6,170		136,851
Greenlight Capital Reinsurance Ltd., Class A*		309,924		8,147,902
Hallmark Financial Services*		3,344		26,317
Hanover Insurance Group, Inc.		28,200		1,063,422
Harleysville Group, Inc.		5,441		169,596
HCC Insurance Holdings, Inc.		19,600		617,400
Hilltop Holdings, Inc.*		18,428		162,904
Horace Mann Educators Corp.		18,340		286,287
Independence Holding Co.		3,122		32,594
Infinity Property & Casualty Corp.		5,705		311,835
Kansas City Life Insurance Co.		1,882		58,624
Maiden Holdings Ltd.		22,946		208,809
Meadowbrook Insurance Group, Inc.		24,579		243,578
Montpelier Reinsurance Holdings Ltd.		98,626		1,775,268
National Financial Partners Corp.*		20,230		233,454
National Interstate Corp.		3,140		71,906
National Western Life Insurance Co., Class A		1,009		160,905
Navigators Group, Inc.*		6,174		290,178
Old Republic International Corp.		154,000		1,809,500
OneBeacon Insurance Group Ltd., Class A		9,916		132,775
Phoenix Cos., Inc.*		53,007		130,397
Platinum Underwriters Holdings Ltd.		17,162		570,465
Presidential Life Corp.		9,742		101,706
Primerica, Inc.		15,653		343,896
ProAssurance Corp.*		14,016		981,120
Protective Life Corp.		108,120		2,500,816
RLI Corp.		21,857		1,353,385
Safety Insurance Group, Inc.		5,702		239,712
SeaBright Holdings, Inc.		9,277		91,842
Selective Insurance Group, Inc.		24,703		401,918
StanCorp Financial Group, Inc.		38,500		1,624,315
State Auto Financial Corp.		5,847		101,913
Stewart Information Services Corp.		8,492		85,175
Symetra Financial Corp.		30,854		414,369
Tower Group, Inc.		88,156		2,099,876
Transatlantic Holdings, Inc.		35,300		1,730,053
United Fire & Casualty Co.		9,865		171,355
Universal Insurance Holdings, Inc.		8,172		38,163
Validus Holdings Ltd.		47,054		1,456,321

				41,762,463

*Real Estate Investment Trusts (REITs) (5.5%)*
Acadia Realty Trust (REIT)		15,228		309,585
Agree Realty Corp. (REIT)		4,736		105,755
Alexander’s, Inc. (REIT)		2,200		873,400


	Number of Shares		Value (Note 1)

American Assets Trust, Inc. (REIT)		1,222	$	27,434
American Campus Communities, Inc. (REIT)		17,832		633,393
Anworth Mortgage Asset Corp. (REIT)		60,330		453,078
Apollo Commercial Real Estate Finance, Inc. (REIT)		8,725		140,647
ARMOUR Residential REIT, Inc.		23,985		176,290
Ashford Hospitality Trust, Inc. (REIT)		21,472		267,326
Associated Estates Realty Corp. (REIT)		18,271		296,904
BioMed Realty Trust, Inc. (REIT)		60,508		1,164,174
Campus Crest Communities, Inc. (REIT)		14,034		181,600
CapLease, Inc. (REIT)		31,671		155,505
Capstead Mortgage Corp. (REIT)		36,278		486,125
CBL & Associates Properties, Inc. (REIT)		46,776		848,049
Cedar Shopping Centers, Inc. (REIT)		25,861		133,184
Chatham Lodging Trust (REIT)		7,072		113,930
Chesapeake Lodging Trust (REIT)		15,479		264,072
Cogdell Spencer, Inc. (REIT)		15,834		94,846
Colonial Properties Trust (REIT)		38,498		785,359
Colony Financial, Inc. (REIT)		15,724		284,133
Coresite Realty Corp. (REIT)		9,118		149,535
Cousins Properties, Inc. (REIT)		42,785		365,384
CreXus Investment Corp. (REIT)		27,927		310,269
Cypress Sharpridge Investments, Inc. (REIT)		38,997		499,552
DCT Industrial Trust, Inc. (REIT)		114,552		599,107
DiamondRock Hospitality Co. (REIT)		77,248		828,871
DuPont Fabros Technology, Inc. (REIT)		16,935		426,762
Dynex Capital, Inc. (REIT)		18,927		183,213
EastGroup Properties, Inc. (REIT)		7,062		300,206
Education Realty Trust, Inc. (REIT)		34,007		291,440
Entertainment Properties Trust (REIT)		21,496		1,003,863
Equity Lifestyle Properties, Inc. (REIT)		106,679		6,661,037
Equity One, Inc. (REIT)		25,306		471,704
Excel Trust, Inc. (REIT)		8,295		91,494
Extra Space Storage, Inc. (REIT)		26,829		572,263
FelCor Lodging Trust, Inc. (REIT)*		28,922		154,154
First Industrial Realty Trust, Inc. (REIT)*		35,911		411,181
First Potomac Realty Trust (REIT)		23,605		361,393
Franklin Street Properties Corp. (REIT)		32,889		424,597
Getty Realty Corp. (REIT)		6,516		164,399
Gladstone Commercial Corp. (REIT)		2,777		48,125

See Notes to Financial Statements.

270

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Glimcher Realty Trust (REIT)		6,465	$	61,418
Government Properties Income Trust (REIT)		14,464		390,817
Hatteras Financial Corp. (REIT)		34,850		983,815
Healthcare Realty Trust, Inc. (REIT)		33,985		701,111
Hersha Hospitality Trust (REIT)		65,253		363,459
Highwoods Properties, Inc. (REIT)		8,599		284,885
Hudson Pacific Properties, Inc. (REIT)		10,528		163,500
Inland Real Estate Corp. (REIT)		36,054		318,357
Invesco Mortgage Capital, Inc. (REIT)		34,294		724,632
Investors Real Estate Trust (REIT)		30,509		264,208
iStar Financial, Inc. (REIT)*		42,367		343,596
Kilroy Realty Corp. (REIT)		14,037		554,321
Kite Realty Group Trust (REIT)		26,283		130,889
LaSalle Hotel Properties (REIT)		39,313		1,035,504
Lexington Realty Trust (REIT)		55,134		503,373
LTC Properties, Inc. (REIT)		11,974		333,117
Medical Properties Trust, Inc. (REIT)		51,775		595,413
MFA Financial, Inc. (REIT)		164,959		1,326,270
Mission West Properties, Inc. (REIT)		8,454		74,226
Monmouth Real Estate Investment Corp. (REIT), Class A		16,429		138,825
MPG Office Trust, Inc. (REIT)*		22,843		65,331
National Health Investors, Inc. (REIT)		6,582		292,438
National Retail Properties, Inc. (REIT)		39,546		969,272
Newcastle Investment Corp. (REIT)		2,696		15,583
NorthStar Realty Finance Corp. (REIT)		43,932		177,046
Omega Healthcare Investors, Inc. (REIT)		3,035		63,765
One Liberty Properties, Inc. (REIT)		5,234		80,813
Parkway Properties, Inc./Maryland (REIT)		10,371		176,929
Pebblebrook Hotel Trust (REIT)		23,950		483,550
Pennsylvania Real Estate Investment Trust (REIT)		25,628		402,360
PennyMac Mortgage Investment Trust (REIT)		8,332		138,061
Post Properties, Inc. (REIT)		23,138		943,105
Potlatch Corp. (REIT)		8,839		311,752
PS Business Parks, Inc. (REIT)		7,164		394,736
RAIT Financial Trust (REIT)*		53,207		111,735
Ramco-Gershenson Properties Trust (REIT)		18,096		224,028
Redwood Trust, Inc. (REIT)		36,390		550,217
Resource Capital Corp. (REIT)		32,915		208,023
Retail Opportunity Investments Corp. (REIT)		19,328		207,969
RLJ Lodging Trust (REIT)		13,019		226,140
Sabra Healthcare REIT, Inc. (REIT)		8,768		146,513


	Number of Shares		Value (Note 1)

Sovran Self Storage, Inc. (REIT)		12,975	$	531,975
STAG Industrial, Inc. (REIT)		7,615		93,284
Strategic Hotels & Resorts, Inc. (REIT)*		59,895		424,057
Summit Hotel Properties, Inc. (REIT)		11,296		128,210
Sun Communities, Inc. (REIT)		9,811		366,048
Sunstone Hotel Investors, Inc. (REIT)*		54,778		507,792
Terreno Realty Corp. (REIT)		4,901		83,366
Two Harbors Investment Corp. (REIT)		42,021		451,726
UMH Properties, Inc. (REIT)		5,831		62,392
Universal Health Realty Income Trust (REIT)		2,834		113,303
Urstadt Biddle Properties, Inc. (REIT), Class A		9,507		172,172
U-Store-It Trust (REIT)		46,147		485,466
Walter Investment Management Corp. (REIT)		11,926		264,638
Washington Real Estate Investment Trust (REIT)		22,967		746,887
Whitestone REIT (REIT), Class B		3,870		49,226
Winthrop Realty Trust (REIT)		460,171		5,494,442

				47,569,424

*Real Estate Management & Development (1.5%)*
Avatar Holdings, Inc.*		4,015		61,068
Consolidated-Tomoka Land Co.		1,947		55,684
Forestar Group, Inc.*		16,177		265,788
Hang Lung Group Ltd.		123,000		785,538
Howard Hughes Corp.*		172,500		11,219,400
Kennedy-Wilson Holdings, Inc.		10,674		130,757

				12,518,235

*Thrifts & Mortgage Finance (0.9%)*
Abington Bancorp, Inc.		9,471		98,783
Astoria Financial Corp.		40,217		514,375
Bank Mutual Corp.		21,091		77,404
BankFinancial Corp.		9,795		82,964
Beneficial Mutual Bancorp, Inc.*		15,615		128,277
Berkshire Hills Bancorp, Inc.		7,675		171,843
BofI Holding, Inc.*		3,899		56,185
Brookline Bancorp, Inc.		17,863		165,590
Charter Financial Corp.		3,061		30,304
Clifton Savings Bancorp, Inc.		3,890		42,946
Dime Community Bancshares, Inc.		14,218		206,730
Doral Financial Corp.*		58,080		113,837
ESB Financial Corp.		5,700		73,644
ESSA Bancorp, Inc.		5,539		68,794
Farmer Mac, Class C		4,523		100,049
First Defiance Financial Corp.*		4,358		64,019
First Financial Holdings, Inc.		7,427		66,620
First PacTrust Bancorp, Inc.		3,847		57,166
Flagstar Bancorp, Inc.*		89,611		106,637
Flushing Financial Corp.		14,523		188,799
Fox Chase Bancorp, Inc.		6,659		90,229
Franklin Financial Corp.*		6,330		76,340
Home Federal Bancorp, Inc./Idaho		7,782		85,524

See Notes to Financial Statements.

271

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Kearny Financial Corp.		6,543	$	59,607
Meridian Interstate Bancorp, Inc.*		4,218		57,744
MGIC Investment Corp.*		85,990		511,641
Northwest Bancshares, Inc.		48,692		612,545
OceanFirst Financial Corp.		6,973		90,300
Ocwen Financial Corp.*		34,350		438,306
Oritani Financial Corp.		25,703		328,741
People’s United Financial, Inc.		1		8
PMI Group, Inc.*		69,664		74,541
Provident Financial Services, Inc.		27,977		400,631
Provident New York Bancorp		17,765		148,515
Radian Group, Inc.		61,000		258,030
Rockville Financial, Inc.		13,513		133,779
Roma Financial Corp.		4,062		42,651
Territorial Bancorp, Inc.		5,774		119,637
TrustCo Bank Corp./New York		219,527		1,075,682
United Financial Bancorp, Inc.		7,605		117,345
ViewPoint Financial Group		16,051		221,504
Westfield Financial, Inc.		9,891		80,315
WSFS Financial Corp.		3,037		120,417

				7,558,998

Total Financials				199,991,414

Health Care (3.0%)
*Biotechnology (0.3%)*
Affymax, Inc.*		8,529		58,594
Allos Therapeutics, Inc.*		7,188		15,382
AMAG Pharmaceuticals, Inc.*		8,596		161,605
Arena Pharmaceuticals, Inc.*		62,097		84,452
Array BioPharma, Inc.*		14,279		31,985
BioMimetic Therapeutics, Inc.*		5,181		26,527
Cell Therapeutics, Inc.*		9,356		14,736
Celldex Therapeutics, Inc.*		17,326		61,507
Cornerstone Therapeutics, Inc.*		3,508		31,432
Curis, Inc.*		10,068		36,043
Cytori Therapeutics, Inc.*		5,886		28,194
Dyax Corp.*		7,922		15,686
Enzon Pharmaceuticals, Inc.*		17,804		178,930
Exact Sciences Corp.*		7,344		63,158
Geron Corp.*		45,901		184,063
Idenix Pharmaceuticals, Inc.*		17,931		89,655
Immunogen, Inc.*		9,701		118,255
Inhibitex, Inc.*		7,712		30,231
Insmed, Inc.*		11,211		134,420
InterMune, Inc.*		11,971		429,160
Lexicon Pharmaceuticals, Inc.*		50,912		89,605
Maxygen, Inc.		13,322		72,871
Metabolix, Inc.*		4,384		31,302
Micromet, Inc.*		20,375		116,953
Neurocrine Biosciences, Inc.*		6,354		51,150
Novavax, Inc.*		13,770		27,815
Nymox Pharmaceutical Corp.*		1,393		11,632
Oncothyreon, Inc.*		5,364		49,295
PDL BioPharma, Inc.		11,321		66,454
Progenics Pharmaceuticals, Inc.*		3,490		25,058
Rigel Pharmaceuticals, Inc.*		7,310		67,033
Savient Pharmaceuticals, Inc.*		9,466		70,900
SuperGen, Inc.*		24,158		71,991
Theravance, Inc.*		5,145		114,270
Transcept Pharmaceuticals, Inc.*		468		5,125


	Number of Shares		Value (Note 1)

Vanda Pharmaceuticals, Inc.*		692	$	4,941
Vical, Inc.*		3,572		14,717
Zalicus, Inc.*		13,173		31,352

				2,716,479

*Health Care Equipment & Supplies (1.2%)*
Accuray, Inc.*		3,727		29,855
Alphatec Holdings, Inc.*		24,359		84,769
Analogic Corp.		1,510		79,411
AngioDynamics, Inc.*		11,449		162,919
Biolase Technology, Inc.*		9,843		50,593
Cantel Medical Corp.		6,031		162,294
Cerus Corp.*		3,068		9,204
CONMED Corp.*		12,916		367,848
CryoLife, Inc.*		11,593		64,921
Cynosure, Inc., Class A*		4,422		53,506
DynaVox, Inc., Class A*		1,114		8,466
Exactech, Inc.*		1,095		19,721
Greatbatch, Inc.*		10,694		286,813
ICU Medical, Inc.*		4,232		184,938
Immucor, Inc.*		1,678		34,265
Invacare Corp.		12,347		409,797
IRIS International, Inc.*		2,276		22,737
Medical Action Industries, Inc.*		4,304		35,078
Natus Medical, Inc.*		6,339		96,036
Palomar Medical Technologies, Inc.*		8,578		96,760
Rochester Medical Corp.*		405,000		3,661,200
RTI Biologics, Inc.*		23,593		63,937
Solta Medical, Inc.*		27,247		75,202
STAAR Surgical Co.*		1,965		10,414
STERIS Corp.		45,000		1,574,100
SurModics, Inc.*		6,946		77,101
Symmetry Medical, Inc.*		12,625		113,246
Teleflex, Inc.		25,000		1,526,500
Uroplasty, Inc.*		1,052		7,890
West Pharmaceutical Services, Inc.		26,193		1,146,206
Wright Medical Group, Inc.*		17,847		267,705
Young Innovations, Inc.		1,707		48,684

				10,832,116

*Health Care Providers & Services (0.9%)*
Almost Family, Inc.*		3,745		102,613
Amedisys, Inc.*		13,473		358,786
American Dental Partners, Inc.*		7,046		91,316
AMN Healthcare Services, Inc.*		9,927		82,593
Amsurg Corp.*		14,264		372,718
Assisted Living Concepts, Inc., Class A		8,965		150,433
BioScrip, Inc.*		4,383		28,446
Capital Senior Living Corp.*		8,482		78,798
CardioNet, Inc.*		7,938		42,151
Centene Corp.*		8,622		306,340
Chindex International, Inc.*		2,907		39,593
Continucare Corp.*		2,785		17,211
Cross Country Healthcare, Inc.*		12,799		97,272
Five Star Quality Care, Inc.*		14,407		83,705
Gentiva Health Services, Inc.*		13,914		289,829
Hanger Orthopedic Group, Inc.*		7,246		177,310
HealthSouth Corp.*		43,368		1,138,410
Healthspring, Inc.*		14,168		653,286

See Notes to Financial Statements.

272

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Healthways, Inc.*		15,524	$	235,654
Kindred Healthcare, Inc.*		23,761		510,149
LHC Group, Inc.*		6,828		157,454
Magellan Health Services, Inc.*		14,661		802,543
MedCath Corp.*		9,193		124,933
Molina Healthcare, Inc.*		5,111		138,610
National Healthcare Corp.		4,636		229,806
Owens & Minor, Inc.		5,488		189,281
PharMerica Corp.*		13,415		171,175
Providence Service Corp.*		4,617		58,405
Select Medical Holdings Corp.*		15,879		140,847
Skilled Healthcare Group, Inc., Class A*		8,331		78,811
Sun Healthcare Group, Inc.*		11,347		91,003
Sunrise Senior Living, Inc.*		6,577		62,679
Triple-S Management Corp., Class B*		9,029		196,200
Universal American Corp.		14,764		161,666

				7,460,026

*Health Care Technology (0.0%)*
ePocrates, Inc.*		237		4,370
MedAssets, Inc.*		3,913		52,278
Omnicell, Inc.*		7,789		121,431

				178,079

*Life Sciences Tools & Services (0.4%)*
Affymetrix, Inc.*		32,334		256,409
Albany Molecular Research, Inc.*		10,108		48,619
Cambrex Corp.*		13,572		62,703
Enzo Biochem, Inc.*		15,947		67,775
eResearchTechnology, Inc.*		10,757		68,522
Furiex Pharmaceuticals, Inc.*		4,425		78,721
Harvard Bioscience, Inc.*		9,574		51,029
Kendle International, Inc.*		6,453		97,311
Mettler-Toledo International, Inc.*		5,400		910,818
Pacific Biosciences of California, Inc.*		11,950		139,815
PAREXEL International Corp.*		2,551		60,101
Pharmaceutical Product Development, Inc.		47,900		1,285,636
Sequenom, Inc.*		13,727		103,639

				3,231,098

*Pharmaceuticals (0.2%)*
AVANIR Pharmaceuticals, Inc., Class A*		5,999		20,157
Columbia Laboratories, Inc.*		6,010		18,571
Durect Corp.*		2,340		4,750
Hi-Tech Pharmacal Co., Inc.*		3,273		94,688
Impax Laboratories, Inc.*		2,613		56,937
KV Pharmaceutical Co., Class A*		7,921		21,545
Lannett Co., Inc.*		5,038		25,089
Medicines Co.*		10,580		174,676
Medicis Pharmaceutical Corp., Class A		5,073		193,636
Nektar Therapeutics*		19,180		139,439
Par Pharmaceutical Cos., Inc.*		5,167		170,408
ViroPharma, Inc.*		34,729		642,486


	Number of Shares		Value (Note 1)

XenoPort, Inc.*		2,982	$	21,232

				1,583,614

Total Health Care				26,001,412

Industrials (16.4%)
*Aerospace & Defense (1.0%)*
AAR Corp.		46,268		1,253,400
Ceradyne, Inc.*		48,025		1,872,495
Cubic Corp.		4,011		204,521
Curtiss-Wright Corp.		21,215		686,729
Ducommun, Inc.		4,797		98,674
Esterline Technologies Corp.*		13,892		1,061,349
GenCorp, Inc.*		7,123		45,730
GeoEye, Inc.*		9,550		357,170
Hexcel Corp.*		6,904		151,128
Keyw Holding Corp.*		8,284		102,639
Kratos Defense & Security Solutions, Inc.*		10,820		131,571
LMI Aerospace, Inc.*		2,062		50,375
Moog, Inc., Class A*		18,713		814,390
Orbital Sciences Corp.*		15,438		260,130
Teledyne Technologies, Inc.*		12,060		607,342
Triumph Group, Inc.		7,592		756,011

				8,453,654

*Air Freight & Logistics (0.1%)*
Air Transport Services Group, Inc.*		24,437		167,393
Atlas Air Worldwide Holdings, Inc.*		11,999		714,061
Pacer International, Inc.*		14,408		68,006

				949,460

*Airlines (0.5%)*
Alaska Air Group, Inc.*		15,451		1,057,775
Hawaiian Holdings, Inc.*		22,941		130,764
JetBlue Airways Corp.*		112,524		686,396
Republic Airways Holdings, Inc.*		21,899		119,568
SkyWest, Inc.		120,966		1,821,748
Spirit Airlines, Inc.*		7,113		85,285
U.S. Airways Group, Inc.*		74,115		660,365

				4,561,901

*Building Products (1.1%)*
A.O. Smith Corp.		31,572		1,335,496
American Woodmark Corp.		50,344		871,958
Ameron International Corp.		4,204		276,119
Apogee Enterprises, Inc.		99,862		1,279,232
Builders FirstSource, Inc.*		20,695		44,494
Gibraltar Industries, Inc.*		114,048		1,291,023
Griffon Corp.*		21,752		219,260
Insteel Industries, Inc.		7,655		95,994
NCI Building Systems, Inc.*		8,990		102,396
Quanex Building Products Corp.		17,391		285,038
Simpson Manufacturing Co., Inc.		64,333		1,921,627
Universal Forest Products, Inc.		63,659		1,525,270
USG Corp.*		9,503		136,273

				9,384,180

*Commercial Services & Supplies (2.1%)*
ABM Industries, Inc.		84,458		1,971,250

See Notes to Financial Statements.

273

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

ACCO Brands Corp.*		25,110	$	197,114
American Reprographics Co.*		14,536		102,770
APAC Customer Services, Inc.*		2,177		11,603
Brink’s Co.		2,933		87,491
Casella Waste Systems, Inc., Class A*		1,412		8,613
Cenveo, Inc.*		11,610		74,304
CompX International, Inc.		358		4,718
Courier Corp.		4,586		50,675
EnergySolutions, Inc.		28,935		142,939
EnerNOC, Inc.*		7,346		115,626
Ennis, Inc.		11,846		206,120
Fuel Tech, Inc.*		676		4,482
G&K Services, Inc., Class A		8,564		289,977
GEO Group, Inc.*		29,614		682,010
Kimball International, Inc., Class B		14,431		92,791
M&F Worldwide Corp.*		4,604		118,967
McGrath RentCorp		6,430		180,554
Metalico, Inc.*		7,682		45,324
Mine Safety Appliances Co.		36,000		1,344,240
Mobile Mini, Inc.*		212,429		4,501,371
Multi-Color Corp.		4,959		122,438
Quad/Graphics, Inc.		10,428		405,232
Schawk, Inc.		46,938		777,293
Steelcase, Inc., Class A		32,102		365,642
Sykes Enterprises, Inc.*		16,905		363,965
Team, Inc.*		180,000		4,343,400
Tetra Tech, Inc.*		22,727		511,358
TMS International Corp., Class A*		3,410		44,501
U.S. Ecology, Inc.		534		9,131
UniFirst Corp.		6,488		364,561
United Stationers, Inc.		19,874		704,136
Viad Corp.		8,104		180,638
WCA Waste Corp.*		6,864		39,537

				18,464,771

*Construction & Engineering (1.7%)*
Argan, Inc.*		2,729		27,672
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		90,000		3,501,000
Comfort Systems USA, Inc.		17,385		184,455
Dycom Industries, Inc.*		13,420		219,283
EMCOR Group, Inc.*		56,709		1,662,141
Furmanite Corp.*		450,000		3,573,000
Granite Construction, Inc.		87,722		2,151,821
Great Lakes Dredge & Dock Corp.		26,777		149,416
Insituform Technologies, Inc., Class A*		17,988		377,208
Layne Christensen Co.*		8,957		271,755
Michael Baker Corp.*		3,824		80,763
MYR Group, Inc.*		588		13,759
Northwest Pipe Co.*		4,203		109,530
Orion Marine Group, Inc.*		217,429		2,046,007
Pike Electric Corp.*		7,475		66,079
Primoris Services Corp.		1,520		19,608
Sterling Construction Co., Inc.*		7,559		104,087
Tutor Perini Corp.		14,236		273,047
UniTek Global Services, Inc.*		4,754		37,604

				14,868,235


	Number of Shares		Value (Note 1)

*Electrical Equipment (0.9%)*
A123 Systems, Inc.*		33,148	$	176,347
American Superconductor Corp.*		20,546		185,736
Belden, Inc.		3,114		108,554
Brady Corp., Class A		66,570		2,134,234
Broadwind Energy, Inc.*		37,091		53,782
Encore Wire Corp.		8,513		206,185
Ener1, Inc.*		32,781		36,059
EnerSys*		16,199		557,570
Franklin Electric Co., Inc.		21,362		1,002,946
Generac Holdings, Inc.*		7,140		138,516
Global Power Equipment Group, Inc.*		3,533		93,695
LSI Industries, Inc.		8,722		69,253
Powell Industries, Inc.*		23,441		855,596
PowerSecure International, Inc.*		7,241		52,280
Preformed Line Products Co.		1,000		71,180
Roper Industries, Inc.		18,550		1,545,215
Valence Technology, Inc.*		15,482		18,269

				7,305,417

*Industrial Conglomerates (0.3%)*
Carlisle Cos., Inc.		36,600		1,801,818
Seaboard Corp.		142		343,356
Standex International Corp.		4,658		142,861
Tredegar Corp.		11,040		202,584
United Capital Corp.*		764		22,882

				2,513,501

*Machinery (3.3%)*
Accuride Corp.*		16,563		209,191
Actuant Corp., Class A		26,370		707,507
Alamo Group, Inc.		2,926		69,346
Albany International Corp., Class A		10,198		269,125
American Railcar Industries, Inc.*		4,382		102,758
Ampco-Pittsburgh Corp.		3,500		82,075
Astec Industries, Inc.*		42,100		1,556,858
Badger Meter, Inc.		1,189		43,981
Barnes Group, Inc.		24,852		616,578
Briggs & Stratton Corp.		70,700		1,404,102
Cascade Corp.		3,978		189,233
CIRCOR International, Inc.		15,922		681,939
CLARCOR, Inc.		1,210		57,209
CNH Global N.V.*		7,155		276,541
Columbus McKinnon Corp.*		1,846		33,154
Douglas Dynamics, Inc.		3,886		61,360
Energy Recovery, Inc.*		20,636		67,480
EnPro Industries, Inc.*		28,002		1,346,056
ESCO Technologies, Inc.		9,062		333,482
Federal Signal Corp.		25,995		170,527
Flow International Corp.*		2,264		8,060
Force Protection, Inc.*		19,606		97,344
FreightCar America, Inc.*		5,414		137,191
Gardner Denver, Inc.		26,902		2,261,113
Graco, Inc.		36,600		1,854,156
Greenbrier Cos., Inc.*		8,452		167,011
Hurco Cos., Inc.*		2,881		92,797
John Bean Technologies Corp.		941		18,180
Kadant, Inc.*		4,096		129,065
Kaydon Corp.		14,934		557,337
Kennametal, Inc.		44,000		1,857,240

See Notes to Financial Statements.

274

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

L.B. Foster Co., Class A		4,338	$	142,764
Lincoln Electric Holdings, Inc.		43,000		1,541,550
Lydall, Inc.*		7,817		93,491
Meritor, Inc.*		13,851		222,170
Met-Pro Corp.		6,474		73,674
Miller Industries, Inc.		5,419		101,281
Mueller Industries, Inc.		72,313		2,741,386
Mueller Water Products, Inc., Class A		70,859		282,019
NACCO Industries, Inc., Class A		2,648		256,379
Nordson Corp.		22,400		1,228,640
RBC Bearings, Inc.*		2,035		76,842
Robbins & Myers, Inc.		17,993		950,930
Tecumseh Products Co., Class A*		8,329		84,956
Timken Co.		10,000		504,000
Trinity Industries, Inc.		78,800		2,748,544
Wabash National Corp.*		100,569		942,331
Watts Water Technologies, Inc., Class A		38,631		1,367,924

				28,816,877

*Marine (0.5%)*
Baltic Trading Ltd.		7,293		41,862
Eagle Bulk Shipping, Inc.*		28,741		71,278
Excel Maritime Carriers Ltd.*		20,932		64,889
Genco Shipping & Trading Ltd.*		13,702		103,039
International Shipholding Corp.		2,317		49,306
Kirby Corp.*		73,000		4,136,910
Ultrapetrol Bahamas Ltd.*		9,606		47,453

				4,514,737

*Professional Services (0.5%)*
Barrett Business Services, Inc.		3,394		48,602
CBIZ, Inc.*		17,939		132,031
CDI Corp.		5,157		68,537
CRA International, Inc.*		4,090		110,798
Dolan Co.*		13,849		117,301
Franklin Covey Co.*		5,836		56,492
FTI Consulting, Inc.*		19,237		729,852
GP Strategies Corp.*		4,789		65,418
Heidrick & Struggles International, Inc.		7,465		169,008
Hill International, Inc.*		11,268		64,904
Hudson Highland Group, Inc.*		14,717		78,736
Huron Consulting Group, Inc.*		612		18,488
ICF International, Inc.*		5,790		146,950
Insperity, Inc.		33,000		977,130
Kelly Services, Inc., Class A*		12,124		200,046
Kforce, Inc.*		1,707		22,328
Korn/Ferry International*		20,278		445,913
Navigant Consulting, Inc.*		23,572		247,270
Odyssey Marine Exploration, Inc.*		22,057		69,038
On Assignment, Inc.*		15,008		147,529
Resources Connection, Inc.		21,097		254,008
School Specialty, Inc.*		7,287		104,860
SFN Group, Inc.*		20,066		182,400
TrueBlue, Inc.*		7,053		102,127
VSE Corp.		1,860		46,314

				4,606,080


	Number of Shares		Value (Note 1)

*Road & Rail (2.4%)*
Amerco, Inc.*		3,948	$	379,600
Arkansas Best Corp.		11,677		277,095
Celadon Group, Inc.*		3,511		49,014
Covenant Transportation Group, Inc., Class A*		3,548		27,497
Genesee & Wyoming, Inc., Class A*		115,666		6,782,654
Marten Transport Ltd.		161,042		3,478,507
Patriot Transportation Holding, Inc.*		2,787		62,345
Quality Distribution, Inc.*		4,639		60,400
RailAmerica, Inc.*		9,754		146,310
Roadrunner Transportation Systems, Inc.*		3,907		58,918
Saia, Inc.*		247,284		4,191,464
Swift Transportation Co.*		25,659		347,680
Universal Truckload Services, Inc.*		2,565		43,938
Vitran Corp., Inc.*		310,000		3,937,000
Werner Enterprises, Inc.		17,213		431,186
Zipcar, Inc.*		1,030		21,022

				20,294,630

*Trading Companies & Distributors (2.0%)*
Aceto Corp.		12,389		83,130
Aircastle Ltd.		23,813		302,901
Applied Industrial Technologies, Inc.		20,200		719,322
CAI International, Inc.*		297		6,136
DXP Enterprises, Inc.*		185,000		4,689,750
Essex Rental Corp.*		6,475		42,670
H&E Equipment Services, Inc.*		7,029		98,336
Interline Brands, Inc.*		13,911		255,545
Kaman Corp.		5,324		188,842
Lawson Products, Inc.		1,582		31,118
RSC Holdings, Inc.*		30,888		369,420
Rush Enterprises, Inc., Class A*		194,767		3,706,416
SeaCube Container Leasing Ltd.		5,087		87,395
TAL International Group, Inc.		170,000		5,870,100
Titan Machinery, Inc.*		4,742		136,475
United Rentals, Inc.*		20,164		512,166

				17,099,722

*Transportation Infrastructure (0.0%)*
Hainan Meilan International Airport Co., Ltd., Class H		108,000		109,439

Total Industrials				141,942,604

Information Technology (4.7%)
*Communications Equipment (0.9%)*
Anaren, Inc.*		6,157		130,836
Arris Group, Inc.*		56,508		656,058
Aviat Networks, Inc.*		27,556		108,571
Bel Fuse, Inc., Class B		4,732		102,637
BigBand Networks, Inc.*		19,650		42,640
Black Box Corp.		8,212		256,789
Blue Coat Systems, Inc.*		12,452		272,201
Communications Systems, Inc.		2,888		51,782
Comtech Telecommunications Corp.		12,170		341,247

See Notes to Financial Statements.

275

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

DG FastChannel, Inc.*		2,910	$	93,266
Digi International, Inc.*		9,669		125,697
Emcore Corp.*		39,887		109,290
EMS Technologies, Inc.*		6,620		218,261
Emulex Corp.*		40,365		347,139
Extreme Networks, Inc.*		30,117		97,579
Globecomm Systems, Inc.*		2,979		46,353
Harmonic, Inc.*		41,331		298,823
Infinera Corp.*		44,651		308,538
KVH Industries, Inc.*		6,350		67,501
Loral Space & Communications, Inc.*		26,086		1,812,194
Oclaro, Inc.*		23,038		154,815
Oplink Communications, Inc.*		5,590		104,142
Opnext, Inc.*		19,377		44,180
ORBCOMM, Inc.*		15,330		47,983
Plantronics, Inc.		16,085		587,585
SeaChange International, Inc.*		6,201		66,847
Sonus Networks, Inc.*		88,841		287,845
Sycamore Networks, Inc.		9,098		202,340
Symmetricom, Inc.*		19,793		115,393
Tekelec*		28,435		259,612
ViaSat, Inc.*		10,345		447,628
Westell Technologies, Inc., Class A*		23,746		84,773

				7,890,545

*Computers & Peripherals (0.2%)*
Avid Technology, Inc.*		13,519		254,698
Cray, Inc.*		16,348		104,627
Dot Hill Systems Corp.*		19,290		54,783
Electronics for Imaging, Inc.*		19,818		341,266
Imation Corp.*		13,705		129,375
Immersion Corp.*		1,020		8,701
Intermec, Inc.*		27,094		299,118
Intevac, Inc.*		10,342		105,592
Novatel Wireless, Inc.*		12,993		71,202
Quantum Corp.*		102,677		338,834
Rimage Corp.		4,415		59,293
Xyratex Ltd.*		14,162		145,302

				1,912,791

*Electronic Equipment, Instruments & Components (1.3%)*
Agilysys, Inc.*		8,028		66,954
Anixter International, Inc.		6,419		419,417
Benchmark Electronics, Inc.*		156,771		2,586,722
Brightpoint, Inc.*		17,629		142,971
Checkpoint Systems, Inc.*		18,285		326,936
Cognex Corp.		3,473		123,048
Coherent, Inc.*		3,274		180,954
CTS Corp.		15,673		151,558
Daktronics, Inc.		12,616		136,127
DDi Corp.		4,325		41,260
Electro Rent Corp.		5,082		87,004
Electro Scientific Industries, Inc.*		9,355		180,552
Gerber Scientific, Inc.*		11,430		127,216
GSI Group, Inc.*		11,687		140,828
Identive Group, Inc.*		17,566		40,753
Insight Enterprises, Inc.*		21,243		376,214
Kemet Corp.*		19,073		272,553
L-1 Identity Solutions, Inc.*		25,002		293,774
Littelfuse, Inc.		1,253		73,576


	Number of Shares		Value (Note 1)

Mercury Computer Systems, Inc.*		13,720	$	256,290
Methode Electronics, Inc.		16,789		194,920
Multi-Fineline Electronix, Inc.*		11,915		257,483
NeoPhotonics Corp.*		1,928		13,342
Newport Corp.*		11,718		212,916
OSI Systems, Inc.*		1,965		84,495
Park Electrochemical Corp.		9,371		261,919
PC Connection, Inc.*		3,997		33,095
Plexus Corp.*		1,639		57,054
Power-One, Inc.*		2,036		16,492
RadiSys Corp.*		8,747		63,766
Richardson Electronics Ltd.		6,748		91,705
Rofin-Sinar Technologies, Inc.*		47,983		1,638,619
Rogers Corp.*		4,816		222,499
Sanmina-SCI Corp.*		36,676		378,863
Scansource, Inc.*		10,530		394,664
SMART Modular Technologies (WWH), Inc.*		29,696		272,015
SYNNEX Corp.*		11,469		363,567
TTM Technologies, Inc.*		18,094		289,866
Viasystems Group, Inc.*		1,114		25,054
Vishay Precision Group, Inc.*		5,574		94,089
X-Rite, Inc.*		11,964		59,461
Zygo Corp.*		6,128		81,012

				11,131,603

*Internet Software & Services (0.3%)*
DealerTrack Holdings, Inc.*		2,571		59,004
Digital River, Inc.*		15,892		511,087
EarthLink, Inc.		50,582		389,229
InfoSpace, Inc.*		14,990		136,709
Internap Network Services Corp.*		3,338		24,534
INTL FCStone, Inc.*		6,003		145,333
KIT Digital, Inc.*		16,117		192,437
Limelight Networks, Inc.*		5,465		24,920
Marchex, Inc., Class B		5,772		51,255
Mediamind Technologies, Inc.*		414		9,083
ModusLink Global Solutions, Inc.		19,759		88,520
Openwave Systems, Inc.*		27,140		62,151
Perficient, Inc.*		3,300		33,858
QuinStreet, Inc.*		11,132		144,493
RealNetworks, Inc.*		38,902		132,267
support.com, Inc.*		8,207		39,394
TechTarget, Inc.*		1,848		13,989
United Online, Inc.		40,449		243,908
XO Group, Inc.*		6,399		63,670

				2,365,841

*IT Services (0.5%)*
Acxiom Corp.*		37,037		485,555
CACI International, Inc., Class A*		12,802		807,550
CIBER, Inc.*		29,067		161,322
Computer Task Group, Inc.*		2,046		26,946
Convergys Corp.*		47,993		654,624
CSG Systems International, Inc.*		8,277		152,959
Dynamics Research Corp.*		3,982		54,314
Euronet Worldwide, Inc.*		23,340		359,669
Global Cash Access Holdings, Inc.*		13,881		44,142
Hackett Group, Inc.*		4,808		24,473
Integral Systems, Inc.*		6,743		82,062

See Notes to Financial Statements.

276

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

ManTech International Corp., Class A		10,623	$	471,874
MoneyGram International, Inc.*		3,599		11,949
NCI, Inc., Class A*		2,447		55,596
Ness Technologies, Inc.*		15,189		114,981
SRA International, Inc., Class A*		19,139		591,778
Stream Global Services, Inc.*		3,638		12,005
Unisys Corp.*		11,514		295,910

				4,407,709

*Semiconductors & Semiconductor Equipment (1.2%)*
Advanced Analogic Technologies, Inc.*		15,527		94,016
Advanced Energy Industries, Inc.*		19,849		293,567
Alpha & Omega Semiconductor Ltd.*		6,738		89,278
Amkor Technology, Inc.*		48,153		297,104
Amtech Systems, Inc.*		265		5,470
ANADIGICS, Inc.*		30,731		98,646
Applied Micro Circuits Corp.*		4,545		40,269
ATMI, Inc.*		13,657		279,012
Axcelis Technologies, Inc.*		49,315		80,877
AXT, Inc.*		8,388		71,130
Brooks Automation, Inc.*		30,099		326,875
Cabot Microelectronics Corp.*		8,284		384,957
Cohu, Inc.		87,926		1,152,710
Cymer, Inc.*		10,490		519,360
DSP Group, Inc.*		10,700		93,090
Entegris, Inc.*		41,349		418,452
Evergreen Solar, Inc.*		1		1
Exar Corp.*		14,892		94,266
FEI Co.*		1,346		51,404
FormFactor, Inc.*		23,129		209,549
FSI International, Inc.*		17,515		47,991
GSI Technology, Inc.*		9,081		65,383
Integrated Device Technology, Inc.*		24,533		192,829
Integrated Silicon Solution, Inc.*		12,168		117,665
IXYS Corp.*		3,776		56,564
Kopin Corp.*		18,059		85,058
Kulicke & Soffa Industries, Inc.*		32,840		365,838
Lattice Semiconductor Corp.*		37,140		242,153
LTX-Credence Corp.*		10,397		92,949
Mindspeed Technologies, Inc.*		6,989		55,912
MIPS Technologies, Inc.*		7,149		49,400
MKS Instruments, Inc.		23,831		629,615
Monolithic Power Systems, Inc.*		3,195		49,267
Nanometrics, Inc.*		9,169		174,119
OmniVision Technologies, Inc.*		5,634		196,120
PDF Solutions, Inc.*		797		4,750
Pericom Semiconductor Corp.*		10,128		90,544
Photronics, Inc.*		24,706		209,260
PLX Technology, Inc.*		20,104		69,761
RF Micro Devices, Inc.*		112,788		690,263
Rudolph Technologies, Inc.*		14,364		153,838
Sigma Designs, Inc.*		14,505		110,818
Silicon Image, Inc.*		7,646		49,393
Spansion, Inc., Class A*		22,948		442,208
Standard Microsystems Corp.*		10,468		282,531
Supertex, Inc.*		5,057		113,277
Tessera Technologies, Inc.*		23,314		399,602


	Number of Shares		Value (Note 1)

Veeco Instruments, Inc.*		5,642	$	273,129
Zoran Corp.*		23,014		193,318

				10,103,588

*Software (0.3%)*
Accelrys, Inc.*		25,160		178,888
Actuate Corp.*		1,256		7,347
Ebix, Inc.*		4,442		84,620
EPIQ Systems, Inc.		13,350		189,837
ePlus, Inc.*		1,640		43,361
Fair Isaac Corp.		7,646		230,909
JDA Software Group, Inc.*		15,730		485,900
Mentor Graphics Corp.*		24,464		313,384
Motricity, Inc.*		1,003		7,753
Progress Software Corp.*		12,416		299,598
Quest Software, Inc.*		19,386		440,644
Renaissance Learning, Inc.		3,943		49,445
Rosetta Stone, Inc.*		5,085		82,072
S1 Corp.*		21,064		157,559
Smith Micro Software, Inc.*		16,419		69,124
SS&C Technologies Holdings, Inc.*		11,464		227,790
TeleCommunication Systems, Inc., Class A*		12,289		59,356
TeleNav, Inc.*		378		6,702
THQ, Inc.*		31,190		112,908

				3,047,197

Total Information Technology				40,859,274

Materials (5.1%)
*Chemicals (2.3%)*
A. Schulman, Inc.		49,767		1,253,631
American Vanguard Corp.		8,548		110,868
Arch Chemicals, Inc.		10,447		359,795
Cabot Corp.		34,700		1,383,489
Calgon Carbon Corp.*		5,327		90,559
Chase Corp.		2,741		45,939
Chemtura Corp.*		16,940		308,308
Ferro Corp.*		39,499		530,867
FutureFuel Corp.		5,469		66,230
Georgia Gulf Corp.*		15,558		375,570
H.B. Fuller Co.		121,135		2,958,117
Innospec, Inc.*		1,109		37,273
KMG Chemicals, Inc.		331		5,574
Kraton Performance Polymers, Inc.*		1,835		71,877
Landec Corp.*		11,978		79,055
Minerals Technologies, Inc.		8,357		553,985
NL Industries, Inc.		87		1,597
Olin Corp.		14,504		328,661
OM Group, Inc.*		14,185		576,478
PolyOne Corp.		11,767		182,035
Quaker Chemical Corp.		1,395		59,999
RPM International, Inc.		81,901		1,885,361
Sensient Technologies Corp.		44,627		1,654,323
Spartech Corp.*		14,031		85,449
Stepan Co.		3,691		261,692
STR Holdings, Inc.*		13,854		206,702
TPC Group, Inc.*		2,125		83,342
Valhi, Inc.		121,900		6,054,773
Zoltek Cos., Inc.*		12,699		133,720

				19,745,269

See Notes to Financial Statements.

277

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Construction Materials (0.1%)*
Eagle Materials, Inc.		3,953	$	110,170
Headwaters, Inc.*		27,736		86,814
Texas Industries, Inc.		10,416		433,618
United States Lime & Minerals, Inc.*		865		35,474

				666,076

*Containers & Packaging (0.2%)*
AptarGroup, Inc.		22,000		1,151,480
Boise, Inc.		47,675		371,389
Graham Packaging Co., Inc.*		10,114		255,075
Graphic Packaging Holding Co.*		9,114		49,580
Myers Industries, Inc.		13,383		137,577

				1,965,101

*Metals & Mining (2.1%)*
A.M. Castle & Co.*		7,594		126,136
Century Aluminum Co.*		23,535		368,323
Coeur d’Alene Mines Corp.*		38,263		928,260
Commercial Metals Co.		125,000		1,793,750
Golden Minerals Co.*		813		14,455
Golden Star Resources Ltd.*		118,055		259,721
Handy & Harman Ltd.*		2,057		31,657
Harry Winston Diamond Corp.*		54,000		897,480
Haynes International, Inc.		1,233		76,360
Horsehead Holding Corp.*		18,874		251,402
Inmet Mining Corp.		74,200		5,339,292
Jaguar Mining, Inc.*		38,663		184,809
Kaiser Aluminum Corp.		4,204		229,622
Materion Corp.*		8,572		316,907
Olympic Steel, Inc.		4,121		113,451
Reliance Steel & Aluminum Co.		40,685		2,020,010
Revett Minerals, Inc.*		4,941		22,284
RTI International Metals, Inc.*		11,988		459,980
Steel Dynamics, Inc.		99,000		1,608,750
Thompson Creek Metals Co., Inc.*		69,899		697,592
U.S. Energy Corp./Wyoming*		10,987		46,914
U.S. Gold Corp.*		267,700		1,614,231
United States Steel Corp.		5,830		268,413
Universal Stainless & Alloy Products, Inc.*		3,193		149,305
Vista Gold Corp.*		27,044		76,535
Worthington Industries, Inc.		9,911		228,944

				18,124,583

*Paper & Forest Products (0.4%)*
Buckeye Technologies, Inc.		18,215		491,441
Clearwater Paper Corp.*		5,246		358,197
KapStone Paper and Packaging Corp.*		17,838		295,576
Louisiana-Pacific Corp.*		60,538		492,779
Neenah Paper, Inc.		3,410		72,565
P.H. Glatfelter Co.		54,338		835,718
Schweitzer-Mauduit International, Inc.		8,047		451,839
Verso Paper Corp.*		6,425		17,219
Wausau Paper Corp.		22,637		152,573

				3,167,907

Total Materials				43,668,936


	Number of Shares		Value (Note 1)

Telecommunication Services (0.7%)
*Diversified Telecommunication Services (0.7%)*
Alaska Communications Systems Group, Inc.		16,341	$	144,945
Atlantic Tele-Network, Inc.		3,280		125,821
Boingo Wireless, Inc.*		732		6,647
Cincinnati Bell, Inc.*		64,992		215,773
Consolidated Communications Holdings, Inc.		2,339		45,470
Fairpoint Communications, Inc.*		9,144		84,216
Global Crossing Ltd.*		5,169		198,386
Globalstar, Inc.*		45,962		56,533
IDT Corp., Class B		566		15,293
inContact, Inc.*		1,076		5,111
Iridium Communications, Inc.*		17,612		152,344
Neutral Tandem, Inc.*		15,803		275,288
PAETEC Holding Corp.*		16,572		79,380
Premiere Global Services, Inc.*		523,824		4,180,116
SureWest Communications		5,897		98,598
Vonage Holdings Corp.*		36,332		160,224

				5,844,145

*Wireless Telecommunication Services (0.0%)*
ICO Global Communications Holdings Ltd.*		24,999		69,247
Leap Wireless International, Inc.*		22,077		358,310
USA Mobility, Inc.		10,165		155,118

				582,675

Total Telecommunication Services				6,426,820

Utilities (2.5%)
*Electric Utilities (1.2%)*
Allete, Inc.		14,529		596,270
Central Vermont Public Service Corp.		6,125		221,419
Cleco Corp.		27,912		972,733
El Paso Electric Co.		19,214		620,612
Empire District Electric Co.		18,983		365,613
IDACORP, Inc.		22,657		894,951
MGE Energy, Inc.		10,508		425,889
NV Energy, Inc.		128,000		1,964,800
Otter Tail Corp.		15,410		325,151
PNM Resources, Inc.		115,293		1,930,005
Portland General Electric Co.		34,451		870,921
UIL Holdings Corp.		23,053		745,765
UniSource Energy Corp.		16,738		624,830
Unitil Corp.		4,877		128,265

				10,687,224

*Gas Utilities (0.7%)*
Chesapeake Utilities Corp.		4,376		175,171
Laclede Group, Inc.		10,219		386,585
New Jersey Resources Corp.		18,940		844,913
Nicor, Inc.		20,863		1,142,041
Northwest Natural Gas Co.		12,269		553,700
Piedmont Natural Gas Co., Inc.		32,823		993,224
South Jersey Industries, Inc.		11,263		611,694
Southwest Gas Corp.		20,966		809,497
WGL Holdings, Inc.		23,449		902,552

				6,419,377

See Notes to Financial Statements.

278

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

*Independent Power Producers & Energy Traders (0.1%)*
Atlantic Power Corp.		28,797	$	438,291
Dynegy, Inc.*		47,080		291,425
Ormat Technologies, Inc.		8,218		180,878

				910,594

*Multi-Utilities (0.3%)*
Avista Corp.		26,242		674,157
Black Hills Corp.		17,974		540,838
CH Energy Group, Inc.		7,033		374,577
NorthWestern Corp.		16,558		548,235

				2,137,807

*Water Utilities (0.2%)*
American States Water Co.		8,625		298,942
Artesian Resources Corp., Class A		2,933		52,852
Cadiz, Inc.*		5,329		57,873
California Water Service Group		19,249		360,149
Connecticut Water Service, Inc.		3,896		99,660
Consolidated Water Co., Ltd.		6,834		63,488
Middlesex Water Co.		7,096		131,844
Pennichuck Corp.		920		26,450
SJW Corp.		6,482		157,124
York Water Co.		5,818		96,288

				1,344,670

Total Utilities				21,499,672

Total Common Stocks (81.2%) (Cost $596,080,896)				700,623,031

INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs)(1.1%)*
iShares Russell 2000 Value Index Fund		65,600		4,815,696


	Number of Shares		Value (Note 1)

JZ Capital Partners Ltd.		102,400	$	650,941
RIT Capital Partners plc*		197,220		4,100,003

				9,566,640

*Investment Company (0.0%)*
THL Credit, Inc.		4,119		53,547

Total Investment Companies (1.1%) (Cost $9,652,482)				9,620,187

SHORT-TERM INVESTMENTS:
Short-Term Investment (15.5%)
BlackRock Liquidity Funds TempFund 0.08%‡		133,657,852		133,657,852

	Principal Amount		Value (Note 1)
Time Deposit (1.2%)
JPMorgan Chase Nassau 0.000%, 7/1/11	$	10,022,113		10,022,113

Total Short-Term Investments (16.7%) (Cost $143,679,965)				143,679,965

Total Investments (99.0%) (Cost $749,413,343)				853,923,183
Other Assets Less Liabilities (1.0%)				8,502,789

Net Assets (100%)			$	862,425,972

*	Non-income producing.

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

Glossary:

ADR

— American Depositary Receipt

Investments in companies which were affiliates for the six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	156,815,286	$	86,169,606	$	109,327,040	$	133,657,852	$	96,696	$	—

At June 30, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2011		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		1,740		September-11	$	137,219,395	$	143,619,600	$	6,400,205

See Notes to Financial Statements.

279

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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 Significants Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	131,778,246	$	—	$	—	$	131,778,246
Consumer Staples		18,708,312		—		—		18,708,312
Energy		69,746,341		—		—		69,746,341
Financials		189,907,560		10,083,854		—		199,991,414
Health Care		26,001,412		—		—		26,001,412
Industrials		141,833,165		109,439		—		141,942,604
Information Technology		40,470,045		389,229		—		40,859,274
Materials		43,668,936		—		—		43,668,936
Telecommunication Services		6,426,820		—		—		6,426,820
Utilities		21,499,672		—		—		21,499,672
Futures		6,400,205		—		—		6,400,205
Investment Companies
Exchange Traded Funds (ETFs)		4,815,696		4,750,944		—		9,566,640
Investment Companies		53,547		—		—		53,547
Short-Term Investments		—		143,679,965		—		143,679,965

Total Assets	$	701,309,957	$	159,013,431	$	—	$	860,323,388

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	701,309,957	$	159,013,431	$	—	$	860,323,388

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



	Investments in Corporate Bonds- Financials

Balance as of 12/31/10	$	4,611
Total gains or losses (realized/unrealized) included in earnings		(1,817	)
Purchases		—
Sales		(2,794	)
Issuances		—
Settlements		—
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of 6/30/11	$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11	$	—

See Notes to Financial Statements.

280

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2011:


	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		6,400,205	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	6,400,205


	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 & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2011:


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		—		—		(25,373	)		—		(25,373	)
Credit contracts		—		—		—			—		—
Equity contracts		—		7,733,533		—			—		7,733,533
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	7,733,533	$	(25,373	)	$	—	$	7,708,160


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		—		2,162,387		—		—		2,162,387
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	2,162,387	$	—	$	—	$	2,162,387

The Portfolio held futures contracts with an average notional balance of approximately $160,678,000 forward foreign currency contracts with an average settlement value of approximately $964,000 during the six months ended June 30, 2011.

^ This Portfolio held forward foreign currency and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	397,140,319
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	422,549,100

As of June 30, 2011, 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	$	138,898,973
Aggregate gross unrealized depreciation		(38,431,303	)

Net unrealized appreciation	$	100,467,670

Federal income tax cost of investments	$	753,455,513

The Portfolio has a net capital loss carryforward of $434,433,080 of which $174,903,499 expires in the year 2016 and $259,529,581 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $133,657,852)	$	133,657,852
Unaffiliated Issuers (Cost $615,755,491)		720,265,331
Cash		1,093,997
Cash held as collateral at broker		7,066,000
Due from broker for futures variation margin		1,131,117
Receivable for securities sold		955,646
Dividends, interest and other receivables		866,345
Receivable from Separate Accounts for Trust shares sold		114,833
Receivable from investment sub-advisor		16,743

Total assets		865,167,864

LIABILITIES
Payable for securities purchased		1,136,067
Payable to Separate Accounts for Trust shares redeemed		720,946
Investment management fees payable		579,777
Distribution fees payable - Class B		125,086
Administrative fees payable		118,985
Trustees’ fees payable		3,595
Accrued expenses		57,436

Total liabilities		2,741,892

NET ASSETS	$	862,425,972

Net assets were comprised of:
Paid in capital	$	1,132,947,890
Accumulated undistributed net investment income (loss)		482,930
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(381,914,893	)
Net unrealized appreciation (depreciation) on investments and futures		110,910,045

Net assets	$	862,425,972

Class A
Net asset value, offering and redemption price per share, $234,163,897 / 20,458,455 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.45

Class B
Net asset value, offering and redemption price per share, $628,262,075 / 54,911,880 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.44

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends ($96,696 of dividend income received from affiliates) (net of $6,377 foreign withholding tax)	$	5,215,444
Interest		71

Total income		5,215,515

EXPENSES
Investment management fees		3,657,206
Distribution fees - Class B		794,848
Administrative fees		666,652
Custodian fees		41,119
Printing and mailing expenses		34,150
Professional fees		27,217
Trustees’ fees		7,283
Miscellaneous		9,876

Gross expenses		5,238,351
Less: Reimbursement from sub-advisor		(52,334	)
Fees paid indirectly		(10,091	)

Net expenses		5,175,926

NET INVESTMENT INCOME (LOSS)		39,589

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		53,031,732
Foreign currency transactions		(2,621	)
Futures		7,733,533

Net realized gain (loss)		60,762,644

Change in unrealized appreciation (depreciation) on:
Securities		(11,723,435	)
Futures		2,162,387

Net change in unrealized appreciation (depreciation)		(9,561,048	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		51,201,596

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	51,241,185

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	39,589		$	2,212,183
Net realized gain (loss) on investments, futures, net distributions of net realized gain received from Underlying Portfolio and foreign currency transactions		60,762,644			74,362,247
Net change in unrealized appreciation (depreciation) on investments and futures		(9,561,048	)		101,940,906

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		51,241,185			178,515,336

DIVIDENDS:
Dividends from net investment income
Class A		—			(877,770	)
Class B		—			(871,758	)

TOTAL DIVIDENDS		—			(1,749,528	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 112,094 and 443,048 shares, respectively ]		1,247,750			4,117,393
Capital shares issued in reinvestment of dividends[ 0 and 82,194 shares, respectively ]		—			877,770
Capital shares repurchased [ (785,677) and (2,602,441) shares, respectively ]		(8,806,578	)		(25,728,990	)

Total Class A transactions		(7,558,828	)		(20,733,827	)

Class B
Capital shares sold [ 1,652,416 and 7,416,979 shares, respectively ]		18,573,454			69,475,000
Capital shares issued in reinvestment of dividends[ 0 and 81,555 shares, respectively ]		—			871,758
Capital shares repurchased [ (6,571,638) and (14,627,474) shares, respectively ]		(73,617,995	)		(135,262,737	)

Total Class B transactions		(55,044,541	)		(64,915,979	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(62,603,369	)		(85,649,806	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(11,362,184	)		91,116,002
NET ASSETS:
Beginning of period		873,788,156			782,672,154

End of period (a)	$	862,425,972		$	873,788,156

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	482,930		$	443,341

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.79		$	8.67		$	6.92		$	11.23		$	13.70		$	13.37

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.04	(e)		0.08	(e)		0.05	(e)		0.10	(e)		0.07	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.65			2.12			1.77			(4.28	)		(1.42	)		2.09

Total from investment operations		0.66			2.16			1.85			(4.23	)		(1.32	)		2.16

Less distributions:
Dividends from net investment income		—			(0.04	)		(0.10	)		(0.04	)		(0.07	)		(0.08	)
Distributions from net realized gains		—			—			—			(0.04	)		(1.08	)		(1.75	)

Total dividends and distributions		—			(0.04	)		(0.10	)		(0.08	)		(1.15	)		(1.83	)

Net asset value, end of period	$	11.45		$	10.79		$	8.67		$	6.92		$	11.23		$	13.70

Total return (b)		6.12	%		24.93	%		26.76	%		(37.75	)%		(9.62	)%		16.38	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	234,164		$	227,924		$	201,332		$	242,715		$	628,684		$	577,637
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.01	%		1.03	%		1.05	%		1.23	%		1.07	%(c)		0.85	%(c)
After waivers, reimbursements and fees paid indirectly (a)		1.01	%		1.03	%		0.77	%		1.17	%		1.06	%		0.77	%(c)
Before waivers, reimbursements and fees paid indirectly (a)		1.02	%		1.04	%		1.05	%		1.23	%		1.10	%		0.85	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.19	%		0.45	%		0.82	%		0.42	%		0.71	%		0.40	%(c)
After waivers, reimbursements and fees paid indirectly (a)		0.20	%		0.45	%		1.09	%		0.47	%		0.72	%		0.47	%(c)
Before waivers, reimbursements and fees paid indirectly (a)		0.18	%		0.44	%		0.82	%		0.42	%		0.68	%		0.40	%(c)
Portfolio turnover rate		56	%		20	%		63	%		98	%		103	%		114	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)



	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	10.79		$	8.68		$	6.93		$	11.24		$	13.71		$	13.38

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		0.02	(e)		0.06	(e)		0.02	(e)		0.07	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.65			2.10			1.77			(4.27	)		(1.42	)		2.09

Total from investment operations		0.65			2.12			1.83			(4.25	)		(1.35	)		2.12

Less distributions:
Dividends from net investment income		—			(0.01	)		(0.08	)		(0.02	)		(0.04	)		(0.04	)
Distributions from net realized gains		—			—			—			(0.04	)		(1.08	)		(1.75	)

Total dividends and distributions		—			(0.01	)		(0.08	)		(0.06	)		(1.12	)		(1.79	)

Net asset value, end of period	$	11.44		$	10.79		$	8.68		$	6.93		$	11.24		$	13.71

Total return (b)		6.02	%		24.48	%		26.40	%		(37.87	)%		(9.84	)%		16.07	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	628,262		$	645,864		$	581,340		$	506,586		$	980,945		$	1,326,859
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.26	%		1.28	%		1.30	%		1.48	%		1.32	%(c)		1.10	%(c)
After waivers, reimbursements and fees paid indirectly (a)		1.26	%		1.28	%		1.03	%		1.42	%		1.31	%(c)		1.02	%(c)
Before waivers, reimbursements and fees paid indirectly (a)		1.27	%		1.29	%		1.30	%		1.48	%		1.35	%(c)		1.10	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.06	)%		0.20	%		0.60	%		0.17	%		0.48	%		0.15	%(c)
After waivers, reimbursements and fees paid indirectly (a)		(0.06	)%		0.20	%		0.87	%		0.23	%		0.50	%		0.22	%(c)
Before waivers, reimbursements and fees paid indirectly (a)		(0.07	)%		0.19	%		0.60	%		0.17	%		0.46	%		0.15	%(c)
Portfolio turnover rate		56	%		20	%		63	%		98	%		103	%		114	%

#	Per share amount is less than $0.005.

(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 investment income and non-class specific expense.

(e)

Net investment income is based on average shares outstanding.

See Notes to Financial Statements.

286

MULTIMANAGER TECHNOLOGY PORTFOLIO (Unaudited)


Sector Weightings as of 06/30/11	% of Net Assets
Investment Companies		19.8	%
Software		17.3
Semiconductors & Semiconductor Equipment		12.6
Computers & Peripherals		11.5
IT Services		9.9
Communications Equipment		8.9
Internet Software & Services		7.2
Consumer Discretionary		5.3
Electronic Equipment, Instruments & Components		3.9
Industrials		0.7
Financials		0.3
Office Electronics		0.2
Telecommunication Services		0.1
Health Care		0.1
Materials		0.0	#
Cash and Other		2.2

		100.0	%

# Less than 0.05%

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 understandyour 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 June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,041.20		$5.77
Hypothetical (5% average return before expenses)		1,000.00		1,019.14		5.71
Class B
Actual		1,000.00		1,039.00		7.03
Hypothetical (5% average return before expenses)		1,000.00		1,017.90		6.95
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.14% and 1.39% , respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period ).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (5.3%)
*Automobiles (0.0%)*
Tesla Motors, Inc.*		1,350	$	39,326

*Diversified Consumer Services (0.1%)*
New Oriental Education & Technology Group, Inc. (ADR)*		4,100		458,052

*Hotels, Restaurants & Leisure (0.3%)*
Ctrip.com International Ltd. (ADR)*		41,225		1,775,973

*Internet & Catalog Retail (4.9%)*
Amazon.com, Inc.*		60,900		12,453,441
Blue Nile, Inc.*		1,200		52,776
Expedia, Inc.		15,300		443,547
IAC/InterActiveCorp*		6,900		263,373
Netflix, Inc.*		55,455		14,567,474
priceline.com, Inc.*		11,150		5,708,019
Shutterfly, Inc.*		2,200		126,324

				33,614,954

Total Consumer Discretionary				35,888,305

Health Care (0.1%)
*Life Sciences Tools & Services (0.1%)*
Agilent Technologies, Inc.*		20,210		1,032,933

Total Health Care				1,032,933

Industrials (0.7%)
*Construction & Engineering (0.3%)*
Quanta Services, Inc.*		88,805		1,793,861

*Electrical Equipment (0.3%)*
Cooper Industries plc		33,270		1,985,221

*Professional Services (0.1%)*
Huron Consulting Group, Inc.*		30,915		933,942

Total Industrials				4,713,024

Information Technology (71.5%)
*Communications Equipment (8.9%)*
AAC Acoustic Technologies Holdings, Inc.		444,000		1,044,574
Acme Packet, Inc.*		56,482		3,961,083
ADTRAN, Inc.		211,445		8,185,036
Arris Group, Inc.*		9,600		111,456
Aruba Networks, Inc.*		18,380		543,129
Blue Coat Systems, Inc.*		3,500		76,510
Brocade Communications Systems, Inc.*		36,700		237,082
Ciena Corp.*		7,200		132,336
Cisco Systems, Inc.		424,000		6,618,640
Comtech Telecommunications Corp.		2,200		61,688
DG FastChannel, Inc.*		1,800		57,690
EchoStar Corp., Class A*		2,800		102,004
Emulex Corp.*		53,300		458,380
F5 Networks, Inc.*		13,810		1,522,553
Finisar Corp.*		7,000		126,210
Harris Corp.		9,900		446,094


	Number of Shares		Value (Note 1)

HTC Corp.		73,930	$	2,525,482
Infinera Corp.*		2,300		15,893
InterDigital, Inc.		3,400		138,890
Ixia*		3,500		44,800
JDS Uniphase Corp.*		17,500		291,550
Juniper Networks, Inc.*		74,000		2,331,000
Loral Space & Communications, Inc.*		800		55,576
Motorola Mobility Holdings, Inc.*		22,487		495,613
Motorola Solutions, Inc.*		26,142		1,203,578
NETGEAR, Inc.*		2,700		118,044
Plantronics, Inc.		3,700		135,161
Polycom, Inc.*		44,721		2,875,560
QUALCOMM, Inc.		227,265		12,906,379
Research In Motion Ltd.*		36,000		1,038,600
Riverbed Technology, Inc.*		163,323		6,465,958
Sonus Networks, Inc.*		21,900		70,956
Sycamore Networks, Inc.		1,500		33,360
Tekelec*		5,600		51,128
Telefonaktiebolaget LM Ericsson (ADR)		217,900		3,133,402
Telefonaktiebolaget LM Ericsson, Class B		198,990		2,861,982
Tellabs, Inc.		28,700		132,307
ViaSat, Inc.*		3,200		138,464

				60,748,148

*Computers & Peripherals (11.5%)*
Apple, Inc.*		124,365		41,745,599
Avid Technology, Inc.*		2,300		43,332
Dell, Inc.*		126,400		2,107,088
Diebold, Inc.		5,100		158,151
Electronics for Imaging, Inc.*		3,600		61,992
EMC Corp.*		555,635		15,307,744
Hewlett-Packard Co.		217,670		7,923,188
Intermec, Inc.*		3,400		37,536
Lexmark International, Inc., Class A*		6,200		181,412
NCR Corp.*		12,500		236,125
NetApp, Inc.*		161,773		8,538,379
QLogic Corp.*		8,300		132,136
SanDisk Corp.*		18,310		759,865
Seagate Technology plc		32,905		531,745
STEC, Inc.*		3,800		64,638
Synaptics, Inc.*		2,600		66,924
Western Digital Corp.*		17,800		647,564

				78,543,418

*Electronic Equipment, Instruments & Components (3.9%)*
Aeroflex Holding Corp.*		1,100		19,965
Amphenol Corp., Class A		37,457		2,022,303
Anixter International, Inc.		2,200		143,748
Arrow Electronics, Inc.*		8,900		369,350
Avnet, Inc.*		11,600		369,808
AVX Corp.		3,600		54,864
Benchmark Electronics, Inc.*		4,800		79,200
Celestica, Inc.*		15,500		135,780
Chroma ATE, Inc.		299,000		952,605
Cognex Corp.		3,200		113,376
Coherent, Inc.*		1,900		105,013
Corning, Inc.		120,900		2,194,335

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Dolby Laboratories, Inc., Class A*		3,963	$	168,269
FLIR Systems, Inc.		12,308		414,903
Hitachi Ltd.		1,712,000		10,120,103
Ingram Micro, Inc., Class A*		12,300		223,122
IPG Photonics Corp.*		2,000		145,420
Itron, Inc.*		3,100		149,296
Jabil Circuit, Inc.		15,300		309,060
L-1 Identity Solutions, Inc.*		7,000		82,250
Littelfuse, Inc.		1,700		99,824
Molex, Inc.		10,719		276,229
National Instruments Corp.		6,900		204,861
Plexus Corp.*		2,800		97,468
Power-One, Inc.*		7,900		63,990
Rofin-Sinar Technologies, Inc.*		2,300		78,545
Sanmina-SCI Corp.*		6,300		65,079
SYNNEX Corp.*		1,800		57,060
Synnex Technology International Corp.		359,150		873,348
TE Connectivity Ltd.		33,800		1,242,488
Tech Data Corp.*		3,600		176,004
TPK Holding Co., Ltd.*		138,000		4,233,781
Trimble Navigation Ltd.*		9,500		376,580
TTM Technologies, Inc.*		3,200		51,264
Universal Display Corp.*		4,000		140,360
Vishay Intertechnology, Inc.*		12,900		194,016

				26,403,667

*Internet Software & Services (7.2%)*
Akamai Technologies, Inc.*		23,890		751,818
Ancestry.com, Inc.*		1,200		49,668
AOL, Inc.*		8,049		159,853
Baidu, Inc. (ADR)*		64,010		8,969,721
DealerTrack Holdings, Inc.*		3,300		75,735
DeNA Co., Ltd.		12,000		517,526
Digital River, Inc.*		3,100		99,696
EarthLink, Inc.		8,400		64,638
eBay, Inc.*		209,970		6,775,732
Equinix, Inc.*		3,600		363,672
Google, Inc., Class A*		36,026		18,242,846
IntraLinks Holdings, Inc.*		700		12,096
j2 Global Communications, Inc.*		3,600		101,628
Kakaku.com, Inc.		128		900,902
LogMeIn, Inc.*		1,200		46,284
Monster Worldwide, Inc.*		10,200		149,532
NetEase.com, Inc. (ADR)*		83,975		3,786,433
Open Text Corp.*		4,400		281,688
OpenTable, Inc.*		1,200		99,744
Phoenix New Media Ltd. (ADR)*		110,811		993,975
Rackspace Hosting, Inc.*		7,600		324,824
Renren, Inc. (ADR)*		878		7,770
RightNow Technologies, Inc.*		1,700		55,080
SAVVIS, Inc.*		3,200		126,496
Tencent Holdings Ltd.		1,500		41,139
Travelzoo, Inc.*		400		25,856
ValueClick, Inc.*		6,400		106,240
VeriSign, Inc.		18,206		609,173
WebMD Health Corp.*		3,967		180,816
Yahoo!, Inc.*		312,860		4,705,414
Yandex N.V., Class A*		6,400		227,264

				48,853,259


	Number of Shares		Value (Note 1)

*IT Services (9.9%)*
Accenture plc, Class A		82,493	$	4,984,227
Acxiom Corp.*		6,400		83,904
Alliance Data Systems Corp.*		29,174		2,744,398
Automatic Data Processing, Inc.		94,166		4,960,665
Broadridge Financial Solutions, Inc.		9,800		235,886
CACI International, Inc., Class A*		2,400		151,392
Cognizant Technology Solutions Corp., Class A*		23,400		1,716,156
Computer Sciences Corp.		12,000		455,520
Convergys Corp.*		9,400		128,216
CoreLogic, Inc.*		8,200		137,022
DST Systems, Inc.		2,700		142,560
Euronet Worldwide, Inc.*		4,000		61,640
ExlService Holdings, Inc.*		15,894		367,151
Fidelity National Information Services, Inc.		20,650		635,813
Fiserv, Inc.*		11,100		695,193
Gartner, Inc.*		6,600		265,914
Genpact Ltd.*		33,299		574,075
Global Payments, Inc.		6,200		316,200
hiSoft Technology International Ltd. (ADR)*		30,980		453,857
iGATE Corp.		2,200		35,904
International Business Machines Corp.		140,968		24,183,060
Jack Henry & Associates, Inc.		6,700		201,067
Lender Processing Services, Inc.		7,000		146,370
ManTech International Corp., Class A		1,700		75,514
Mastercard, Inc., Class A		17,535		5,283,997
MAXIMUS, Inc.		1,300		107,549
NeuStar, Inc., Class A*		5,833		152,825
Paychex, Inc.		24,700		758,784
SAIC, Inc.*		21,500		361,630
Sapient Corp.*		156,717		2,355,457
SRA International, Inc., Class A*		3,200		98,944
Syntel, Inc.		1,000		59,120
TeleTech Holdings, Inc.*		2,200		46,376
Teradata Corp.*		50,899		3,064,120
Total System Services, Inc.		12,300		228,534
Unisys Corp.*		2,700		69,390
VeriFone Systems, Inc.*		6,800		301,580
Visa, Inc., Class A		89,710		7,558,965
Western Union Co.		176,350		3,532,290
Wright Express Corp.*		2,900		151,003

				67,882,268

*Office Electronics (0.2%)*
Xerox Corp.		108,054		1,124,842
Zebra Technologies Corp., Class A*		4,300		181,331

				1,306,173

*Semiconductors & Semiconductor Equipment (12.6%)*
Advanced Micro Devices, Inc.*		44,400		310,356
Advanced Semiconductor Engineering, Inc.		559,000		620,552
Altera Corp.		24,700		1,144,845
Amkor Technology, Inc.*		10,755		66,358

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Analog Devices, Inc.		154,420	$	6,043,999
Applied Materials, Inc.		101,900		1,325,719
Applied Micro Circuits Corp.*		115,400		1,022,444
ASM Pacific Technology Ltd.		105,700		1,461,314
ASML Holding N.V. (N.Y. Shares)		45,250		1,672,440
Atmel Corp.*		230,500		3,243,135
Avago Technologies Ltd.		130,105		4,943,990
Broadcom Corp., Class A*		36,700		1,234,588
Cabot Microelectronics Corp.*		1,700		78,999
Cavium, Inc.*		22,520		981,647
Cirrus Logic, Inc.*		18,425		292,958
Cree, Inc.*		23,545		790,877
Cymer, Inc.*		2,300		113,873
Cypress Semiconductor Corp.*		203,241		4,296,515
Diodes, Inc.*		2,700		70,470
Disco Corp.		13,400		849,369
Entegris, Inc.*		9,900		100,188
Fairchild Semiconductor International, Inc.*		10,000		167,100
FEI Co.*		3,000		114,570
First Solar, Inc.*		4,200		555,534
GT Solar International, Inc.*		9,400		152,280
Hittite Microwave Corp.*		1,900		117,629
Hynix Semiconductor, Inc.		29,130		687,978
Integrated Device Technology, Inc.*		12,000		94,320
Intel Corp.		800,740		17,744,398
International Rectifier Corp.*		5,400		151,038
Intersil Corp., Class A		9,800		125,930
KLA-Tencor Corp.		12,900		522,192
Lam Research Corp.*		9,600		425,088
Linear Technology Corp.		48,300		1,594,866
LSI Corp.*		48,000		341,760
Marvell Technology Group Ltd.*		40,800		602,412
Maxim Integrated Products, Inc.		72,685		1,857,829
MEMC Electronic Materials, Inc.*		18,200		155,246
Micrel, Inc.		3,700		39,146
Microchip Technology, Inc.		14,600		553,486
Micron Technology, Inc.*		65,700		491,436
Microsemi Corp.*		6,800		139,400
MKS Instruments, Inc.		4,100		108,322
National Semiconductor Corp.		18,400		452,824
Netlogic Microsystems, Inc.*		43,820		1,771,204
Novellus Systems, Inc.*		6,900		249,366
NVIDIA Corp.*		70,400		1,121,824
OmniVision Technologies, Inc.*		3,368		117,240
ON Semiconductor Corp.*		521,341		5,458,440
PMC-Sierra, Inc.*		18,400		139,288
Power Integrations, Inc.		2,300		88,389
Rambus, Inc.*		7,500		110,100
RF Micro Devices, Inc.*		21,800		133,416
Samsung Electronics Co., Ltd.		1,336		1,038,392
Semtech Corp.*		4,900		133,966
Seoul Semiconductor Co., Ltd.		1,837		50,375
Silicon Laboratories, Inc.*		3,500		144,410
Skyworks Solutions, Inc.*		180,429		4,146,258
SMA Solar Technology AG		1,830		203,900
Spansion, Inc., Class A*		65,255		1,257,464
SunPower Corp., Class A*		4,131		79,852
Teradyne, Inc.*		14,400		213,120


	Number of Shares		Value (Note 1)

Tessera Technologies, Inc.*		4,000	$	68,560
Texas Instruments, Inc.		289,295		9,497,555
TriQuint Semiconductor, Inc.*		12,500		127,375
Varian Semiconductor Equipment Associates, Inc.*		5,837		358,625
Veeco Instruments, Inc.*		3,100		150,071
Xilinx, Inc.		49,800		1,816,206

				86,334,816

*Software (17.3%)*
ACI Worldwide, Inc.*		2,400		81,048
Activision Blizzard, Inc.		37,900		442,672
Adobe Systems, Inc.*		39,100		1,229,695
Advent Software, Inc.*		2,400		67,608
ANSYS, Inc.*		7,100		388,157
Ariba, Inc.*		33,095		1,140,785
Aspen Technology, Inc.*		4,600		79,028
Autodesk, Inc.*		17,700		683,220
Blackbaud, Inc.		3,500		97,020
Blackboard, Inc.*		2,600		112,814
BMC Software, Inc.*		36,054		1,972,154
BroadSoft, Inc.*		500		19,065
CA, Inc.		29,400		671,496
Cadence Design Systems, Inc.*		20,500		216,480
Citrix Systems, Inc.*		118,531		9,482,480
CommVault Systems, Inc.*		3,400		151,130
Compuware Corp.*		17,300		168,848
Concur Technologies, Inc.*		3,500		175,245
Electronic Arts, Inc.*		25,600		604,160
FactSet Research Systems, Inc.		3,600		368,352
Fair Isaac Corp.		3,200		96,640
Fortinet, Inc.*		6,800		185,572
Informatica Corp.*		111,265		6,501,214
Intuit, Inc.*		201,795		10,465,089
JDA Software Group, Inc.*		3,300		101,937
Lawson Software, Inc.*		10,000		112,200
Longtop Financial Technologies Ltd. (ADR)*†(b)		155,952		971,971
Mentor Graphics Corp.*		8,700		111,447
MICROS Systems, Inc.*		6,290		312,676
Microsoft Corp.		723,095		18,800,470
MicroStrategy, Inc., Class A*		600		97,608
NetSuite, Inc.*		1,200		47,040
Nuance Communications, Inc.*		18,500		397,195
Oracle Corp.		855,733		28,162,173
Parametric Technology Corp.*		9,000		206,370
Pegasystems, Inc.		1,200		55,860
Progress Software Corp.*		5,304		127,985
QLIK Technologies, Inc.*		24,500		834,470
Quest Software, Inc.*		5,000		113,650
RealD, Inc.*		2,300		53,797
RealPage, Inc.*		2,200		58,234
Red Hat, Inc.*		14,800		679,320
Rovi Corp.*		8,727		500,581
Salesforce.com, Inc.*		97,031		14,455,678
Software AG		8,716		522,189
SolarWinds, Inc.*		2,400		62,736
Solera Holdings, Inc.		5,469		323,546
SuccessFactors, Inc.*		6,000		176,400
Symantec Corp.*		58,300		1,149,676
Synchronoss Technologies, Inc.*		1,800		57,114
Synopsys, Inc.*		11,500		295,665

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

Take-Two Interactive Software, Inc.*		6,800	$	103,904
Taleo Corp., Class A*		3,200		118,496
TIBCO Software, Inc.*		416,969		12,100,440
TiVo, Inc.*		9,100		93,639
Ultimate Software Group, Inc.*		2,100		114,303
Verint Systems, Inc.*		1,100		40,744
VirnetX Holding Corp.*		2,500		72,350
VMware, Inc., Class A*		12,046		1,207,370
Websense, Inc.*		3,200		83,104

				118,122,310

Total Information Technology				488,194,059

Materials (0.0%)
*Chemicals (0.0%)*
Wacker Chemie AG		880		190,266

Total Materials				190,266

Telecommunication Services (0.1%)
*Wireless Telecommunication Services (0.1%)*
Softbank Corp.		20,500		776,432

Total Telecommunication Services				776,432

Total Common Stocks (77.7%) (Cost $393,786,655)				530,795,019


INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs)(19.8%)*
iShares S&P North American Technology Sector Index Fund		234,750		14,568,022
Technology Select Sector SPDR Fund		3,899,500		100,217,150


	Number of Shares		Value (Note 1)

Vanguard Information Technology Index ETF		325,400	$	20,614,090

Total Investment Companies (19.8%) (Cost $100,872,150)				135,399,262


WARRANT:
Financials (0.3%)
*Capital Markets* (*0.3%)*
Merrill Lynch & Co., Inc., expiring 8/6/14§ (Cost $1,667,016)*		61,800		1,626,304

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (2.8%)
JPMorgan Chase Nassau
0.000%, 7/1/11
(Cost $19,404,998)	$	19,404,998		19,404,998

Total Investments (100.6%) (Cost $515,730,819)				687,225,583
Other Assets Less Liabilities (-0.6%)				(4,152,070	)

Net Assets (100%)			$	683,073,513

*	Non-income producing.

†	Securities (totalling $971,971 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 June 30, 2011, the market value of these securities amounted to $1,626,304 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.

(b)

Illiquid Security.

Glossary:

ADR—

American 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 June 30, 2011:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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	$	35,888,305	$	—	$	—	$	35,888,305
Health Care		1,032,933		—		—		1,032,933
Industrials		4,713,024		—		—		4,713,024
Information Technology		457,651,939		29,570,149		971,971		488,194,059
Materials		—		190,266		—		190,266
Telecommunication Services		—		776,432		—		776,432
Investment Companies
Exchange Traded Funds (ETFs)		135,399,262		—		—		135,399,262
Short-Term Investments		—		19,404,998		—		19,404,998
Warrants
Financials		—		1,626,304		—		1,626,304

Total Assets	$	634,685,463	$	51,568,149	$	971,971	$	687,225,583

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	634,685,463	$	51,568,149	$	971,971	$	687,225,583

The Portfolio held no derivative contracts during the six months ended June 30, 2011.

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



	Investments in Common Stocks-Information Technology

Balance as of 12/31/10	$	—
Total gains or losses (realized/unrealized) included in earnings		(3,346,448	)
Purchases		2,268,435
Sales		(346,760	)
Issuances		—
Settlements		—
Transfers into Level 3		2,396,744

Balance as of 6/30/11	$	971,971

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/11	$	(3,328,414	)

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	242,531,753
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	261,521,008

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

As of June 30, 2011, 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	$	158,952,900
Aggregate gross unrealized depreciation		(9,945,435	)

Net unrealized appreciation	$	149,007,465

Federal income tax cost of investments	$	538,218,118

For the six months ended June 30, 2011, the Portfolio incurred approximately $151 as brokerage commissions with BNP Paribas and $420 with Sanford Bernstein & Co., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $146,004,461 of which $8,812,389 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

June 30, 2011 (Unaudited)


ASSETS
Investments at value (Cost $515,730,819)	$	687,225,583
Foreign cash (Cost $2,479,803)		2,486,327
Receivable for securities sold		2,122,908
Receivable from Separate Accounts for Trust shares sold		190,795
Dividends, interest and other receivables		94,533
Other assets		4,170

Total assets		692,124,316

LIABILITIES
Payable for securities purchased		7,721,266
Investment management fees payable		521,652
Payable to Separate Accounts for Trust shares redeemed		483,153
Distribution fees payable - Class B		134,649
Administrative fees payable		98,435
Trustees’ fees payable		9,177
Accrued expenses		82,471

Total liabilities		9,050,803

NET ASSETS	$	683,073,513

Net assets were comprised of:
Paid in capital	$	649,882,648
Accumulated undistributed net investment income (loss)		(2,223,451	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency transactions		(136,087,035	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		171,501,351

Net assets	$	683,073,513

Class A
Net asset value, offering and redemption price per share, $13,120,227 / 962,135 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.64

Class B
Net asset value, offering and redemption price per share, $669,953,286 / 50,320,756 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.31

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


INVESTMENT INCOME
Dividends (net of $18,795 foreign withholding tax)	$	2,606,123
Interest		231

Total income		2,606,354

EXPENSES
Investment management fees		3,324,032
Distribution fees - Class B		858,229
Administrative fees		540,704
Custodian fees		54,200
Professional fees		29,512
Printing and mailing expenses		27,386
Trustees’ fees		5,789
Miscellaneous		9,239

Gross expenses		4,849,091
Less: Fees paid indirectly		(24,752	)

Net expenses		4,824,339

NET INVESTMENT INCOME (LOSS)		(2,217,985	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		32,330,145
Foreign currency transactions		74,580

Net realized gain (loss)		32,404,725

Change in unrealized appreciation (depreciation) on:
Securities		(4,092,259	)
Foreign currency translations		(129,325	)

Net change in unrealized appreciation (depreciation)		(4,221,584	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		28,183,141

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	25,965,156

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(2,217,985	)	$	(3,518,312	)
Net realized gain (loss) on investments and foreign currency transactions		32,404,725			65,635,917
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(4,221,584	)		37,042,139

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		25,965,156			99,159,744

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 53,272 and 92,965 shares, respectively ]		737,579			1,061,997
Capital shares repurchased [ (66,194) and (193,997) shares, respectively ]		(905,911	)		(2,231,169	)

Total Class A transactions		(168,332	)		(1,169,172	)

Class B
Capital shares sold [ 5,562,828 and 13,429,600 shares, respectively ]		74,972,507			150,104,131
Capital shares repurchased [ (7,074,824) and (16,929,890) shares, respectively ]		(94,366,410	)		(185,518,398	)

Total Class B transactions		(19,393,903	)		(35,414,267	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(19,562,235	)		(36,583,439	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		6,402,921			62,576,305
NET ASSETS:
Beginning of period		676,670,592			614,094,287

End of period (a)	$	683,073,513		$	676,670,592

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(2,223,451	)	$	(5,466	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	13.10		$	11.10		$	6.99		$	13.18		$	11.12		$	10.34

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.04	)(e)		(0.01	)(e)		(0.05	)(e)		(0.08	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.57			2.04			4.12			(6.14	)		2.14			0.85

Total from investment operations		0.54			2.00			4.11			(6.19	)		2.06			0.78

Net asset value, end of period	$	13.64		$	13.10		$	11.10		$	6.99		$	13.18		$	11.12

Total return (b)		4.12	%		18.02	%		58.80	%		(46.97	)%		18.53	%		7.54	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,120		$	12,776		$	11,949		$	7,124		$	36,248		$	28,469
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.13	%		1.14	%		1.09	%		1.41	%		1.41	%		1.39	%
Before fees paid indirectly (a)		1.14	%		1.16	%		1.19	%		1.42	%		1.42	%		1.43	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		(0.39	)%		(0.34	)%		(0.08	)%		(0.41	)%		(0.62	)%		(0.69	)%
Before fees paid indirectly (a)		(0.39	)%		(0.35	)%		(0.19	)%		(0.42	)%		(0.63	)%		(0.72	)%
Portfolio turnover rate		35	%		84	%		129	%		148	%		132	%		163	%

	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period	$	12.81		$	10.88		$	6.86		$	12.98		$	10.98		$	10.23

Income (loss) from investment operations:
Net investment income (loss)		(0.04	)(e)		(0.06	)(e)		(0.03	)(e)		(0.07	)(e)		(0.11	)(e)		(0.10	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.54			1.99			4.05			(6.05	)		2.11			0.85

Total from investment operations		0.50			1.93			4.02			(6.12	)		2.00			0.75

Net asset value, end of period	$	13.31		$	12.81		$	10.88		$	6.86		$	12.98		$	10.98

Total return (b)		3.90	%		17.74	%		58.60	%		(47.15	)%		18.21	%		7.33	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	669,953		$	663,895		$	602,145		$	331,894		$	656,676		$	516,556
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.38	%		1.39	%		1.34	%		1.66	%(c)		1.66	%		1.64	%
Before fees paid indirectly (a)		1.39	%		1.41	%		1.44	%		1.67	%(c)		1.67	%		1.68	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		(0.64	)%		(0.58	)%		(0.33	)%		(0.73	)%		(0.87	)%		(0.94	)%
Before fees paid indirectly (a)		(0.65	)%		(0.60	)%		(0.43	)%		(0.74	)%		(0.88	)%		(0.97	)%
Portfolio turnover rate		35	%		84	%		129	%		148	%		132	%		163	%

(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.

See Notes to Financial Statements.

296

TARGET 2015 ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2011
EQ/Equity 500 Index Portfolio	18.6	%
EQ/Core Bond Index Portfolio	16.1
EQ/Global Multi-Sector Equity Portfolio	13.6
EQ/International ETF Portfolio	13.3
Multimanager Multi-Sector Bond Portfolio	9.1
EQ/Global Bond PLUS Portfolio	7.2
EQ/PIMCO Ultra Short Bond Portfolio	5.5
EQ/Small Company Index Portfolio	4.6
Multimanager Large Cap Value Portfolio	3.6
Multimanager Mid Cap Value Portfolio	3.2
Multimanager Aggressive Equity Portfolio	3.0
Multimanager Mid Cap Growth Portfolio	2.2

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,041.00		$1.77
Hypothetical (5% average return before expenses)		1,000.00		1,023.06		1.76
Class B
Actual		1,000.00		1,039.90		3.03
Hypothetical (5% average return before expenses)		1,000.00		1,021.82		3.01
* 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, and multiplied by 181/365 (to reflect the one-half year period ).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		1,493,963	$	14,794,784
EQ/Equity 500 Index Portfolio‡		738,765		17,152,126
EQ/Global Bond PLUS Portfolio‡		638,251		6,556,589
EQ/Global Multi-Sector Equity Portfolio‡		959,182		12,495,960
EQ/International ETF Portfolio‡		1,632,857		12,268,667
EQ/PIMCO Ultra Short Bond Portfolio‡		509,374		5,093,898
EQ/Small Company Index Portfolio‡		380,246		4,250,388
Multimanager Aggressive Equity Portfolio‡		96,273		2,802,674
Multimanager Large Cap Value Portfolio‡		319,758		3,294,564
Multimanager Mid Cap Growth Portfolio*‡		202,555		2,055,844
Multimanager Mid Cap Value Portfolio‡		279,638		2,948,497
Multimanager Multi-Sector Bond Portfolio‡		2,093,025		8,335,387

Total Investment Companies (99.5%) (Cost $79,357,732)				92,049,378


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (0.6%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $515,813)	$	515,813	$	515,813

Total Investments (100.1%) (Cost $79,873,545)				92,565,191
Other Assets Less Liabilities (-0.1%)				(82,413	)

Net Assets (100%)			$	92,482,778

*	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 six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	18,005,147	$	1,028,348	$	4,552,481	$	14,794,784	$	—	$	667
EQ/Equity 500 Index Portfolio		16,883,687		1,903,777		2,646,334		17,152,126		—		4,788
EQ/Global Bond PLUS Portfolio		6,318,986		718,211		662,759		6,556,589		—		2,931
EQ/Global Multi-Sector Equity Portfolio		12,793,237		881,441		1,367,384		12,495,960		—		324,600
EQ/International ETF Portfolio		11,552,389		941,441		846,303		12,268,667		—		(29,319	)
EQ/PIMCO Ultra Short Bond Portfolio		500,333		4,575,000		—		5,093,898		—		—
EQ/Small Company Index Portfolio		2,956,406		1,268,522		197,576		4,250,388		—		14,234
Multimanager Aggressive Equity Portfolio		2,617,187		163,230		146,499		2,802,674		—		4,794
Multimanager Large Cap Value Portfolio		3,823,190		228,522		972,127		3,294,564		—		(10,316	)
Multimanager Mid Cap Growth Portfolio		1,762,707		312,199		191,311		2,055,844		—		5,370
Multimanager Mid Cap Value Portfolio		2,807,168		130,584		118,091		2,948,497		—		2,942
Multimanager Multi-Sector Bond Portfolio		8,084,768		652,921		633,109		8,335,387		—		(27,936	)

	$	88,105,205	$	12,804,196	$	12,333,974	$	92,049,378	$	—	$	292,755

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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		—		92,049,378		—		92,049,378
Short-Term Investments		—		515,813		—		515,813

Total Assets	$	—	$	92,565,191	$	—	$	92,565,191

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	92,565,191	$	—	$	92,565,191

The Portfolio held no derivatives contracts during the six months ended June 30, 2011.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	12,804,196
Net Proceeds of Sales and Redemptions:
Investment Companies	$	12,626,729

As of June 30, 2011, 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	$	12,630,742
Aggregate gross unrealized depreciation		(2,151	)

Net unrealized appreciation	$	12,628,591

Federal income tax cost of investments	$	79,936,600

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $79,357,732)	$	92,049,378
Unaffiliated Issuers (Cost $515,813)		515,813
Receivable from Separate Accounts for Trust shares sold		42,205
Other assets		423

Total assets		92,607,819

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		32,211
Administrative fees payable		13,795
Payable for securities purchased		11,853
Distribution fees payable - Class B		9,089
Investment management fees payable		1,847
Trustees’ fees payable		293
Accrued expenses		55,953

Total liabilities		125,041

NET ASSETS	$	92,482,778

Net assets were comprised of:
Paid in capital	$	98,041,198
Accumulated undistributed net investment income (loss)		(210,579	)
Accumulated undistributed net realized gain (loss) on investments		(18,039,487	)
Unrealized appreciation (depreciation) on investments		12,691,646

Net assets	$	92,482,778

Class A
Net asset value, offering and redemption price per share, $47,600,917 / 5,069,462 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.39

Class B
Net asset value, offering and redemption price per share, $44,881,861 / 4,783,774 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.38

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


EXPENSES
Administrative fees	$	83,211
Distribution fees - Class B		54,906
Investment management fees		44,729
Custodian fees		35,706
Professional fees		23,414
Printing and mailing expenses		3,495
Trustees’ fees		738
Miscellaneous		1,432

Gross expenses		247,631
Less: Waiver from investment advisor		(36,133	)

Net expenses		211,498

NET INVESTMENT INCOME (LOSS)		(211,498	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		292,755
Net change in unrealized appreciation (depreciation) on securities		3,473,951

NET REALIZED AND UNREALIZED GAIN (LOSS)		3,766,706

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,555,208

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(211,498	)	$	1,275,385
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		292,755			(4,972,477	)
Net change in unrealized appreciation (depreciation) on investments		3,473,951			12,191,800

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,555,208			8,494,708

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(736,246	)
Class B		—			(571,464	)

		—			(1,307,710	)

Distributions from net realized capital gains
Class A		—			(246,737	)
Class B		—			(227,139	)

		—			(473,876	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(1,781,586	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 380,977 and 710,741 shares, respectively ]		3,521,987			6,104,578
Capital shares issued in reinvestment of dividends and distributions [ 0 and 109,539 shares, respectively ]		—			982,983
Capital shares repurchased [ (271,675) and (945,474) shares, respectively ]		(2,503,396	)		(8,145,301	)

Total Class A transactions		1,018,591			(1,057,740	)

Class B
Capital shares sold [ 657,921 and 1,753,907 shares, respectively ]		6,095,303			15,029,177
Capital shares issued in reinvestment of dividends and distributions [ 0 and 88,951 shares, respectively ]		—			798,603
Capital shares repurchased [ (626,444) and (1,383,752) shares, respectively ]		(5,804,015	)		(11,740,849	)

Total Class B transactions		291,288			4,086,931

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,309,879			3,029,191

TOTAL INCREASE (DECREASE) IN NET ASSETS		4,865,087			9,742,313
NET ASSETS:
Beginning of period		87,617,691			77,875,378

End of period (a)	$	92,482,778		$	87,617,691

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(210,579	)	$	919

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,												August 31, 2006* to December 31, 2006
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	9.02		$	8.30		$	7.17		$	10.85		$	10.54		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.14	(e)		0.30	(e)		0.40	(e)		0.26	(e)		0.23	(e)
Net realized and unrealized gain (loss) on investments		0.39			0.78			1.17			(3.69	)		0.53			0.56

Total from investment operations		0.37			0.92			1.47			(3.29	)		0.79			0.79

Less distributions:
Dividends from net investment income		—			(0.15	)		(0.33	)		(0.31	)		(0.35	)		(0.25	)
Distributions from net realized gains		—			(0.05	)		(0.01	)		(0.08	)		(0.13	)		—	#

Total dividends and distributions		—			(0.20	)		(0.34	)		(0.39	)		(0.48	)		(0.25	)

Net asset value, end of period	$	9.39		$	9.02		$	8.30		$	7.17		$	10.85		$	10.54

Total return (b)		4.10	%		11.02	%		20.57	%		(30.31	)%		7.49	%		7.94	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	47,601		$	44,737		$	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	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.43	%		0.46	%		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)		(0.35	)%		1.63	%		3.88	%		4.45	%		2.37	%		6.68	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.43	)%		1.52	%		3.63	%		4.25	%		0.91	%		(1.66	)%(l)
Portfolio turnover rate		14	%		34	%		24	%		43	%		12	%		3	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,												August 31, 2006* to December 31, 2006
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	9.02		$	8.31		$	7.17		$	10.85		$	10.54		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.13	(e)		0.30	(e)		0.36	(e)		0.46	(e)		0.39	(e)
Net realized and unrealized gain (loss) on investments		0.39			0.75			1.16			(3.67	)		0.30			0.39

Total from investment operations		0.36			0.88			1.46			(3.31	)		0.76			0.78

Less distributions:
Dividends from net investment income		—			(0.12	)		(0.31	)		(0.29	)		(0.32	)		(0.24	)
Distributions from net realized gains		—			(0.05	)		(0.01	)		(0.08	)		(0.13	)		—	#

Total dividends and distributions		—			(0.17	)		(0.32	)		(0.37	)		(0.45	)		(0.24	)

Net asset value, end of period	$	9.38		$	9.02		$	8.31		$	7.17		$	10.85		$	10.54

Total return (b)		3.99	%		10.61	%		20.40	%		(30.50	)%		7.22	%		7.85	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	44,882		$	42,881		$	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	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.68	%		0.71	%		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)		(0.60	)%		1.49	%		3.96	%		3.97	%		4.12	%		11.01	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.68	)%		1.38	%		3.70	%		3.63	%		2.72	%		3.72	%(l)
Portfolio turnover rate		14	%		34	%		24	%		43	%		12	%		3	%

*	Commencement of operations.

#	Per share amount is less than $0.005.

(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.

(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.

303

TARGET 2025 ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2011
EQ/Equity 500 Index Portfolio	28.4	%
EQ/Global Multi-Sector Equity Portfolio	15.6
EQ/International ETF Portfolio	15.6
EQ/Core Bond Index Portfolio	8.5
EQ/Small Company Index Portfolio	7.1
Multimanager Multi-Sector Bond Portfolio	6.3
EQ/Global Bond PLUS Portfolio	4.7
EQ/PIMCO Ultra Short Bond Portfolio	3.6
Multimanager Mid Cap Value Portfolio	3.4
Multimanager Large Cap Value Portfolio	3.1
Multimanager Aggressive Equity Portfolio	2.5
Multimanager Mid Cap Growth Portfolio	1.2

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,046.00		$1.78
Hypothetical (5% average return before expenses)		1,000.00		1,023.06		1.76
Class B
Actual		1,000.00		1,043.70		3.04
Hypothetical (5% average return before expenses)		1,000.00		1,021.82		3.01
* 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, and multiplied by 181/365 (to reflect the one-half year period).

304

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		929,018	$	9,200,108
EQ/Equity 500 Index Portfolio‡		1,322,394		30,702,422
EQ/Global Bond PLUS Portfolio‡		490,899		5,042,885
EQ/Global Multi-Sector Equity Portfolio‡		1,297,278		16,900,578
EQ/International ETF Portfolio‡		2,240,484		16,834,142
EQ/PIMCO Ultra Short Bond Portfolio‡		391,471		3,914,828
EQ/Small Company Index Portfolio‡		689,021		7,701,880
Multimanager Aggressive Equity Portfolio‡		92,585		2,695,299
Multimanager Large Cap Value Portfolio‡		325,284		3,351,498
Multimanager Mid Cap Growth Portfolio*‡		127,324		1,292,276
Multimanager Mid Cap Value Portfolio‡		347,840		3,667,624
Multimanager Multi-Sector Bond Portfolio‡		1,702,979		6,782,045

Total Investment Companies (99.7%) (Cost $96,163,620)				108,085,585


	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Time Deposit (0.5%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $503,000)	$	503,000	$	503,000

Total Investments (100.2%) (Cost $96,666,620)				108,588,585
Other Assets Less Liabilities (-0.2%)				(234,113	)

Net Assets (100%)			$	108,354,472

*	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 six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	10,914,183	$	756,062	$	2,692,305	$	9,200,108	$	—	$	(1,648	)
EQ/Equity 500 Index Portfolio		29,982,026		2,411,225		3,467,617		30,702,422		—		(35,253	)
EQ/Global Bond PLUS Portfolio		4,869,171		531,287		496,896		5,042,885		—		5,998
EQ/Global Multi-Sector Equity Portfolio		15,686,520		1,752,349		1,291,805		16,900,578		—		(73,255	)
EQ/International ETF Portfolio		15,958,235		1,287,349		1,332,224		16,834,142		—		(113,674	)
EQ/PIMCO Ultra Short Bond Portfolio		300,200		3,600,000		—		3,914,828		—		—
EQ/Small Company Index Portfolio		6,230,248		1,500,419		467,394		7,701,880		—		(3,184	)
Multimanager Aggressive Equity Portfolio		2,518,235		224,775		200,250		2,695,299		—		12,512
Multimanager Large Cap Value Portfolio		4,565,248		326,946		1,847,669		3,351,498		—		(88,196	)
Multimanager Mid Cap Growth Portfolio		1,169,479		204,341		185,695		1,292,276		—		7,726
Multimanager Mid Cap Value Portfolio		3,499,141		102,171		94,205		3,667,624		—		2,504
Multimanager Multi-Sector Bond Portfolio		7,589,719		551,723		1,554,286		6,782,045		—		(32,050	)

	$	103,282,405	$	13,248,647	$	13,630,346	$	108,085,585	$	—	$	(318,520	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

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		—		108,085,585		—		108,085,585
Short-Term Investments		—		503,000		—		503,000

Total Assets	$	—	$	108,588,585	$	—	$	108,588,585

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	108,588,585	$	—	$	108,588,585

The Portfolio held no derivatives contracts during the six months ending June 30, 2011.

Investment security transactions for the six months ended June 30, 2010 were as follows:


Cost of Purchases:
Investment Companies	$	13,248,647
Net Proceeds of Sales and Redemptions:
Investment Companies	$	13,311,826

As of June 30, 2011, 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	$	12,052,623
Aggregate gross unrealized depreciation		(104,135	)

Net unrealized appreciation	$	11,948,488

Federal income tax cost of investments	$	96,640,097

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $96,163,620)	$	108,085,585
Unaffiliated Issuers (Cost $503,000)		503,000
Receivable from Separate Accounts for Trust shares sold		52,883
Other assets		489

Total assets		108,641,957

LIABILITIES
Payable for securities purchased		112,353
Payable to Separate Accounts for Trust shares redeemed		86,534
Administrative fees payable		15,794
Distribution fees payable - Class B		11,970
Investment management fees payable		4,235
Trustees’ fees payable		375
Accrued expenses		56,224

Total liabilities		287,485

NET ASSETS	$	108,354,472

Net assets were comprised of:
Paid in capital	$	110,707,703
Accumulated undistributed net investment income (loss)		(171,486	)
Accumulated undistributed net realized gain (loss) on investments		(14,103,710	)
Unrealized appreciation (depreciation) on investments		11,921,965

Net assets	$	108,354,472

Class A
Net asset value, offering and redemption price per share, $49,133,997 / 5,271,557 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.32

Class B
Net asset value, offering and redemption price per share, $59,220,475 / 6,358,537 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.31

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


EXPENSES
Administrative fees	$	95,333
Distribution fees - Class B		71,709
Investment management fees		52,810
Custodian fees		36,053
Professional fees		23,522
Printing and mailing expenses		4,120
Trustees’ fees		869
Miscellaneous		1,534

Gross expenses		285,950
Less: Waiver from investment advisor		(29,357	)

Net expenses		256,593

NET INVESTMENT INCOME (LOSS)		(256,593	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(318,520	)
Net change in unrealized appreciation (depreciation) on securities		5,184,883

NET REALIZED AND UNREALIZED GAIN (LOSS)		4,866,363

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,609,770

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(256,593	)	$	1,353,059
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(318,520	)		(5,087,625	)
Net change in unrealized appreciation (depreciation) on investments		5,184,883			14,274,688

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		4,609,770			10,540,122

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(726,620	)
Class B		—			(669,391	)

		—			(1,396,011	)

Distributions from net realized capital gains
Class A		—			(73,783	)
Class B		—			(81,757	)

		—			(155,540	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(1,551,551	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 291,267 and 736,747 shares, respectively ]		2,677,226			6,110,558
Capital shares issued in reinvestment of dividends and distributions [ 0 and 90,203 shares, respectively ]		—			800,403
Capital shares repurchased [ (425,734) and (774,675) shares, respectively ]		(3,890,360	)		(6,424,363	)

Total Class A transactions		(1,213,134	)		486,598

Class B
Capital shares sold [ 1,016,652 and 2,493,893 shares, respectively ]		9,355,266			21,040,841
Capital shares issued in reinvestment of dividends and distributions [ 0 and 84,607 shares, respectively ]		—			751,148
Capital shares repurchased [ (706,252) and (1,399,014) shares, respectively ]		(6,503,674	)		(11,733,292	)

Total Class B transactions		2,851,592			10,058,697

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,638,458			10,545,295

TOTAL INCREASE (DECREASE) IN NET ASSETS		6,248,228			19,533,866
NET ASSETS:
Beginning of period		102,106,244			82,572,378

End of period (a)	$	108,354,472		$	102,106,244

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(171,486	)	$	85,107

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,												August 31, 2006* to December 31, 2006
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.91		$	8.08		$	6.81		$	11.02		$	10.65		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.13	(e)		0.28	(e)		0.36	(e)		0.21	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		0.43			0.84			1.32			(4.20	)		0.60			0.68

Total from investment operations		0.41			0.97			1.60			(3.84	)		0.81			0.87

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.31	)		(0.26	)		(0.30	)		(0.22	)
Distributions from net realized gains		—			(0.01	)		(0.02	)		(0.11	)		(0.14	)		—	#

Total dividends and distributions		—			(0.14	)		(0.33	)		(0.37	)		(0.44	)		(0.22	)

Net asset value, end of period	$	9.32		$	8.91		$	8.08		$	6.81		$	11.02		$	10.65

Total return (b)		4.60	%		12.11	%		23.56	%		(34.83	)%		7.62	%		8.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	49,134		$	48,179		$	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	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.41	%		0.45	%		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)		(0.35	)%		1.56	%		3.80	%		4.11	%		1.86	%		5.55	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.41	)%		1.46	%		3.54	%		3.90	%		0.69	%		(2.33	)%(l)
Portfolio turnover rate		12	%		24	%		17	%		21	%		15	%		2	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,												August 31, 2006* to December 31, 2006
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.92		$	8.08		$	6.81		$	11.02		$	10.65		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.13	(e)		0.29	(e)		0.31	(e)		0.35	(e)		0.31	(e)
Net realized and unrealized gain (loss) on investments		0.42			0.83			1.29			(4.16	)		0.43			0.55

Total from investment operations		0.39			0.96			1.58			(3.85	)		0.78			0.86

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.29	)		(0.25	)		(0.27	)		(0.21	)
Distributions from net realized gains		—			(0.01	)		(0.02	)		(0.11	)		(0.14	)		—	#

Total dividends and distributions		—			(0.12	)		(0.31	)		(0.36	)		(0.41	)		(0.21	)

Net asset value, end of period	$	9.31		$	8.92		$	8.08		$	6.81		$	11.02		$	10.65

Total return (b)		4.37	%		11.95	%		23.25	%		(35.00	)%		7.35	%		8.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	59,220		$	53,927		$	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	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.66	%		0.70	%		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)		(0.60	)%		1.54	%		3.98	%		3.40	%		3.10	%		8.86	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.66	)%		1.44	%		3.72	%		3.05	%		2.03	%		2.18	%(l)
Portfolio turnover rate		12	%		24	%		17	%		21	%		15	%		2	%

*	Commencement of operations.

#	Per share amount is less than $0.005.

(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.

(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.

310

TARGET 2035 ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies) As of June 30, 2011
EQ/Equity 500 Index Portfolio	34.9	%
EQ/Global Multi-Sector Equity Portfolio	17.7
EQ/International ETF Portfolio	17.4
EQ/Small Company Index Portfolio	8.4
EQ/Core Bond Index Portfolio	4.3
Multimanager Multi-Sector Bond Portfolio	4.1
Multimanager Large Cap Value Portfolio	3.1
Multimanager Mid Cap Value Portfolio	2.6
EQ/Global Bond PLUS Portfolio	2.4
Multimanager Aggressive Equity Portfolio	2.1
EQ/PIMCO Ultra Short Bond Portfolio	2.0
Multimanager Mid Cap Growth Portfolio	1.0

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,047.40		$1.78
Hypothetical (5% average return before expenses)		1,000.00		1,023.06		1.76
Class B
Actual		1,000.00		1,047.40		3.05
Hypothetical (5% average return before expenses)		1,000.00		1,021.82		3.01
* 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, and multiplied by 181/365 (to reflect the one-half year period ).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		285,599	$	2,828,303
EQ/Equity 500 Index Portfolio‡		993,538		23,067,282
EQ/Global Bond PLUS Portfolio‡		151,894		1,560,373
EQ/Global Multi-Sector Equity Portfolio‡		895,728		11,669,294
EQ/International ETF Portfolio‡		1,531,558		11,507,546
EQ/PIMCO Ultra Short Bond Portfolio‡		128,508		1,285,123
EQ/Small Company Index Portfolio‡		499,364		5,581,889
Multimanager Aggressive Equity Portfolio‡		48,512		1,412,266
Multimanager Large Cap Value Portfolio‡		196,730		2,026,974
Multimanager Mid Cap Growth Portfolio*‡		67,032		680,348
Multimanager Mid Cap Value Portfolio‡		163,860		1,727,732
Multimanager Multi-Sector Bond Portfolio‡		685,101		2,728,386

Total Investment Companies (99.8%) (Cost $56,855,010)				66,075,516


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.4%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $294,802)	$	294,802	$	294,802

Total Investments (100.2%) (Cost $57,149,812)				66,370,318
Other Assets Less Liabilities (-0.2%)				(132,016	)

Net Assets (100%)			$	66,238,302

*	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 six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	3,194,454	$	286,635	$	721,669	$	2,828,303	$	—	$	(250	)
EQ/Equity 500 Index Portfolio		21,750,710		2,096,963		2,097,777		23,067,282		—		(43,714	)
EQ/Global Bond PLUS Portfolio		1,437,891		196,119		116,849		1,560,373		—		437
EQ/Global Multi-Sector Equity Portfolio		10,761,643		1,086,197		657,928		11,669,294		—		(8,341	)
EQ/International ETF Portfolio		10,451,138		1,156,197		667,373		11,507,546		—		(17,786	)
EQ/PIMCO Ultra Short Bond Portfolio		300,200		980,000		—		1,285,123		—		—
EQ/Small Company Index Portfolio		4,957,454		552,410		250,873		5,581,889		—		1,744
Multimanager Aggressive Equity Portfolio		1,253,853		181,033		105,869		1,412,266		—		2,396
Multimanager Large Cap Value Portfolio		1,830,349		241,377		141,424		2,026,974		—		2,928
Multimanager Mid Cap Growth Portfolio		579,521		105,602		62,274		680,348		—		881
Multimanager Mid Cap Value Portfolio		1,620,931		75,430		44,694		1,727,732		—		416
Multimanager Multi-Sector Bond Portfolio		2,740,528		256,463		335,881		2,728,386		—		(2,506	)

	$	60,878,672	$	7,214,426	$	5,202,611	$	66,075,516	$	—	$	(63,795	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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	$	—	$	66,075,516	$	—	$	66,075,516
Short-Term Investments		—		294,802		—		294,802

Total Assets	$	—	$	66,370,318	$	—	$	66,370,318

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	66,370,318	$	—	$	66,370,318

The Portfolio held no derivatives contracts during the six months ended June 30, 2011.

Investment security transactions during the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	7,214,426
Net Proceeds of Sales and Redemptions:
Investment Companies	$	5,138,816

As of June 30, 2011, 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	$	9,291,189
Aggregate gross unrealized depreciation		—

Net unrealized appreciation	$	9,291,189

Federal income tax cost of investments	$	57,079,129

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $56,855,010)	$	66,075,516
Unaffiliated Issuers (Cost $294,802)		294,802
Receivable from Separate Accounts for Trust shares sold		26,713
Receivable for securities sold		15,924
Other assets		300

Total assets		66,413,255

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		102,951
Distribution fees payable - Class B		9,131
Administrative fees payable		8,567
Trustees’ fees payable		231
Accrued expenses		54,073

Total liabilities		174,953

NET ASSETS	$	66,238,302

Net assets were comprised of:
Paid in capital		64,204,247
Accumulated undistributed net investment income (loss)		(95,328	)
Accumulated undistributed net realized gain (loss) on investments		(7,091,123	)
Unrealized appreciation (depreciation) on investments		9,220,506

Net assets	$	66,238,302

Class A
Net asset value, offering and redemption price per share, $20,430,450 / 2,200,595 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.28

Class B
Net asset value, offering and redemption price per share, $45,807,852 / 4,938,543 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.28

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


EXPENSES
Administrative fees	$	63,689
Distribution fees - Class B		54,909
Custodian fees		35,210
Investment management fees		31,715
Professional fees		23,236
Printing and mailing expenses		2,460
Trustees’ fees		516
Miscellaneous		867

Gross expenses		212,602
Less: Waiver from investment advisor		(46,658	)

Net expenses		165,944

NET INVESTMENT INCOME (LOSS)		(165,944	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(63,795	)
Net change in unrealized appreciation (depreciation) on securities		3,185,027

NET REALIZED AND UNREALIZED GAIN (LOSS)		3,121,232

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,955,288

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(165,944	)	$	712,618
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(63,795	)		(2,096,634	)
Net change in unrealized appreciation (depreciation) on investments		3,185,027			7,732,134

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,955,288			6,348,118

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(257,590	)
Class B		—			(482,909	)

		—			(740,499	)

Distributions from net realized capital gains
Class A		—			(48,649	)
Class B		—			(109,172	)

		—			(157,821	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(898,320	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 192,630 and 382,387 shares, respectively ]		1,764,499			3,124,839
Capital shares issued in reinvestment of dividends and distributions [ 0 and 34,819 shares, respectively ]		—			306,239
Capital shares repurchased [ (66,595) and (184,103) shares, respectively ]		(610,790	)		(1,467,183	)

Total Class A transactions		1,153,709			1,963,895

Class B
Capital shares sold [ 722,293 and 2,056,263 shares, respectively ]		6,601,037			17,126,057
Capital shares issued in reinvestment of dividends and distributions [ 0 and 67,300 shares, respectively ]		—			592,081
Capital shares repurchased [ (553,726) and (801,575) shares, respectively ]		(5,101,623	)		(6,677,906	)

Total Class B transactions		1,499,414			11,040,232

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		2,653,123			13,004,127

TOTAL INCREASE (DECREASE) IN NET ASSETS		5,608,411			18,453,925
NET ASSETS:
Beginning of period		60,629,891			42,175,966

End of period (a)	$	66,238,302		$	60,629,891

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(95,328	)	$	70,616

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,												August 31, 2006* to December 31, 2006
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.86		$	7.97		$	6.59		$	11.21		$	10.76		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.12	(e)		0.25	(e)		0.34	(e)		0.17	(e)		0.16	(e)
Net realized and unrealized gain (loss) on investments		0.44			0.92			1.46			(4.58	)		0.66			0.78

Total from investment operations		0.42			1.04			1.71			(4.24	)		0.83			0.94

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.30	)		(0.24	)		(0.27	)		(0.18	)
Distributions from net realized gains		—			(0.02	)		(0.03	)		(0.14	)		(0.11	)		—	#

Total dividends and distributions		—			(0.15	)		(0.33	)		(0.38	)		(0.38	)		(0.18	)

Net asset value, end of period	$	9.28		$	8.86		$	7.97		$	6.59		$	11.21		$	10.76

Total return (b)		4.74	%		13.06	%		25.92	%		(37.94	)%		7.75	%		9.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	20,430		$	18,373		$	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	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.50	%		0.60	%		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)		(0.35	)%		1.47	%		3.58	%		3.92	%		1.48	%		4.50	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.50	)%		1.22	%		3.02	%		3.33	%		(0.64	)%		(4.99	)%(l)
Portfolio turnover rate		8	%		18	%		22	%		12	%		6	%		4	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,												August 31, 2006* to December 31, 2006
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.86		$	7.97		$	6.60		$	11.21		$	10.76		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.12	(e)		0.27	(e)		0.30	(e)		0.29	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		0.45			0.89			1.41			(4.55	)		0.51			0.74

Total from investment operations		0.42			1.01			1.68			(4.25	)		0.80			0.93

Less distributions:
Dividends from net investment income		—			(0.10	)		(0.28	)		(0.22	)		(0.24	)		(0.17	)
Distributions from net realized gains		—			(0.02	)		(0.03	)		(0.14	)		(0.11	)		—	#

Total dividends and distributions		—			(0.12	)		(0.31	)		(0.36	)		(0.35	)		(0.17	)

Net asset value, end of period	$	9.28		$	8.86		$	7.97		$	6.60		$	11.21		$	10.76

Total return (b)		4.74	%		12.78	%		25.41	%		(38.01	)%		7.37	%		9.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	45,808		$	42,257		$	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	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.75	%		0.85	%(c)		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)		(0.60	)%		1.48	%		3.79	%		3.34	%		2.54	%		5.42	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.75	)%		1.24	%		3.22	%		2.59	%		0.53	%		(3.77	)%(l)
Portfolio turnover rate		8	%		18	%		22	%		12	%		6	%		4	%

*	Commencement of operations.

#	Per share amount is less than $0.005.

(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.

(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.

317

TARGET 2045 ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2011
EQ/Equity 500 Index Portfolio	40.5	%
EQ/International ETF Portfolio	20.4
EQ/Global Multi-Sector Equity Portfolio	18.0
EQ/Small Company Index Portfolio	8.9
Multimanager Large Cap Value Portfolio	3.2
Multimanager Mid Cap Value Portfolio	3.1
Multimanager Aggressive Equity Portfolio	2.3
EQ/Core Bond Index Portfolio	1.8
Multimanager Multi-Sector Bond Portfolio	1.0
Multimanager Mid Cap Growth Portfolio	0.8

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/11		Ending Account Value 6/30/11		Expenses Paid During Period* 1/1/11 - 6/30/11
Class A
Actual		$1,000.00		$1,051.80		$1.78
Hypothetical (5% average return before expenses)		1,000.00		1,023.06		1.76
Class B
Actual		1,000.00		1,049.40		3.05
Hypothetical (5% average return before expenses)		1,000.00		1,021.82		3.01
* 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, and multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2011 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		63,029	$	624,179
EQ/Equity 500 Index Portfolio‡		595,587		13,827,916
EQ/Global Multi-Sector Equity Portfolio‡		473,186		6,164,536
EQ/International ETF Portfolio‡		928,396		6,975,611
EQ/Small Company Index Portfolio‡		274,267		3,065,762
Multimanager Aggressive Equity Portfolio‡		26,689		776,961
Multimanager Large Cap Value Portfolio‡		104,503		1,076,727
Multimanager Mid Cap Growth Portfolio*‡		28,376		288,005
Multimanager Mid Cap Value Portfolio‡		99,135		1,045,281
Multimanager Multi-Sector Bond Portfolio‡		87,383		348,001

Total Investment Companies (99.7%) (Cost $28,622,242)				34,192,979


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.4%)
JPMorgan Chase Nassau 0.000%, 7/1/11 (Cost $135,733)	$	135,733	$	135,733

Total Investments (100.1%) (Cost $28,757,975)				34,328,712
Other Assets Less Liabilities (-0.1%)				(42,892	)

Net Assets (100%)			$	34,285,820

*	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 six months ended June 30, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value June 30, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	521,716	$	207,563	$	119,767	$	624,179	$	—	$	(15	)
EQ/Equity 500 Index Portfolio		12,109,464		1,749,905		756,404		13,827,916		—		(5,925	)
EQ/Global Multi-Sector Equity Portfolio		5,315,698		932,515		308,053		6,164,536		—		11,939
EQ/International ETF Portfolio		6,042,834		932,515		334,308		6,975,611		—		(14,315	)
EQ/Small Company Index Portfolio		2,637,980		391,426		130,050		3,065,762		—		4,268
Multimanager Aggressive Equity Portfolio		634,474		149,663		50,014		776,961		—		1,343
Multimanager Large Cap Value Portfolio		906,274		184,201		60,936		1,076,727		—		2,272
Multimanager Mid Cap Growth Portfolio		212,785		80,588		27,754		288,005		—		(100	)
Multimanager Mid Cap Value Portfolio		954,815		69,075		23,360		1,045,281		—		344
Multimanager Multi-Sector Bond Portfolio		302,152		57,562		19,660		348,001		—		92

	$	29,638,192	$	4,755,013	$	1,830,306	$	34,192,979	$	—	$	(97	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2011:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2011 (Unaudited)

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	$	—	$	34,192,979	$	—	$	34,192,979
Short-Term Investments		—		135,733		—		135,733

Total Assets	$	—	$	34,328,712	$	—	$	34,328,712

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	34,328,712	$	—	$	34,328,712

The Portfolio held no derivatives contracts during the six months ended June 30, 2011.

Investment security transactions for the six months ended June 30, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	4,755,013
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,830,209

As of June 30, 2011, 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	$	5,585,867
Aggregate gross unrealized depreciation		—

Net unrealized appreciation	$	5,585,867

Federal income tax cost of investments	$	28,742,845

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2011 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $28,622,242)	$	34,192,979
Unaffiliated Issuers (Cost $135,733)		135,733
Receivable from Separate Accounts for Trust shares sold		12,329
Other assets		145

Total assets		34,341,186

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		5,620
Distribution fees payable - Class B		5,520
Payable for securities purchased		307
Administrative fees payable		266
Trustees’ fees payable		137
Accrued expenses		43,516

Total liabilities		55,366

NET ASSETS	$	34,285,820

Net assets were comprised of:
Paid in capital	$	33,062,804
Accumulated undistributed net investment income (loss)		(73,244	)
Accumulated undistributed net realized gain (loss) on investments		(4,274,477	)
Unrealized appreciation (depreciation) on investments		5,570,737

Net assets	$	34,285,820

Class A
Net asset value, offering and redemption price per share, $6,519,612 / 730,151 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8 .93

Class B
Net asset value, offering and redemption price per share, $27,766,208 / 3,112,143 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8 .92

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011 (Unaudited)


EXPENSES
Administrative fees	$	40,079
Distribution fees - Class B		32,407
Custodian fees		31,862
Professional fees		23,020
Investment management fees		15,975
Printing and mailing expenses		1,234
Trustees’ fees		249
Miscellaneous		752

Gross expenses		145,578
Less: Waiver from investment advisor		(56,054	)
Reimbursement from investment advisor		(1,187	)

Net expenses		88,337

NET INVESTMENT INCOME (LOSS)		(88,337	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(97	)
Net change in unrealized appreciation (depreciation) on securities		1,630,080

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,629,983

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,541,646

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(88,337	)	$	303,465
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(97	)		(1,114,666	)
Net change in unrealized appreciation (depreciation) on investments		1,630,080			4,078,104

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,541,646			3,266,903

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(71,069	)
Class B		—			(248,182	)

		—			(319,251	)

Distributions from net realized capital gains
Class A		—			(26,445	)
Class B		—			(111,933	)

		—			(138,378	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(457,629	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 93,546 and 127,102 shares, respectively ]		825,466			994,597
Capital shares issued in reinvestment of dividends and distributions [ 0 and 11,675 shares, respectively ]		—			97,514
Capital shares repurchased [ (8,136) and (72,638) shares, respectively ]		(71,401	)		(567,844	)

Total Class A transactions		754,065			524,267

Class B
Capital shares sold [ 569,895 and 1,066,829 shares, respectively ]		5,014,355			8,339,798
Capital shares issued in reinvestment of dividends and distributions [ 0 and 43,148 shares, respectively ]		—			360,115
Capital shares repurchased [ (288,410) and (600,615) shares, respectively ]		(2,546,047	)		(4,603,930	)

Total Class B transactions		2,468,308			4,095,983

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,222,373			4,620,250

TOTAL INCREASE (DECREASE) IN NET ASSETS		4,764,019			7,429,524
NET ASSETS:
Beginning of period		29,521,801			22,092,277

End of period (a)	$	34,285,820		$	29,521,801

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(73,244	)	$	15,093

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,												August 31, 2006* to December 31, 2006
Class A	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.49		$	7.62		$	6.20		$	11.16		$	10.86		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.11	(e)		0.22	(e)		0.29	(e)		0.13	(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments		0.46			0.91			1.52			(4.86	)		0.74			0.89

Total from investment operations		0.44			1.02			1.74			(4.57	)		0.87			1.01

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.29	)		(0.20	)		(0.23	)		(0.15	)
Distributions from net realized gains		—			(0.04	)		(0.03	)		(0.19	)		(0.34	)		—	#

Total dividends and distributions		—			(0.15	)		(0.32	)		(0.39	)		(0.57	)		(0.15	)

Net asset value, end of period	$	8.93		$	8.49		$	7.62		$	6.20		$	11.16		$	10.86

Total return (b)		5.18	%		13.46	%		28.13	%		(41.18	)%		8.09	%		10.16	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,520		$	5,475		$	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	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.71	%		0.84	%		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)		(0.35	)%		1.36	%		3.35	%		3.40	%		1.13	%		3.47	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.71	)%		0.86	%		2.37	%		2.12	%		(1.42	)%		(6.92	)%(l)
Portfolio turnover rate		6	%		18	%		30	%		5	%		23	%		7	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31,												August 31, 2006* to December 31, 2006
Class B	Six Months Ended June 30, 2011 (Unaudited)			2010			2009			2008			2007			August 31, 2006* to December 31, 2006
Net asset value, beginning of period	$	8.50		$	7.62		$	6.20		$	11.16		$	10.86		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.09	(e)		0.25	(e)		0.24	(e)		0.21	(e)		0.18	(e)
Net realized and unrealized gain (loss) on investments		0.45			0.92			1.47			(4.82	)		0.63			0.82

Total from investment operations		0.42			1.01			1.72			(4.58	)		0.84			1.00

Less distributions:
Dividends from net investment income		—			(0.09	)		(0.27	)		(0.19	)		(0.20	)		(0.14	)
Distributions from net realized gains		—			(0.04	)		(0.03	)		(0.19	)		(0.34	)		—	#

Total dividends and distributions		—			(0.13	)		(0.30	)		(0.38	)		(0.54	)		(0.14	)

Net asset value, end of period	$	8.92		$	8.50		$	7.62		$	6.20		$	11.16		$	10.86

Total return (b)		4.94	%		13.31	%		27.80	%		(41.33	)%		7.82	%		10.06	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	27,766		$	24,047		$	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	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.96	%		1.09	%		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)		(0.60	)%		1.21	%		3.78	%		2.71	%		1.78	%		5.06	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.96	)%		0.71	%		2.78	%		1.33	%		(0.70	)%		(5.07	)%(l)
Portfolio turnover rate		6	%		18	%		30	%		5	%		23	%		7	%

*	Commencement of operations.

#	Per share amount is less than $0.005.

(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.

(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

June 30, 2011 (Unaudited)

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 diversified Portfolios (each a “Portfolio”). The investment manager to each Portfolio is AXA Equitable Funds Management Group, LLC (“FMG LLC” 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”).

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 the 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 FMG LLC (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 or fixed income 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 Life Insurance Company (“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 FMG LLC that currently sell its shares to accounts and plans.

The investment objectives of each Portfolio are as follows:

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

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

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

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

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

Multimanager Aggressive Equity Portfolio (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of FMG LLC), ClearBridge Advisors, LLC, Goodman & Co. NY Ltd., Legg Mason Capital Management, Inc., Marsico Capital Management, LLC (“Marsico”), T. Rowe Price Associates, Inc. and Westfield Capital Management Company L.P.) — Seeks to achieve long-term growth of capital.

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

Multimanager International Equity Portfolio (advised by AllianceBernstein, BlackRock Investment Management, LLC (“BlackRock”), JPMorgan Investment Management Inc., and Marsico) — Seeks to achieve long-term growth of capital.

Multimanager Large Cap Core Equity Portfolio (advised by AllianceBernstein, Janus Capital Management LLC, and Thornburg Investment Management, Inc.) — Seeks to achieve long-term growth of capital.

Multimanager Large Cap Value Portfolio (advised by AllianceBernstein, Institutional Capital LLC, and MFS Investment Management) — Seeks to achieve long-term growth of capital.

Multimanager Mid Cap Growth Portfolio (advised by AllianceBernstein, BlackRock, Franklin Advisers, Inc. and Wellington Management Company, LLP (“Wellington Management”)) — Seeks to achieve long-term growth of capital.

Multimanager Mid Cap Value Portfolio (advised by BlackRock, Diamond Hill Capital Management, Inc. (“Diamond Hill”), Knightsbridge Asset Management, LLC (“Knightsbridge”) and Tradewinds Global Investors LLC) — Seeks to achieve long-term growth of capital. On January 14, 2011, Diamond Hill and Knightsbridge replaced Wellington Management as sub-advisers to the Portfolio.

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

Multimanager Small Cap Growth Portfolio (advised by BlackRock, Lord Abbett & Co. LLC (“Lord Abbett”), Morgan Stanley Investment Management Inc. (“Morgan Stanley”), NorthPointe Capital, LLC (“NorthPointe”)) — Seeks to achieve long-term growth of capital. On January 14, 2011, Morgan Stanley and NorthPointe replaced Eagle Asset Management, Inc. as sub-advisers to the Portfolio. On May 1, 2011, Lord Abbett replaced Wells Capital Management Inc. as a sub-adviser to the Portfolio.

Multimanager Small Cap Value Portfolio (advised by BlackRock, Franklin Advisory Services, LLC, Horizon Asset Management, Inc. (“Horizon Asset”) and Pacific Global Investment Management Company) — Seeks to achieve long-term growth of capital. On January 14, 2011, Horizon Asset was added as a sub-adviser to the Portfolio.

Multimanager Technology Portfolio (advised by FMG LLC, RCM Capital Management LLC, SSgA FM and Wellington Management) — Seeks to achieve 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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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:

Equity securities (including securities issued by Exchange Traded Funds (“ETFs”)) listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation 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. 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. The pricing service may utilize data such as issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond in making evaluations.

Options that are traded on an exchange 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 and Municipal 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 pricing service may utilize 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 prices obtained from a bond pricing service where available. The pricing service may utilize data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues in making evaluations.

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.

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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 settlement 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. The pricing service may utilize data such as actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world in making valuations.

During the six months ended June 30, 2011, each of the Multimanager Core Bond Portfolio, Multimanager International Equity Portfolio, Multimanager Multi-Sector Bond Portfolio, Multimanager Small Cap Growth and Multimanager Small Cap Value held forward foreign currency contracts to either gain exposure to certain currencies, or gain an economic hedge against changes in the values of securities held in the Portfolio, that does not qualify for hedge accounting under ASC 815. The Statement of Operations for each Portfolio reflect realized gains or losses, if any, in forward currency transactions and unrealized gains or losses in forward currency exchange transactions. Further information on the impact of these positions on the Portfolios’ financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.

If market quotations are not readily available for a security or other financial instruments, such securities and instruments shall be referred to the Trust’s Valuation Committee, who will value the assets in good faith pursuant to procedures adopted by the Board of Trustees of the Trust.

Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account.

Various inputs are used in determining the value of the Trusts’ assets or liabilities carried at fair value. These inputs are summarized in three broad levels 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.

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.

The Portfolios’ policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no significant transfers between Level 1 and Level 2 during the six months ended June 30, 2011. Transfers from Level 2 to Level 3 or from Level 3 to Level 2 may be due to a decline or an increase in market activity (e.g., frequency of trades), which may result in a lack of or increase in available market inputs to determine price. Transfers in and transfers out of Level 3 are included in the Level 3 reconciliation following the Portfolio of Investments for each Portfolio.

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A summary of inputs used to value each Portfolio’s assets and liabilities carried at fair value as of June 30, 2011 is included in the Portfolio of Investments.

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 net asset value is determined may be reflected 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 percentages, based on Total Investments, of the investments that applied these procedures on June 30, 2011 are as follows:


Portfolios:	Market Value		Percentage of Total Investments
Multimanager International Equity	$	760,931,450		90.3	%
Multimanager Large Cap Core Equity		19,101,748		2.4
Multimanager Large Cap Value		11,508,595		0.9
Multimanager Mid Cap Growth		5,842,246		1.0
Multimanager Mid Cap Value		2,792,874		0.4
Multimanager Small Cap Growth		6,123,538		0.8
Multimanager Small Cap Value		14,944,239		1.8
Multimanager Technology		32,098,513		4.7

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 accretion of discount on long-term securities using the effective yield method) and interest expense are 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 identified cost 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.

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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 and foreign currency translations, in the realized and unrealized gains and losses section, respectively, 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.

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, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities.

Dividends from net investment income, if any, are declared and distributed at least annually for all Portfolios (Multimanager Core Bond declares and distributes monthly). 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, 2010 and December 31, 2009, were as follows:


	Year Ended December 31, 2010								Year Ended December 31, 2009
	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	$	64,553,856	$	74,484,685	$	68,121	$	26,706,622	$	103,723,297	$	2,842,654	$	5,670,245	$	1,446,446
AXA Conservative-Plus Allocation		48,285,148		52,271,123		596,927		24,875,382		137,056,942		3,625,414		1,625,797		331,489

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	Year Ended December 31, 2010								Year Ended December 31, 2009
	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 Moderate Allocation	$	310,108,425	$	182,379,868	$	3,621,057	$	124,240,419	$	789,882,043	$	12,069,728	$	41,006,521	$	562,114
AXA Moderate-Plus Allocation		300,628,534		226,195,363		—		137,837,619		1,071,322,419		21,579,273		67,880,293		944,600
AXA Aggressive Allocation		71,535,304		62,222,237		—		37,585,061		378,718,962		3,685,655		8,055,639		2,976,403
Multimanager Aggressive Equity		10,919,558		—		—		—		3,392,378		—		5,484,078		—
Multimanager Core Bond		162,506,315		17,795,982		1,939,567		—		144,363,283		—		2,221,491		—
Multimanager International Equity		29,513,962		—		3,408,597		—		17,912,524		—		1,468,294		—
Multimanager Large Cap Core Equity		3,372,045		—		424,090		—		10,021,263		—		193,561		—
Multimanager Large Cap Value		13,736,418		—		965,747		—		27,123,139		—		281,454		—
Multimanager Mid Cap Growth		—		—		—		—		—		—		—		—
Multimanager Mid Cap Value		4,343,220		—		1,996,210		—		14,178,490		—		162,151		—
Multimanager Multi-Sector Bond		68,138,649		—		884,349		—		71,491,013		—		260,197		—
Multimanager Small Cap Growth		—		—		—		—		—		—		—		—
Multimanager Small Cap Value		1,749,528		—		484,853		—		7,505,579		—		—		—
Multimanager Technology		—		—		—		—		—		—		—		—
Target 2015 Allocation		1,409,569		372,017		10,617		481,881		2,960,180		62,359		8,175		3,168
Target 2025 Allocation		1,439,714		111,837		984		378,316		3,010,637		139,325		381		124
Target 2035 Allocation		827,253		71,067		—		243,067		1,523,698		72,394		18,120		528
Target 2045 Allocation		378,965		78,664		—		145,931		804,648		46,510		28,338		11,748

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 six months ended June 30, 2011, several Portfolios reduced expenses under these arrangements in the following amounts:


Portfolios:	Amount:
Multimanager Aggressive Equity	$	83,446
Multimanager International Equity		211
Multimanager Large Cap Core Equity		12,054
Multimanager Large Cap Value		40,775

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Portfolios:	Amount:
Multimanager Mid Cap Growth	$	6,687
Multimanager Mid Cap Value		66,083
Multimanager Small Cap Growth		110,840
Multimanager Small Cap Value		10,091
Multimanager Technology		24,752

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 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 investment. 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. None of the Portfolios had any loans outstanding at June 30, 2011.

Short Sales Against the Box:

Certain Portfolios 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. 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:

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 instrument type. Derivatives accounted for as hedging instruments must be disclosed separately from those that do not qualify for hedge accounting. Even though the Portfolios may use derivatives in an attempt to achieve an economic hedge, the Portfolio’s derivatives are not accounted for as hedging instruments because the Portfolios account for their derivatives at

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fair value and record any changes in fair value in current period earnings. All open derivative positions at period 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 used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Options on futures contracts used by the Portfolios are rights to buy or sell a futures contract for a set price in the future. Certain Portfolios 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 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.

Each of the Multimanager Aggressive Equity Portfolio, Multimanager Core Bond Portfolio, Multimanager International Equity Portfolio, Multimanager Large Cap Core Equity Portfolio, Multimanager Large Cap Value Portfolio, Multimanager Mid Cap Growth Portfolio, Multimanager Mid Cap Value Portfolio, Multimanager Multi-Sector Bond, Multimanager Small Cap Growth Portfolio and Multimanager Small Cap Value Portfolio used futures contracts during the six months ended June 30, 2011. Each Portfolio used futures to allow each Portfolio to increase, decrease or change the level of equity exposure during periods when market volatility increased above specific thresholds set for each Portfolio. Information on the impact of these positions on the Portfolios’ financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.

At June 30, 2011, the following Portfolios had entered into exchange-traded long futures contracts as set forth below in the following table. The aggregate market value of assets pledged to cover margin requirements for open positions was approximately $67,562,072. Further information on the impact of these positions on the Portfolios’ financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.


Futures Collateral
Six Months Ended June 30, 2011

Portfolios:	Market Value of Collateral
Multimanager Aggressive Equity	$	28,703,907
Multimanager Core Bond		801,747
Multimanager Large Cap Core Equity		13,375,722

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Futures Collateral
Six Months Ended June 30, 2011

Portfolios:	Market Value of Collateral
Multimanager Large Cap Value	$	22,005,087
Multimanager Multi-Sector Bond		2,675,609

Certain Portfolios 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.

The Portfolios may be exposed to foreign currency risks associated with portfolio investments. During the reporting period, the Portfolios entered into certain forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date to hedge or otherwise manage these exposures. The Portfolios also buy forward foreign currency exchange contracts to gain exposure to currencies. Unrealized gains or losses on forward foreign currency exchange contracts are recorded by the Portfolios on a daily basis and realized gains or losses are recorded on the settlement date of a contract.

Certain Portfolios purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios 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 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 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 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

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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 executed 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.

On September 15, 2008, Lehman Brothers Holdings Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code. On September 19, 2008, a proceeding under the Securities Investor Protection Act (“SIPA”) was commenced with respect to Lehman Brothers Inc. (“SLH”), a broker-dealer. A trustee appointed under SIPA is administering the bankruptcy estate of SLH. Lehman Brothers International (Europe) (“LBI”), was placed in administration under the UK Insolvency Act on September 15, 2008. Lehman Brothers Special Financing Inc. (“LBSF”) filed for protection under Chapter 11 of the United States Bankruptcy Code on October 3, 2008. In connection with these filings, the Lehman Brothers group of companies (collectively “Lehman Brothers”) will be reorganized and/or liquidated in an orderly fashion, subject to court approval. Each Lehman Brothers entity is a separate legal entity that is subject to its own bankruptcy proceeding.

The Multimanager Core Bond Portfolio and Multimanager Multi-Sector Bond Portfolio had select to be announced (“TBA”) transactions outstanding with SLH as counterparty at the time the entity filed for protection. The TBA transactions associated with the relevant Lehman Brothers entity as counterparty were written down to their estimated recoverable values. The remaining balances due from, or to Lehman Brothers are included on the Statement of Assets and Liabilities of each Portfolio. The estimated recovery values were arrived at using market inputs, including trading levels of Lehman Brothers bonds and other instruments.

At June 30, 2011, the Multimanager Multi-Sector Bond Portfolio held U.S. Treasury securities as collateral for forward foreign currency contracts. The securities held as collateral may not be pledged and therefore are not reflected in the Portfolio’s Portfolio of Investments.

Note 2 Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with FMG LLC. 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 the

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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 six months ended June 30, 2011, 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
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 $12 Billion			Next $3 Billion			Thereafter
AXA Conservative Allocation		0.100	%		0.095	%		0.090	%
AXA Conservative-Plus Allocation		0.100			0.095			0.090
AXA Moderate Allocation		0.100			0.095			0.090
AXA Moderate-Plus Allocation		0.100			0.095			0.090
AXA Aggressive Allocation		0.100			0.095			0.090


	(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 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)
Portfolios:	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	%


	(as a percentage of average daily net assets)
Portfolios:	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

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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.

Note 3

Administrative Fees

Pursuant to an administrative agreement, FMG LLC (“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 FMG LLC an annual fee in accordance with the following schedule:

(i) $32,500 for each AXA Allocation and Target Allocation Portfolio; $32,500 for each Portfolio of the multi-advised Portfolios whose total average annual net assets are less than $5 billion; and

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

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

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

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

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

0.150% of total average net assets of each AXA Allocation Portfolio and Target Allocation Portfolio up to and including $15 billion;

0.125% of total average net assets of each AXA Allocation Portfolio and Target Allocation Portfolio in excess of $15 billion and up to and including $20 billion;

0.100% of total average net assets of each AXA Allocation Portfolio and Target Allocation Portfolio in excess of $20 billion;

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 a distribution agreement with AXA Distributors, LLC (“AXA Distributors”), an indirect wholly-owned subsidiary of AXA Equitable (the “Distributor”), pursuant to which the Distributor serves as the principal underwriter 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 the Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class B shares for which it provides service.

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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, 2012 (“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. FMG LLC 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 FMG LLC 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	%

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	%

During the six months ended June 30, 2011, the Manager received $1,363,640 in recoupment for all of the Portfolios within the Trust. Recoupments in excess of waivers during the period would be presented as Recoupment Fees in the Statement of Operations. At June 30, 2011, 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:	2011		2012		2013		2014		Total Eligible For Reimbursement
AXA Conservative Allocation	$	—	$	3,242,167	$	3,168,426	$	1,317,313	$	7,727,906
AXA Conservative-Plus Allocation		—		1,888,421		1,536,305		590,144		4,014,870
AXA Moderate Allocation		—		6,185,225		3,485,656		632,926		10,303,807
AXA Moderate-Plus Allocation		—		3,425,707		1,133,282		—		4,558,989
AXA Aggressive Allocation		—		8,063		26,584		—		34,647
Target 2015 Allocation		75,611		165,380		90,474		36,133		367,598
Target 2025 Allocation		76,728		167,830		86,342		29,357		360,257
Target 2035 Allocation		86,731		184,661		117,239		46,658		435,289
Target 2045 Allocation		85,351		163,312		121,004		57,241		426,908

During the six months ended June 30, 2011, BlackRock reimbursed certain Portfolios $188,088 of Investment Management fees from the BlackRock TempFund, which is an underlying investment in these Portfolios. This reimbursement is not eligible for recoupment.

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Portfolios:		Reimbursement Amount
Multimanager International Equity		$ 1,054
Multimanager Mid Cap Growth		37,495
Multimanager Mid Cap Value		47,058
Multimanager Small Cap Growth		50,147
Multimanager Small Cap Value		52,334

The AXA Allocation Portfolios and the Target Allocation Portfolios invest exclusively in shares of other mutual funds (the “Underlying Portfolios”) managed by FMG LLC. 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		0.50% to 0.75%
AXA Moderate Allocation		0.55% to 0.80%
AXA Moderate-Plus Allocation		0.55% to 0.80%
AXA Aggressive Allocation		0.55% to 0.80%
Target 2015 Allocation		0.50% to 0.75%
Target 2025 Allocation		0.50% to 0.75%
Target 2035 Allocation		0.45% to 0.70%
Target 2045 Allocation		0.45% to 0.70%

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 the Underlying Portfolios’ 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	0.80% to 1.05%	1.05% to 1.30%
Target 2045 Allocation	0.80% to 1.05%	1.05% to 1.30%

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Absent the Expense Limitation Agreement of the AXA 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 and Target Allocation Portfolios would range from:


Portfolios:	Class A	Class B
AXA Conservative Allocation	0.77% to 1.02%	1.02% to 1.27%
AXA Conservative-Plus Allocation	0.78% to 1.03%	1.03% to 1.28%
AXA Moderate Allocation	0.81% to 1.06%	1.06% to 1.31%
AXA Moderate-Plus Allocation	0.83% to 1.08%	1.08% to 1.33%
AXA Aggressive Allocation	0.86% to 1.11%	1.11% to 1.36%
Target 2015 Allocation	0.93% to 1.18%	1.18% to 1.43%
Target 2025 Allocation	0.91% to 1.16%	1.16% to 1.41%
Target 2035 Allocation	0.95% to 1.20%	1.20% to 1.45%
Target 2045 Allocation	1.16% to 1.41%	1.41% to 1.66%

The above AXA 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 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 June 30, 2011, the total amount deferred by the Trustees participating in the Plan was $571,561.

Note 8

Percentage of Ownership by Affiliates

At June 30, 2011, 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		0.01
Multimanager Aggressive Equity		0.07
Multimanager Core Bond		—	#
Multimanager International Equity		0.01
Multimanager Large Cap Core Equity		0.02
Multimanager Large Cap Value		—	#
Multimanager Mid Cap Growth		0.01
Multimanager Mid Cap Value		0.03
Multimanager Multi-Sector Bond		0.01
Multimanager Small Cap Growth		0.05
Multimanager Small Cap Value		0.01
Multimanager Technology		0.04
Target 2015 Allocation		—	#
Target 2025 Allocation		—	#
Target 2035 Allocation		1.65
Target 2045 Allocation		3.11

#	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 FMG LLC, 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 June 30, 2011.


	All Asset Allocation
Multimanager Core Bond Portfolio		0.25	%
Multimanager International Equity Portfolio		0.30
Multimanager Large Cap Core Equity Portfolio		0.64
Multimanager Large Cap Value Portfolio		0.32
Multimanager Mid Cap Growth Portfolio		0.40
Multimanager Mid Cap Value Portfolio		0.38
Multimanager Small Cap Growth Portfolio		0.61
Multimanager Small Cap Value Portfolio		0.12


	AXA Conservative Allocation Portfolio			AXA Conservative- Plus Allocation Portfolio			AXA Moderate Allocation Portfolio			AXA Moderate - Plus Allocation Portfolio			AXA Aggressive Allocation Portfolio
EQ/International ETF Portfolio		1.28	%		3.73	%		26.52	%		41.20	%		11.93	%
ATM International Portfolio		1.71			3.97			31.41			47.02			15.88
ATM Large Cap Portfolio		3.06			4.81			28.66			45.07			18.39
ATM Mid Cap Portfolio		2.27			5.40			27.81			46.62			17.88
ATM Small Cap Portfolio		0.71			3.77			28.79			48.94			17.78
EQ/AllianceBernstein Small Cap Growth Portfolio		0.22			0.88			8.92			17.03			5.48
EQ/AXA Franklin Small Cap Value Core Portfolio		—			2.53			22.16			26.84			10.93
EQ/BlackRock Basic Value Equity Portfolio		0.90			1.35			5.87			9.23			3.60
EQ/Boston Advisors Equity Income Portfolio		1.57			2.84			16.87			24.11			7.08
EQ/Core Bond Index Portfolio		9.28			6.19			26.08			22.39			2.26
EQ/GAMCO Small Company Value Portfolio		0.35			0.79			6.08			6.45			4.03
EQ/Global Bond PLUS Portfolio		10.08			8.02			35.38			—			—
EQ/Global Multi-Sector Equity Portfolio		0.42			1.24			8.41			9.59			3.09
EQ/Intermediate Government Bond Index Portfolio		5.61			4.27			19.51			14.96			1.10
EQ/International Core PLUS Portfolio		0.53			1.11			9.35			12.58			3.26
EQ/International Equity Index Portfolio		0.20			0.43			3.46			7.24			3.47
EQ/International Value Plus Portfolio		2.43			3.90			21.39			29.56			11.44
EQ/Large Cap Core PLUS Portfolio		1.14			1.94			11.69			20.76			9.79
EQ/Large Cap Growth Index Portfolio		1.51			2.39			15.05			21.74			8.01
EQ/Large Cap Growth PLUS Portfolio		0.52			0.89			6.69			11.33			5.80
EQ/Large Cap Value PLUS Portfolio		0.51			1.51			11.60			19.93			9.25
EQ/MFS International Growth Portfolio		0.24			0.69			5.53			9.86			5.70
EQ/Mid Cap Index Portfolio		—			0.26			0.81			0.80			0.40
EQ/PIMCO Ultra Short Bond Portfolio		7.52			5.71			26.39			17.72			1.54
EQ/Small Company Index Portfolio		—			0.44			2.57			2.01			0.63

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AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2011 (Unaudited)


	AXA Conservative Allocation Portfolio			AXA Conservative- Plus Allocation Portfolio			AXA Moderate Allocation Portfolio			AXA Moderate - Plus Allocation Portfolio			AXA Aggressive Allocation Portfolio
Multimanager Core Bond Portfolio		8.70	%		5.77	%		24.91	%		22.53	%		1.72	%
Multimanager International Equity Portfolio		0.42			1.04			14.53			19.56			4.66
Multimanager Large Cap Core Equity Portfolio		2.90			3.29			17.02			37.33			14.30
Multimanager Large Cap Value Portfolio		1.59			2.58			15.85			26.46			12.90
Multimanager Mid Cap Growth Portfolio		1.17			0.91			4.07			3.60			1.20
Multimanager Mid Cap Value Portfolio		0.58			0.40			2.00			2.17			0.98
Multimanager Multi-Sector Bond Portfolio		7.36			6.73			34.12			12.20			0.94
Multimanager Small Cap Growth Portfolio		0.51			1.24			12.66			29.16			10.21
Multimanager Small Cap Value Portfolio		—			0.51			4.04			20.13			0.74


	Target 2015 Allocation			Target 2025 Allocation			Target 2035 Allocation			Target 2045 Allocation
EQ/International ETF Portfolio		3.61	%		4.95	%		3.39	%		2.05	%
EQ/Core Bond Index Portfolio		0.22			0.14			0.04			0.01
EQ/Equity 500 Index Portfolio		0.56			1.01			0.76			0.45
EQ/Global Bond PLUS Portfolio		0.46			0.35			0.11			—
EQ/Global Multi-Sector Equity Portfolio		0.49			0.67			0.46			0.24
EQ/PIMCO Ultra Short Bond Portfolio		0.14			0.11			0.04			—
EQ/Small Company Index Portfolio		0.46			0.83			0.60			0.33
Multimanager Aggressive Equity Portfolio		0.16			0.16			0.08			0.05
Multimanager Large Cap Value Portfolio		0.25			0.26			0.16			0.08
Multimanager Mid Cap Growth Portfolio		0.36			0.22			0.12			0.05
Multimanager Mid Cap Value Portfolio		0.46			0.57			0.27			0.16
Multimanager Multi-Sector Bond Portfolio		0.33			0.27			0.11			0.01

Note 9

Substitution and Reorganization Transactions

On September 17, 2010, FMG LLC, on behalf of itself and certain affiliates, effected the substitution of securities issued by the Multimanager Aggressive Equity Portfolio for securities issued by the Multimanager Large Cap Growth Portfolio. For accounting purposes, this transaction was treated as a substitution. The purpose of this substitution was to combine two funds managed by FMG LLC with comparable investment objectives. The substitution was accomplished by a tax-free exchange resulting in the Multimanager Aggressive Equity Portfolio issuing 1,655,085 Class A shares and 9,968,749 Class B shares (valued at $39,434,930 and $233,048,272, respectively) in exchange for Class A shares and Class B shares of the Multimanager Large Cap Growth Portfolio, respectively. The investment portfolio of Multimanager Large Cap Growth, with a fair value of $272,990,080 and identified cost of $226,450,133 at September 17, 2010, 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 Large Cap Growth 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 Large Cap

342

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2011 (Unaudited)

Growth Portfolio’s net assets at that date of $272,483,202, including $46,539,946 of unrealized appreciation, were combined with those of Multimanager Aggressive Equity Portfolio. Assuming the substitution had been completed on January 1, 2010, the beginning of the annual reporting period of Multimanager Aggressive Equity Portfolio, pro forma results of operations for the year ended December 31, 2010 would include net investment income of $5,021,114 and net gain on investments of $250,479,488, resulting in an increase in net assets from operations of $255,500,602. 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 Portfolio’s Statement of Operations since the effective date of the transaction, September 17, 2010. Prior to the combination, the net assets of the Multimanager Aggressive Equity Portfolio totaled $1,264,558,835. Immediately after the combination, the net assets of the Multimanager Aggressive Equity Portfolio totaled $1,537,042,037.

Note 10

Subsequent Events

The Manager evaluated subsequent events from June 30, 2011, the date of these financial statements, through the date these financial statements were issued and available. The subsequent events include the following:

At a meeting held on July 27-28, 2011, the Board of Trustees approved the following changes:

On or about September 1, 2011, EARNEST Partners, LLC will be added as an adviser to the Multimanager International Equity Portfolio.

Effective July 1, 2011, AXA Equitable voluntarily gave up and is not eligible to recoup any waivers or reimbursements made prior to July 1, 2011 for the AXA Moderate-Plus Allocation Portfolio.

At a meeting held on July 27-28, 2011, the Board of Trustees approved the submission of a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under 1940 Act, (the “Class A Plan”) for approval by Class A shareholders at a meeting to be held in November 2011. Approval by the Class A shareholders will result in an increase in fees paid by Class A shares of the Trust by 0.25%.

Note 11

Pending Legal Proceedings

In July 2011, a lawsuit was filed in the United States District Court of the District of New Jersey, entitled Mary Ann Sivolella v. AXA Equitable Life Insurance Company and AXA Equitable Funds Management Group, LLC. The lawsuit was filed derivatively on behalf of the EQ Advisors Trust, a separate registered investment company managed by the Manager. The lawsuit seeks recovery under Section 36(b) of the Investment Company Act of 1940, as amended, for alleged excessive fees paid to AXA Equitable and the Manager for investment management services. The Plaintiff seeks recovery of the alleged overpayments, or alternatively, rescission of the contracts and restitution of all fees paid.

No liability for litigation relating to this matter has been accrued in the financial statements of the Portfolios. The Portfolios are not party to the suit.

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APPROVALS OF INVESTMENT MANAGEMENT AND ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 2011 (UNAUDITED)

At a meeting held on March 17, 2011, the Board of Trustees of the Trust (the “Board”), including the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) of the Trust (the “Independent Trustees”), unanimously approved an Investment Advisory Agreement (an “Advisory Agreement” or “Agreement”) between AXA Equitable Life Insurance Company (“AXA Equitable”), which then served as the Trust’s investment manager, and Goodman & Co. NY, Ltd. (“Goodman”) under which Goodman would continue to serve as an investment sub-adviser (an “Adviser”) with respect to the Multimanager Aggressive Equity Portfolio (the “Aggressive Portfolio”) following a corporate transaction involving Goodman’s parent company that was deemed to result in an “assignment” (as defined in the 1940 Act), and therefore a termination, of Goodman’s Advisory Agreement. In addition, at meetings held on March 31, 2011 and June 15, 2011, respectively, the Board, including the Independent Trustees, unanimously approved an Interim Advisory Agreement and an Advisory Agreement between AXA Equitable and AXA Equitable Funds Management Group, LLC (“AXA FMG” and together with AXA Equitable, the “Manager”) and Lord Abbett & Co. LLC (“Lord Abbett”), respectively, under which Lord Abbett would serve as an Adviser with respect to the Multimanager Small Cap Growth Portfolio (the “Small Cap Portfolio,” and together with the Aggressive Portfolio, the “Portfolios”).

In reaching its decision to approve each Advisory Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests of the affected Portfolio. The Board further considered factors it deemed relevant with respect to each Portfolio and Agreement, including, as applicable: (1) the nature, quality and extent of the services to be provided to the Portfolio by the Adviser and its affiliates; (2) with respect to the Aggressive Portfolio, performance information for the portion of the Portfolio managed by proposed Adviser as compared to a benchmark and, with respect to the Small Cap Portfolio, performance information for a composite of the proposed Adviser’s other accounts and another fund with substantially similar investment objectives, policies and strategies as compared to a benchmark; (3) the level of the proposed subadvisory fees; (4) economies of scale that may be realized by the Portfolio; and (5) the “fall out” benefits to be realized by the proposed Adviser and its affiliates (i.e., any direct or indirect benefits to be derived by the Adviser and its affiliates from their relationships with the Portfolio). In considering each Agreement, the Board did not identify any single factor or information as all-important or controlling and each Trustee may have attributed different weight to each factor.

In connection with its deliberations, the Board took into account information furnished at prior Board meetings, as well as information prepared specifically in connection with the approval process, including memoranda and other materials prepared by the Manager and each Adviser. As applicable, these materials described, among other things, the services to be provided by the Adviser as well as the Adviser’s investment personnel, proposed advisory fees and other matters. Information regarding the Adviser and each Agreement was provided to the Trustees prior to and at the relevant meeting. During the relevant meeting, the Trustees discussed the information provided and the Independent Trustees also met in executive session during the relevant meeting to review this information. 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. In approving the relevant Agreement with respect to each Portfolio, the Board, including the Independent Trustees, determined that the proposed fee structure was fair and reasonable and that approval of the Agreement was in the best interests of the Portfolio. While attention was given to all information furnished, the following discusses in more detail some of the primary factors relevant to the Board’s decision.

Nature, Quality and Extent of Services. The Board evaluated the nature, quality and extent of the overall services to be provided to the Portfolios by the proposed Advisers under the Agreements considered. In addition to the investment performance information discussed later, the Board considered the responsibilities of each Adviser as well as the Adviser’s experience in serving as an investment adviser for portfolios and accounts similar to the Portfolio it would advise pursuant to the Agreement. The Board also considered that each Adviser would be responsible for (i) making investment decisions on behalf of the portion of the Portfolio that it would advise, (ii) placing all orders for the purchase and sale of investments for the assets advised by the Adviser with brokers or dealers, and (iii) performing related administrative functions. The Board considered, among other things, information regarding each Adviser’s investment process, the qualifications and background of each portfolio manager who would provide services to the portion of the Portfolio that would be advised by the Adviser, and each

344

Adviser’s best execution trading policies. In addition, with respect to Goodman, the Board considered that, although a change in control of the Adviser necessitated the consideration and approval of the new Advisory Agreement, the new Advisory Agreement was not expected to result in any changes to the investment processes or portfolio managers for the portion of the Aggressive Portfolio advised by Goodman. Based on its review, the Board determined that the nature, quality and extent of the advisory services to be provided by each Adviser were appropriate for the relevant Portfolio in light of its investment objective and, thus, supported a decision to approve the Advisory Agreement.

Performance. With respect to the Aggressive Portfolio, the Board received and reviewed performance data for the Portfolio and the portion of the Portfolio then-managed by Goodman, as compared to an appropriate benchmark. The Board also considered the Adviser’s expertise, resources and proposed methodology for advising the Portfolio, noting that the Adviser would continue to manage the portion of the Portfolio allocated to it in the same manner as it had been managing that portion prior to the change of control that necessitated consideration and approval of the new Agreement. Based on its review, the Board determined that the performance data and related information supported approval of the Advisory Agreement.

With respect to the Small Cap Portfolio, the Board received and reviewed performance data for the Portfolio, for the portion of the Portfolio that the proposed Adviser would advise and for another similar mutual fund advised by the proposed Adviser and a composite of the Adviser’s other accounts with substantially similar investment objectives, policies and strategies as compared to a benchmark. The Board also considered the Adviser’s expertise, resources and proposed methodology for advising the portion of the Portfolio that it would advise. Based on its review, the Board determined that the performance data and related information supported approval of the Advisory Agreement.

Fees. The Board considered the proposed advisory fee for each proposed Adviser with respect to the portion of the Portfolio that it would advise in light of the nature, quality and extent of the services to be provided by the Adviser. With respect to Goodman, the Board also considered that the proposed advisory fee was the same fee that was paid to the Adviser under the Advisory Agreement that was in effect before the Adviser underwent a change of control, and that the Adviser was not proposing any change in such fee. With respect to Lord Abbett, the Board also considered the proposed advisory fee in light of the fees that the Adviser normally charges under other advisory agreements with other clients. The Board further noted that the Manager, and not the Portfolio, would pay each Adviser’s advisory fee and that the proposed advisory fee was negotiated between the Adviser and the Manager. Moreover, the Board noted that the Manager generally is aware of the fees charged by Advisers to other clients and the Manager believes that the fee agreed upon with each Adviser is reasonable in light of the quality of investment advisory services to be rendered. Based on its review, the Board determined that each Adviser’s proposed fee rate is fair and reasonable.

Profitability and Costs. The Board considered the estimated impact of the proposed advisory fees on the profitability of the Manager with respect to the Portfolios. The Board, however, did not consider the costs of the services to be provided and profits to be realized by the proposed Advisers from their relationships with the Portfolios to be material to its evaluation of the Advisory Agreements, noting instead the arm’s-length nature of the relationship between the Manager and each Adviser with respect to the negotiation of the advisory fee rate on behalf the Portfolios. In this connection, the Manager advised the Board that it does not regard the Adviser’s profitability as meaningful to an evaluation of the Advisory Agreements with the Adviser because the willingness of the Adviser to serve in such capacity depends primarily upon negotiations with the Manager, the Manager generally is aware of the fees charged by the Adviser to other clients, and the Manager believes that the fee agreed upon with the Adviser is reasonable in light of the fees charged by the Adviser to comparable clients and the quality of investment advisory services to be rendered. The Board accepted the Manager’s explanation in light of the Board’s findings as to the reasonableness of the proposed advisory fee to be paid with respect to each Portfolio and the fact that each Adviser’s fee would be paid by the Manager.

Economies of Scale. With respect to each Portfolio, the Board considered whether economies of scale would be realized as the Portfolio grows larger and the extent to which this is reflected in the proposed advisory fee schedules. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board noted that the proposed advisory fee schedule for Goodman includes breakpoints that would reduce the advisory fee as Portfolio assets under the Adviser’s management increase. The Board also noted that, although the proposed advisory fee schedule for Lord Abbett with respect to the Small Cap Portfolio does not include breakpoints, the proposed fee is lower than the fee the Adviser charges to other accounts and portfolios. In

345

addition, the Board noted that the portion of the Small Cap Portfolio that initially would be advised by Lord Abbett was relatively small and that the Adviser may not realize economies of scale at that asset level. Based on the foregoing, the Board concluded that there was a reasonable sharing of benefits from any economies of scale with the Portfolios.

Fall-Out Benefits. The Board noted that an Adviser may derive ancillary benefits from a Portfolio’s operations. For example, the Adviser, through its position as an Adviser to a Portfolio, may engage in soft dollar transactions. The Board considered information provided regarding each Adviser’s procedures for executing portfolio transactions for the Portfolio and the Adviser’s policies and procedures for the selection of brokers and dealers and obtaining research from those brokers and dealers. In addition, the Board noted that the Adviser may be affiliated with registered broker-dealers, who may, from time to time, receive brokerage commissions from a Portfolio 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 an Adviser may sell, and earn sales commissions and/or other compensation with respect to, insurance products issued by the Manager’s affiliated insurance companies and that the proceeds of those sales may be invested in a Portfolio. Based on its review, the Board determined that any “fall-out” benefits which may accrue to an Adviser are fair and reasonable.

Additional Approvals

In addition, at the meeting of the Trust’s Board of Trustees held on March 17, 2011, the Board, including the Independent Trustees, unanimously approved the transfer of all of the Investment Management Agreements (“Management Agreements”) between the Trust and AXA Equitable from AXA Equitable to AXA FMG in connection with an internal reorganization of AXA Equitable’s investment advisory operations into AXA FMG, a newly-created, wholly-owned subsidiary of AXA Equitable. The Board, including the Independent Trustees, also unanimously approved the transfer of the corresponding Advisory Agreements between AXA Equitable and each Adviser to the Trust’s portfolios from AXA Equitable to AXA FMG to convert those agreements into agreements between AXA FMG and the applicable Adviser. The reorganization did not result in any actual change in the management of any of the Trust’s portfolios or in the control of any investment adviser to any of the Trust’s portfolios, and therefore did not constitute an “assignment” of the Management Agreements or Advisory Agreements under the 1940 Act. The restructuring did not result in any change in the nature, quality or extent of services provided to the portfolios or in the investment operations, investment sub-advisers, portfolio managers, or other investment management personnel providing services to the portfolios. In addition, there was no change in the terms or conditions of any of the Management Agreements or Advisory Agreements or the fees payable thereunder. The only changes made to such agreements were those necessary to convert the agreements into agreements with AXA FMG. The transfers described in this paragraph were effective on May 1, 2011.

346

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 (52)	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 May 2011 to present, Chairman of the Board, Chief Executive Officer and President of FMG LLC. From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Equitable 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).	82	None
Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (59)	Trustee	From November 2001 to present	From 2001 to present, President of Weichert Enterprise LLC, a private equity investment firm.	20	From 2002 to present, Director of Cinedigm Digital Cinema Corp. (f/k/a Access Integrated Technologies, Inc.); from 2005 to present, director of The Jones Group, Inc.
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (65)	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.	20	From 2007 to present, Independent Lead 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 (54)	Lead Independent Trustee	Since March 2010; 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.	20	None
Rayman Louis Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (63)	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.	20	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.

348


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 (52)	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 May 1, 2011 to present, Chairman of the Board, Chief Executive Officer and President of FMG LLC; from July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Equitable FMG; since July 2004 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 (55)	Vice President and Secretary	From November 2001 to present	From May 2011 to present, Senior Vice President and Corporate General Counsel of FMG LLC. From March 2011 to present, Senior Vice President and Associate General Counsel of AXA Financial and AXA Equitable; from May 2003 to March 2011, 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 (40)	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 May 2011 to present, Senior Vice President and Chief Compliance Officer of FMG LLC. From June 2007 to present, Vice President of AXA Equitable and Chief Compliance Officer of AXA Equitable; from August 2005 to June 2007, Vice President of AXA Financial and AXA Equitable and Deputy Chief Compliance Officer of FMG LLC.
Brian E. Walsh 1290 Avenue of the Americas, New York, New York 10104 (43)	Chief Financial Officer and Treasurer	From June 2007 to present	From May 2011 to present, Senior Vice President of FMG LLC; from February 2003 to present, Vice President of AXA Financial and AXA Equitable.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (49)	Vice President	From November 2001 to present	From May 2011 to present, Vice President of FMG LLC; from February 2001 to present, Vice President of AXA Financial.
William T. MacGregor, Esq. 1290 Avenue of the Americas, New York, New York 10104 (36)	Vice President and Assistant Secretary	From September 2006 to present	From May 1, 2011 to present, Vice President and Associate Corporate Counsel of FMG LLC; 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.

349


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 (35)	Vice President	From June 2007 to present	From May 1, 2011 to present, Vice President of FMG LLC; from May 2007 to present, Vice President, AXA Financial and AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Financial and AXA Equitable.
Kenneth T. Kozlowski 1290 Avenue of the Americas, New York, New York 10104 (49)	Vice President	From June 2010 to present	From May 1, 2011 to present, Senior Vice President of FMG LLC; from 2011 to present, Vice President of AXA Financial; from November 2001 to June 2007, Treasurer of the Trust; from December 2002 to June 2007, Chief Financial Officer of the Trust; from July 2004 to June 2007, Director, Enterprise Capital Management, Inc.
Richard Guinnessey 1290 Avenue of the Americas, New York, New York 10104 (47)	Vice President	From March 2011 to present	From September 2010 to present, Vice President of AXA Equitable; from November 2005 to September 2010, Assistant Vice President of AXA Equitable.
James D. Kelly 1290 Avenue of the Americas, New York, New York 10104 (43)	Controller	From June 2007 to present	From May 1, 2011 to present, Vice President of FMG LLC; from September 2008 to present, Vice President of AXA Equitable; from March 2006 to September 2008, Assistant Vice President, AXA Financial and AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord Abbett & Co.
Carla M. Byer 1290 Avenue of the Americas, New York, New York 10104 (34)	Assistant Treasurer	From December 2006 to present	From May 1, 2011 to present, Vice President of FMG LLC; from September 2008 to present, Vice President of AXA Equitable; from February 2004 to September 2008, Assistant Vice President of AXA Financial and AXA Equitable.
David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (37)	Vice President and Risk Officer	From March 2011 to present; from November 2005 to March 2011, Assistant Anti-Money Laundering Compliance Officer	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.
Roselle Ibanga 1290 Avenue of the Americas, New York, New York 10104 (32)	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 LLC; 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 (36)	Assistant Controller	From February 2009 to present	From September 2008 to present, Assistant Vice President of AXA Equitable’s FMG LLC; 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 (39)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Financial.

*	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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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, 2011 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.

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Item 2.

Code of Ethics.

Not required

Item 3.

Audit Committee Financial Expert.

Not required

Item 4.

Principal Accountant Fees and Services.

Not required

Item 5.

Audit Committee of Listed Registrants.

Not required.

Item 6.

Schedule of Investments.

The Schedule of Investments is included as part of the Semi-Annual Report to Shareholders filed under Item 1 of this Form N-CSR.

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 certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have

determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940 as amended, (“1940 Act”), 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 Rules 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 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)		Not applicable for the reporting period.

(a)(2)		Certifications pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 - filed herewith.

(b)		Certifications pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 - 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

August 31, 2011

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

August 31, 2011

/s/ BRIAN WALSH

Brian Walsh

Chief Financial Officer

August 31, 2011